Core Insights - Cars.com Inc. reported a revenue growth of 6% year-over-year, reaching 178.9millioninQ22024,withOEMandNationalrevenueachievingarecordgrowthof2869 million in cash flows from operating activities year-to-date and plans to return 50% of its second half 2024 free cash flow to shareholders through share repurchases [1][9][11] - The adjusted EBITDA for Q2 2024 was 50.4million,representing28178.9 million, up 10.7millionor6.411.4 million, or 0.17perdilutedshare,asignificantdecreasefrom94.1 million, or 1.37perdilutedshare,intheprioryearduetoaprioryear′staxassetvaluationrelease[7][2]−AdjustednetincomeforQ22024was26 million, or 0.38perdilutedshare,comparedto22.5 million, or 0.33perdilutedshare,intheprioryear[7][2]OperationalHighlights−Thedealercustomerbasegrewto19,390,upfrom19,381inthepreviousquarter,whileaveragerevenueperdealer(ARPD)increasedslightlyto2,474 [3][5] - Average monthly unique visitors were 26.1 million, with total traffic reaching 158.1 million, reflecting a 1% increase year-over-year [3][8] - Subscription-based dealer revenue grew over 4% year-over-year, driven by increased adoption of digital products and the D2C Media acquisition [4][5] Cash Flow and Balance Sheet - Net cash provided by operating activities for the first six months of 2024 was 68.7million,comparedto56.2 million in the prior year [9] - The company repaid 15millionofdebt,reducingtotaldebtoutstandingto475 million as of June 30, 2024, with total liquidity of 304.1million[10][11]−Freecashflowforthefirstsixmonthstotaled56.4 million, an increase from 45.6millionin2023[9]FutureOutlook−ThecompanyexpectsQ32024revenuetobebetween178 million and $181 million, reflecting year-over-year growth of 2% to 4% [13] - The fiscal year 2024 revenue growth outlook has been revised to a range of 4.5% to 5.5%, down from the previous range of 6.0% to 8.0% [15] - The adjusted EBITDA margin outlook for fiscal year 2024 remains at 28.0% to 30.0% [16]
Cars.com(CARS) Prnewswire·2024-08-08 11:30