Cars.com Reports Earnings

By Staff Writer August 04, 2020

Cars.com. reported a 31 percent year-over-year revenue drop as it recently released its financial results for the quarter ended June 30, 2020.

Revenue of $102.0 million was down $46.2 million year-over-year due to the invoice credits of 50 percent in April 2020 and 30 percent in May and June 2020.

It reported a GAAP Net Loss of $24.6 million, or $0.37 per diluted share, compared to GAAP Net Loss of $6.0 million, or $0.09 per diluted share in the prior year period. The adjusted Net income was $8.0 million, or $0.12 per diluted share, compared to adjusted net income of $20.0 million, or $0.30 per diluted share in the prior year period. The adjusted EBITDA of $23.2 million, or 23 percent of revenue, was down $20.3 million year over year. Free Cash Flow was $48.9 million for the six months ended June 30. Cars.com also reported $56.9 million of cash and cash equivalents on the balance sheet and total liquidity of $232.2 million, including availability under our revolving credit facility, as of June 30.

The website reported Average Monthly Unique Visitors of 22.8 million, up 6 percent year over year. Traffic visits are up 10 percent to 144 million year over year. Mobile traffic was 75 percent of total traffic, compared to 71 percent in the second quarter of 2019.

Dealer customers declined from 18,938 at March 31, to 18,033 at June 30, primarily due to cancellations and lower sales of marketplace customers as a result of COVID-19, partially offset by growth in digital solutions customers.

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Last modified on Tuesday, 04 August 2020 13:53

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