CarGurus (CARG) FY2021 results: revenue $951 million, up 72.5% on the year

CarGurus, Inc. (CARG) reported revenue of $951 million for fiscal 2021, the year ended 31 December 2021, up 72.5% on the year before. Net income was $109 million, up 40.9%, and diluted earnings per share $0.00. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2022.

Revenue

$951 million

+72.5% on the year

FY2015FY2021

Operating margin

15.6%

17.7% a year earlier

FY2015FY2021

Net income

$109 million

+40.9% on the year

FY2015FY2021

Diluted EPS

$0.00

FY2015FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	951	551	589	+72.5%
Cost of revenue	294	42.7	36.3	+588.5%
Gross profit	657	509	553	+29.2%
Gross margin	69.1%	92.3%	93.8%
Research and development	106	85.7	69.5	+24.1%
Operating income	148	97.8	34.3	+51.7%
Operating margin	15.6%	17.7%	5.8%
Pre-tax income	149	99.1	38.7	+50.7%
Income tax	39.0	21.6	-3.4	+80.9%
Effective tax rate	26.1%	21.8%	-8.9%
Net income	109	77.6	42.1	+40.9%
Net margin	11.5%	14.1%	7.2%
Diluted EPS	$0.00	$0.68	$0.37

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	98.3	157	70.1	-37.3%
Capital expenditure	7.7	3.0	11.2	+161.3%
Free cash flow	90.6	154	58.9	-41.1%
Free cash flow margin	9.5%	27.9%	10.0%
Cash from investing	-68.1	-16.9	-22.3
Cash from financing	17.8	-10.1	-14.7
Depreciation and amortisation	40.5	10.2	7.8	+297.2%
Share-based compensation	53.5	45.1	34.3	+18.7%
Diluted shares, weighted	117m	114m	113m	+2.9%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	517	374	257	+38.3%
Redeemable equity	163	0.0	0.0
Debt	0.0	0.0	0.0
Operating lease liabilities	57.5	58.8	60.8	-2.2%
Other liabilities	194	69.9	76.0	+178.1%
Total liabilities and equity	932	502	394	+85.5%
Fixed assets	32.2	27.5	27.9	+17.2%
Goodwill	158	29.1	15.2	+443.4%
Intangible assets	83.9	10.9	3.9	+672.6%
Securities held for sale or to maturity	n/a	n/a	112
Cash and equivalents	232	190	59.9	+21.9%
Receivables	189	18.2	22.1	+938.2%
Inventory	19.7	n/a	n/a
Other assets	216	226	153	-4.4%
Total assets	932	502	394	+85.5%

10-K for the year ended 31 December 2021, filed 25 February 2022: the filing.