PresentationAll right. I think we're on the clock. So, welcome, everyone. Thanks for joining. I'm Ron Josey. I cover the Internet sector here at Citi. And I'm always happy to share the stage with George Chamoun, ACV's CEO; and Bill Zerella, ACVA's CFO. Lot to talk about. A lot going on. Welcome.So I think most people know what ACVA is now. It's been a few years. We've gone through a few Analyst Days. But maybe, George, because we just had our Analyst Day back in March, we've had 2 quarters post that. Just l ...

Financial Performance - eBay reported second-quarter revenue of $2.73 billion, reflecting a 6% year-over-year increase and surpassing the Street consensus estimate of $2.64 billion [1][2] - The company achieved earnings per share of $1.37, exceeding the Street consensus estimate of $1.30 [1][2] Gross Merchandise Volume - Gross merchandise volume for the quarter was $19.5 billion, also up 6% year-over-year [2] Future Guidance - eBay is guiding for third-quarter revenue to be between $2.69 billion and $2.74 billion, compared to a Street consensus estimate of $2.65 billion [2] - The expected range for third-quarter adjusted earnings per share is $1.29 to $1.34, aligning closely with the Street estimate of $1.30 [3] Market Reaction - eBay's stock increased by 10.43% to $85.56 in after-hours trading, with a 52-week trading range of $53.74 to $83.53 [3]

Financial Performance - ACV achieved a 95% year-over-year revenue growth[10], reaching $208 million in revenue[10] - Marketplace units increased to 391,000+[10], compared to 128,000+ in Q1 2020[10] - Gross Merchandise Volume (GMV) exceeded $3 billion[10], a significant increase from $1.3 billion in Q1 2020[10] - Adjusted EBITDA margin improved from -58% in Q1 2020 to -18% in Q1 2021[55] Market Opportunity and Growth Strategy - ACV operates in a large addressable market, estimated at ~$1.7 trillion annually in the US vehicle market[17] - The company is pursuing a long-term strategy focused on marketplace growth, product expansion, and operating scale[10] - ACV sees significant opportunities in commercial wholesale, dealer wholesale, and dealer-to-consumer transactions[21] - The company is focused on expanding its data services offerings to dealers and commercial partners[21] Future Outlook - ACV anticipates Q2 2021 revenue between $72 million and $75 million, representing a 60% to 67% year-over-year growth[74] - Full-year 2021 revenue is projected to be between $307 million and $313 million, a 47% to 50% increase year-over-year[74] - The company expects an Adjusted EBITDA loss between $20 million and $22 million for Q2 2021, and between $79 million and $82 million for the full year[74]

Company Overview - Copart (NASDAQ: CPRT) is a global online automobile auction service focused on vehicle salvaging, with a market capitalization of $61 billion [2] - The company is set to release its Q3 FY'25 earnings on May 22, 2025, with expected revenue of approximately $1.23 billion, reflecting a 9% year-over-year increase [1] Financial Performance - For the past twelve months, Copart generated revenue of $4.5 billion, with operating profits of $1.6 billion and net income of $1.5 billion [2] - Earnings per share for the upcoming quarter are projected to be $0.42, which is $0.03 higher than the previous year [1] Market Trends - The growth in Copart's business is primarily driven by an increased supply of vehicles being scrapped due to natural disasters and rising vehicle repair costs [1] - Insurance companies are designating more vehicles as totaled rather than opting for repairs, providing a favorable environment for Copart [1] Earnings Reaction History - Over the past five years, Copart has recorded 19 earnings data points, with 42% resulting in positive one-day returns [5] - The percentage of positive one-day returns increases to 55% when considering the last three years [5] - The median of positive returns is 1.8%, while the median of negative returns is -1.6% [5]

Financial Data and Key Metrics Changes - The company reported a record quarterly GMV of $386.1 million, up 26% from $305.9 million in the same quarter last year [14] - Revenue increased to $122.3 million, a 72% rise from $71.3 million year-over-year [14] - GAAP net income was $5.8 million, up 205%, with non-GAAP adjusted EBITDA at $13.1 million, an 81% increase compared to last year [14][15] - The company ended the quarter with $139.1 million in cash and cash equivalents, maintaining zero debt [14][15] Business Line Data and Key Metrics Changes - The Retail segment saw GMV increase by 65%, with revenue doubling to grow by 101% and direct profit up 31% [15] - The Capital Assets Group (CAG) segment's GMV grew by 31%, revenue by 26%, and direct profit by 27% [15] - The GovDeals segment experienced an 11% increase in GMV, with revenue up 29% and direct profit up 25% [17] - The Machinio segment recorded double-digit organic growth in revenue and direct profit, with over 4,000 subscribers from more than 100 countries [10] Market Data and Key Metrics Changes - The company achieved a 1.5 billion annual GMV run rate, with auction participants increasing by 13% year-over-year [7] - The GovDeals segment's growth was driven by new sellers, including notable entities like New York City and Naval Air Station Jacksonville [9] - The CAG segment's auction participants more than doubled year-over-year, indicating increased marketplace vibrancy [9] Company Strategy and Development Direction - The company aims to achieve $2 billion in annual GMV by focusing on increasing sales volume, expanding the buyer base, and modernizing its platform [11] - The acquisition of Auction Software and SimpleAuction Site is expected to enhance software development capabilities and market reach [11] - The company is committed to investing in growing its seller base and buyer channels, both organically and through acquisitions [10][11] Management's Comments on Operating Environment and Future Outlook - Management noted that market conditions are mixed, with persistent inflation driving demand for value-priced goods [22] - The company anticipates continued solid growth in the second quarter of fiscal year 2025, with GMV expected to range from $360 million to $390 million [19] - The outlook for the CAG segment is cautious due to the prior year's completion of delayed international sales events [18] Other Important Information - The company maintains a strong financial foundation with zero debt and significant cash reserves [14][15] - The acquisition of Auction Software is not expected to materially impact consolidated results for the quarter [20] Q&A Session Summary Question: How much of the growth is due to expanding market share versus better market conditions? - Management indicated that growth is attributed to providing access to more goods and categories, with market conditions being mixed [22] Question: What impact do tariffs have on the business? - Management believes that the scarcity of products in the U.S. could have a neutral to positive effect on the business [24] Question: Can you elaborate on the Simple Auction acquisition? - Management described it as an opportunity to enhance their ecosystem and provide tools for resellers, with potential for growth in various categories [25][26] Question: Are you seeing an increased flow of vehicles in GovDeals? - Management confirmed that vehicle flow has normalized but is not the primary catalyst for growth, with strong performance in non-vehicle categories [34][35] Question: How much of the GMV increase came from new accounts? - Management noted that both new and existing relationships contributed to GMV growth across segments [36][37] Question: What is the revenue model for the auction software business? - Management explained that revenue streams come from both SaaS sales and a percentage of transaction fees [38] Question: Can clients run their own auctions across all segments? - Management confirmed that the platform allows clients to control their brand and pricing while facilitating e-commerce sales [39][41]