$ACVA
ACV Auctions Inc.

2023 Q1 Form 10-Q Financial Statement

#000095017023020647 Filed on May 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q1
Revenue $119.6M $103.1M
YoY Change 16.07% 49.18%
Cost Of Revenue $59.72M $60.89M
YoY Change -1.92% 56.52%
Gross Profit $59.91M $42.18M
YoY Change 42.04% 39.71%
Gross Profit Margin 50.08% 40.92%
Selling, General & Admin $41.80M $36.05M
YoY Change 15.94% 50.44%
% of Gross Profit 69.77% 85.48%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.392M $2.515M
YoY Change 34.87% 33.0%
% of Gross Profit 5.66% 5.96%
Operating Expenses $140.5M $132.2M
YoY Change 6.29% 53.28%
Operating Profit -$20.83M -$29.09M
YoY Change -28.38% 69.78%
Interest Expense $315.0K $210.0K
YoY Change 50.0% 0.0%
% of Operating Profit
Other Income/Expense, Net $2.981M -$166.0K
YoY Change -1895.78% -9.78%
Pretax Income -$17.85M -$29.26M
YoY Change -38.97% 68.94%
Income Tax $347.0K $240.0K
% Of Pretax Income
Net Earnings -$18.20M -$29.50M
YoY Change -38.29% 69.76%
Net Earnings / Revenue -15.21% -28.62%
Basic Earnings Per Share -$0.11 -$0.19
Diluted Earnings Per Share -$0.11 -$188.9K
COMMON SHARES
Basic Shares Outstanding 158.7M 156.1M
Diluted Shares Outstanding 158.7M 156.1M

Balance Sheet

Concept 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $525.9M $564.3M
YoY Change -6.82% -16.48%
Cash & Equivalents $317.1M $543.2M
Short-Term Investments $208.7M $21.08M
Other Short-Term Assets $11.92M $16.79M
YoY Change -29.04% 30.72%
Inventory
Prepaid Expenses
Receivables $189.2M $228.1M
Other Receivables $0.00 $0.00
Total Short-Term Assets $831.2M $872.5M
YoY Change -4.73% -0.52%
LONG-TERM ASSETS
Property, Plant & Equipment $5.558M $5.579M
YoY Change -0.38% 1.45%
Goodwill $92.00M $97.39M
YoY Change -5.54% 346.32%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.870M $2.404M
YoY Change 144.18% 87.81%
Total Long-Term Assets $163.9M $146.8M
YoY Change 11.65% 189.27%
TOTAL ASSETS
Total Short-Term Assets $831.2M $872.5M
Total Long-Term Assets $163.9M $146.8M
Total Assets $995.1M $1.019B
YoY Change -2.37% 9.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $387.7M $389.2M
YoY Change -0.38% 32.66%
Accrued Expenses $10.22M $11.31M
YoY Change -9.68% -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 $413.4M $422.1M
YoY Change -2.08% 33.06%
LONG-TERM LIABILITIES
Long-Term Debt $95.50M $60.50M
YoY Change 57.85% 816.67%
Other Long-Term Liabilities $5.375M $1.376M
YoY Change 290.63% -73.21%
Total Long-Term Liabilities $5.375M $1.376M
YoY Change 290.63% -73.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $413.4M $422.1M
Total Long-Term Liabilities $5.375M $1.376M
Total Liabilities $514.2M $485.7M
YoY Change 5.87% 47.14%
SHAREHOLDERS EQUITY
Retained Earnings -$365.6M -$274.7M
YoY Change 33.1% 48.98%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $480.9M $533.6M
YoY Change
Total Liabilities & Shareholders Equity $995.1M $1.019B
YoY Change -2.37% 9.86%

Cashflow Statement

Concept 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$18.20M -$29.50M
YoY Change -38.29% 69.76%
Depreciation, Depletion And Amortization $3.392M $2.515M
YoY Change 34.87% 33.0%
Cash From Operating Activities $42.98M -$31.46M
YoY Change -236.64% -168.59%
INVESTING ACTIVITIES
Capital Expenditures $266.0K $748.0K
YoY Change -64.44% 8.09%
Acquisitions $0.00 $18.91M
YoY Change -100.0%
Other Investing Activities -$18.66M -$45.74M
YoY Change -59.21% 504.28%
Cash From Investing Activities -$23.87M -$50.43M
YoY Change -52.68% 377.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $75.00M
YoY Change
Cash From Financing Activities 17.28M 59.14M
YoY Change -70.78% -84.86%
NET CHANGE
Cash From Operating Activities 42.98M -31.46M
Cash From Investing Activities -23.87M -50.43M
Cash From Financing Activities 17.28M 59.14M
Net Change In Cash 36.40M -22.75M
YoY Change -260.02% -105.34%
FREE CASH FLOW
Cash From Operating Activities $42.98M -$31.46M
Capital Expenditures $266.0K $748.0K
Free Cash Flow $42.71M -$32.20M
YoY Change -232.64% -171.29%

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CY2023Q1 dei Entity Registrant Name
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ACV Auctions Inc.
CY2023Q1 dei Entity Incorporation State Country Code
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CY2023Q1 dei Entity Tax Identification Number
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640 Ellicott Street, #321
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8000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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36397000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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565994000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q1 us-gaap Capitalized Computer Software Additions
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696000
CY2022Q1 us-gaap Capitalized Computer Software Additions
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CY2023Q1 us-gaap Number Of Operating Segments
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1
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CY2022Q4 us-gaap Trading Securities Debt Amortized Cost
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CY2022 us-gaap Debt Securities Trading Unrealized Loss
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CY2023Q1 us-gaap Available For Sale Securities Debt Maturities Next Rolling Twelve Months Fair Value
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CY2023Q1 us-gaap Available For Sale Securities Debt Maturities Rolling Year Two Through Five Fair Value
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CY2023Q1 us-gaap Available For Sale Securities Debt Maturities Single Maturity Date
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CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
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CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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3963000
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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2460000
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
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2446000
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
AllowanceForDoubtfulAccountsReceivableRecoveries
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CY2023Q1 acva Allowance For Doubtful Accounts Receivable Write Offs Net
AllowanceForDoubtfulAccountsReceivableWriteOffsNet
1517000
CY2022Q1 acva Allowance For Doubtful Accounts Receivable Write Offs Net
AllowanceForDoubtfulAccountsReceivableWriteOffsNet
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CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
4371000
CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
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CY2022Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
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CY2021Q4 us-gaap Financing Receivable Allowance For Credit Losses
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636000
CY2023Q1 us-gaap Financing Receivable Allowance For Credit Losses Period Increase Decrease
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CY2022Q1 us-gaap Financing Receivable Allowance For Credit Losses Period Increase Decrease
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407000
CY2023Q1 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
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1381000
CY2022Q1 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
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369000
CY2023Q1 us-gaap Financing Receivable Allowance For Credit Losses Recovery
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214000
CY2022Q1 us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
30000
CY2023Q1 acva Financing Receivable Allowance For Credit Losses Write Offs Net
FinancingReceivableAllowanceForCreditLossesWriteOffsNet
1167000
CY2022Q1 acva Financing Receivable Allowance For Credit Losses Write Offs Net
FinancingReceivableAllowanceForCreditLossesWriteOffsNet
339000
CY2023Q1 us-gaap Financing Receivable Allowance For Credit Losses
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CY2022 us-gaap Guarantee Obligations Liquidation Proceeds
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CY2022Q1 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
704000
CY2023Q1 us-gaap Guarantee Obligations Term
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10 days
CY2023Q1 us-gaap Guarantee Obligations Current Carrying Value
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CY2022Q4 us-gaap Guarantee Obligations Current Carrying Value
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CY2023Q1 us-gaap Long Term Debt
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CY2022Q4 us-gaap Long Term Debt
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CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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3800000
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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7801650
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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2.67
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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43185000
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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CY2023Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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4.96
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
103105
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
7.42
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
5308
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
4.05
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.55
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
77799000
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y8M12D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
6550808
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
2.10
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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70821000
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y4M24D
CY2022Q1 acva Common Stock To Be Issued And Held In Escrow
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620877
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
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5000000.0
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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P1Y10M24D
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.02
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.01

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