CarGurus, Inc. announced its financial results for the fourth quarter and full year ended December 31, 2024, on February 20, 2025. The company reported that Q4 2024 Marketplace revenue grew 15% year-over-year, with International revenue increasing 26% year-over-year and OEM Advertising revenue showing double-digit growth.
Consolidated GAAP Net Income for Q4 2024 was $45.9 million, and Non-GAAP Consolidated Adjusted EBITDA reached $76.4 million, marking a 25% increase year-over-year. However, total revenue for the quarter was $228.5 million, which missed Street forecasts of $230.4 million, and the full year included a $144.4 million impairment-related charge.
For the first quarter of 2025, CarGurus provided guidance projecting total revenue between $222 million and $242 million, representing 2% to 11% year-over-year growth. Marketplace revenue is expected to be between $219.5 million and $224.5 million, a 12% to 15% year-over-year increase, with Adjusted EBITDA guided between $71.5 million and $79.5 million, up 29% to 43% year-over-year.
The Digital Wholesale segment continued to face headwinds, with volumes expected to decrease sequentially in Q1 2025, though segment EBITDA losses are projected to be relatively flat. Management emphasized continued investment in product innovation and enhancing dealer ROI to consolidate its leadership position.
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