CARG CarGurus, Inc.

Did the company actually spend money buying back stock in 3+ of the last 4 quarters?

Bought back stock in 4/4 quarters. Q3 2025: $4M, Q2 2025: $65M, Q1 2025: $77M, Q3 2023: $16M

Is the most recent quarter's buyback spend more than 15% above the trailing average?

Latest quarter $4M vs trailing avg $53M (-93%)

What percentage of free cash flow is going to buybacks? Bull: 30-80%. Bear: <10% or >80%.

Negative FCF ($-121M), cannot compute buyback ratio

How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.

Missing shares repurchased or outstanding data

Are officers and directors buying stock with their own money on the open market?

No insider open-market purchases in the last 12 months

Are insider purchases happening during the same quarters the company is actively buying back stock?

Need both buyback and insider purchase data

Looking at all open-market transactions, are insiders net buyers or net sellers?

Insiders bought $0M, sold $3M (net selling)

Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.

Company buying back stock while insiders sold 3287534.1x more than bought. 4 C-suite officers among sellers

• Hanson Jennifer Ladd (Chief People Officer) sold 2,358 shares on 2025-12-31
• Trevisan Jason (Chief Executive Officer) sold 8,452 shares on 2025-12-22
• Trevisan Jason (Chief Executive Officer) sold 16,548 shares on 2025-12-23
• Zales Samuel (COO and President) sold 10,000 shares on 2025-12-16
• Trevisan Jason (Chief Executive Officer) sold 20,000 shares on 2025-12-09
• Sarnoff Dafna (Chief Marketing Officer) sold 1,346 shares on 2025-12-02
• Trevisan Jason (Chief Executive Officer) sold 15,000 shares on 2025-11-11
• Zales Samuel (COO and President) sold 10,000 shares on 2025-11-03