CarGurus Q4 revenue fell 22% to $223.1 million; GAAP net loss of $22.6 million
CarGurus reported fourth-quarter 2023 total revenue of $223.1 million, down 22% from a year earlier, and a GAAP consolidated net loss of $22.6 million, compared with net income of $23.2 million in the prior-year quarter. Marketplace revenue rose 10% to $182.3 million, and non-GAAP consolidated adjusted EBITDA rose 120% to $61.2 million, but the GAAP loss was driven in part by $55.5 million of stock-based compensation tied to CarOffer, LLC Units. The company also gave first-quarter 2024 revenue guidance of $201 million to $221 million.
- Q4 2023 total revenue was $223.1 million, down 22%; full-year revenue was $914.2 million, down 45%.
- Q4 GAAP consolidated net loss was $(22.6) million; full-year GAAP consolidated net income was $22.1 million, down 72%.
- Q1 2024 guidance: total revenue of $201 million to $221 million, adjusted EBITDA of $41 million to $49 million, non-GAAP EPS of $0.24 to $0.29.
- Chief People Officer Andrea Eldridge steps down effective April 5, 2024, with a $258,750 lump-sum severance payment.