CarGurus, Inc. (CARG) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:04.438 Good day and welcome to the CarGurus fourth quarter and full year 2025 earnings conference 00:00:04.438 -- 00:00:07.562 call. Please note this event is being recorded. 00:00:07.562 -- 00:00:11.508 I would now like to turn the call over to Kern Deep Singh, Vice President and Head of 00:00:11.508 -- 00:00:15.331 Investor Relations. Please go ahead. 00:00:15.434 -- 00:00:17.757 Good afternoon and thank you for joining us. 00:00:17.757 -- 00:00:22.324 With me on the call today are Jason Trevison, Chief Executive Officer, and Sam Zales, 00:00:22.324 -- 00:00:26.731 President and Chief Operating Officer. We will be making forward-looking statements, 00:00:26.731 -- 00:00:29.984 which are based on our current expectations and beliefs. 00:00:29.984 -- 00:00:34.331 These statements are subject to risks and uncertainties, and their actual results may 00:00:34.331 -- 00:00:39.519 differ materially. Information concerning those risks and uncertainties is discussed 00:00:39.519 -- 00:00:44.747 in our SEC filings. We undertake no obligation to update forward-looking statements except 00:00:44.747 -- 00:00:49.814 as required by law. Please refer to our press release and our investor presentation on 00:00:49.814 -- 00:00:55.143 the investor relations section of our website for a reconciliation of GAAP to non-GAAP 00:00:55.143 -- 00:00:59.448 measures. I'll now turn the call over to Jason. 00:00:59.448 -- 00:01:01.210 Good afternoon, and thank you for joining us. 00:01:01.210 -- 00:01:03.210 2025 00:01:03.213 -- 00:01:08.060 was a pivotal year for CarGurus. We accelerated product innovation, expanding how we 00:01:08.060 -- 00:01:13.107 serve dealers and consumers as a marketplace, software, and data company, drove 00:01:13.107 -- 00:01:17.112 sign...