ACV Auctions Inc. (NASDAQ:ACVA) Q1 2023 Earnings Conference Call May 10, 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

Daniel Imbro - Stephens

John Colantuoni - Jefferies

Rajat Gupta - JPMorgan

Chris Pierce - Needham & Company

Bob Labick - CJS Securities

Eric Sheridan - Goldman Sachs

Ron Josey - Citi

Michael Graham - Canaccord

Nick Jones - JMP Securities

Nat Schindler - Bank of America

Operator

Good day, and thank you for standing by. Welcome to the ACV First Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

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

Tim Fox

Thank you, operator. Good afternoon and thank you for joining ACV's conference call to discuss our first 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 in 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 our strong start to the year highlighted by a number of record achievements in the quarter. This includes: record revenue which was well above the high end of our guidance range; record ACV Capital attach rates; and record margins in ACV Transport.

While we benefited from positive market tailwind from the quarter, it was continued execution by the ACV team that drove market share gains, while also delivering to the bottom line.