ACV Auctions Sees Q2 Revenue $154M-$158M Vs $157.93M Est.; FY24 Revenue $610M-$625M Vs $612.9M Est.

Author: Benzinga Newsdesk | May 08, 2024 04:31pm

Second Quarter and Full-Year 2024 Guidance

Based on information as of today, ACV is providing the following guidance:

• Second Quarter of 2024:
  • Total revenue of $154 to $158 million, an increase of 24% to 27% year over year
  • GAAP net income (loss) of ($19) to ($17) million
  • Non-GAAP net income of $2 to $4 million
  • Adjusted EBITDA of $6 to $8 million
• Full-Year 2024:
  • Total revenue of $610 to $625 million, an increase of 27% to 30% year over year
  • GAAP net income (loss) of ($85) to ($80) million
  • Non-GAAP net income of $3 to $8 million
  • Adjusted EBITDA of $20 to $25 million

Our financial guidance includes the following assumptions:

• Dealer wholesale volumes are expected to improve modestly in the back-half of 2024, primarily due to increasing new vehicle supply and retail sales.
• Conversion rates and wholesale price depreciation expected to follow normal seasonal patterns.
• Revenue growth is expected to outpace Non-GAAP Operating Expense growth (excluding Cost of Revenue and Depreciation and Amortization) by approximately 10 percentage points.
• Second quarter non-GAAP net income guidance excludes approximately $18 million of stock-based compensation expense and approximately $3 million of intangible amortization.
• Full-year non-GAAP net income guidance excludes approximately $70 million of stock-based compensation expense and $10 million of intangible amortization.

Posted In: ACVA