ACV Auctions Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>ACV Auctions Inc. has submitted its 2023 10-K annual report, detailing financial performance and key corporate events.</b>

AI Summary

ACV Auctions Inc. (ACVA) filed a Annual Report (10-K) with the SEC on February 21, 2024. ACV Auctions Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing includes financial data and operational details for the period. Key dates mentioned include the IPO in March 2021 and acquisitions in 2022 and 2023. The report details various asset and liability accounts as of December 31, 2023, and 2022. Information on common stock, additional paid-in capital, and restricted stock units is provided.

Why It Matters

For investors and stakeholders tracking ACV Auctions Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of ACV Auctions' financial health and strategic activities throughout 2023, crucial for investors assessing the company's trajectory. The detailed breakdown of assets, liabilities, and equity, along with historical corporate actions like IPO and acquisitions, offers insights into the company's growth and risk profile.

Risk Assessment

Risk Level: medium — ACV Auctions Inc. shows moderate risk based on this filing. The company's financial performance and future outlook are subject to market conditions and competitive pressures within the automotive industry, as indicated by the various financial and operational data points in the 10-K.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand ACV Auctions' current financial position and future prospects.

Key Numbers

• 2023-12-31 — Fiscal Year End (Report period)
• 2024-02-21 — Filing Date (Date of submission)
• 2021-03-26 — IPO Date (Initial Public Offering)
• 2022-02-22 — Acquisition Date (2022 Acquisition)
• 2023-04-24 — Acquisition Date (2023 Acquisition)

Key Players & Entities

• ACV Auctions Inc. (company) — Filer name
• 2023-12-31 (date) — Fiscal year end
• 2024-02-21 (date) — Filing date
• DE (jurisdiction) — State of incorporation
• 640 ELLICOTT STREET (address) — Business street address
• BUFFALO (location) — Business city
• NY (location) — Business state
• 14203 (postal_code) — Business zip code

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-21: Filing Date — Date the 10-K was officially submitted to the SEC.
• 2021-03-26: IPO — Date of Initial Public Offering.
• 2022-02-22: Acquisition — Date of a significant acquisition in 2022.

Key Financial Figures

• $0.001 — tered Class A common stock, par value $0.001 per share ACVA Nasdaq Global Select
• $0 — common stock, each with a par value of $0.001, outstanding. Table of Contents

Filing Documents

• acva-20231231.htm (10-K) — 2987KB
• acva-ex4_2.htm (EX-4.2) — 33KB
• acva-ex10_8.htm (EX-10.8) — 25KB
• acva-ex10_9.htm (EX-10.9) — 23KB
• acva-ex10_10.htm (EX-10.10) — 28KB
• acva-ex10_11.htm (EX-10.11) — 27KB
• acva-ex21_1.htm (EX-21.1) — 23KB
• acva-ex23_1.htm (EX-23.1) — 7KB
• acva-ex31_1.htm (EX-31.1) — 16KB
• acva-ex31_2.htm (EX-31.2) — 16KB
• acva-ex32_1.htm (EX-32.1) — 9KB
• acva-ex32_2.htm (EX-32.2) — 9KB
• acva-ex97_1.htm (EX-97.1) — 64KB
• img133961022_0.jpg (GRAPHIC) — 229KB
• 0000950170-24-018066.txt (&nbsp;) — 12799KB
• acva-20231231.xsd (EX-101.SCH) — 1833KB
• acva-20231231_htm.xml (XML) — 2169KB

Business

Business 6 Item 1A.

Risk Factors

Risk Factors 14 Item 1B. Unresolved Staff Comments 41 Item 1C. Cybersecurity 41 Item 2.

Properties

Properties 42 Item 3.

Legal Proceedings

Legal Proceedings 43 Item 4. Mine Safety Disclosures 43 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 44 Item 6. [Reserved] 45 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 46 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 63 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 64 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 95 Item 9A.

Controls and Procedures

Controls and Procedures 95 Item 9B. Other Information 96 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 96 PART III Item 10. Directors, Executive Officers and Corporate Governance 97 Item 11.

Executive Compensation

Executive Compensation 97 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 97 Item 13. Certain Relationships and Related Transactions, and Director Independence 97 Item 14. Principal Accounting Fees and Services 97 PART IV Item 15. Exhibits, Financial Statement Schedules 98 Item 16. Form 10-K Summary 101

Signatures

Signatures 102 1 Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Annual Report on Form 10-K including statements regarding our future results of operations or financial condition, business strategy and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will" or "would" or the negative of these words or other similar terms or expressions. These forward-looking statements include, but are not limited to, statements concerning the following: our expectations regarding our revenue, operating expenses and other operating results, including our key metrics and our ability to meet previously announced earnings guidance; our ability to effectively manage our growth and expand our business; our ability to grow the number of marketplace participants on our marketplace platform; our ability to acquire new customers and successfully retain existing customers and capture a greater share of wholesale transactions from our existing customers; our ability to increase usage of our marketplace platform and generate revenue from our value-added services; anticipated trends, growth rates, and challenges in our business and in the markets in which we operate; our ability to achieve or sustain our profitability; future investments in our business, our

Business

Item 1. Business. Overview Our mission is to build and enable the most trusted and efficient marketplace for buying and selling used vehicles with transparency and comprehensive data that was previously unimaginable. We provide a highly efficient and vibrant marketplace platform ("marketplace platform" or "marketplace") for wholesale vehicle transactions and data services that offer transparent and accurate vehicle information to our customers. Our marketplace platform leverages data insights and technology to power our digital marketplace and data services, enabling our dealers and commercial partners to buy, sell, and value vehicles with confidence and efficiency. Our marketplace platform is also supported by remarketing centers in various locations throughout the United States. We strive to solve the challenges that the used automotive industry has faced for generations and provide powerful technology-enabled capabilities to our dealers and commercial partners who fulfill a critical role in the automotive ecosystem. We help dealers source and manage inventory and accurately price their vehicles as well as process payments, transfer titles, manage arbitrations, and finance and transport vehicles. Our marketplace platform encompasses: Digital Marketplace. Connects buyers and sellers of wholesale vehicles in an intuitive and efficient manner. Our core digital marketplace offerings are auctions in varying formats, which facilitate real-time transactions of wholesale vehicles, and are accessible across multiple platforms including mobile apps, desktop, and directly through our application programming interface (API) integration. We also offer transportation, financing and assurance services to facilitate the entire transaction journey. Remarketing Centers . Provides an additional channel to provide dealers and commercial partners with auction services. At remarketing centers, vehicles may be auctioned onsite and/or launched into the digital marketplace. Addi

View Full Filing

View this 10-K filing on SEC EDGAR