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February 14, 2020 17: 57 ET | Source: CarGurus, Inc.
CAMBRIDGE, Mass., Feb. 14, 2020 (GLOBE NEWSWIRE) — In a absolution issued beneath the aforementioned banderole on Thursday, February 13, 2020 by CarGurus, Inc. (Nasdaq: CARG), due to a newswire account error, please agenda that the third ammo under Revenue, Full-Year 2019 should apprehend “Advertising and added acquirement was $62.9 million, an admission of 30% compared to $48.3 actor in 2018.” Also, in the Unaudited Condensed Circumscribed Assets Statements, Basic balance per allotment beneath the cavalcade for the Year Concluded December 31, 2018 should apprehend “$0.60”. The adapted absolution follows:
CarGurus Announces Fourth Division 2019 and Full-Year 2019 Results
Fourth Division Highlights:
Full-Year 2019 Highlights:
CarGurus, Inc. (Nasdaq: CARG), a arch all-around automotive marketplace, today appear banking after-effects for the fourth division and full-year concluded December 31, 2019.
“CarGurus accomplished 2019 with a able fourth quarter. Our U.S. barter saw connected cartage and advance advance in the fourth quarter, and for the full-year 2019 we generated over 65 actor admission and over 38 actor leads, acknowledging what we accept is industry-leading ROI for our advantageous dealers,” said Langley Steinert, Founder and Chief Executive Officer of CarGurus. “We are seeing constant new artefact adoption, as we concluded 2019 with a artefact attach bulk of 30%, with over 1,000 U.S. dealers subscribing to at atomic three of our products. We additionally completed the cycle out of our additional customer costs partner, Westlake, enabling a added arrangement of consumers to seek accommodation pre-qualifications. As a result, we now accommodate costs pre-qualification opportunities on almost 85% of our U.S. acclimated car listings, creating a richer acquaintance for our industry-leading admirers and banker base. Finally, our all-embracing business continues to calibration efficiently, as able admirers and leads advance is acquiescent advantageous advantageous banker additions in anniversary of our commercialized markets.”
Fourth Division 2019:
Fourth Division 2019:
Net Assets & Adapted EBITDA
Fourth Division 2019:
Balance Sheet and Banknote Flow
Fourth Division Business Metrics
First Division and Full-Year 2020 Guidance
CarGurus anticipates absolute revenue, non-GAAP operating income, and non-GAAP balance per allotment to be in the afterward ranges:
First Division 2020:
The aboriginal division 2020 non-GAAP balance per allotment adding assumes 115.0 actor adulterated weighted-average accepted shares outstanding.
The full-year non-GAAP balance per allotment adding assumes 115.9 actor adulterated weighted-average accepted shares outstanding.
Guidance for the aboriginal division and full-year 2020 does not accommodate any abeyant appulse of adopted bill barter assets or losses.
CarGurus has not accommodated its non-GAAP operating assets advice to GAAP operating income, or its non-GAAP EPS advice to GAAP EPS, because stock-based compensation, acquittal of abstract assets, and acquisition-related expenses, the reconciling items amid such GAAP and non-GAAP banking measures, cannot be analytic predicted due to, as applicable, the timing, amount, appraisal and cardinal of approaching agent disinterestedness awards, and the ambiguity apropos to the timing, abundance and aftereffect of acquisitions and the acceptation of the consistent acquisition-related expenses, and accordingly cannot be bent afterwards absurd effort. For added advice apropos the non-GAAP banking measures discussed in this release, amuse see the reconciliations of GAAP banking measures to non-GAAP banking measures and the area blue-blooded “Non-GAAP Banking Measures and Added Business Metrics” below.
Conference Alarm and Webcast Information
CarGurus will host a appointment alarm and alive webcast to altercate its fourth division and abounding budgetary year 2019 banking after-effects and aboriginal division and abounding budgetary year 2020 banking advice at 5: 00 p.m. Eastern Time today, February 13, 2020. To admission the appointment call, punch (877) 451-6152 for callers in the U.S. or Canada, or (201) 389-0879 for all-embracing callers. The webcast will be accessible alive on the Investors area of CarGurus’ website at https://investors.cargurus.com.
An audio epitomize of the alarm will additionally be accessible to investors alpha at about 8: 00 p.m. Eastern Time on February 13, 2020, until 11: 59 p.m. Eastern Time on February 27, 2020, by dialing (844) 512-2921 for callers in the U.S. or Canada, or (412) 317-6671 for all-embracing callers, and entering passcode 13698111. In addition, an archived webcast will be accessible on the Investors area of CarGurus’ website at https://investors.cargurus.com.
Founded in 2006, CarGurus (Nasdaq: CARG) is a global, online automotive barter abutting buyers and sellers of new and acclimated cars. The Company uses proprietary technology, chase algorithms and abstracts analytics to accompany assurance and accuracy to the automotive chase acquaintance and advice users accretion abundant deals from top-rated dealers. CarGurus is the best visited automotive arcade armpit in the U.S. (source: Comscore Media Metrix® Multi-Platform, Automotive – Information/Resources, Absolute Audience, Q4 2019, U.S. (Competitive set includes: CarGurus.com, Autotrader.com, Cars.com, TrueCar.com)). In accession to the United States, CarGurus operates online marketplaces in Canada, the United Kingdom, Germany, Italy, and Spain. To apprentice added about CarGurus, appointment www.cargurus.com. CarGurus® is a registered brand of CarGurus, Inc.
© 2020 CarGurus, Inc., All Rights Reserved.
Cautionary Language Concerning Forward-Looking Statements
This columnist absolution includes advanced statements. All statements independent in this columnist absolution added than statements of absolute facts, including, afterwards limitation, statements apropos our approaching banking and business achievement for the aboriginal division 2020 and full-year 2020, our business and advance strategy, including in all-embracing markets, and our expectations for our newest customer costs partnership, including the appulse on our admirers and banker base, are advanced statements. The words “anticipate,” “believe,” “continue,” “estimate,” “expect,” “guide,” “intend,” “likely,” “may,” “will” and agnate expressions and their negatives are advised to analyze advanced statements. We accept based these advanced statements on our accepted expectations and projections about approaching contest and banking trends that we accept may affect our banking condition, after-effects of operations, business strategy, concise and abiding business operations and objectives and banking needs. These advanced statements are accountable to a cardinal of risks and uncertainties, including, afterwards limitation, risks accompanying to our accelerated advance and adeptness to sustain our acquirement advance rate, our relationships with dealers, antagonism in the markets in which we operate, bazaar growth, our adeptness to innovate and administer our growth, our adeptness to aggrandize finer into new markets, our adeptness to apprehend allowances from our acquisitions and auspiciously apparatus the affiliation strategies in affiliation therewith, our adeptness to accomplish in acquiescence with applicative laws, as able-bodied as added risks and uncertainties as may be abundant from time to time in our Anniversary Letters on Form 10-K and Quarterly Letters on Form 10-Q and added letters we book with the Securities and Barter Commission. Moreover, we accomplish in a absolute aggressive and rapidly alteration environment. New risks appear from time to time. It is not accessible for our administration to adumbrate all risks, nor can we appraise the appulse of all factors on our business or the admeasurement to which any factor, or aggregate of factors, may account absolute after-effects to alter materially from those independent in any advanced statements we may make. In ablaze of these risks, uncertainties and assumptions, we cannot agreement approaching results, levels of activity, performance, achievements or contest and affairs reflected in the advanced statements will occur. We are beneath no assignment to amend any of these advanced statements afterwards the date of this columnist absolution to accommodate these statements to absolute after-effects or revised expectations, except as appropriate by law. You should, therefore, not await on these advanced statements as apery our angle as of any date consecutive to the date of this columnist release.
Unaudited Condensed Circumscribed Balance Sheets(in thousands, except allotment and per allotment data)
Unaudited Condensed Circumscribed Assets Statements(in thousands, except allotment and per allotment data)
Unaudited Condensed Circumscribed Statements of Banknote Flows(in thousands)
Unaudited Adaptation of GAAP Operating Assets to Non-GAAP Operating Assets and GAAP Operating Allowance to Non-GAAP Operating Margin(in thousands, except percentages)
Unaudited Adaptation of GAAP Net Assets to Non-GAAP Net Assets (in thousands, except per allotment data)
Unaudited Adaptation of GAAP Gross Accumulation to Non-GAAP Gross Accumulation and GAAP Gross Accumulation Allowance to Non-GAAP Gross Accumulation Margin(in thousands, except percentages)
Unaudited Adaptation of GAAP Amount to Non-GAAP Expense(in thousands)
Unaudited Adaptation of GAAP Net Assets to Adapted EBITDA(in thousands)
Unaudited Adaptation of GAAP Net Banknote and Banknote Equivalents Provided by Operating Activities to Non-GAAP Chargeless Banknote Flow(in thousands)
Non-GAAP Banking Measures and Added Business Metrics
To supplement our circumscribed banking statements, which are able and presented in accordance with Generally Accepted Accounting Principles in the United States (GAAP), we accommodate investors with assertive non-GAAP banking measures and added business metrics, which we accept are accessible to our investors. We use these non-GAAP banking measures and added business metrics for banking and operational controlling purposes and as a agency to appraise period-to-period comparisons. We accept that these non-GAAP banking measures and added business metrics accommodate advantageous advice about our operating results, enhance the all-embracing compassionate of accomplished banking achievement and approaching affairs and acquiesce for greater accuracy with account to metrics acclimated by our administration in its banking and operational decision-making.
The presentation of non-GAAP banking advice and added business metrics is not meant to be advised in abreast or as a acting for the anon commensurable banking measures able in accordance with GAAP. While our non-GAAP banking measures and added business metrics are an important apparatus for banking and operational controlling and for evaluating our own operating after-effects over altered periods of time, we appetite investors to analysis the adaptation of these banking measures to the commensurable GAAP banking measures included above, and not to await on any audible banking admeasurement to appraise our business.
We ascertain Adapted EBITDA as net income, adapted to exclude: abrasion and amortization, stock-based advantage expense, acquisition-related expenses, added income, net, and the accouterment for (benefit from) assets taxes. We accept presented Adapted EBITDA because it is a key admeasurement acclimated by our administration and lath of admiral to accept and appraise our operating performance, accomplish approaching operating plans, and accomplish cardinal decisions apropos the allocation of capital. In particular, we accept that the exclusion of assertive items in artful Adapted EBITDA can aftermath a advantageous admeasurement for period-to-period comparisons of our business.
We ascertain Chargeless Banknote Breeze as banknote breeze from operations, adapted to accommodate purchases of acreage and accessories and assets of website development costs. We accept presented Chargeless Banknote Breeze because it is a admeasurement of the Company’s banking achievement that represents the banknote that the Company is able to accomplish afterwards expenditures appropriate to advance or aggrandize our asset base.
We additionally adviser operating measures of assertive non-GAAP items including non-GAAP gross margin, non-GAAP expense, non-GAAP operating income, non-GAAP operating margin, non-GAAP net assets and non-GAAP net assets per share. These non-GAAP banking measures exclude the aftereffect of stock-based advantage expense, acquittal of abstract assets, and acquisition-related expenses. Non-GAAP net assets and non-GAAP net assets per allotment additionally exclude the change in tax accouterment from stock-based advantage expense. We accept that these non-GAAP banking measures accommodate advantageous advice about our operating results, enhance the all-embracing compassionate of accomplished banking achievement and approaching affairs and acquiesce for greater accuracy with account to metrics acclimated by our administration in its banking and operational decision-making.
While a adaptation of non-GAAP advice measures to agnate GAAP measures is not accessible on a advanced base afterwards absurd accomplishment as a aftereffect of the ambiguity regarding, and the abeyant airheadedness of, stock-based advantage expenses, acquittal of abstract assets, and acquisition-related costs that we may acquire in the future, we accept provided a adaptation of non-GAAP banking measures and added business metrics to the abutting commensurable GAAP measures in the accompanying banking account tables included in this columnist release.
We ascertain a advantageous banker as a dealer, based on a audible associated account feed, that subscribes to one of our paid Listings bales or Banker Display announcement and admirers targeting articles at the end of a authentic period.
We ascertain AARSD, which is abstinent at the end of a authentic period, as the absolute barter cable acquirement during the abaft 12 months disconnected by the boilerplate cardinal of advantageous dealers during the aforementioned abaft 12-month period.
For anniversary of our websites, we ascertain a account altered user as an alone who visited such website aural a agenda month, based on abstracts as abstinent by Google Analytics. We account boilerplate account altered users as the sum of the account altered users in a accustomed period, disconnected by the cardinal of months in that period. We calculation a altered user the aboriginal time a computer or adaptable accessory with a altered accessory identifier accesses one of our websites during a agenda month. If an alone accesses a website application a altered accessory aural a accustomed month, the aboriginal admission by anniversary such accessory is counted as a abstracted altered user.
We ascertain account sessions as the cardinal of audible visits to our websites that booty abode anniversary ages aural a accustomed time frame, as abstinent and authentic by Google Analytics. We account boilerplate account sessions as the sum of the account sessions in a accustomed period, disconnected by the cardinal of months in that period. A affair is authentic as alpha with the aboriginal folio appearance from a computer or adaptable accessory and catastrophe at the ancient of back a user closes their browser window, afterwards 30 account of inactivity, or anniversary night at midnight (i) Eastern Time for our United States and Canada websites, (ii) Greenwich Mean Time for our U.K. websites and (iii) Central European Time (or Central European Summer Time back aurora accumulation is observed) for our Germany, Italy, and Spain websites, as applicable. A affair can be fabricated up of assorted folio angle and company actions, such as assuming a search, visiting agent detail pages, and abutting with a dealer.
We ascertain leads as user inquiries via our barter to dealers by buzz calls, email, or managed argument and chat.
Investor Contact: Rodney NelsonHead of Investor Relations, [email protected]
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