ACV Auctions, Inc. (NASDAQ:ACVA) Q1 2022 Earnings Conference Call May 11, 2022 5:00 PM ET

Company Participants

Timothy Fox - VP, IR

William Zerella - CFO

George Chamoun - CEO & Director

Conference Call Participants

Rajat Gupta - JPMorgan Chase & Co.

Ali Faghri - Guggenheim Securities

Naved Khan - Truist Securities

Eric Sheridan - Goldman Sachs Group

Christopher Pierce - Needham & Company

John Colantuoni - Jefferies

Daniel Imbro - Stephens Inc.

Michael Graham - Canaccord Genuity

Operator

Good afternoon, ladies and gentlemen. Thank you for standing by, and welcome to the ACV First Quarter Conference Call. [Operator Instructions]. I would now like to turn the call over to Tim Fox, ACV's Vice President of Investor Relations. Please go ahead.

Timothy Fox

Good afternoon, everyone, and thank you for joining ACV's conference call to discuss our first quarter 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, 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. Thank you for joining us. ACV delivered solid top line results above our guidance range despite the persistent supply constraints weighing on the automotive industry and softening retail demand for used vehicles. We delivered EBITDA within our guidance range while continuing to invest in key growth expansion and technology initiatives.

We continue to broaden and deepen our relationships with our dealer partners, who underpin our long-term growth opportunities. Automotive dealers faced the macro challenges I referenced earlier that they have proven to be resilient and are a critical part of the automotive ecosystem. Dealers have also embraced digital transformation, and ACV is increasingly well positioned to enable them to improve their ability to source, manage and sell vehicles with greater transparency and efficiency.