CarGurus, Inc. (NASDAQ:CARG) Q3 2018 Earnings Conference Call Transcript

Nov 07, 2018 • 05:00 pm ET


CarGurus, Inc. (NASDAQ:CARG) Q3 2018 Earnings Conference Call Transcript


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Greetings and welcome to the CarGurus' Third Quarter 2018 Earnings Results Conference Call. As a reminder, this conference is being recorded. I would like to turn the call over to your host, Rodney Nelson, CarGurus' IR. Thank you. Please begin.

Rodney Nelson

Thank you, operator. Good afternoon and welcome to CarGurus' third quarter 2018 earnings call. We will be discussing the results announced in our press release issued today after the market close and posted on our investor relations website. With me on the call today is Langley Steinert, CarGurus' Founder and Chief Executive Officer; Jason Trevisan, Chief Financial Officer and Sam Zales, Chief Operating Officer.

During the call, we will make statements related to our business that may be considered forward-looking, including statements concerning our financial guidance for the fourth quarter and full year 2018, management's expectations for our future financial and operational performance, our business and growth strategy and our plans to execute on our growth strategy, our brand awareness efforts, our investments in and ability to drive adoption of new and existing products, the value proposition of our products, the growth levers we expect to drive our business, our ability to maintain existing and acquire new customers, our expansion into international markets and other statements regarding our plans, prospects and expectations.

Forward-looking statements may include words and phrases such as we expect, we believe, we intend, we anticipate, we plan, may, likely, upcoming and similar terms. These statements reflect our views only as of today and should not be considered our views as of any subsequent date. We undertake no obligation to update or revise these forward-looking statements, except as required by law. Forward-looking statements are not promises or guarantees of future performance and are subject to a variety of risks and uncertainties that could cause the actual results to differ materially from our expectations. For a discussion of material risks and other important factors that could affect our actual results, please refer to those contained under the heading Risk Factors in our quarterly report on Form 10-Q filed after today's market close as may be updated by our other SEC filings.

Further, during the course of today's call, we will refer to certain non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in our press release issued after market close today. The press release and our SEC filings can be found in the Investor Relations section of our website at and the SEC's website at

With that, I will turn it over to Langley.

Langley Steinert

Thanks, Rodney and thanks to everyone for joining us today. After a strong first half of 2018, we built on our success in the third quarter by investing and growing our brand, expanding our audience and fostering the most trusted car shopping experience for consumers. In the US, we eclipsed 37 million average monthly unique visitors in the third quarter and we surpassed 100 million average monthly sessions for the first time.

The investments we're making in our brand are