ACV Auctions Inc. Reports Q3 2023 Financial and Business Performance
Bacaan 1 minit
ACV Auctions Inc., a leading digital marketplace for wholesale vehicle transactions, has released its Form 10-Q report for the third quarter of 2023. The report highlights the company's financial and operational performance, showcasing significant improvements in revenue and operational efficiency.
Financial Highlights
- Total Revenue: $119.0 million, an increase of 13% from the same period in 2022, driven by higher auction marketplace revenue and increased transportation service revenue.
- Loss from Operations: $(22.3) million, compared to $(25.1) million in the same period in 2022, reflecting improved operational efficiency.
- Net Loss: $(18.2) million, compared to $(23.7) million in the same period in 2022, indicating a reduction in losses due to increased revenue and cost management.
- Net Loss Per Share - Basic and Diluted: $(0.11), compared to $(0.15) in the same period in 2022, reflecting improved financial performance per share.
Business Highlights
- Revenue Segments: The company reported an increase in auction marketplace revenue driven by higher buyer and seller fees, effective from October 2022 and September 2023. Other marketplace revenue also saw growth, while data services revenue experienced a slight decline.
- Sales Units: For the three and nine months ended September 30, 2023, the company sold 150,057 and 454,768 Marketplace Units, respectively, representing a 13% and 8% increase from the same periods in 2022.
- Marketplace GMV: The Marketplace Gross Merchandise Value (GMV) for the three and nine months ended September 30, 2023, was $2.1 billion and $7.0 billion, respectively, indicating stable performance compared to the previous year.
- Operational Efficiency: The company has managed to decrease marketplace and service costs as a percentage of revenue, reflecting improved operational efficiency as the business scales.
- Customer Assurance: The Go Green assurance revenue decreased slightly due to a lower fair value per guaranteed unit, but the company continues to manage costs effectively in this segment.
- Future Outlook: The company plans to continue investing in growth to scale operations responsibly and drive towards sustained profitability. This includes expanding sales and marketing efforts, enhancing technology development, and introducing new products and services.
SEC Filing: ACV Auctions Inc. Reports Q3 2023 Financial and Business Performance [ NYSE:ACVA ] - 10-Q - Nov. 06, 2023