CarGurus, Inc. (NASDAQ:CARG) Q3 2024 Earnings Conference Call November 7, 2024 5:00 PM ET

Company Participants

Kirndeep Singh - Vice President and Head of Investor Relations
Jason Trevisan - Chief Executive Officer
Elisa Palazzo - Chief Financial Officer
Sam Zales - President and Chief Operating Officer

Conference Call Participants

Marvin Fong - BTIG LLC
Nick Jones - JMP Securities
Rajat Gupta - JPMorgan
Doug Arthur - Huber Research Partners

Operator

Good day, and welcome to the CarGurus Earnings Conference Call. Please note, this event is being recorded.

I would now like to turn the conference over to Kirndeep Singh, Vice President and Head of Investor Relations. Please go ahead.

Kirndeep Singh

Thank you, operator. Good afternoon. I'm delighted to welcome you to CarGurus' third 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 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 and other business metrics 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 the call over to Jason.

Jason Trevisan

Thank you, Kirndeep, and thanks to all of you for joining us today. We're extremely proud of our third quarter results. Our marketplace revenue growth further accelerated, and our impressive revenue performance combined with flat operating expenses drove consolidated adjusted EBITDA above the high end of our guidance range. We are executing well against our strategic priorities as we have continued to provide increasingly more value to our dealer partners. As a result, we are outperforming our competitors and gaining market share in the broader auto marketplace industry.