$ACVA

ACV Auctions Inc.

CIK:0001637873|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Total revenue	$ 213,941	$ 193,703	$ 418,133	$ 376,400
Operating expenses:
Operations and technology	46,944	45,801	93,414	89,991
Selling, general, and administrative	53,781	52,972	110,019	111,990
Depreciation and amortization	12,036	10,897	23,956	21,438
Total operating expenses	219,987	200,898	433,415	398,026
Loss from operations	(6,046)	(7,195)	(15,282)	(21,626)
Other (expense) income:
Interest income	1,591	2,152	3,285	4,041
Interest expense	(3,221)	(2,286)	(6,041)	(4,196)
Total other (expense) income	(1,630)	(134)	(2,756)	(155)
Loss before income taxes	(7,676)	(7,329)	(18,038)	(21,781)
Provision for (benefit from) income taxes	551	(31)	1,081	334
Net loss	$ (8,227)	$ (7,298)	$ (19,119)	$ (22,115)
Weighted-average shares - basic (in shares)	171,038	170,472	172,190	169,415
Weighted-average shares - diluted (in shares)	171,038	170,472	172,190	169,415
Net loss per share - basic (in dollars per share)	$ (0.05)	$ (0.04)	$ (0.11)	$ (0.13)
Net loss per share - diluted (in dollars per share)	$ (0.05)	$ (0.04)	$ (0.11)	$ (0.13)
Marketplace and service
Revenue:
Total revenue	$ 189,247	$ 175,995	$ 371,457	$ 341,932
Operating expenses:
Cost of revenue (excluding depreciation & amortization)	85,504	74,319	165,324	143,721
Customer assurance
Revenue:
Total revenue	24,694	17,708	46,676	34,468
Operating expenses:
Cost of revenue (excluding depreciation & amortization)	$ 21,722	$ 16,909	$ 40,702	$ 30,886

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities
Net loss	$ (19,119)	$ (22,115)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	23,956	21,449
Stock-based compensation expense, net of amounts capitalized	28,272	32,028
Provision for bad debt	8,872	3,111
Other non-cash, net	1,539	2,266
Changes in operating assets and liabilities:
Trade receivables	(23,233)	(41,714)
Other operating assets	5,189	(1,059)
Accounts payable	13,915	85,423
Other operating liabilities	1,621	950
Net cash provided by operating activities	41,012	80,339
Cash Flows from Investing Activities
Net increase in finance receivables	(10,544)	(71,564)
Purchases of property and equipment	(4,898)	(4,205)
Capitalization of software costs	(18,491)	(17,932)
Purchases of marketable securities	0	(24,833)
Maturities and redemptions of marketable securities	0	24,888
Net cash used in investing activities	(33,933)	(93,646)
Cash Flows from Financing Activities
Proceeds from long term debt	175,000	220,000
Payments towards long term debt	(160,000)	(156,500)
Payment of debt issuance costs	0	(1,457)
Proceeds from exercise of stock options	772	531
Payment of RSU tax withholdings in exchange for common shares surrendered by RSU holders	(4,191)	(17,636)
Proceeds from employee stock purchase plan	2,535	2,534
Repurchase and retirement of common stock	(50,196)	0
Other financing activities	0	(74)
Net cash (used in) provided by financing activities	(36,080)	47,398
Effect of exchange rate changes on cash and cash equivalents	(237)	209
Net (decrease) increase in cash and cash equivalents	(29,238)	34,300
Cash and cash equivalents, beginning of period	271,497	224,065
Cash and cash equivalents, end of period	242,259	258,365
Non-cash investing and financing activities:
Stock-based compensation included in capitalized software development costs	3,533	3,613
Purchase of property and equipment and internal use software in accounts payable	$ 971	$ 1,247

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current Assets:
Cash and cash equivalents	$ 242,259	$ 271,497
Trade receivables (net of allowance of $6,128 and $3,828)	216,092	197,225
Finance receivables (net of allowance of $8,513 and $29,026)	191,866	180,486
Other current assets	19,752	24,295
Total current assets	669,969	673,503
Property and equipment (net of accumulated depreciation of $7,855 and $6,589)	14,358	12,852
Goodwill	182,875	183,725
Acquired intangible assets (net of amortization of $45,191 and $40,202)	75,664	81,024
Capitalized software (net of amortization of $84,354 and $67,874)	87,061	81,964
Other assets	49,432	52,543
Total assets	1,079,359	1,085,611
Current Liabilities:
Accounts payable	410,113	390,830
Accrued payroll	8,841	9,308
Accrued other liabilities	22,669	20,711
Total current liabilities	441,623	420,849
Long-term debt	205,000	190,000
Other long-term liabilities	42,845	45,079
Total liabilities	689,468	655,928
Commitments and Contingencies
Stockholders' Equity:
Preferred Stock; $0.001 par value; 20,000 shares authorized; 0 and 0 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	0	0
Common Stock; $0.001 par value; 2,000,000 shares authorized; 169,123 and 173,179 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	169	173
Additional paid-in capital	977,360	996,628
Accumulated deficit	(587,575)	(568,456)
Accumulated other comprehensive income	(63)	1,338
Total stockholders' equity	389,891	429,683
Total liabilities and stockholders' equity	$ 1,079,359	$ 1,085,611