Cars.com Inc.

Good morning, and welcome to the CARS First Quarter 2023 Earnings Conference Call. This call is being recorded, and a live webcast and the accompanying slides can be found at investor.cars.com. An archive of the webcast will be available at CARS Investor Relations website. I'd now like to turn the call over to Robin Moore-Randolph, Director of Investor Relations.

Good morning, everyone, and thank you for joining us. It's my pleasure to welcome you to the CARS first quarter 2023 conference call. With me this morning are Alex Better, CEO, and Sonia Jane, CFO. Alex will start by discussing the business highlights from our first quarter, then Sonia will discuss our financial results in greater detail, along with our 2023 outlook. We'll finish the call with Q&A. Before I turn the call over to Alex, I'd like to draw your attention to our forward-looking statements and the description and definition of non-GAAP financial measures, which can be found in our presentation. We will be discussing certain non-GAAP financial measures today, including adjusted EBITDA, adjusted EBITDA margin, adjusted operating expenses, and free cash flow. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measure can be found in the financial tables included with our earnings press release and in the appendix of our presentation. Any forward-looking statements are subject to risks and uncertainties. For more information, please refer to the risk factors included in our SEC filings, including those in our most recently filed 10-K. which is available on the IR section of our website. We assume no obligation to update any forward-looking statements. Now, I'll turn the call over to Alex.

Thank you, Robin, and welcome to our first quarter 2023 earnings call. We continued to deliver on our key performance indicators. Revenue grew 6% year-over-year to $167 million, and adjusted EBITDA totaled $44 million representing a 27% margin, all comfortably within our guidance range. We achieved these solid results through continued marketplace strength, website growth, the addition of AccuTrade, and media product upsells.