The following is a summary of the Cars.com Inc. (CARS) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Cars.com Q4 2023 revenue was at $180 million, showing a year-over-year increase of 7%.

• The dealer revenue increased by 8% to $161 million, while OEM and National revenue also rose by 8% to $15 million.

• Full-year revenue reached $689 million, a year-over-year growth of 5%.

• Dealer revenue increased 7% to $622 million, while OEM and National revenue reduced by 5% to $56 million.

• The net income for the year-end was a stunning $118 million, compared to the $17 million from the previous year.

• Their liquidity stands at $234 million, while the outstanding share repurchase authorization is at $120 million.

Business Progress:

• Cars.com undertook several strategic initiatives in 2023, including uniting their B2B brands under Cars Commerce to streamline business processes.

• Notable geographical expansion into Canada through the acquisition of D2C Media.

• The launch of new marketplace subscription packages received an enthusiastic response, with nearly 70% of repackaged customers opting for a higher tier.

• The newly launched 'Your Garage' feature is supporting consumers in managing real-time trade-in values of their cars.

• AccuTrade's selection by FordDirect predicts accelerated sales rates for Ford dealers.

• The company's growth plan for 2024 includes increasing audience engagement, cross-selling their solutions, creating seamless experiences for OEMs, and continuous platform innovations.

More details: Cars.com IR

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