ACV Auctions Inc. (NASDAQ:ACVA) Q3 2024 Earnings Conference Call November 7, 2024 5:00 PM ET

Company Participants

Tim Fox - Vice President of Investor Relations
George Chamoun - Chief Executive Officer
William Zerella - Chief Financial Officer

Conference Call Participants

Chris Pierce - Needham
Nick Jones - Citizens JMP
Bob Labick - CJS Securities
Rajat Gupta - JPMorgan
Michael Graham - Canaccord
Naved Khan - B. Riley Securities
Steven McDermott - Bank of America
John Healy - Northcoast Research
Glenn Shell - Raymond James
John Colantuoni - Jefferies

Operator

Good day, everyone, and welcome to today's ACV Third Quarter 2024 Earnings Conference Call. [Operator Instructions] Please note, this call is being recorded. [Operator Instructions]

It is now my pleasure to turn the conference over to Vice President of Investor Relations, Tim Fox. Please go ahead.

Tim Fox

Good afternoon, and thank you for joining ACV's conference call to discuss our third quarter 2024 financial results. With me on the call 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.

We are very pleased with our third quarter performance. We delivered another quarter of record revenue and adjusted EBITDA both exceeding the high end of guidance. The ACV team drove strong market share gains in our core dealer wholesale business.

along with record performance for ACV transport and capital. Our growing suite of dealer solutions continue to gain market traction, and we progress on our tech road map to address the commercial wholesale market.

Based on our strong Q3 performance, we are raising full year guidance, reflecting our commitment to drive top line growth expand margins and deliver our first year of adjusted EBITDA profitability. We're confident that executing on this profitable growth strategy will create significant long-term shareholder value. With that, let's turn to a recap of third quarter results on Slide 4.