Slide 1: Q2 2025 Earnings Presentation
Q2 2025 Earnings Presentation August 7, 2025
Slide 2: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements This presentation includes forward-looking statements. Other than statements of historical facts, all statements contained in this presentation, including statements regarding our future financial and operating results; our third quarter 2025 fina
Slide 3: Financial Highlights: Q2 2025
Financial Highlights: Q2 2025 Revenue ($ millions) GAAP Gross Profit ($ millions) Non-GAAP Adjusted EBITDA1 ($ millions) % YoY (9%) 5% 2% 4% 7% % Margin 83% 79% 87% 89% 87% Non-GAAP Margin 25% 28% 33% 29% 33% 76.4 77.3 231.4 228.5 234.0 225.2 218.7 12.0 64.9 27.3 18.3 12.9 204.4 66.3 -49% 199.0 199.
Slide 4: Drivers of Value Creation: Q2 2025 Updates
Drivers of Value Creation: Q2 2025 Updates Expanding Suite of Data- Powering a More Intelligent Enabling More of the Driven Dealer Solutions to and Seamless Journey for Transaction Online to Drive Profitable Businesses Car Shoppers Streamline the Final Steps ● Next Best Deal Rating has ~18,500 ● CG
Slide 5: Robust Expansion of Global Paying Dealer Base; High-Single-Digit YoY QARSD Growth
Robust Expansion of Global Paying Dealer Base; High-Single-Digit YoY QARSD Growth QARSD1 Paying Dealers1 U.S. +1,743 $7,337 $7,369 $7,533 +8.5% YoY 31,684 32,010 32,372 33,095 $6,942 $7,177 31,352 Dealers YoY 6,906 7,123 7,318 7,219 7,617 Int’l $2,057 $2,072 $2,073 $2,309 +19.3% YoY 25,153 25,478 $1
Slide 6: Market-leading Consumer Experience
Market-leading Consumer Experience U.S. Average Monthly Visitors1 2 Average Monthly Unique Visits3 57% (millions) (millions) More average monthly visits than our closest competitor4 ~47% Of our monthly unique visitors do not visit our competitors’ sites5 44% More minutes per unique visitor on averag
Slide 7: Marketplace (U.S. Segment & Other) Q2 2025 Results
Marketplace (U.S. Segment & Other) Q2 2025 Results Revenue Non-GAAP Gross Profit1 $207 +13.4% ($ millions) ($ millions) YoY $196 $198 $191 $222 +13.7% $182 YoY $212 $210 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 $204 Non-GAAP Margin 1 93% 93% 93% 93% 93% $195 Adjusted EBITDA1 $79 $80 ($ millions) $70 $70 +30.8%
Slide 8: Digital Wholesale Q2 2025 Results
Digital Wholesale Q2 2025 Results Revenue Non-GAAP Gross Profit1 ($ millions) ($ millions) $3 $2 $2 $27 $1 $1 $24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 $18 Non-GAAP Margin1 3% 7% 15% 15% 7% $13 Adjusted EBITDA1 $12 ($ millions) ($3) ($3) ($3) ($5) ($6) Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'24 Q3'24 Q4'24 Q1'25 Q
Slide 9: Third Quarter 2025 Guidance
Third Quarter 2025 Guidance Q3’25 Marketplace Revenue1 $228 million to $233 million Non-GAAP Marketplace (U.S. Marketplace Segment and Other) Adjusted EBITDA $76.5 million to $84.5 million Non-GAAP Earnings Per Share $0.50 to $0.58 1. Marketplace revenue consists of U.S. Marketplace Segment and Othe
Slide 10: Appendix
Appendix
Slide 11: Digital Wholesale Platform Transaction Volume
Digital Wholesale Platform Transaction Volume Gross Merchandise Sales1 Total Transactions2 ($ millions) $300 11,000 8,778 8,249 $215 $195 7,066 $155 $150 5,500 5,209 $115 3,955 $100 $0 0 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 1. We define Gross Merchandise Sales (GMS) as the agg
Slide 12: Marketplace GAAP to Non-GAAP Gross Profit and Non-GAAP Gross Margin Reconciliation
Marketplace (U.S. Marketplace Segment & Other) GAAP to Non-GAAP Gross Profit and Non-GAAP Gross Margin Reconciliation ($ thousands) Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 GAAP U.S. Marketplace Segment Revenue $ 180,052 $ 187,253 $ 193,395 $ 195,228 $ 202,652 GAAP Other Revenue 15,115 16,766 16,799 17,007 19,
Slide 13: Digital Wholesale GAAP to Non-GAAP Gross Profit (Loss) and Gross Margin Reconciliation
Digital Wholesale GAAP to Non-GAAP Gross Profit (Loss) and Non-GAAP Gross Margin Reconciliation ($ thousands) Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 GAAP Wholesale Revenue $ 13,119 $ 12,107 $ 9,850 $ 7,747 $ 6,275 GAAP Product Revenue 10,406 15,232 8,494 5,176 5,760 GAAP Digital Wholesale Revenue $ 23,525 $
Slide 14: Non-GAAP Marketplace Adjusted EBITDA Reconciliation
Non-GAAP Marketplace (U.S. Marketplace Segment & Other) Adjusted EBITDA Reconciliation ($ thousands) Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 U.S. Marketplace Segment Income from Operations $ 42,043 $ 50,410 $ 56,068 $ 49,781 $ 58,762 Other Income from Operations 2,531 2,341 2,710 1,753 3,123 GAAP Marketplace
Slide 15: Non-GAAP Digital Wholesale Adjusted EBITDA Reconciliation
Non-GAAP Digital Wholesale Adjusted EBITDA Reconciliation ($ thousands) Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 GAAP Digital Wholesale Loss from Operations $ (138,158) $ (25,317) $ (5,500) $ (5,779) $ (37,041) Impact of Depreciation and Amortization 3,436 2,286 1,386 908 929 Impact of Impairments 127,655 16,7
Slide 16: Non-GAAP Adjusted EBITDA Reconciliation
Non-GAAP Adjusted EBITDA Reconciliation ($ thousands) Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 GAAP Net (Loss) Income $ (68,721) $ 22,511 $ 45,881 $ 39,045 $ 22,343 Impact of Depreciation and Amortization 5,663 5,178 7,038 6,554 6,682 Impact of Impairments 127,655 16,776 - - 32,552 Impact of Stock-Based Compen