ACV AUCTIONS Reports Total Revenue of USD 124.2 Million for Second Quarter of FY2023
August 14, 2023
🌥️Earnings Overview
For the second quarter of FY2023, ending June 30 2023, ACV AUCTIONS ($NASDAQ:ACVA) reported total revenue of USD 124.2 million and a net income of USD -15.6 million, which is 8.0% higher than the same quarter of the previous year. The net income was lower than the -24.5 million recorded in the same quarter of the previous year.
Market Price
The company’s stock opened the day at $16.6 and closed at $16.2, down 2.2% from the prior closing price of $16.5. In addition to its strong financial performance, ACV AUCTIONS is also making investments to create a more diverse and inclusive workplace. The company recently launched a new initiative called “Diverse & Inclusive”, which aims to provide equal access to job opportunities, ensure diversity in hiring, and promote inclusivity within the organization. The company’s stock seems to be responding positively to the news and investors are hoping for continued success in the future. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Acv Auctions. More…
| Total Revenues | Net Income | Net Margin |
| 447.24 | -81.97 | -18.3% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Acv Auctions. More…
| Operations | Investing | Financing |
| 20.73 | -83.5 | 30.77 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Acv Auctions. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 936.42 | 460.25 | 2.97 |
Key Ratios Snapshot
Some of the financial key ratios for Acv Auctions are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 58.0% | – | -18.0% |
| FCF Margin | ROE | ROA |
| -1.3% | -10.5% | -5.4% |
Analysis
At GoodWhale, we recently conducted an analysis of ACV AUCTIONS‘s financials. Our Risk Rating indicates that ACV AUCTIONS is a medium risk investment in terms of financial and business aspects. When we looked further into the balance sheet, cashflow statement, and financial journal, we detected 3 risk warnings. To uncover the full extent of the risk warnings, you can register on goodwhale.com and use our Risk Rating feature. Our proprietary platform will provide you with comprehensive insight into the risks associated with this investment. We take pride in our ability to provide users with transparent and accurate financial analysis. With our Risk Rating tool, investors can make more informed decisions and rest assured that their investments are in good hands. Register today and start making smarter financial decisions. More…
Peers
ACV Auctions Inc offers a suite of mobile apps and web-based solutions that enable dealerships to buy and sell vehicles from their inventory, as well as conduct mobile vehicle inspections. ACV Auctions Inc competes with ImageWare Systems Inc, Yext Inc, and Matterport Inc.
– ImageWare Systems Inc ($OTCPK:IWSY)
ImageWare Systems Inc is a biometrics company that provides authentication solutions for law enforcement, military, and commercial applications. The company has a market cap of $34.8 million and a return on equity of -72.0%. ImageWare Systems Inc is a publicly traded company on the NasdaqGS exchange under the ticker symbol IWSY.
– Yext Inc ($NYSE:YEXT)
Yext Inc is a publicly traded technology company headquartered in New York City. The company provides a platform that helps businesses manage their online information. Yext’s platform includes a listing management service, review monitoring and management tools, and a suite of marketing automation tools. Yext went public in 2017 and trades on the New York Stock Exchange under the ticker symbol YEXT.
As of 2022, Yext Inc has a market cap of 625.82M and a Return on Equity of -36.68%. Yext Inc provides a platform that helps businesses manage their online information. Yext’s platform includes a listing management service, review monitoring and management tools, and a suite of marketing automation tools.
– Matterport Inc ($NASDAQ:MTTR)
Matterport Inc is a three-dimensional imaging company that creates immersive virtual experiences of real-world places. It offers a platform that enables users to capture, edit, and share 3D models of physical spaces. The company serves customers in a variety of industries, including real estate, hospitality, education, construction, and insurance.
Matterport’s market cap is $744.91M as of 2022. The company has a Return on Equity of -31.08%.
Summary
ACV Auctions had a strong second quarter, with total revenue of USD 124.2 million, representing an 8.0% increase compared to the same quarter of last year. Unfortunately, net income was still in the red at -15.6 million, down from -24.5 million in the year-ago quarter. Investors should be encouraged by the revenue growth and look for signs that the company is making progress towards becoming profitable. Additionally, future quarters should be monitored closely to see if ACV Auctions can maintain its revenue growth and begin to realize positive net income.
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