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CarGurus CarGurus Announces Second Quarter 2021 Results August 5 , 2021 Second Quarter Highlights : • Total revenue of $ 217.7 million , an increase of 130 % year - over - year • GAAP operating income of $ 38.5 million ; non - GAAP operating income of $ 68.9 million • GAAP consolidated net income of $ 27.4 million ; non - GAAP consolidated net income of $ 53.8 million • GAAP net income attributable to common stockholders of $ 28.1 million ; non - GAAP net income attributable to common stockholders of $ 49.5 million • Cash , cash equivalents and short - term investments of $ 269.6 million • Adjusted EBITDA of $ 66.4 million CAMBRIDGE , Mass . , Aug. 05 , 2021 ( GLOBE NEWSWIRE ) -- CarGurus , Inc. ( Nasdaq : CARG ) , a multinational , online automotive platform for buying and selling vehicles , today announced financial results for the second quarter ended June 30 , 2021 . " I'm thrilled to report that CarGurus delivered outstanding results for the second quarter 2021. Our core listings business demonstrated durability and resiliency , despite industry - wide macroeconomic headwinds , while growth accelerated in digital wholesale with our CarOffer platform , " said Jason Trevisan , Chief Executive Officer of CarGurus . " Now , more than ever , we feel that CarGurus is becoming a fully integrated transaction - enabled marketplace for consumers and dealers . As we continue to build out our capabilities , we believe our consumer and dealer audiences , strong ROI , and attractive digital wholesale and digital retail solutions have led us to an inflection point in the Company's history and we are excited to unlock a truly differentiated offering for consumers and dealers over the near - term as a retail and wholesale shopping experience . " Revenue • Total revenue was $ 217.7 million , an increase of 130 % compared to $ 94.7 million in the second quarter of 2020 . • Marketplace subscription revenue was $ 144.2 million , an increase of 80 % compared to $ 80.0 million in the second quarter of 2020 . • Other revenue was $ 73.5 million , an increase of 397 % compared to $ 14.8 million in the second quarter of 2020 . Operating Income • GAAP operating income was $ 38.5 million , or 18 % of total revenue , compared to $ 8.7 million , or 9 % of total revenue , in the second quarter of 2020 . • Non - GAAP operating income was $ 68.9 million , or 32 % of total revenue , compared to $ 24.7 million , or 26 % of total revenue , in the second quarter of 2020 . Consolidated Net Income , Net Income Attributable to Common Stockholders & Adjusted EBITDA • GAAP consolidated net income was $ 27.4 million during the second quarter ended June 30 , 2021 , compared to $ 7.1 million during the second quarter ended June 30 , 2020 . • Non - GAAP consolidated net income was $ 53.8 million during the second quarter ended June 30 , 2021 , compared to $ 21.3 million during the second quarter ended June 30 , 2020 . • GAAP net income attributable to common stockholders was $ 28.1 million , or $ 0.23 per fully diluted share , during the second quarter ended June 30 , 2021 , compared to $ 7.1 million , or $ 0.06 per fully diluted share , during the second quarter ended June 30 , 2020 . • Non - GAAP net income attributable to common stockholders was $ 49.5 million , or $ 0.41 per fully diluted share , during the second quarter ended June 30 , 2021 , compared to $ 21.3 million , or $ 0.19 per fully diluted share , during the second quarter ended June 30 , 2020 . • Adjusted EBITDA , a non - GAAP metric , was $ 66.4 million for the second quarter ended June 30 , 2021 , compared to $ 27.5 million for the second quarter ended June 30 , 2020 . Balance Sheet and Cash Flow • As of June 30 , 2021 , CarGurus had cash , cash equivalents and short - term investments of $ 269.6 million and no debt . • CarGurus generated $ 37.5 million in cash from operations and $ 32.9 million in free cash flow , a non - GAAP metric , during the second quarter of 2021 , compared to having generated $ 24.8 million in cash from operations and $ 22.4 million in free cash flow during the second quarter of 2020 . Second Quarter Business Metrics ( 1 ) • U.S. revenue was $ 206.6 million in the second quarter of 2021 , an increase of 130 % compared to $ 89.7 million in the second quarter of 2020. U.S. marketplace subscription revenue was $ 134.1 million in the second quarter of 2021 , an increase of 78 % compared to $ 75.5 million in the second quarter of 2020. GAAP operating income in the U.S. was $ 40.2 million , an increase of 162 % compared to $ 15.3 million in the second quarter of 2020 . • International revenue was $ 11.2 million in the second quarter of 2021 , an increase of 124 % compared to $ 5.0 million in the second quarter of 2020. International marketplace subscription revenue was $ 10.2 million in the second quarter of 2021 , an increase of 126 % compared to $ 4.5 million in the second quarter of 2020. GAAP operating loss in International markets was ( $ 1.7 ) million , a reduction in loss of 74 % compared to a loss of ( $ 6.6 ) million in the second quarter of 2020 . • Total paying dealers were 30,727 June 30 , 2021 , an increase of 2 % compared to 30,258 at June 30 , 2020. Of the total paying dealers at June 30 , 2021 , U.S. and International accounted for 23,950 and 6,777 , respectively , compared to 23,806 and 6,452 , respectively , at June 30 , 2020 . • Quarterly Average Revenue per Subscribing Dealer ( " QARSD " ) in the U.S. was $ 5,550 as of June 30 , 2021 , an increase of 82 % compared to $ 3,047 as of June 30 , 2020 . • QARSD in International markets was $ 1,491 as of June 30 , 2021 , an increase of 132 % compared to $ 643 as of June 30 , 2020 . • Website traffic and consumer engagement metrics for the second quarter of 2021 were as follows : o U.S. average monthly unique users were 32.8 million , a decrease of ( 4 % ) compared to 34.1 million in the second quarter of 2020. U.S. average monthly sessions were 81.1 million , a decrease of ( 6 % ) compared to 85.9 million in the second quarter of 2020 . o International average monthly unique users were 7.8 million for both the second quarter of 2021 and 2020. International average monthly sessions were 18.0 million , an increase of 4 % compared to 17.4 million in the second quarter of 2020 . ( 1 ) CarOffer is excluded from the metrics presented for paying dealers , QARSD , users and sessions . Third Quarter 2021 Guidance CarGurus anticipates total revenue , non - GAAP operating income , and non - GAAP earnings per share for the third quarter 2021 to be in the following ranges : $ 210 million to $ 216 million $ 53 million to $ 57 million $ 0.30 to $ 0.32 • Total revenue • Non - GAAP operating income • Non - GAAP EPS The third quarter 2021 non - GAAP earnings per share calculation assumes 120.1 million diluted weighted - average common shares outstanding . The assumptions that are built into guidance for the third quarter 2021 regarding our pace of paid dealer acquisition , churn , and expansion activity for the relevant period are based on recent market behaviors and industry conditions . Guidance for the third quarter 2021 excludes the effects of significant COVID - 19 resurgences , including the reintroduction of lockdowns and / or a slowed pace of recovery ,