CarGurus Q3 adjusted EBITDA beats estimates on dealer growth
CARG•CarGurus reported Q3 revenue up 12% year over year to $258 million and adjusted EBITDA of $89.7 million, above the $86.7 million estimate. It authorized a $250 million share repurchase program and forecast Q4 revenue of $258.5 million to $263.5 million.
1. Q3 results
CarGurus said Q3 revenue rose 12% year over year to $258 million. Adjusted EBITDA was $89.7 million, beating the $86.7 million analyst estimate.
2. Dealers and outlook
Average revenue per subscribing dealer increased 7% to $6,955, and the company reported increases in paying dealers and average revenue per dealer in U.S. and international markets. CarGurus expects Q4 revenue of $258.5 million to $263.5 million, adjusted EBITDA of $93 million to $101 million and non-GAAP EPS from continuing operations of $0.73 to $0.79. It also authorized a $250 million share repurchase program.
