CarGurus, Inc. (NASDAQ:CARG) Q1 2024 Earnings Call Transcript May 9, 2024 5:00 PM ET

Company Participants

Kirndeep Singh - VP, Head of IR
Jason Trevisan - CEO
Elisa Palazzo - President and COO
Sam Zales - CFO

Conference Call Participants

Marvin Fong - BTIG
Jed Kelly - Oppenheimer & Company
Rajat Gupta - JPMorgan
John Colantuoni - Jefferies
Naved Khan - B. Riley
Tom White - D.A. Davidson
Doug Arthur - Huber Research
Jamesmichael Sherman-Lewis - Citigroup

Operator

Good day, ladies and gentlemen, and welcome to CarGurus Inc.'s First Quarter 2024 Earnings Results Conference. At this time all participants are in listen-only mode. A question-and-answer session will follow the formal presentation. [Operator instructions] Please note this conference is being recorded. I will now turn the conference over to Kirndeep Singh, Vice President, Head of Investor Relations.

Kirndeep Singh

Thank you, Operator Good afternoon. I'm delighted to welcome you to CarGurus' first quarter 2024 earnings call. With me on the call today are, Jason Trevisan, Chief Executive Officer; Sam Zales, President and Chief Operating Officer; and Elisa Palazzo, Chief Financial 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 our 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 thanks to all of you for joining us today. Each year, I share a theme that serves as our North Star. For 2024 our guiding principle is intelligent acceleration, as we leverage our industry-leading marketplace business, end-to-end transaction-enabled platform and integrated retail and wholesale data ecosystem, with the aim of continuing to grow our business even more profitably. We'll begin the discussion today with a high-level review of our quarterly results, then highlight the progress against our drivers of value creation, and take you through our exciting journey to innovate and transform the way dealers and consumers predict, source, market, and sell used and new vehicles.