ACV Announces Fourth Quarter and Full-Year 2024 Results
ACV (ACVA) reported strong Q4 and full-year 2024 results, exceeding guidance. Q4 revenue reached $160 million (up 35% YoY) with Marketplace and Service Revenue of $143 million (up 38% YoY). Full-year revenue was $637 million (up 32% YoY).
Q4 GAAP net loss was ($26) million, with Adjusted EBITDA of $6 million. Marketplace GMV grew to $2.3 billion (up 22% YoY) with 183,497 units (up 27% YoY). For 2025, ACV projects revenue of $765-785 million (20-23% YoY growth) and Adjusted EBITDA of $65-75 million (approximately 150% YoY growth at midpoint).
The company expects flat dealer wholesale market conditions in 2025 but anticipates market share gains and margin expansion as their business model scales.
ACV (ACVA) ha riportato risultati forti per il quarto trimestre e per l'intero anno 2024, superando le previsioni. I ricavi del quarto trimestre hanno raggiunto $160 milioni (in aumento del 35% rispetto all'anno precedente) con ricavi da Marketplace e Servizi di $143 milioni (in aumento del 38% rispetto all'anno precedente). I ricavi per l'intero anno sono stati $637 milioni (in aumento del 32% rispetto all'anno precedente).
La perdita netta GAAP del quarto trimestre è stata di ($26) milioni, con un EBITDA rettificato di $6 milioni. Il GMV del Marketplace è cresciuto a $2,3 miliardi (in aumento del 22% rispetto all'anno precedente) con 183.497 unità (in aumento del 27% rispetto all'anno precedente). Per il 2025, ACV prevede ricavi di $765-785 milioni (crescita del 20-23% rispetto all'anno precedente) e un EBITDA rettificato di $65-75 milioni (circa il 150% di crescita rispetto all'anno precedente al valore mediano).
L'azienda prevede condizioni di mercato all'ingrosso per i concessionari stabili nel 2025, ma anticipa guadagni di quota di mercato e un'espansione dei margini man mano che il loro modello di business si espande.
ACV (ACVA) informó resultados sólidos para el cuarto trimestre y para todo el año 2024, superando las expectativas. Los ingresos del cuarto trimestre alcanzaron $160 millones (un aumento del 35% interanual) con ingresos de Marketplace y Servicios de $143 millones (un aumento del 38% interanual). Los ingresos del año completo fueron $637 millones (un aumento del 32% interanual).
La pérdida neta GAAP del cuarto trimestre fue de ($26) millones, con un EBITDA ajustado de $6 millones. El GMV del Marketplace creció a $2.3 mil millones (un aumento del 22% interanual) con 183,497 unidades (un aumento del 27% interanual). Para 2025, ACV proyecta ingresos de $765-785 millones (crecimiento del 20-23% interanual) y un EBITDA ajustado de $65-75 millones (aproximadamente un 150% de crecimiento interanual en el punto medio).
La empresa espera condiciones estables en el mercado mayorista para concesionarios en 2025, pero anticipa ganancias en participación de mercado y expansión de márgenes a medida que su modelo de negocio escale.
ACV (ACVA)는 2024년 4분기 및 전체 연도 실적이 가이던스를 초과했다고 보고했습니다. 4분기 수익은 $160 백만에 달했으며(전년 대비 35% 증가), 마켓플레이스 및 서비스 수익은 $143 백만(전년 대비 38% 증가)입니다. 전체 연도 수익은 $637 백만(전년 대비 32% 증가)이었습니다.
4분기 GAAP 순손실은 ($26) 백만이었고, 조정 EBITDA는 $6 백만이었습니다. 마켓플레이스 GMV는 $2.3 십억(전년 대비 22% 증가)으로 증가했으며 183,497 대(전년 대비 27% 증가)였습니다. 2025년을 위해 ACV는 $765-785 백만의 수익(전년 대비 20-23% 성장)과 $65-75 백만의 조정 EBITDA(중간값 기준으로 약 150% 성장)를 예상하고 있습니다.
회사는 2025년에는 도매 시장의 안정적인 조건을 예상하고 있지만, 비즈니스 모델이 확장됨에 따라 시장 점유율 증가와 마진 확대를 기대하고 있습니다.
ACV (ACVA) a annoncé des résultats solides pour le quatrième trimestre et pour l'année entière 2024, dépassant les prévisions. Les revenus du quatrième trimestre ont atteint $160 millions (en hausse de 35 % par rapport à l'année précédente) avec des revenus du Marketplace et des services de 143 millions de dollars (en hausse de 38 % par rapport à l'année précédente). Les revenus pour l'année entière étaient de $637 millions (en hausse de 32 % par rapport à l'année précédente).
La perte nette GAAP pour le quatrième trimestre s'élevait à ($26) millions, avec un EBITDA ajusté de 6 millions de dollars. Le GMV du Marketplace a augmenté pour atteindre 2,3 milliards de dollars (en hausse de 22 % par rapport à l'année précédente) avec 183 497 unités (en hausse de 27 % par rapport à l'année précédente). Pour 2025, ACV prévoit des revenus de 765 à 785 millions de dollars (croissance de 20 à 23 % d'une année sur l'autre) et un EBITDA ajusté de 65 à 75 millions de dollars (environ 150 % de croissance d'une année sur l'autre au point médian).
L'entreprise s'attend à des conditions de marché de gros stables en 2025, mais anticipe des gains de parts de marché et une expansion des marges à mesure que son modèle commercial se développe.
ACV (ACVA) berichtete über starke Ergebnisse im vierten Quartal und für das gesamte Jahr 2024, die die Prognosen übertrafen. Die Einnahmen im vierten Quartal beliefen sich auf $160 Millionen (ein Anstieg von 35% im Vergleich zum Vorjahr) mit Marktplatz- und Dienstleistungsumsätzen von $143 Millionen (ein Anstieg von 38% im Vergleich zum Vorjahr). Der Umsatz für das gesamte Jahr betrug $637 Millionen (ein Anstieg von 32% im Vergleich zum Vorjahr).
Der GAAP-Nettoverlust im vierten Quartal betrug ($26) Millionen, mit einem bereinigten EBITDA von $6 Millionen. Der GMV des Marktplatzes wuchs auf $2,3 Milliarden (ein Anstieg von 22% im Vergleich zum Vorjahr) mit 183.497 Einheiten (ein Anstieg von 27% im Vergleich zum Vorjahr). Für 2025 prognostiziert ACV Einnahmen von $765-785 Millionen (20-23% Wachstum im Vergleich zum Vorjahr) und ein bereinigtes EBITDA von $65-75 Millionen (ca. 150% Wachstum im Vergleich zum Vorjahr am Medianwert).
Das Unternehmen erwartet im Jahr 2025 stabile Bedingungen auf dem Großhandelsmarkt für Händler, rechnet jedoch mit Marktanteilsgewinnen und einer Margensteigerung, da sich ihr Geschäftsmodell ausweitet.
- Q4 revenue exceeded guidance at $160M (35% YoY growth)
- Marketplace units increased 27% YoY to 183,497
- Strong 2025 guidance: 20-23% revenue growth to $765-785M
- Projected 150% YoY Adjusted EBITDA growth for 2025
- Q4 Adjusted EBITDA improved to $6M from -$5M in Q4 2023
- Q4 GAAP net loss increased to $26M from $23M in Q4 2023
- Full-year 2024 GAAP net loss of $80M
- Projected GAAP net loss of $62-52M for 2025
- Flat dealer wholesale market expected in 2025
Insights
The Q4 results reveal ACV's strengthening market position in the digital automotive marketplace. The
The company's operational efficiency is becoming evident through expanding margins. The transition from negative
The 2025 guidance is particularly noteworthy given the assumption of a flat dealer wholesale market. The projected
The divergence between GAAP losses and non-GAAP profitability primarily reflects substantial stock-based compensation (
Revenue and Adjusted EBITDA Exceed High-End of Guidance
- Fourth quarter revenue of
$160 million and full-year revenue of$637 million - Fourth quarter GAAP net income (loss) of (
$26) million and full-year GAAP net income (loss) of ($80) million - Fourth quarter non-GAAP net income (loss) of (
$1) million and full-year non-GAAP net income of$11 million - Fourth quarter Adjusted EBITDA of
$6 million and full-year Adjusted EBITDA of$28 million - Expects 2025 revenue of
$765 million to$785 million , growth of20% to23% YoY, GAAP net income (loss) of ($62) million to ($52) million and Adjusted EBITDA of$65 million to$75 million , growth of approximately150% YoY at the midpoint of guidance
BUFFALO, N.Y., Feb. 19, 2025 (GLOBE NEWSWIRE) -- ACV (Nasdaq: ACVA), a leading digital automotive marketplace and data services partner for dealers and commercial clients, today reported results for its fourth quarter and full-year ended December 31, 2024.
“We are very pleased with our fourth quarter results, with revenue and Adjusted EBITDA above the high-end of our guidance range, along with continued margin expansion. ACV's leading market position resulted in additional share gains and strong revenue growth in the quarter. Our expanding suite of dealer solutions gained further market traction and we executed on initiatives to support our commercial wholesale strategy,” said George Chamoun, CEO of ACV.
“Turning to our 2025 outlook, while the dealer wholesale market is expected to be approximately flat year-over-year, we believe ACV remains well positioned to deliver sustainable market share gains, strong revenue growth and margin expansion, as our business model continues to scale," concluded Chamoun.
Fourth Quarter 2024 Highlights
- Revenue of
$160 million , an increase of35% year over year - Marketplace and Service Revenue of
$143 million , an increase of38% year over year - Marketplace GMV of
$2.3 billion , an increase of22% year over year - Marketplace Units of 183,497, an increase of
27% year over year - GAAP net income (loss) of (
$26) million , compared to GAAP net income (loss) of ($23) million in the fourth quarter of 2023 - Non-GAAP net income (loss) of (
$1) million , compared to non-GAAP net income (loss) of ($6) million in the fourth quarter of 2023 - Adjusted EBITDA of
$6 million , compared to Adjusted EBITDA of ($5) million in the fourth quarter of 2023
Full-Year 2024 Highlights
- Revenue of
$637 million , an increase of32% year over year - Marketplace and Service Revenue of
$573 million , an increase of36% year over year - Marketplace GMV of
$9.5 billion , an increase of7% year over year - Marketplace units of 743,008, an increase of
24% year over year - Adjusted EBITDA of
$28 million , compared to Adjusted EBITDA of ($18) million in 2023
First Quarter and Full-Year 2025 Guidance
Based on information as of today, ACV is providing the following guidance:
- First Quarter of 2025:
- Total revenue of
$180 million to$185 million , an increase of24% to27% year over year - GAAP net income (loss) of (
$21) million to ($19) million - Non-GAAP net income of
$3 million to$5 million - Adjusted EBITDA of
$9 million to$11 million , an increase of110% to158% year over year
- Total revenue of
- Full-Year 2025:
- Total revenue of
$765 million to$785 million , an increase of20% to23% year over year - GAAP net income (loss) of (
$62) million to ($52) million - Non-GAAP net income of
$32 million to$42 million - Adjusted EBITDA of
$65 million to$75 million , an increase of131% to167% year over year
- Total revenue of
Our financial guidance includes the following assumptions:
- The dealer wholesale market is expected to be approximately flat year over year in 2025.
- Conversion rates and wholesale price depreciation expected to follow normal seasonal patterns.
- 2025 revenue growth is expected to outpace Non-GAAP Operating Expense growth (excluding Cost of Revenue and Depreciation and Amortization) by approximately 500 basis points.
- First quarter non-GAAP net income guidance excludes approximately
$19 million of stock-based compensation expense and approximately$3 million of intangible amortization. - Full-year non-GAAP net income guidance excludes approximately
$76 million of stock-based compensation expense and$10 million of intangible amortization.
ACV’s Fourth Quarter Results Conference Call
ACV will host a conference call and live webcast today, February 19, 2025, at 5:00 p.m. ET to discuss the financial results. To access the live conference call participants are invited to dial 877-704-4453 (international callers please dial 1-201-389-0920) approximately 10 minutes prior to the start of the call. A live webcast and replay of the call will be available on the Company’s investor relations website at https://investors.acvauto.com/. Participants are encouraged to join the webcast unless asking a question.
2025 Analyst Day
ACV will host an analyst meeting on March 11, 2025. The event location is Convene at 530 Fifth Avenue in midtown Manhattan. The program will begin at 1:00 p.m. ET and conclude at 4:00 p.m. ET, followed by a reception with ACV’s management team. To register for the event, please send an email to ACVAuctionsIR@icrinc.com.
About ACV Auctions
ACV is on a mission to transform the automotive industry by building the most trusted and efficient digital marketplace and data solutions for sourcing, selling and managing used vehicles with transparency and comprehensive insights that were once unimaginable. ACV offerings include ACV Auctions, ACV Transportation, ACV Capital, ACV MAX, True360, and ClearCar.
For more information about ACV, visit www.acvauto.com.
Information About Non-GAAP Financial Measures
ACV provides supplemental non-GAAP financial measures to its financial results. We use these non-GAAP financial measures, and we believe that they assist our investors to make period-to-period comparisons of our operating performance because they provide a view of our operating results without items that are not, in our view, indicative of our operating results. These non-GAAP financial measures should not be construed as an alternative to GAAP results as the items excluded from the non-GAAP financial measures often have a material impact on our operating results, certain of those items are recurring, and others often recur. Management uses, and investors should consider, our non-GAAP financial measures only in conjunction with our GAAP results.
Non-GAAP Financial Measures
Adjusted EBITDA is a financial measure that is not presented in accordance with GAAP. We believe that Adjusted EBITDA, when taken together with our financial results presented in accordance with GAAP, provides meaningful supplemental information regarding our operating performance and facilitates internal comparisons of our historical operating performance on a more consistent basis by excluding certain items that may not be indicative of our business, results of operations or outlook. In particular, we believe that the use of Adjusted EBITDA is helpful to our investors as it is a measure used by management in assessing the health of our business, determining incentive compensation and evaluating our operating performance, as well as for internal planning and forecasting purposes.
We define Adjusted EBITDA as net loss, adjusted to exclude: depreciation and amortization; stock-based compensation expense; interest (income) expense; provision for income taxes; and other one-time non-recurring items, when applicable, such as acquisition-related and restructuring expenses.
Adjusted EBITDA is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Some of these limitations include that (1) it does not properly reflect capital commitments to be paid in the future; (2) although depreciation and amortization are non-cash charges, the underlying assets may need to be replaced and Adjusted EBITDA does not reflect these capital expenditures; (3) it does not consider the impact of stock-based compensation expense, (4) it does not reflect other non-operating income and expenses, including interest income and expense, (5) it does not consider the impact of any contingent consideration liability valuation adjustments, (6) it does not reflect tax payments that may represent a reduction in cash available to us, and (7) it does not reflect other one-time, non-recurring items, when applicable, such as acquisition-related and restructuring expenses. In addition, our use of Adjusted EBITDA may not be comparable to similarly titled measures of other companies because they may not calculate Adjusted EBITDA in the same manner, limiting its usefulness as a comparative measure. Because of these limitations, when evaluating our performance, you should consider Adjusted EBITDA alongside other financial measures, including our net loss and other results stated in accordance with GAAP.
Non-GAAP net income (loss), a financial measure that is not presented in accordance with GAAP, provides investors with additional useful information to measure operating performance and current and future liquidity when taken together with our financial results presented in accordance with GAAP. By providing this information, we believe management and the users of the financial statements are better able to understand the financial results of what we consider to be our continuing operations.
We define non-GAAP net income (loss) as net income (loss), adjusted to exclude: stock-based compensation expense, amortization of acquired intangible assets, and other one-time, non-recurring items, when applicable, such as acquisition-related and restructuring expenses.
In the calculation of non-GAAP net income (loss), we exclude stock-based compensation expense because of varying available valuation methodologies, subjective assumptions and the variety of equity instruments that can impact our non-cash expense. We believe that providing non-GAAP financial measures that exclude stock-based compensation expense allows for more meaningful comparisons between our operating results from period to period.
We exclude amortization of acquired intangible assets from the calculation of non-GAAP net income (loss). We believe that excluding the impact of amortization of acquired intangible assets allows for more meaningful comparisons between operating results from period to period as the underlying intangible assets are valued at the time of acquisition and are amortized over several years after the acquisition.
We exclude contingent consideration liability valuation adjustments associated with the purchase consideration of transactions accounted for as business combinations. We also exclude certain other one-time, non-recurring items, when applicable, such as acquisition-related and restructuring expenses, because we do not consider such amounts to be part of our ongoing operations nor are they comparable to prior period nor predictive of future results.
Non-GAAP net income (loss) is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Some of these limitations include that: (1) it does not consider the impact of stock-based compensation expense; (2) although amortization is a non-cash charge, the underlying assets may need to be replaced and non-GAAP net income (loss) does not reflect these capital expenditures; (3) it does not consider the impact of any contingent consideration liability valuation adjustments; and (4) it does not consider the impact of other one-time charges, such as acquisition-related and restructuring expenses, which could be material to the results of our operations. In addition, our use of non-GAAP net income (loss) may not be comparable to similarly titled measures of other companies because they may not calculate non-GAAP net income (loss) in the same manner, limiting its usefulness as a comparative measure. Because of these limitations, when evaluating our performance, you should consider non-GAAP net income (loss) alongside other financial measures, including our net loss other results stated in accordance with GAAP.
Information About Operating and Financial Metrics
We regularly monitor the following operating and financial metrics in order to measure our current performance and estimate our future performance. Our key operating and financial metrics may be calculated in a manner different than similar business metrics used by other companies.
Operating and Financial Metrics
Marketplace GMV - Marketplace GMV is primarily driven by the volume and dollar value of Marketplace Unit transactions. We believe that Marketplace GMV acts as an indicator of our success, signaling satisfaction of dealers and buyers, and the health, scale, and growth of our business. We define Marketplace GMV as the total dollar value of vehicles transacted within the applicable period, excluding any auction and ancillary fees.
Marketplace Units - Marketplace Units is a key indicator of our potential for growth in Marketplace GMV and revenue. It demonstrates the overall engagement of our customers and our market share of wholesale transactions in the United States. We define Marketplace Units as the number of vehicles transacted within the applicable period. Marketplace Units transacted includes any vehicle that successfully reaches sold status, even if the auction is subsequently unwound, meaning the buyer or seller does not complete the transaction. These instances have been immaterial to date. Marketplace Units excludes vehicles that were inspected by ACV, but not sold. Marketplace Units have generally increased over time as we have expanded our territory coverage, added new dealer partners and increased our share of wholesale transactions from existing customers.
Forward-Looking Statements
This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements concerning our financial guidance for the fourth quarter of 2024 and the full year of 2024. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will” or “would” or the negative of these words or other similar terms or expressions. You should not rely on forward-looking statements as predictions of future events.
The forward-looking statements contained in this presentation are based on ACV’s current assumptions, expectations and beliefs and are subject to substantial risks, uncertainties and changes in circumstances that may cause ACV’s actual results, performance or achievements to differ materially from those expressed or implied in any forward-looking statement. These risks and uncertainties include, but are not limited to: (1) our history of operating losses; (2) our limited operating history; (3) our ability to effectively manage our growth; (4) our ability to grow the number of participants on our marketplace platform; (5) general market, political, economic, and business conditions; (6) our ability to acquire new customers and successfully retain existing customers; (7) our ability to effectively develop and expand our sales and marketing capabilities; (8) our ability to successfully launch new products and services; (9) breaches in our security measures, unauthorized access to our marketplace platform, our data, or our customers’ or other users’ personal data; (10) risk of interruptions or performance problems associated with our products and platform capabilities; (11) our ability to adapt and respond to rapidly changing technology or customer needs; (12) our ability to compete effectively with existing competitors and new market entrants; (13) our ability to comply or remain in compliance with laws and regulations that currently apply or become applicable to our business in the United States and other jurisdictions where we elect to do business; (14) the impact that economic conditions could have on our or our customers’ businesses, financial condition and results of operations; and (15) the impact of such economic conditions in the wholesale dealer market included in our guidance for the first quarter of 2025 and full year 2025, and the related impact on the performance of our marketplace and our operating expenses, stock-based compensation expense and intangible amortization. These and other risks and uncertainties are more fully described in our filings with the Securities and Exchange Commission (“SEC”), including in the section entitled “Risk Factors” in our Form 10-K for the year ended December 31, 2024, filed with the SEC on February 19, 2025. Additional information will be made available in other filings and reports that we may file from time to time with the SEC. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, we cannot guarantee future results, levels of activity, performance, achievements, or events and circumstances reflected in the forward-looking statements will occur. The forward-looking statements made in this presentation relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this presentation to reflect events or circumstances after the date of this presentation or to reflect new information or the occurrence of unanticipated events, except as required by law.
Investor Contact:
Tim Fox
tfox@acvauctions.com
Media Contact:
Maura Duggan
mduggan@acvauctions.com
| ACV AUCTIONS INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in thousands, except per share data) | |||||||||||||||
| Three months ended December 31, | Year ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue: | |||||||||||||||
| Marketplace and service revenue | $ | 143,123 | $ | 103,767 | $ | 572,971 | $ | 422,527 | |||||||
| Customer assurance revenue | 16,391 | 14,610 | 64,185 | 58,707 | |||||||||||
| Total revenue | 159,514 | 118,377 | 637,156 | 481,234 | |||||||||||
| Operating expenses: | |||||||||||||||
| Marketplace and service cost of revenue (excluding depreciation & amortization) | 61,200 | 46,975 | 248,210 | 192,707 | |||||||||||
| Customer assurance cost of revenue (excluding depreciation & amortization) | 14,683 | 13,666 | 56,231 | 51,747 | |||||||||||
| Operations and technology | 42,398 | 34,779 | 162,700 | 140,959 | |||||||||||
| Selling, general, and administrative | 56,697 | 42,821 | 217,435 | 166,510 | |||||||||||
| Depreciation and amortization | 10,334 | 6,902 | 36,685 | 18,988 | |||||||||||
| Total operating expenses | 185,312 | 145,143 | 721,261 | 570,911 | |||||||||||
| Loss from operations | (25,798 | ) | (26,766 | ) | (84,105 | ) | (89,677 | ) | |||||||
| Other income (expense): | |||||||||||||||
| Interest income | 1,927 | 4,002 | 9,337 | 16,507 | |||||||||||
| Interest expense | (2,026 | ) | (360 | ) | (4,244 | ) | (1,565 | ) | |||||||
| Total other income (expense) | (99 | ) | 3,642 | 5,093 | 14,942 | ||||||||||
| Loss before income taxes | (25,897 | ) | (23,124 | ) | (79,012 | ) | (74,735 | ) | |||||||
| (Benefit from) provision for income taxes | 240 | 117 | 688 | 526 | |||||||||||
| Net loss | $ | (26,137 | ) | $ | (23,241 | ) | $ | (79,700 | ) | $ | (75,261 | ) | |||
| Weighted-average shares - basic and diluted | 166,484,713 | 161,174,469 | 164,850,699 | 159,952,813 | |||||||||||
| Net loss per share - basic and diluted | $ | (0.16 | ) | $ | (0.14 | ) | $ | (0.48 | ) | $ | (0.47 | ) | |||
| ACV AUCTIONS INC. CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except share data) | |||||||
| December 31, 2024 | December 31, 2023 | ||||||
| Assets | |||||||
| Current Assets: | |||||||
| Cash and cash equivalents | $ | 224,065 | $ | 182,571 | |||
| Marketable securities | 46,036 | 228,761 | |||||
| Trade receivables (net of allowance of | 168,770 | 164,009 | |||||
| Finance receivables (net of allowance of | 139,045 | 119,034 | |||||
| Other current assets | 15,281 | 12,524 | |||||
| Total current assets | 593,197 | 706,899 | |||||
| Property and equipment (net of accumulated depreciation of | 7,625 | 4,918 | |||||
| Goodwill | 180,478 | 103,379 | |||||
| Acquired intangible assets (net of amortization of | 90,816 | 34,192 | |||||
| Internal-use software costs (net of amortization of | 68,571 | 55,771 | |||||
| Other assets | 43,462 | 17,765 | |||||
| Total assets | $ | 984,149 | $ | 922,924 | |||
| Liabilities and Stockholders' Equity | |||||||
| Current Liabilities: | |||||||
| Accounts payable | $ | 345,605 | $ | 305,845 | |||
| Accrued payroll | 16,725 | 12,245 | |||||
| Accrued other liabilities | 18,836 | 15,851 | |||||
| Total current liabilities | 381,166 | 333,941 | |||||
| Long-term debt | 123,000 | 115,000 | |||||
| Other long-term liabilities | 39,979 | 17,455 | |||||
| Total liabilities | 544,145 | 466,396 | |||||
| Commitments and Contingencies | |||||||
| Stockholders' Equity: | |||||||
| Preferred Stock | — | — | |||||
| Common Stock - Class A | 168 | 139 | |||||
| Common Stock - Class B | - | 23 | |||||
| Additional paid-in capital | 944,891 | 880,510 | |||||
| Accumulated deficit | (502,315 | ) | (422,615 | ) | |||
| Accumulated other comprehensive loss | (2,740 | ) | (1,529 | ) | |||
| Total stockholders' equity | 440,004 | 456,528 | |||||
| Total liabilities and stockholders' equity | $ | 984,149 | $ | 922,924 | |||
| ACV AUCTIONS INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in thousands) | |||||||
| Year ended December 31, | |||||||
| 2024 | 2023 | ||||||
| Cash Flows from Operating Activities | |||||||
| Net income (loss) | $ | (79,700 | ) | $ | (75,261 | ) | |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||
| Depreciation and amortization | 36,808 | 19,285 | |||||
| Stock-based compensation expense, net of amounts capitalized | 68,010 | 49,648 | |||||
| Provision for bad debt | 9,989 | 10,923 | |||||
| Other non-cash, net | 741 | (1,464 | ) | ||||
| Changes in operating assets and liabilities, net of effects from purchases of businesses: | |||||||
| Trade receivables | 17,466 | 14,406 | |||||
| Other operating assets | (424 | ) | (310 | ) | |||
| Accounts payable | 16,167 | (34,612 | ) | ||||
| Other operating liabilities | (3,660 | ) | (500 | ) | |||
| Net cash provided by (used in) operating activities | 65,397 | (17,885 | ) | ||||
| Cash Flows from Investing Activities | |||||||
| Net increase in finance receivables | (22,005 | ) | (45,273 | ) | |||
| Purchases of property and equipment | (4,539 | ) | (2,330 | ) | |||
| Proceeds from sale of real estate | 14,083 | — | |||||
| Capitalization of software costs | (29,702 | ) | (25,840 | ) | |||
| Purchases of marketable securities | (35,979 | ) | (146,032 | ) | |||
| Maturities and redemptions of marketable securities | 88,664 | 135,724 | |||||
| Sales of marketable securities | 130,090 | 2,402 | |||||
| Acquisition of businesses (net of cash acquired) | (156,475 | ) | (29,623 | ) | |||
| Net cash provided by (used in) investing activities | (15,863 | ) | (110,972 | ) | |||
| Cash Flows from Financing Activities | |||||||
| Proceeds from long term debt | 491,500 | 420,000 | |||||
| Payments towards long term debt | (483,500 | ) | (380,500 | ) | |||
| Proceeds from exercise of stock options | 9,436 | 4,265 | |||||
| Payments for debt issuance and other financing costs | (2,023 | ) | — | ||||
| Payment of RSU tax withholdings in exchange for common shares surrendered by RSU holders | (27,131 | ) | (16,025 | ) | |||
| Proceeds from employee stock purchase plan | 3,910 | 3,062 | |||||
| Other financing activities | (66 | ) | (169 | ) | |||
| Net cash provided by (used in) financing activities | (7,874 | ) | 30,633 | ||||
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (166 | ) | 43 | ||||
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 41,494 | (98,181 | ) | ||||
| Cash, cash equivalents, and restricted cash, beginning of period | 182,571 | 280,752 | |||||
| Cash, cash equivalents, and restricted cash, end of period | $ | 224,065 | $ | 182,571 | |||
The following table presents a reconciliation of non-GAAP net income (loss) to net income (loss), the most directly comparable financial measure stated in accordance with GAAP, for the periods presented:
| Three months ended December 31, | Year ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net income (loss) | $ | (26,137 | ) | $ | (23,241 | ) | $ | (79,700 | ) | $ | (75,261 | ) | |||
| Stock-based compensation | 19,955 | 13,386 | 68,010 | 49,648 | |||||||||||
| Amortization of acquired intangible assets | 3,071 | 1,729 | 11,687 | 5,471 | |||||||||||
| Amortization of capitalized stock based compensation | 1,520 | 802 | 4,675 | 1,836 | |||||||||||
| Acquisition-related costs | 446 | 626 | 3,966 | 1,237 | |||||||||||
| Litigation-related costs (1) | — | — | 1,553 | — | |||||||||||
| Other | — | 678 | 783 | 1,056 | |||||||||||
| Non-GAAP Net income (loss) | $ | (1,145 | ) | $ | (6,020 | ) | $ | 10,974 | $ | (16,013 | ) | ||||
| (1) Litigation-related costs are related to an anti-competition case which we do not consider to be representative of our underlying operating performance | |||||||||||||||
The following table presents a reconciliation of Adjusted EBITDA to net income (loss), the most directly comparable financial measure stated in accordance with GAAP, for the periods presented:
| Three months ended December 31, | Year ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Adjusted EBITDA Reconciliation | |||||||||||||||
| Net income (loss) | $ | (26,137 | ) | $ | (23,241 | ) | $ | (79,700 | ) | $ | (75,261 | ) | |||
| Depreciation and amortization | 10,356 | 6,878 | 36,807 | 19,285 | |||||||||||
| Stock-based compensation | 19,955 | 13,386 | 68,010 | 49,648 | |||||||||||
| Interest (income) expense | 99 | (3,642 | ) | (5,093 | ) | (14,942 | ) | ||||||||
| Provision for income taxes | 240 | 117 | 688 | 526 | |||||||||||
| Acquisition-related costs | 446 | 626 | 3,966 | 1,237 | |||||||||||
| Litigation-related costs (1) | — | — | 1,553 | — | |||||||||||
| Other | 658 | 516 | 1,905 | 1,298 | |||||||||||
| Adjusted EBITDA | $ | 5,617 | $ | (5,360 | ) | $ | 28,136 | $ | (18,209 | ) | |||||
| (1) Litigation-related costs are related to an anti-competition case which we do not consider to be representative of our underlying operating performance | |||||||||||||||
The following table presents a reconciliation of non-GAAP net income (loss) to GAAP net income (loss), the most directly comparable financial measure stated in accordance with GAAP, for the periods presented (in millions):
| Three Months Ended March 31, 2025 | Year ended December 31, 2025 | |||||
| Non-GAAP net income (loss) to net income (loss) guidance Reconciliation | ||||||
| Net income (loss) | ( | ( | ||||
| Non-GAAP Adjustments: | ||||||
| Stock-based compensation | $ | 19 | $ | 76 | ||
| Intangible amortization | $ | 3 | $ | 10 | ||
| Amortization of capitalized stock-based compensation | $ | 2 | $ | 8 | ||
| Non-GAAP net income (loss) | ||||||
FAQ
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