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Third Quarter and 2024 Outlook
Third quarter revenue is expected to be between $178.0 million and $181.0 million, representing year-over-year growth of 2% to 4%. Dealer revenue is expected to grow year-over-year, reflecting greater adoption of the Cars Commerce suite of products, including D2C. Dealer revenue assumptions also include the disruptive impact to June and July sales and product launches from the industry-wide CDK cyber incident, as well as lower than expected AccuTrade Connected subscriptions. OEM and National revenue is expected to grow year-over-year, reflecting increased OEM demand for marketing and advertising solutions to raise consumer awareness amid growing vehicle inventory levels and new model launches.
Adjusted EBITDA margin for the third quarter is expected to be between 26.5% and 28.5%. This range reflects third quarter revenue guidance and continuing investments in support of product-led growth.
The Company is revising its fiscal year 2024 revenue growth outlook to a range of 4.5% to 5.5%, compared to the previous range of 6.0% to 8.0% that was initially provided in its earnings release on February 22, 2024. This updated range reflects year-to-date performance and current business trends, including a slower anticipated pace of subscription adoption for the AccuTrade Connected product, and negative impact from delayed subscription revenues and product launches following the industry-wide CDK cyber incident.
For fiscal year 2024, the Company is reaffirming Adjusted EBITDA margin outlook of 28.0% to 30.0%, and expects disciplined cost management to continue delivering strong operating leverage for the remainder of the year.
Posted In: CARS
