Revenue Performance - Full year revenue reached $719 million, an increase of 4% year-over-year[1] - Q4 2024 revenue totaled $180.4 million, slightly up from the prior year period[6] - Total revenue for the year ended December 31, 2024, was $719,152,000, an increase from $689,183,000 in 2023, representing a growth of approximately 4.0%[42] - First quarter 2025 revenue is expected to be between $178 million and $181 million[20] - Full year 2025 revenue guidance is set at $745 million to $755 million, driven by new product launches[21] Net Income and Profitability - Net income for Q4 2024 was $17.3 million, a 107% increase compared to $8.3 million in Q4 2023[8] - Net income for the year ended December 31, 2024, was $48,188, a decrease of 59.3% compared to $118,442 in 2023[48] - The Company’s total operating income for the year ended December 31, 2024, was $53,498,000, slightly down from $54,116,000 in 2023, a decrease of about 1.1%[42] - Adjusted EBITDA for the year was $209.7 million, representing a margin of 29.2%[14] - Adjusted EBITDA for the year ended December 31, 2024, reached $209,717, an increase of 7.6% compared to $194,884 in 2023[51] - Adjusted EBITDA margin for 2025 is projected to be between 29% and 31%[22] Expenses and Liabilities - Adjusted Operating Expenses for the year ended December 31, 2024, totaled $665,654,000, compared to $635,067,000 in 2023, indicating an increase of approximately 4.8%[42] - Total operating expenses for the year ended December 31, 2024, were $665,654, a decrease of 10.5% from $735,067 in 2023[58] - The Company reported a decrease in total liabilities from $680,341,000 in 2023 to $600,380,000 in 2024, a reduction of approximately 11.8%[44] Cash Flow and Assets - Cash and cash equivalents increased to $50,673,000 as of December 31, 2024, from $39,198,000 in 2023, marking a growth of 29.4%[44] - Net cash provided by operating activities increased to $152,524, up 11.5% from $136,720 in 2023[48] - Free cash flow for the year ended December 31, 2024, was $128,143, representing a 10.6% increase from $115,838 in 2023[53] - The Company’s total assets decreased from $1,172,449,000 in 2023 to $1,111,865,000 in 2024, a decline of approximately 5.2%[44] Shareholder Actions - The company authorized a $250 million share repurchase program for 2025[18] - The weighted-average common shares outstanding for diluted earnings per share decreased from 68,326,000 in 2023 to 66,802,000 in 2024[42] Subscriber and Market Growth - AccuTrade Connected expanded to approximately 1,000 subscribers, supported by ten OEM partners[11] - OEM and National revenue grew 15% year-over-year in Q4 2024, driven by increased marketing efforts[6] - The Company anticipates continued growth in Average Revenue Per Dealer (ARPD), which is calculated as dealer revenue divided by the monthly average number of dealer customers[34] Stock and Compensation - Stock-based compensation for the year ended December 31, 2024, totaled $32,373, an increase of 7.4% from $30,127 in 2023[52] - Payments for acquisitions, net of cash acquired, were $(216), significantly lower than $(76,168) in 2023[48] - Capitalization of internally developed technology for the year was $(21,381), compared to $(19,602) in 2023[48] - Payments of contingent consideration amounted to $(27,435) in 2024, with no payments recorded in 2023[48] Traffic and Analytics - Average Monthly Unique Visitors (UVs) and Traffic metrics were measured via Adobe Analytics for the year ended December 31, 2023, with a transition to RudderStack starting January 1, 2024, for improved visibility[33]
Cars.com(CARS) - 2024 Q4 - Annual Results