Cars.com 2025年度报告

2025 AT A GLANCE .H\)LQDQFLDO0HDVXUHV Revenue Achieved record full year revenue,driven by Dealer revenue growth +1% YoY Adjusted EBITDA1Adjusted EBITDA Margin$211MM29.2% $152MM Operating Cash FlowStrong cash generation supported return ofcapital through repurchase of 7.1 million shares .H\2SHUDWLQJ0HWULFV Average Monthly Unique Visitors (UVs) 25.7MM Attracted record number of average monthlyUVs in Q1 2025 from strong consumer demand 627MM 7UDIɫF Average Revenue Per Dealer $2,460 Dealer CustomersMarketplace subscriber growth droveoverall dealer customer growth for the year Dear Shareholders, For over two decades, Cars.com has been synonymous withautomotive retail. Our pioneering online marketplace led the digitaltransformation of car shopping. We subsequently built a multiyeartrack record as the most recognized automotive marketplace in theUS. In today’s noisy information landscape, our operating ethos oftrust and transparency is more relevant than ever. This was highlightedin 2025 as tariffs and other forces motivated a record 29 million visitorsin Q1 to utilize Cars.com - a reminder of our ability to influence one ofthe biggest consumer purchases powering the US economy. With ourstrong brand, differentiated product suite, and unique data vantagepoint across the end-to-end car buying process, we are poised for thenext chapter of marketplace-led growth. Tobias Hartmann Chief ExecutiveOfficer Scott E. ForbesChairman of the Board Marketplace is our core In 2025, we made solid progress in strengthening the core Cars.com marketplace. We addedover 300 total dealer customers for the year, with marketplace subscribers accounting for over80% of this growth. We also drove over 625 million total visits to Cars.com properties for thesecond consecutive year. The majority of our traffic remains organic, a testament to our strongbrand and reach. Despite the advent of AI, automotive remains a complex industry where car shoppers seekvertical expertise from trusted third parties. Our data, editorial content, and brand authorityhave been critical in helping us adapt to changing consumer search preferences. Cars.comis consistently the most cited public automotive marketplace across AI tools like Google AIOverviews and ChatGPT. By creating additional targeted content and thoughtfully workingwith leading LLMs, we will continue to elevate the discoverability of our marketplace to enrichthe overall consumer car shopping journey. We are also developing native AI features to guide consumers from uncertainty to confidence.Carson, Cars.com’s AI search assistant, already powers over 15% of searches on web and mobiletoday. Carson shoppers submit 2X more leads and save 4x more vehicles to revisit, a sure signthat we’re fueling deeper consumer engagement. Overall, we continue to see evidence that at least 30% of our customers’ vehicle sales areinfluenced by Cars.com, resulting in meaningful and tangible returns for marketplace participants.There is ample opportunity to drive further innovation and build our platform value as we facilitatetransactions and deliver sustainable, product-led growth. Driving the marketplace flywheel in 2026 Looking ahead, our goal is to accelerate the marketplace flywheel with focused execution in2026. First, we will attract and harness more vehicle inventory to grow our consumer audience.We believe more inventory is a necessary precondition to creating positive flywheel effects.Second, product innovation will focus on interconnectivity that delivers the best user experienceacross our total platform. Existing assets like AccuTrade will be synergized into an end-to-endvalue proposition and new products will be designed with integration expressly in mind. Third,we will infuse every part of the business with unique and proprietary data insights. And fourth,we intend to leverage our strong brand to build even more trust and drive scale and engagement.A well-oiled marketplace flywheel will therefore serve as the growth engine for the total platform. Record financial performance Altogether, in 2025 we managed through early challenges to achieve record annual revenueof $723 million, up 1% year-over-year. The path to top-line growth relied on both volume andvalue levers, and we were pleased to see both improve throughout the year. Profitability and cash generation also remained steady. Full year Adjusted EBITDA margin of29.2% was within our range of expectations and Adjusted EBITDA dollars grew 1% year over year. We delivered another year of strong Adjusted EBITDA to free cash flow conversion of roughly60%, which translated to free cash flow of $126 million. Strong return of capital resulted in $86million of share buybacks, up 75% year-over-year and at the high end of our targeted $70 millionto $90 million range. In total, we retired roughly 9% of outstanding shares in 2025, more thanoffsetting dilution to enhance long-term shareholder value. Road ahead We are operating in a growin