Core Viewpoint - The Federal Reserve Chairman Jerome Powell indicated that an interest rate cut is imminent, with a 100% probability of a 25-basis point cut in September and a 65.3% chance of a full 1% cut in 2024, which is expected to benefit growth stocks, particularly in the technology sector [1][2]. Group 1: Impact of Interest Rate Cut on Growth Stocks - A lower market interest rate is anticipated to boost growth stocks, particularly in technology, by decreasing the discount rate and increasing the net present value of investments [2]. - The Internet Software and Services sector is experiencing growth due to increased IT spending and the rise of connected consumer devices, which facilitate online business [2]. Group 2: Industry Trends - The Internet-Commerce industry is thriving in 2024, especially among Gen-Z consumers who are accustomed to online shopping and high levels of digitization [3]. Group 3: Top Stock Picks - Three Internet-centric stocks identified for investment are Datadog Inc. (DDOG), Uber Technologies Inc. (UBER), and ACV Auctions Inc. (ACVA), all showing strong upside potential for the remainder of 2024 [4]. Group 4: Datadog Inc. (DDOG) - Datadog is experiencing growth due to new customer acquisitions and increased adoption of its cloud-based monitoring platform, with expected net sales growth of 22% in 2024 [5]. - The company has a projected revenue growth rate of 23.3% and earnings growth rate of 22.7% for the current year, with positive earnings estimate revisions noted [6]. Group 5: Uber Technologies Inc. (UBER) - Uber's Delivery business is benefiting from rising online order volumes, with gross bookings expected to be between $40.25 billion and $41.75 billion for Q3 2024 [9]. - The company has an expected revenue growth rate of 16.5% and earnings growth rate of 19.5% for the current year, with positive earnings estimate revisions [11]. Group 6: ACV Auctions Inc. (ACVA) - ACV Auctions operates a digital marketplace for wholesale vehicle auctions, providing various services that enhance buyer and seller interactions [14]. - The company has an expected revenue growth rate of 29.4% and earnings growth rate exceeding 100% for the current year, with positive earnings estimate revisions [15].

Group 1 - ACV Auctions Inc. (ACVA) is outperforming the Retail-Wholesale sector with a year-to-date return of 22.6%, compared to the sector's average return of 12.5% [2][3] - The Zacks Rank for ACV Auctions Inc. is 2 (Buy), indicating a positive outlook based on earnings estimates and revisions [2] - The Zacks Consensus Estimate for ACVA's full-year earnings has increased by 4.1% over the past quarter, reflecting improving analyst sentiment [2] Group 2 - ACV Auctions Inc. belongs to the Internet - Commerce industry, which has an average year-to-date return of 14.7%, indicating that ACVA is performing better than its industry peers [3] - Abercrombie & Fitch (ANF) is another strong performer in the Retail-Wholesale sector, with a year-to-date return of 87.1% [2] - The consensus EPS estimate for Abercrombie & Fitch has increased by 23.3% over the past three months, also holding a Zacks Rank of 2 (Buy) [3]

Financial Data and Key Metrics Changes - Revenue for Q2 2024 grew 29% year-over-year to $161 million, exceeding the high-end of guidance [8][21] - Adjusted EBITDA increased 65% sequentially, resulting in a 700 basis point year-over-year improvement in adjusted EBITDA margin [7][21] - Non-GAAP net income was at the midpoint of guidance with a margin increase of approximately 300 basis points year-over-year [22] Business Line Data and Key Metrics Changes - Auction and assurance revenue accounted for 57% of total revenue, growing 33% year-over-year, with unit growth of 22% [23] - Marketplace services revenue represented 38% of total revenue, increasing by 30% year-over-year, driven by strong ACV Transport performance [23] - SaaS and data services products comprised 5% of total revenue, returning to positive growth [24] Market Data and Key Metrics Changes - New retail sales were flat year-over-year due to the CDK outage, while used retail sales declined approximately 5% year-over-year [9][10] - Used vehicle inventory levels have recovered from historical lows but remain about 20% below normal [10] - The trade to wholesale mix showed a slight uptick, indicating dealers are beginning to wholesale more vehicles [11] Company Strategy and Development Direction - The company focuses on three pillars for long-term shareholder value: growth, innovation, and scale [9] - The strategy includes expanding the addressable market and enhancing product offerings, particularly in the commercial sector [39][41] - The company aims to achieve adjusted EBITDA profitability in 2024 while maintaining a disciplined approach to expenses [28][29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the automotive market's recovery, citing normalization of new vehicle inventories and increased OEM incentives [10][11] - The company anticipates modest recovery in the dealer wholesale market in the second half of 2024 [28] - Management remains cautious about macroeconomic factors but is encouraged by strong performance in July and early August [27][63] Other Important Information - The company ended Q2 with $273 million in cash and cash equivalents, with $110 million of debt on its revolver [26] - The company is piloting a new offering for financing consumer source vehicles and dealer trade-ins [13][57] Q&A Session Summary Question: What signs of progress are seen in the market? - Management noted that new vehicle inventory is normalizing and OEMs are increasing incentives, which are positive signals for the market recovery [34] Question: Can you discuss the commercial opportunity and acquisition landscape? - Management highlighted progress in integrating with AutoIMS and expanding locations for commercial operations, aiming for at least 40 locations [39][41] Question: What was the impact of the CDK outage on revenue or EBITDA? - The estimated impact was over $600,000 of EBITDA and over $1 million of revenue, but the company still had a strong quarter [46][47] Question: How does the company view competitive intensity? - Management stated that while there are strong competitors, the competitive nature has not changed significantly, and the company continues to perform well [60] Question: What investments are needed to reach targets? - Management indicated that investments in commercial strategy and M&A will impact incremental EBITDA margins, but they expect to deliver about 40% of every incremental dollar of revenue down to EBITDA [66]

ACV Auctions Inc. (ACVA) came out with quarterly earnings of $0.02 per share, in line with the Zacks Consensus Estimate. This compares to loss of $0.01 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this company would post earnings of $0.01 per share when it actually produced break-even earnings, delivering a surprise of -100%.Over the last four quarters, the company has surpassed consensus EPS estimates just once.ACV Auctions, which belongs to t ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 001-40256 ACV Auctions Inc. (Exact Name of Registrant as Specified in its Charter) Delaware 47-2415221 (State or ...

ACV Announces Second Quarter 2024 Results Revenue Growth of 29% and Exceeds the High-End of Guidance • Second quarter revenue of $161 million • Second quarter GAAP net income (loss) of ($17) million • Second quarter non-GAAP net income of $3 million • Second quarter Adjusted EBITDA of $7 million • Expects 2024 revenue of $615 million to $625 million, growth of 28% to 30% YoY, net income (loss) of ($85) million to ($80) million and Adjusted EBITDA of $21 million to $25 million BUFFALO, August 7, 2024 — ACV ( ...

BUFFALO, N.Y., Aug. 07, 2024 (GLOBE NEWSWIRE) -- ACV (NASDAQ:ACVA), a leading digital automotive marketplace and data services partner for dealers and commercial clients, announced today that members of its management team will present at the following upcoming investor conferences: Canaccord Genuity 44th Annual Growth Conference on Tuesday, August 13, 2024 at 4:00 p.m. ETCiti 2024 Global TMT Conference on Wednesday, September 4, 2024 at 4:40 p.m. ETGoldman Sachs Communacopia + Technology Conference on Tues ...

Wall Street analysts expect ACV Auctions Inc. (ACVA) to post quarterly earnings of $0.02 per share in its upcoming report, which indicates a year-over-year increase of 300%. Revenues are expected to be $156.33 million, up 25.9% from the year-ago quarter.Over the last 30 days, there has been an upward revision of 2.6% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this ...

The market expects ACV Auctions Inc. (ACVA) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be rele ...

ACV Auctions Inc. (NASDAQ:ACVA) Q1 2024 Earnings Conference Call May 8, 2024 5:00 AM ET Company Participants George Chamoun - Chief Executive Officer Bill Zerella - Chief Financial Officer Tim Fox - Vice President, Investor Relations Conference Call Participants Bob Labick - CJS Securities Michael Graham - Canaccord Genuity Jamesmichael Sherman-Lewis - Citigroup Rajat Gupta - JP Morgan Nick Jones - Citizens GMP Gary Prestopino - Barrington Research Operator Greetings! And welcome to the ACV Q1 2024 Earning ...