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CarGurus, Inc. (CARG) Q1 2023 Earnings Call Transcript

CarGurus, Inc. (NASDAQ:CARG) Q1 2023 Earnings Conference Call May 9, 2023 5:00 PM ET

Company Participants

Kirndeep Singh – VP & Head, IR

Jason Trevisan – CEO, Treasurer & Director

Samuel Zales – COO & President

Conference Call Participants

Marvin Fong – BTIG

John Colantuoni – Jefferies

Tom White – D.A. Davidson & Co.

Ronald Josey – Citigroup

Nicholas Jones – JMP Securities

Operator

Greetings, and welcome to CarGurus Q1 2023 Conference Call. [Operator Instructions]. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Kirndeep Singh, Vice President, Head of Investment. Thank you, Kirndeep . You may begin.

Kirndeep Singh

Thank you, operator. Good afternoon. I’m delighted to welcome you to CarGurus First Quarter 2023 Earnings Call. We will be discussing the results announced in our press release issued today after the market closed and posted on our Investor Relations website. 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 make statements regarding our business that may be considered forward-looking within applicable securities laws, including statements concerning our outlook for the second quarter of 2023, management’s expectations for future financial and operational performance; our business and growth strategies; our expectations for our CarOffer business and acquisition synergies and the value proposition of our current product offerings and other product opportunities, the impact of the semiconductor chip shortage and other macro-level industry issues and other statements regarding our plans, prospects and expectations.

These statements are not promises or guarantees and are subject to risks and uncertainties, which could cause them to differ materially from actual results. Information concerning those risks and uncertainties is available in our earnings press release distributed after the market closed today and in our most

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