CarGurus (CARG) FY2023 results: revenue $698 million, down 57.8% on the year

CarGurus, Inc. (CARG) reported revenue of $698 million for fiscal 2023, the year ended 31 December 2023, down 57.8% on the year before. Net income was $37 million, down 56.2%, and diluted earnings per share $0.19. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2024.

Revenue

$698 million

-57.8% on the year

FY2016FY2023

Operating margin

17.2%

6.6% a year earlier

FY2016FY2023

Net income

$37 million

-56.2% on the year

FY2016FY2023

Diluted EPS

$0.19

-69.4% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	698	1,655	951	-57.8%
Cost of revenue	61.8	997	294	-93.8%
Gross profit	637	658	657	-3.2%
Gross margin	91.2%	39.7%	69.1%
Research and development	137	124	106	+10.5%
Operating income	120	108	148	+10.9%
Operating margin	17.2%	6.6%	15.6%
Pre-tax income	139	111	149	+24.9%
Income tax	46.7	32.4	39.0	+44.1%
Effective tax rate	33.6%	29.1%	26.1%
Net income	36.9	84.4	109	-56.2%
Net margin	5.3%	5.1%	11.5%
Diluted EPS	$0.19	$0.62	$0.00	-69.4%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	125	256	98.3	-51.4%
Capital expenditure	24.6	5.9	7.7	+314.6%
Free cash flow	100.0	250	90.6	-60.0%
Free cash flow margin	14.3%	15.1%	9.5%
Cash from investing	-61.6	72.7	-68.1
Cash from financing	-254	-92.6	17.8
Depreciation and amortisation	48.5	45.3	40.5	+6.9%
Share-based compensation	63.7	54.8	53.5	+16.4%
Buybacks	209	14.4	n/a	+1,345.3%
Diluted shares, weighted	114m	128m	117m	-10.9%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	617	735	517	-16.0%
Redeemable equity	0.0	36.7	163
Debt	0.0	0.0	0.0
Operating lease liabilities	182	51.7	57.5	+252.5%
Other liabilities	120	104	194	+15.3%
Total liabilities and equity	919	927	932	-0.9%
Fixed assets	83.4	40.1	32.2	+107.8%
Goodwill	158	157	158	+0.3%
Intangible assets	23.1	53.1	83.9	-56.5%
Investments	20.7	n/a	n/a
Cash and equivalents	291	470	232	-37.9%
Receivables	40.0	46.8	189	-14.6%
Inventory	0.3	5.3	19.7	-93.7%
Other assets	302	155	216	+95.2%
Total assets	919	927	932	-0.9%

10-K for the year ended 31 December 2023, filed 26 February 2024: the filing.