ACV Auctions(ACVA) - 2024 Q1 - Quarterly Results

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]