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Sep 30, 2024
ACV Auctions Q3 2024 Earnings Report
ACV Auctions' third quarter performance in 2024 exceeded guidance, driven by strong market position and growing dealer solutions.
Key Takeaways
ACV Auctions reported strong Q3 2024 results with revenue and Adjusted EBITDA exceeding the high-end of guidance, along with continued margin expansion. Revenue reached $171 million, a 44% increase year-over-year, and Adjusted EBITDA was $11 million. The company raised its full-year 2024 guidance.
Revenue for Q3 2024 reached $171 million, a 44% increase year-over-year.
Marketplace and Service Revenue grew to $156 million, a 49% increase year-over-year.
Marketplace GMV increased to $2.5 billion, a 17% year-over-year increase.
Adjusted EBITDA for Q3 2024 was $11 million, compared to ($4) million in Q3 2023.
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 expects Q4 2024 revenue to be between $152 million and $156 million, representing a 28% to 32% year-over-year increase. Full year 2024 revenue is expected to be between $630 million and $634 million, a 31% to 32% year-over-year increase.
Positive Outlook
- Total revenue of $152 million to $156 million, an increase of 28% to 32% year over year
- Full-Year 2024 Total revenue of $630 million to $634 million, an increase of 31% to 32% year over year
- Full-Year 2024 Non-GAAP net income of $8 million to $10 million
- Full-Year 2024 Adjusted EBITDA of $25 million to $27 million
- Non-GAAP net income (loss)($4) - ($2)
Challenges Ahead
- GAAP net income (loss) of ($27) million to ($25) million
- Fourth quarter guidance includes the impact of the recent hurricanes in our southeastern regions. We estimate a negative revenue impact of approximately $2 million and a negative Adjusted EBITDA impact of approximately $1 million.
- The dealer wholesale market is expected to be approximately flat year over year in 2024.
- Conversion rates and wholesale price depreciation expected to follow normal seasonal patterns.
- Full-Year 2024 GAAP net income (loss) of ($81) million to ($79) million
Revenue & Expenses
Visualization of income flow from segment revenue to net income