On August 7, 2024, ACV Auctions Inc (ACVA, Financial) released its 8-K filing for the second quarter of 2024. ACV Auctions Inc is a mobile platform for wholesale car auctions, providing a digital marketplace for wholesale vehicle transactions and data services that offer transparent and accurate vehicle information for customers.
Performance Overview
ACV Auctions Inc (ACVA, Financial) reported a revenue of $161 million for Q2 2024, surpassing the analyst estimate of $156.24 million and reflecting a 29% year-over-year increase. The company posted a GAAP net loss of $17 million, slightly higher than the $16 million loss in Q2 2023. However, the non-GAAP net income was $3 million, a significant improvement from the $2 million loss in the same period last year. Adjusted EBITDA also showed positive growth, reaching $7 million compared to a loss of $4 million in Q2 2023.
Key Financial Achievements
ACV Auctions Inc (ACVA, Financial) achieved several notable financial milestones this quarter:
- Revenue of $161 million, a 29% increase year-over-year.
- Marketplace and Service Revenue of $144 million, up 32% year-over-year.
- Marketplace Units of 186,526, a 22% increase year-over-year.
- Non-GAAP net income of $3 million, compared to a $2 million loss in Q2 2023.
- Adjusted EBITDA of $7 million, compared to a loss of $4 million in Q2 2023.
Income Statement Highlights
| Metric | Q2 2024 | Q2 2023 |
|---|---|---|
| Total Revenue | $161 million | $124 million |
| GAAP Net Income (Loss) | ($17 million) | ($16 million) |
| Non-GAAP Net Income | $3 million | ($2 million) |
| Adjusted EBITDA | $7 million | ($4 million) |
Balance Sheet and Cash Flow
ACV Auctions Inc (ACVA, Financial) reported total assets of $1.01 billion as of June 30, 2024, up from $922.9 million at the end of 2023. The company’s cash and cash equivalents increased to $214.9 million from $182.6 million. The total liabilities stood at $553.2 million, compared to $466.4 million at the end of 2023.
Commentary and Future Outlook
"We are very pleased with our second quarter results, delivering revenue above the high-end of our guidance range, continued margin expansion, and strong sequential growth in Adjusted EBITDA," said George Chamoun, CEO of ACV Auctions Inc.
Despite the positive results, ACV Auctions Inc (ACVA, Financial) faces challenges such as soft retail sales and an ongoing shortage of used vehicle inventory. However, the company remains optimistic about the recovery of the dealer wholesale market in the latter half of 2024.
Guidance for Q3 and Full-Year 2024
For Q3 2024, ACV Auctions Inc (ACVA, Financial) expects:
- Total revenue between $158 million and $162 million.
- GAAP net loss between $22 million and $20 million.
- Non-GAAP net income between $1 million and $3 million.
- Adjusted EBITDA between $6 million and $8 million.
For the full year 2024, the company anticipates:
- Total revenue between $615 million and $625 million.
- GAAP net loss between $85 million and $80 million.
- Non-GAAP net income between $3 million and $8 million.
- Adjusted EBITDA between $21 million and $25 million.
For more detailed information, visit the 8-K filing.
Explore the complete 8-K earnings release (here) from ACV Auctions Inc for further details.
