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    Glenn Shell • Raymond James & Associates, Inc.

    Glenn Shell's questions to ACV Auctions Inc (ACVA) leadership

    Glenn Shell's questions to ACV Auctions Inc (ACVA) leadership • Q3 2024

    Question

    Glenn Shell asked if ACV's internal data reflected the broader market's reported sales growth in October and requested a more specific figure for the current trade-to-wholesale mix compared to normalized levels.

    Answer

    CEO George Chamoun acknowledged that October had a strong start, contributing to healthy market conditions, but noted that Q4 guidance remains prudent due to typical late-quarter seasonality. He stated that the trade-to-wholesale mix improved only marginally and will not recover significantly until dealer used-car inventories, which remain about 25% below 2019 levels, are replenished.

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    Glenn Shell's questions to Ziprecruiter Inc (ZIP) leadership

    Glenn Shell's questions to Ziprecruiter Inc (ZIP) leadership • Q3 2024

    Question

    Glenn Shell asked how the company is balancing investments against maintaining its low to mid-teens margin profile, what tailwinds are expected from strong job seeker traffic growth, and how to model the trend of employers returning organically without direct marketing spend.

    Answer

    CFO Timothy Yarbrough explained that the company's operating philosophy is to remain nimble and adjust to the macro environment, which allows them to deliver on their margin targets over the long term. Executives David Travers and Ian Siegel emphasized that gaining job seeker market share is a key leading indicator of future employer revenue, improving the entire marketplace. They also noted that high brand awareness acts as a major asset, driving organic employer demand during hiring recoveries, which provides significant operating leverage and supports long-term margin goals.

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