CarGurus (CARG) FY2022 results: revenue $1.7 billion, up 74.0% on the year

CarGurus, Inc. (CARG) reported revenue of $1.7 billion for fiscal 2022, the year ended 31 December 2022, up 74.0% on the year before. Net income was $84 million, down 22.8%, and diluted earnings per share $0.62. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2023.

Revenue

$1.7 billion

+74.0% on the year

FY2015FY2022

Operating margin

6.6%

15.6% a year earlier

FY2015FY2022

Net income

$84 million

-22.8% on the year

FY2015FY2022

Diluted EPS

$0.62

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	1,655	951	551	+74.0%
Cost of revenue	997	294	42.7	+239.3%
Gross profit	658	657	509	+0.0%
Gross margin	39.7%	69.1%	92.3%
Research and development	124	106	85.7	+16.3%
Operating income	108	148	97.8	-26.8%
Operating margin	6.6%	15.6%	17.7%
Pre-tax income	111	149	99.1	-25.4%
Income tax	32.4	39.0	21.6	-16.9%
Effective tax rate	29.1%	26.1%	21.8%
Net income	84.4	109	77.6	-22.8%
Net margin	5.1%	11.5%	14.1%
Diluted EPS	$0.62	$0.00	$0.68

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	256	98.3	157	+160.6%
Capital expenditure	5.9	7.7	3.0	-23.2%
Free cash flow	250	90.6	154	+176.2%
Free cash flow margin	15.1%	9.5%	27.9%
Cash from investing	72.7	-68.1	-16.9
Cash from financing	-92.6	17.8	-10.1
Depreciation and amortisation	45.3	40.5	10.2	+12.0%
Share-based compensation	54.8	53.5	45.1	+2.3%
Buybacks	14.4	n/a	n/a
Diluted shares, weighted	128m	117m	114m	+9.4%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	735	517	374	+42.1%
Redeemable equity	36.7	163	0.0	-77.4%
Debt	0.0	0.0	0.0
Operating lease liabilities	51.7	57.5	58.8	-10.2%
Other liabilities	104	194	69.9	-46.5%
Total liabilities and equity	927	932	502	-0.5%
Fixed assets	40.1	32.2	27.5	+24.6%
Goodwill	157	158	29.1	-0.5%
Intangible assets	53.1	83.9	10.9	-36.8%
Cash and equivalents	470	232	190	+102.4%
Receivables	46.8	189	18.2	-75.3%
Inventory	5.3	19.7	n/a	-73.1%
Other assets	155	216	226	-28.4%
Total assets	927	932	502	-0.5%

10-K for the year ended 31 December 2022, filed 1 March 2023: the filing.