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Jun 30, 2023
ACV Auctions Q2 2023 Earnings Report
Reported record revenue with Adjusted EBITDA ahead of guidance and raised 2023 guidance.
Key Takeaways
ACV Auctions announced strong second quarter results with revenue above guidance, year-over-year margin expansion, and Adjusted EBITDA exceeding guidance. The company reported record revenue and raised full-year guidance, reflecting strong second quarter performance.
Second quarter revenue was $124 million, up 8% year over year.
Second quarter GAAP net income (loss) was ($16) million.
Second quarter Adjusted EBITDA was ($4) million.
2023 guidance was updated with revenue of $474 million to $482 million, representing growth of 12% to 14% YoY.
Revenue by Segment
Forward Guidance
ACV is providing the following guidance: Third quarter of 2023: Total revenue of $115 to $119 million, an increase of 9% to 13% year over year GAAP net income (loss) of ($23) to ($25) million Non-GAAP net income (loss) of ($7) to ($9) million Adjusted EBITDA of ($8) to ($10) million Full-Year 2023: Total revenue of $474 to $482 million, an increase of 12% to 14% year over year GAAP net income (loss) of ($79) to ($83) million Non-GAAP net income (loss) of ($19) to ($23) million Adjusted EBITDA of ($23) to ($27) million
Positive Outlook
- Vehicle supply is expected to improve as new vehicle production and inventory recover.
- Conversion rates are expected to follow normal seasonal patterns.
- Wholesale price depreciation is expected to continue.
- Third quarter non-GAAP net income (loss) guidance excludes approximately $15 million of stock-based compensation expense and approximately $1 million of intangible amortization.
- Full-year non-GAAP net income (loss) guidance excludes approximately $53 million of stock-based compensation expense and $6 million of intangible amortization.
Challenges Ahead
- Vehicle supply remains lower than historical levels.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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