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Consolidated Income Statements - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenue      
Total Revenue $ 914,242 $ 1,655,035 $ 951,373
Cost of revenue      
Total Cost of revenue [1] 262,788 997,482 294,015
Gross profit 651,454 657,553 657,358
Operating expenses:      
Sales and marketing 304,070 336,708 290,574
Product, technology, and development 146,169 123,768 106,423
General and administrative 152,757 73,117 97,678
Depreciation and amortization 15,831 15,482 14,415
Total operating expenses 618,827 549,075 509,090
Income from operations 32,627 108,478 [2] 148,268 [2]
Other income, net:      
Interest income 18,430 3,845 120
Other income (expense), net 630 (961) 972
Total other income, net 19,060 2,884 1,092
Income before income taxes 51,687 111,362 149,360
Provision for income taxes 29,634 32,408 38,987
Consolidated net income 22,053 78,954 110,373
Net (loss) income attributable to redeemable noncontrolling interest (14,889) (5,433) 1,129
Net (loss) income Attributable to CarGurus, Inc 36,942 84,387 109,244
Deemed dividend on redemption of noncontrolling interest 5,838    
Accretion of redeemable noncontrolling interest to redemption value   (109,398) 109,398
Net income (loss) attributable to common stockholders - basic $ 31,104 $ 193,785 $ (154)
Net income (loss) per share attributable to common stockholders: (Note 12)      
Basic $ 0.27 $ 1.64 $ 0
Diluted $ 0.19 $ 0.62 $ 0
Weighted-average number of shares of common stock used in computing net income (loss) per share attributable to common stockholders:      
Basic 113,240,139 118,474,991 117,142,062
Diluted 114,188,834 128,150,974 117,142,062
Marketplace      
Revenue      
Total Revenue $ 698,236 $ 658,771 $ 636,942
Cost of revenue      
Total Cost of revenue [1] 60,020 56,040 47,689
Wholesale      
Revenue      
Total Revenue 100,908 237,635 195,127
Cost of revenue      
Total Cost of revenue [1] 90,066 176,446 127,679
Product      
Revenue      
Total Revenue 115,098 758,629 119,304
Cost of revenue      
Total Cost of revenue [1] $ 112,702 $ 764,996 $ 118,647
[1] Includes depreciation and amortization expense for the years ended December 31, 2023, 2022, and 2021 of $32,643, $29,852, and $26,061, respectively.
[2] As of December 31, 2022 and 2021, Digital Wholesale segment loss (income) did not reflect certain Dealer-to-Dealer and IMCO related capitalized website development expense from the U.S. Marketplace segment. During the three months ended March 31, 2023, the Company updated Digital Wholesale Depreciation and Amortization to reflect certain Dealer-to-Dealer and IMCO related capitalized website development amortization expense from the U.S. Marketplace segment and accordingly updated Digital Wholesale Depreciation as of December 31, 2022 and 2021 for comparative purposes.