ACV (Nasdaq: ACVA), the leading online
automotive marketplace and data services partner for dealers, today
reported results for its fourth quarter and full-year ended
December 31, 2022.
“We are very pleased with our fourth quarter results, with
revenue in line with our guidance, strong year-over-year margin
expansion, and Adjusted EBITDA results ahead of our guidance,” said
George Chamoun, CEO of ACV.
“Despite facing challenging market and macroeconomic headwinds
ACV continued to gain share, grow our dealer partnership network,
expand our competitive moat, and drive adoption of our broad suite
of solutions. We achieved this while expanding margins and
carefully managing our cost structure,” continued Chamoun.
“While market and macroeconomic headwinds are likely to persist
in 2023, we believe ACV is in a strong position to deliver
sustainable growth as end-markets recover, while also continuing to
scale our business model,” concluded Chamoun.
Fourth Quarter 2022 Highlights
- Revenue of $98 million, a decrease
of 2% year over year
- Marketplace and Service revenue of
$85 million, a decrease of 2% year over year
- Auction Marketplace revenue of $42
million, a decrease of 3% year over year
- Marketplace GMV of $1.8 billion, a
decrease of approximately 29% year over year
- Marketplace Units of 124,751, a
decrease of 10% year over year
- Adjusted EBITDA loss of $13 million,
compared to Adjusted EBITDA loss of $16 million in the fourth
quarter 2021
Full-Year 2022 Highlights
- Revenue of $422 million, an increase
of 18% year over year
- Marketplace and Service revenue of
$362 million, an increase of 17% year over year
- Auction Marketplace revenue of $176
million, an increase of 7% year over year
- Marketplace GMV of $9.0 billion, an
increase of approximately 14% year over year
- Marketplace Units of 546,088, a
decrease of 3% year over year
- Adjusted EBITDA loss of $56 million,
compared to Adjusted EBITDA loss of $44 million in 2021
First Quarter and Full-Year 2023 Guidance
Based on information as of today, ACV is providing the following
guidance:
- First quarter of 2023:
- Total revenue of $107 to $110
million, an increase of 4% to 7% year over year
- Adjusted EBITDA loss of $12 to $14
million
- GAAP net loss of $27 to $29
million
- Non-GAAP net loss of $15 to $17
million
- Full-Year 2023:
- Total revenue of $460 to $470
million, an increase of 9% to 11% year over year
- Adjusted EBITDA loss of $30 to $35
million
- GAAP net loss of $104 to $109
million
- Non-GAAP net loss of $45 to $50
million
Our financial guidance includes the following assumptions:
- We believe that supply headwinds
impacting wholesale volumes in 2022 will persist in the near-term,
but will begin to ease as new vehicle production and inventory
continue to recover.
- After experiencing significant
deprecation in the second half of 2022, we are expecting wholesale
price deprecation to moderate in 2023, resulting in improved
conversion rates on our marketplace.
- First quarter non-GAAP net loss
excludes approximately $12 million of stock-based compensation and
approximately $1 million of intangible amortization.
- Full year non-GAAP operating
expenses, excluding cost of revenue and depreciation and
amortization, are expected to grow approximately half the rate of
revenue growth. Full-year non-GAAP operating expenses exclude
approximately $55 million of stock-based compensation and $4
million of intangible amortization.
ACV’s Fourth Quarter Results Conference
Call
ACV will host a conference call and live webcast today, February
22, 2023, at 5:00 p.m. ET to discuss 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 of the call can be accessed here. Participants are
encouraged to join the webcast unless asking a question. An
archived webcast of the conference call will be available on the
investor relations page of the Company’s website
at https://investors.acvauto.com.
2023 Analyst Day
ACV is hosting an analyst meeting on June 1, 2023. The event
location is Convene at 530 Fifth Avenue in midtown Manhattan. A
live webcast of the event will also be accessible on ACV’s website
at https://investors.acvauto.com. 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 provides a vibrant digital marketplace for wholesale vehicle
transactions and data services that offers transparent and accurate
vehicle information to customers. On a mission to build and enable
the most trusted and efficient digital marketplaces for buying and
selling used vehicles, ACV's platform leverages data insights and
technology to power its digital marketplace and data services,
enabling dealers and commercial partners to buy, sell and value
vehicles with confidence and efficiency. ACV's network of brands
includes ACV Auctions, ACV Transportation and ACV Capital within
its Marketplace Products, as well as True360, ACV Data Services and
MAX Digital.
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
expenses, including interest 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
ACV’s ability to deliver long-term growth and total addressable
market expansion, our financial guidance for the second quarter of
2022 and the full year of 2022. 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; and
(13) the impact that economic conditions could have on our or our
customers’ businesses, financial condition and results of
operations. 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 Quarterly Report on Form 10-Q for the quarter ended
September 30, 2022 , filed with the SEC on November 9, 2022.
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.CONSOLIDATED STATEMENTS OF
OPERATIONS(in thousands, except per share
data)
|
Year ended December 31, |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
Revenue: |
|
|
|
|
|
|
|
|
Marketplace and service revenue |
$ |
361,585 |
|
|
$ |
308,350 |
|
|
$ |
173,120 |
|
Customer assurance
revenue |
|
59,944 |
|
|
|
50,085 |
|
|
|
35,237 |
|
Total revenue |
|
421,529 |
|
|
|
358,435 |
|
|
|
208,357 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
Marketplace and service cost of revenue(excluding depreciation
& amortization) |
|
183,968 |
|
|
|
159,405 |
|
|
|
83,553 |
|
Customer assurance cost of revenue(excluding depreciation &
amortization) |
|
52,685 |
|
|
|
45,348 |
|
|
|
29,496 |
|
Operations and technology |
|
136,522 |
|
|
|
101,056 |
|
|
|
64,998 |
|
Selling, general, and administrative |
|
143,637 |
|
|
|
121,167 |
|
|
|
64,882 |
|
Depreciation and amortization |
|
10,926 |
|
|
|
8,264 |
|
|
|
6,075 |
|
Total operating expenses |
|
527,738 |
|
|
|
435,240 |
|
|
|
249,004 |
|
Loss from operations |
|
(106,209 |
) |
|
|
(76,805 |
) |
|
|
(40,647 |
) |
Other income
(expense): |
|
|
|
|
|
|
|
|
Interest income |
|
5,082 |
|
|
|
129 |
|
|
|
748 |
|
Interest expense |
|
(979 |
) |
|
|
(782 |
) |
|
|
(633 |
) |
Total other income (expense) |
|
4,103 |
|
|
|
(653 |
) |
|
|
115 |
|
Loss before income taxes |
|
(102,106 |
) |
|
|
(77,458 |
) |
|
|
(40,532 |
) |
Provision for income
taxes |
|
87 |
|
|
|
724 |
|
|
|
489 |
|
Net income (loss) |
$ |
(102,193 |
) |
|
$ |
(78,182 |
) |
|
$ |
(41,021 |
) |
Weighted-average shares - basic and diluted |
|
156,994,254 |
|
|
|
125,332,800 |
|
|
|
21,596,379 |
|
Net loss per share - basic and diluted |
$ |
(0.65 |
) |
|
$ |
(0.62 |
) |
|
$ |
(1.90 |
) |
ACV AUCTIONS
INC.CONSOLIDATED BALANCE
SHEETS(in thousands, except share
data)
|
|
December 31,2022 |
|
|
December 31,2021 |
|
Assets |
|
|
|
|
|
|
Current Assets
: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
280,752 |
|
|
$ |
565,994 |
|
Marketable securities |
|
|
215,926 |
|
|
|
13,782 |
|
Trade receivables (net of
allowance of $4,860 and $3,724) |
|
|
168,732 |
|
|
|
222,753 |
|
Finance receivables (net of
allowance of $2,275 and $636) |
|
|
78,047 |
|
|
|
44,278 |
|
Other current assets |
|
|
11,317 |
|
|
|
10,606 |
|
Total current assets |
|
|
754,774 |
|
|
|
857,413 |
|
Property and equipment (net of
accumulated depreciation of $6,986 and $4,636) |
|
|
5,710 |
|
|
|
4,916 |
|
Goodwill |
|
|
91,755 |
|
|
|
78,839 |
|
Acquired intangible assets
(net of amortization of $11,990 and $7,070) |
|
|
19,291 |
|
|
|
18,130 |
|
Internal-use software costs
(net of amortization of $6,930 and $3,857) |
|
|
36,992 |
|
|
|
17,844 |
|
Other assets |
|
|
6,400 |
|
|
|
5,818 |
|
Total assets |
|
|
914,922 |
|
|
|
982,960 |
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
Current Liabilities
: |
|
|
|
|
|
|
Accounts payable |
|
|
323,661 |
|
|
|
395,972 |
|
Accrued payroll |
|
|
10,052 |
|
|
|
11,961 |
|
Accrued other liabilities |
|
|
14,504 |
|
|
|
15,429 |
|
Total current liabilities |
|
|
348,217 |
|
|
|
423,362 |
|
Long-term debt |
|
|
75,500 |
|
|
|
500 |
|
Other long-term
liabilities |
|
|
5,481 |
|
|
|
3,001 |
|
Total liabilities |
|
$ |
429,198 |
|
|
$ |
426,863 |
|
|
|
|
|
|
|
|
Stockholders'
Equity: |
|
|
|
|
|
|
Preferred stock; $0.001 par
value; 20,000,000 sharesauthorized; 0 and 0 shares issued and
outstanding atDecember 31, 2022 and December 31, 2021,
respectively |
|
|
- |
|
|
|
- |
|
Common stock - Class A; $0.001
par value; 2,000,000,000 sharesauthorized; 121,214,275 and
106,420,843 shares issued and outstanding atDecember 31, 2022 and
December 31, 2021, respectively |
|
|
121 |
|
|
|
106 |
|
Common stock - Class B; $0.001
par value; 160,000,000 sharesauthorized; 37,241,952 and 49,661,126
shares issued and outstanding atDecember 31, 2022 and December 31,
2021, respectively |
|
|
37 |
|
|
|
50 |
|
Additional paid-in
capital |
|
|
836,695 |
|
|
|
801,142 |
|
Accumulated deficit |
|
|
(347,354 |
) |
|
|
(245,161 |
) |
Accumulated other
comprehensive loss |
|
|
(3,775 |
) |
|
|
(40 |
) |
Total stockholders' equity |
|
|
485,724 |
|
|
|
556,097 |
|
Total liabilities and stockholders' equity |
|
$ |
914,922 |
|
|
$ |
982,960 |
|
ACV AUCTIONS
INC.CONSOLIDATED STATEMENTS OF CASH
FLOWS(in thousands)
|
|
Year ended December 31, |
|
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
Cash Flows from
Operating Activities |
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(102,193 |
) |
|
$ |
(78,182 |
) |
|
$ |
(41,021 |
) |
Adjustments to reconcile net loss to net cash provided by (used in)
operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
11,378 |
|
|
|
8,753 |
|
|
|
7,244 |
|
Stock-based compensation expense, net of amounts capitalized |
|
|
39,324 |
|
|
|
23,220 |
|
|
|
5,705 |
|
Provision for bad debt |
|
|
11,048 |
|
|
|
4,963 |
|
|
|
5,181 |
|
(Gain) on contingent liabilities |
|
|
- |
|
|
|
- |
|
|
|
(3,063 |
) |
Other non-cash, net |
|
|
(57 |
) |
|
|
656 |
|
|
|
901 |
|
Changes in operating assets and liabilities, net of effects from
purchases ofbusinesses: |
|
|
|
|
|
|
|
|
|
Trade receivables |
|
|
47,170 |
|
|
|
(120,155 |
) |
|
|
(29,226 |
) |
Other current assets |
|
|
64 |
|
|
|
(2,047 |
) |
|
|
(5,702 |
) |
Accrued interest on marketable securities |
|
|
(1,381 |
) |
|
|
- |
|
|
|
- |
|
Accounts payable |
|
|
(73,254 |
) |
|
|
242,856 |
|
|
|
66,217 |
|
Accrued payroll |
|
|
(6,000 |
) |
|
|
3,236 |
|
|
|
4,095 |
|
Accrued other liabilities |
|
|
(853 |
) |
|
|
4,065 |
|
|
|
(1,716 |
) |
Other long-term liabilities |
|
|
813 |
|
|
|
(1,465 |
) |
|
|
2,418 |
|
Other assets |
|
|
(322 |
) |
|
|
(610 |
) |
|
|
(665 |
) |
Net cash provided by (used in) operating
activities |
|
|
(74,263 |
) |
|
|
85,290 |
|
|
|
10,368 |
|
Cash Flows from
Investing Activities |
|
|
|
|
|
|
|
|
|
Net increase in finance receivables |
|
|
(37,982 |
) |
|
|
(36,956 |
) |
|
|
(5,288 |
) |
Purchases of property and equipment |
|
|
(3,211 |
) |
|
|
(2,569 |
) |
|
|
(3,503 |
) |
Capitalization of software costs |
|
|
(20,185 |
) |
|
|
(11,460 |
) |
|
|
(5,382 |
) |
Purchases of marketable securities |
|
|
(269,678 |
) |
|
|
(13,781 |
) |
|
|
- |
|
Maturities and redemptions of marketable securities |
|
|
66,990 |
|
|
|
- |
|
|
|
- |
|
Acquisition of businesses (net of cash acquired) |
|
|
(19,825 |
) |
|
|
(64,500 |
) |
|
|
(5,500 |
) |
Net cash provided by (used in) investing
activities |
|
|
(283,891 |
) |
|
|
(129,266 |
) |
|
|
(19,673 |
) |
Cash Flows from
Financing Activities |
|
|
|
|
|
|
|
|
|
Proceeds from issuance of common stock in connection with initial
public offering, net of underwriting discounts and commissions and
other offering costs |
|
|
- |
|
|
|
385,736 |
|
|
|
- |
|
Proceeds from long term debt |
|
|
275,000 |
|
|
|
5,250 |
|
|
|
6,787 |
|
Payments towards long term debt |
|
|
(200,000 |
) |
|
|
(9,582 |
) |
|
|
(1,980 |
) |
Proceeds from issuance of Series E1 preferred stock |
|
|
- |
|
|
|
- |
|
|
|
55,000 |
|
Payments towards promissory note |
|
|
- |
|
|
|
(2,637 |
) |
|
|
- |
|
Proceeds from exercise of stock options |
|
|
1,210 |
|
|
|
1,631 |
|
|
|
1,822 |
|
Payments for debt issuance and other financing costs |
|
|
- |
|
|
|
(1,385 |
) |
|
|
(738 |
) |
Payment of RSU tax withholdings in exchange for common
sharessurrendered by RSU holders |
|
|
(5,458 |
) |
|
|
(2,768 |
) |
|
|
- |
|
Proceeds from employee stock purchase plan |
|
|
2,181 |
|
|
|
- |
|
|
|
- |
|
Other financing activities, net |
|
|
- |
|
|
|
- |
|
|
|
(136 |
) |
Net cash provided by (used in) financing
activities |
|
|
72,933 |
|
|
|
376,245 |
|
|
|
60,755 |
|
Effect of exchange rate changes on cash, cash equivalents,
and restricted cash |
|
|
(21 |
) |
|
|
- |
|
|
|
- |
|
Net increase (decrease) in cash, cash equivalents, and
restricted cash |
|
|
(285,242 |
) |
|
|
332,269 |
|
|
|
51,450 |
|
Cash, cash
equivalents, and restricted cash, beginning of period |
|
|
565,994 |
|
|
|
233,725 |
|
|
|
182,275 |
|
Cash, cash
equivalents, and restricted cash, end of period |
|
$ |
280,752 |
|
|
$ |
565,994 |
|
|
$ |
233,725 |
|
Supplemental
disclosure of cash flow information |
|
|
|
|
|
|
|
|
|
Cash paid (received) during the period for: |
|
|
|
|
|
|
|
|
|
Interest (income) expense |
|
$ |
(3,556 |
) |
|
$ |
398 |
|
|
$ |
171 |
|
Income taxes |
|
$ |
388 |
|
|
$ |
261 |
|
|
$ |
59 |
|
Cash paid included in the measurement of operating lease
liabilities |
|
$ |
1,502 |
|
|
$ |
954 |
|
|
$ |
770 |
|
Non-cash investing and financing activities: |
|
|
|
|
|
|
|
|
|
Stock-based compensation included in capitalized software
development costs |
|
$ |
2,013 |
|
|
$ |
472 |
|
|
$ |
- |
|
Purchase of property and equipment and internal use software in
accounts payable |
|
$ |
1,231 |
|
|
$ |
587 |
|
|
$ |
133 |
|
The following table presents a reconciliation of Adjusted EBITDA
to net 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, |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Adjusted EBITDA
Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(24,515 |
) |
|
$ |
(26,312 |
) |
|
$ |
(102,193 |
) |
|
$ |
(78,182 |
) |
Depreciation and
amortization |
|
3,167 |
|
|
|
2,532 |
|
|
|
11,378 |
|
|
|
8,753 |
|
Stock-based compensation |
|
13,437 |
|
|
|
7,275 |
|
|
|
39,324 |
|
|
|
23,692 |
|
Interest (income) expense |
|
(2,168 |
) |
|
|
171 |
|
|
|
(4,103 |
) |
|
|
653 |
|
Provision for income taxes |
|
(608 |
) |
|
|
449 |
|
|
|
87 |
|
|
|
724 |
|
Other (income) expense, net |
|
(1,866 |
) |
|
|
175 |
|
|
|
(925 |
) |
|
|
223 |
|
Adjusted EBITDA |
$ |
(12,553 |
) |
|
$ |
(15,710 |
) |
|
$ |
(56,432 |
) |
|
$ |
(44,137 |
) |
ACV Auctions (NASDAQ:ACVA)
Historical Stock Chart
From Mar 2024 to Apr 2024
ACV Auctions (NASDAQ:ACVA)
Historical Stock Chart
From Apr 2023 to Apr 2024