ACV (Nasdaq: ACVA), a leading digital automotive marketplace and
data services partner for dealers and commercial clients, today
reported results for its third quarter ended September 30, 2023.
“We are very pleased with our strong third quarter results, with
revenue at the high-end of our guidance range, along with
year-over-year margin expansion, resulting in Adjusted EBITDA
exceeding our guidance range,” said George Chamoun, CEO of ACV.
“Dealer wholesale volumes remain constrained relative to
historical levels, however new vehicle production and retail sales
are improving, which are key factors supporting a wholesale market
recovery. Our strong market position and competitive moat resulted
in continued market share gains and accelerated revenue growth in
the quarter. We launched new technology solutions that expand our
addressable market and drive operating efficiency, which we
achieved while increasing margins,” continued Chamoun.
“We have again raised full-year guidance reflecting our strong
third quarter performance. We believe ACV remains well positioned
to deliver sustainable growth as end-markets further recover, while
also continuing to scale our business model,” concluded
Chamoun.
Third Quarter 2023 Highlights
- Revenue of $119 million, an increase
of 13% year over year
- Marketplace and Service Revenue of
$105 million, an increase of 15% year over year
- Marketplace GMV of $2.1 billion,
consistent with the third quarter of 2022
- Marketplace Units of 150,057, an
increase of 13% year over year
- Adjusted EBITDA of ($4) million,
compared to Adjusted EBITDA of ($12) million in the third quarter
of 2022
Fourth Quarter and Full-Year 2023 Guidance
Based on information as of today, ACV is providing the following
guidance:
- Fourth Quarter of 2023:
- Total revenue of $116 to $120
million, an increase of 18% to 23% year over year
- GAAP net income (loss) of ($24) to
($26) million
- Non-GAAP net income (loss) of ($8)
to ($10) million
- Adjusted EBITDA of ($7) to ($9)
million
- Full-Year 2023:
- Total revenue of $479 to $483
million, an increase of 14% to 15% year over year
- GAAP net income (loss) of ($75) to
($77) million
- Non-GAAP net income (loss) of ($17)
to ($19) million
- Adjusted EBITDA of ($20) to ($22)
million
Our financial guidance includes the following assumptions:
- Vehicle supply remains lower than
historical levels, but we believe it will improve as new vehicle
production and inventory continue to recover.
- We are expecting conversion rates
and wholesale price depreciation to follow normal seasonal patterns
for the balance of the year.
- Fourth quarter non-GAAP net income
(loss) guidance excludes approximately $15 million of stock-based
compensation expense and approximately $2 million of intangible
amortization.
- Full-year non-GAAP net income (loss)
guidance excludes approximately $51 million of stock-based
compensation expense and $6 million of intangible
amortization.
ACV’s Third Quarter Results Conference Call
ACV will host a conference call and live webcast today, November
6, 2023, at 5:00 p.m. ET to discuss the financial results. To
access the live conference call, please pre-register using
this link. Registrants will receive confirmation with dial-in
details. 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.
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, MAX Digital, 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; other
(income) expense, net; and other one-time non-recurring items of a
material nature, 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 the
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 or 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 of
a material nature, 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.
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 organic, 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 of a material nature, 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 of a material
nature, 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.
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 Units
transacted on our digital marketplace. We believe that Marketplace
GMV acts as an indicator of the success of our marketplace,
signaling satisfaction of dealers and buyers on our marketplace,
and the health, scale, and growth of our business. We define
Marketplace GMV as the total dollar value of vehicles transacted
through our digital marketplace 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 on
the ACV platform, the vibrancy of our digital marketplace and our
market share of wholesale transactions in the United States. We
define Marketplace Units as the number of vehicles transacted on
our marketplace 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 on our digital
marketplace. Marketplace Units have 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 second quarter of 2023 and the full
year of 2023. 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 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) breaches in our security measures, unauthorized
access to our platform, our data, or our customers’ or other users’
personal data; (9) risk of interruptions or performance problems
associated with our products and platform capabilities; (10) our
ability to adapt and respond to rapidly changing technology or
customer needs; (11) our ability to compete effectively with
existing competitors and new market entrants; (12) 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; (13)
the impact that economic conditions could have on our or our
customers’ businesses, financial condition and results of
operations; and (14) the impact of such economic conditions in the
wholesale dealer market included in our guidance for the fourth
quarter of 2023 and full year 2023, 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, 2022, filed with the SEC on March
1, 2023 and quarterly reports on Form 10-Q. 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
Foxtfox@acvauctions.com
Media Contact: Maura
Dugganmduggan@acvauctions.com
|
ACV AUCTIONS INC.CONDENSED CONSOLIDATED
STATEMENTS OF
OPERATIONS(Unaudited)(in
thousands, except per share data) |
|
|
Three months ended September 30, |
|
|
Nine months ended September 30, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
Marketplace and service revenue |
$ |
104,537 |
|
|
$ |
90,852 |
|
|
$ |
318,760 |
|
|
$ |
276,951 |
|
Customer assurance
revenue |
|
14,477 |
|
|
|
14,567 |
|
|
|
44,097 |
|
|
|
46,605 |
|
Total revenue |
|
119,014 |
|
|
|
105,419 |
|
|
|
362,857 |
|
|
|
323,556 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
Marketplace and service cost of revenue
(excluding depreciation & amortization) |
|
47,928 |
|
|
|
46,255 |
|
|
|
145,732 |
|
|
|
143,400 |
|
Customer assurance cost of revenue (excluding depreciation
& amortization) |
|
12,464 |
|
|
|
12,221 |
|
|
|
38,081 |
|
|
|
40,432 |
|
Operations and technology |
|
35,132 |
|
|
|
34,328 |
|
|
|
106,180 |
|
|
|
103,877 |
|
Selling, general, and administrative |
|
40,797 |
|
|
|
34,701 |
|
|
|
123,689 |
|
|
|
106,897 |
|
Depreciation and amortization |
|
4,980 |
|
|
|
3,004 |
|
|
|
12,086 |
|
|
|
7,868 |
|
Total operating expenses |
|
141,301 |
|
|
|
130,509 |
|
|
|
425,768 |
|
|
|
402,474 |
|
Loss from operations |
|
(22,287 |
) |
|
|
(25,090 |
) |
|
|
(62,911 |
) |
|
|
(78,918 |
) |
Other income
(expense): |
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
4,489 |
|
|
|
1,936 |
|
|
|
12,505 |
|
|
|
2,618 |
|
Interest expense |
|
(439 |
) |
|
|
(235 |
) |
|
|
(1,205 |
) |
|
|
(683 |
) |
Total other income (expense) |
|
4,050 |
|
|
|
1,701 |
|
|
|
11,300 |
|
|
|
1,935 |
|
Loss before income taxes |
|
(18,237 |
) |
|
|
(23,389 |
) |
|
|
(51,611 |
) |
|
|
(76,983 |
) |
(Benefit from)
Provision for income taxes |
|
1 |
|
|
|
279 |
|
|
|
409 |
|
|
|
695 |
|
Net loss |
$ |
(18,238 |
) |
|
$ |
(23,668 |
) |
|
$ |
(52,020 |
) |
|
$ |
(77,678 |
) |
Weighted-average shares - basic and diluted |
|
160,427,987 |
|
|
|
157,264,153 |
|
|
|
159,541,286 |
|
|
|
156,747,507 |
|
Net loss per share - basic and diluted |
$ |
(0.11 |
) |
|
$ |
(0.15 |
) |
|
$ |
(0.33 |
) |
|
$ |
(0.50 |
) |
|
ACV AUCTIONS INC.CONDENSED CONSOLIDATED
BALANCE SHEETS(Unaudited)(in
thousands, except share data) |
|
|
|
September 30,2023 |
|
|
December 31,2022 |
|
Assets |
|
|
|
|
|
|
Current Assets
: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
226,236 |
|
|
$ |
280,752 |
|
Marketable securities |
|
|
224,010 |
|
|
|
215,926 |
|
Trade receivables (net of
allowance of $3,356 and $4,860) |
|
|
168,796 |
|
|
|
168,732 |
|
Finance receivables (net of
allowance of $2,673 and $2,275) |
|
|
105,832 |
|
|
|
78,047 |
|
Other current assets |
|
|
16,859 |
|
|
|
11,317 |
|
Total current assets |
|
|
741,733 |
|
|
|
754,774 |
|
Property and equipment (net of
accumulated depreciation of $4,519 and $6,986) |
|
|
5,167 |
|
|
|
5,710 |
|
Goodwill |
|
|
117,830 |
|
|
|
91,755 |
|
Acquired intangible assets
(net of amortization of $15,686 and $11,990) |
|
|
21,457 |
|
|
|
19,291 |
|
Capitalized software (net of
amortization of $12,797 and $6,930) |
|
|
52,745 |
|
|
|
36,992 |
|
Other assets |
|
|
20,152 |
|
|
|
6,400 |
|
Total assets |
|
|
959,084 |
|
|
|
914,922 |
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
Current Liabilities
: |
|
|
|
|
|
|
Accounts payable |
|
|
338,137 |
|
|
|
323,661 |
|
Accrued payroll |
|
|
12,369 |
|
|
|
10,052 |
|
Accrued other liabilities |
|
|
16,861 |
|
|
|
14,504 |
|
Total current liabilities |
|
|
367,367 |
|
|
|
348,217 |
|
Long-term debt |
|
|
105,000 |
|
|
|
75,500 |
|
Other long-term
liabilities |
|
|
19,619 |
|
|
|
5,481 |
|
Total liabilities |
|
|
491,986 |
|
|
|
429,198 |
|
Commitments and
Contingencies |
|
|
|
|
|
|
Stockholders' Equity
: |
|
|
|
|
|
|
Preferred Stock;
$0.001 par value; 20,000,000 shares authorized;
0 and 0 shares issued and outstanding at September 30,
2023 and December 31, 2022, respectively |
|
|
- |
|
|
|
- |
|
Common Stock - Class A;
$0.001 par value; 2,000,000,000 shares authorized;
135,757,008 and 121,214,275 shares issued and outstanding
at September 30, 2023 and December 31, 2022, respectively |
|
|
136 |
|
|
|
121 |
|
Common Stock - Class B;
$0.001 par value; 160,000,000 shares authorized;
25,210,995 and 37,241,952 shares issued and
outstanding at September 30, 2023 and December 31, 2022,
respectively |
|
|
25 |
|
|
|
37 |
|
Additional paid-in
capital |
|
|
869,962 |
|
|
|
836,695 |
|
Accumulated deficit |
|
|
(399,374 |
) |
|
|
(347,354 |
) |
Accumulated other
comprehensive loss |
|
|
(3,651 |
) |
|
|
(3,775 |
) |
Total stockholders' equity |
|
|
467,098 |
|
|
|
485,724 |
|
Total liabilities and stockholders' equity |
|
$ |
959,084 |
|
|
$ |
914,922 |
|
|
ACV AUCTIONS INC.CONDENSED CONSOLIDATED
STATEMENTS OF CASH
FLOWS(Unaudited)(in
thousands) |
|
|
|
Nine months ended September
30, |
|
|
|
2023 |
|
|
2022 |
|
Cash Flows from
Operating Activities |
|
|
|
|
|
|
Net income (loss) |
|
$ |
(52,020 |
) |
|
$ |
(77,678 |
) |
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
12,407 |
|
|
|
8,210 |
|
Stock-based compensation expense, net of amounts capitalized |
|
|
36,262 |
|
|
|
25,887 |
|
Provision for bad debt |
|
|
8,530 |
|
|
|
7,101 |
|
Other non-cash, net |
|
|
(772 |
) |
|
|
325 |
|
Changes in operating assets and liabilities, net of effects from
purchases of businesses: |
|
|
|
|
|
|
Trade receivables |
|
|
10,990 |
|
|
|
64,326 |
|
Other operating assets |
|
|
(5,266 |
) |
|
|
(4,385 |
) |
Accounts payable |
|
|
(2,543 |
) |
|
|
(98,385 |
) |
Other operating liabilities |
|
|
1,023 |
|
|
|
(710 |
) |
Net cash provided by (used in) operating
activities |
|
|
8,611 |
|
|
|
(75,309 |
) |
Cash Flows from
Investing Activities |
|
|
|
|
|
|
Net increase in finance receivables |
|
|
(30,991 |
) |
|
|
(32,131 |
) |
Purchases of property and equipment |
|
|
(1,518 |
) |
|
|
(2,652 |
) |
Capitalization of software costs |
|
|
(19,319 |
) |
|
|
(14,145 |
) |
Purchases of marketable securities |
|
|
(116,036 |
) |
|
|
(217,706 |
) |
Maturities and redemptions of marketable securities |
|
|
107,690 |
|
|
|
21,216 |
|
Sales of marketable securities |
|
|
2,649 |
|
|
|
- |
|
Acquisition of businesses (net of cash acquired) |
|
|
(28,649 |
) |
|
|
(18,913 |
) |
Net cash provided by (used in) investing
activities |
|
|
(86,174 |
) |
|
|
(264,331 |
) |
Cash Flows from
Financing Activities |
|
|
|
|
|
|
Proceeds from long term debt |
|
|
305,000 |
|
|
|
200,000 |
|
Payments towards long term debt |
|
|
(275,500 |
) |
|
|
(130,000 |
) |
Proceeds from exercise of stock options |
|
|
3,576 |
|
|
|
999 |
|
Payment of RSU tax withholdings in exchange for common
shares surrendered by RSU holders |
|
|
(11,280 |
) |
|
|
(3,475 |
) |
Proceeds from employee stock purchase plan |
|
|
1,330 |
|
|
|
930 |
|
Other financing activities |
|
|
(74 |
) |
|
|
- |
|
Net cash provided by (used in) financing
activities |
|
|
23,052 |
|
|
|
68,454 |
|
Effect of exchange rate changes on cash, cash equivalents,
and restricted cash |
|
|
(5 |
) |
|
|
(33 |
) |
Net increase (decrease) in cash, cash equivalents, and
restricted cash |
|
|
(54,516 |
) |
|
|
(271,219 |
) |
Cash, cash
equivalents, and restricted cash, beginning of period |
|
|
280,752 |
|
|
|
565,994 |
|
Cash, cash
equivalents, and restricted cash, end of period |
|
$ |
226,236 |
|
|
$ |
294,775 |
|
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 September 30, |
|
|
Nine months ended September 30, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Net income (loss) |
$ |
(18,238 |
) |
|
$ |
(23,668 |
) |
|
$ |
(52,020 |
) |
|
$ |
(77,678 |
) |
Stock-based compensation |
|
12,855 |
|
|
|
9,594 |
|
|
|
36,262 |
|
|
|
25,887 |
|
Amortization of acquired
intangible assets |
|
1,301 |
|
|
|
1,189 |
|
|
|
3,742 |
|
|
|
3,718 |
|
Amortization of capitalized
stock-based compensation |
|
509 |
|
|
|
147 |
|
|
|
1,034 |
|
|
|
310 |
|
Acquisition-related costs |
|
88 |
|
|
|
- |
|
|
|
611 |
|
|
|
- |
|
Contingent losses (gains) |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
200 |
|
Other |
|
378 |
|
|
|
469 |
|
|
|
378 |
|
|
|
469 |
|
Non-GAAP Net income
(loss) |
$ |
(3,107 |
) |
|
$ |
(12,269 |
) |
|
$ |
(9,993 |
) |
|
$ |
(47,094 |
) |
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 September 30, |
|
|
Nine months ended September 30, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Adjusted EBITDA
Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
(18,238 |
) |
|
$ |
(23,668 |
) |
|
$ |
(52,020 |
) |
|
$ |
(77,678 |
) |
Depreciation and
amortization |
|
5,087 |
|
|
|
3,110 |
|
|
|
12,407 |
|
|
|
8,211 |
|
Stock-based compensation |
|
12,855 |
|
|
|
9,594 |
|
|
|
36,262 |
|
|
|
25,887 |
|
Interest (income) expense |
|
(4,050 |
) |
|
|
(1,701 |
) |
|
|
(11,300 |
) |
|
|
(1,935 |
) |
Provision for income
taxes |
|
1 |
|
|
|
279 |
|
|
|
409 |
|
|
|
695 |
|
Acquisition-related costs |
|
88 |
|
|
|
- |
|
|
|
611 |
|
|
|
- |
|
Other (income) expense,
net |
|
564 |
|
|
|
542 |
|
|
|
782 |
|
|
|
941 |
|
Adjusted EBITDA |
$ |
(3,693 |
) |
|
$ |
(11,844 |
) |
|
$ |
(12,849 |
) |
|
$ |
(43,879 |
) |
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