$ACVA
ACV Auctions Inc.

2022 Q1 Form 10-Q Financial Statement

#000095017022009378 Filed on May 11, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $103.1M $69.09M
YoY Change 49.18% 63.57%
Cost Of Revenue $60.89M $38.90M
YoY Change 56.52% 34.65%
Gross Profit $42.18M $30.19M
YoY Change 39.71% 126.14%
Gross Profit Margin 40.92% 43.7%
Selling, General & Admin $36.05M $23.97M
YoY Change 50.44% 3.87%
% of Gross Profit 85.48% 79.38%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.515M $1.891M
YoY Change 33.0% 30.87%
% of Gross Profit 5.96% 6.26%
Operating Expenses $132.2M $86.22M
YoY Change 53.28% 22.97%
Operating Profit -$29.09M -$17.13M
YoY Change 69.78% -38.54%
Interest Expense $210.0K $210.0K
YoY Change 0.0% 89.19%
% of Operating Profit
Other Income/Expense, Net -$166.0K -$184.0K
YoY Change -9.78% -146.23%
Pretax Income -$29.26M -$17.32M
YoY Change 68.94% -36.98%
Income Tax $240.0K $58.00K
% Of Pretax Income
Net Earnings -$29.50M -$17.38M
YoY Change 69.76% -36.88%
Net Earnings / Revenue -28.62% -25.15%
Basic Earnings Per Share -$0.19
Diluted Earnings Per Share -$188.9K -$112.5K
COMMON SHARES
Basic Shares Outstanding 156.1M
Diluted Shares Outstanding 156.1M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $564.3M $675.7M
YoY Change -16.48%
Cash & Equivalents $543.2M $659.7M
Short-Term Investments $21.08M $16.00M
Other Short-Term Assets $16.79M $12.85M
YoY Change 30.72%
Inventory
Prepaid Expenses
Receivables $228.1M $188.5M
Other Receivables $0.00 $0.00
Total Short-Term Assets $872.5M $877.1M
YoY Change -0.52%
LONG-TERM ASSETS
Property, Plant & Equipment $5.579M $5.499M
YoY Change 1.45%
Goodwill $97.39M $21.82M
YoY Change 346.32%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.404M $1.280M
YoY Change 87.81%
Total Long-Term Assets $146.8M $50.75M
YoY Change 189.27%
TOTAL ASSETS
Total Short-Term Assets $872.5M $877.1M
Total Long-Term Assets $146.8M $50.75M
Total Assets $1.019B $927.8M
YoY Change 9.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $389.2M $293.4M
YoY Change 32.66%
Accrued Expenses $11.31M $11.86M
YoY Change -4.62%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $422.1M $317.3M
YoY Change 33.06%
LONG-TERM LIABILITIES
Long-Term Debt $60.50M $6.600M
YoY Change 816.67%
Other Long-Term Liabilities $1.376M $5.137M
YoY Change -73.21%
Total Long-Term Liabilities $1.376M $5.137M
YoY Change -73.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $422.1M $317.3M
Total Long-Term Liabilities $1.376M $5.137M
Total Liabilities $485.7M $330.1M
YoY Change 47.14%
SHAREHOLDERS EQUITY
Retained Earnings -$274.7M -$184.4M
YoY Change 48.98%
Common Stock $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $533.6M $597.7M
YoY Change
Total Liabilities & Shareholders Equity $1.019B $927.8M
YoY Change 9.86%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$29.50M -$17.38M
YoY Change 69.76% -36.88%
Depreciation, Depletion And Amortization $2.515M $1.891M
YoY Change 33.0% 30.87%
Cash From Operating Activities -$31.46M $45.86M
YoY Change -168.59% -243.77%
INVESTING ACTIVITIES
Capital Expenditures $748.0K $692.0K
YoY Change 8.09% -53.43%
Acquisitions $18.91M $0.00
YoY Change
Other Investing Activities -$45.74M -$7.570M
YoY Change 504.28%
Cash From Investing Activities -$50.43M -$10.56M
YoY Change 377.69% 109.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $388.4M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 59.14M 390.7M
YoY Change -84.86% 11210.28%
NET CHANGE
Cash From Operating Activities -31.46M 45.86M
Cash From Investing Activities -50.43M -10.56M
Cash From Financing Activities 59.14M 390.7M
Net Change In Cash -22.75M 426.0M
YoY Change -105.34% -1371.87%
FREE CASH FLOW
Cash From Operating Activities -$31.46M $45.86M
Capital Expenditures $748.0K $692.0K
Free Cash Flow -$32.20M $45.17M
YoY Change -171.29% -235.29%

Facts In Submission

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ACV Auctions Inc.
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CY2022Q1 us-gaap Proceeds From Issuance Initial Public Offering
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0
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CY2021Q1 us-gaap Interest Paid Net
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CY2022Q1 us-gaap Income Taxes Paid Net
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CY2022Q1 acva Stock Issuance Costs In Accounts Payable
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CY2021Q1 acva Stock Issuance Costs In Accounts Payable
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CY2021Q1 us-gaap Capitalized Computer Software Additions
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0
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1064000
CY2021Q1 acva Noncash Or Part Noncash Acquisition Fixed Assets And Intangible Assets Acquired
NoncashOrPartNoncashAcquisitionFixedAssetsAndIntangibleAssetsAcquired
594000
CY2022Q1 us-gaap Number Of Operating Segments
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1
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3900000
CY2022Q1 us-gaap Debt Securities Trading Unrealized Loss
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21081000
CY2021Q4 us-gaap Trading Securities Debt Amortized Cost
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CY2021 us-gaap Debt Securities Trading Unrealized Gain
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0
CY2021 us-gaap Debt Securities Trading Unrealized Loss
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CY2022Q1 us-gaap Trading Securities Debt Amortized Cost
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21158000
CY2022Q1 us-gaap Debt Securities Trading Unrealized Gain
DebtSecuritiesTradingUnrealizedGain
0
CY2022Q1 us-gaap Available For Sale Securities Debt Maturities Next Rolling Twelve Months Fair Value
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20380000
CY2022Q1 us-gaap Available For Sale Securities Debt Maturities Rolling Year Two Through Five Fair Value
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701000
CY2022Q1 us-gaap Available For Sale Securities Debt Maturities Single Maturity Date
AvailableForSaleSecuritiesDebtMaturitiesSingleMaturityDate
21081000
CY2022Q1 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
350759000
CY2021Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
425835000
CY2022Q1 us-gaap Guarantees Fair Value Disclosure
GuaranteesFairValueDisclosure
2300000
CY2021Q4 us-gaap Guarantees Fair Value Disclosure
GuaranteesFairValueDisclosure
1200000
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
3724000
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
2093000
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
1386000
CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
750000
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
2460000
CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
1754000
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
AllowanceForDoubtfulAccountsReceivableRecoveries
878000
CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
AllowanceForDoubtfulAccountsReceivableRecoveries
1502000
CY2022Q1 acva Allowance For Doubtful Accounts Receivable Write Offs Net
AllowanceForDoubtfulAccountsReceivableWriteOffsNet
1582000
CY2021Q1 acva Allowance For Doubtful Accounts Receivable Write Offs Net
AllowanceForDoubtfulAccountsReceivableWriteOffsNet
252000
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
3528000
CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
2591000
CY2021Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
636000
CY2020Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
40000
CY2022Q1 us-gaap Financing Receivable Allowance For Credit Losses Period Increase Decrease
FinancingReceivableAllowanceForCreditLossesPeriodIncreaseDecrease
407000
CY2021Q1 us-gaap Financing Receivable Allowance For Credit Losses Period Increase Decrease
FinancingReceivableAllowanceForCreditLossesPeriodIncreaseDecrease
27000
CY2022Q1 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
369000
CY2021Q1 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
6000
CY2022Q1 us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
30000
CY2021Q1 us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
0
CY2022Q1 acva Financing Receivable Allowance For Credit Losses Write Offs Net
FinancingReceivableAllowanceForCreditLossesWriteOffsNet
339000
CY2021Q1 acva Financing Receivable Allowance For Credit Losses Write Offs Net
FinancingReceivableAllowanceForCreditLossesWriteOffsNet
6000
CY2022Q1 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
704000
CY2021Q1 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
61000
CY2021 us-gaap Guarantee Obligations Liquidation Proceeds
GuaranteeObligationsLiquidationProceeds
257600000
CY2021 us-gaap Guarantee Obligations Term
GuaranteeObligationsTerm
10 days
CY2022Q1 us-gaap Guarantee Obligations Liquidation Proceeds
GuaranteeObligationsLiquidationProceeds
317500000
CY2022Q1 us-gaap Guarantee Obligations Term
GuaranteeObligationsTerm
10 days
CY2022Q1 us-gaap Long Term Debt
LongTermDebt
60500000
CY2021Q1 us-gaap Long Term Debt
LongTermDebt
500000
CY2021Q1 acva Convertible Preferred Stock Shares Outstanding
ConvertiblePreferredStockSharesOutstanding
0
CY2022Q1 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.
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.71
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
102896000
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y9M7D
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
5966209
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
1.70
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
78203000
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P0Y3M18D
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.544
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0028
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
8786724
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.72
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
141659000
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y10D
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2022Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0
CY2022Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
197527
CY2022Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.08
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
73103
CY2022Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
5.11
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
11969
CY2022Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
4.29
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
8504125
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y1M28D
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
2537916
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
5.08
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
24693000
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P8Y2M12D
CY2021Q1 acva Stockholders Equity Reverse Stock Split Effect On Par Value
StockholdersEquityReverseStockSplitEffectOnParValue
0
CY2022Q1 acva Common Stock To Be Issued And Held In Escrow
CommonStockToBeIssuedAndHeldInEscrow
620877
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
7600000
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y10M24D
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.01
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
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
CY2021Q4 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
2000000.0

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