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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