CARS Reports Second Quarter 2021 Results
Cars.com Inc. (NYSE: CARS) reported Q2 2021 revenue of $155.5 million, a 52% increase year-over-year. Excluding prior-year invoice credits, revenue rose 11%. The company achieved a GAAP net income of $6.0 million or $0.08 per diluted share. Adjusted EBITDA was $48.5 million, representing 31% of revenue. Operating cash flow surged to $79.6 million, up 38%, while free cash flow reached $66.5 million, up 36%. The outlook for Q3 2021 anticipates revenue between $155 million to $157 million.
- Revenue increased by $53.5 million (52%) year-over-year.
- GAAP net income improved to $6.0 million from a loss of $24.6 million.
- Adjusted EBITDA rose to $48.5 million, or 31% of revenue.
- Net cash from operating activities reached $79.6 million, up 38%.
- Free Cash Flow was $66.5 million, reflecting a 36% increase.
- Monthly Average Revenue Per Dealer (ARPD) grew by 59% year-over-year.
- Total operating expenses rose to $139.9 million, increasing from $119.2 million year-over-year.
CHICAGO, Aug. 5, 2021 /PRNewswire/ -- Cars.com Inc. (NYSE: CARS) ("CARS" or the "Company"), a leading digital marketplace and solutions provider for the automotive industry, today released its financial results for the quarter ended June 30, 2021.
Q2 2021 Financial and Key Metric Highlights
- Revenue of
$155.5 million , up$53.5 million , or52% year-over-year. Excluding the impact of prior-year invoice credits,1 revenue was up$15.3 million , or11% , year-over-year. - GAAP Net income totaled
$6.0 million , or$0.08 per diluted share - Adjusted EBITDA of
$48.5 million , or31% of Revenue - Year-to-Date Net cash provided by operating activities of
$79.6 million , up38% year-over-year, with Free Cash Flow of$66.5 million , up36% year-over-year - Average Monthly Unique Visitors of 26.4 million, up
16% year-over-year - Traffic of 158.4 million, up
10% year-over-year - Monthly Average Revenue Per Dealer ("ARPD") of
$2,299 , up59% from$1,442 in the prior-year period. Excluding the impact of prior-year invoice credits, year-over-year ARPD growth was10% , approximately half of which was driven by FUEL. - Dealer Customers of 18,845 as of June 30, 2021, up 22 compared to 18,823 as of March 31, 2021
1 | In an effort to assist our dealer customers impacted by the COVID-19 pandemic and related restrictions, we provided, among other measures, financial relief in the form of invoice credits of | ||||
Operational Highlights
- Made a
$20.0 million voluntary debt prepayment, bringing total debt prepayments to$70 million for the first half of 2021, evidence of the Company's continued strength in Free Cash Flow and focus on maintaining a strong balance sheet - Launched the Company's new cloud-based web platform enabling faster innovation to introduce new industry-leading features and solutions to shoppers and customers
- Based on the number of live dealership websites, Dealer Inspire is the leading provider of the new entries in the GM "Dealer Choice" program
"Our momentum continued as we delivered solid sequential results. Performance was driven by growth in ARPD and dealers' continued adoption of digital tools and is reflective of our robust marketplace and solutions strategy," stated Alex Vetter, President and Chief Executive Officer of CARS. "The launch of our new cloud-based platform provides shoppers with an enhanced experience on our site and mobile app and enables us to more rapidly innovate features and solutions for our customers."
Q2 2021 Results
Revenue for the second quarter totaled
Total operating expenses were
GAAP net income was
Adjusted EBITDA was
The Company remains focused on driving high-quality traffic and leads while continuing to optimize marketing investments. Average Monthly Unique Visitors in the second quarter increased
For the quarter, ARPD was
Dealer Customers totaled 18,845 at the end of the second quarter, a
Cash Flow and Balance Sheet
Net cash provided by operating activities for the six month period ended June 30, 2021 was
Total liquidity was
"We delivered another quarter of solid performance with growth in revenue and adjusted EBITDA, both coming in ahead of our guidance, which generated another quarter of strong cash flow," stated Sonia Jain, Chief Financial Officer of CARS. "Looking ahead, we are in a strong operational and financial position, which gives us confidence that we'll achieve our third quarter guidance and enables us to continue to strategically deploy capital to invest in organic opportunities, pay down our debt and pursue bolt-on acquisitions."
Outlook
For the third quarter 2021, the Company expects Revenue of approximately
Q2 Earnings Call
As previously announced, management will hold a conference call and webcast today at 9:00 a.m. CT. This webcast may be accessed at investor.cars.com. A replay of the webcast will be available at this website following the conclusion of the call until August 19, 2021.
About CARS
CARS is a leading digital marketplace and solutions provider for the automotive industry that connects car shoppers with sellers. Launched in 1998 with the flagship marketplace Cars.com and headquartered in Chicago, the Company empowers shoppers with the data, resources and digital tools needed to make informed buying decisions and seamlessly connect with automotive retailers. In a rapidly changing market, CARS enables dealerships and OEMs with innovative technical solutions and data-driven intelligence to better reach and influence ready-to-buy shoppers, increase inventory turn and gain market share.
In addition to Cars.com, CARS brands include Dealer Inspire, a technology provider building solutions that future-proof dealerships with more efficient operations and connected digital experiences; FUEL, which gives dealers and OEMs the opportunity to harness the untapped power of digital video by leveraging Cars.com's pure audience of in-market car shoppers, and DealerRater, a leading car dealer review and reputation management platform.
The full suite of CARS properties includes Cars.com™, Dealer Inspire®, FUEL™, DealerRater®, Auto.com™, PickupTrucks.com™ and NewCars.com®. For more information, visit www.Cars.com.
Non-GAAP Financial Measures
This earnings release discusses Adjusted EBITDA, Adjusted EBITDA margin and Free Cash Flow. These financial measures are not prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). These financial measures are presented as supplemental measures of operating performance because the Company believes they provide meaningful information regarding the Company's performance and provide a basis to compare operating results between periods. In addition, the Company uses Adjusted EBITDA as a measure for determining incentive compensation targets. Adjusted EBITDA also is used as a performance measure under the Company's credit agreement and includes adjustments such as the items defined below and other further adjustments, which are defined in the credit agreement. These non-GAAP financial measures are frequently used by the Company's lenders, securities analysts, investors and other interested parties to evaluate companies in the Company's industry. For a reconciliation of the non-GAAP measures presented in this earnings release to their most directly comparable financial measure prepared in accordance with GAAP, 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, and (7) 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.
Transaction-related costs are certain expense items resulting 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 costs may also include, without limitation, transition and integration costs such as retention bonuses and acquisition-related milestone payments to acquired employees, in addition to consulting, compensation and other incremental costs associated with integration projects.
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 internal-use software and website development costs.
Key Metric Definitions
Traffic. Traffic is fundamental to the Company's business. Traffic to the CARS network of websites and mobile apps provides value to the Company's advertisers in terms of audience, awareness, consideration and conversion. In addition to tracking traffic volume and sources, the Company monitors activity on its properties, allowing the Company to innovate and refine its consumer-facing offerings. Traffic is defined as the number of visits to CARS desktop and mobile properties (responsive sites and mobile apps), measured using Adobe Analytics. Traffic does not include traffic to Dealer Inspire websites. Traffic provides an indication of the Company's consumer reach. Although the Company's consumer reach does not directly result in revenue, the Company believes its ability to reach in-market car shoppers is attractive to its dealer customers and national advertisers.
Average Monthly Unique Visitors ("UVs"). Growth in unique visitors and consumer traffic to the Company's network of websites and mobile apps increases the number of impressions, clicks, leads and other events it can monetize to generate revenue. 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 CARS property on an individual device/browser combination or installs one of its mobile apps on an individual device. If a visitor accesses more than one of the Company's web properties or apps or uses more than one device or browser, each of those unique property/browser/app/device combinations counts toward the number of UVs. UVs do not include Dealer Inspire UVs. The Company measures UVs using Adobe Analytics.
Dealer Customers. Dealer Customers represent dealerships using the Company's 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.
Average Revenue Per Dealer ("ARPD"). The Company believes that its ability to grow ARPD is an indicator of the value proposition of its products. 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.
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. Forward-looking statements include information concerning the Company's industry, Dealer Customers, results of operations, business strategies, plans and objectives, market potential, outlook, trends, future financial performance, planned operational and product improvements, potential strategic transactions, liquidity, including draws from its revolving credit facility, expense management and other matters and involve known and unknown risks that are difficult to predict. As a result, the Company's actual financial results, performance, achievements, strategic actions or prospects may differ materially from those expressed or implied by these forward-looking statements. These statements often include 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 the Company's current expectations, beliefs, strategies, estimates, projections and assumptions, based on its experience in the industry as well as the Company's perceptions of historical trends, current conditions, expected future developments, current developments regarding the COVID-19 pandemic and other factors the Company thinks are appropriate. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by the Company and its management based on their knowledge and understanding of the business and industry, are inherently uncertain. These statements are expressed in good faith and the Company believes these judgments are reasonable. However, you should understand that these statements are not guarantees of strategic action, performance or results. The Company's actual results and strategic actions could differ materially from those expressed in the forward-looking statements. Given these uncertainties, forward-looking statements should not be relied on in making investment decisions. Comparisons of results between current and prior periods are not intended to express any future trends, or indications of future performance, unless expressed as such, and should only be viewed 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 the Company's control.
Forward-looking statements are subject to a number of risks, uncertainties and other important factors, many of which are beyond the Company's control, that could cause its 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 the Company's Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, its Current Reports on Form 8-K and its other filings with the Securities and Exchange Commission, available on the Company's website at investor.cars.com or via EDGAR at www.sec.gov. All forward-looking statements contained in this press release are qualified by these cautionary statements. 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 the Company and speak only as of the date of this press release. The Company undertakes 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 Investor Relations Contact:
Robbin Moore-Randolph
rmoorerandolph@cars.com
312.601.5929
CARS Media Contact:
Marita Thomas
mthomas@cars.com
312.601.5692
Cars.com Inc. | ||||||||
Consolidated Statements of Income (Loss) | ||||||||
(In thousands, except per share data) | ||||||||
(Unaudited) | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Revenue: | ||||||||
Dealer | $ 136,866 | $ 83,242 | $ 208,603 | |||||
OEM and National | 16,329 | 16,021 | 34,398 | 35,414 | ||||
Other | 2,335 | 2,746 | 4,603 | 6,086 | ||||
Total revenue | 155,530 | 102,009 | 308,825 | 250,103 | ||||
Operating expenses: | ||||||||
Cost of revenue and operations | 28,219 | 22,912 | 56,050 | 48,942 | ||||
Product and technology | 19,434 | 12,031 | 36,194 | 26,904 | ||||
Marketing and sales | 51,309 | 32,036 | 104,520 | 86,958 | ||||
General and administrative | 15,615 | 16,460 | 28,881 | 30,577 | ||||
Affiliate revenue share | — | 4,601 | — | 10,970 | ||||
Depreciation and amortization | 25,298 | 31,193 | 50,978 | 62,154 | ||||
Goodwill and intangible asset impairment | — | — | — | 905,885 | ||||
Total operating expenses | 139,875 | 119,233 | 276,623 | 1,172,390 | ||||
Operating income (loss) | 15,655 | (17,224) | 32,202 | (922,287) | ||||
Nonoperating expense: | ||||||||
Interest expense, net | (9,839) | (7,924) | (19,840) | (15,450) | ||||
Other (expense) income, net | (39) | 557 | (1) | (8,944) | ||||
Total nonoperating expense, net | (9,878) | (7,367) | (19,841) | (24,394) | ||||
Income (loss) before income taxes | 5,777 | (24,591) | 12,361 | (946,681) | ||||
Income tax (benefit) expense | (189) | 53 | 1,117 | (134,603) | ||||
Net income (loss) | $ 5,966 | $ 11,244 | ||||||
Weighted-average common shares outstanding: | ||||||||
Basic | 68,869 | 67,256 | 68,328 | 67,095 | ||||
Diluted | 70,694 | 67,256 | 70,790 | 67,095 | ||||
Earnings (loss) per share: | ||||||||
Basic | $ 0.09 | $ (0.37) | $ 0.16 | $ 12.10 | ||||
Diluted | 0.08 | (0.37) | 0.16 | 12.10 | ||||
Cars.com Inc. | ||||
Consolidated Balance Sheets | ||||
(In thousands, except per share data) | ||||
June 30, 2021 | December 31, 2020 | |||
(unaudited) | ||||
Assets: | ||||
Current assets: | ||||
Cash and cash equivalents | $ 52,185 | $ 67,719 | ||
Accounts receivable, net | 100,491 | 93,649 | ||
Prepaid expenses | 8,303 | 6,491 | ||
Other current assets | 1,298 | 10,222 | ||
Total current assets | 162,277 | 178,081 | ||
Property and equipment, net | 46,450 | 41,323 | ||
Intangible assets, net | 792,168 | 835,166 | ||
Investments and other assets, net | 19,989 | 21,142 | ||
Total assets | $ 1,020,884 | $ 1,075,712 | ||
Liabilities and stockholders' equity: | ||||
Current liabilities: | ||||
Accounts payable | $ 25,394 | $ 16,512 | ||
Accrued compensation | 13,926 | 18,319 | ||
Current portion of long-term debt | 7,727 | 7,756 | ||
Other accrued liabilities | 48,925 | 47,781 | ||
Total current liabilities | 95,972 | 90,368 | ||
Noncurrent liabilities: | ||||
Long-term debt | 502,357 | 576,143 | ||
Deferred tax liability | 30,792 | 30,800 | ||
Other noncurrent liabilities | 34,321 | 38,225 | ||
Total noncurrent liabilities | 567,470 | 645,168 | ||
Total liabilities | 663,442 | 735,536 | ||
Commitments and contingencies | ||||
Stockholders' equity: | ||||
Preferred Stock at par, | — | — | ||
Common Stock at par, | 690 | 674 | ||
Additional paid-in capital | 1,534,098 | 1,530,493 | ||
Accumulated deficit | (1,172,943) | (1,184,187) | ||
Accumulated other comprehensive loss | (4,403) | (6,804) | ||
Total stockholders' equity | 357,442 | 340,176 | ||
Total liabilities and stockholders' equity | $ 1,020,884 | $ 1,075,712 | ||
Cars.com Inc. | ||||
Consolidated Statements of Cash Flows | ||||
(In thousands) | ||||
(Unaudited) | ||||
Six Months Ended June 30, | ||||
2021 | 2020 | |||
Cash flows from operating activities: | ||||
Net income (loss) | ||||
Adjustments to reconcile Net income (loss) to Net cash provided by operating activities: | ||||
Depreciation | 7,980 | 11,599 | ||
Amortization of intangible assets | 42,998 | 50,555 | ||
Goodwill and intangible asset impairment | — | 905,885 | ||
Impairment of non-marketable security | — | 9,447 | ||
Unrealized gain on interest rate swap | — | (558) | ||
Amortization of accumulated other comprehensive income on interest rate swap | 2,835 | 300 | ||
Stock-based compensation | 10,670 | 6,266 | ||
Deferred income taxes | (442) | (133,064) | ||
Provision for doubtful accounts | 211 | 2,846 | ||
Amortization of debt issuance costs | 1,657 | 1,377 | ||
Other, net | (44) | 142 | ||
Changes in operating assets and liabilities: | ||||
Accounts receivable | (7,053) | 24,363 | ||
Prepaid expenses | (1,812) | (540) | ||
Other current assets | 8,951 | (2,368) | ||
Other assets | 690 | 589 | ||
Accounts payable | 8,888 | 1,973 | ||
Accrued compensation | (4,393) | (5,942) | ||
Other accrued liabilities | 1,143 | (933) | ||
Other noncurrent liabilities | (3,904) | (2,230) | ||
Net cash provided by operating activities | 79,619 | 57,629 | ||
Cash flows from investing activities: | ||||
Purchase of property and equipment | (13,095) | (8,725) | ||
Net cash used in investing activities | (13,095) | (8,725) | ||
Cash flows from financing activities: | ||||
Proceeds from revolving loan borrowings | — | 165,000 | ||
Payments of long-term debt | (75,000) | (166,875) | ||
Stock-based compensation plans, net | (7,049) | (309) | ||
Payments of debt issuance costs and other fees | (9) | (3,324) | ||
Net cash used in financing activities | (82,058) | (5,508) | ||
Net (decrease) increase in cash and cash equivalents | (15,534) | 43,396 | ||
Cash and cash equivalents at beginning of period | 67,719 | 13,549 | ||
Cash and cash equivalents at end of period | $ 56,945 | |||
Supplemental cash flow information: | ||||
Cash (received) paid for income taxes, net of refunds | $ (8,875) | $ 318 | ||
Cash paid for interest and interest rate swap | 19,634 | 13,889 | ||
Cars.com Inc. | ||||||||
Non-GAAP Reconciliations | ||||||||
(In thousands) | ||||||||
(Unaudited) | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Reconciliation of Net income (loss) to Adjusted EBITDA | ||||||||
Net income (loss) | $ 5,966 | $ (24,644) | $ 11,244 | $ (812,078) | ||||
Interest expense, net | 9,839 | 7,924 | 19,840 | 15,450 | ||||
Income tax (benefit) expense | (189) | 53 | 1,117 | (134,603) | ||||
Depreciation and amortization | 25,298 | 31,193 | 50,978 | 62,154 | ||||
Goodwill and intangible asset impairment | — | — | — | 905,885 | ||||
Stock-based compensation | 6,029 | 4,376 | 11,137 | 6,287 | ||||
Write-off of long-lived assets and other | 94 | (463) | 79 | 9,020 | ||||
Severance, transformation and other exit costs | 927 | 4,764 | 1,707 | 6,168 | ||||
Transaction-related costs | 512 | 20 | 512 | 117 | ||||
Adjusted EBITDA | $ 48,476 | $ 23,223 | $ 96,614 | $ 58,400 | ||||
Reconciliation of Net cash provided by operating activities to Free cash flow | ||||||||
Net cash provided by operating activities | $ 29,257 | $ 28,737 | $ 79,619 | $ 57,629 | ||||
Purchase of property and equipment | (6,876) | (2,970) | (13,095) | (8,725) | ||||
Free cash flow | $ 22,381 | $ 25,767 | $ 66,524 | $ 48,904 | ||||
Cars.com Inc. | ||||||||
Supplemental Information | ||||||||
(In thousands) | ||||||||
(Unaudited) | ||||||||
Expense category for the Three Months Ended June 30, 2021: | ||||||||
As Reported | Adjustments (1) | Stock-Based Compensation | As Adjusted | |||||
Cost of revenue and operations | $ 28,219 | $ — | $ (189) | $ 28,030 | ||||
Product and technology | 19,434 | — | (1,795) | 17,639 | ||||
Marketing and sales | 51,309 | — | (1,448) | 49,861 | ||||
General and administrative | 15,615 | (1,456) | (2,597) | 11,562 | ||||
Affiliate revenue share | — | — | — | — | ||||
Depreciation and amortization | 25,298 | — | — | 25,298 | ||||
Goodwill and intangible asset impairment | — | — | — | — | ||||
Total operating expenses | $ 139,875 | $ (1,456) | $ (6,029) | $ 132,390 | ||||
Total nonoperating expense, net | $ (9,878) | $ 77 | $ — | $ (9,801) | ||||
(1) Includes severance, transformation and other exit costs, transaction related costs, and write-off of long-lived assets and other. | ||||||||
Expense category for the Three Months Ended June 30, 2020: | ||||||||
As Reported | Adjustments (1) | Stock-Based Compensation | As Adjusted | |||||
Cost of revenue and operations | $ 22,912 | $ — | $ (164) | $ 22,748 | ||||
Product and technology | 12,031 | — | (921) | 11,110 | ||||
Marketing and sales | 32,036 | — | (983) | 31,053 | ||||
General and administrative | 16,460 | (4,879) | (2,308) | 9,273 | ||||
Affiliate revenue share | 4,601 | — | — | 4,601 | ||||
Depreciation and amortization | 31,193 | — | — | 31,193 | ||||
Goodwill and intangible asset impairment | — | — | — | — | ||||
Total operating expenses | $ 119,233 | $ (4,879) | $ (4,376) | $ 109,978 | ||||
Total nonoperating expense, net | $ (7,367) | $ — | $ — | $ (7,367) | ||||
(1)Includes severance, transformation and other exit costs, write-off of long-lived assets and other, and transaction-related costs. | ||||||||
Expense category for the Six Months Ended June 30, 2021: | ||||||||
As Reported | Adjustments (1) | Stock-Based Compensation | As Adjusted | |||||
Cost of revenue and operations | $ 56,050 | $ — | $ (543) | $ 55,507 | ||||
Product and technology | 36,194 | — | (3,076) | 33,118 | ||||
Marketing and sales | 104,520 | — | (2,761) | 101,759 | ||||
General and administrative | 28,881 | (2,218) | (4,757) | 21,906 | ||||
Affiliate revenue share | — | — | — | — | ||||
Depreciation and amortization | 50,978 | — | — | 50,978 | ||||
Goodwill and intangible asset impairment | — | — | — | — | ||||
Total operating expenses | $ 276,623 | $ (2,218) | $ (11,137) | $ 263,268 | ||||
Total nonoperating expense, net | $ (19,841) | $ 80 | $ — | $ (19,761) | ||||
(1)Includes severance, transformation and other exit costs, transaction related costs, and write-off of long-lived assets and other. | ||||||||
Expense category for the Six Months Ended June 30, 2020: | ||||||||
As Reported | Adjustments (1) | Stock-Based Compensation | As Adjusted | |||||
Cost of revenue and operations | $ 48,942 | $ — | $ (201) | $ 48,741 | ||||
Product and technology | 26,904 | — | (1,487) | 25,417 | ||||
Marketing and sales | 86,958 | — | (1,479) | 85,479 | ||||
General and administrative | 30,577 | (6,416) | (3,120) | 21,041 | ||||
Affiliate revenue share | 10,970 | — | — | 10,970 | ||||
Depreciation and amortization | 62,154 | — | — | 62,154 | ||||
Goodwill and intangible asset impairment | 905,885 | (905,885) | — | — | ||||
Total operating expenses | $ 1,172,390 | $ (912,301) | $ (6,287) | $ 253,802 | ||||
Total nonoperating expense, net | $ (24,394) | $ 9,447 | $ — | $ (14,947) | ||||
(1)Includes write-off and impairments of goodwill, intangible assets, long-lived assets, severance, transformation and other exit costs, and transaction-related costs. | ||||||||
View original content to download multimedia:https://www.prnewswire.com/news-releases/cars-reports-second-quarter-2021-results-301348995.html
SOURCE Cars.com Inc.
FAQ
What were Cars.com Q2 2021 revenue figures?
How much did Cars.com net income increase in Q2 2021?
What is the expected revenue range for Cars.com in Q3 2021?
How much did Cars.com improve its Adjusted EBITDA in Q2 2021?
What is the status of Cars.com's debt as of June 30, 2021?
