Cars.com 2024年度报告

.H\)LQDQFLDO0HDVXUHV Revenue Revenue grew year-over-year each quarter, yielding record annual revenue Adjusted EBITDA1Adjusted EBITDA margin $153MM 1HW&DVK3URYLGHGE\2SHUDWLQJ$FWLYLWLHV Robust cash generation enabled Cars Commerce to make growthinvestments and repurchase 2.8MM shares while also reducing leverage .H\2SHUDWLQJ0HWULFV Average Monthly Unique Visitors 25.5MM 7UDIILF Cars.com’s strong brand enable_it to generate 61% of traffic throughorganic channels+2% YoY 'HDOHU&XVWRPHUV 19,206 $53' $2,483 B[opBljj`o^`mh[qaloj[k_plhrqelkpmolse_`_ol]rpqs[hr`alo^rpqlj`op To Our Fellow Shareholders, 2024 marked a year of solid commercial and financial progress for Cars Commerce. Our relentlessfocus on simplifying car buying and selling drove both revenue and profitability growth as wecontinued to lead the digital transformation of the retail experience and dealership operations ina rapidly evolving automotive landscape. Over 19,000 dealerships in the US and Canada relied on our unified platform for advancedenterprise software and subscription solutions across marketing, advertising, digital experience,appraisal, and now wholesale capabilities. For consumers, we remained the #1 most recognizedautomotive marketplace, a testament to the enduring 25-year-plus strength of Cars.com andour unparalleled brand equity for millions of car shoppers and enthusiasts alike. Based on thisperformance, we extended our track record to seventeen consecutive quarters of year-over-year top-line growth through the end of 2024, displaying both consistent execution and industryleadership. When combined with our asset-light and free cash flow generative operating model,our growth supported investments that furthered our innovation roadmap while also enabling usto efficiently return nearly $50 million to shareholders in the form of share repurchases. Looking ahead, we see compelling opportunities to accelerate growth through our uniquecombination of software-led B2B enablement coupled with our leading B2C automotivemarketplace, in service of creating sustainable long-term value for all stakeholders. Year in Review Our technology sits at a critical intersection between dealers, consumers, and OEMs, fuelingdigital connectivity that is foundational to the future growth of the $800 billion1US and Canadianautomotive market. While shifting market conditions throughout the year required us to executewith flexibility and agility, we nonetheless produced our best year yet of revenue as well as strongoperating leverage. Full year 2024 revenue of $719 million was up 4.3% year-over-year and set a new record. Doubledigit growth in higher margin OEM and National business was particularly robust, demonstratingautomakers’ strong affinity for our marketplace and our ability to outperform in a normalizingvehicle inventory environment. Our Dealer business, representing approximately 90% of totalrevenue, also grew a healthy 3.1% year-over-year from improved product adoption across thebreadth of our marketplace and media, websites, and appraisal portfolio. Average monthlyrevenue per dealer of $2,483 reflected resilient value delivery even as our customers’ lowerper-vehicle profitability temporarily constrained their budgets and our customer count growthfor the year. We took swift action to address this near-term volume softness, delivering evergreen sales and marketing efficiencies that boosted Adjusted EBITDA to $210 million, representingAdjusted EBITDA margin of 29.2%, or a 90 basis point improvement versus a year ago. Resultingfree cash flow of $128 million reached its highest level since 2018, further underscoring ourdisciplined execution and the financial durability of our business. We operate with a long-term perspective, positioning ourselves to capitalize on secular growthtrends driving automotive digitization. Relentless innovation is a hallmark of our product andengineering teams, who develop, test, and launch best-in-class solutions that increasingly embedus into dealership operations as an essential and trusted technology and data partner. Importantproduct highlights in the past year include: • VIN Performance Media, our omnichannel VIN-based solution that improves advertising ROIby amplifying visibility of aged vehicle inventory to increase turn rates, has grown its customerbase by more than 4x since launching in early 2024. • D2C became the #1 franchise dealer website provider in Canada during Q3, surpassingthe competition with superior technical infrastructure, enhanced website performance andan industry-leading service model. • AccuTrade, our differentiated valuation and appraisal solution, is now deployed in over1,000 dealerships, leveraging our real-time data insights and market intelligence to delightconsumers, increase trade-in volume, and unlock incremental profitability. AccuTrade wonmore than ten new OEM endorsements in 2024 and early 2025, solidifying a long runwayfor future subscription grow