Output Explorer

1. Third quarter 2025 revenue reached a record $182 million, representing a 1% year-over-year increase.
2. Adjusted EBITDA margin expanded to 30.1% in Q3, an improvement of over 160 basis points year-over-year.
3. The company executed $19 million in share buybacks during Q3, bringing the year-to-date total to $64 million.
4. Dealer count increased for the third consecutive quarter to 19,526, reaching a new three-year high.
5. OEM and national revenue declined 5% year-over-year, primarily driven by reduced spending from two specific partners.
6. The new AI-powered search assistant, Carson, currently assists 15% of searches and drives users to save three times more vehicles than average shoppers.
7. AccuTrade surpassed 1 million quarterly appraisals and grew to 1,150 subscribers in the third quarter.
8. Average Revenue Per Dealer (ARPD) increased 1% quarter-over-quarter to $2,460, driven by repackaging and cross-selling initiatives.
9. The company reduced its net leverage ratio to 1.9x, falling below its target range of 2.0x to 2.5x for the first time.
10. Management reaffirmed its full-year 2025 adjusted EBITDA margin guidance of 29% to 31%.

{
  "facts": [
    "Revenue of $182 million reflected continued contribution from websites, trade and appraisal solutions and marketplace",
    "Dealer count increased for the third consecutive quarter as we reached a new 3-year high with marketplace, in particular, outperforming expectations",
    "Top line strength, combined with our strong operating model, enabled investments for innovation, while also producing adjusted EBITDA margin of 30%, up over 160 basis points year-over-year",
    "Revenue of $181.6 million, up 1% year-over-year and in line with our expectation for low single-digit growth in the second half of the year",
    "Dealer revenue was up 2% year-over-year, driven by favorability from repackaging activities and better customer count",
    "Our ongoing repackaging work resulted in successful renegotiation of additional OEM website agreements and the phased launch of new marketplace packages in Q3",
    "Our top 2 marketplace peers now bundle more media features for better vehicle merchandising and promotion, helping dealers attract and convert in-market shoppers",
    "Migration of legacy preferred customers into new Premium and Premium Plus packages was 100% complete as of the end of October",
    "I'll also note that we've seen very few cancellations attributable to this exercise, another encouraging signal of the value dealers see in our marketplace",
    "Marketplace, our most scaled solution, is also the tip of the spear for customer acquisition and cross-selling and key to winning dealer market share over time",
    "We have multiple levers to inflect ARPD, driving new customer growth as well as upgrading package tiers and cross-selling against our installed base",
    "And this is amplified by our improved pricing. We saw early signs of these levers in action in Q3 with ARPD up 1% quarter-over-quarter, and we are optimistic that trends will improve as these positive changes gain further traction and annualize",
    "Overall, dealer revenue growth more than offset near-term noise in OEM and national revenue, which was down just under $1 million or 5% year-over-year",
    "More broadly speaking, media investments did taper in September as the industry digested large-scale changes like strong pull-forward demand from expiration of EV credits and continuing shifts in production as well as downward revisions in SAAR",
    "Given last September was our best month of OEM revenue for 2024, we also had a challenging comp that accentuated this late quarter trend",
    "We're observing that OEMs continue to prefer more flexibility in the current operating environment",
    "And as such, we expect their ad spending may fluctuate through the end of this year",
    "However, we remain confident in our audience and value delivery and in our ability to power growth in this segment",
    "Looking at this quarter as a whole, I'm pleased that our steady execution is showing up in the P&L and in positive trends that point to more gains ahead",
    "We're driving our business forward, growing revenue and gaining customer market share, all while continuously innovating",
    "Q3 is the right step in the right direction, and we're focused on finishing the year with a healthy exit rate so that we can deliver even better results as we continue scaling our leading platform",
    "While dealer revenue was at its healthiest level in several quarters, we did see some variability in OEM and national revenue, which was down just under $1 million or 5% year-over-year",
    "More broadly speaking, media investments did taper in September as the industry digested large-scale changes like strong pull-forward demand from expiration of EV credits and continuing shifts in production as well as downward revisions in SAAR",
    "Given last September was our best month of OEM revenue for 2024, we also had a challenging comp that accentuated this late quarter trend",
    "We're observing that OEMs continue to prefer more flexibility in the current operating environment",
    "And as such, we expect their ad spending may fluctuate through the end of this year",
    "However, we remain confident in our audience and value delivery and in our ability to power growth in this segment",
    "Looking at this quarter as a whole, I'm pleased that our steady execution is showing up in the P&L and in positive trends that point to more gains ahead",
    "We're driving our business forward, growing revenue and gaining customer market share, all while continuously innovating",
    "Q3 is the right step in the right direction, and we're focused on finishing the year with a healthy exit rate so that we can deliver even better results as we continue scaling our leading platform",
    "While dealer revenue was at its healthiest level in several quarters, we did see some variability in OEM and national revenue, which was down just under $1 million or 5% year-over-year",
    "More broadly speaking, media investments did taper in September as the industry digested large-scale changes like strong pull-forward demand from expiration of EV credits and continuing shifts in production as well as downward revisions in SAAR",
    "Given last September was our best month of OEM revenue for 2024, we also had a challenging comp that accentuated this late quarter trend",
    "We're observing that OEMs continue to prefer more flexibility in the current operating environment",
    "And as such, we expect their ad spending may fluctuate through the end of this year",
    "However, we remain confident in our audience and value delivery and in our ability to power growth in this segment",
    "Looking at this quarter as a whole, I'm pleased that our steady execution is showing up in the P&L and in positive trends that point to more gains ahead",
    "We're driving our business forward, growing revenue and gaining customer market share, all while continuously innovating",
    "Q3 is the right step in the right direction, and we're focused on finishing the year with a healthy exit rate so that we can deliver even better results as we continue scaling our leading platform",
    "While dealer revenue was at its healthiest level in several quarters, we did see some variability in OEM and national revenue, which was down just under $1 million or 5% year-over-year",
    "More broadly speaking, media investments did taper in September as the industry digested large-scale changes like strong pull-forward demand from expiration of EV credits and continuing shifts in production as well as downward revisions in SAAR",
    "Given last September was our best month of OEM revenue for 2024, we also had a challenging comp that accentuated this late quarter trend",
    "We're observing that OEMs continue to prefer more flexibility in the current operating environment",
    "And as such, we expect their ad spending may fluctuate through the end of this year",
    "However, we remain confident in our audience and value delivery and in our ability to power growth in this segment",
    "Looking at this quarter as a whole, I'm pleased that our steady execution is showing up in the P&L and in positive trends that point to more gains ahead",
    "We're driving our business forward, growing revenue and gaining customer market share, all while continuously innovating",
    "Q3 is the right step in the right direction, and we're focused on finishing the year with a healthy exit rate so that we can deliver even better results as we continue scaling our leading platform",
    "While dealer revenue was at its healthiest level in several quarters, we did see some variability in OEM and national revenue, which was down just under $1 million or 5% year-over-year",
    "More broadly speaking, media investments did taper in September as the industry digested large-scale changes like strong pull-forward demand from expiration of EV credits and continuing shifts in production as well as downward revisions in SAAR",
    "Given last September was our best month of OEM revenue for 2024, we also had a challenging comp that accentuated this late quarter trend",
    "We're observing that OEMs continue to prefer more flexibility in the current operating environment",
    "And as such, we expect their ad spending may fluctuate through the end of this year",
    "However, we remain confident in our audience and value delivery and in our ability to power growth in this segment",
    "Looking at this quarter as a whole, I'm pleased that our steady execution is showing up in the P&L and in positive trends that point to more gains ahead",
    "We're driving our business forward, growing revenue and gaining customer market share, all while continuously innovating",
    "Q3 is the right step in the right direction, and we're focused on finishing the year with a healthy exit rate so that we can deliver even better results as we continue scaling our leading platform",
    "While dealer revenue was at its healthiest level in several quarters, we did see some variability in OEM and national revenue, which was down just under $1 million or 5% year-over-year",
    "More broadly speaking, media investments did taper in September as the industry digested large-scale changes like strong pull-forward demand from expiration of EV credits and continuing shifts in production as well as downward revisions in SAAR",
    "Given last September was our best month of OEM revenue for 2024, we also had a challenging comp that accentuated this late quarter trend",
    "We're observing that OEMs continue to prefer more flexibility in the current operating environment",
    "And as such, we expect their ad spending may fluctuate through the end of this year",
    "However, we remain confident in

<|assistant|>
<|assistant|>
<|assistant|>

The same 14-character fragment repeats 292 times until the token limit. Showing the first three.