Cars.com Reports Third Quarter 2024 Results
Revenue Grew 3% Year-over-Year, with OEM and National Revenue Achieving 17% Year-over-Year Growth
Platform Growth Driven by AccuTrade, D2C Media, and VIN Performance Media Products
Generated $123MM of Year-To-Date Net Cash Provided by Operating Activities, up 34% Year-over-Year
Repurchased 1.2
Q3 2024 Financial Highlights
- Revenue of
$179.7 million , up$5.3 million and up 3.1% year-over-year - Net income of
$18.7 million , or$0.28 per diluted share, compared to prior year's Net income of$4.5 million , or$0.07 per diluted share - Adjusted net income of
$27.7 million , or$0.41 per diluted share, compared to Adjusted net income of$27.3 million , or$0.40 per diluted share, in the prior year - Adjusted EBITDA of
$51.1 million , or 28.5% of revenue, up$1.6 million and up 3.3% year-over-year
Q3 2024 Key Metrics and Operational Highlights
- Average Monthly Unique Visitors ("UVs") of 24.5 million, compared to 26.0 million a year ago
- Traffic ("Visits") of 154.2 million, up 2% year-over-year
- Monthly Average Revenue Per Dealer ("ARPD") of
$2,478 , down 3% from the year-ago period - Dealer Customers totaled 19,255 as of
September 30, 2024 , compared to 19,390 as ofJune 30, 2024 - AccuTrade Connected grew to 950 subscribers, and the AccuTrade website application installed base also grew, both driven by recent OEM endorsements
- Cars Commerce became the #1 dealer website provider in
Canada , supporting approximately 1,100 customers in the third quarter of 2024
"We demonstrated steady and consistent execution against our platform strategy as we drove profitable growth across the Cars Commerce product suite during the third quarter. Increased subscription growth, particularly in AccuTrade, reflected growing dealer affinity for our unique data insights and differentiated technology. Now, we are focused on finishing the year strong with further revenue and margin growth, and continued product innovation that enables automotive commerce in this strong demand environment, " said
Q3 2024 Results
Revenue for the third quarter totaled
Third quarter ARPD was
Total operating expenses for the third quarter were
Net income for the third quarter was
Adjusted EBITDA for the third quarter totaled
The Company drove robust consumer scale and engagement during the third quarter. Total Traffic reached 154.2 million visits, with organic traffic remaining strong at over 60% of visits, and Average Monthly Unique Visitors were 24.5 million for the quarter.
Cash Flow and Balance Sheet
Net cash provided by operating activities for the nine-month period ended
The Company repaid
The Company continues to execute on its capital allocation strategy and year-to-date has repurchased 2.0 million shares of common stock for
"We're pleased to deliver another quarter of revenue growth, as well as strong Adjusted EBITDA margin of 28.5% at the high end of our guidance. Our robust free cash flow conversion boosted our year-to-date free cash flow to
Fourth Quarter and 2024 Outlook
The Company is reaffirming its fiscal year 2024 outlook of 4.5% to 5.5% revenue growth, based on year-to-date performance and current business trends. For the fourth quarter, the Company anticipates continued strong high single digit year-over-year growth in OEM & National revenue, as well as modest growth in Dealer revenue.
Adjusted EBITDA margin outlook for fiscal 2024 remains 28.0% to 30.0%, reflecting disciplined cost management to continue delivering strong operating leverage for the remainder of the year.
Q3 2024 Earnings Call
As previously announced, management will hold a conference call and webcast today at
About Cars Commerce
Cars Commerce is an audience-driven technology company empowering the automotive industry. The Company simplifies everything about car buying and selling with powerful products, solutions and AI-driven technologies that span pretail, retail and post-sale activities – enabling more efficient and profitable retail operations. The Cars Commerce platform is organized around four industry-leading brands: the flagship automotive marketplace and dealer reputation site
Non-GAAP Financial Measures
This earnings release discusses Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net income, Free Cash Flow and Adjusted Operating Expenses. These financial measures are not prepared in accordance with generally accepted accounting principles in
While a reconciliation of non-GAAP measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to, as applicable, the timing, amount, valuation and number of future employee equity awards and the uncertainty relating to the timing, frequency, and effect of acquisitions and the significance of the resulting transaction-related expenses, the Company has provided a reconciliation of non-GAAP financial measures to their most directly comparable financial measure prepared in accordance with GAAP in this earnings release, see "Non-GAAP Reconciliations" below.
Other companies may define or calculate these measures differently, limiting their usefulness as comparative measures. Because of these limitations, non-GAAP financial measures should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP. Definitions of these non-GAAP financial measures and reconciliations to the most directly comparable GAAP financial measures are presented in the tables below.
The Company defines Adjusted EBITDA as net income (loss) before (1) interest expense, net, (2) income tax (benefit) expense, (3) depreciation, (4) amortization of intangible assets, (5) stock-based compensation expense, (6) unrealized mark-to-market adjustments and cash transactions related to derivative instruments, (7) unrealized foreign currency exchange gains and losses, and (8) certain other items, such as transaction-related items, severance, transformation and other exit costs and write-off and impairments of goodwill, intangible assets and other long-lived assets.
Transaction-related items result from actual or potential transactions such as business combinations, mergers, acquisitions, dispositions, spin-offs, financing transactions, and other strategic transactions, including, without limitation, (1) transaction-related bonuses and (2) expenses for advisors and representatives such as investment bankers, consultants, attorneys and accounting firms. Transaction-related items may also include, without limitation, transition and integration costs such as retention bonuses and acquisition-related milestone payments to acquired employees, consulting, compensation and other incremental costs associated with integration projects, fair value changes to contingent considerations and amortization of deferred revenue related to the AccuTrade acquisition.
The Company defines Adjusted Net Income as GAAP net income (loss) excluding, net of their related tax effects: (1) amortization of intangible assets, (2) stock-based compensation expense, (3) unrealized mark-to-market adjustments and cash transactions related to derivative instruments, (4) unrealized foreign currency exchange gains and losses, and (5) certain other items, such as transaction-related costs, severance, transformation and other exit costs and write-off and impairments of goodwill, intangible assets and other long-lived assets.
The Company defines Free Cash Flow as net cash provided by operating activities less capital expenditures, including purchases of property and equipment and capitalization of internally developed technology.
The Company defines Adjusted Operating Expenses as total operating expenses adjusted to exclude stock-based compensation, write-off and impairments of goodwill, intangible assets, long-lived assets, severance, transformation and other exit costs and transaction-related items.
Key Metric Definitions
Average Monthly Unique Visitors ("UVs") and Traffic ("Visits"). The Company defines UVs in a given month as the number of distinct visitors that engage with its platform during that month. Visitors are identified when a user first visits an individual
Monthly Average Revenue Per Dealer ("ARPD"). The Company believes that its ability to grow ARPD is an indicator of the value proposition of its platform. The Company defines ARPD as Dealer revenue, excluding digital advertising services, during the period divided by the monthly average number of Dealer Customers during the same period. Beginning
Dealer Customers. Dealer Customers represent dealerships using our products as of the end of each reporting period. Each physical or virtual dealership location is counted separately, whether it is a single-location proprietorship or part of a large, consolidated dealer group. Multi-franchise dealerships at a single location are counted as one dealer. Beginning
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the federal securities laws. All statements other than statements of historical facts are forward-looking statements. These statements often use words such as "believe," "expect," "project," "anticipate," "outlook," "intend," "strategy," "plan," "estimate," "target," "seek," "will," "may," "would," "should," "could," "forecasts," "mission," "strive," "more," "goal" or similar expressions. Forward-looking statements are based on our current expectations, beliefs, strategies, estimates, projections and assumptions, experience in the industry as well as our perceptions of historical trends, current conditions, expected future developments, and other factors we think are appropriate. Such forward-looking statements are based on estimates and assumptions that, while considered reasonable by Cars Commerce and its management based on their knowledge and understanding of the business and industry, are inherently uncertain. While Cars Commerce and its management make such statements in good faith and believe such judgments are reasonable, you should understand that these statements are not guarantees of future strategic action, performance or results. Our actual results, performance, achievements, strategic actions or prospects could differ materially from those expressed or implied by these forward-looking statements. Given these uncertainties, you should not rely on forward-looking statements in making investment decisions. When we make comparisons of results between current and prior periods, we do not intend to express any future trends, or indications of future performance, unless expressed as such, and you should view such comparisons as historical data. Whether or not any such forward-looking statement is in fact achieved will depend on future events, some of which are beyond our control.
Forward-looking statements are subject to a number of risks, uncertainties and other important factors, many of which are beyond our control, that could cause our actual results and strategic actions to differ materially from those expressed in the forward-looking statements contained in this press release. For a detailed discussion of many of these and other risks and uncertainties, see "Part I, Item 1A., Risk Factors" and "Part II, Item 7., Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended
You should evaluate all forward-looking statements made in this press release in the context of these risks and uncertainties. The forward-looking statements contained in this press release are based only on information currently available to us and speak only as of the date of this press release. We undertake no obligation, other than as may be required by law, to update or revise any forward-looking or cautionary statements to reflect changes in assumptions, the occurrence of events, unanticipated or otherwise, or changes in future operating results over time or otherwise. The forward-looking statements in this report are intended to be subject to the safe harbor protection provided by the federal securities laws.
Cars Commerce Investor Relations Contact:
ir@carscommerce.inc
408.768.6847
Cars Commerce Media Contact:
mthomas@carscommerce.inc
312.601.5692
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Consolidated Statements of Income |
|||||||
|
(In thousands, except per share data) |
|||||||
|
(Unaudited) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
Revenue: |
|
|
|
|
|
|
|
|
Dealer |
$ 159,513 |
|
$ 157,116 |
|
$ 481,171 |
|
$ 460,268 |
|
OEM and National |
17,014 |
|
14,549 |
|
48,149 |
|
40,494 |
|
Other |
3,124 |
|
2,668 |
|
9,401 |
|
8,815 |
|
Total revenue |
179,651 |
|
174,333 |
|
538,721 |
|
509,577 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
Cost of revenue and operations |
31,610 |
|
31,077 |
|
92,602 |
|
91,287 |
|
Product and technology |
29,223 |
|
25,297 |
|
84,891 |
|
74,354 |
|
Marketing and sales |
58,288 |
|
60,186 |
|
177,664 |
|
176,636 |
|
General and administrative |
21,511 |
|
17,785 |
|
67,348 |
|
53,738 |
|
Depreciation and amortization |
27,563 |
|
25,670 |
|
82,499 |
|
74,381 |
|
Total operating expenses |
168,195 |
|
160,015 |
|
505,004 |
|
470,396 |
|
Operating income |
11,456 |
|
14,318 |
|
33,717 |
|
39,181 |
|
Nonoperating expenses: |
|
|
|
|
|
|
|
|
Interest expense, net |
(8,028) |
|
(7,777) |
|
(24,458) |
|
(24,171) |
|
Other income (expense), net |
21,111 |
|
(3,902) |
|
32,498 |
|
1,204 |
|
Total nonoperating income (expense), net |
13,083 |
|
(11,679) |
|
8,040 |
|
(22,967) |
|
Income before income taxes |
24,539 |
|
2,639 |
|
41,757 |
|
16,214 |
|
Income tax expense (benefit) |
5,820 |
|
(1,852) |
|
10,873 |
|
(93,882) |
|
Net income |
$ 18,719 |
|
$ 4,491 |
|
$ 30,884 |
|
$ 110,096 |
|
Weighted-average common shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
66,107 |
|
66,773 |
|
66,319 |
|
66,820 |
|
Diluted |
67,666 |
|
68,508 |
|
67,590 |
|
68,199 |
|
Earnings per share: |
|
|
|
|
|
|
|
|
Basic |
$ 0.28 |
|
$ 0.07 |
|
$ 0.47 |
|
$ 1.65 |
|
Diluted |
0.28 |
|
0.07 |
|
0.46 |
|
1.61 |
|
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Consolidated Balance Sheets |
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(In thousands, except per share data) |
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|
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|
|
|
(unaudited) |
|
|
|
Assets: |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
$ 49,573 |
|
$ 39,198 |
|
Accounts receivable, net |
125,214 |
|
125,373 |
|
Prepaid expenses |
15,536 |
|
12,553 |
|
Other current assets |
9,574 |
|
1,314 |
|
Total current assets |
199,897 |
|
178,438 |
|
Property and equipment, net |
42,827 |
|
43,853 |
|
|
145,843 |
|
147,058 |
|
Intangible assets, net |
605,130 |
|
669,167 |
|
Deferred tax assets, net |
100,530 |
|
112,953 |
|
Investments and other assets, net |
24,281 |
|
20,980 |
|
Total assets |
$ 1,118,508 |
|
$ 1,172,449 |
|
Liabilities and stockholders' equity: |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
$ 32,228 |
|
$ 22,259 |
|
Accrued compensation |
29,561 |
|
31,669 |
|
Current portion of long-term debt, net |
— |
|
23,129 |
|
Other accrued liabilities |
49,600 |
|
68,691 |
|
Total current liabilities |
111,389 |
|
145,748 |
|
Noncurrent liabilities: |
|
|
|
|
Long-term debt, net |
464,979 |
|
460,119 |
|
Deferred tax liabilities, net |
8,293 |
|
8,757 |
|
Other noncurrent liabilities |
31,422 |
|
65,717 |
|
Total noncurrent liabilities |
504,694 |
|
534,593 |
|
Total liabilities |
616,083 |
|
680,341 |
|
Commitments and contingencies |
|
|
|
|
Stockholders' equity: |
|
|
|
|
Preferred Stock at par, |
— |
|
— |
|
Common Stock at par, |
650 |
|
659 |
|
Additional paid-in capital |
1,480,400 |
|
1,500,232 |
|
Accumulated deficit |
(978,850) |
|
(1,009,734) |
|
Accumulated other comprehensive income |
225 |
|
951 |
|
Total stockholders' equity |
502,425 |
|
492,108 |
|
Total liabilities and stockholders' equity |
$ 1,118,508 |
|
$ 1,172,449 |
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|
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|
Consolidated Statements of Cash Flows |
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|
(In thousands) |
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|
(Unaudited) |
|||
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|
|
|
|
|
|
Nine Months Ended |
||
|
|
2024 |
|
2023 |
|
Cash flows from operating activities: |
|
|
|
|
Net income |
$ 30,884 |
|
$ 110,096 |
|
Adjustments to reconcile Net income to Net cash provided by operating activities: |
|
|
|
|
Depreciation |
19,306 |
|
16,367 |
|
Amortization of intangible assets |
63,193 |
|
58,014 |
|
Changes in fair value of contingent consideration |
(33,473) |
|
(1,280) |
|
Stock-based compensation |
23,689 |
|
20,930 |
|
Deferred income taxes |
12,469 |
|
(98,821) |
|
Provision for doubtful accounts |
2,634 |
|
2,117 |
|
Amortization of debt issuance costs |
1,769 |
|
2,303 |
|
Unrealized loss on foreign currency denominated transactions |
965 |
|
— |
|
Amortization of deferred revenue related to AccuTrade acquisition |
— |
|
(883) |
|
Other, net |
766 |
|
640 |
|
Changes in operating assets and liabilities: |
|
|
|
|
Accounts receivable |
(2,574) |
|
(12,472) |
|
Prepaid expenses and other assets |
(12,705) |
|
(13,073) |
|
Accounts payable |
9,947 |
|
473 |
|
Accrued compensation |
(2,067) |
|
1,741 |
|
Other liabilities |
7,714 |
|
5,428 |
|
Net cash provided by operating activities |
122,517 |
|
91,580 |
|
Cash flows from investing activities: |
|
|
|
|
Payments for acquisitions, net of cash acquired |
(218) |
|
— |
|
Capitalization of internally developed technology |
(16,770) |
|
(14,838) |
|
Purchase of property and equipment |
(2,046) |
|
(737) |
|
Net cash used in investing activities |
(19,034) |
|
(15,575) |
|
Cash flows from financing activities: |
|
|
|
|
Payments of Revolving Loan borrowings and long-term debt |
(20,000) |
|
(26,250) |
|
Payments for stock-based compensation plans, net |
(8,065) |
|
(9,069) |
|
Repurchases of common stock |
(35,686) |
|
(23,316) |
|
Payments of contingent consideration |
(27,435) |
|
— |
|
Payments of debt issuance costs and other fees |
(1,869) |
|
— |
|
Net cash used in financing activities |
(93,055) |
|
(58,635) |
|
Effect of exchange rate changes on Cash and cash equivalents |
(53) |
|
— |
|
Net increase in Cash and cash equivalents |
10,375 |
|
17,370 |
|
Cash and cash equivalents at beginning of period |
39,198 |
|
31,715 |
|
Cash and cash equivalents at end of period |
$ 49,573 |
|
$ 49,085 |
|
Supplemental cash flow information: |
|
|
|
|
Cash paid for income taxes |
$ 5,506 |
|
$ 17,107 |
|
Cash paid for interest |
18,453 |
|
16,806 |
|
|
|||||||
|
Non-GAAP Reconciliations |
|||||||
|
(In thousands, except per share data) |
|||||||
|
(Unaudited) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net income to Adjusted EBITDA |
|||||||
|
|
|
|
|
|
|
|
|
|
Net income |
$ 18,719 |
|
$ 4,491 |
|
$ 30,884 |
|
$ 110,096 |
|
Interest expense, net |
8,028 |
|
7,777 |
|
24,458 |
|
24,171 |
|
Income tax expense (benefit) |
5,820 |
|
(1,852) |
|
10,873 |
|
(93,882) |
|
Depreciation and amortization |
27,563 |
|
25,670 |
|
82,499 |
|
74,381 |
|
Stock-based compensation, including related payroll tax expense |
8,444 |
|
7,611 |
|
25,207 |
|
22,283 |
|
Transaction-related and other one-time items |
(16,971) |
|
5,797 |
|
(20,655) |
|
2,431 |
|
Non-operating foreign exchange (gain) loss |
(472) |
|
— |
|
963 |
|
— |
|
Adjusted EBITDA |
$ 51,131 |
|
$ 49,494 |
|
$ 154,229 |
|
$ 139,480 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net income to Adjusted Net income |
|||||||
|
|
|
|
|
|
|
|
|
|
Net income |
$ 18,719 |
|
$ 4,491 |
|
$ 30,884 |
|
$ 110,096 |
|
Stock-based compensation, including related payroll tax expense |
8,444 |
|
7,611 |
|
25,207 |
|
22,283 |
|
Amortization of intangible assets |
20,979 |
|
19,697 |
|
63,193 |
|
58,014 |
|
Transaction-related items |
(17,941) |
|
5,019 |
|
(24,466) |
|
(555) |
|
Non-operating foreign exchange (gain) loss |
(472) |
|
— |
|
963 |
|
— |
|
Other one-time items |
970 |
|
778 |
|
3,811 |
|
2,986 |
|
Valuation allowance |
— |
|
(1,976) |
|
— |
|
(96,113) |
|
Income tax impact of adjustments |
(2,995) |
|
(8,276) |
|
(17,177) |
|
(20,682) |
|
Adjusted net income |
$ 27,704 |
|
$ 27,344 |
|
$ 82,415 |
|
$ 76,029 |
|
|
|
|
|
|
|
|
|
|
Adjusted net income per share, diluted |
$ 0.41 |
|
$ 0.40 |
|
$ 1.22 |
|
$ 1.11 |
|
Weighted-average common shares outstanding, diluted |
67,666 |
|
68,508 |
|
67,590 |
|
68,199 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
|
|
Reconciliation of Net cash provided by operating activities to Free cash flow |
|||||||
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
$ 53,795 |
|
$ 35,398 |
|
$ 122,517 |
|
$ 91,580 |
|
Capitalization of internally developed technology |
(5,594) |
|
(4,777) |
|
(16,770) |
|
(14,838) |
|
Purchase of property and equipment |
(947) |
|
(229) |
|
(2,046) |
|
(737) |
|
Free cash flow |
$ 47,254 |
|
$ 30,392 |
|
$ 103,701 |
|
$ 76,005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Operating expenses to Adjusted operating expenses for the Three Months Ended |
|||||||
|
|
|
|
|
|
|
|
|
|
|
As Reported |
|
Adjustments (1) |
|
Stock-Based |
|
As Adjusted |
|
Cost of revenue and operations |
$ 31,610 |
|
$ — |
|
$ (215) |
|
$ 31,395 |
|
Product and technology |
29,223 |
|
— |
|
(2,956) |
|
26,267 |
|
Marketing and sales |
58,288 |
|
(44) |
|
(1,469) |
|
56,775 |
|
General and administrative |
21,511 |
|
(3,624) |
|
(3,804) |
|
14,083 |
|
Depreciation and amortization |
27,563 |
|
— |
|
— |
|
27,563 |
|
Total operating expenses |
$ 168,195 |
|
$ (3,668) |
|
$ (8,444) |
|
$ 156,083 |
|
|
|
|
|
|
|
|
|
|
Total nonoperating income (expense), net |
$ 13,083 |
|
$ (21,111) |
|
$ — |
|
$ (8,028) |
|
|
|
|
|
|
|
|
|
|
(1) Includes transaction related items, unrealized gain/loss on foreign currency denominated transactions, severance, transformation and other exit costs, and |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Operating expenses to Adjusted operating expenses for the Three Months Ended |
|||||||
|
|
|
|
|
|
|
|
|
|
|
As Reported |
|
Adjustments (1) |
|
Stock-Based |
|
As Adjusted |
|
Cost of revenue and operations |
$ 31,077 |
|
$ — |
|
$ (425) |
|
$ 30,652 |
|
Product and technology |
25,297 |
|
— |
|
(2,413) |
|
22,884 |
|
Marketing and sales |
60,186 |
|
— |
|
(1,548) |
|
58,638 |
|
General and administrative |
17,785 |
|
(1,895) |
|
(3,225) |
|
12,665 |
|
Depreciation and amortization |
25,670 |
|
— |
|
— |
|
25,670 |
|
Total operating expenses |
$ 160,015 |
|
$ (1,895) |
|
$ (7,611) |
|
$ 150,509 |
|
|
|
|
|
|
|
|
|
|
Total nonoperating expense, net |
$ (11,679) |
|
$ 3,902 |
|
$ — |
|
$ (7,777) |
|
|
|
|
|
|
|
|
|
|
(1) Includes transaction related items, severance, transformation and other exit costs, and |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Operating expenses to Adjusted operating expenses for the Nine Months Ended |
|||||||
|
|
|
|
|
|
|
|
|
|
|
As Reported |
|
Adjustments (1) |
|
Stock-Based |
|
As Adjusted |
|
Cost of revenue and operations |
$ 92,602 |
|
$ — |
|
$ (773) |
|
$ 91,829 |
|
Product and technology |
84,891 |
|
— |
|
(8,746) |
|
76,145 |
|
Marketing and sales |
177,664 |
|
(132) |
|
(4,362) |
|
173,170 |
|
General and administrative |
67,348 |
|
(12,675) |
|
(11,326) |
|
43,347 |
|
Depreciation and amortization |
82,499 |
|
— |
|
— |
|
82,499 |
|
Total operating expenses |
$ 505,004 |
|
$ (12,807) |
|
$ (25,207) |
|
$ 466,990 |
|
|
|
|
|
|
|
|
|
|
Total nonoperating income (expense), net |
$ 8,040 |
|
$ (32,499) |
|
$ — |
|
$ (24,459) |
|
|
|
|
|
|
|
|
|
|
(1) Includes transaction related items, unrealized gain/loss on foreign currency denominated transactions, severance, transformation and |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Operating expenses to Adjusted operating expenses for the Nine Months Ended |
|||||||
|
|
|
|
|
|
|
|
|
|
|
As Reported |
|
Adjustments (1) |
|
Stock-Based |
|
As Adjusted |
|
Cost of revenue and operations |
$ 91,287 |
|
$ — |
|
$ (1,175) |
|
$ 90,112 |
|
Product and technology |
74,354 |
|
— |
|
(6,842) |
|
67,512 |
|
Marketing and sales |
176,636 |
|
— |
|
(4,512) |
|
172,124 |
|
General and administrative |
53,738 |
|
(4,794) |
|
(9,754) |
|
39,190 |
|
Depreciation and amortization |
74,381 |
|
— |
|
— |
|
74,381 |
|
Total operating expenses |
$ 470,396 |
|
$ (4,794) |
|
$ (22,283) |
|
$ 443,319 |
|
|
|
|
|
|
|
|
|
|
Total nonoperating expense, net |
$ (22,967) |
|
$ (1,280) |
|
$ — |
|
$ (24,247) |
|
|
|
|
|
|
|
|
|
|
(1) Includes transaction related items, severance, transformation and other exit costs, and write-off of long-lived assets and other. |
|||||||
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SOURCE Cars Commerce
