CarGurus, Inc. (NASDAQ:CARG) Q3 2023 Earnings Conference Call November 7, 2023 5:00 PM ET

Company Participants

Kirndeep Singh - VP & Head, Investment

Jason Trevisan - Chief Executive Officer

Sam Zales - President & Chief Operating Officer

Conference Call Participants

Rajat Gupta - JPMorgan

Nick Jones - JMP Securities

Tom White - D.A. Davidson

Naved Khan - B. Riley

Kunal Madhukar - UBS

Doug Arthur - Huber Research Partners

Ralph Schackart - William Blair

Marvin Fong - BTIG

Vincent Kardos - Jefferies

Jed Kelly - Oppenheimer

Operator

Greetings. Welcome to the CarGurus' Third Quarter 2023 Conference Results [Operator Instructions] Please note, this conference is being recorded.

I will now turn the conference over to Kirndeep Singh, Vice President, Investor Relations. Thank you. You may begin.

Kirndeep Singh

Thank you, operator. Good afternoon. I'm delighted to welcome you to CarGurus' third quarter 2023 earnings call. With me on the call today are Jason Trevisan, Chief Executive Officer; and Sam Zales, President and Chief Operating Officer.

During the call, we will be making forward-looking statements, which are based on our current expectations and beliefs. These statements are subject to risks and uncertainties, which could cause our actual results to differ materially from those reflected in such statements.

Information concerning those risks and uncertainties is discussed in our SEC filings, which can be found on the SEC's website and in the Investor Relations section of our website. We undertake no obligation to update or revise forward-looking statements, except as required by law.

Further, during the course of our call today, we will refer to certain non-GAAP financial measures. A reconciliation of GAAP to comparable non-GAAP measures is included in our press release issued today, as well as in our updated investor presentation, which can be found on the Investor Relations section of our website.

We believe that these non-GAAP financial measures provide useful information about our operating results, enhance the overall understanding of past financial performance and future prospects and allow for greater transparency as it relates to metrics used by our management in its financial and operational decision-making.

With that, I'll now turn over the call to Jason.

Jason Trevisan

Thank you, Kirndeep and thank you to all those joining us today. Before I begin, I would like to share the exciting news that we have accelerated the purchase of the remaining minority equity interest in car offer. Our decision to expedite the purchase was driven by our strong desire to accelerate new product opportunities that allow us to build an end-to-end transaction-enabled platform even sooner.