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Sep 30, 2023
ACV Auctions Q3 2023 Earnings Report
ACV Auctions reported strong third quarter results with revenue at the high-end of guidance and Adjusted EBITDA exceeding guidance.
Key Takeaways
ACV Auctions reported a revenue of $119 million, up 13% year-over-year. The company's Adjusted EBITDA was ($4) million. They are raising full-year guidance reflecting the strong third quarter performance.
Revenue of $119 million, an increase of 13% year over year
Marketplace and Service Revenue of $105 million, an increase of 15% year over year
Marketplace GMV of $2.1 billion, consistent with the third quarter of 2022
Adjusted EBITDA of ($4) million, compared to Adjusted EBITDA of ($12) million in the third quarter of 2022
Revenue by Segment
Forward Guidance
ACV is providing the following guidance for the fourth quarter of 2023: Total revenue of $116 to $120 million, GAAP net income (loss) of ($24) to ($26) million, Non-GAAP net income (loss) of ($8) to ($10) million, Adjusted EBITDA of ($7) to ($9) million.
Positive Outlook
- Vehicle supply remains lower than historical levels, but we believe it will improve as new vehicle production and inventory continue to recover.
- We are expecting conversion rates and wholesale price depreciation to follow normal seasonal patterns for the balance of the year.
Challenges Ahead
- Fourth quarter non-GAAP net income (loss) guidance excludes approximately $15 million of stock-based compensation expense
- Fourth quarter non-GAAP net income (loss) guidance excludes approximately $2 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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