The following is a summary of the Cars.com Inc. (CARS) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Cars.com reported third-quarter revenue of $180 million, a 3% year-over-year increase, marking their 16th consecutive quarter of growth.

• Adjusted EBITDA for the quarter was $51 million, reflecting a 3% year-over-year increase, with a margin of 28.5%.

• OEM and National revenue increased by 17% year-over-year to $17 million.

Business Progress:

• Notable growth in product adoption, particularly with AccuTrade, which saw a 5% increase in appraisal volume to 671,000 appraisals in Q3.

• Expansion in dealer websites, reaching over 7,650, particularly in Canada where Cars.com has become the leading provider.

• Continued penetration of AccuTrade, with about 950 dealers on board and endorsement by major OEMs, contributing to broad demand across the marketplace.

Opportunities:

• Leveraging product innovation for growth, particularly with a strong emphasis on AccuTrade and digital website experiences.

• Expanding market presence in OEM segments, particularly with the increased focus on integrating more OEMs into the AccuTrade endorsement program.

Risks:

• Dependence on OEM endorsements and expansions for their new product, AccuTrade, which could affect growth if not successfully executed or delayed.

• Potential challenges in dealer revenue continuity and growth due to the third-party DMS outage and ongoing normalization of dealer profits.

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