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CarGurus CarGurus Announces First Quarter 2021 Results May 6 , 2021 First Quarter Highlights : • Total revenue of $ 171.4 million , an increase of 9 % year - over - year • GAAP operating income of $ 25.8 million ; non - GAAP operating income of $ 48.5 million • GAAP consolidated net income of $ 19.6 million ; non - GAAP consolidated net income of $ 38.9 million • GAAP net income attributable to common stockholders of $ 22.4 million ; non - GAAP net income attributable to common stockholders of $ 39.1 million • Adjusted EBITDA of $ 50.6 million CAMBRIDGE , Mass . , May 06 , 2021 ( GLOBE NEWSWIRE ) -- CarGurus , Inc. ( Nasdaq : CARG ) , a leading global , online automotive marketplace , today announced financial results for the first quarter ended March 31 , 2021 . " I'm thrilled to share that CarGurus generated very strong results in the first quarter , both in our core business , and the CarOffer business , " said Jason Trevisan , Chief Executive Officer of CarGurus . " CarGurus has emerged from 2020 a stronger , more efficient company , with a strategy built for the future of car shopping , for both consumers and dealers . " Revenue • Total revenue was $ 171.4 million , an increase of 9 % compared to $ 157.7 million in the first quarter of 2020 . • Marketplace subscription revenue was $ 139.6 million , a decrease of ( 2 % ) compared to $ 141.9 million in the first quarter of 2020 . • Other revenue was $ 31.8 million , an increase of 101 % compared to $ 15.8 million in the first quarter of 2020 . Operating Income • GAAP operating income was $ 25.8 million , or 15 % of total revenue , compared to $ 12.0 million , or 8 % of total revenue , in the first quarter of 2020 . • Non - GAAP operating income was $ 48.5 million , or 28 % of total revenue , compared to $ 25.1 million , or 16 % of total revenue , in the first quarter of 2020 . Consolidated Net Income , Net Income Attributable to Common Stockholders & Adjusted EBITDA • GAAP consolidated net income was $ 19.6 million during the quarter ended March 31 , 2021 , compared to $ 12.7 million during the quarter ended March 31 , 2020 . • Non - GAAP consolidated net income was $ 38.9 million during the quarter ended March 31 , 2021 , compared to $ 22.1 million during the quarter ended March 31 , 2020 . • GAAP net income attributable to common stockholders was $ 22.4 million , or $ 0.19 per fully diluted share , during the quarter ended March 31 , 2021 , compared to $ 12.7 million , or $ 0.11 per fully diluted share , during the quarter ended March 31 , 2020 . • Non - GAAP net income attributable to common stockholders was $ 39.1 million , or $ 0.33 per fully diluted share , during the quarter ended March 31 , 2021 , compared to $ 22.1 million , or $ 0.19 per fully diluted share , during the quarter ended March 31 , 2020 . ● Adjusted EBITDA , a non - GAAP metric , was $ 50.6 million for the quarter ended March 31 , 2021 , compared to $ 27.6 million for the quarter ended March 31 , 2020 . Balance Sheet and Cash Flow • As of March 31 , 2021 , CarGurus had cash , cash equivalents and short - term investments of $ 240.7 million and no debt . • CarGurus generated $ 37.6 million in cash from operations and $ 35.4 million in free cash flow , a non - GAAP metric , during the first quarter of 2021 , compared to having generated $ 10.1 million in cash from operations and $ 8.3 million in free cash flow during the first quarter of 2020 . First Quarter Business Metrics ( 1 ) • U.S. revenue was $ 163.0 million in the first quarter of 2021 , an increase of 10 % compared to $ 148.0 million in the first quarter of 2020 . U.S. marketplace subscription revenue was $ 132.0 million in the first quarter of 2021 , a decrease of ( 1 % ) compared to $ 133.0 million in the first quarter of 2020. GAAP operating income in the U.S. was $ 29.4 million , an increase of 45 % compared to $ 20.3 million in the first quarter of 2020 . • International revenue was $ 8.4 million in the first quarter of 2021 , a decrease of ( 14 % ) compared to $ 9.7 million in the first quarter of 2020. International marketplace subscription revenue was $ 7.5 million in the first quarter of 2021 , a decrease of ( 15 % ) compared to $ 8.8 million in the first quarter of 2020. GAAP operating loss in International markets was ( $ 3.6 ) million , a reduction in loss of 56 % compared to a loss of ( $ 8.2 ) million in the first quarter of 2020 . • Total paying dealers were 31,213 at March 31 , 2021 , a decrease of ( 6 % ) compared to 33,260 at March 31 , 2020 ( 2 ) . Of the total paying dealers at March 31 , 2021 , U.S. and International accounted for 24,371 and 6,842 , respectively , compared to 25,723 and 7,537 , respectively , at March 31 , 2020 . • Quarterly Average Revenue per Subscribing Dealer ( " QARSD " ) in the U.S. was $ 5,466 as of March 31 , 2021 , an increase of 7 %