$ACVA
ACV Auctions Inc.

2021 Q1 Form 10-Q Financial Statement

#000095017021000225 Filed on May 13, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $69.09M $42.24M
YoY Change 63.57% 138.63%
Cost Of Revenue $38.90M $28.89M
YoY Change 34.65% 131.68%
Gross Profit $30.19M $13.35M
YoY Change 126.14% 155.26%
Gross Profit Margin 43.7% 31.61%
Selling, General & Admin $23.97M $23.07M
YoY Change 3.87% 87.26%
% of Gross Profit 79.38% 172.82%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.891M $1.445M
YoY Change 30.87% 863.33%
% of Gross Profit 6.26% 10.82%
Operating Expenses $86.22M $70.11M
YoY Change 22.97% 258.08%
Operating Profit -$17.13M -$27.88M
YoY Change -38.54% 94.26%
Interest Expense $210.0K $111.0K
YoY Change 89.19% -75.87%
% of Operating Profit
Other Income/Expense, Net -$184.0K $398.0K
YoY Change -146.23%
Pretax Income -$17.32M -$27.48M
YoY Change -36.98% 97.97%
Income Tax $58.00K $47.00K
% Of Pretax Income
Net Earnings -$17.38M -$27.53M
YoY Change -36.88% 98.31%
Net Earnings / Revenue -25.15% -65.17%
Basic Earnings Per Share
Diluted Earnings Per Share -$112.5K -$178.6K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $675.7M
YoY Change
Cash & Equivalents $659.7M $148.8M
Short-Term Investments $16.00M
Other Short-Term Assets $12.85M
YoY Change
Inventory
Prepaid Expenses
Receivables $188.5M
Other Receivables $0.00
Total Short-Term Assets $877.1M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $5.499M
YoY Change
Goodwill $21.82M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.280M
YoY Change
Total Long-Term Assets $50.75M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $877.1M
Total Long-Term Assets $50.75M
Total Assets $927.8M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $293.4M
YoY Change
Accrued Expenses $11.86M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $317.3M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $6.600M
YoY Change
Other Long-Term Liabilities $5.137M
YoY Change
Total Long-Term Liabilities $5.137M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $317.3M
Total Long-Term Liabilities $5.137M
Total Liabilities $330.1M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$184.4M
YoY Change
Common Stock $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $597.7M -$131.5M
YoY Change
Total Liabilities & Shareholders Equity $927.8M
YoY Change

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$17.38M -$27.53M
YoY Change -36.88% 98.31%
Depreciation, Depletion And Amortization $1.891M $1.445M
YoY Change 30.87% 863.33%
Cash From Operating Activities $45.86M -$31.90M
YoY Change -243.77%
INVESTING ACTIVITIES
Capital Expenditures $692.0K $1.486M
YoY Change -53.43%
Acquisitions $0.00
YoY Change
Other Investing Activities -$7.570M
YoY Change
Cash From Investing Activities -$10.56M -$5.043M
YoY Change 109.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $388.4M $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 390.7M 3.454M
YoY Change 11210.28%
NET CHANGE
Cash From Operating Activities 45.86M -31.90M
Cash From Investing Activities -10.56M -5.043M
Cash From Financing Activities 390.7M 3.454M
Net Change In Cash 426.0M -33.49M
YoY Change -1371.87%
FREE CASH FLOW
Cash From Operating Activities $45.86M -$31.90M
Capital Expenditures $692.0K $1.486M
Free Cash Flow $45.17M -$33.39M
YoY Change -235.29%

Facts In Submission

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CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
18652
CY2019Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
1352000
CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
750000
CY2020Q1 us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
2118000
CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
1754000
CY2020Q1 us-gaap Financing Receivable Allowance For Credit Losses Period Increase Decrease
FinancingReceivableAllowanceForCreditLossesPeriodIncreaseDecrease
43000
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
2093000
CY2020Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
1985000
CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
AllowanceForDoubtfulAccountsReceivableRecoveries
1502000
CY2020Q1 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
AllowanceForDoubtfulAccountsReceivableRecoveries
336000
CY2021Q1 acva Allowance For Doubtful Accounts Receivable Write Offs Net
AllowanceForDoubtfulAccountsReceivableWriteOffsNet
252000
CY2020Q1 acva Allowance For Doubtful Accounts Receivable Write Offs Net
AllowanceForDoubtfulAccountsReceivableWriteOffsNet
1649000
CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
2591000
CY2020Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
1821000
CY2020Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
40000
CY2019Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
65000
CY2021Q1 us-gaap Financing Receivable Allowance For Credit Losses Period Increase Decrease
FinancingReceivableAllowanceForCreditLossesPeriodIncreaseDecrease
27000
CY2021Q1 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
6000
CY2020Q1 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
8000
CY2021Q1 acva Financing Receivable Allowance For Credit Losses Write Offs Net
FinancingReceivableAllowanceForCreditLossesWriteOffsNet
6000
CY2020Q1 acva Financing Receivable Allowance For Credit Losses Write Offs Net
FinancingReceivableAllowanceForCreditLossesWriteOffsNet
8000
CY2021Q1 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
61000
CY2020Q1 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
100000
CY2021Q1 us-gaap Guarantee Obligations Term
GuaranteeObligationsTerm
10 days
CY2021Q1 us-gaap Guarantee Obligations Liquidation Proceeds
GuaranteeObligationsLiquidationProceeds
226600000
CY2020 us-gaap Guarantee Obligations Liquidation Proceeds
GuaranteeObligationsLiquidationProceeds
95700000
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
8.10
CY2021Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
376090
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.46
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y9M18D
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
633700
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
83129
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
4.61
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
1.11
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
9933348
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.16
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
129358000
CY2021Q1 us-gaap Long Term Debt
LongTermDebt
6582000
CY2020Q4 us-gaap Long Term Debt
LongTermDebt
4832000
CY2021Q1 acva Convertible Preferred Stock Shares Outstanding
ConvertiblePreferredStockSharesOutstanding
0
CY2021Q1 us-gaap Common Stock Voting Rights
CommonStockVotingRights
The Class A common stock is entitled to one vote per share and the Class B common stock is entitled to ten votes per share.
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
10089177
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.55
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
323500000
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y8M12D
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
5106894
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
0.68
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
173273000
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y5M15D
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
4982283
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
4.46
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
150227000
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P8Y11M15D
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2021Q1 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
0
CY2020Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
0
CY2021Q1 us-gaap Guarantees Fair Value Disclosure
GuaranteesFairValueDisclosure
1700000
CY2020Q4 us-gaap Guarantees Fair Value Disclosure
GuaranteesFairValueDisclosure
1000000.0
CY2020Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
1.30
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-27525000
CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
21197244
CY2021Q1 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
On March 11, 2021, the Board of Directors and the stockholders of the Company approved a 1-for-2 reverse stock split of the Company’s outstanding common stock and convertible preferred stock. All common stock, convertible preferred stock, and per share information have been retroactively adjusted to give effect to this reverse stock split for all periods presented. Shares of common stock underlying outstanding stock options, restricted stock units, and restricted stock awards were proportionately decreased and the retrospective per share value and exercise prices, if applicable, were proportionately increased in accordance with the terms of the agreements governing such securities. There were no changes in the par values of the Company’s common stock and convertible preferred stock as a result of the reverse stock split.
CY2021Q1 acva Stockholders Equity Reverse Stock Split Converstion Ratio
StockholdersEquityReverseStockSplitConverstionRatio
1-for-2
CY2021Q1 acva Stockholders Equity Reverse Stock Split Effect On Par Value
StockholdersEquityReverseStockSplitEffectOnParValue
0

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