PART I [Business](index=5&type=section&id=Item%201.%20Business) CarGurus is a multinational online automotive platform, evolving into a transaction-enabled ecosystem with **$951.4 million** revenue in 2021, up **73%** driven by CarOffer acquisition - CarGurus operates as a multinational online automotive platform, building upon its listings marketplace with digital retail solutions and the **CarOffer** online wholesale platform[10](index=10&type=chunk) - The company is evolving into a transaction-enabled marketplace where consumers can shop, finance, and sell cars, and dealers can source, market, and sell vehicles[11](index=11&type=chunk) - In January 2021, CarGurus acquired a **51% interest** in **CarOffer, LLC**, an automated instant vehicle trade platform, which enabled the launch of **CarGurus Instant Max Cash Offer (IMCO)** and added digital wholesale capabilities[15](index=15&type=chunk)[16](index=16&type=chunk)[58](index=58&type=chunk) Key Business Metrics (as of Dec 31, 2021) | Metric | Value | | :--- | :--- | | Average Monthly U.S. Unique Users (2021) | 31.6 million | | Paying Dealers in U.S. Marketplace | 23,860 | | Total Paying Dealers (Consolidated) | 30,630 | | Total Full-Time Employees | 1,203 | Fiscal Year 2021 Financial Highlights | Metric | 2021 (in millions) | 2020 (in millions) | % Change | | :--- | :--- | :--- | :--- | | Revenue | $951.4 | $551.5 | 73% | | Consolidated Net Income | $110.4 | $77.6 | 42% | | Adjusted EBITDA | $249.5 | $160.8 | 55% | [Risk Factors](index=22&type=section&id=Item%201A.%20Risk%20Factors) The company faces risks from COVID-19 impacts, supply chain issues, dealer dependence, search engine reliance, regulatory complexities, and concentrated founder voting control - The **COVID-19 pandemic** has adversely affected business operations, contributing to inventory supply problems, such as the global **semiconductor chip shortage**, which could lead dealers to reduce advertising spend[124](index=124&type=chunk) - The business is substantially dependent on relationships with dealers, and the termination of a significant number of dealer subscription agreements would materially harm financial results[126](index=126&type=chunk) - The company relies heavily on internet search engines to drive traffic to its websites. A failure to appear prominently in search results could lead to a decline in traffic and adversely affect the business[130](index=130&type=chunk) - The company is subject to a complex framework of laws and regulations, including those related to motor vehicle sales, advertising, and consumer protection, which could challenge the business model[137](index=137&type=chunk) - The founder, **Langley Steinert**, controls a majority of the voting power through **Class B common stock**, which has a **ten-to-one voting ratio** compared to Class A common stock, allowing him to control key decisions[153](index=153&type=chunk)[154](index=154&type=chunk) [Unresolved Staff Comments](index=37&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that there are no unresolved staff comments - Not applicable[164](index=164&type=chunk) [Properties](index=37&type=section&id=Item%202.%20Properties) CarGurus leases all its office spaces, with principal executive offices in Cambridge, Massachusetts, and a new Boston lease for 2023 occupancy - The company's principal executive offices are leased in Cambridge, Massachusetts, totaling approximately **185,064 square feet**[165](index=165&type=chunk) - A new lease for office space at **1001 Boylston Street** in Boston, Massachusetts, was entered into, with expected occupancy in **2023**[165](index=165&type=chunk) [Legal Proceedings](index=37&type=section&id=Item%203.%20Legal%20Proceedings) The company is not currently involved in any pending or threatened litigation expected to have a material adverse effect on its business - The company is not presently subject to any pending or threatened litigation that would be expected to have a material adverse effect on the business[166](index=166&type=chunk) [Mine Safety Disclosures](index=37&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[168](index=168&type=chunk) PART II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=38&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) CarGurus' Class A common stock is listed on Nasdaq, and the company has never paid cash dividends, intending to retain earnings for growth - The company's **Class A common stock** has been listed on the **Nasdaq Global Select Market** under the symbol **\"CARG\"** since **October 12, 2017**[172](index=172&type=chunk) - CarGurus has never declared or paid any cash dividends and currently anticipates retaining future earnings to fund business development and growth[174](index=174&type=chunk) [Selected Consolidated Financial Data](index=39&type=section&id=Item%206.%20Selected%20Consolidated%20Financial%20Data) This item is not applicable - Not applicable[179](index=179&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=40&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance, highlighting a **73% revenue increase** to **$951.4 million** in 2021, driven by CarOffer and strong liquidity - Total revenue for the year ended December 31, 2021, was **$951.4 million**, a **73% increase** from **$551.5 million** in 2020[189](index=189&type=chunk) - The increase in revenue was primarily driven by the acquisition of a **51% interest** in **CarOffer**, which contributed **$195.1 million** in wholesale revenue and **$119.3 million** in product revenue[250](index=250&type=chunk)[251](index=251&type=chunk) - Marketplace revenue increased by **16% year-over-year**, partly due to the non-recurrence of approximately **$50 million** in fee reductions provided to dealers in 2020 in response to the **COVID-19 pandemic**[249](index=249&type=chunk) Key Business Metrics Comparison (2021 vs. 2020) | Metric | 2021 | 2020 | | :--- | :--- | :--- | | **Average Monthly Unique Users (Total, in thousands)** | 39,141 | 44,563 | | **Average Monthly Sessions (Total, in thousands)** | 96,625 | 110,235 | | **Number of Paying Dealers (Total)** | 30,630 | 30,631 | | **QARSD (Consolidated)** | $4,731 | $4,382 | Consolidated Results of Operations (in thousands) | Line Item | 2021 (in thousands) | 2020 (in thousands) | | :--- | :--- | :--- | | **Total Revenue** | **$951,373** | **$551,451** | | Gross Profit | $657,358 | $508,745 | | Income from Operations | $148,268 | $97,756 | | **Consolidated Net Income** | **$110,373** | **$77,553** | - As of December 31, 2021, the company's principal sources of liquidity were cash and cash equivalents of **$231.9 million** and investments of **$90.0 million**[271](index=271&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=67&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's market risk exposure is primarily interest rate risk on cash and investments, and foreign currency exchange risk, neither considered significant - The company is exposed to interest rate risk on its cash, cash equivalents, and investments, which totaled **$321.9 million** as of December 31, 2021. However, fluctuations in interest income have not been material to date[392](index=392&type=chunk)[393](index=393&type=chunk) - Foreign currency exchange risk exists due to operations in the **British pound**, **Euro**, and **Canadian dollar**, but this exposure is not considered significant[395](index=395&type=chunk) [Financial Statements and Supplementary Data](index=68&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's audited consolidated financial statements for 2021, including the independent auditor's report, highlighting significant growth - The report of the independent registered public accounting firm, **Ernst & Young LLP**, provides an unqualified opinion on the consolidated financial statements[404](index=404&type=chunk)[405](index=405&type=chunk) Consolidated Balance Sheet Highlights (in thousands) | Account | Dec 31, 2021 (in thousands) | Dec 31, 2020 (in thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | $231,944 | $190,299 | | Goodwill | $158,287 | $29,129 | | **Total Assets** | **$931,574** | **$502,298** | | Total Liabilities | $251,925 | $128,712 | | **Total Stockholders' Equity** | **$516,841** | **$373,586** | Consolidated Statement of Cash Flows Highlights (in thousands) | Activity | Year Ended Dec 31, 2021 (in thousands) | Year Ended Dec 31, 2020 (in thousands) | | :--- | :--- | :--- | | Net cash provided by operating activities | $98,292 | $156,743 | | Net cash used in investing activities | ($68,149) | ($16,895) | | Net cash provided by (used in) financing activities | $17,808 | ($10,085) | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=113&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[702](index=702&type=chunk) [Controls and Procedures](index=113&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded disclosure controls and internal control over financial reporting were effective, excluding CarOffer's internal controls from the assessment - Management concluded that disclosure controls and procedures were effective as of **December 31, 2021**[703](index=703&type=chunk) - Management's assessment of internal control over financial reporting concluded that it was effective as of **December 31, 2021**[708](index=708&type=chunk) - The assessment of internal control over financial reporting did not include the internal controls of **CarOffer, LLC**, which was acquired on **January 14, 2021**[707](index=707&type=chunk) [Other Information](index=115&type=section&id=Item%209B.%20Other%20Information) The company reports no other information - None[717](index=717&type=chunk) [Disclosure Regarding Foreign Jurisdictions That Prevent Inspections](index=115&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20That%20Prevent%20Inspections) This item is not applicable to the company - Not Applicable[719](index=719&type=chunk) PART III [Directors, Executive Officers and Corporate Governance](index=116&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information for this item is incorporated by reference from the company's 2022 Proxy Statement - Information is incorporated by reference from the registrant's definitive Proxy Statement for its 2022 Annual Meeting of Stockholders[722](index=722&type=chunk) [Executive Compensation](index=116&type=section&id=Item%2011.%20Executive%20Compensation) Information for this item is incorporated by reference from the company's 2022 Proxy Statement - Information is incorporated by reference from the registrant's definitive Proxy Statement for its 2022 Annual Meeting of Stockholders[723](index=723&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=116&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information for this item is incorporated by reference from the company's 2022 Proxy Statement - Information is incorporated by reference from the registrant's definitive Proxy Statement for its 2022 Annual Meeting of Stockholders[724](index=724&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=116&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information for this item is incorporated by reference from the company's 2022 Proxy Statement - Information is incorporated by reference from the registrant's definitive Proxy Statement for its 2022 Annual Meeting of Stockholders[725](index=725&type=chunk) [Principal Accountant Fees and Services](index=116&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information for this item is incorporated by reference from the company's 2022 Proxy Statement - Information is incorporated by reference from the registrant's definitive Proxy Statement for its 2022 Annual Meeting of Stockholders[726](index=726&type=chunk) PART IV [Exhibits, Financial Statement Schedules](index=117&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists financial statements and an index of all exhibits filed with the Annual Report on Form 10-K - This item contains the list of financial statements and an index to all exhibits filed with the Annual Report on Form 10-K[730](index=730&type=chunk)[732](index=732&type=chunk) [Form 10-K Summary](index=117&type=section&id=Item%2016.%20Form%2010-K%20Summary) This item is not applicable - Not applicable[734](index=734&type=chunk)

CarGurus, Inc. (NASDAQ:CARG) Q3 2021 Earnings Conference Call November 9, 2021 5:00 PM ET Company Participants Kirndeep Singh – Vice President-Investor Relations Jason Trevisan – Chief Executive Officer Scot Fredo – Chief Financial Officer Sam Zales – President and Chief Operating Officer Bruce Thompson – Founder and Chief Executive Officer, CarOffer Conference Call Participants Dan Kurnos – Benchmark Company Tevis Robinson – D.A. Davidson Naved Khan – Truist Securities Chris Pierce – Needham and Company Ma ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|-------|------------|---------------|--------------------------------------------------------------------|- ...

CarGurus, Inc. (NASDAQ:CARG) Q2 2021 Earnings Conference Call August 5, 2021 5:00 PM ET Company Participants Kirndeep Singh – Vice President and Head-Investor Relations Jason Trevisan – Chief Executive Officer Scot Fredo – Chief Financial Officer Sam Zales – President and Chief Operating Officer Conference Call Participants Dan Kurnos – The Benchmark Company Ralph Schackart – William Blair Jed Kelly – Oppenheimer Nick Bacchus – Raymond James Doug Arthur – Huber Research Partners Operator Good day, and welco ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________________ to _________________ Commission File Number: 001-38233 CARGURUS, INC. (Exact Name of Registrant as Specified in its Charter) Delaware 04-384347 ...

CarGurus, Inc. (NASDAQ:CARG) Q1 2021 Earnings Conference Call May 6, 2021 5:00 PM ET Company Participants Josh Goldstein - Corporate Counsel Jason Trevisan - Chief Executive Officer Scot Fredo - Chief Financial Officer Sam Zales - President & Chief Operating Officer Conference Call Participants Dan Kurnos - Benchmark Company Ralph Schackart - William Blair Jed Kelly - Oppenheimer Doug Arthur - Huber Research Operator Greetings and welcome to CarGurus, Inc.'s First Quarter 2021 Earnings Results Conference C ...

Q1 2021 Business Update CarGurus © 2021 CarGurus, Inc. All Rights Reserved. . 000 AT&T LTE 1:22 PM 4 % = www.cargurus.com Car Gurus (00 @ = Sell New Used Select Make ZIP Find My Car Your Last Search Cautionary Note Regarding Forward-Looking Statements Certain information contained in this presentation, other matters discussed today and answers that may be given in response to questions may include "forward-looking statements." We may, in some cases, use terms such as "anticipates," "believes," "could," "est ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________________ to _________________ Commission File Number: 001-38233 CARGURUS, INC. (Exact Name of Registrant as Specified in its Charter) Delaware 04-38434 ...

Q4 2020 Business Update CarGurus © 2021 CarGurus, Inc. All Rights Reserved. . 000 AT&T LTE 1:22 PM 4 % = www.cargurus.com Car Gurus (00 @ = Sell New Used Select Make ZIP Find My Car Your Last Search Cautionary Note Regarding Forward-Looking Statements Certain information contained in this presentation, other matters discussed today and answers that may be given in response to questions may include "forward-looking statements." We may, in some cases, use terms such as "anticipates," "believes," "could," "est ...

CarGurus, Inc. (NASDAQ:CARG) Q4 2020 Earnings Conference Call February 11, 2021 5:00 PM ET Company Participants Josh Goldstein – Corporate Counsel Jason Trevisan – Chief Financial Officer Scot Fredo – Chief Financial Officer Sam Zales – President and Chief Operating Officer Conference Call Participants Tom White – D.A. Davidson Ralph Schackart – William Blair Jed Kelly – Oppenheimer Dan Kurnos – The Benchmark Company John Colantuoni – Jefferies Daniel Powell – Goldman Sachs Nick Jones – Citigroup Robert Zel ...