For the quarter ended March 2024, ACV Auctions Inc. (ACVA) reported revenue of $145.69 million, up 21.8% over the same period last year. EPS came in at $0.00, compared to -$0.03 in the year-ago quarter.The reported revenue represents a surprise of +1.08% over the Zacks Consensus Estimate of $144.14 million. With the consensus EPS estimate being $0.01, the EPS surprise was -100.00%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to det ...

Earnings Performance - ACV Auctions reported break-even quarterly earnings per share, missing the Zacks Consensus Estimate of $0.01, compared to a loss of $0.03 per share a year ago [1] - The company's earnings surprise was -100% for the quarter, with no surprise in the previous quarter as it met the expected loss of $0.04 per share [1] - Over the last four quarters, ACV Auctions surpassed consensus EPS estimates twice [1] Revenue Performance - ACV Auctions posted revenues of $145.69 million for the quarter ended March 2024, surpassing the Zacks Consensus Estimate by 1.08% and showing a year-over-year increase from $119.63 million [1] - The company has topped consensus revenue estimates three times over the last four quarters [1] Stock Performance - ACV Auctions shares have gained 17.2% since the beginning of the year, outperforming the S&P 500's gain of 8.8% [2] Earnings Outlook - The company's earnings outlook, including current consensus expectations and recent changes, is a key factor for future stock performance [3] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions [3] Estimate Revisions and Zacks Rank - Ahead of the earnings release, the estimate revisions trend for ACV Auctions was mixed, resulting in a Zacks Rank 3 (Hold) [4] - The current consensus EPS estimate is $0.03 on $156.7 million in revenues for the coming quarter and $0.07 on $612.63 million in revenues for the current fiscal year [4] Industry Impact - The Internet - Commerce industry, to which ACV Auctions belongs, is currently in the top 26% of the Zacks industries, with the top 50% outperforming the bottom 50% by more than 2 to 1 [5] Peer Comparison - Cars.com, another company in the same industry, is expected to report quarterly earnings of $0.08 per share, representing a year-over-year change of -52.9%, with revenues expected to be $179.81 million, up 7.6% from the year-ago quarter [5][6]

Table of Contents 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 March 31, 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 4 ...

Financial Performance - First quarter revenue reached $146 million, representing a 22% year-over-year growth[1] - Non-GAAP net income for the first quarter was $1 million, compared to a loss of $5 million in the same period last year[4] - Adjusted EBITDA for the first quarter was $4 million, an improvement from a loss of $6 million in the first quarter of 2023[4] - Total revenue for the three months ended March 31, 2024, was $145,689 thousand, a 21.8% increase from $119,626 thousand in the same period of 2023[25] - Marketplace and service revenue reached $129,814 thousand, up from $104,863 thousand, reflecting a 23.8% year-over-year growth[25] - Net loss for the three months ended March 31, 2024, was $(20,471) thousand, compared to $(18,200) thousand in the same period of 2023, representing a 12.5% increase in losses[25] - Adjusted EBITDA for the three months ended March 31, 2024, was $4,272 thousand, compared to $(5,635) thousand in the same period of 2023[32] Revenue Guidance - The company expects second quarter revenue to be between $154 million and $158 million, reflecting a year-over-year increase of 24% to 27%[5] - Full-year 2024 revenue guidance is set at $610 million to $625 million, indicating a growth of 27% to 30% year-over-year[5] - Non-GAAP net income guidance for the second quarter is projected to be between $2 million and $4 million[5] Marketplace Performance - Marketplace GMV for the first quarter was $2.3 billion, a decrease of 4% year-over-year[4] - Marketplace Units transacted in the first quarter totaled 174,631, marking a 15% increase year-over-year[4] Operational Metrics - Total operating expenses increased to $168,216 thousand, a 19.8% rise from $140,460 thousand in the prior year[25] - Cash and cash equivalents at the end of the period were $209,845 thousand, up from $182,571 thousand at the end of December 31, 2023[28] - Trade receivables increased to $219,305 thousand, compared to $164,009 thousand at the end of December 31, 2023, indicating a 33.7% increase[28] - Total assets grew to $1,044,652 thousand, up from $922,924 thousand at the end of December 31, 2023, marking a 13.2% increase[28] - The company reported a stock-based compensation expense of $14,830 thousand for the three months ended March 31, 2024, up from $11,505 thousand in the prior year[31] - The company’s long-term debt increased to $125,000 thousand from $115,000 thousand, reflecting a 8.7% rise[28] Strategic Focus - The company continues to focus on expanding its suite of dealer solutions and enhancing its commercial wholesale strategy[2] - The company anticipates modest growth in dealer wholesale volumes in the latter half of 2024 as market conditions improve[3]

The upcoming report from ACV Auctions Inc. (ACVA) is expected to reveal quarterly earnings of $0.01 per share, indicating an increase of 133.3% compared to the year-ago period. Analysts forecast revenues of $144.14 million, representing an increase of 20.5% year over year.Over the last 30 days, there has been no revision in the consensus EPS estimate for the quarter. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe.Before a company ...

BUFFALO, N.Y., April 15, 2024 (GLOBE NEWSWIRE) -- ACV (NASDAQ:ACVA), the leading digital automotive marketplace and data services partner for dealers and commercial clients, continues to support the evolving transportation service needs of its customers and partners. Recently, the company announced that ACV Transportation, a leading provider of vehicle logistics solutions, has expanded its services to include vehicles that were not purchased on the ACV platform. ACV Transportation offers competitive pricing ...

BUFFALO, N.Y., Feb. 28, 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 Citizens JMP Technology Conference on Tuesday, March 5, 2024 at 12:30 pm PT. A webcast of this event will be available on the Company's investor relations website at https://investors.acvauto.com/. An archived replay will be available following the live presentation.   ...

Financial Data and Key Metrics Changes - In Q4 2023, revenue reached $118 million, reflecting a 21% year-over-year growth, while full-year revenue grew 14% to $481 million [5][7][24] - Adjusted EBITDA loss for Q4 was $5 million, which was better than guidance, with an adjusted EBITDA margin improvement of approximately 800 basis points compared to Q4 2022 [24][25] - GMV for the year declined slightly to $8.8 billion, with a 10% decrease in GMV per unit, offset by a 10% increase in unit growth to just under 600,000 units [7][24] Business Line Data and Key Metrics Changes - Auction and assurance revenue, which constituted 56% of total revenue, increased by 19% year-over-year, driven by a 15% increase in unit growth and a 3% rise in ARPU [25] - Marketplace services revenue, making up 38% of total revenue, grew 29% year-over-year, bolstered by strong performance in ACV Transport and ACV Capital [25] - ACV Capital saw over 80% revenue growth year-over-year, with loan volume increasing by 50% [12][25] Market Data and Key Metrics Changes - New retail sales in the automotive market increased by 8% year-over-year, recovering from a 10-year low in 2022, while used retail units declined by 1% year-over-year [8][9] - The dealer wholesale market is estimated to have declined by 7% in 2023, following a 20% decline in 2022, with ACV gaining 17% market share [10][11] Company Strategy and Development Direction - ACV is focused on accelerating top-line growth, continued margin expansion, and achieving adjusted EBITDA profitability in 2024 [6][31] - The company is expanding its total addressable market (TAM) through initiatives like the ClearCar consumer sourcing solution and entering the commercial wholesale market [6][17] - Investments in technology and innovation are aimed at enhancing dealer experiences and operational efficiencies [18][20] Management's Comments on Operating Environment and Future Outlook - Management believes 2023 was the trough for the dealer wholesale market, with expectations for modest growth in 2024 [10][38] - The company anticipates that improvements in new car supply and dealer willingness to wholesale will contribute to market recovery [9][69] - Management remains optimistic about achieving midterm targets, including 25% adjusted EBITDA margins, through market share gains and operational efficiencies [29][32] Other Important Information - The company ended Q4 with $411 million in cash and equivalents, and $115 million in debt, reflecting a strong capital structure [30] - For Q1 2024, revenue is expected to be between $141 million and $146 million, with adjusted EBITDA projected to be between $2 million and $4 million [30][31] Q&A Session Summary Question: Insights on 2024 guidance and macroeconomic factors - Management indicated that the 2024 guidance includes about $30 million from the Texas-based acquisition, with expectations for marginal improvement in the wholesale market [36][39] Question: Sequential decline in ASP and its implications - Management confirmed that the decline in ASP aligns with the overall trend in used car values, while ARPU has increased, indicating effective pricing strategies [41][42] Question: Innovations and their expected impact in 2024 - Management expressed excitement about advancements in inspection technology driven by AI, which are expected to enhance efficiency and accuracy [46][48] Question: Key investments affecting margins in 2024 - Management highlighted investments in inspection capabilities and platform enhancements as key areas impacting margins, with expectations for improved EBITDA margins over time [50][52] Question: Clarification on ClearCar's integration with the auction marketplace - Management explained that ClearCar helps dealers source inventory effectively, addressing the core problem of inventory shortages [57][60] Question: Regional profitability and ramp-up expectations - Management noted that 35% of regions are already at breakeven or better, with plans to improve margins through scale and operational efficiencies [62][63] Question: Commercial business assumptions in 2024 guidance - Management clarified that while some incremental revenue is expected from the commercial business, significant ramp-up is not anticipated in the near term [64][67] Question: Trade to wholesale mix expectations - Management indicated modest improvements in dealer willingness to wholesale, contributing to the overall growth outlook for 2024 [69]

SOPA Images/LightRocket via Getty Images Elevator Pitch I rate ACV Auctions Inc. (NASDAQ:ACVA) stock as a Buy. In my previous September 12, 2023, write-up, my focus was on ACVA's growing market share, the stock's valuations as compared to peers, and the change in consensus estimates for the company. I touch on ACV Auctions' Q4 2023 results and fiscal 2024 guidance in this latest article. ACV Auctions' actual Q4 2023 EBITDA loss was not as bad as what the market had anticipated, while the company's 2024 top ...

Q 4 - 2 3 E A R N I N G S P R E S E N T A T I O N F E B _ 2 1 _ 2 0 2 4 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 ...