CarGurus reports Q4 EPS 22c, consensus 10c

Reports Q4 revenue $286.7M, consensus $281.41M. Reports consolidated adjusted EBITDA, a non-GAAP metric, of $27.8Mn; Adjusted EBITDA, a non-GAAP metric, of $35.9M.Non-GAAP net income attributable to common stockholders was $26.3M, or 22c per fully diluted share, compared to $49.7M, or 42c per fully diluted share, in the fourth quarter of 2021. "Following a transformative 2021, 2022 was a year of activation across our platform. With the theme of ‘activation’ guiding our 2022 roadmap, we were able to bring more dealers on the foundational Listings business, launch and grow the dealer base utilizing Digital Deal, and expand into new geographies with Instant Max Cash Offer. While we are extremely proud of these activations, dynamic changes in automotive market conditions caused us to experience challenges in the second half of the year that required us to recalibrate our goals and address CarOffer’s operational difficulties. Though we are pleased with the results of our efforts in tackling these challenges, and are seeing some encouraging early signs of improvement, we still have work to do to ensure that our operations and products are built with scale and profitability in mind," said Jason Trevisan, Chief Executive Officer of CarGurus. "We are still marching towards fulfilling our vision of creating the only platform where dealers can source, market, and sell and consumers can shop, finance, buy and sell and we remain excited about the long-term trajectory of our end-to-end transaction-enabled platform. As we continue to balance internal and external factors, I am pleased to share we met and/or exceeded our forecasted guidance for the quarter."