ACV Auctions Inc. (NASDAQ:ACVA) Q1 2024 Earnings Conference Call May 8, 2024 5:00 AM ET
Company Participants
George Chamoun - Chief Executive Officer
Bill Zerella - Chief Financial Officer
Tim Fox - Vice President, Investor Relations
Conference Call Participants
Bob Labick - CJS Securities
Michael Graham - Canaccord Genuity
Jamesmichael Sherman-Lewis - Citigroup
Rajat Gupta - JP Morgan
Nick Jones - Citizens GMP
Gary Prestopino - Barrington Research
Operator
Greetings! And welcome to the ACV Q1 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions]. As a reminder this conference is being recorded.
It is now my pleasure to introduce your host, Tim Fox. Thank you. You may begin.
Tim Fox
Good afternoon. And thank you for joining ACV's conference call to discuss our first quarter 2024 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 date.
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.
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 pleased with our first quarter performance, which demonstrated continued strong execution by the ACV team. We delivered another quarter of record revenue, which was at the high end of guidance and grew 22% year-over-year.
We delivered our first quarter of positive adjusted EBITDA since going public, which was also at the high end of guidance. Our innovation engine continues to hum along, further extending our competitive mode and driving operating efficiencies, resulting in a 800 basis point year-over-year improvement in adjusted EBITDA margin.
Along with our continued momentum in dealer wholesale, we are very pleased with the early market adoption of ACVs consumer sourcing solution ClearCar. We kicked off a number of tech investments to support our commercial wholesale strategy.