Slide 1: Q3 2025 Earnings Presentation
Q3 2025 Earnings Presentation November 6, 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 fourth quarter and full
Slide 3: Financial Highlights: Q3 2025
Financial Highlights: Q3 2025 Revenue ($ millions) GAAP Gross Profit ($ millions) Non-GAAP Adjusted EBITDA1 ($ millions) % YoY 5% 2% 4% 7% 3% % Margin 79% 87% 89% 87% 89% Non-GAAP Margin1 28% 33% 29% 33% 33% 78.7 238.7 76.4 77.3 231.4 228.5 234.0 225.2 7.0 12.0 213.5 64.9 66.3 27.3 18.3 12.9 204.4 1
Slide 4: Drivers of Value Creation: Q3 2025 Updates
Drivers of Value Creation: Q3 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 ● Launched PriceVantage, the only used ●
Slide 5: High-Single-Digit YoY QARSD Growth; Continued Expansion of Paying Dealer Base
High-Single-Digit YoY QARSD Growth; Continued Expansion of Paying Dealer Base QARSD1 Drivers of QARSD1 $7,533 $7,742 $7,177 $7,337 $7,369 U.S. Grew dealer footprint while we increased monetization through: +7.9% YoY Subscription upgrades Like-for-like price increases $2,057 $2,072 $2,073 $2,309 $2,3
Slide 6: Market-leading Consumer Experience
Market-leading Consumer Experience #1 Most Visited #1 Largest Inventory U.S. Average Monthly Visitors1 2 (millions) listings site in the U.S.2 of vehicles in the U.S.3 #1 Most Downloaded Exclusive audience Automotive Marketplace app across all active 47% of our monthly unique visitors do not markets
Slide 7: Marketplace (U.S. Segment & Other) Q3 2025 Results
Marketplace (U.S. Segment & Other) Q3 2025 Results Revenue Non-GAAP Gross Profit1 $215 +12.7% ($ millions) ($ millions) $196 $198 $207 YoY $191 $232 $222 $212 +13.5% $210 $204 YoY Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Non-GAAP Margin 1 93% 93% 93% 93% 93% Non-GAAP Adjusted EBITDA1 $82 ($ millions) $79 $80 $
Slide 8: Digital Wholesale Q3 2025 Results
Digital Wholesale Q3 2025 Results Revenue Non-GAAP Gross Profit1 ($ millions) ($ millions) $3 $2 $2 $1 $27 ($1) Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 $18 Non-GAAP Margin1 7% 15% 15% 7% -11% $13 Non-GAAP Adjusted EBITDA1 $12 ($ millions) $7 ($3) ($3) ($3) ($4) ($5) Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q3'24 Q4'24 Q
Slide 9: Balanced Capital Allocation Strategy to Maximize Stockholder Value
Balanced Capital Allocation Strategy to Maximize Stockholder Value 1 2 3 Investments in Growth Returning Value to Selective M&A Stockholders $500 $350 $295 $300 $400 $250 $204 $300 $200 millions millions $146 $150 $200 $100 $100 $50 $19 $0 $0 2021 2022 2023 2024 2022 2023 2024 2025 YTD Sales & Marke
Slide 10: Fourth Quarter & Full-Year 2025 Guidance
Fourth Quarter & Full-Year 2025 Guidance Q4’25 Full-Year 2025 Marketplace Revenue1 $236 million to $241 million $902 million to $907 million Non-GAAP Marketplace (U.S. Marketplace Segment and Other) Adj. EBITDA $83 million to $91 million $313 million to $321 million Non-GAAP Earnings Per Share $0.61
Slide 11: Appendix
Appendix
Slide 12: Reconciliation of GAAP Marketplace Gross Profit and Margin to Non-GAAP
Reconciliation of GAAP Marketplace (U.S. Marketplace Segment & Other) Gross Profit and Margin to Non-GAAP Marketplace (U.S. Marketplace Segment & Other) Gross Profit and Margin ($ thousands) Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 GAAP U.S. Marketplace Segment Revenue $ 187,253 $ 193,395 $ 195,228 $ 202,652 $
Slide 13: Reconciliation of GAAP Digital Wholesale Gross (Loss) Profit and Margin to Non-GAAP
Reconciliation of GAAP Digital Wholesale Gross (Loss) Profit and Margin to Non- GAAP Digital Wholesale Gross Profit (Loss) and Margin ($ thousands) Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 GAAP Wholesale Revenue $ 12,107 $ 9,850 $ 7,747 $ 6,275 $ 2,249 GAAP Product Revenue 15,232 8,494 5,176 5,760 4,794 GAAP D
Slide 14: Reconciliation of GAAP Marketplace Operating Income to Non-GAAP Adjusted EBITDA
Reconciliation of GAAP Marketplace (U.S. Marketplace Segment & Other) Operating Income and Margin to Non-GAAP Marketplace (U.S. Marketplace Segment & Other) Adjusted EBITDA and Margin ($ thousands) Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 U.S. Marketplace Segment Operating Income $ 50,410 $ 56,068 $ 49,781 $ 5
Slide 15: Reconciliation of GAAP Digital Wholesale Operating Loss to Non-GAAP Adjusted EBITDA
Reconciliation of GAAP Digital Wholesale Operating Loss to Non-GAAP Digital Wholesale Adjusted EBITDA ($ thousands) Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 GAAP Digital Wholesale Operating Loss $ (25,317) $ (5,500) $ (5,779) $ (37,041) $ (9,441) Impact of Depreciation and Amortization 2,286 1,386 908 929 1,04
Slide 16: Reconciliation of GAAP Net Income to Non-GAAP Adjusted EBITDA and Margin
Reconciliation of GAAP Net Income to Non-GAAP Adjusted EBITDA and Margin ($ thousands) Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 GAAP Net Income $ 22,511 $ 45,881 $ 39,045 $ 22,343 $ 44,717 Impact of Depreciation and Amortization 5,178 7,038 6,554 6,682 7,356 Impact of Stock-Based Compensation Expense 15,455 15