Cars.com(US:CARS)2024-05-09 11:46Revenue and Growth - Total revenue for Q1 2024 was $180.2 million, an increase of $13.1 million, or 8%, compared to the prior year period[14]. - The company expects Q2 2024 revenue to be between $181 million and $183 million, reflecting year-over-year growth of 7% to 9%[17]. - Full-year revenue growth guidance is reaffirmed at 6% to 8%[8]. - Revenue for Q1 2024 was $180.2 million, an increase of $13.1 million or 8% year-over-year[42]. Net Income and Earnings - Net income for the quarter was $0.8 million, or $0.01 per diluted share, compared to net income of $11.5 million, or $0.17 per diluted share, in the prior year[15]. - Adjusted net income for Q1 2024 was $28.7 million, or $0.43 per diluted share, compared to $26.2 million, or $0.39 per diluted share, in the prior year[15]. - Net income for the three months ended March 31, 2024, was $784,000, compared to $11,479,000 for the same period in 2023, indicating a significant decline[64]. EBITDA and Operating Performance - Adjusted EBITDA for the quarter was $52.7 million, representing 29% of revenue, up $8.3 million year-over-year[13]. - Adjusted EBITDA for the quarter totaled $52.7 million, representing 29% of revenue, compared to $44.3 million or 27% of revenue in the prior year[55]. Expenses and Cash Flow - Total operating expenses for Q1 2024 were $167.4 million, compared to $154.5 million for the prior year period[5]. - Adjusted operating expenses for the quarter were $154.9 million, a $9.2 million increase compared to the prior year[43]. - Free cash flow for Q1 2024 totaled $27.5 million, up from $22.8 million in 2023[44]. - Net cash provided by operating activities was $33.5 million, compared to $28.1 million in the prior year[44]. - Net cash provided by operating activities increased to $33,468,000 from $28,141,000 year-over-year, reflecting a growth of approximately 19.5%[64]. Shareholder Actions - The company repurchased 0.5 million shares of its common stock for $9.5 million during the quarter[7]. Traffic and User Metrics - Average Monthly Unique Visitors ("UVs") were 28.3 million, compared to 28.5 million a year ago[4]. - Traffic ("Visits") reached 171.4 million, up 4% year-over-year[42]. - Dealer Customers totaled 19,381 as of March 31, 2024, a slight decrease from 19,504 as of December 31, 2023[54]. - Average Revenue Per Dealer (ARPD) grew 5% year-over-year to $2,505, driven by the 2023 Marketplace Repackaging initiative[54]. - Monthly Average Revenue Per Dealer ("ARPD") was $2,505, up 5% year-over-year[13]. Financial Position - Cash and cash equivalents at the end of the period were $31,363,000, down from $39,198,000 at the beginning of the period, representing a decrease of about 20.0%[64]. - Total assets decreased to $1,143,131,000 from $1,172,449,000, a decline of approximately 2.5%[68]. - Total liabilities decreased to $661,681,000 from $680,341,000, reflecting a reduction of about 2.8%[68]. - Accounts receivable increased slightly to $125,670,000 from $125,373,000, showing a marginal growth of 0.2%[68]. Investment and Debt - The company reported a net cash used in investing activities of $6,013,000, compared to $5,371,000 in the previous year, indicating an increase in investment outflows[64]. - Payments of long-term debt decreased to $10,000,000 from $18,750,000, a reduction of approximately 46.7%[64]. - The Company amended and extended its existing Credit Facility to a new $350 million Revolving loan maturing in May 2029[56]. Other Financial Metrics - The company incurred stock-based compensation expenses of $8,357,000, down from $9,797,000, reflecting a decrease of about 14.7%[64]. - Cash paid for income taxes increased to $1,168,000 from $96,000, a significant rise of approximately 1,116.7%[64].