Cars.com (CARS) 10-Q 6 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Oct. 31, 2019
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Trading Symbol	CARS
Document Fiscal Period Focus	Q3
Entity Registrant Name	Cars.com Inc.
Entity Central Index Key	0001683606
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-37869
Entity Tax Identification Number	81-3693660
Entity Address, Address Line One	300 S. Riverside Plaza
Entity Address, Address Line Two	Suite 1000
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60606
City Area Code	312
Local Phone Number	601-5000
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock
Security Exchange Name	NYSE
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock Shares Outstanding		66,762,203

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 19,773	$ 25,463
Accounts receivable, net	101,782	108,921
Prepaid expenses	7,592	9,264
Other current assets	425	10,289
Total current assets	129,572	153,937
Property and equipment, net	42,857	41,482
Goodwill	505,885	884,449
Intangible assets, net	1,354,777	1,510,410
Investments and other assets	26,788	10,271
Total assets	2,059,879	2,600,549
Current liabilities:
Accounts payable	6,280	11,631
Accrued compensation	14,588	16,821
Unfavorable contracts liability	0	18,885
Current portion of long-term debt	32,518	26,853
Other accrued liabilities	68,419	36,520
Total current liabilities	121,805	110,710
Noncurrent liabilities:
Long-term debt	630,913	665,306
Deferred tax liability	125,175	177,916
Other noncurrent liabilities	40,501	19,694
Total noncurrent liabilities	796,589	862,916
Total liabilities	918,394	973,626
Commitments and contingencies
Stockholders' equity:
Preferred Stock at par, $0.01 par value; 5,000 shares authorized; no shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively
Common Stock at par, $0.01 par value; 300,000 shares authorized; 66,678 and 68,262 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively	667	683
Additional paid-in capital	1,512,713	1,508,001
(Accumulated deficit) retained earnings	(362,957)	118,239
Accumulated other comprehensive loss	(8,938)	0
Total stockholders' equity	1,141,485	1,626,923
Total liabilities and stockholders' equity	$ 2,059,879	$ 2,600,549

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2019	Dec. 31, 2018
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	66,678,000	68,262,000
Common stock, shares outstanding	66,678,000	68,262,000

Consolidated Statements of (Los

Consolidated Statements of (Loss) Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenue:
Total revenue	$ 152,090	$ 169,312	$ 454,495	$ 497,781
Operating expenses:
Cost of revenue and operations	25,089	23,808	74,987	64,293
Product and technology	14,923	15,616	48,125	51,215
Marketing and sales	50,789	55,825	164,872	180,168
General and administrative	13,414	15,131	59,265	53,704
Affiliate revenue share	5,158	4,097	9,788	11,193
Depreciation and amortization	28,970	26,504	86,761	77,154
Goodwill and intangible asset impairment	461,463	0	461,463	0
Total operating expenses	599,806	140,981	905,261	437,727
Operating (loss) income	(447,716)	28,331	(450,766)	60,054
Nonoperating (expense) income:
Interest expense, net	(7,712)	(7,005)	(22,989)	(20,305)
Other income, net	1,402	65	1,530	76
Total nonoperating expense, net	(6,310)	(6,940)	(21,459)	(20,229)
(Loss) income before income taxes	(454,026)	21,391	(472,225)	39,825
Income tax (benefit) expense	(27,869)	5,594	(31,011)	10,373
Net (loss) income	$ (426,157)	$ 15,797	$ (441,214)	$ 29,452
Weighted-average common shares outstanding:
Basic	66,769	69,652	67,043	70,900
Diluted	66,769	70,029	67,043	71,153
(Loss) earnings per share:
Basic	$ (6.38)	$ 0.23	$ (6.58)	$ 0.42
Diluted	$ (6.38)	$ 0.23	$ (6.58)	$ 0.41
Retail
Revenue:
Total revenue	$ 146,681	$ 151,627	$ 420,129	$ 430,828
Wholesale
Revenue:
Total revenue	$ 5,409	$ 17,685	$ 34,366	$ 66,953

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands		Total	Preferred Stock	Common Stock	Additional Paid-In Capital	(Accumulated Deficit) Retained Earnings	Accumulated Other Comprehensive Loss
Balance at Dec. 31, 2017		$ 1,679,128	$ 0	$ 716	$ 1,501,830	$ 176,582	$ 0
Balance, Shares at Dec. 31, 2017			0	71,628
Net (loss) income		929	$ 0	$ 0	0	929	0
Repurchases of common stock		0	0	$ 0	0	0	0
Repurchases of common stock, Shares				0
Shares issued in connection with stock-based compensation plans, net		(617)	0	$ 1	(618)	0	0
Shares issued in connection with stock-based compensation plans, net, Shares				62
Stock-based compensation		1,600	0	$ 0	1,600	0	0
Transactions with TEGNA, net	[1]	(2,683)	0	$ 2	(2,685)	0	0
Transactions with TEGNA, net, Shares	[1]			175
Balance at Mar. 31, 2018		1,678,357	$ 0	$ 719	1,500,127	177,511	0
Balance, Shares at Mar. 31, 2018			0	71,865
Balance at Dec. 31, 2017		1,679,128	$ 0	$ 716	1,501,830	176,582	0
Balance, Shares at Dec. 31, 2017			0	71,628
Net (loss) income		29,452
Balance at Sep. 30, 2018		1,634,843	$ 0	$ 689	1,505,279	128,875	0
Balance, Shares at Sep. 30, 2018			0	68,926
Balance at Mar. 31, 2018		1,678,357	$ 0	$ 719	1,500,127	177,511	0
Balance, Shares at Mar. 31, 2018			0	71,865
Net (loss) income		12,726	$ 0	$ 0	0	12,726	0
Repurchases of common stock		(50,000)	0	$ (20)	0	(49,980)	0
Repurchases of common stock, Shares				(2,013)
Shares issued in connection with stock-based compensation plans, net		142	0	$ 0	142	0	0
Shares issued in connection with stock-based compensation plans, net, Shares				21
Stock-based compensation		2,876	0	$ 0	2,876	0	0
Transactions with TEGNA, net	[1]	0	0	$ 0	0	0	0
Transactions with TEGNA, net, Shares	[1]			23
Balance at Jun. 30, 2018		1,644,101	$ 0	$ 699	1,503,145	140,257	0
Balance, Shares at Jun. 30, 2018			0	69,896
Net (loss) income		15,797	$ 0	$ 0	0	15,797	0
Other comprehensive loss, net		0	0	0	0	0
Repurchases of common stock		(27,189)	0	$ (10)	0	(27,179)	0
Repurchases of common stock, Shares				(973)
Shares issued in connection with stock-based compensation plans, net		(2)	0	$ 0	(2)	0	0
Shares issued in connection with stock-based compensation plans, net, Shares				1
Stock-based compensation		3,019	0	$ 0	3,019	0	0
Transactions with TEGNA, net	[1]	(883)	0	$ 0	(883)	0	0
Transactions with TEGNA, net, Shares	[1]			2
Balance at Sep. 30, 2018		1,634,843	$ 0	$ 689	1,505,279	128,875	0
Balance, Shares at Sep. 30, 2018			0	68,926
Balance at Dec. 31, 2018		$ 1,626,923	$ 0	$ 683	1,508,001	118,239	0
Balance, Shares at Dec. 31, 2018		68,262	0	68,262
Net (loss) income		$ (9,031)	$ 0	$ 0	0	(9,031)	0
Other comprehensive loss, net		(7,279)	0	0	0	0	(7,279)
Repurchases of common stock		(20,000)	0	$ (9)	0	(19,991)	0
Repurchases of common stock, Shares				(881)
Shares issued in connection with stock-based compensation plans, net		(743)	0	$ 1	(744)	0	0
Shares issued in connection with stock-based compensation plans, net, Shares				62
Stock-based compensation		2,981	0	$ 0	2,981	0	0
Transactions with TEGNA, net	[1]	(181)	0	$ 0	(181)	0	0
Transactions with TEGNA, net, Shares	[1]			12
Balance at Mar. 31, 2019		1,592,670	$ 0	$ 675	1,510,057	89,217	(7,279)
Balance, Shares at Mar. 31, 2019			0	67,455
Balance at Dec. 31, 2018		$ 1,626,923	$ 0	$ 683	1,508,001	118,239	0
Balance, Shares at Dec. 31, 2018		68,262	0	68,262
Net (loss) income		$ (441,214)
Balance at Sep. 30, 2019		$ 1,141,485	$ 0	$ 667	1,512,713	(362,957)	(8,938)
Balance, Shares at Sep. 30, 2019		66,678		66,678
Balance at Mar. 31, 2019		$ 1,592,670	$ 0	$ 675	1,510,057	89,217	(7,279)
Balance, Shares at Mar. 31, 2019			0	67,455
Net (loss) income		(6,026)	$ 0	$ 0	0	(6,026)	0
Other comprehensive loss, net		(1,292)	0	0	0	0	(1,292)
Repurchases of common stock		(20,000)	0	$ (9)	0	(19,991)	0
Repurchases of common stock, Shares				(869)
Shares issued in connection with stock-based compensation plans, net		448	0	$ 1	447	0	0
Shares issued in connection with stock-based compensation plans, net, Shares				84
Stock-based compensation		3,348	0	$ 0	3,348	0	0
Transactions with TEGNA, net	[1]	0	0	$ 0	0	0	0
Transactions with TEGNA, net, Shares	[1]			2
Balance at Jun. 30, 2019		1,569,148	$ 0	$ 667	1,513,852	63,200	(8,571)
Balance, Shares at Jun. 30, 2019			0	66,672
Net (loss) income		(426,157)	$ 0	$ 0	0	(426,157)	0
Other comprehensive loss, net		(367)	0	0	0	0	(367)
Repurchases of common stock		0	0	$ 0	0	0	0
Repurchases of common stock, Shares				0
Shares issued in connection with stock-based compensation plans, net		(57)	0	$ 0	(57)	0	0
Shares issued in connection with stock-based compensation plans, net, Shares				6
Stock-based compensation		(1,071)	0	$ 0	(1,071)	0	0
Transactions with TEGNA, net	[1]	(11)	0	$ 0	(11)	0	0
Transactions with TEGNA, net, Shares	[1]			0
Balance at Sep. 30, 2019		$ 1,141,485	$ 0	$ 667	$ 1,512,713	$ (362,957)	$ (8,938)
Balance, Shares at Sep. 30, 2019		66,678		66,678
[1]	(1) As a result of the Separation, certain stock-based awards previously granted by TEGNA to its employees were converted into stock of both TEGNA and Cars.com. The Company is responsible for any employee payroll taxes related to awards settled in Cars.com common stock for which stock was withheld for payroll tax purposes.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement Of Income And Comprehensive Income [Abstract]
Net (loss) income	$ (426,157)	$ 15,797	$ (441,214)	$ 29,452
Other comprehensive loss, net of tax:
Interest rate swap	(367)	0	(8,938)	0
Total other comprehensive loss	(367)	0	(8,938)	0
Comprehensive (loss) income	$ (426,524)	$ 15,797	$ (450,152)	$ 29,452

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net (loss) income	$ (441,214)	$ 29,452
Adjustments to reconcile Net (loss) income to Net cash provided by operating activities:
Depreciation	13,427	9,195
Amortization of intangible assets	73,334	67,959
Amortization of unfavorable contracts liability	(18,885)	(18,900)
Goodwill and intangible asset impairment	461,463	0
Stock-based compensation	5,258	7,495
Deferred income taxes	(52,741)	7,137
Provision for doubtful accounts	3,844	3,451
Amortization of debt issuance costs	959	971
Other, net	411	762
Changes in operating assets and liabilities:
Accounts receivable	3,295	1,119
Prepaid expenses	1,672	66
Other current assets	9,992	330
Other assets	(16,517)	602
Accounts payable	(5,363)	(2,397)
Accrued compensation	(2,233)	(3,363)
Other accrued liabilities	28,627	18,306
Other noncurrent liabilities	15,221	(1,104)
Net cash provided by operating activities	80,550	121,081
Cash flows from investing activities:
Purchase of property and equipment	(15,409)	(9,966)
Payment for DI Acquisition, net	0	(157,153)
Other, net	(599)	0
Net cash used in investing activities	(16,008)	(167,119)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	10,000	195,000
Payments of long-term debt	(39,688)	(71,875)
Stock-based compensation plans, net	(352)	(477)
Repurchases of common stock	(40,000)	(76,681)
Transactions with TEGNA, net	(192)	(2,683)
Net cash (used in) provided by financing activities	(70,232)	43,284
Net decrease in cash and cash equivalents	(5,690)	(2,754)
Cash and cash equivalents at beginning of period	25,463	20,563
Cash and cash equivalents at end of period	19,773	17,809
Supplemental cash flow information:
Cash paid for income taxes, net of refunds	168	500
Cash paid for interest	$ 22,413	$ 19,472

Description of Business, Compan

Description of Business, Company History and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Description of Business, Company History and Summary of Significant Accounting Policies	NOTE 1. Description of Business, Company History and Summary of Significant Accounting Policies Description of Business. Cars.com Inc., (the “Company”) is a leading digital marketplace and solutions provider for the automotive industry that connects car shoppers with sellers. Through a portfolio of brands including Cars.com, Dealer Inspire and DealerRater, in addition to Auto.com, PickupTrucks.com and NewCars.com, the Company empowers shoppers with the data, resources and digital tools needed to make informed buying decisions and seamlessly connect with automotive retailers. In a rapidly changing market, the Company enables dealerships and manufacturers (“OEMs”) with innovative technical solutions and data-driven intelligence to better reach and influence ready-to-buy shoppers, increase inventory turn and gain market share. Company History. In May 2017, the Company separated from its former parent company, TEGNA Inc. (“TEGNA”) by means of a spin-off of a newly formed company, Cars.com Inc., which now owns TEGNA’s former digital automotive marketplace business (the “Separation”). On May 31, 2017, the Company made a $650.0 million cash transfer to TEGNA and TEGNA completed the Separation through a pro rata distribution to its stockholders of all of the outstanding shares of the Company’s common stock. The Company’s common stock began trading “regular way” on the New York Stock Exchange on June 1, 2017. In February 2018, the Company acquired all of the outstanding stock of Dealer Inspire Inc., an innovative technology leader providing progressive dealer websites, digital retailing and messaging platform products, and substantially all of the net assets of Launch Digital Marketing LLC, a provider of digital marketing services, including paid, organic, social and creative services (collectively, the “DI Acquisition”). The post-DI Acquisition business related to Dealer Inspire, Inc. and Launch Digital Marketing LLC is referred to collectively as “Dealer Inspire”. Basis of Presentation . These accompanying unaudited interim Consolidated Financial Statements (“Consolidated Financial Statements”) have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial statements. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. These Consolidated Financial Statements should be read in conjunction with the audited Consolidated and Combined Financial Statements and the notes thereto for the year ended December 31, 2018, which are included in the Company's Annual Report on Form 10-K dated February 28, 2019 (the “December 31, 2018 Financial Statements”). The significant accounting policies used in preparing these Consolidated Financial Statements were applied on a basis consistent with those reflected in the December 31, 2018 Financial Statements. In the opinion of management, the Consolidated Financial Statements contain all adjustments (consisting of a normal, recurring nature) necessary to present fairly the Company's financial position, results of operations, cash flows and changes in stockholders' equity as of the dates and for the periods indicated. The unaudited results of operations for the three and nine months ended September 30, 2019 are not necessarily indicative of results that may be expected for the year ending December 31, 2019. Use of Estimates. The preparation of the accompanying Consolidated Financial Statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect amounts reported in the Consolidated Financial Statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future, actual results may differ from those estimates. Principles of Consolidation . The accompanying Consolidated Financial Statements include the accounts of Cars.com Inc. and its 100% owned subsidiaries. All intercompany transactions and accounts are eliminated in consolidation. Reclassifications . Historically, certain costs related to severance, transformation and other exit costs; costs associated with a stockholder activist campaign; transaction-related costs; and the write-off of long-lived assets were reflected in various operating expense line items in the Consolidated Statements of (Loss) Income. Beginning on January 1, 2019, these costs are reflected within General and administrative expenses. Therefore, certain prior year balances have been reclassified to conform to the current year presentation and are summarized in the table below (in thousands). There is no change to Operating (loss) income as a result of these reclassifications. Three Months Ended September 30, 2018 As Reported Adjustments As Adjusted Cost of revenue and operations $ 24,034 $ (226 ) $ 23,808 Product and technology 15,918 (302 ) 15,616 Marketing and sales 56,083 (258 ) 55,825 General and administrative 14,345 786 15,131 Affiliate revenue share 4,097 — 4,097 Depreciation and amortization 26,504 — 26,504 Total operating expenses $ 140,981 $ — $ 140,981 Nine Months Ended September 30, 2018 As Reported Adjustments As Adjusted Cost of revenue and operations $ 65,924 $ (1,631 ) $ 64,293 Product and technology 56,202 (4,987 ) 51,215 Marketing and sales 181,645 (1,477 ) 180,168 General and administrative 45,609 8,095 53,704 Affiliate revenue share 11,193 — 11,193 Depreciation and amortization 77,154 — 77,154 Total operating expenses $ 437,727 $ — $ 437,727

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
New Accounting Pronouncements	NOTE 2. New Accounting Pronouncements Recently Issued Accounting Pronouncements Cloud Computing Arrangements. In August 2018, the FASB issued Accounting Standards Update (“ASU”) 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract , aligning the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs for internal-use software. The new guidance is effective for the Company on January 1, 2020 and early adoption is permitted. The Company is currently evaluating this new guidance and its impact on its Consolidated Financial Statements and related disclosures. Financial Instruments – Credit Losses. In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses changing the way credit losses on accounts receivable are estimated. Under current U.S. GAAP, credit losses on trade accounts receivable are recognized once it is probable that such losses will occur. Under this new guidance, the Company will be required to estimate credit losses based on the expected amount of future collections which may result in earlier recognition of allowance for doubtful accounts. The new guidance is effective for the Company on January 1, 2020 and will be adopted using a modified retrospective approach. The Company is currently evaluating this new guidance and its impact on its Consolidated Financial Statements and related disclosures. Recently Adopted Accounting Pronouncements Leases. In February 2016, the FASB issued ASU 2016-02, Leases (ASU 2016-02) in order to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under current U.S. GAAP. The new guidance requires a lessee to recognize a liability to make lease payments (the “lease liability”) and a right-of-use asset representing its right to use the underlying asset for the lease term on the balance sheet. The Company adopted ASU 2016-02 in the first quarter of 2019 utilizing the modified retrospective approach for leases existing at, or entered into after, the beginning of the first quarter of 2019 and did not recast the comparative periods presented in the Consolidated Financial Statements upon adoption. The Company elected the ‘package of practical expedients’ and did not reassess its prior conclusions about lease identification, lease classification and initial direct costs. The Company also elected the short-term lease recognition exemption for all leases that qualify and did not recognize right-of-use assets or lease liabilities for those leases. The Company’s lease agreements are principally related to real estate. The adoption of ASU 2016-02 resulted in the recognition of operating lease assets of $18.2 million and $35.0 million in operating lease liabilities on its Consolidated Balance Sheets. The difference between the operating lease assets and the operating lease liabilities is primarily due to a lease incentive received in 2017 related to the 300 South Riverside Lease in Chicago, Illinois. There was no material impact to its Consolidated Statements of (Loss) Income and Consolidated Statements of Cash Flows. For further information, see Note 12 (Leases).

Revenue

Revenue	9 Months Ended
	Sep. 30, 2019
Revenue From Contract With Customer [Abstract]
Revenue	NOTE 3. Revenue Revenue Summary . In the table below (in thousands), revenue is disaggregated by sales channel and major products and services. The Company only has one reportable segment; therefore, further disaggregation is not applicable at this time. Three Months Ended September 30, Nine Months Ended September 30, Sales channel 2019 2018 2019 2018 Direct $ 122,878 $ 119,510 $ 349,162 $ 336,521 National advertising 20,161 28,107 59,752 82,155 Other 3,642 4,010 11,215 12,152 Retail 146,681 151,627 420,129 430,828 Wholesale 5,409 17,685 34,366 66,953 Total revenue $ 152,090 $ 169,312 $ 454,495 $ 497,781 Major products and services Subscription advertising and digital solutions $ 119,495 $ 127,965 $ 357,256 $ 380,218 Display advertising 23,048 30,748 67,755 86,634 Pay per lead 6,720 7,933 21,267 22,968 Other 2,827 2,666 8,217 7,961 Total revenue $ 152,090 $ 169,312 $ 454,495 $ 497,781

Goodwill and Indefinite-lived I

Goodwill and Indefinite-lived Intangible Asset	9 Months Ended
	Sep. 30, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Indefinite-lived Intangible Asset	NOTE 4. Goodwill and Indefinite-lived Intangible Asset The changes in the carrying amount of goodwill and indefinite-lived intangible asset are as follows (in thousands): December 31, 2018 Additions Impairment Other September 30, 2019 Goodwill $ 884,449 $ — $ (379,163 ) $ 599 $ 505,885 Indefinite-lived intangible asset 872,320 — (82,300 ) — $ 790,020 Triggering Event and Impairment Assessment. The Company determined there was a triggering event, primarily caused by a sustained decrease in the Company's stock price after the completion of the strategic alternatives review process, and performed interim quantitative impairment tests as of September 1, 2019. The results of the goodwill and indefinite-lived intangible asset impairment tests indicated that the carrying values exceeded the estimated fair values and thus, the Company recorded an impairment of $379.2 million and $82.3 million related to its goodwill and indefinite-lived intangible asset, respectively. Goodwill. Goodwill represents the excess of acquisition cost over the fair value of assets acquired, including identifiable intangible assets, net of liabilities assumed. As of September 30, 2019, the substantial majority of the Company’s goodwill is the result of T EGNA’s 2014 acquisition of Cars.com and the remainder is the result the Company’s acquisition of DealerRater and the DI Acquisition. Goodwill is tested for impairment on an annual basis as of November 1 or between annual tests if events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount, such as in the quarter ended September 30, 2019. The level at which the Company tests goodwill for impairment requires the Company to determine whether the operations below the business segment level constitute a business for which discrete financial information is available and segment management regularly reviews the operating results. The Company has determined that it operates as a single reporting unit. The process of estimating the fair value of goodwill is subjective and requires the Company to make estimates that may significantly impact the outcome of the analysis. A qualitative assessment considers events and circumstances such as macroeconomic conditions, industry and market conditions, cost factors and overall financial performance, as well as company specifications. If after performing this assessment, we conclude it is more likely than not that the fair value of the reporting unit is less than its carrying amount, then the Company performs a quantitative test. Under a quantitative test, a goodwill impairment is identified by comparing the fair value of the reporting unit to the carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds the fair value of the reporting unit, goodwill is considered impaired and an impairment charge is recognized in an amount equal to the excess, not to exceed the carrying amount of goodwill. The Company estimates the fair value of the reporting unit by utilizing an income approach which uses a discounted cash flow (“DCF”) analysis and the Company also considered a market-based valuation methodology using comparable public company trading values. Determining fair value requires the exercise of significant judgments, including the amount and timing of expected future cash flows, long-term growth rates, the discount rate and relevant comparable public company earnings multiples. The cash flows employed in the DCF analysis are based on the Company’s best estimate of future sales, earnings and cash flows after considering factors such as general market conditions and recent operating performance. The discount rate utilized in the DCF analysis is based on the reporting unit’s weighted average cost of capital, which takes into account the relative weights of each component of capital structure (equity and debt) and represents the expected cost of new capital, adjusted as appropriate to consider the risk inherent in future cash flows of the reporting unit. Impairment assessment inherently involves management judgments regarding a number of assumptions described above. The reporting unit fair value also depends on the future strength of the U.S. economy. New and developing competition as well as technological change could also adversely affect future fair value estimates. Due to the many variables inherent in the estimation of a reporting unit’s fair value and the relative size of the recorded goodwill, differences in assumptions could have a material effect on the estimated fair values. Indefinite-lived Intangible Asset. The Company’s indefinite-lived intangible asset relates to the Cars.com trade name and resulted from TEGNA’s 2014 acquisition of Cars.com. Intangible assets with indefinite lives are tested annually as of November 1, or more often if circumstances dictate, such as in the quarter ended September 30, 2019, for impairment and written down to fair value as required. The estimates of fair value are determined using the “relief from royalty” methodology, which is a variation of the income approach. The discount rate assumption is based on an assessment of the risk inherent in the projected future cash flows generated by the trade name intangible asset.

Debt

Debt	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Debt	NOTE 5. Debt As of September 30, 2019, the Company was in compliance with the covenants under its credit agreement. Term Loan. As of September 30, 2019, the outstanding principal amount under the Term Loan was $396.6 million and the interest rate in effect was 4.5%, including the impact of the interest rate swap discussed in Note 6 (Interest Rate Swap). During the nine months ended September 30, 2019, the Company made $19.7 million in mandatory quarterly Term Loan payments. Revolving Loan. As of September 30, 2019, the outstanding borrowings under the Revolving Loan were $270.0 million and the interest rate in effect was 3.9%. During the nine months ended September 30, 2019, the Company made $10.0 million in voluntary Revolving Loan payments, net of borrowings. As of September 30, 2019, $180.0 million was available to borrow under the Revolving Loan. The Company’s borrowings are limited by its total net leverage ratio, which is calculated in accordance with the credit agreement and was 3.4 to 1.0 as of September 30, 2019. Fair Value. The Company’s debt is classified as Level 2 in the fair value hierarchy and the fair value is measured based on comparable trading prices, ratings, sectors, coupons and maturities of similar instruments. The carrying amount of the Company’s debt approximated the fair value as of September 30, 2019. Subsequent Event. In October 2019, the Company entered into an amendment to its credit agreement to increase the total net leverage covenant during the remaining term of the credit agreement while preserving the favorable pricing structure from the original agreement. The amendment increased the Company’s maximum total net leverage ratio from 3.75x to 4.50x with incremental step downs through the maturities of the term loan and the revolving loan on May 31, 2022.

Interest Rate Swap

Interest Rate Swap	9 Months Ended
	Sep. 30, 2019
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Interest Rate Swap	NOTE 6. Interest Rate Swap The interest rate on borrowings under the Company’s Term Loan is floating and, therefore, subject to fluctuations. In order to manage the risk associated with changes in interest rates on its borrowing under the Term Loan, the Company entered into an interest rate swap (the “Swap”) effective December 31, 2018. Under the terms of the Swap, the Company is locked into a fixed rate of interest of 2.96% plus an applicable margin, as defined in the Company’s credit agreement, on a notional amount of $300 million. The Swap is designated as a cash flow hedge of interest rate risk. As of September 30, 2019, the fair value of the Swap was an unrealized loss of $11.9 million, of which $4.5 million and $7.4 million is recorded in Other accrued liabilities and Other noncurrent liabilities, respectively, on the Consolidated Balance Sheets. During the nine months ended September 30, 2019, $1.2 million was reclassified from Accumulated other comprehensive (loss) into Interest expense, net.

Unfavorable Contracts Liability

Unfavorable Contracts Liability	9 Months Ended
	Sep. 30, 2019
Unfavorable Contracts Liability [Abstract]
Unfavorable Contracts Liability	NOTE 7. Unfavorable Contracts Liability In connection with the October 2014 acquisition of Cars.com by TEGNA, the Company entered into affiliate agreements with the former owners of Cars.com (Belo Corporation (“Belo”), The McClatchy Company (“McClatchy”), tronc, inc. (“tronc”), and the Washington Post). Under the affiliate agreements, affiliates have the exclusive right to sell and price Cars.com’s products in their local territories, paying Cars.com a wholesale rate for the Cars.com product. The Company charges the affiliates 60% of the corresponding Cars.com retail rate for products sold to affiliate dealers and recognizes revenue generated from these agreements as Wholesale revenue in the Consolidated Statements of (Loss) Income. The Unfavorable contracts liability was established as a result of these unfavorable affiliate agreements that the Company entered into as part of TEGNA’s acquisition of the Company in 2014. The Unfavorable contracts liability was being amortized on a straight-line basis over the five-year contract period. Prior to the affiliate conversions discussed below, the Company recognized $25.2 million of Wholesale revenue with a corresponding reduction of the Unfavorable contracts liability on an annual basis. As of December 31, 2018, the Unfavorable contracts liability liability was fully amortized as of September 30, 2019. The Company amended five of its affiliate agreements (Gannett, McClatchy, TEGNA, tronc, and the Washington Post As part of the amendments to the affiliate agreements, Gannett, McClatchy, TEGNA, tronc, and the Washington Post The Company no longer records the amortization of the Unfavorable contracts liability associated with the converted markets to revenue as the Company now recognizes this direct revenue at retail rates. The amortization of the Unfavorable contracts liability is now recorded as a reduction of Affiliate revenue share expense within Operating expenses in the Consolidated Statements of (Loss) Income. Therefore, during the nine months ended September 30, 2019, the Company recorded $17.5 million of unfavorable contracts liability amortization as a reduction to Affiliate revenue share expense, rather than Wholesale revenue, in the Consolidated Statements of (Loss) Income. The reduction to Affiliate revenue share expense was more than offset by the fees associated with the marketing and support and transition services. The Company’s Unfavorable contracts liability activity for the nine months ended September 30, 2019 is as follows (in thousands): Balance at December 31, 2018 $ 18,885 Amortization into Wholesale revenue (1) (1,358 ) Amortization into Affiliate revenue share expense (2) (17,527 ) Balance at September 30, 2019 $ — (1) Amount represents the amortization of the Unfavorable contracts liability related to the remaining affiliate agreement (Belo) revenue (2) Amount represents the amortization of the Unfavorable contracts liability related to the converted Gannett, McClatchy, tronc and the Washington Post agreements into Affiliate revenue share expense in the .

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2019
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 8. Commitments and Contingencies The Company and its subsidiaries are parties from time to time in legal and administrative proceedings involving matters incidental to its business. These matters, whether pending, threatened or unasserted, if decided adversely to the Company or settled, may result in liabilities material to its financial position, results of operations or cash flows. The Company records a liability when it believes that it is both probable that a loss will be incurred and the amount of loss can be reasonably estimated. The Company evaluates, at least quarterly, developments in its legal matters that could affect the amount of liability that has been previously accrued and makes adjustments as appropriate. Significant judgment is required to determine both the probability and the estimated amount.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Stockholders' Equity	NOTE 9. Stockholders’ Equity In March 2018, the Company’s Board of Directors authorized a stock repurchase program to acquire up to $200 million of the Company’s common stock. The Company may repurchase stock from time to time in open market transactions or through privately negotiated transactions in accordance with applicable federal securities laws. The timing and amounts of any purchases under the stock repurchase program will be based on market conditions and other factors including price. The repurchase program has a two-year duration, does not require the purchase of any minimum number of shares and may be suspended, modified or discontinued at any time without prior notice. The Company intends to fund the share repurchase program principally with cash from operations. During the nine months ended September 30 3.0

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	NOTE 10. Stock-Based Compensation Performance Stock Units (“PSUs”). PSUs represent the right to receive unrestricted shares of the Company’s common stock at the time of vesting. The fair value of the PSUs is equal to the Company’s common stock price on the date of grant. During the nine months ended September 30, 2019, the Company granted 212,000 PSUs at a weighted-average grant date fair value of $23.99 per unit. These PSUs require continued employee service. The percentage of PSUs that shall vest will range from 0% to 200% of the number of PSUs granted based on the Company’s future performance related to certain revenue and adjusted earnings before interest, income taxes, depreciation and amortization targets over a three-year performance period. These PSUs are subject to cliff vesting at the end of the three-year performance period. Restricted Stock Units (“RSUs”). RSUs represent the right to receive unrestricted shares of the Company’s common stock at the time of vesting, subject to any restrictions as specified in the individual holder’s award agreement. RSUs are subject to graded vesting, generally ranging between one and four years and the fair value of the RSUs is equal to the Company’s common stock price on the date of grant. During the nine months ended September 30, 2019, the Company granted 572,000 RSUs at a weighted-average grant date fair value of $23.71 per unit.

(Loss) Earnings Per Share

(Loss) Earnings Per Share	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
(Loss) Earnings Per Share	NOTE 11. (Loss) Earnings Per Share Basic (loss) earnings per share is calculated by dividing Net (loss) income by the weighted-average number of shares of common stock outstanding. Diluted (loss) earnings per share is similarly calculated, except that the calculation includes the dilutive effect of the assumed issuance of shares under stock-based compensation plans, unless the inclusion of such shares would have an anti-dilutiv e impact. The computation of (Loss) earnings per share is as follows (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net (loss) income $ (426,157 ) $ 15,797 $ (441,214 ) $ 29,452 Basic weighted-average common shares outstanding 66,769 69,652 67,043 70,900 Effect of dilutive stock-based compensation awards (1) — 377 — 253 Diluted weighted-average common shares outstanding 66,769 70,029 67,043 71,153 (Loss) earnings per share, basic $ (6.38 ) $ 0.23 $ (6.58 ) $ 0.42 (Loss) earnings per share, diluted (6.38 ) 0.23 (6.58 ) 0.41 (1) If the Company had been in a net income position, 0.9 million and 0.8 million potential common shares would have been excluded from diluted weighted-average common shares outstanding for the three and nine months ended September 30, 2019, respectively, as their inclusion would have had an anti-dilutive effect.

Leases

Leases	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Leases	NOTE 12. Leases Leases. The Company is obligated as a lessee under certain non-cancelable operating leases for office space, and is also obligated to pay insurance, maintenance and other executory costs associated with the leases. As of September 30, 2019, the Company’s scheduled future minimum lease payments under operating leases having initial or remaining noncancelable lease terms of more than one year, were as follows (in thousands): Remaining three months of 2019 $ 1,255 2020 4,368 2021 4,014 2022 3,751 2023 3,850 Thereafter 35,117 Total minimum lease payments 52,355 Less: Imputed interest (1) (18,155 ) Present value of the minimum lease payments 34,200 Less: Current maturities of lease obligations (1,930 ) Long-term lease obligations $ 32,270 (1) The Company’s lease agreements do not provide a readily determinable implicit rate nor is it available from the Company’s lessors. Therefore, in order to discount lease payments to present value, the Company has estimated its incremental borrowing rate based on information available at either the lease transition date (for those leases that commenced prior to January 1, 2019) or the lease commencement date (for those leases that commenced after January 1, 2019). As of September 30, 2019, the Company’s operating lease assets, included in Investments and other assets, were $17.2 million and operating lease liabilities were $34.2 million, the current maturities of which is included in Other accrued liabilities and the long-term portion of which is included in Other noncurrent liabilities. The difference between the operating lease assets and the operating lease liabilities is primarily due to a lease incentive received in 2017 related to the 300 South Riverside Lease in Chicago, Illinois. Other information related to the Company’s operating leases for the three and nine months ended September 30, 2019 is as follows (in thousands, except percentage): Income statement information: Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Operating lease cost $ 960 $ 2,890 Short-term lease cost 298 1,018 Variable lease cost (211 ) 1,757 Total lease cost $ 1,047 $ 5,665 Other information: Cash paid for operating leases for the nine months ended September 30, 2019 $ 2,372 Weighted-average remaining lease term (in months) as of September 30, 2019 134 Weighted-average discount rate as of September 30, 2019 7.4 %

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 13. Income Taxes The effective income tax rate, expressed by calculating the income tax expense as a percentage of Income before income tax, was 6.1% and 6.6% for the three and nine months ended September 30, 2019, respectively. The effective tax rate differed from the statutory federal income tax rate of 21%, primarily due to the tax impact of the goodwill and intangible asset impairment.

Description of Business, Comp_2

Description of Business, Company History and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation . These accompanying unaudited interim Consolidated Financial Statements (“Consolidated Financial Statements”) have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial statements. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. These Consolidated Financial Statements should be read in conjunction with the audited Consolidated and Combined Financial Statements and the notes thereto for the year ended December 31, 2018, which are included in the Company's Annual Report on Form 10-K dated February 28, 2019 (the “December 31, 2018 Financial Statements”). The significant accounting policies used in preparing these Consolidated Financial Statements were applied on a basis consistent with those reflected in the December 31, 2018 Financial Statements. In the opinion of management, the Consolidated Financial Statements contain all adjustments (consisting of a normal, recurring nature) necessary to present fairly the Company's financial position, results of operations, cash flows and changes in stockholders' equity as of the dates and for the periods indicated. The unaudited results of operations for the three and nine months ended September 30, 2019 are not necessarily indicative of results that may be expected for the year ending December 31, 2019.
Use of Estimates	Use of Estimates. The preparation of the accompanying Consolidated Financial Statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect amounts reported in the Consolidated Financial Statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future, actual results may differ from those estimates.
Principles of Consolidation	Principles of Consolidation . The accompanying Consolidated Financial Statements include the accounts of Cars.com Inc. and its 100% owned subsidiaries. All intercompany transactions and accounts are eliminated in consolidation.
Reclassifications	Reclassifications . Historically, certain costs related to severance, transformation and other exit costs; costs associated with a stockholder activist campaign; transaction-related costs; and the write-off of long-lived assets were reflected in various operating expense line items in the Consolidated Statements of (Loss) Income. Beginning on January 1, 2019, these costs are reflected within General and administrative expenses. Therefore, certain prior year balances have been reclassified to conform to the current year presentation and are summarized in the table below (in thousands). There is no change to Operating (loss) income as a result of these reclassifications. Three Months Ended September 30, 2018 As Reported Adjustments As Adjusted Cost of revenue and operations $ 24,034 $ (226 ) $ 23,808 Product and technology 15,918 (302 ) 15,616 Marketing and sales 56,083 (258 ) 55,825 General and administrative 14,345 786 15,131 Affiliate revenue share 4,097 — 4,097 Depreciation and amortization 26,504 — 26,504 Total operating expenses $ 140,981 $ — $ 140,981 Nine Months Ended September 30, 2018 As Reported Adjustments As Adjusted Cost of revenue and operations $ 65,924 $ (1,631 ) $ 64,293 Product and technology 56,202 (4,987 ) 51,215 Marketing and sales 181,645 (1,477 ) 180,168 General and administrative 45,609 8,095 53,704 Affiliate revenue share 11,193 — 11,193 Depreciation and amortization 77,154 — 77,154 Total operating expenses $ 437,727 $ — $ 437,727
Recently Issued and Adopted Accounting Pronouncements	Recently Issued Accounting Pronouncements Cloud Computing Arrangements. In August 2018, the FASB issued Accounting Standards Update (“ASU”) 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract , aligning the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs for internal-use software. The new guidance is effective for the Company on January 1, 2020 and early adoption is permitted. The Company is currently evaluating this new guidance and its impact on its Consolidated Financial Statements and related disclosures. Financial Instruments – Credit Losses. In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses changing the way credit losses on accounts receivable are estimated. Under current U.S. GAAP, credit losses on trade accounts receivable are recognized once it is probable that such losses will occur. Under this new guidance, the Company will be required to estimate credit losses based on the expected amount of future collections which may result in earlier recognition of allowance for doubtful accounts. The new guidance is effective for the Company on January 1, 2020 and will be adopted using a modified retrospective approach. The Company is currently evaluating this new guidance and its impact on its Consolidated Financial Statements and related disclosures. Recently Adopted Accounting Pronouncements Leases. In February 2016, the FASB issued ASU 2016-02, Leases (ASU 2016-02) in order to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet for those leases classified as operating leases under current U.S. GAAP. The new guidance requires a lessee to recognize a liability to make lease payments (the “lease liability”) and a right-of-use asset representing its right to use the underlying asset for the lease term on the balance sheet. The Company adopted ASU 2016-02 in the first quarter of 2019 utilizing the modified retrospective approach for leases existing at, or entered into after, the beginning of the first quarter of 2019 and did not recast the comparative periods presented in the Consolidated Financial Statements upon adoption. The Company elected the ‘package of practical expedients’ and did not reassess its prior conclusions about lease identification, lease classification and initial direct costs. The Company also elected the short-term lease recognition exemption for all leases that qualify and did not recognize right-of-use assets or lease liabilities for those leases. The Company’s lease agreements are principally related to real estate. The adoption of ASU 2016-02 resulted in the recognition of operating lease assets of $18.2 million and $35.0 million in operating lease liabilities on its Consolidated Balance Sheets. The difference between the operating lease assets and the operating lease liabilities is primarily due to a lease incentive received in 2017 related to the 300 South Riverside Lease in Chicago, Illinois. There was no material impact to its Consolidated Statements of (Loss) Income and Consolidated Statements of Cash Flows. For further information, see Note 12 (Leases).

Description of Business, Comp_3

Description of Business, Company History and Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Summary of Reclassification of Prior Year Balances	Historically, certain costs related to severance, transformation and other exit costs; costs associated with a stockholder activist campaign; transaction-related costs; and the write-off of long-lived assets were reflected in various operating expense line items in the Consolidated Statements of (Loss) Income. Beginning on January 1, 2019, these costs are reflected within General and administrative expenses. Therefore, certain prior year balances have been reclassified to conform to the current year presentation and are summarized in the table below (in thousands). There is no change to Operating (loss) income as a result of these reclassifications. Three Months Ended September 30, 2018 As Reported Adjustments As Adjusted Cost of revenue and operations $ 24,034 $ (226 ) $ 23,808 Product and technology 15,918 (302 ) 15,616 Marketing and sales 56,083 (258 ) 55,825 General and administrative 14,345 786 15,131 Affiliate revenue share 4,097 — 4,097 Depreciation and amortization 26,504 — 26,504 Total operating expenses $ 140,981 $ — $ 140,981 Nine Months Ended September 30, 2018 As Reported Adjustments As Adjusted Cost of revenue and operations $ 65,924 $ (1,631 ) $ 64,293 Product and technology 56,202 (4,987 ) 51,215 Marketing and sales 181,645 (1,477 ) 180,168 General and administrative 45,609 8,095 53,704 Affiliate revenue share 11,193 — 11,193 Depreciation and amortization 77,154 — 77,154 Total operating expenses $ 437,727 $ — $ 437,727

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2019
Revenue From Contract With Customer [Abstract]
Schedule of Revenue Disaggregated by Sales Channel and Major Products and Services	Revenue Summary . In the table below (in thousands), revenue is disaggregated by sales channel and major products and services. The Company only has one reportable segment; therefore, further disaggregation is not applicable at this time. Three Months Ended September 30, Nine Months Ended September 30, Sales channel 2019 2018 2019 2018 Direct $ 122,878 $ 119,510 $ 349,162 $ 336,521 National advertising 20,161 28,107 59,752 82,155 Other 3,642 4,010 11,215 12,152 Retail 146,681 151,627 420,129 430,828 Wholesale 5,409 17,685 34,366 66,953 Total revenue $ 152,090 $ 169,312 $ 454,495 $ 497,781 Major products and services Subscription advertising and digital solutions $ 119,495 $ 127,965 $ 357,256 $ 380,218 Display advertising 23,048 30,748 67,755 86,634 Pay per lead 6,720 7,933 21,267 22,968 Other 2,827 2,666 8,217 7,961 Total revenue $ 152,090 $ 169,312 $ 454,495 $ 497,781

Goodwill and Indefinite-lived_2

Goodwill and Indefinite-lived Intangible Asset (Tables)	9 Months Ended
	Sep. 30, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Changes in the Carrying Amount of Goodwill and Indefinite-lived Intangible Asset	The changes in the carrying amount of goodwill and indefinite-lived intangible asset are as follows (in thousands): December 31, 2018 Additions Impairment Other September 30, 2019 Goodwill $ 884,449 $ — $ (379,163 ) $ 599 $ 505,885 Indefinite-lived intangible asset 872,320 — (82,300 ) — $ 790,020

Unfavorable Contracts Liabili_2

Unfavorable Contracts Liability (Tables)	9 Months Ended
	Sep. 30, 2019
Unfavorable Contracts Liability [Abstract]
Summary of Unfavorable Contracts Liability Activity	The Company’s Unfavorable contracts liability activity for the nine months ended September 30, 2019 is as follows (in thousands): Balance at December 31, 2018 $ 18,885 Amortization into Wholesale revenue (1) (1,358 ) Amortization into Affiliate revenue share expense (2) (17,527 ) Balance at September 30, 2019 $ — (1) Amount represents the amortization of the Unfavorable contracts liability related to the remaining affiliate agreement (Belo) revenue (2) Amount represents the amortization of the Unfavorable contracts liability related to the converted Gannett, McClatchy, tronc and the Washington Post agreements into Affiliate revenue share expense in the .

(Loss) Earnings Per Share (Tabl

(Loss) Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Computation of (Loss) Earnings Per Share	The computation of (Loss) earnings per share is as follows (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Net (loss) income $ (426,157 ) $ 15,797 $ (441,214 ) $ 29,452 Basic weighted-average common shares outstanding 66,769 69,652 67,043 70,900 Effect of dilutive stock-based compensation awards (1) — 377 — 253 Diluted weighted-average common shares outstanding 66,769 70,029 67,043 71,153 (Loss) earnings per share, basic $ (6.38 ) $ 0.23 $ (6.58 ) $ 0.42 (Loss) earnings per share, diluted (6.38 ) 0.23 (6.58 ) 0.41 (1) If the Company had been in a net income position, 0.9 million and 0.8 million potential common shares would have been excluded from diluted weighted-average common shares outstanding for the three and nine months ended September 30, 2019, respectively, as their inclusion would have had an anti-dilutive effect.

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Scheduled Future Minimum Lease Payments Under Operating Leases	As of September 30, 2019, the Company’s scheduled future minimum lease payments under operating leases having initial or remaining noncancelable lease terms of more than one year, were as follows (in thousands): Remaining three months of 2019 $ 1,255 2020 4,368 2021 4,014 2022 3,751 2023 3,850 Thereafter 35,117 Total minimum lease payments 52,355 Less: Imputed interest (1) (18,155 ) Present value of the minimum lease payments 34,200 Less: Current maturities of lease obligations (1,930 ) Long-term lease obligations $ 32,270 (1) The Company’s lease agreements do not provide a readily determinable implicit rate nor is it available from the Company’s lessors. Therefore, in order to discount lease payments to present value, the Company has estimated its incremental borrowing rate based on information available at either the lease transition date (for those leases that commenced prior to January 1, 2019) or the lease commencement date (for those leases that commenced after January 1, 2019).
Other Information Related to Operating Leases	Other information related to the Company’s operating leases for the three and nine months ended September 30, 2019 is as follows (in thousands, except percentage): Income statement information: Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Operating lease cost $ 960 $ 2,890 Short-term lease cost 298 1,018 Variable lease cost (211 ) 1,757 Total lease cost $ 1,047 $ 5,665 Other information: Cash paid for operating leases for the nine months ended September 30, 2019 $ 2,372 Weighted-average remaining lease term (in months) as of September 30, 2019 134 Weighted-average discount rate as of September 30, 2019 7.4 %

Description of Business, Comp_4

Description of Business, Company History and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	May 31, 2017	Sep. 30, 2019
Description of business and basis of presentation [Line Items]
Percentage of ownership by the company		100.00%
Spinoff
Description of business and basis of presentation [Line Items]
Cash transfer made to parent company	$ 650
TEGNA Inc | Spinoff
Description of business and basis of presentation [Line Items]
Date of separation	May 31, 2017

Description of Business, Comp_5

Description of Business, Company History and Summary of Significant Accounting Policies - Summary of Reclassification of Prior Year Balances (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Accounting Policies [Abstract]
Cost of revenue and operations		$ 24,034		$ 65,924
Product and technology		15,918		56,202
Marketing and sales		56,083		181,645
General and administrative		14,345		45,609
Affiliate revenue share	$ 5,158	4,097	$ 9,788	11,193
Depreciation and amortization	28,970	26,504	86,761	77,154
Total operating expenses	599,806	140,981	905,261	437,727
Cost of revenue and operations		(226)		(1,631)
Product and technology		(302)		(4,987)
Marketing and sales		(258)		(1,477)
General and administrative		786		8,095
Affiliate revenue share		0		0
Depreciation and amortization		0		0
Total operating expenses		0		0
Cost of revenue and operations		23,808		64,293
Product and technology	14,923	15,616	48,125	51,215
Marketing and sales	50,789	55,825	164,872	180,168
General and administrative	$ 13,414	$ 15,131	$ 59,265	$ 53,704

New Accounting Pronouncements -

New Accounting Pronouncements - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 01, 2019
Accounting Policies [Abstract]
Operating lease assets	$ 17,200	$ 18,200
Operating lease liabilities	$ 34,200	$ 35,000

Revenue - Additional Informatio

Revenue - Additional Information (Details)	9 Months Ended
	Sep. 30, 2019Segment
Revenue From Contract With Customer [Abstract]
Number of operating segments	1

Revenue - Summary of Revenue Di

Revenue - Summary of Revenue Disaggregated by Sales Channel and Major Products and Services (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation Of Revenue [Line Items]
Total revenue	$ 152,090	$ 169,312	$ 454,495	$ 497,781
Direct
Disaggregation Of Revenue [Line Items]
Total revenue	122,878	119,510	349,162	336,521
National Advertising
Disaggregation Of Revenue [Line Items]
Total revenue	20,161	28,107	59,752	82,155
Other
Disaggregation Of Revenue [Line Items]
Total revenue	3,642	4,010	11,215	12,152
Retail
Disaggregation Of Revenue [Line Items]
Total revenue	146,681	151,627	420,129	430,828
Wholesale
Disaggregation Of Revenue [Line Items]
Total revenue	5,409	17,685	34,366	66,953
Subscription Advertising and Digital Solutions
Disaggregation Of Revenue [Line Items]
Total revenue	119,495	127,965	357,256	380,218
Display Advertising
Disaggregation Of Revenue [Line Items]
Total revenue	23,048	30,748	67,755	86,634
Pay Per Lead
Disaggregation Of Revenue [Line Items]
Total revenue	6,720	7,933	21,267	22,968
Other
Disaggregation Of Revenue [Line Items]
Total revenue	$ 2,827	$ 2,666	$ 8,217	$ 7,961

Goodwill and Indefinite-lived_3

Goodwill and Indefinite-lived Intangible Asset - Disclosure - Changes in the Carrying Amount of Goodwill and Indefinite-lived Intangible Asset (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill, Beginning balance	$ 884,449
Goodwill, Additions	0
Goodwill, Impairment	(379,163)
Goodwill, Other	599
Goodwill, Ending balance	505,885
Indefinite-lived intangible asset, Beginning balance	872,320
Indefinite-lived intangible asset, Additions	0
Indefinite-lived intangible asset, Impairment	(82,300)
Indefinite-lived intangible asset, Other	0
Indefinite-lived intangible asset, Ending balance	$ 790,020

Goodwill and Indefinite-lived_4

Goodwill and Indefinite-lived Intangible Asset - Additional Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill, impairment	$ 379,163
Indefinite-lived intangibles asset, impairment	$ 82,300

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Oct. 31, 2019
Term Loan
Line Of Credit Facility [Line Items]
Outstanding principal amount	$ 396.6
Effective interest rate	4.50%
Repayment of loan	$ 19.7
Revolving Credit Facility
Line Of Credit Facility [Line Items]
Outstanding principal amount	$ 270
Effective interest rate	3.90%
Repayment of loan	$ 10
Amount available to borrow	$ 180
Net leverage ratio	3.40%
Credit Agreement Amendment
Line Of Credit Facility [Line Items]
Net leverage ratio	3.75%
Credit Agreement Amendment | Term Loan and Revolving Loan
Line Of Credit Facility [Line Items]
Credit agreement maturity date	May 31, 2022
Credit Agreement Amendment | Subsequent Event
Line Of Credit Facility [Line Items]
Net leverage ratio		4.50%

Interest Rate Swap - Additional

Interest Rate Swap - Additional Information (Details)	9 Months Ended
	Sep. 30, 2019USD ($)
Derivative [Line Items]
Reclassified from accumulated other comprehensive (loss) into Interest expense, net	$ (1,200,000)
Swap | Designated as Hedging Instrument | Cash Flow Hedging
Derivative [Line Items]
Fixed rate of interest	2.96%
Notional amount	$ 300,000,000
Unrealized loss of fair value	11,900,000
Swap | Other Accrued Liabilities | Designated as Hedging Instrument | Cash Flow Hedging
Derivative [Line Items]
Unrealized loss of fair value	4,500,000
Swap | Other Noncurrent Liabilities | Designated as Hedging Instrument | Cash Flow Hedging
Derivative [Line Items]
Unrealized loss of fair value	$ 7,400,000

Unfavorable Contracts Liabili_3

Unfavorable Contracts Liability - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2017	Dec. 31, 2018
Unfavorable Contracts Liability [Abstract]
Percentage of retail rate charges to affiliates	60.00%
Unfavorable contract liability amortization period	5 years
Amortization into Wholesale revenue	$ 1,358	$ 25,200
Unfavorable contracts liability	0		$ 18,885
Amortization of unfavorable contracts liability into affiliate revenue share expense	$ 17,527

Unfavorable Contracts Liabili_4

Unfavorable Contracts Liability - Summary of Unfavorable Contracts Liability Activity (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2017
Unfavorable Contracts Liability [Abstract]
Balance at December 31, 2018	$ 18,885
Amortization into Wholesale revenue	(1,358)	$ (25,200)
Amortization into Affiliate revenue share expense	(17,527)
Balance at September 30, 2019	$ 0

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - Common Stock - USD ($) shares in Millions	1 Months Ended	9 Months Ended
	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Stockholders' Equity [Line Items]
Stock repurchase program, authorized amount	$ 200,000,000
Stock repurchase program, duration	2 years
Stock purchased and retired		1.7	3
Stock purchased and retired, amount		$ 40,000,000	$ 77,200,000

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details)	9 Months Ended
	Sep. 30, 2019$ / sharesshares
PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of share units granted | shares	212,000
Weighted-average grant date fair value | $ / shares	$ 23.99
PSUs | Tranche One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share units performance period	3 years
Award vesting period	3 years
PSUs | Minimum | Tranche One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share units vesting percentage	0.00%
PSUs | Maximum | Tranche One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share units vesting percentage	200.00%
RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of share units granted | shares	572,000
Weighted-average grant date fair value | $ / shares	$ 23.71
RSUs | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period	1 year
RSUs | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period	4 years

(Loss) Earnings Per Share - Com

(Loss) Earnings Per Share - Computation of (Loss) Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share [Abstract]
Net (loss) income	$ (426,157)	$ (6,026)	$ (9,031)	$ 15,797	$ 12,726	$ 929	$ (441,214)	$ 29,452
Basic weighted-average common shares outstanding	66,769			69,652			67,043	70,900
Effect of dilutive stock-based compensation awards	0			377			0	253
Diluted weighted-average common shares outstanding	66,769			70,029			67,043	71,153
(Loss) earnings per share, basic	$ (6.38)			$ 0.23			$ (6.58)	$ 0.42
(Loss) earnings per share, diluted	$ (6.38)			$ 0.23			$ (6.58)	$ 0.41

(Loss) Earnings Per Share - C_2

(Loss) Earnings Per Share - Computation of (Loss) Earnings Per Share (Parenthetical) (Details) - shares shares in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Earnings Per Share [Abstract]
Potential common shares excluded from diluted weighted-average common shares outstanding	0.9	0.8

Leases - Scheduled Future Minim

Leases - Scheduled Future Minimum Lease Payments Under Operating Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 01, 2019
Leases [Abstract]
Remaining three months of 2019	$ 1,255
2020	4,368
2021	4,014
2022	3,751
2023	3,850
Thereafter	35,117
Total minimum lease payments	52,355
Less: Imputed interest	(18,155)
Present value of the minimum lease payments	34,200	$ 35,000
Less: Current maturities of lease obligations	(1,930)
Long-term lease obligations	$ 32,270

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 01, 2019
Leases [Abstract]
Operating lease assets	$ 17,200	$ 18,200
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:InvestmentsAndOtherNoncurrentAssets
Operating lease liabilities	$ 34,200	$ 35,000
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherAccruedLiabilitiesCurrent
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesNoncurrent

Leases - Other Information Rela

Leases - Other Information Related to Operating Leases (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2019USD ($)
Income statement information:
Operating lease cost	$ 960	$ 2,890
Short-term lease cost	298	1,018
Variable lease cost	(211)	1,757
Total lease cost	$ 1,047	5,665
Other information:
Cash paid for operating leases for the nine months ended September 30, 2019		$ 2,372
Weighted-average remaining lease term (in months) as of September 30, 2019	134 months	134 months
Weighted-average discount rate as of September 30, 2019	7.40%	7.40%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Effective income tax rate, income tax expense percentage	6.10%	6.60%
Federal statutory rate		21.00%