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ACV Auctions(ACVA) - 2024 Q3 - Quarterly Results
ACVAACV Auctions(ACVA)2024-11-07 21:11

Financial Performance - Third quarter revenue reached 171million,representinga44171 million, representing a 44% year-over-year increase[4] - Adjusted EBITDA for the third quarter was 11 million, compared to a loss of 4millioninthesamequarterof2023[4]−Non−GAAPnetincomeforthethirdquarterwas4 million in the same quarter of 2023[4] - Non-GAAP net income for the third quarter was 8 million, a significant improvement from a loss of 3millionintheprioryear[4]−TotalrevenueforthethreemonthsendedSeptember30,2024,was3 million in the prior year[4] - Total revenue for the three months ended September 30, 2024, was 171,329,000, representing a 43.9% increase from 119,014,000inthesameperiodof2023[25]−Marketplaceandservicerevenueincreasedto119,014,000 in the same period of 2023[25] - Marketplace and service revenue increased to 155,908,000 for the three months ended September 30, 2024, up 49.2% from 104,537,000year−over−year[25]−NetlossfortheninemonthsendedSeptember30,2024,was104,537,000 year-over-year[25] - Net loss for the nine months ended September 30, 2024, was 53,563,000, compared to a net loss of 52,020,000forthesameperiodin2023[28]−AdjustedEBITDAforQ32024was52,020,000 for the same period in 2023[28] - Adjusted EBITDA for Q3 2024 was 11,170, compared to a loss of 3,693inQ32023,showingasignificantimprovement[30]−NetincomeforQ32024wasalossof3,693 in Q3 2023, showing a significant improvement[30] - Net income for Q3 2024 was a loss of 16,029, while the loss for Q3 2023 was 18,238,indicatingareductioninlosses[30]−Non−GAAPnetincomeguidanceforQ42024isprojectedtobebetweenalossof18,238, indicating a reduction in losses[30] - Non-GAAP net income guidance for Q4 2024 is projected to be between a loss of 27 million and a loss of 25million[32]−Non−GAAPnetincomeforFY24isexpectedtorangefrom25 million[32] - Non-GAAP net income for FY24 is expected to range from 8 million to 10million,indicatingapotentialturnaround[32]RevenueGuidance−Thecompanyexpectsfull−year2024revenuetobebetween10 million, indicating a potential turnaround[32] Revenue Guidance - The company expects full-year 2024 revenue to be between 630 million and 634million,indicatingagrowthof31634 million, indicating a growth of 31% to 32% year-over-year[1] - Fourth quarter revenue guidance is projected to be between 152 million and 156million,anincreaseof28156 million, an increase of 28% to 32% year-over-year[5] Market Performance - The marketplace GMV was 2.5 billion, reflecting a 17% year-over-year growth[4] - The dealer wholesale market is anticipated to remain approximately flat year-over-year in 2024[5] - The company is experiencing continued margin expansion and gaining market share[2] Expenses and Assets - Total operating expenses for the three months ended September 30, 2024, were 188,468,000,a33.4188,468,000, a 33.4% increase from 141,301,000 in the same period of 2023[25] - Cash and cash equivalents increased to 252,524,000asofSeptember30,2024,upfrom252,524,000 as of September 30, 2024, up from 182,571,000 at the end of 2023[27] - Total assets grew to 1,034,353,000asofSeptember30,2024,comparedto1,034,353,000 as of September 30, 2024, compared to 922,924,000 at the end of 2023, reflecting a 12.1% increase[27] - The company’s long-term debt remained stable at 115,000,000asofSeptember30,2024[27]CostsandExpenses−Stock−basedcompensationincreasedto115,000,000 as of September 30, 2024[27] Costs and Expenses - Stock-based compensation increased to 18,260 in Q3 2024 from 12,855inQ32023,reflectinghigheremployeecompensationcosts[30]−Acquisition−relatedcostsforQ32024were12,855 in Q3 2023, reflecting higher employee compensation costs[30] - Acquisition-related costs for Q3 2024 were 214, up from 88inQ32023,suggestingincreasedinvestmentinacquisitions[30]−DepreciationandamortizationexpensesforQ32024were88 in Q3 2023, suggesting increased investment in acquisitions[30] - Depreciation and amortization expenses for Q3 2024 were 9,769, compared to 5,087inQ32023,indicatinghigherassetdepreciation[30]−Interestexpensedecreasedto5,087 in Q3 2023, indicating higher asset depreciation[30] - Interest expense decreased to (973) in Q3 2024 from (4,050)inQ32023,reflectingimprovedinterestmanagement[30]−Provisionforincometaxeswas(4,050) in Q3 2023, reflecting improved interest management[30] - Provision for income taxes was (137) in Q3 2024, compared to 1inQ32023,indicatingashiftintaxliabilities[30]−Litigation−relatedcostswerenotincludedinadjustedEBITDA,with1 in Q3 2023, indicating a shift in tax liabilities[30] - Litigation-related costs were not included in adjusted EBITDA, with 1,553 incurred in the nine months ended September 30, 2023, suggesting ongoing legal challenges[30] Impact of External Factors - Recent hurricanes are estimated to negatively impact revenue by approximately $2 million in the fourth quarter[5] - The weighted-average shares outstanding increased to 165,723,168 for the three months ended September 30, 2024, compared to 160,427,987 in the same period of 2023[25]