Cars reports fourth quarter and full year 2022 results
Exceeded fourth quarter revenue guidance realized meaningful revenue growth and arpd from dealer solutions generated $129mm of operating cash flow, driving financial flexibility chicago , feb. 23, 2023 /prnewswire/ -- cars.com inc. (nyse: cars) ("cars" or the "company"), the leading digital automotive platform that provides a robust set of digital solutions, today released its financial results for the fourth quarter and year ended december 31, 2022. q4 2022 financial and key metric highlights revenue of $168.2 million, up $9.9 million, or 6% year-over-year net income of $10.3 million, or $0.15 per diluted share, compared to net loss of $2.9 million, or ($0.04) per diluted share, in the prior year adjusted ebitda of $49.5 million, or 29% of revenue, up $2.7 million year-over-year average monthly unique visitors ("uvs") of 24.6 million, up 5% year-over-year traffic ("visits") of 140.4 million, up 5% year-over-year monthly average revenue per dealer ("arpd") of $2,361, up $28 from the prior year period dealer customers of 19,506 as of december 31, 2022, 79 lower compared to 19,585 as of september 30, 2022 and 327 higher compared to the prior year 2022 full-year financial and key metric highlights revenue of $653.9 million, up $30.2 million, or 5% year-over-year net income of $17.2 million, or $0.25 per diluted share, compared to net income 1 of $10.8 million, or $0.15 per diluted share, in the prior year adjusted ebitda of $186.7 million, or 29% of revenue, compared to $189.2 million, or 30% of revenue in the prior year net cash provided by operating activities of $128.5 million, compared to $138.0 million in the prior year, with free cash flow of $108.8 million, compared to $118.8 million in the prior year uvs of 26.4 million, up 5% year-over-year traffic of 587.4 million, down 1% year-over-year operational highlights generated strong operating cash flow enabling the company to paydown $41.3 million of debt, bringing total net leverage to 2.4x, and returned capital to its shareholders by repurchasing 4.2 million shares for $49.0 million grew dealer inspire website customers by more than 700, ending the year with 6,050 strengthened the cars platform with the launch of accu-trade connected, ending the year with over 500 dealer customers into this solution "2022 marked a strong year of growth for our business as we helped consumers, dealers, oems and lenders in an environment that challenged many," said alex vetter, chief executive officer of cars.
