UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On November 8, 2022, CarGurus, Inc. (the “Company”) announced its financial results for the quarter ended September 30, 2022. The full text of the press release issued by the Company in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information in this Item 2.02 and in the press release attached as Exhibit 99.1 hereto is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. |
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Description |
99.1 |
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104 |
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Cover Page Interactive Data File (embedded with the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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CARGURUS, INC. |
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Date: November 8, 2022 |
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By: |
/s/ Jason Trevisan |
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Name: Jason Trevisan |
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Title: Chief Executive Officer |
Exhibit 99.1
CarGurus Announces Third Quarter 2022 Results
Third Quarter Highlights:
CAMBRIDGE, MA: November 8, 2022 — CarGurus, Inc. (Nasdaq: CARG), a multinational, online automotive platform for buying and selling vehicles, today announced financial results for the third quarter ended September 30, 2022.
“This year has been a pivotal time in the evolution of our company, as we have been transforming from a Listings business to a transaction-enabled platform at a swift pace, which has enabled us to provide for our dealer partners and consumer audience a portfolio of offerings for every stage of the automotive purchasing and selling life-cycle. While we are still early in the journey of fully integrating Digital Retail and Digital Wholesale with our core Listings business, I am proud of the progress we have made this year as we put in place the building blocks for long-term success,” said Jason Trevisan, Chief Executive Officer of CarGurus. “Regarding our most recent quarter, while there were business areas that exceeded our expectations, our third quarter financial metrics fell short of the low end of our guidance range. The hurdles faced this quarter represent an opportunity to move quickly to make the transformations necessary to achieve these long-term goals, and while that will require some time and focus to realize, I believe our team can accomplish all that we have set out to achieve and that our portfolio strategy is the right one.”
Revenue
Total revenue was $426.5 million, an increase of 91% compared to $222.9 million in the third quarter of 2021.
Marketplace revenue was $165.3 million, an increase of 3% compared to $159.9 million in the third quarter of 2021.
Wholesale revenue was $47.0 million, an increase of 4% compared to $45.2 million in the third quarter of 2021.
Product revenue was $214.1 million, an increase of 1,105% compared to $17.8 million in the third quarter of 2021.
Operating Income
GAAP operating income was $28.7 million, a decrease of (28%) compared to $40.1 million in the third quarter of 2021.
Non-GAAP operating income was $29.4 million, a decrease of (53%) compared to $63.1 million in the third quarter of 2021.
Consolidated Net Income, Net Income Attributable to Common Stockholders, Consolidated Adjusted EBITDA, & Adjusted EBITDA
GAAP consolidated net income was $18.8 million compared to $29.3 million in the third quarter of 2021.
Non-GAAP consolidated net income was $20.8 million compared to $46.2 million in the third quarter of 2021.
GAAP net income attributable to common stockholders was $107.0 million compared to $29.2 million in the third quarter of 2021. Net income attributable to common stockholders per diluted share was $0.14 compared to $0.24 per fully diluted share, in the third quarter of 2021.
Non-GAAP net income attributable to common stockholders was $27.3 million, or $0.21 per fully diluted share, compared to $42.9 million, or $0.36 per fully diluted share, in the third quarter of 2021.
Consolidated Adjusted EBITDA, a non-GAAP metric, was $32.9 million compared to $68.3 million in the third quarter of 2021.
Adjusted EBITDA, a non-GAAP metric, was $38.8 million compared to $64.9 million in the third quarter of 2021.
Balance Sheet and Cash Flow
As of September 30, 2022, CarGurus had cash and cash equivalents of $404.4 million and an available $400 million under its revolving credit facility.
CarGurus generated $73.2 million in cash from operations and $68.9 million in free cash flow, a non-GAAP metric, during the third quarter of 2022, compared to having generated $53.7 million in cash from operations and $51.4 million in free cash flow during the third quarter of 2021.
Third Quarter Business Metrics(1)
Total paying dealers were 31,286 at September 30, 2022, an increase of 2% compared to 30,754 at September 30, 2021. Of the total paying dealers at September 30, 2022, U.S. and International accounted for 24,691 and 6,595, respectively, compared to 23,979 and 6,775, respectively, at September 30, 2021.
Quarterly Average Revenue per Subscribing Dealer (“QARSD”) in the U.S. was $5,800 as of September 30, 2022, an increase of 4% compared to $5,602 as of September 30, 2021.
QARSD in International markets was $1,507 as of September 30, 2022, a decrease of (1%) compared to $1,524 as of September 30, 2021.
Website traffic and consumer engagement metrics for the third quarter of 2022 were as follows:
Fourth Quarter and Full-Year 2022 Guidance
CarGurus anticipates total revenue, non-GAAP Consolidated Adjusted EBITDA, and non-GAAP earnings per share to be in the following ranges:
Fourth Quarter 2022:
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Total Revenue |
$270 million to $300 million |
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Instant Max Cash Offer Revenue |
$65 million to $85 million |
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Non-GAAP Consolidated Adjusted EBITDA |
$6 million to $14 million |
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Non-GAAP EPS |
$0.13 to $0.16 |
Full-Year 2022:
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Total Revenue |
$1,638 million to $1,668 million |
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Instant Max Cash Offer Revenue |
$667 million to $687 million |
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Non-GAAP Consolidated Adjusted EBITDA |
$166 million to $174 million |
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Non-GAAP EPS |
$1.02 to $1.05 |
The fourth quarter and full-year 2022 non-GAAP earnings per share calculation assumes 119.5 million diluted weighted-average common shares outstanding. This estimated number of shares outstanding excludes the potential dilution from CarGurus utilizing its equity as the sole form of consideration to purchase the remaining 49% interest in CarOffer.
The assumptions that are built into guidance for the fourth quarter and full-year 2022 regarding our pace of paid dealer acquisition, churn, and expansion activity for the relevant period are based on recent market behaviors and industry conditions. Guidance for the fourth quarter and full-year 2022 excludes the effects of significant COVID-19 resurgences, including the reintroduction of lockdowns and/or a slowed pace of recovery, or other macro-level industry issues that result in dealers and consumers materially changing their recent market behaviors or that cause us to enact measures to assist dealers, such as offering fee reductions or waivers as we have done from time to time during the COVID-19 pandemic. Guidance also excludes adjustments to the carrying value of redeemable noncontrolling interests resulting from potential changes in the redemption value of such interests, and any potential impact of foreign currency exchange gains or losses.
CarGurus has not reconciled its guidance of non-GAAP consolidated adjusted EBITDA to GAAP consolidated net income or non-GAAP consolidated EPS to GAAP consolidated EPS because the reconciling items between such GAAP and non-GAAP financial measures, which include, as applicable, stock-based compensation, amortization of intangible assets, impairment of long-lived assets, acquisition-related expenses, depreciation expenses, non-intangible amortization, other income (net), the provision for income taxes, income tax effects, and adjustments to the carrying value of redeemable noncontrolling interests resulting from changes in the redemption value of such interests, cannot be reasonably predicted due to, as applicable, the timing, amount, valuation and number of future employee equity awards, and the uncertainty relating to the timing, frequency and effect of acquisitions and the significance of the resulting acquisition-related expenses, including adjustments to the carrying value of redeemable noncontrolling interests resulting from potential changes in the redemption value of such interests, and therefore cannot be determined without unreasonable effort. For more information regarding the non-GAAP financial measures discussed in this release, please see the reconciliations of GAAP financial measures to non-GAAP financial measures and the section titled “Non-GAAP Financial Measures and Other Business Metrics” below.
Conference Call and Webcast Information
CarGurus will host a conference call and live webcast to discuss its third quarter ended 2022 financial results and business outlook at 5:00 p.m. Eastern Time today, November 8, 2022. To access the conference call, dial (877) 451-6152 for callers in the U.S. or Canada, or (201) 389-0879 for international callers. The webcast will be available live on the Investors section of CarGurus’ website at https://investors.cargurus.com.
An audio replay of the call will also be available to investors beginning at approximately 8:00 p.m. Eastern Time today, November 8, 2022, until 11:59 p.m. Eastern Time on November 22, 2022, by dialing (844) 512-2921 for callers in the U.S. or Canada, or (412) 317-6671 for international callers, and entering passcode 13732645. In addition, an archived webcast will be available on the Investors section of CarGurus’ website at https://investors.cargurus.com.
About CarGurus
CarGurus (Nasdaq: CARG) is a multinational, online automotive platform for buying and selling vehicles that is building upon its industry-leading listings marketplace with both digital retail solutions and the CarOffer online wholesale platform. The CarGurus marketplace gives consumers the confidence to purchase or sell a vehicle either online or in-person, and it gives dealerships the power to accurately price, effectively market, instantly acquire and quickly sell vehicles, all with a nationwide reach. The company uses proprietary technology, search algorithms and data analytics to bring trust, transparency, and competitive pricing to the automotive shopping experience. CarGurus is the most visited automotive shopping site in the U.S. (source: SimilarWeb: Overview Report (Traffic Insights), Q3 2022, U.S.).
CarGurus also operates online marketplaces under the CarGurus brand in Canada and the United Kingdom. In the United States and the United Kingdom, CarGurus also operates the Autolist and PistonHeads online marketplaces, respectively, as independent brands.
To learn more about CarGurus, visit www.cargurus.com, and for more information about CarOffer, visit www.caroffer.com.
CarGurus® is a registered trademark of CarGurus, Inc., and CarOffer® is a registered trademark of CarOffer, LLC. All other product names, trademarks and registered trademarks are property of their respective owners.
© 2022 CarGurus, Inc., All Rights Reserved.
Cautionary Language Concerning Forward-Looking Statements
This press release includes forward-looking statements. All statements contained in this press release other than statements of historical facts, including, without limitation, statements regarding: our future financial and business performance for the fourth quarter and full-year 2022; our belief that the presentation of non-GAAP financial measures and other business metrics is helpful to our investors; our ability to move quickly to make transformations necessary for our business to achieve long-term goals; and the impact of macro-level issues on our industry, business and financial results, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “estimate,” “expect,” “guide,” “intend,” “likely,” “may,” “will” and similar expressions and their negatives are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of risks and uncertainties, including, without limitation, risks related to: our growth and ability to grow our revenue; our relationships with dealers; competition in the markets in which we operate; market growth; our ability to innovate; our ability to realize benefits from our acquisitions and successfully implement the integration strategies in connection therewith; natural disasters, epidemics or pandemics, like COVID-19 that has negatively impacted our business; global supply chain challenges, the semiconductor chip shortage, increased inflation and interest rates, and other macroeconomic issues; the material weakness identified in our internal controls over financial reporting; changes in our key personnel; our ability to operate in compliance with applicable laws, as well as other risks and uncertainties as may be detailed from time to time in our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q and other reports we file with the Securities and Exchange Commission. Moreover, we operate in very competitive and rapidly changing environments. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, we cannot guarantee that future results, levels of activity, performance, achievements or events and circumstances reflected in the forward-looking statements will occur. We are under no duty to update any of these forward-looking statements after the date of this press release to conform these statements to actual results or revised expectations, except as required by law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.
Unaudited Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
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At |
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At |
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Assets |
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Current assets |
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Cash and cash equivalents |
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$ |
404,429 |
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$ |
231,944 |
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Investments |
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— |
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90,000 |
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Accounts receivable, net of allowance for doubtful accounts of $1,122 |
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120,059 |
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189,324 |
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Inventory |
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28,166 |
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19,656 |
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Prepaid expenses, prepaid income taxes and other current assets |
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29,647 |
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16,430 |
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Deferred contract costs |
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8,039 |
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9,045 |
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Restricted cash |
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13,506 |
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6,709 |
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Total current assets |
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603,846 |
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563,108 |
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Property and equipment, net |
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36,833 |
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32,210 |
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Intangible assets, net |
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60,535 |
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83,915 |
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Goodwill |
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156,216 |
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158,287 |
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Operating lease right-of-use assets |
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55,793 |
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60,609 |
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Restricted cash |
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9,376 |
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9,627 |
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Deferred tax assets |
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44,008 |
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13,378 |
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Deferred contract costs, net of current portion |
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7,298 |
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5,867 |
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Other non-current assets |
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8,950 |
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4,573 |
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Total assets |
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$ |
982,855 |
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$ |
931,574 |
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Liabilities, redeemable noncontrolling interest and stockholders’ equity |
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Current liabilities |
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Accounts payable |
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$ |
67,149 |
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$ |
66,153 |
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Accrued expenses, accrued income taxes and other current liabilities |
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56,970 |
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78,586 |
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Deferred revenue |
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12,737 |
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12,784 |
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Operating lease liabilities |
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12,025 |
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13,186 |
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Total current liabilities |
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148,881 |
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170,709 |
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Operating lease liabilities |
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52,942 |
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57,519 |
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Deferred tax liabilities |
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23 |
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58 |
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Other non–current liabilities |
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30,466 |
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23,639 |
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Total liabilities |
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232,312 |
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251,925 |
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Redeemable noncontrolling interest |
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172,612 |
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162,808 |
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Stockholders’ equity: |
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Preferred stock, $0.001 par value; 10,000,000 shares authorized; |
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— |
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— |
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Class A common stock, $0.001 par value per share; 500,000,000 shares |
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103 |
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102 |
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Class B common stock, $0.001 par value per share; 100,000,000 shares |
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16 |
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16 |
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Additional paid-in capital |
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418,013 |
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387,868 |
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Retained earnings |
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163,796 |
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129,258 |
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Accumulated other comprehensive loss |
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(3,997 |
) |
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(403 |
) |
Total stockholders’ equity |
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577,931 |
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|
516,841 |
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Total liabilities, redeemable noncontrolling interest and stockholders’ equity |
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$ |
982,855 |
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$ |
931,574 |
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Unaudited Condensed Consolidated Income Statements
(in thousands, except share and per share data)
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2022 |
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2021 |
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2022 |
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2021 |
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Revenue |
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Marketplace |
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$ |
165,309 |
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$ |
159,925 |
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$ |
492,524 |
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$ |
476,183 |
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Wholesale |
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47,045 |
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45,215 |
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|
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213,976 |
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|
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112,532 |
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Product |
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214,100 |
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17,775 |
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661,791 |
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23,316 |
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Total revenue |
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426,454 |
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222,915 |
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1,368,291 |
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612,031 |
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Cost of revenue (1) |
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Marketplace |
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14,956 |
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11,687 |
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40,422 |
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33,986 |
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Wholesale |
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41,789 |
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28,992 |
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146,489 |
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75,344 |
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Product |
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218,924 |
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19,354 |
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660,869 |
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|
25,078 |
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Total cost of revenue |
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275,669 |
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60,033 |
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847,780 |
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134,408 |
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Gross profit |
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150,785 |
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162,882 |
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520,511 |
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477,623 |
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Operating expenses: |
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Sales and marketing |
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83,319 |
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66,626 |
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266,505 |
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|
200,935 |
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Product, technology, and development |
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30,208 |
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26,539 |
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|
92,215 |
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|
|
79,333 |
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General and administrative |
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|
4,760 |
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|
|
20,414 |
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|
71,395 |
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|
|
67,095 |
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Depreciation and amortization |
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|
3,842 |
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|
9,227 |
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11,539 |
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|
25,916 |
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Total operating expenses |
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|
122,129 |
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|
122,806 |
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|
441,654 |
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|
373,279 |
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Income from operations |
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28,656 |
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|
|
40,076 |
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|
78,857 |
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|
|
104,344 |
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Other income (expense), net |
|
|
200 |
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|
143 |
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(75 |
) |
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|
426 |
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Income before income taxes |
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|
28,856 |
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|
40,219 |
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|
78,782 |
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|
|
104,770 |
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Provision for income taxes |
|
|
10,032 |
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|
10,952 |
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|
23,059 |
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|
28,556 |
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Consolidated net income |
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18,824 |
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|
29,267 |
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|
55,723 |
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|
76,214 |
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Net (loss) income attributable to redeemable noncontrolling interest |
|
|
(1,576 |
) |
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|
68 |
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(3,871 |
) |
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|
(3,398 |
) |
Net income attributable to CarGurus, Inc. |
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|
20,400 |
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|
29,199 |
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|
59,594 |
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|
79,612 |
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Accretion of redeemable noncontrolling interest to redemption value |
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|
(86,564 |
) |
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|
— |
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|
25,056 |
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|
|
— |
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Net income attributable to common stockholders |
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$ |
106,964 |
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|
$ |
29,199 |
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|
$ |
34,538 |
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|
$ |
79,612 |
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Basic |
|
$ |
0.90 |
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|
$ |
0.25 |
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|
$ |
0.29 |
|
|
$ |
0.68 |
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Diluted |
|
$ |
0.14 |
|
|
$ |
0.24 |
|
|
$ |
0.28 |
|
|
$ |
0.66 |
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Weighted-average number of shares of common stock used in |
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|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
118,683,642 |
|
|
|
117,412,164 |
|
|
|
118,370,925 |
|
|
|
116,955,188 |
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Diluted |
|
|
132,243,636 |
|
|
|
120,438,373 |
|
|
|
122,159,270 |
|
|
|
119,051,228 |
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(1) Includes depreciation and amortization expense for the three months ended September 30, 2022 and 2021 and for the nine months September 30, 2022 and 2021 of $7,341, $1,429, $22,063, and $3,571, respectively. |
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Unaudited Condensed Consolidated Statements of Cash Flows
(in thousands)
|
|
Three Months Ended |
|
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Nine Months Ended |
|
||||||||||
|
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September 30, |
|
|
September 30, |
|
||||||||||
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
Operating Activities |
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|
|
|
|
|
|
|
|
|
|
|
||||
Consolidated net income |
|
$ |
18,824 |
|
|
$ |
29,267 |
|
|
$ |
55,723 |
|
|
$ |
76,214 |
|
Adjustments to reconcile consolidated net income to net cash provided |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization |
|
|
11,183 |
|
|
|
10,656 |
|
|
|
33,602 |
|
|
|
29,487 |
|
Currency loss (gain) on foreign denominated transactions |
|
|
263 |
|
|
|
(42 |
) |
|
|
617 |
|
|
|
(72 |
) |
Deferred taxes |
|
|
(7,201 |
) |
|
|
3,438 |
|
|
|
(30,665 |
) |
|
|
5,774 |
|
Provision for doubtful accounts |
|
|
430 |
|
|
|
277 |
|
|
|
1,129 |
|
|
|
727 |
|
Stock-based compensation expense |
|
|
13,971 |
|
|
|
13,804 |
|
|
|
41,550 |
|
|
|
42,551 |
|
Amortization of deferred financing costs |
|
|
7 |
|
|
|
— |
|
|
|
7 |
|
|
|
— |
|
Amortization of deferred contract costs |
|
|
2,768 |
|
|
|
3,189 |
|
|
|
8,332 |
|
|
|
9,643 |
|
Impairment of website development costs |
|
|
— |
|
|
|
2,351 |
|
|
|
— |
|
|
|
2,351 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Accounts receivable, net |
|
|
75,506 |
|
|
|
(3,613 |
) |
|
|
63,484 |
|
|
|
(51,595 |
) |
Inventory |
|
|
(6,482 |
) |
|
|
(1,524 |
) |
|
|
(8,510 |
) |
|
|
(4,057 |
) |
Prepaid expenses, prepaid income taxes, and other assets |
|
|
(4,241 |
) |
|
|
(1,485 |
) |
|
|
(14,675 |
) |
|
|
(2,970 |
) |
Deferred contract costs |
|
|
(3,343 |
) |
|
|
(1,424 |
) |
|
|
(9,089 |
) |
|
|
(6,522 |
) |
Accounts payable |
|
|
(6,858 |
) |
|
|
9,215 |
|
|
|
1,310 |
|
|
|
24,548 |
|
Accrued expenses, accrued income taxes, and other liabilities |
|
|
(19,250 |
) |
|
|
(10,772 |
) |
|
|
18,924 |
|
|
|
4,808 |
|
Deferred revenue |
|
|
(2,322 |
) |
|
|
(599 |
) |
|
|
(20 |
) |
|
|
3,390 |
|
Lease obligations |
|
|
(47 |
) |
|
|
990 |
|
|
|
(916 |
) |
|
|
786 |
|
Net cash provided by operating activities |
|
|
73,208 |
|
|
|
53,728 |
|
|
|
160,803 |
|
|
|
135,063 |
|
Investing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Purchases of property and equipment |
|
|
(1,507 |
) |
|
|
(263 |
) |
|
|
(4,168 |
) |
|
|
(4,935 |
) |
Capitalization of website development costs |
|
|
(2,773 |
) |
|
|
(2,036 |
) |
|
|
(8,275 |
) |
|
|
(4,145 |
) |
Cash paid for acquisitions, net of cash acquired |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(64,273 |
) |
Investments in certificates of deposit |
|
|
— |
|
|
|
(45,000 |
) |
|
|
— |
|
|
|
(90,000 |
) |
Maturities of certificates of deposit |
|
|
30,000 |
|
|
|
40,000 |
|
|
|
90,000 |
|
|
|
100,000 |
|
Net cash provided by (used in) investing activities |
|
|
25,720 |
|
|
|
(7,299 |
) |
|
|
77,557 |
|
|
|
(63,353 |
) |
Financing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Proceeds from exercise of stock options |
|
|
14 |
|
|
|
139 |
|
|
|
719 |
|
|
|
537 |
|
Payment of finance lease obligations |
|
|
(16 |
) |
|
|
(16 |
) |
|
|
(51 |
) |
|
|
(29 |
) |
Payment of withholding taxes on net share settlement of equity awards |
|
|
(2,911 |
) |
|
|
(3,106 |
) |
|
|
(14,171 |
) |
|
|
(11,314 |
) |
Repayment of line of credit |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(14,250 |
) |
Payment of deferred financing costs |
|
|
(2,578 |
) |
|
|
— |
|
|
|
(2,578 |
) |
|
|
— |
|
Payment of tax distributions to redeemable noncontrolling interest holders |
|
|
(7,152 |
) |
|
|
— |
|
|
|
(19,843 |
) |
|
|
— |
|
Payments made to third-party payment processor |
|
|
(19,402 |
) |
|
|
— |
|
|
|
(21,765 |
) |
|
|
— |
|
Net cash used in financing activities |
|
|
(32,045 |
) |
|
|
(2,983 |
) |
|
|
(57,689 |
) |
|
|
(25,056 |
) |
Impact of foreign currency on cash, cash equivalents, and restricted cash |
|
|
(728 |
) |
|
|
(224 |
) |
|
|
(1,640 |
) |
|
|
(359 |
) |
Net increase in cash, cash equivalents, and restricted cash |
|
|
66,155 |
|
|
|
43,222 |
|
|
|
179,031 |
|
|
|
46,295 |
|
Cash, cash equivalents, and restricted cash at beginning of period |
|
|
361,156 |
|
|
|
203,999 |
|
|
|
248,280 |
|
|
|
200,926 |
|
Cash, cash equivalents, and restricted cash at end of period |
|
$ |
427,311 |
|
|
$ |
247,221 |
|
|
$ |
427,311 |
|
|
$ |
247,221 |
|
Unaudited Reconciliation of GAAP Operating Income to Non-GAAP Operating Income and GAAP Operating Margin to Non-GAAP Operating Margin
(in thousands, except percentages)
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
September 30, |
|
|
September 30, |
|
||||||||||
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
||||
GAAP operating income |
|
$ |
28,656 |
|
|
$ |
40,076 |
|
|
$ |
78,857 |
|
|
$ |
104,344 |
|
Stock-based compensation expense |
|
|
(6,946 |
) |
|
|
15,169 |
|
|
|
47,353 |
|
|
|
53,102 |
|
Amortization of intangible assets |
|
|
7,669 |
|
|
|
7,854 |
|
|
|
23,046 |
|
|
|
22,358 |
|
Acquisition-related expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
709 |
|
Non-GAAP operating income |
|
$ |
29,379 |
|
|
$ |
63,099 |
|
|
$ |
149,256 |
|
|
$ |
180,513 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
GAAP operating margin |
|
|
7 |
% |
|
|
18 |
% |
|
|
6 |
% |
|
|
17 |
% |
Non-GAAP operating margin |
|
|
7 |
% |
|
|
28 |
% |
|
|
11 |
% |
|
|
29 |
% |
Unaudited Reconciliation of GAAP Consolidated Net Income to Non-GAAP Consolidated Net Income and Non-GAAP Net Income Attributable to Common Stockholders
(in thousands, except per share data)
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
September 30, |
|
|
September 30, |
|
||||||||||
|
|
2022 |
|
|
2021(1) |
|
|
2022 |
|
|
2021(1) |
|
||||
GAAP consolidated net income |
|
$ |
18,824 |
|
|
$ |
29,267 |
|
|
$ |
55,723 |
|
|
$ |
76,214 |
|
Stock-based compensation expense |
|
|
(6,946 |
) |
|
|
15,169 |
|
|
|
47,353 |
|
|
|
53,102 |
|
Amortization of intangible assets |
|
|
7,669 |
|
|
|
7,854 |
|
|
|
23,046 |
|
|
|
22,358 |
|
Acquisition-related expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
709 |
|
Income tax effects and adjustments |
|
|
1,207 |
|
|
|
(6,135 |
) |
|
|
(14,154 |
) |
|
|
(17,728 |
) |
Non-GAAP consolidated net income |
|
|
20,754 |
|
|
|
46,155 |
|
|
|
111,968 |
|
|
|
134,655 |
|
Non-GAAP net loss (income) attributable to redeemable noncontrolling interest |
|
|
6,570 |
|
|
|
(3,259 |
) |
|
|
(7,182 |
) |
|
|
(8,068 |
) |
Non-GAAP net income attributable to common stockholders |
|
$ |
27,324 |
|
|
$ |
42,896 |
|
|
$ |
104,786 |
|
|
$ |
126,587 |
|
Non-GAAP net income per share attributable to common stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
0.23 |
|
|
$ |
0.37 |
|
|
$ |
0.89 |
|
||||