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AI brief of an SEC Form 8-K · CarGurus (CARG)

CarGurus Q3 revenue fell 49% to $219.4 million while Adjusted EBITDA rose 48%

Mixed Impact 4 of 5 earnings Written later

CarGurus reported third-quarter 2023 total revenue of $219.4 million, down 49% year-over-year, while GAAP diluted EPS rose to $0.17 from $0.14 and Consolidated Adjusted EBITDA rose 48% to $48.6 million. The company also agreed on November 6, 2023 to acquire the remaining interest in CarOffer for $75.0 million in cash and authorized a $250.0 million share repurchase program effective January 1, 2024.

Key points

  • Q3 total revenue $219.4 million, down 49% year-over-year; Digital Wholesale segment revenue $41.5 million, down 84%; product revenue $19.8 million, down 91%.
  • GAAP net income attributable to common stockholders $22.3 million, or $0.17 per diluted share, versus $0.14 a year earlier.
  • Fourth-quarter 2023 total revenue guidance $208 million to $228 million; full-year 2023 guidance $899 million to $919 million.
  • CarOffer acquisition for $75.0 million in cash, expected to close in Q4 2023; $250.0 million buyback runs through December 31, 2024.

The filing

CompanyCarGurus (CARG)
Form8-K, current report
Filed with the SECNov 7, 2023, 4:05 PM ET
Accession number0000950170-23-060228

Items reported: 1.01 Material Definitive Agreement2.02 Results of Operations7.01 Regulation FD Disclosure

Read the filing on SEC.gov ↗

Written by AI on Nov 8, 2026, 1:49 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on November 07, 2023.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.