纪要涉及的公司 CarGurus（CARG） 纪要提到的核心观点和论据 1. **公司业务模式** - 核心业务是运营美国在线汽车交易市场，拥有庞大消费者受众、大量汽车库存和经销商，提供透明信息，是消费者购车和经销商营销的重要平台 [2][3] - 业务拓展至为消费者和经销商提供更多功能，如为经销商提供预测智能和洞察，帮助其进行汽车采购、定价、销售等环节 [4] - 主要商业模式是经销商订阅，关注付费客户数量和平均每位客户收入 [4] 2. **经销商ROI** - 核心ROI是经销商在平台投入与通过平台销售额外车辆所获毛利的对比，通常经销商每辆车利润几千美元，在平台成本仅几百美元，远高于其他营销渠道 [8][9] - 随着业务拓展，为经销商提供更多功能，使其在软件和人力方面节省成本，进一步提升ROI，但难以量化 [10] 3. **定价策略** - 秉持先提供价值再获取补偿的理念，旨在与客户建立长期合作关系，将自身定位为经销商的思想伙伴而非单纯供应商 [13][14] - 适度提价，认为自身价格仍低于竞争对手，通过多种方式增加经销商支出，如引入新经销商、升级套餐、交叉销售产品、提高单位价格、增加线索量和质量等，以实现可持续增长 [15][16][17] 4. **创新投入** - 主要投入在产品和工程领域，消费者端通过内容创作和虚拟助手帮助消费者确定购车选择；经销商端专注于定价智能和线索丰富与处理 [18][19][20] - AI应用广泛，包括改进现有产品、创造新产品和提高效率，如预测价格智能、个性化搜索结果、推荐汽车采购库存等，还用于内部各部门提高生产力，一定程度上推动了利润率扩张 [22][23][24] 5. **净经销商广告增长** - 原因一是公司产品价值主张增强，执行能力提升，包括产品营销、账户管理和销售效率提高；二是市场不确定性使经销商倾向于选择市场领导者、高ROI和能提供更多洞察的合作伙伴，公司的Dealer Data Insights产品契合需求 [29][30][33] 6. **长期合同** - 定义为六个月或以上合同，行业历史上多为月签合同，公司为长期合同提供适度折扣，以换取更高客户留存率 [38] - 长期合同体现经销商将公司视为长期合作伙伴，表明公司在增长线索、提高线索质量和增加产品功能方面的能力得到认可，对双方都带来稳定性和更强的合作承诺 [39][40] 7. **业务指导假设** - 业务中最不可预测的部分是汽车制造商广告，关税可能带来意外影响，但目前未形成趋势 [43] - 核心市场业务是订阅模式，具有一定稳定性，不受客户集中影响，且在数字营销中处于安全类别，二手车业务比新车业务更稳定，整体业务具有较高可预测性 [44][46][47] 8. **新车与二手车市场动态** - 平台新车和二手车库存大致各占一半，但价值主张在二手车市场更优，能为消费者提供更多信息，业务增长更多依赖二手车交易 [53][54] - 二手车市场比新车市场更稳定，新车市场在经济波动时销量和价格波动更大，关税可能使部分新车需求转向二手车，但目前影响不明显 [54][55] - 消费者购买曾提前，目前恢复正常，消费者更关注汽车的 affordability 和 reliability，低价和安全可靠的汽车搜索量增加 [56][58] 9. **CarOffer平台** - 公司正努力使CarOffer平台盈利并实现增长，但将其交叉销售给现有CarGurus客户存在挑战，因为涉及不同经销商用户 [61][62] - 该平台是即时交易平台，在批发价格上涨时表现良好，但在经销商需求变化快的情况下，交易模式灵活性不足，公司正聚焦利用数据和洞察，使交易模式在多变环境中更具可持续性 [62][63][64] 10. **资本分配** - 首先考虑投资产品建设和创新，以提升利润率和现金流；其次关注并购，主要寻找经销商软件和数据产品相关项目；最后在认为有吸引力时进行股票回购或向股东返还资本 [67][68] 其他重要但是可能被忽略的内容 - 公司在英国和加拿大也运营市场 [4] - 公司通过团队进入经销商集团帮助提高线索转化率，有时能在三天内使经销商线索转化率翻倍 [21] - 公司未分享经销商从免费版转化或之前客户的数据 [28] - 公司优化业务以实现收入增长，不关注汽车SID与经销商数量的增长组合，而是关注净MRR预订、经销商NPS、新产品采用率和免费产品参与度等指标 [48][50]

Markets are cheering the prospect of major trade deals, and the major indices have now recouped nearly all of their losses since tariffs were first announced. Against that backdrop, investors should be cautious instead of euphoric, and we should still focus our energies onWith combined experience of covering technology companies on Wall Street and working in Silicon Valley, and serving as an outside adviser to several seed-round startups, Gary Alexander has exposure to many of the themes shaping the industr ...

CarGurus (CARG) came out with quarterly earnings of $0.46 per share, beating the Zacks Consensus Estimate of $0.42 per share. This compares to earnings of $0.32 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 9.52%. A quarter ago, it was expected that this online auto shopping platform would post earnings of $0.50 per share when it actually produced earnings of $0.55, delivering a surprise of 10%.Over the last four quarters, t ...

CarGurus (CARG) Q1 2025 Earnings Call May 08, 2025 05:00 PM ET Company Participants Kirndeep Singh - VP & Head of Investor RelationsJason Trevisan - CEONaved Khan - Managing Director - Equity ResearchSam Zales - President and COOJed Kelly - Managing Director - Equity Research Conference Call Participants Wyatt Swanson - Associate Vice President, Research AnalystRajat Gupta - Analyst Operator Ladies and gentlemen, greetings, and welcome to Cargurus, Inc. First Quarter twenty twenty five Earnings Conference C ...

CarGurus (CARG) Q1 2025 Earnings Call May 08, 2025 05:00 PM ET Speaker0 Ladies and gentlemen, greetings, and welcome to Cargurus, Inc. First Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please signal the operator by pressing star and zero on your telephone keypad. As a reminder, this conference is being ...

Q1 2025 Earnings Presentation May 8, 2025 Cautionary Note Regarding Forward-Looking Statements This presentation includes forward-looking statements. Other than statements of historical facts, all statements contained in this presentation, including statements regarding our future financial and operating results; our second quarter 2025 financial and business performance, including guidance; our transformation to a transaction-enabled platform; our business and growth strategy and our plans to execute on ou ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________________ to _________________ Commission File Number: 001-38233 CarGurus, Inc. (Exact Name of Registrant as Specified in its Charter) ...

Exhibit 99.1 CarGurus Announces First Quarter 2025 Results Marketplace revenue grew 13% YoY Q1'25 Net Income of $39.0 million; Non-GAAP Adjusted EBITDA of $66.3 million, up 32% YoY Repurchased $184.2 million worth of shares in Q1'25, representing 6% of our outstanding capital BOSTON, May 8, 2025 - CarGurus, Inc. (Nasdaq: CARG), the No. 1 visited digital auto platform for shopping, buying, and selling new and used vehicles*, today announced financial results for the first quarter ended March 31, 2025. "Our s ...

Marketplace revenue grew 13% YoY Q1'25 Net Income of $39.0 million; Non-GAAP Adjusted EBITDA of $66.3 million, up 32% YoY Repurchased $184.2 million worth of shares in Q1'25, representing 6% of our outstanding capital BOSTON, May 08, 2025 (GLOBE NEWSWIRE) -- CarGurus, Inc. (Nasdaq: CARG), the No. 1 visited digital auto platform for shopping, buying, and selling new and used vehicles*, today announced financial results for the first quarter ended March 31, 2025. "Our strong momentum in our Marketplace busine ...

Prior to a company's earnings announcement, it is crucial to consider revisions to earnings estimates. This serves as a significant indicator for predicting potential investor actions regarding the stock. Empirical research has consistently demonstrated a robust correlation between trends in earnings estimate revision and the short- term price performance of a stock. The upcoming report from CarGurus (CARG) is expected to reveal quarterly earnings of $0.42 per share, indicating an increase of 31.3% compared ...