Group 1 - ACV will report its fourth quarter 2023 financial results after market close on February 21, 2024, and will host a conference call at 5:00 p.m. ET [1] - A live webcast of the conference call will be available on the Company's investor relations website, with an archived replay accessible after the event [1] Group 2 - ACV aims to transform the automotive industry by creating a trusted and efficient digital marketplace and data solutions for sourcing, selling, and managing used vehicles [2] - The offerings of ACV include ACV Auctions, ACV Transportation, ACV Capital, MAX Digital, True360, and ClearCar [2]

BUFFALO, N.Y., Jan. 11, 2024 (GLOBE NEWSWIRE) -- ACV (NASDAQ:ACVA), the leading digital automotive marketplace and data services partner for dealers and commercial clients, will be taking center stage at the 2024 National Automobile Dealers Association (NADA) Show in Las Vegas. The company is focused on helping dealers "WIN with ACV" and excel in consumer acquisition, vehicle pricing and more. ACV has end-to-end solutions to help partners solve these challenges, and the team looks forward to engaging with d ...

ACV Auctions Inc. (NASDAQ:ACVA) Q3 2023 Earnings Conference Call November 6, 2023 5:00 PM ET Company Participants Tim Fox - Vice President, Investor Relations George Chamoun - Chief Executive Officer William Zerella - Chief Financial Officer Conference Call Participants Chris Pierce - Needham & Company Eric Sheridan - Goldman Sachs Nicholas Jones - JMP Securities Ronald Josey - Citi John Colantuoni - Jefferies Bob Labick - CJS Securities Michael Graham - Canaccord Rajat Gupta - JPMorgan Chase Daniel Imbro - ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ 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 (Sta ...

ACV Auctions Inc. (NASDAQ:ACVA) Q2 2023 Earnings Conference Call August 8, 2023 5:00 PM ET Company Participants Tim Fox - Vice President-Investor Relations George Chamoun - Chief Executive Officer Bill Zerella - Chief Financial Officer Conference Call Participants Michael Graham - Canaccord Nick Jones - JMP Securities Eric Sheridan - Goldman Sachs John Colantuoni - Jefferies Naved Khan - B. Riley Christopher Pierce - Needham Ronald Josey - Citi Daniel Imbro - Stephens Rajat Gupta - JPMorgan Gary Prestopino ...

Q 2 - 2 3 E A R N I N G S P R E S E N T A T I O N A U G _ 7 _ 2 0 2 3 FORWARD LOOKING STATEMENTS Statements in this presentation regarding future performance and future expectations, beliefs, goals, plans or prospects include forward looking statements for purposes of federal and state securities laws, including statements regarding ACV’s avenues for long term growth and ...

Financial Performance - For the three and six months ended June 30, 2023, the company sold 153,148 and 304,711 Marketplace Units, resulting in a Marketplace Gross Merchandise Value (GMV) of $2.5 billion and $4.9 billion, representing a decrease of 10% and 5% from the same periods in 2022[82]. - Revenue for the three and six months ended June 30, 2023, was $124.2 million and $243.8 million, reflecting an increase of 8% and 12% respectively compared to the same periods in 2022[82]. - The company reported a net loss of $15.6 million and $33.8 million for the three and six months ended June 30, 2023, compared to a net loss of $24.5 million and $54.0 million for the same periods in 2022[82]. - Adjusted EBITDA for the three and six months ended June 30, 2023, was $(3.5) million and $(9.2) million, an improvement from $(14.1) million and $(32.0) million for the same periods in 2022[82]. - Total revenue for the first half of 2023 reached $243,843,000, compared to $218,137,000 in the same period of 2022[120]. - Marketplace and service revenue for the three months ended June 30, 2023, increased to $109.36 million from $97.75 million, representing a 12% year-over-year growth[124]. - Marketplace and service revenue for the six months ended June 30, 2023, increased to $214.2 million from $186.1 million, a 15% increase year-over-year[139]. Operating Expenses - Operating expenses for Q2 2023 totaled $144,007,000, up from $139,811,000 in Q2 2022[120]. - The company expects operating expenses to increase in absolute dollars as it scales its business and introduces new products and services[112]. - Selling, general, and administrative expenses rose to $41.18 million from $36.14 million, an increase of 14% driven by higher personnel-related costs[131]. - Selling, general, and administrative expenses increased to $82.9 million from $72.2 million, a 15% increase, driven by higher personnel-related costs[146]. Cash Flow and Liquidity - Cash and cash equivalents as of June 30, 2023, totaled $271.9 million, with marketable securities amounting to $228.4 million, indicating sufficient liquidity for at least the next 12 months[164]. - Net cash provided by operating activities for the six months ended June 30, 2023, was $23.4 million, a significant improvement compared to a net cash used of $(72.6) million in the same period of 2022[176]. - The company experienced a decrease in accounts receivable by $27.1 million during the six months ended June 30, 2023, contributing to improved cash flow[176]. - As of June 30, 2023, the company had cash and cash equivalents totaling $271.9 million, consisting of interest-bearing investments with maturities of three months or less[187]. Interest and Debt - Interest income for Q2 2023 was $4,720,000, significantly higher than $638,000 in Q2 2022[120]. - Interest income surged to $8.0 million from $0.7 million, a 1075% increase, due to higher average balances of marketable securities and interest rates[149]. - Interest expense increased to $(0.45) million from $(0.24) million, reflecting an 89% rise due to increased borrowings[135]. - Interest expense increased to $0.8 million from $0.4 million, a 71% rise, attributed to increased borrowings[149]. - As of June 30, 2023, $105.0 million was drawn under the 2021 Revolver, with an outstanding letter of credit of $1.6 million[171]. - The 2021 Revolver has a maturity date of August 24, 2026, and includes financial covenants requiring maintenance of minimum liquidity levels[170]. Market Strategy and Growth - The company aims to increase Marketplace Units, which are critical for revenue growth, by enhancing the transparency and efficiency of its digital marketplace[92]. - The company plans to grow its share of wholesale transactions from existing customers, focusing on increasing engagement and spend on its platform[93]. - The company intends to add new Marketplace Buyers and Sellers to drive liquidity and vehicle selection, thereby improving marketplace attractiveness[94]. - The company is investing in growth, anticipating increased operating expenses to support sales, marketing, and technology development[100]. - The demand for used vehicles remains strong, which has positively impacted the company's growth in recent years[101]. - The company is focused on driving customer adoption of existing value-added and data services, as well as introducing new products to enhance its platform[99]. Revenue Breakdown - Marketplace and service revenue for Q2 2023 was $109,360,000, representing 88% of total revenue, an increase from $97,752,000 (85%) in Q2 2022[120]. - Customer assurance revenue for Q2 2023 was $14,857,000, accounting for 12% of total revenue, down from $17,320,000 (15%) in Q2 2022[120]. - Customer assurance revenue decreased to $14.86 million from $17.32 million, a decline of 14% primarily due to lower Go Green assurance revenue[126]. - Total auction marketplace revenue increased to $54.6 million from $48.1 million, contributing to overall revenue growth[124]. - Auction marketplace revenue rose to $108.5 million from $92.0 million, while other marketplace revenue increased to $89.2 million from $77.8 million[139]. - Customer assurance revenue decreased to $29.6 million from $32.0 million, an 8% decline, primarily due to a decrease in Go Green assurance revenue[141]. Cost Management - Marketplace and service cost of revenue for Q2 2023 was $50,229,000, which is 40% of total revenue, compared to 43% in Q2 2022[120]. - The percentage of marketplace and service costs of revenue decreased to 40% from 43% year-over-year, indicating improved cost management[127]. - Marketplace and service cost of revenue (excluding depreciation & amortization) was $50.23 million, up from $49.89 million, reflecting a 1% increase[127]. - Marketplace and service cost of revenue for the six months ended June 30, 2023, was $97.8 million, a slight increase of 1% from $97.1 million in the prior year[142]. Depreciation and Amortization - Depreciation and amortization increased to $3.82 million from $2.48 million, a significant rise of 54% due to amortization of internal-use software costs[132]. - Depreciation and amortization expenses rose to $7.1 million from $4.9 million, a 46% increase, primarily due to amortization of internal-use software costs[147]. Taxation - The effective tax rate for the six months ended June 30, 2023, was approximately 1%, consistent with the prior year[150]. COVID-19 and Supply Chain Impact - The company continues to monitor the impact of COVID-19 and supply chain issues on its operations and market conditions[106].

Financial Data and Key Metrics Changes - First quarter revenue reached $120 million, exceeding guidance by $10 million and reflecting a 16% year-over-year growth [6][15] - GMV was $2.4 billion, flat year-over-year, with a solid unit growth offset by an 8% decrease in GMV per unit due to declining wholesale vehicle prices [6][15] - Adjusted EBITDA loss was $6 million, which was better than guidance, with EBITDA margin improving approximately 1,200 basis points year-over-year [15][19] Business Line Data and Key Metrics Changes - Auction and Assurance revenue, accounting for 57% of total revenue, increased by 17% year-over-year, driven by 8% unit growth and record ARPU of $454 [16] - Marketplace Services revenue, making up 36% of total revenue, also grew by 17% year-over-year, supported by strong performance in ACV Transport and ACV Capital [16] - ACV Transport achieved revenue margins in the mid-teens, significantly ahead of the 2026 target of 15% [9][17] Market Data and Key Metrics Changes - The new light vehicle SAAR increased by 8% year-over-year, marking the third consecutive quarter of growth, although still about 12% below pre-pandemic levels [7] - The used vehicle retail sales increased quarter-over-quarter but were down in the mid-single digits year-over-year, indicating affordability issues impacting demand [7][8] Company Strategy and Development Direction - The company focuses on three pillars for long-term shareholder value: growth, innovation, and scale [7][11] - The strategy includes expanding market share, enhancing technology capabilities, and driving operational efficiencies [5][11] - The company aims to achieve $1.3 billion in revenue and $325 million in adjusted EBITDA by 2026, with a 25% adjusted EBITDA margin [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in moderating industry headwinds and anticipates continued market share gains [5][20] - The company raised its revenue guidance for the full year 2023 to a range of $468 million to $478 million, representing an 11% to 13% year-over-year growth [19][20] - Management noted that new vehicle supply is expected to improve as production and inventory recover throughout the year [20] Other Important Information - The company ended Q1 with $526 million in cash and equivalents, and $96 million in long-term debt [18] - Cash flow from operations was $43 million, a significant improvement from a $31 million loss in Q1 2022 [19] Q&A Session Summary Question: Volume growth performance - Management indicated that the 8% growth in units was due to both new customer acquisitions and increased listings from existing dealers [26][27] Question: Cost efficiencies and savings - Management highlighted that technology investments in transportation and improved auction formats have led to better pricing and efficiency, contributing to cost savings [31][32] Question: Conversion rates expectations - Management expects conversion rates to normalize throughout the year, starting higher in Q1 and moderating down [38][39] Question: EBITDA guidance changes - Management clarified that the increase in EBITDA guidance reflects cautious optimism and the potential for additional investments if ROI is favorable [42][45] Question: Auction formats and higher-priced vehicles - Management noted that longer auction times have positively impacted market share for higher-priced vehicles, with ongoing testing of various auction formats [48][50] Question: ACV Capital opportunity amid market changes - Management stated that despite regional banks pulling back on floor plans, ACV Capital continues to grow, with a focus on managing risk effectively [54][55] Question: Territory expansion and adjacent markets - Management confirmed that they are well-staffed for territory expansion and are focusing on growing the commercial wholesale segment [81][83]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ 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 o ...

Part I [Business](index=8&type=section&id=Item%201.%20Business) ACV Auctions operates a digital marketplace for wholesale used vehicle transactions, offering comprehensive data services and value-added solutions like transportation and financing - ACV's mission is to create the most trusted and efficient digital marketplace for buying and selling used vehicles, leveraging comprehensive and transparent data[17](index=17&type=chunk) - The platform is built on three core pillars: a Digital Marketplace, Data Services, and underlying Data and Technology[18](index=18&type=chunk) - Key value-added services include ACV Transportation, ACV Capital (financing), and Go Green (customer assurance)[19](index=19&type=chunk)[23](index=23&type=chunk) 2022 Marketplace Activity | Metric | Value | | :--- | :--- | | Active Marketplace Buyers | 14,453 | | Active Marketplace Sellers | 10,285 | | Marketplace GMV (billions) | $9.0 | - The company primarily competes with large, national physical auction companies like Manheim and Adesa, which have also expanded online[38](index=38&type=chunk)[70](index=70&type=chunk) - As of December 31, 2022, the company had over **2,000 employees**, including more than **760 Vehicle Condition Inspectors** nationwide[40](index=40&type=chunk) [Risk Factors](index=16&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks including operating losses, intense competition, dependence on vehicle supply, data security, regulatory compliance, and its dual-class stock structure [Risks Related to Growth and Capital](index=16&type=section&id=Risks%20Related%20to%20Our%20Growth%20and%20Capital%20Requirements) The company faces risks from its history of net losses, uncertain future profitability, limited operating history, and potential need for additional capital to support growth Financial Performance (2021-2022) (in millions) | Metric | 2022 | 2021 | | :--- | :--- | :--- | | Revenue | $421.5 | $358.4 | | Net Loss | $102.2 | $78.2 | - The company had an accumulated deficit of **$347.4 million** as of December 31, 2022, expecting continued substantial resource expenditure[56](index=56&type=chunk) - The company entered a **$160.0 million** senior secured revolving credit facility (2021 Revolver) in August 2021, with restrictive covenants potentially limiting future indebtedness[65](index=65&type=chunk)[66](index=66&type=chunk) [Risks Related to Business and Industry](index=20&type=section&id=Risks%20Related%20to%20Our%20Business%2C%20Our%20Brand%20and%20Our%20Industry) ACV faces intense competition, sensitivity to used vehicle price fluctuations, and operational risks related to inspection accuracy, fraud prevention, and third-party transportation carriers - The company faces intense competition from established players like Manheim, Adesa, and KAR Auction Services, possessing greater financial resources[70](index=70&type=chunk) - The business is sensitive to changes in used vehicle prices, impacting transaction volumes and revenue per unit[72](index=72&type=chunk) - Failure to accurately inspect vehicles or manage fraudulent activities could harm the business and its reputation[84](index=84&type=chunk)[86](index=86&type=chunk) - The company bears settlement risk for vehicles sold through auctions and credit risk from dealer borrowers on floorplan loans[96](index=96&type=chunk)[97](index=97&type=chunk) [Risks Related to IT and Intellectual Property](index=29&type=section&id=Risks%20Related%20to%20Information%20Technology%20and%20Intellectual%20Property) The company relies heavily on its data platform and third-party tech, facing risks from system disruptions, cyber threats, data privacy law compliance, and intellectual property protection challenges - The business depends on its data-driven platform and may lose competitive advantage if new technology advancements are not leveraged[110](index=110&type=chunk) - ACV is subject to stringent data privacy laws like CCPA and GDPR, with non-compliance potentially leading to fines and liability[117](index=117&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk) - The company faces threats from security breaches and cyber-attacks, potentially causing operational disruption, data loss, and significant financial and reputational harm[126](index=126&type=chunk)[127](index=127&type=chunk) - The use of open-source software could expose the company to litigation and require proprietary source code disclosure[145](index=145&type=chunk) [Risks Related to Government Regulation and Litigation](index=38&type=section&id=Risks%20Related%20to%20Government%20Regulation%20and%20Litigation) ACV operates in highly regulated industries, facing risks from non-compliance with federal, state, and local laws, and potential limitations on utilizing net operating loss carryforwards - The business is subject to extensive regulation from agencies like the FTC and state authorities, with non-compliance potentially harming operations[148](index=148&type=chunk)[149](index=149&type=chunk) - As of December 31, 2022, the company had significant U.S. federal (**$299.8 million**) and state (**$241.2 million**) net operating loss carryforwards, potentially limited by ownership changes under Section 382[153](index=153&type=chunk)[155](index=155&type=chunk) [Risks Related to Being a Public Company](index=40&type=section&id=Risks%20Related%20to%20Being%20a%20Public%20Company) As a public company, ACV faces increased legal, accounting, and compliance costs, particularly after losing its "emerging growth company" status and becoming a "large accelerated filer" - The company is now a "large accelerated filer" and no longer an "emerging growth company" as of December 31, 2022, increasing compliance costs and requiring auditor attestation of internal controls[157](index=157&type=chunk) [Risks Related to Ownership of Class A Common Stock](index=41&type=section&id=Risks%20Related%20to%20Ownership%20of%20Our%20Class%20A%20Common%20Stock) The dual-class stock structure concentrates voting power with Class B shares, potentially affecting stock price and index eligibility, while anti-takeover provisions and exclusive forum clauses limit stockholder influence - The dual-class structure grants Class B common stock holders (10 votes per share) approximately **75%** of total voting power as of December 31, 2022, concentrating control with insiders[160](index=160&type=chunk) - The company does not intend to pay dividends in the foreseeable future, requiring investors to rely on stock price appreciation for returns[172](index=172&type=chunk) - The company's charter includes anti-takeover provisions and an exclusive forum provision for most stockholder disputes, potentially limiting stockholders' ability to bring claims elsewhere[173](index=173&type=chunk)[175](index=175&type=chunk) [Unresolved Staff Comments](index=45&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that it has no unresolved staff comments from the SEC - None[179](index=179&type=chunk) [Properties](index=45&type=section&id=Item%202.%20Properties) ACV Auctions leases all its facilities, including its Buffalo, New York headquarters and other offices in the U.S. and Canada, owning no real property - The company leases its corporate headquarters in Buffalo, New York, and other office spaces, owning no real property[179](index=179&type=chunk) [Legal Proceedings](index=45&type=section&id=Item%203.%20Legal%20Proceedings) The company may be involved in ordinary course legal proceedings, with a putative class action alleging antitrust violations settled and dismissed as of January 31, 2023 - A putative class action filed against the company in March 2021 alleging conspiracy to set bids was settled and dismissed as of January 31, 2023[181](index=181&type=chunk) [Mine Safety Disclosures](index=45&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's business - Not applicable[182](index=182&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=46&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's Class A common stock trades on Nasdaq under "ACVA", while Class B is not public; the company retains earnings for growth and does not anticipate paying dividends - The company's Class A common stock is traded on The Nasdaq Global Select Market under the symbol **"ACVA"**[184](index=184&type=chunk) - ACV has never paid dividends on its common stock and does not intend to pay any in the foreseeable future, retaining funds for business operations and expansion[185](index=185&type=chunk) - The report includes a stock performance graph comparing ACV's Class A common stock cumulative total return against Nasdaq Composite and Nasdaq-100 Technology Sector Indices[188](index=188&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=48&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance, including a **17.6% revenue increase** to **$421.5 million** in 2022, a widening net loss to **$102.2 million**, key operating metrics, liquidity, and critical accounting estimates [Key Operating and Financial Metrics](index=49&type=section&id=Key%20Operating%20and%20Financial%20Metrics) Key metrics for 2022 show Marketplace GMV growth to **$9.0 billion**, a slight decrease in Marketplace Units, increased buyers and sellers, and a larger Adjusted EBITDA loss Key Metrics (2021 vs. 2022) | Metric | 2022 | 2021 | | :--- | :--- | :--- | | Marketplace Units | 546,088 | 560,959 | | Marketplace GMV (billions) | $9.0 | $7.9 | | Active Marketplace Buyers | 14,453 | 14,064 | | Active Marketplace Sellers | 10,285 | 9,025 | | Adjusted EBITDA (millions) | $(56.4) | $(44.1) | [Results of Operations](index=55&type=section&id=Results%20of%20Operations) Total revenue increased by **17.6%** to **$421.5 million** in 2022, but operating expenses grew by **21.2%** to **$527.7 million**, resulting in an increased operating loss of **$106.2 million** and a net loss of **$102.2 million** Consolidated Statement of Operations Highlights (in thousands) | Line Item | 2022 | 2021 | | :--- | :--- | :--- | | Total Revenue | $421,529 | $358,435 | | Total Operating Expenses | $527,737 | $435,240 | | Loss from Operations | $(106,208) | $(76,805) | | Net Loss | $(102,192) | $(78,182) | - Marketplace and service revenue increased by **17%** year-over-year, driven by higher transportation services revenue and increased buyer fees implemented in October 2022[232](index=232&type=chunk) - Operations and technology expenses increased by **35%** to **$136.5 million**, primarily due to increased headcount and continued investment in technology and infrastructure[236](index=236&type=chunk) [Liquidity and Capital Resources](index=61&type=section&id=Liquidity%20and%20Capital%20Resources) As of December 31, 2022, primary liquidity sources were **$280.8 million** in cash and **$215.9 million** in marketable securities, supplemented by **$50.0 million** and **$160.0 million** debt facilities, with **$75.5 million** drawn - As of December 31, 2022, principal liquidity sources were cash and cash equivalents of **$280.8 million** and marketable securities of **$215.9 million**[256](index=256&type=chunk) - The company has two primary debt facilities: the 2019 Revolver (up to **$50.0 million**) and the 2021 Revolver (up to **$160.0 million**), with **$0.5 million** and **$75.0 million** drawn respectively as of December 31, 2022[260](index=260&type=chunk)[261](index=261&type=chunk)[262](index=262&type=chunk)[263](index=263&type=chunk) - Net cash used in operating activities was **$75.2 million** in 2022, a significant change from **$85.3 million** provided in 2021, primarily due to working capital changes from marketplace transactions[266](index=266&type=chunk)[267](index=267&type=chunk)[268](index=268&type=chunk) [Critical Accounting Estimates](index=65&type=section&id=Critical%20Accounting%20Estimates) Management identifies critical accounting estimates including revenue recognition (principal vs. agent), accounting for seller guarantees, capitalization of internal-use software, and goodwill and intangible asset valuation - Revenue recognition requires significant judgment in distinguishing performance obligations and determining principal versus agent status[277](index=277&type=chunk) - The company capitalizes internal-use software costs during development and amortizes them over an estimated three-year useful life[282](index=282&type=chunk) - Goodwill is evaluated for impairment annually on October 1, with no impairment identified for the years ended 2020, 2021, or 2022[284](index=284&type=chunk)[337](index=337&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=67&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk, with **$280.8 million** in cash and **$75.5 million** in borrowings as of December 31, 2022, and a **10%** interest rate change is not expected to be material - The company's main market risk is from interest rate fluctuations on its cash equivalents and variable-rate debt[287](index=287&type=chunk) - As of December 31, 2022, the company had **$280.8 million** in cash and cash equivalents and **$75.5 million** in borrowings, with a hypothetical **10%** interest rate change not expected to have a material impact[288](index=288&type=chunk) [Financial Statements and Supplementary Data](index=68&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's audited consolidated financial statements, including statements of operations, balance sheets, and cash flows, along with notes detailing accounting policies, acquisitions, and debt - The independent auditor, Ernst & Young LLP, issued an unqualified opinion on financial statements and internal control effectiveness, identifying capitalized internal-use software development costs as a critical audit matter[291](index=291&type=chunk)[292](index=292&type=chunk)[295](index=295&type=chunk) Consolidated Balance Sheet Summary (in thousands) | Account | Dec 31, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $280,752 | $565,994 | | Total current assets | $754,774 | $857,413 | | Goodwill | $91,755 | $78,839 | | **Total Assets** | **$914,922** | **$982,960** | | **Liabilities & Equity** | | | | Accounts payable | $323,661 | $395,972 | | Long-term debt | $75,500 | $500 | | **Total Liabilities** | **$429,198** | **$426,863** | | **Total Stockholders' Equity** | **$485,724** | **$556,097** | Consolidated Statement of Cash Flows Summary (in thousands) | Activity | 2022 | 2021 | | :--- | :--- | :--- | | Net cash (used in) provided by operating activities | $(75,175) | $85,290 | | Net cash used in investing activities | $(282,979) | $(129,266) | | Net cash provided by financing activities | $72,933 | $376,245 | - In February 2022, the company acquired Monk SAS for approximately **$18.6 million**, and in 2021, it acquired MAX Digital LLC for approximately **$60.0 million**[272](index=272&type=chunk)[274](index=274&type=chunk)[431](index=431&type=chunk) [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=100&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) This item is not applicable, indicating no changes in or disagreements with the company's accountants - Not applicable[443](index=443&type=chunk) [Controls and Procedures](index=100&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and internal control over financial reporting were effective as of December 31, 2022, with no material changes during the period - Management concluded that the company's disclosure controls and procedures were effective as of December 31, 2022[444](index=444&type=chunk) - Management concluded that the company's internal control over financial reporting was effective as of December 31, 2022, based on the COSO 2013 framework[445](index=445&type=chunk) [Other Information](index=101&type=section&id=Item%209B.%20Other%20Information) This item is not applicable - Not applicable[449](index=449&type=chunk) Part III This part, covering directors, executive officers, governance, compensation, security ownership, and related matters, is incorporated by reference from the company's 2023 Proxy Statement [Directors, Executive Officers and Corporate Governance](index=102&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information required by this item is incorporated by reference from the company's 2023 Proxy Statement - The information required by this item is incorporated by reference to the company's Proxy Statement for its 2023 Annual Meeting of Stockholders[450](index=450&type=chunk) [Executive Compensation](index=102&type=section&id=Item%2011.%20Executive%20Compensation) Information required by this item is incorporated by reference from the company's 2023 Proxy Statement - The information required by this item is incorporated by reference to the company's Proxy Statement for its 2023 Annual Meeting of Stockholders[451](index=451&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=102&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information required by this item is incorporated by reference from the company's 2023 Proxy Statement - The information required by this item is incorporated by reference to the company's Proxy Statement for its 2023 Annual Meeting of Stockholders[452](index=452&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=102&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information required by this item is incorporated by reference from the company's 2023 Proxy Statement - The information required by this item is incorporated by reference to the company's Proxy Statement for its 2023 Annual Meeting of Stockholders[453](index=453&type=chunk) [Principal Accountant Fees and Services](index=102&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information required by this item is incorporated by reference from the company's 2023 Proxy Statement - The information required by this item is incorporated by reference to the company's Proxy Statement for its 2023 Annual Meeting of Stockholders[454](index=454&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=103&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists all financial statements and exhibits filed as part of the Annual Report, with schedules omitted as information is included elsewhere - This section lists all financial statements, notes, and exhibits filed with the Form 10-K[455](index=455&type=chunk) [Form 10-K Summary](index=106&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company indicates there is no Form 10-K summary - None[458](index=458&type=chunk)