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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenue:        
Total revenue $ 168,176 $ 162,873 $ 335,244 $ 321,080
Operating expenses:        
Cost of revenue and operations 30,415 29,504 60,210 57,256
Product and technology 24,956 23,117 49,057 44,424
Marketing and sales 58,153 54,655 116,450 111,749
General and administrative 17,649 17,211 35,953 33,771
Depreciation and amortization 24,669 23,001 48,711 47,554
Total operating expenses 155,842 147,488 310,381 294,754
Operating income 12,334 15,385 24,863 26,326
Nonoperating expense:        
Interest expense, net (8,150) (9,047) (16,394) (18,377)
Other (expense) income, net (3,133) (54) 5,106 154
Total nonoperating expense, net (11,283) (9,101) (11,288) (18,223)
Income before income taxes 1,051 6,284 13,575 8,103
Income tax (benefit) expense (93,075) 739 (92,030) (1,782)
Net income [1] $ 94,126 $ 5,545 $ 105,605 $ 9,885
Weighted-average common shares outstanding:        
Basic 66,762 69,194 66,646 69,329
Diluted 68,493 70,257 68,118 70,505
Earnings per share:        
Basic [1] $ 1.41 $ 0.08 $ 1.58 $ 0.14
Diluted [1] $ 1.37 $ 0.08 $ 1.55 $ 0.14
Dealer        
Revenue:        
Total revenue $ 153,309 $ 143,987 $ 303,152 $ 284,403
OEM and National        
Revenue:        
Total revenue 12,402 14,144 25,945 29,318
Other        
Revenue:        
Total revenue $ 2,465 $ 4,742 $ 6,147 $ 7,359
[1] The increase in Net income, and basic and diluted earnings per share for the three and six months ended June 30, 2023 is primarily related to the release of a significant portion of the Company's valuation allowance for deferred tax assets that had been recorded as a result of the 2020 goodwill and intangible asset impairment. For more information, see Note 11 (Income Taxes).