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Jun 30, 2024
ACV Auctions Q2 2024 Earnings Report
ACV Auctions reported a revenue increase of 29% year-over-year, exceeding the high-end of guidance, with continued margin expansion and strong sequential growth in Adjusted EBITDA.
Key Takeaways
ACV Auctions announced strong second-quarter results, with revenue exceeding expectations and significant growth in Adjusted EBITDA. The company's market position led to continued share gains and accelerated revenue growth.
Revenue increased by 29% year-over-year to $161 million.
Marketplace and Service Revenue grew by 32% year-over-year to $144 million.
Marketplace GMV decreased by 1% year-over-year to $2.4 billion.
Marketplace Units increased by 22% year-over-year to 186,526.
Revenue by Segment
Forward Guidance
ACV expects 2024 revenue of $615 million to $625 million, growth of 28% to 30% YoY, net income (loss) of ($85) million to ($80) million and Adjusted EBITDA of $21 million to $25 million
Positive Outlook
- Dealer wholesale volumes are expected to continue to improve the back-half of 2024, primarily due to increasing new-vehicle supply and retail sales.
- Conversion rates and wholesale price depreciation expected to follow normal seasonal patterns.
- Revenue growth is expected to outpace Non-GAAP Operating Expense growth (excluding Cost of Revenue and Depreciation and Amortization) by approximately 10 percentage points.
- Third quarter non-GAAP net income guidance excludes approximately $19 million of stock-based compensation expense and approximately $3 million of intangible amortization.
- Full-year non-GAAP net income guidance excludes approximately $70 million of stock-based compensation expense and $10 million of intangible amortization.
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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