CarGurus Inc
For the period ended Sep 30, 2024. Filed Nov 7, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 7, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Unaudited Condensed Consolidated Income Statements
(in thousands, except share and per share data)
| Three Months EndedSeptember 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Revenue | ||||
| Marketplace | $204,019 | $177,909 | $586,405 | $515,986 |
| Wholesale | 12,107 | 21,735 | 41,351 | 78,873 |
| Product | 15,232 | 19,775 | 38,090 | 96,260 |
| Total revenue | 231,358 | 219,419 | 665,846 | 691,119 |
| Cost of revenue (1) | ||||
| Marketplace | 13,521 | 14,823 | 41,051 | 45,830 |
| Wholesale (2) | 20,415 | 21,284 | 47,272 | 67,780 |
| Product | 14,871 | 19,014 | 37,567 | 94,090 |
| Total cost of revenue | 48,807 | 55,121 | 125,890 | 207,700 |
| Gross profit | 182,551 | 164,298 | 539,956 | 483,419 |
| Operating expenses | ||||
| Sales and marketing | 81,216 | 76,828 | 245,801 | 230,243 |
| Product, technology, and development | 36,359 | 35,434 | 108,484 | 109,432 |
| General and administrative | 28,187 | 24,904 | 83,682 | 77,090 |
| Goodwill and other asset impairment | 7,026 | — | 134,501 | — |
| Depreciation and amortization | 2,329 | 4,037 | 7,354 | 11,762 |
| Total operating expenses | 155,117 | 141,203 | 579,822 | 428,527 |
| Income (loss) from operations | 27,434 | 23,095 | (39,866) | 54,892 |
| Other income, net | ||||
| Interest income | 2,717 | 5,261 | 9,063 | 13,337 |
| Other (expense) income, net | (94) | (1,094) | 122 | (152) |
| Total other income, net | 2,623 | 4,167 | 9,185 | 13,185 |
| Income (loss) before income taxes | 30,057 | 27,262 | (30,681) | 68,077 |
| Provision for (benefit from) income taxes | 7,546 | 8,289 | (5,772) | 23,421 |
| Consolidated net income (loss) | 22,511 | 18,973 | (24,909) | 44,656 |
| Net loss attributable to redeemable noncontrolling interest | — | (3,329) | — | (10,191) |
| Net income (loss) attributable to common stockholders | $22,511 | $22,302 | $(24,909) | $54,847 |
| Net income (loss) per share attributable to common stockholders: (Note 11) | ||||
| Basic | $0.22 | $0.20 | $(0.24) | $0.48 |
| Diluted | $0.21 | $0.17 | $(0.24) | $0.39 |
| Weighted-average number of shares of common stock used in computing net income (loss) per share attributable to common stockholders: | ||||
| Basic | 103,321,988 | 113,223,711 | 104,769,518 | 113,998,928 |
| Diluted | 105,059,283 | 114,322,279 | 104,769,518 | 114,901,736 |
(1)
Includes depreciation and amortization expense for thethree months ended September 30, 2024 and 2023 and for the nine months ended September 30, 2024 and 2023 of$2,849,$8,433,$10,968, and$23,951, respectively.
(2)
Includes impairment of other assets for thethree months ended September 30, 2024 of$9,750. There was no impairment of other assets for the three months ended September 30, 2023. Includes impairment of other assets for the nine months ended September 30, 2024 and 2023 of$9,930 and$184, respectively.
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