CarGurus (CARG) is a public company. CarGurus was founded in 2006 in Cambridge, Massachusetts by Langley Steinert, co-founder of TripAdvisor, who saw an opportunity to create a better car-shopping experience using technology and data analytics. Today, CarGurus is the leading multinational automotive platform helping consumers and dealers confidently buy and sell vehicles.

Our culture fosters kindness, collaboration, and innovation, while empowering Gurus with opportunities and resources to fuel their career growth. We aim to give all people—consumers, dealers, and our employees—the power to reach their destination. Ready to join us for the ride? Apply now! Founded in 2006. It has 1,419 employees. IPO 2017.

Transcript

Operator

Good day, welcome to the CarGurus second quarter 2026 earnings conference call. Please note this event is being recorded. I would now like to turn the call over to Javier Zamora, General Counsel and Corporate Secretary. Please go ahead.

Javier Zamora — General Counsel and Corporate Secretary

Good afternoon, thank you for joining us. With me on the call today are Jason Trevisan, Chief Executive Officer, and Sam Zales, President and Chief Operating Officer. We will be making forward-looking statements which are based on our current expectations and beliefs. These statements are subject to risks and uncertainties, and our actual results may differ materially. Information concerning those risks and uncertainties is discussed in our SEC filings. We undertake no obligation to update forward-looking statements, except as required by law. Please refer to our press release and our investor presentation on the investor relations section of our website for a reconciliation of GAAP to non-GAAP measures. I'll now turn the call over to Jason.

Jason Trevisan — CEO

Good afternoon. We delivered strong second quarter results with revenue growing 13% year-over-year to $251 million, above the midpoint of our guidance range, including another robust quarter in our international business, which grew 28% year-over-year. Adjusted EBITDA increased 7% year-over-year to $85 million at the high end of the guidance range at a 34% margin, reflecting disciplined investment. We also generated strong cash flow, converting 103% of our adjusted EBITDA, or $88 million, to free cash flow in the quarter. In the first half of this year, dealers have taken a more deliberate approach to incremental