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    Zachary Walljasper • UBS

    Zachary Walljasper's questions to CarGurus Inc (CARG) leadership

    Zachary Walljasper's questions to CarGurus Inc (CARG) leadership • Q4 2024

    Question

    Zachary Walljasper, on for Joe Spak, asked about the company's capital allocation strategy, noting strong free cash flow and no share repurchases in the quarter, and also inquired about CarGurus' positioning against Amazon's entry into the auto space.

    Answer

    Elisa Palazzo, CFO, confirmed that 2025 margins are expected to be sustainable despite significant investments and that the $200 million share repurchase program for 2025 is active, with buybacks to occur as deemed appropriate alongside compelling internal investments. Jason Trevisan, CEO, addressed the Amazon threat by differentiating the new car market from the used car market, emphasizing that used cars require deep, trusted integrations with a fragmented network of 40,000 dealers, which is CarGurus' core strength.

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    Zachary Walljasper's questions to Sensata Technologies Holding PLC (ST) leadership

    Zachary Walljasper's questions to Sensata Technologies Holding PLC (ST) leadership • Q4 2024

    Question

    Zachary Walljasper, on behalf of Joe Spak, asked about the drivers of margin expansion in the second half of 2025 and the company's capital allocation priorities for the year given the improving free cash flow.

    Answer

    Chief Financial Officer Brian Roberts stated that capital allocation will continue to balance reducing net leverage and opportunistic share repurchases as top priorities. For H2 2025 margin expansion, he pointed to a combination of incremental revenue, the full impact of cost initiatives, and compounding productivity improvements, expecting a margin lift in Q3 and Q4 similar to the pattern seen in 2024.

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