ACV Auctions Inc. (NASDAQ:ACVA) Q3 2023 Earnings Conference Call November 6, 2023 5:00 PM ET

Company Participants

Tim Fox - Vice President, Investor Relations

George Chamoun - Chief Executive Officer

William Zerella - Chief Financial Officer

Conference Call Participants

Chris Pierce - Needham & Company

Eric Sheridan - Goldman Sachs

Nicholas Jones - JMP Securities

Ronald Josey - Citi

John Colantuoni - Jefferies

Bob Labick - CJS Securities

Michael Graham - Canaccord

Rajat Gupta - JPMorgan Chase

Daniel Imbro - Stephens Inc.

Operator

Good day and thank you for standing by. Welcome to the ACV Auctions Third Quarter 2023 Earnings Call. At this time all participants are in a listen-only mode. After the speaker's 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 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 third 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. ACV's momentum continued in the third quarter with revenue at the high end of guidance and adjusted EBITDA once again exceeding our guidance. Our performance reflects another quarter of strong execution by the ACV team as we gain market share and launch new innovations that expand our TAM and drive operating efficiencies.

Strong demand for ACV Transport and ACV Capital contributed to revenue growth and revenue margin expansion and a continued focus on driving profitable growth resulted in our adjusted EBITDA margin expanding 800 basis points year-over-year.