0001564590-20-004591.txt : 20200213 0001564590-20-004591.hdr.sgml : 20200213 20200213161102 ACCESSION NUMBER: 0001564590-20-004591 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20200213 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200213 DATE AS OF CHANGE: 20200213 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CarGurus, Inc. CENTRAL INDEX KEY: 0001494259 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374] IRS NUMBER: 043843478 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38233 FILM NUMBER: 20610604 BUSINESS ADDRESS: STREET 1: 2 CANAL PARK STREET 2: 4TH FLOOR CITY: CAMBRIDGE STATE: MA ZIP: 02141 BUSINESS PHONE: 617 354 0068 MAIL ADDRESS: STREET 1: 2 CANAL PARK STREET 2: 4TH FLOOR CITY: CAMBRIDGE STATE: MA ZIP: 02141 FORMER COMPANY: FORMER CONFORMED NAME: Cargurus LLC DATE OF NAME CHANGE: 20100615 8-K 1 carg-8k_20200213.htm 8-K carg-8k_20200213.htm
false 0001494259 0001494259 2020-02-13 2020-02-13

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 13, 2020

 

CarGurus, Inc.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware

001-38233

04-3843478

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

 

2 Canal Park, 4th Floor

Cambridge, Massachusetts 02141

(Address of Principal Executive Offices)

 

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (617) 354-0068

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Class A Common Stock,
par value $0.001 per share

 

CARG

 

The Nasdaq Stock Market LLC
(Nasdaq Global Select Market)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

Item 2.02

Results of Operations and Financial Condition.

On February 13, 2020, CarGurus, Inc. (the “Company”) announced its financial results for the quarter and year ended December 31, 2019. The full text of the press release issued by the Company in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this Item 2.02 and in the press release attached as Exhibit 99.1 hereto is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

 

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits.

 

Exhibit

No.

  

Description

99.1

 

Press Release of CarGurus, Inc. dated February 13, 2020, reporting its financial results for the quarter and year ended December 31, 2019, furnished hereto.

104

 

Cover Page Interactive Data File (embedded with the Inline XBRL document).

 

1

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

 

CARGURUS, INC.

 

 

 

 

Date: February 13, 2020

 

By:

/s/ Jason Trevisan

 

 

 

Name: Jason Trevisan

 

 

 

Title: Chief Financial Officer and President, International

 

2

 EX-99.1 2 carg-ex991_6.htm EX-99.1 carg-ex991_6.htm

 

Exhibit 99.1

 

CarGurus Announces Fourth Quarter 2019 and Full-Year 2019 Results

Fourth Quarter Highlights:

 

•

Total revenue of $158.2 million, an increase of 25% year-over-year

 

•

GAAP operating income of $13.6 million; non-GAAP operating income of $23.1 million

 

•

GAAP net income of $13.2 million; non-GAAP net income of $19.3 million

 

•

Adjusted EBITDA of $25.1 million

Full-Year 2019 Highlights:

 

•

Total revenue of $588.9 million, an increase of 30% year-over-year

 

•

GAAP operating income of $34.3 million; non-GAAP operating income of $69.8 million

 

•

GAAP net income of $42.1 million; non-GAAP net income of $59.3 million

 

•

Adjusted EBITDA of $77.0 million

CAMBRIDGE, MA:  February 13, 2020 — CarGurus, Inc. (Nasdaq: CARG), a leading global automotive marketplace, today announced financial results for the fourth quarter and full-year ended December 31, 2019.

“CarGurus finished 2019 with a strong fourth quarter. Our U.S. marketplace saw continued traffic and lead growth in the fourth quarter, and for the full-year 2019 we generated over 65 million connections and over 38 million leads, supporting what we believe is industry-leading ROI for our paying dealers,” said Langley Steinert, Founder and Chief Executive Officer of CarGurus. “We are seeing consistent new product adoption, as we ended 2019 with a product attach rate of 30%, with over 1,000 U.S. dealers subscribing to at least three of our products. We also completed the roll out of our second consumer financing partner, Westlake, enabling a wider array of consumers to seek loan pre-qualifications. As a result, we now provide financing pre-qualification opportunities on roughly 85% of our U.S. used car listings, creating a richer experience for our industry-leading audience and dealer base. Finally, our international business continues to scale efficiently, as strong audience and leads growth is yielding healthy paying dealer additions in each of our commercialized markets.”

Revenue

Fourth Quarter 2019:

 

•

Total revenue was $158.2 million, an increase of 25% compared to $126.1 million in the fourth quarter of 2018.

 

•

Marketplace subscription revenue was $140.6 million, an increase of 24% compared to $113.0 million in the fourth quarter of 2018.  

 

•

Advertising and other revenue was $17.6 million, an increase of 34% compared to $13.1 million in the fourth quarter of 2018.

Full-Year 2019:

 

•

Total revenue was $588.9 million, an increase of 30% compared to $454.1 million in 2018.

 

•

Marketplace subscription revenue was $526.0 million, an increase of 30% compared to $405.8 million in 2018.

 

•

Advertising and other revenue was $62.9 million, an increase of 30% compared to $48.3 million in 2018.

Operating Income

Fourth Quarter 2019:

 

•

GAAP operating income was $13.6 million, or 9% of total revenue, compared to $6.9 million, or 5% of total revenue, in the fourth quarter of 2018.

 

•

Non-GAAP operating income was $23.1 million, or 15% of total revenue, compared to $13.4 million, or 11% of total revenue, in the fourth quarter of 2018.

Full-Year 2019:

 

•

GAAP operating income was $34.3 million, or 6% of total revenue, compared to $23.2 million, or 5% of total revenue, in 2018.

 

•

Non-GAAP operating income was $69.8 million, or 12% of total revenue, compared to $44.6 million, or 10% of total revenue, in 2018.

Net Income & Adjusted EBITDA

Fourth Quarter 2019:

 

•

GAAP net income was $13.2 million, or $0.12 per fully diluted share during the quarter ended December 31, 2019, compared to $12.5 million, or $0.11 per fully diluted share during the quarter ended December 31, 2018.

 

•

Non-GAAP net income was $19.3 million, or $0.17 per fully diluted share during the quarter ended December 31, 2019, compared to $12.8 million, or $0.11 per fully diluted share during the quarter ended December 31, 2018.

 

•

Adjusted EBITDA, a non-GAAP metric, was $25.1 million for the quarter ended December 31, 2019 compared to $14.6 million for the quarter ended December 31, 2018.

Full-Year 2019:

 

•

GAAP net income was $42.1 million, or $0.37 per fully diluted share during 2019, compared to net income of $65.2 million, or $0.57 per fully diluted share in 2018.

 

•

Non-GAAP net income was $59.3 million, or $0.52 per fully diluted share during 2019, compared to $41.5 million, or $0.37 per fully diluted share in 2018.

 

•

Adjusted EBITDA, a non-GAAP metric, was $77.0 million in 2019 compared to $49.7 million in 2018.

Balance Sheet and Cash Flow

 

•

As of December 31, 2019, CarGurus had cash, cash equivalents, and short-term investments of $171.6 million and no debt.  

 

•

CarGurus generated $20.6 million in cash from operations and $19.2 million in free cash flow, a non-GAAP metric, during the fourth quarter of 2019 compared to having generated $17.1 million in cash from operations and $12.5 million in free cash flow during the fourth quarter of 2018. For the full-year 2019, CarGurus generated $70.1 million in cash from operations and $55.9 million in free cash flow compared to having generated $51.7 million in cash from operations and $44.2 million in free cash flow in 2018.  

Fourth Quarter Business Metrics

 

•

U.S. revenue was $148.0 million in the fourth quarter of 2019, an increase of 22% compared to $121.1 million in the fourth quarter of 2018. GAAP operating income in the U.S. was $22.4 million, an increase of 24% compared to $18.0 million in the fourth quarter of 2018.

 

•

International revenue was $10.2 million in the fourth quarter of 2019, an increase of 104% compared to $5.0 million in the fourth quarter of 2018. GAAP operating loss in International markets was ($8.8) million, a decrease of (21%) compared to a loss of ($11.1) million in the fourth quarter of 2018.

 

•

Total paying dealers were 36,115(1) at December 31, 2019, an increase of 15% compared to 31,472 at December 31, 2018. Of the total paying dealers at December 31, 2019, U.S. and International accounted for 28,990 and 7,125(1), respectively, compared to 27,534 and 3,938, respectively, at December 31, 2018.

 

•

Average annual revenue per subscribing dealer (AARSD) in the U.S. was $17,576 as of December 31, 2019, an increase of 19% compared to $14,819 as of December 31, 2018.

 

•

AARSD in International markets was $5,399(2) as of December 31, 2019, an increase of 13% compared to $4,778 as of December 31, 2018.

 

•

Website traffic and consumer engagement metrics for the fourth quarter of 2019 were as follows:

 

o

U.S. average monthly unique users were 34.2 million, an increase of 3% compared to 33.2 million in the fourth quarter of 2018. U.S. average monthly sessions were 91.2 million, an increase of 3% compared to 88.5 million in the fourth quarter of 2018.

 

o

International average monthly unique users were 10.0 million(3), an increase of 75% compared to 5.7 million in the fourth quarter of 2018. International average monthly sessions were 23.8 million(4), an increase of 83% compared to 13.0 million in the fourth quarter of 2018.

 

 

(1)

Includes paying dealers from the PistonHeads website.

 

(2)

Excludes revenue and dealers for dealers that subscribe to the (i) PistonHeads website as it was acquired on January 8, 2019, and therefore, data for the trailing 12-month revenue calculation is not available and (ii) Italy website as it began earning marketplace subscription revenue in April 2019, and therefore, data for the trailing 12-month revenue calculation is not available.

 

(3)

Includes users from the PistonHeads website.

 

(4)

Includes sessions from the PistonHeads website.


First Quarter and Full-Year 2020 Guidance

CarGurus anticipates total revenue, non-GAAP operating income, and non-GAAP earnings per share to be in the following ranges:

First Quarter 2020:

 

•

Total revenue

$156.5 to $159.5 million

•

Non-GAAP operating income

$10 to $12 million

•

Non-GAAP EPS

$0.07 to $0.08

 

The first quarter 2020 non-GAAP earnings per share calculation assumes 115.0 million diluted weighted-average common shares outstanding.

Full-Year 2020:

 

•

Total revenue

$664 to $676 million

•

Non-GAAP operating income

$78 to $86 million

•

Non-GAAP EPS

$0.50 to $0.55

 

The full-year non-GAAP earnings per share calculation assumes 115.9 million diluted weighted-average common shares outstanding.

 

Guidance for the first quarter and full-year 2020 does not include any potential impact of foreign currency exchange gains or losses.

CarGurus has not reconciled its non-GAAP operating income guidance to GAAP operating income, or its non-GAAP EPS guidance to GAAP EPS, because stock-based compensation, amortization of intangible assets, and acquisition-related expenses, the reconciling items between such GAAP and non-GAAP financial measures, cannot be reasonably predicted due to, as applicable, the timing, amount, valuation and number of future employee equity awards, and the uncertainty relating to the timing, frequency and effect of acquisitions and the significance of the resulting acquisition-related expenses, and therefore cannot be determined without unreasonable effort. For more information regarding the non-GAAP financial measures discussed in this release, please see the reconciliations of GAAP financial measures to non-GAAP financial measures and the section titled “Non-GAAP Financial Measures and Other Business Metrics” below.

Conference Call and Webcast Information

CarGurus will host a conference call and live webcast to discuss its fourth quarter and full fiscal year 2019 financial results and first quarter and full fiscal year 2020 financial guidance at 5:00 p.m. Eastern Time today, February 13, 2020. To access the conference call, dial (877) 451-6152 for callers in the U.S. or Canada, or (201) 389-0879 for international callers. The webcast will be available live on the Investors section of CarGurus’ website at https://investors.cargurus.com.

An audio replay of the call will also be available to investors beginning at approximately 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 international callers, and entering passcode 13698111. In addition, an archived webcast will be available on the Investors section of CarGurus’ website at https://investors.cargurus.com.

About CarGurus

Founded in 2006, CarGurus (Nasdaq: CARG) is a global, online automotive marketplace connecting buyers and sellers of new and used cars. The Company uses proprietary technology, search algorithms and data analytics to bring trust and transparency to the automotive search experience and help users find great deals from top-rated dealers. CarGurus is the most visited automotive shopping site in the U.S. (source: Comscore Media Metrix® Multi-Platform, Automotive – Information/Resources, Total Audience, Q4 2019, U.S. (Competitive set includes: CarGurus.com, Autotrader.com,

Cars.com, TrueCar.com)). In addition to the United States, CarGurus operates online marketplaces in Canada, the United Kingdom, Germany, Italy, and Spain. To learn more about CarGurus, visit www.cargurus.com.  CarGurus® is a registered trademark of CarGurus, Inc.

© 2020 CarGurus, Inc., All Rights Reserved.

Cautionary Language Concerning Forward-Looking Statements

This press release includes forward-looking statements. All statements contained in this press release other than statements of historical facts, including, without limitation, statements regarding our future financial and business performance for the first quarter 2020 and full-year 2020, our business and growth strategy, including in international markets, and our expectations for our newest consumer financing partnership, including the impact on our audience and dealer base, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “estimate,” “expect,” “guide,” “intend,” “likely,” “may,” “will” and similar expressions and their negatives are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of risks and uncertainties, including, without limitation, risks related to our rapid growth and ability to sustain our revenue growth rate, our relationships with dealers, competition in the markets in which we operate, market growth, our ability to innovate and manage our growth, our ability to expand effectively into new markets, our ability to realize benefits from our acquisitions and successfully implement the integration strategies in connection therewith, our ability to operate in compliance with applicable laws, as well as other risks and uncertainties as may be detailed from time to time in our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q and other reports we file with the Securities and Exchange Commission. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, we cannot guarantee future results, levels of activity, performance, achievements or events and circumstances reflected in the forward-looking statements will occur. We are under no duty to update any of these forward-looking statements after the date of this press release to conform these statements to actual results or revised expectations, except as required by law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.

 

Unaudited Condensed Consolidated Balance Sheets

(in thousands, except share and per share data)

 

 

 

At December 31,

 

 

 

2019

 

 

2018

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

59,920

 

 

$

34,887

 

Investments

 

 

111,692

 

 

 

122,800

 

Accounts receivable, net of allowance for doubtful accounts of $240 and

   $479, respectively

 

 

22,124

 

 

 

13,614

 

Prepaid expenses and prepaid income taxes

 

 

10,452

 

 

 

10,144

 

Deferred contract costs

 

 

9,544

 

 

 

5,253

 

Other current assets

 

 

4,972

 

 

 

7,410

 

Restricted cash

 

 

250

 

 

 

750

 

Total current assets

 

 

218,954

 

 

 

194,858

 

Property and equipment, net

 

 

27,950

 

 

 

24,269

 

Intangible assets

 

 

3,920

 

 

 

—

 

Goodwill

 

 

15,207

 

 

 

—

 

Operating lease right-of-use assets

 

 

59,986

 

 

 

—

 

Restricted cash

 

 

10,553

 

 

 

1,921

 

Deferred tax assets

 

 

42,713

 

 

 

38,886

 

Deferred contract costs, net of current portion

 

 

10,514

 

 

 

7,252

 

Other non-current assets

 

 

3,826

 

 

 

1,104

 

Total assets

 

$

393,623

 

 

$

268,290

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

36,731

 

 

$

34,345

 

Accrued expenses, accrued income taxes and other current liabilities

 

 

18,262

 

 

 

18,654

 

Deferred revenue

 

 

9,984

 

 

 

8,811

 

Deferred rent

 

 

—

 

 

 

1,693

 

Operating lease liabilities

 

 

8,781

 

 

 

—

 

Total current liabilities

 

 

73,758

 

 

 

63,503

 

Deferred rent

 

 

—

 

 

 

9,395

 

Operating lease liabilities

 

 

60,818

 

 

 

—

 

Deferred tax liabilities

 

 

284

 

 

 

—

 

Other non–current liabilities

 

 

1,908

 

 

 

1,281

 

Total liabilities

 

 

136,768

 

 

 

74,179

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

     Preferred stock, $0.001 par value; 10,000,000 shares authorized;

        no shares issued and outstanding

 

 

—

 

 

 

—

 

Class A common stock, $0.001 par value; 500,000,000 shares authorized;

   91,819,649 and 89,728,223 shares issued and outstanding at

   December 31, 2019 and 2018, respectively

 

 

92

 

 

 

90

 

Class B common stock, $0.001 par value; 100,000,000 shares authorized;

   20,314,644 and 20,702,084 shares issued and outstanding at

   December 31, 2019 and 2018, respectively

 

 

20

 

 

 

21

 

Additional paid–in capital

 

 

205,234

 

 

 

184,216

 

Retained earnings

 

 

51,859

 

 

 

9,713

 

Accumulated other comprehensive (loss) income

 

 

(350

)

 

 

71

 

Total stockholders’ equity

 

 

256,855

 

 

 

194,111

 

Total liabilities and stockholders’ equity

 

$

393,623

 

 

$

268,290

 

 

Unaudited Condensed Consolidated Income Statements

(in thousands, except share and per share data)

 

 

 

Three Months Ended

 

 

Year Ended

 

 

 

December 31,

 

 

December 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenue

 

$

158,153

 

 

$

126,090

 

 

$

588,916

 

 

$

454,086

 

Cost of revenue(1)

 

 

10,560

 

 

 

6,871

 

 

 

36,300

 

 

 

24,811

 

Gross profit

 

 

147,593

 

 

 

119,219

 

 

 

552,616

 

 

 

429,275

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing

 

 

100,606

 

 

 

85,991

 

 

 

393,844

 

 

 

315,939

 

Product, technology, and development

 

 

18,399

 

 

 

14,153

 

 

 

69,462

 

 

 

47,866

 

General and administrative

 

 

13,812

 

 

 

11,433

 

 

 

50,434

 

 

 

39,475

 

Depreciation and amortization

 

 

1,141

 

 

 

740

 

 

 

4,554

 

 

 

2,804

 

Total operating expenses

 

 

133,958

 

 

 

112,317

 

 

 

518,294

 

 

 

406,084

 

Income from operations

 

 

13,635

 

 

 

6,902

 

 

 

34,322

 

 

 

23,191

 

Other income, net:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

737

 

 

 

712

 

 

 

2,984

 

 

 

2,283

 

Other income (expense), net

 

 

141

 

 

 

(5

)

 

 

1,399

 

 

 

10

 

Total other income, net

 

 

878

 

 

 

707

 

 

 

4,383

 

 

 

2,293

 

Income before income taxes

 

 

14,513

 

 

 

7,609

 

 

 

38,705

 

 

 

25,484

 

Provision for (benefit from) income taxes

 

 

1,342

 

 

 

(4,841

)

 

 

(3,441

)

 

 

(39,686

)

Net income

 

$

13,171

 

 

$

12,450

 

 

$

42,146

 

 

$

65,170

 

Net income per share attributable to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.12

 

 

$

0.11

 

 

$

0.38

 

 

$

0.60

 

Diluted

 

$

0.12

 

 

$

0.11

 

 

$

0.37

 

 

$

0.57

 

Weighted–average number of shares of common

   stock used in computing net income per share

   attributable to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

112,023,661

 

 

 

110,215,116

 

 

 

111,450,443

 

 

 

108,833,028

 

Diluted

 

 

113,552,018

 

 

 

113,390,212

 

 

 

113,431,850

 

 

 

113,364,712

 

(1) Includes depreciation and amortization expense for the three months ended December 31, 2019 and 2018 and for the years ended December 31, 2019 and 2018 of $1,017, $524, $3,263 and $2,225, respectively.

 

 

Unaudited Condensed Consolidated Statements of Cash Flows

(in thousands)

 

 

 

Three Months Ended

 

 

Year Ended

 

 

 

December 31,

 

 

December 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Operating Activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

13,171

 

 

$

12,450

 

 

$

42,146

 

 

$

65,170

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

2,158

 

 

 

1,264

 

 

 

7,817

 

 

 

5,029

 

Currency loss (gain) on foreign denominated transactions

 

 

237

 

 

 

(134

)

 

 

(690

)

 

 

(190

)

Deferred taxes

 

 

1,291

 

 

 

(4,497

)

 

 

(3,734

)

 

 

(39,040

)

Provision for doubtful accounts

 

 

396

 

 

 

434

 

 

 

1,091

 

 

 

1,680

 

Stock–based compensation expense

 

 

8,911

 

 

 

5,843

 

 

 

34,301

 

 

 

20,794

 

Amortization of deferred contract costs

 

 

2,619

 

 

 

1,334

 

 

 

8,416

 

 

 

3,689

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable, net

 

 

(4,624

)

 

 

(743

)

 

 

(9,608

)

 

 

(1,911

)

Prepaid expenses, prepaid income taxes, and other assets

 

 

493

 

 

 

(3,105

)

 

 

(378

)

 

 

(11,753

)

Deferred contracts costs

 

 

(4,537

)

 

 

(3,272

)

 

 

(15,979

)

 

 

(12,987

)

Accounts payable

 

 

(6,472

)

 

 

(2,117

)

 

 

4,268

 

 

 

9,345

 

Accrued expenses, accrued income taxes and other current liabilities

 

 

4,198

 

 

 

5,659

 

 

 

2,151

 

 

 

2,695

 

Deferred revenue

 

 

2,201

 

 

 

1,127

 

 

 

1,174

 

 

 

4,508

 

Deferred rent

 

 

—

 

 

 

2,823

 

 

 

—

 

 

 

4,289

 

Lease obligations

 

 

414

 

 

 

—

 

 

 

(1,468

)

 

 

—

 

Other non–current liabilities

 

 

109

 

 

 

58

 

 

 

609

 

 

 

405

 

Net cash provided by operating activities

 

 

20,565

 

 

 

17,124

 

 

 

70,116

 

 

 

51,723

 

Investing Activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

(440

)

 

 

(4,083

)

 

 

(11,205

)

 

 

(5,956

)

Capitalization of website development costs

 

 

(947

)

 

 

(544

)

 

 

(3,021

)

 

 

(1,522

)

Cash paid for acquisition

 

 

—

 

 

 

—

 

 

 

(19,139

)

 

 

—

 

Investments in certificates of deposit

 

 

(43,000

)

 

 

(82,800

)

 

 

(177,808

)

 

 

(212,800

)

Maturities of certificates of deposit

 

 

66,116

 

 

 

30,000

 

 

 

188,916

 

 

 

140,000

 

Net cash provided by (used in) investing activities

 

 

21,729

 

 

 

(57,427

)

 

 

(22,257

)

 

 

(80,278

)

Financing Activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payment of initial public offering costs

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,142

)

Proceeds from exercise of stock options

 

 

351

 

 

 

571

 

 

 

1,807

 

 

 

3,632

 

Financing cash flows from finance leases

 

 

(9

)

 

 

—

 

 

 

(30

)

 

 

—

 

Payment of withholding taxes and option costs on net share settlement of

   restricted stock units and stock options

 

 

(3,687

)

 

 

(4,018

)

 

 

(16,470

)

 

 

(25,885

)

Net cash used in financing activities

 

 

(3,345

)

 

 

(3,447

)

 

 

(14,693

)

 

 

(23,395

)

Impact of foreign currency on cash, cash equivalents, and restricted cash

 

 

96

 

 

 

10

 

 

 

(1

)

 

 

(44

)

Net increase (decrease) in cash, cash equivalents, and restricted cash

 

 

39,045

 

 

 

(43,740

)

 

 

33,165

 

 

 

(51,994

)

Cash, cash equivalents, and restricted cash at beginning of period

 

 

31,678

 

 

 

81,298

 

 

 

37,558

 

 

 

89,552

 

Cash, cash equivalents, and restricted cash at end of period

 

$

70,723

 

 

$

37,558

 

 

$

70,723

 

 

$

37,558

 

 

Unaudited Reconciliation of GAAP Operating Income to Non-GAAP Operating Income and GAAP Operating Margin to Non-GAAP Operating Margin

(in thousands, except percentages)

 

 

 

Three Months Ended

 

 

Year Ended

 

 

 

December 31,

 

 

December 31,

 

 

 

2019

 

 

2018(2)

 

 

2019

 

 

2018(2)

 

GAAP operating income

 

$

13,635

 

 

$

6,902

 

 

$

34,322

 

 

$

23,191

 

Stock-based compensation expense

 

 

8,911

 

 

 

5,843

 

 

 

34,301

 

 

 

20,794

 

Amortization of intangible assets

 

 

163

 

 

 

—

 

 

 

649

 

 

 

—

 

Acquisition-related expenses(1)

 

 

424

 

 

 

616

 

 

 

549

 

 

 

644

 

Non-GAAP operating income

 

$

23,133

 

 

$

13,361

 

 

$

69,821

 

 

$

44,629

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP operating margin

 

 

9

%

 

 

5

%

 

 

6

%

 

 

5

%

Non-GAAP operating margin

 

 

15

%

 

 

11

%

 

 

12

%

 

 

10

%

(1) Acquisition-related expenses relate to acquisition costs incurred during the three months ended December 31, 2019 and 2018 and during the years ended December 31, 2019 and 2018.

(2) In December 2019, we revised our definition of Non-GAAP operating income to exclude the impact of acquisition-related expenses. This changed definition more accurately reflects management's view of our business and financial performance. Non-GAAP operating income for the three months and year ended December 31, 2018 have been restated for comparison purposes.

 

 

Unaudited Reconciliation of GAAP Net Income to Non-GAAP Net Income

(in thousands, except per share data)

 

 

 

Three Months Ended

 

 

Year Ended

 

 

 

December 31,

 

 

December 31,

 

 

 

2019

 

 

2018(4)

 

 

2019

 

 

2018(4)

 

GAAP net income

 

$

13,171

 

 

$

12,450

 

 

$

42,146

 

 

$

65,170

 

Stock-based compensation expense, net of tax(1)

 

 

7,040

 

 

 

4,616

 

 

 

27,098

 

 

 

16,427

 

Change in tax provision from stock-based compensation expense(2)

 

 

(1,483

)

 

 

(4,853

)

 

 

(11,115

)

 

 

(40,765

)

Amortization of intangible assets

 

 

163

 

 

 

—

 

 

 

649

 

 

 

—

 

Acquisition-related expenses(3)

 

 

424

 

 

 

616

 

 

 

549

 

 

 

644

 

Non-GAAP net income

 

$

19,315

 

 

$

12,829

 

 

$

59,327

 

 

$

41,476

 

Non-GAAP net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.17

 

 

$

0.12

 

 

$

0.53

 

 

$

0.38

 

Diluted

 

$

0.17

 

 

$

0.11

 

 

$

0.52

 

 

$

0.37

 

Shares used in Non-GAAP per share calculations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

112,024

 

 

 

110,215

 

 

 

111,450

 

 

 

108,833

 

Diluted

 

 

113,552

 

 

 

113,390

 

 

 

113,432

 

 

 

113,365

 

(1) The stock-based compensation amounts reflected in the table above are tax effected at the U.S. federal statutory tax rate of 21%.

 

(2) This adjustment reflects the tax effect of differences between tax deductions related to stock-based compensation and the corresponding financial statement expense.

 

(3) Acquisition-related expenses relate to acquisition costs incurred during the three months ended December 31, 2019 and 2018 and during the years ended December 31, 2019 and 2018.

 

(4) In December 2019, we revised our definition of Non-GAAP net income to exclude the impact of acquisition-related expenses. This changed definition more accurately reflects management's view of our business and financial performance. Non-GAAP net income for the three months and year ended December 31, 2018 have been restated for comparison purposes.

 

 

Unaudited Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit and GAAP Gross Profit Margin to Non-GAAP Gross Profit Margin

(in thousands, except percentages)

 

 

 

Three Months Ended

 

 

Year Ended

 

 

 

December 31,

 

 

December 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenue

 

$

158,153

 

 

$

126,090

 

 

$

588,916

 

 

$

454,086

 

Cost of revenue

 

 

10,560

 

 

 

6,871

 

 

 

36,300

 

 

 

24,811

 

Gross profit

 

 

147,593

 

 

 

119,219

 

 

 

552,616

 

 

 

429,275

 

Stock-based compensation expense included in Cost of revenue

 

 

86

 

 

 

90

 

 

 

354

 

 

 

354

 

Non-GAAP gross profit

 

$

147,679

 

 

$

119,309

 

 

$

552,970

 

 

$

429,629

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP gross profit margin

 

 

93

%

 

 

95

%

 

 

94

%

 

 

95

%

Non-GAAP gross profit margin

 

 

93

%

 

 

95

%

 

 

94

%

 

 

95

%

 

Unaudited Reconciliation of GAAP Expense to Non-GAAP Expense

(in thousands)

 

 

 

Three Months Ended

December 31,

 

 

2019

 

2018(4)

 

 

GAAP expense

 

 

Stock-based compensation expense

 

 

Amortization of intangible assets

 

 

Acquisition-related expenses(3)

 

 

Non-GAAP expense

 

 

 

GAAP expense

 

 

Stock-based compensation expense

 

 

Amortization of intangible assets

 

 

Acquisition-related expenses(3)

 

 

Non-GAAP expense

 

 

Cost of revenue

 

$

10,560

 

 

$

(86

)

 

$

—

 

 

$

—

 

 

$

10,474

 

 

 

$

6,871

 

 

$

(90

)

 

$

—

 

 

$

—

 

 

$

6,781

 

 

S&M

 

 

100,606

 

 

 

(2,597

)

 

 

—

 

 

 

—

 

 

 

98,009

 

 

 

 

85,991

 

 

 

(1,349

)

 

 

—

 

 

 

—

 

 

 

84,642

 

 

P,T&D(1)

 

 

18,399

 

 

 

(4,041

)

 

 

—

 

 

 

—

 

 

 

14,358

 

 

 

 

14,153

 

 

 

(2,962

)

 

 

—

 

 

 

—

 

 

 

11,191

 

 

G&A

 

 

13,812

 

 

 

(2,187

)

 

 

—

 

 

 

(424

)

 

 

11,201

 

 

 

 

11,433

 

 

 

(1,442

)

 

 

—

 

 

 

(616

)

 

 

9,375

 

 

Depreciation & amortization

 

 

1,141

 

 

 

—

 

 

 

(163

)

 

 

—

 

 

 

978

 

 

 

 

740

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

740

 

 

Operating expenses(2)

 

$

133,958

 

 

$

(8,825

)

 

$

(163

)

 

$

(424

)

 

$

124,546

 

 

 

$

112,317

 

 

$

(5,753

)

 

$

—

 

 

$

(616

)

 

$

105,948

 

 

Total expenses

 

$

144,518

 

 

$

(8,911

)

 

$

(163

)

 

$

(424

)

 

$

135,020

 

 

 

$

119,188

 

 

$

(5,843

)

 

$

—

 

 

$

(616

)

 

$

112,729

 

 

(1) Product, Technology, & Development

(2) Operating expenses include S&M, P,T&D, G&A, and depreciation & amortization

(3) Acquisition-related expenses relate to acquisition costs incurred during the three months ended December 31, 2019 and 2018 and during the years ended December 31, 2019 and 2018.

(4) In December 2019, we revised our definition of Non-GAAP expense to exclude the impact of acquisition-related expenses. This changed definition more accurately reflects management's view of our business and financial performance. Non-GAAP expense for the three months and year ended December 31, 2018 have been restated for comparison purposes.

 

 

Year Ended

December 31,

 

 

2019

 

2018(4)

 

 

GAAP expense

 

 

Stock-based compensation expense

 

 

Amortization of intangible assets

 

 

Acquisition-related expenses(3)

 

 

Non-GAAP expense

 

 

 

GAAP expense

 

 

Stock-based compensation expense

 

 

Amortization of intangible assets

 

 

Acquisition-related expenses(3)

 

 

Non-GAAP expense

 

 

Cost of revenue

 

$

36,300

 

 

$

(354

)

 

$

—

 

 

$

—

 

 

$

35,946

 

 

 

$

24,811

 

 

$

(354

)

 

$

—

 

 

$

—

 

 

$

24,457

 

 

S&M

 

 

393,844

 

 

 

(9,989

)

 

 

—

 

 

 

—

 

 

 

383,855

 

 

 

 

315,939

 

 

 

(5,111

)

 

 

—

 

 

 

—

 

 

 

310,828

 

 

P,T&D(1)

 

 

69,462

 

 

 

(15,159

)

 

 

—

 

 

 

—

 

 

 

54,303

 

 

 

 

47,866

 

 

 

(9,865

)

 

 

—

 

 

 

—

 

 

 

38,001

 

 

G&A

 

 

50,434

 

 

 

(8,799

)

 

 

—

 

 

 

(549

)

 

 

41,086

 

 

 

 

39,475

 

 

 

(5,464

)

 

 

—

 

 

 

(644

)

 

 

33,367

 

 

Depreciation & amortization

 

 

4,554

 

 

 

—

 

 

 

(649

)

 

 

—

 

 

 

3,905

 

 

 

 

2,804

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,804

 

 

Operating expenses(2)

 

$

518,294

 

 

$

(33,947

)

 

$

(649

)

 

$

(549

)

 

$

483,149

 

 

 

$

406,084

 

 

$

(20,440

)

 

$

—

 

 

$

(644

)

 

$

385,000

 

 

Total expenses

 

$

554,594

 

 

$

(34,301

)

 

$

(649

)

 

$

(549

)

 

$

519,095

 

 

 

$

430,895

 

 

$

(20,794

)

 

$

—

 

 

$

(644

)

 

$

409,457

 

 

(1) Product, Technology, & Development

(2) Operating expenses include S&M, P,T&D, G&A, and depreciation & amortization

(3) Acquisition-related expenses relate to acquisition costs incurred during the three months ended December 31, 2019 and 2018 and during the years ended December 31, 2019 and 2018.

(4) In December 2019, we revised our definition of Non-GAAP expense to exclude the impact of acquisition-related expenses. This changed definition more accurately reflects management's view of our business and financial performance. Non-GAAP expense for the three months and year ended December 31, 2018 have been restated for comparison purposes.

 

 

 

Unaudited Reconciliation of GAAP Net Income to Adjusted EBITDA

(in thousands)

 

 

 

Three Months Ended

 

 

Year Ended

 

 

 

December 31,

 

 

December 31,

 

 

 

2019

 

 

2018(2)

 

 

2019

 

 

2018(2)

 

GAAP net income

 

$

13,171

 

 

$

12,450

 

 

$

42,146

 

 

$

65,170

 

Depreciation and amortization

 

 

2,158

 

 

 

1,264

 

 

 

7,817

 

 

 

5,029

 

Stock-based compensation expense

 

 

8,911

 

 

 

5,843

 

 

 

34,301

 

 

 

20,794

 

Acquisition-related expenses(1)

 

 

424

 

 

 

616

 

 

 

549

 

 

 

644

 

Other income, net

 

 

(878

)

 

 

(707

)

 

 

(4,383

)

 

 

(2,293

)

Provision for (benefit from) income taxes

 

 

1,342

 

 

 

(4,841

)

 

 

(3,441

)

 

 

(39,686

)

Adjusted EBITDA

 

$

25,128

 

 

$

14,625

 

 

$

76,989

 

 

$

49,658

 

(1) Acquisition-related expenses relate to acquisition costs incurred during the three months ended December 31, 2019 and 2018 and during the years ended December 31, 2019 and 2018.

(2) In December 2019, we revised our definition of Adjusted EBITDA to exclude the impact of acquisition-related expenses. This changed definition more accurately reflects management's view of our business and financial performance. Adjusted EBITDA for the three months and year ended December 31, 2018 have been restated for comparison purposes.

 

 

Unaudited Reconciliation of GAAP Net Cash and Cash Equivalents Provided by Operating Activities to Non-GAAP Free Cash Flow

(in thousands)

 

 

 

Three Months Ended

 

 

Year Ended

 

 

 

December 31,

 

 

December 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

GAAP net cash and cash equivalents provided by operating

   activities

 

$

20,565

 

 

$

17,124

 

 

$

70,116

 

 

$

51,723

 

Purchases of property and equipment

 

 

(440

)

 

 

(4,083

)

 

 

(11,205

)

 

 

(5,956

)

Capitalization of website development costs

 

 

(947

)

 

 

(544

)

 

 

(3,021

)

 

 

(1,522

)

Non-GAAP free cash flow

 

$

19,178

 

 

$

12,497

 

 

$

55,890

 

 

$

44,245

 

 

Non-GAAP Financial Measures and Other Business Metrics

To supplement our consolidated financial statements, which are prepared and presented in accordance with Generally Accepted Accounting Principles in the United States (GAAP), we provide investors with certain non-GAAP financial measures and other business metrics, which we believe are helpful to our investors. We use these non-GAAP financial measures and other business metrics for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. We believe that these non-GAAP financial measures and other business metrics provide useful information about our operating results, enhance the overall understanding of past financial performance and future prospects and allow for greater transparency with respect to metrics used by our management in its financial and operational decision-making.

The presentation of non-GAAP financial information and other business metrics is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. While our non-GAAP financial measures and other business metrics are an important tool for financial and operational decision-making and for evaluating our own operating results over different periods of time, we urge investors to review the reconciliation of these financial measures to the comparable GAAP financial measures included above, and not to rely on any single financial measure to evaluate our business.

We define Adjusted EBITDA as net income, adjusted to exclude: depreciation and amortization, stock-based compensation expense, acquisition-related expenses, other income, net, and the provision for (benefit from) income taxes. We have presented Adjusted EBITDA because it is a key measure used by our management and board of directors to understand and evaluate our operating performance, generate future operating plans, and make strategic decisions regarding the allocation of capital. In particular, we believe that the exclusion of certain items in calculating Adjusted EBITDA can produce a useful measure for period-to-period comparisons of our business.

We define Free Cash Flow as cash flow from operations, adjusted to include purchases of property and equipment and capitalization of website development costs. We have presented Free Cash Flow because it is a measure of the Company’s financial performance that represents the cash that the Company is able to generate after expenditures required to maintain or expand our asset base.

We also monitor operating measures of certain non-GAAP items including non-GAAP gross margin, non-GAAP expense, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income and non-GAAP net income per share.  These non-GAAP financial measures exclude the effect of stock-based compensation expense, amortization of intangible assets, and acquisition-related expenses. Non-GAAP net income and non-GAAP net income per share also exclude the change in tax provision from stock-based compensation expense. We believe that these non-GAAP financial measures provide useful information about our operating results, enhance the overall understanding of past financial performance and future prospects and allow for greater transparency with respect to metrics used by our management in its financial and operational decision-making.

While a reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort as a result of the uncertainty regarding, and the potential variability of, stock-based compensation expenses, amortization of intangible assets, and acquisition-related expenses that we may incur in the future, we have provided a reconciliation of non-GAAP financial measures and other business metrics to the nearest comparable GAAP measures in the accompanying financial statement tables included in this press release.

We define a paying dealer as a dealer, based on a distinct associated inventory feed, that subscribes to one of our paid Listings packages or Dealer Display advertising and audience targeting products at the end of a defined period.

We define AARSD, which is measured at the end of a defined period, as the total marketplace subscription revenue during the trailing 12 months divided by the average number of paying dealers during the same trailing 12-month period.

For each of our websites, we define a monthly unique user as an individual who visited such website within a calendar month, based on data as measured by Google Analytics. We calculate average monthly unique users as the sum of the monthly unique users in a given period, divided by the number of months in that period. We count a unique user the first time a computer or mobile device with a unique device identifier accesses one of our websites during a calendar month. If an individual accesses a website using a different device within a given month, the first access by each such device is counted as a separate unique user.

We define monthly sessions as the number of distinct visits to our websites that take place each month within a given time frame, as measured and defined by Google Analytics. We calculate average monthly sessions as the sum of the monthly sessions in a given period, divided by the number of months in that period. A session is defined as beginning with the first page view from a computer or mobile device and ending at the earliest of when a user closes their browser window, after 30 minutes of inactivity, or each 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 when daylight savings is observed) for our Germany, Italy, and Spain websites, as applicable. A session can be made up of multiple page views and visitor actions, such as performing a search, visiting vehicle detail pages, and connecting with a dealer.

We define leads as user inquiries via our marketplace to dealers by phone calls, email, or managed text and chat.

 

Investor Contact:

Rodney Nelson

Head of Investor Relations, CarGurus

888-508-1190

investors@cargurus.com

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