ACV Auctions Inc. (NASDAQ:ACVA) Q2 2023 Earnings Conference Call August 8, 2023 5:00 PM ET

Company Participants

Tim Fox - Vice President-Investor Relations

George Chamoun - Chief Executive Officer

Bill Zerella - Chief Financial Officer

Conference Call Participants

Michael Graham - Canaccord

Nick Jones - JMP Securities

Eric Sheridan - Goldman Sachs

John Colantuoni - Jefferies

Naved Khan - B. Riley

Christopher Pierce - Needham

Ronald Josey - Citi

Daniel Imbro - Stephens

Rajat Gupta - JPMorgan

Gary Prestopino - Barrington Research

Operator

Good day and thank you for standing by. Welcome to the ACVA Second Quarter 2023 Earnings Call. [Operator Instructions]

I would now like to hand the conference over to your speaker today, Tim Fox, Vice President of Investor Relations. Please go ahead.

Tim Fox

Thank you, operator. Good afternoon, and thank you for joining ACV's conference call to discuss our second quarter 2023 financial results. With me on the call today are George Chamoun, Chief Executive Officer; and Bill Zerella, Chief Financial Officer.

Before we get started, please note that today's comments include forward-looking statements, including statements regarding future financial guidance. These forward-looking statements are subject to risks and uncertainties and involve factors that could cause actual results to differ materially from those expressed or implied by such statements.

A discussion of the risks and uncertainties related to our business can be found in our SEC filings and in today's press release, both of which can be found on our Investor Relations website. During this call, we will discuss both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is provided in today's earnings materials which can also be found on our Investor Relations website. And with that, let me turn the call over to George.

George Chamoun

Thanks, Tim. Good afternoon, everyone, and thank you for joining us. We are very pleased with ACV's continued momentum in the second quarter, another record-breaking quarter in revenue that once again exceeded the high-end of guidance, reflecting strong execution by the ACV team as we continue to gain market share.

Demand for ACV Transport and ACV Capital was very strong, which contributed to both revenue growth and revenue margin expansion versus Q2 2022. And our continued focus on driving profitable growth resulted in adjusted EBITDA, also exceeding guidance, highlighting the leverage in our model. With that, let's turn to a brief recap of the quarter on Slide 4.