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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
ACV Auctions
ACV Auctions
ACV Auctions Revenue by Segment
Revenue by Segment
Marketplace and Service Revenue
CapyFin.comCustomer Assurance Revenue
CapyFin.com 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