Cars.com Inc. reported a revenue drop in the 4th quarter of 2019.

Revenue for 2019 was $606.7 million, compared to $662.1 million in 2018, for the company. This decrease was primarily due to a decline in dealer customers and national advertising revenue.  

In the third quarter, the company recorded a non-cash goodwill and intangible asset impairment charge of $461.5 million, based on an assessment triggered by a decline in share price following the completion of the strategic alternatives review process. The company does not expect the impairment charge to have any impact on future operations, affect its liquidity, affect cash flows from operating activities, or affect compliance with the financial covenants set forth in its credit agreement. The cash benefit from the deductible goodwill for tax purposes remains intact.

Total operating expenses for 2019 were $1.1 billion, or $591.3 million excluding the impairment charge, compared to $578.2 million for the prior year. GAAP net loss for 2019 was $445.3 million, or $6.65 per diluted share, compared to GAAP net income of $38.8 million, or $0.55 per diluted share, in 2018. Adjusted Net Income for the year was $104.2 million, or $1.55 per diluted share, compared to $135.3 million, or $1.92 per diluted share in the prior year period. Adjusted EBITDA for 2019 was $167.3 million, or 28 percent of revenue, compared to $227.6 million, or 34% of revenue, in the prior year period. 

In 2019, average monthly unique visitors grew 21 percent, total traffic grew 24 percent, and SEO grew 42 percent year-over-year. Mobile traffic grew 35 percent year-over-year and accounted for 72 percent of total traffic, compared to 67 percent in the prior year.

Toyota Sees Dip in 4Q

January 05, 2020

Toyota Motors North America (TMNA) reported December 2019 sales of 207,373 vehicles, a decrease of 6.1 percent on a volume basis and down 2.4 percent on a daily selling rate (DSR) basis versus December 2018.

For the year, TMNA reported sales of 2,383,349 vehicles, a 1.8 percent decrease on a volume and DSR basis.

Toyota division posted December sales of 172,048 units, down 7.2 percent on a volume basis and 3.5 percent on a DSR basis. For the year, Toyota division reported sales of 2,085,235 vehicles, down 2 percent on a volume and DSR basis.

“We retained our number one spot in hybrid, passenger car, SUV, small truck and retail sales,” said Jack Hollis, group vice president and general manager, Toyota division.

Lexus division posted December sales of 35,325 vehicles, down 0.6 percent on a volume basis and up 3.4 percent on a DSR basis. For the year, Lexus reported sales of 298,114 vehicles, down 0.1 percent on a volume and DSR basis.

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