ACV Auctions Inc(NASDAQ:ACVA) 
ACV Auctions, Inc., operates a digital marketplace that connects buyers and sellers for the online auction of wholesale vehicles. It also provides data services that offer transparent and accurate vehicle information to customers. ACV Auctions, Inc. was incorporated in 2014 and is based in Buffalo, ...
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At a glance:
Bull Thesis:
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Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
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revenue: | |||||||||||||||||||||
marketplace and service revenue | 182,210,000 | 159,522,000 | 176,510,000 | 175,995,000 | 165,937,000 | 143,123,000 | 155,908,000 | 144,126,000 | 129,814,000 | 103,767,000 | 104,537,000 | 109,360,000 | 104,863,000 | 84,634,000 | 90,852,000 | 97,752,000 | 88,347,000 | 86,718,000 | 79,306,000 | 83,934,000 | 58,392,000 |
customer assurance revenue | 21,982,000 | 24,123,000 | 23,051,000 | 17,708,000 | 16,760,000 | 16,391,000 | 15,421,000 | 16,498,000 | 15,875,000 | 14,610,000 | 14,477,000 | 14,857,000 | 14,763,000 | 13,339,000 | 14,567,000 | 17,320,000 | 14,718,000 | 13,459,000 | 12,492,000 | 13,440,000 | 10,694,000 |
total revenue | 204,192,000 | 183,645,000 | 199,561,000 | 193,703,000 | 182,697,000 | 159,514,000 | 171,329,000 | 160,624,000 | 145,689,000 | 118,377,000 | 119,014,000 | 124,217,000 | 119,626,000 | 97,973,000 | 105,419,000 | 115,072,000 | 103,065,000 | 100,177,000 | 91,798,000 | 97,374,000 | 69,086,000 |
yoy | 11.77% | 15.13% | 16.48% | 20.59% | 25.40% | 34.75% | 43.96% | 29.31% | 21.79% | 20.83% | 12.90% | 7.95% | 16.07% | -2.20% | 14.84% | 18.18% | 49.18% | ||||
qoq | 11.19% | -7.98% | 3.02% | 6.02% | 14.53% | -6.90% | 6.66% | 10.25% | 23.07% | -0.54% | -4.19% | 3.84% | 22.10% | -7.06% | -8.39% | 11.65% | 2.88% | 9.13% | -5.73% | 40.95% | |
operating expenses: | |||||||||||||||||||||
marketplace and service cost of revenue | 79,820,000 | 73,540,000 | 70,859,000 | 74,319,000 | 69,402,000 | 61,200,000 | 67,064,000 | 64,253,000 | 55,693,000 | 46,975,000 | 47,928,000 | 50,229,000 | 47,575,000 | 40,568,000 | 46,255,000 | 49,893,000 | 47,252,000 | 45,561,000 | 41,547,000 | 42,788,000 | 29,509,000 |
customer assurance cost of revenue | 18,980,000 | 20,304,000 | 22,098,000 | 16,909,000 | 13,977,000 | 14,683,000 | 14,176,000 | 14,558,000 | 12,814,000 | 13,666,000 | 12,464,000 | 13,474,000 | 12,143,000 | 12,253,000 | 12,221,000 | 14,575,000 | 13,636,000 | 12,462,000 | 12,371,000 | 11,129,000 | 9,386,000 |
operations and technology | 46,470,000 | 46,157,000 | 46,526,000 | 45,801,000 | 44,190,000 | 42,398,000 | 42,539,000 | 39,694,000 | 38,069,000 | 34,779,000 | 35,132,000 | 35,303,000 | 35,660,000 | 32,645,000 | 34,328,000 | 36,720,000 | 32,829,000 | 29,567,000 | 26,395,000 | 23,513,000 | 21,591,000 |
selling, general, and administrative | 56,238,000 | 50,175,000 | 72,826,000 | 52,972,000 | 59,018,000 | 56,697,000 | 54,973,000 | 51,912,000 | 53,853,000 | 42,821,000 | 40,797,000 | 41,180,000 | 41,797,000 | 36,740,000 | 34,701,000 | 36,144,000 | 36,052,000 | 35,892,000 | 33,787,000 | 27,513,000 | 23,965,000 |
depreciation and amortization | 11,920,000 | 11,317,000 | 10,969,000 | 10,897,000 | 10,541,000 | 10,334,000 | 9,716,000 | 8,848,000 | 7,787,000 | 6,902,000 | 4,980,000 | 3,821,000 | 3,285,000 | 3,058,000 | 3,004,000 | 2,479,000 | 2,385,000 | 2,387,000 | 2,348,000 | 1,761,000 | 1,768,000 |
total operating expenses | 213,428,000 | 201,493,000 | 223,278,000 | 200,898,000 | 197,128,000 | 185,312,000 | 188,468,000 | 179,265,000 | 168,216,000 | 145,143,000 | 141,301,000 | 144,007,000 | 140,460,000 | 125,264,000 | 130,509,000 | 139,811,000 | 132,154,000 | 125,869,000 | 116,448,000 | 106,704,000 | 86,219,000 |
income from operations | -9,236,000 | -17,848,000 | -23,717,000 | -7,195,000 | -14,431,000 | -25,798,000 | -17,139,000 | -18,641,000 | -22,527,000 | -26,766,000 | -22,287,000 | -19,790,000 | -20,834,000 | -27,291,000 | -25,090,000 | -24,739,000 | -29,089,000 | -25,692,000 | -24,650,000 | -9,330,000 | -17,133,000 |
yoy | -36.00% | -30.82% | 38.38% | -61.40% | -35.94% | -3.62% | -23.10% | -5.81% | 8.13% | -1.92% | -11.17% | -20.00% | -28.38% | 6.22% | 1.78% | 165.16% | 69.78% | ||||
qoq | -48.25% | -24.75% | 229.63% | -50.14% | -44.06% | 50.52% | -8.06% | -17.25% | -15.84% | 20.10% | 12.62% | -5.01% | -23.66% | 8.77% | 1.42% | -14.95% | 13.22% | 4.23% | 164.20% | -45.54% | |
operating margin % | -4.52% | -9.72% | -11.88% | -3.71% | -7.90% | -16.17% | -10.00% | -11.61% | -15.46% | -22.61% | -18.73% | -15.93% | -17.42% | -27.86% | -23.80% | -21.50% | -28.22% | -25.65% | -26.85% | -9.58% | -24.80% |
other income: | |||||||||||||||||||||
interest income | 1,694,000 | 1,749,000 | 2,218,000 | 2,152,000 | 1,889,000 | 1,927,000 | 2,050,000 | 2,329,000 | 3,031,000 | 4,002,000 | 4,489,000 | 4,720,000 | 3,296,000 | 2,464,000 | 1,936,000 | 638,000 | 44,000 | 29,000 | 29,000 | 45,000 | 26,000 |
interest expense | -2,820,000 | -2,941,000 | -2,483,000 | -2,286,000 | -1,910,000 | -2,026,000 | -1,077,000 | -606,000 | -535,000 | -360,000 | -439,000 | -451,000 | -315,000 | -296,000 | -235,000 | -238,000 | -210,000 | -200,000 | -121,000 | -251,000 | -210,000 |
total other income | -1,126,000 | -1,192,000 | -265,000 | -134,000 | -21,000 | -99,000 | 973,000 | 1,723,000 | 2,496,000 | 3,642,000 | 4,050,000 | 4,269,000 | 2,981,000 | 2,168,000 | 1,701,000 | 400,000 | -166,000 | -171,000 | -92,000 | -206,000 | -184,000 |
income before income taxes | -10,362,000 | -19,040,000 | -23,982,000 | -7,329,000 | -14,452,000 | -25,897,000 | -16,166,000 | -16,918,000 | -20,031,000 | -23,124,000 | -18,237,000 | -15,521,000 | -17,853,000 | -25,123,000 | -23,389,000 | -24,339,000 | -29,255,000 | -25,863,000 | -24,742,000 | -9,536,000 | -17,317,000 |
provision for income taxes | 530,000 | 521,000 | 483,000 | -31,000 | 365,000 | 240,000 | -137,000 | 145,000 | 440,000 | 117,000 | 1,000 | 61,000 | 347,000 | -608,000 | 279,000 | 176,000 | 240,000 | 449,000 | 61,000 | 156,000 | 58,000 |
net income | -10,892,000 | -19,561,000 | -24,465,000 | -7,298,000 | -14,817,000 | -26,137,000 | -16,029,000 | -17,063,000 | -20,471,000 | -23,241,000 | -18,238,000 | -15,582,000 | -18,200,000 | -24,515,000 | -23,668,000 | -24,515,000 | -29,495,000 | -26,312,000 | -24,803,000 | -9,692,000 | -17,375,000 |
yoy | -26.49% | -25.16% | 52.63% | -57.23% | -27.62% | 12.46% | -12.11% | 9.50% | 12.48% | -5.20% | -22.94% | -36.44% | -38.29% | -6.83% | -4.58% | 152.94% | 69.76% | ||||
qoq | -44.32% | -20.04% | 235.23% | -50.75% | -43.31% | 63.06% | -6.06% | -16.65% | -11.92% | 27.43% | 17.05% | -14.38% | -25.76% | 3.58% | -3.46% | -16.88% | 12.10% | 6.08% | 155.91% | -44.22% | |
net income margin % | -5.33% | -10.65% | -12.26% | -3.77% | -8.11% | -16.39% | -9.36% | -10.62% | -14.05% | -19.63% | -15.32% | -12.54% | -15.21% | -25.02% | -22.45% | -21.30% | -28.62% | -26.27% | -27.02% | -9.95% | -25.15% |
weighted-average shares - basic and diluted | 173,356,000 | 170,584,000 | 171,348,000 | 170,472,000 | 168,347,000 | 164,850,699,000 | 165,723,168,000 | 164,383,588,000 | 162,889,642,000 | 159,952,813,000 | 160,427,987,000 | 159,463,851,000 | 158,694,919,000 | 156,994,254,000 | 157,264,153,000 | 156,703,734,000 | 156,104,971,000 | 125,332,800,000 | 154,572,225,000 | 34,288,035,000 | |
net income per share | -0.06 | -0.12 | -0.14 | -0.04 | -0.09 | -0.15 | -0.1 | -0.1 | -0.13 | -0.14 | -0.11 | -0.1 | -0.11 | -0.15 | -0.15 | -0.16 | -0.19 | -0.06 | -0.51 | ||
weighted-average shares | |||||||||||||||||||||
basic | 155,037,911,000 | ||||||||||||||||||||
diluted | 155,037,911,000 | ||||||||||||||||||||
net earnings per share | |||||||||||||||||||||
basic | -0.113 | -0.16 | |||||||||||||||||||
diluted | -0.113 | -0.16 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||||||||
current assets: | |||||||||||||||||||||
cash and cash equivalents | 340,970,000 | 271,497,000 | 265,343,000 | 258,365,000 | 291,885,000 | 224,065,000 | 252,524,000 | 214,972,000 | 209,845,000 | 182,571,000 | 226,236,000 | 271,947,000 | 317,149,000 | 280,752,000 | 294,775,000 | 303,942,000 | 543,249,000 | 565,994,000 | 601,651,000 | 664,324,000 | 659,688,000 |
trade receivables | 268,867,000 | 197,225,000 | 218,949,000 | 209,880,000 | 243,645,000 | 168,770,000 | 203,728,000 | 208,560,000 | 219,305,000 | 164,009,000 | 168,796,000 | 144,036,000 | 189,167,000 | 168,732,000 | 153,405,000 | 225,856,000 | 228,133,000 | 222,753,000 | 215,645,000 | 234,174,000 | 188,524,000 |
finance receivables | 190,432,000 | 180,486,000 | 198,727,000 | 207,068,000 | 156,714,000 | 139,045,000 | 130,785,000 | 120,936,000 | 121,047,000 | 119,034,000 | 105,832,000 | 97,784,000 | 104,305,000 | 78,047,000 | 74,257,000 | 77,289,000 | 63,291,000 | 44,278,000 | 35,074,000 | 26,508,000 | 16,044,000 |
other current assets | 24,019,000 | 24,295,000 | 28,813,000 | 16,254,000 | 17,724,000 | 15,281,000 | 16,967,000 | 11,941,000 | 14,398,000 | 12,524,000 | 16,859,000 | 9,509,000 | 11,916,000 | 11,317,000 | 15,534,000 | 11,514,000 | 16,792,000 | 10,623,000 | 12,375,000 | 12,249,000 | 12,846,000 |
total current assets | 824,288,000 | 673,503,000 | 762,508,000 | 737,935,000 | 759,895,000 | 593,197,000 | 639,232,000 | 614,084,000 | 696,226,000 | 706,899,000 | 741,733,000 | 751,657,000 | 831,245,000 | 754,774,000 | 745,532,000 | 826,579,000 | 872,546,000 | 857,413,000 | 864,745,000 | 937,255,000 | 877,102,000 |
property and equipment | 13,654,000 | 12,852,000 | 11,739,000 | 10,135,000 | 8,468,000 | 7,625,000 | 7,932,000 | 7,491,000 | 7,903,000 | 4,918,000 | 5,167,000 | 5,518,000 | 5,558,000 | 5,710,000 | 5,784,000 | 5,620,000 | 5,579,000 | 4,916,000 | 5,162,000 | 5,328,000 | 5,499,000 |
goodwill | 183,052,000 | 183,725,000 | 183,748,000 | 183,676,000 | 181,431,000 | 180,478,000 | 177,899,000 | 175,883,000 | 169,305,000 | 103,379,000 | 117,830,000 | 96,847,000 | 91,995,000 | 91,755,000 | 89,893,000 | 90,681,000 | 97,388,000 | 78,839,000 | 69,938,000 | 21,820,000 | 21,820,000 |
acquired intangible assets | 78,290,000 | 81,024,000 | 83,625,000 | 86,206,000 | 88,278,000 | 90,816,000 | 98,971,000 | 102,037,000 | 78,585,000 | 34,192,000 | 21,457,000 | 22,846,000 | 18,194,000 | 19,291,000 | 19,981,000 | 21,211,000 | 16,901,000 | 18,130,000 | 21,476,000 | 9,899,000 | 10,673,000 |
capitalized software | 84,840,000 | 79,185,000 | 75,648,000 | 72,095,000 | 66,249,000 | 62,985,000 | 59,662,000 | 52,745,000 | 48,465,000 | 31,788,000 | 25,738,000 | ||||||||||
other assets | 51,257,000 | 52,543,000 | 45,691,000 | 44,673,000 | 42,172,000 | 43,462,000 | 44,070,000 | 34,267,000 | 32,971,000 | 17,765,000 | 20,152,000 | 11,084,000 | 5,870,000 | 6,400,000 | 2,121,000 | 2,332,000 | 2,404,000 | 2,554,000 | 2,613,000 | 1,212,000 | 1,280,000 |
total assets | 1,235,381,000 | 1,085,611,000 | 1,166,496,000 | 1,138,273,000 | 1,152,339,000 | 984,149,000 | 1,034,353,000 | 1,010,847,000 | 1,044,652,000 | 922,924,000 | 959,084,000 | 936,417,000 | 995,147,000 | 914,922,000 | 899,874,000 | 977,453,000 | 1,019,344,000 | 982,960,000 | 980,260,000 | 988,953,000 | 927,849,000 |
liabilities and stockholders' equity | |||||||||||||||||||||
current liabilities: | |||||||||||||||||||||
accounts payable | 526,634,000 | 390,830,000 | 439,010,000 | 430,646,000 | 470,327,000 | 345,605,000 | 385,696,000 | 367,873,000 | 393,144,000 | 305,845,000 | 338,137,000 | 319,766,000 | 387,745,000 | 323,661,000 | 298,686,000 | 356,490,000 | 389,232,000 | 395,972,000 | 376,305,000 | 367,583,000 | 293,395,000 |
accrued payroll | 10,732,000 | 9,308,000 | 11,174,000 | 12,100,000 | 13,087,000 | 16,725,000 | 15,044,000 | 9,934,000 | 14,126,000 | 12,245,000 | 12,369,000 | 11,356,000 | 10,215,000 | 10,052,000 | 11,973,000 | 12,002,000 | 11,310,000 | 11,961,000 | 12,985,000 | 12,317,000 | 11,858,000 |
accrued other liabilities | 22,988,000 | 20,711,000 | 21,504,000 | 19,912,000 | 23,681,000 | 18,836,000 | 21,502,000 | 34,336,000 | 22,788,000 | 15,851,000 | 16,861,000 | 13,393,000 | 15,406,000 | 14,504,000 | 10,091,000 | 10,786,000 | 14,878,000 | 9,806,000 | 6,180,000 | 5,944,000 | 7,455,000 |
total current liabilities | 560,354,000 | 420,849,000 | 471,688,000 | 462,658,000 | 507,095,000 | 381,166,000 | 422,242,000 | 412,143,000 | 430,058,000 | 333,941,000 | 367,367,000 | 344,515,000 | 413,366,000 | 348,217,000 | 325,475,000 | 385,860,000 | 422,144,000 | 423,362,000 | 400,657,000 | 390,316,000 | 317,259,000 |
long-term debt | 200,000,000 | 190,000,000 | 220,000,000 | 186,500,000 | 166,500,000 | 123,000,000 | 115,000,000 | 110,000,000 | 125,000,000 | 115,000,000 | 105,000,000 | 105,000,000 | 95,500,000 | 75,500,000 | 70,500,000 | 70,500,000 | 60,500,000 | 500,000 | 500,000 | 500,000 | 6,582,000 |
other long-term liabilities | 44,103,000 | 45,079,000 | 40,358,000 | 40,332,000 | 39,174,000 | 39,979,000 | 40,899,000 | 31,087,000 | 31,315,000 | 17,455,000 | 19,619,000 | 10,733,000 | 5,375,000 | 5,481,000 | 1,596,000 | 1,470,000 | 1,376,000 | 952,000 | 2,342,000 | 5,217,000 | 5,137,000 |
total liabilities | 804,457,000 | 655,928,000 | 732,046,000 | 689,490,000 | 712,769,000 | 544,145,000 | 578,141,000 | 553,230,000 | 586,373,000 | 466,396,000 | 491,986,000 | 460,248,000 | 514,241,000 | 429,198,000 | 401,136,000 | 461,788,000 | 485,722,000 | 426,863,000 | 404,209,000 | 396,951,000 | 330,100,000 |
commitments and contingencies | |||||||||||||||||||||
stockholders' equity: | |||||||||||||||||||||
preferred stock; 0.001 par value... | |||||||||||||||||||||
common stock; 0.001 par value... | 174,000 | 173,000 | 172,000 | 172,000 | |||||||||||||||||
additional paid-in capital | 1,009,840,000 | 996,628,000 | 981,789,000 | 971,390,000 | 958,047,000 | 944,891,000 | 932,392,000 | 919,216,000 | 902,989,000 | 880,510,000 | 869,962,000 | 860,628,000 | 848,832,000 | 836,695,000 | 826,893,000 | 817,338,000 | 808,203,000 | 801,142,000 | 794,777,000 | 785,875,000 | 781,956,000 |
accumulated deficit | -579,348,000 | -568,456,000 | -548,895,000 | -524,430,000 | -517,132,000 | -502,315,000 | -476,178,000 | -460,149,000 | -443,086,000 | -422,615,000 | -399,374,000 | -381,136,000 | -365,554,000 | -347,354,000 | -322,839,000 | -299,171,000 | -274,656,000 | -245,161,000 | -218,849,000 | -194,046,000 | -184,354,000 |
accumulated other comprehensive income | 258,000 | 1,338,000 | 1,384,000 | 1,651,000 | |||||||||||||||||
total stockholders' equity | 430,924,000 | 429,683,000 | 434,450,000 | 448,783,000 | 439,570,000 | 440,004,000 | 456,212,000 | 457,617,000 | 458,279,000 | 456,528,000 | 467,098,000 | 476,169,000 | 480,906,000 | 485,724,000 | 498,738,000 | 515,665,000 | 533,622,000 | 556,097,000 | 576,051,000 | 592,002,000 | 597,749,000 |
total liabilities and stockholders' equity | 1,235,381,000 | 1,085,611,000 | 1,166,496,000 | 1,138,273,000 | 1,152,339,000 | 984,149,000 | 1,034,353,000 | 1,010,847,000 | 1,044,652,000 | 922,924,000 | 959,084,000 | 936,417,000 | 995,147,000 | 914,922,000 | 899,874,000 | 977,453,000 | 1,019,344,000 | ||||
marketable securities | 50,676,000 | 46,368,000 | 49,927,000 | 46,036,000 | 35,228,000 | 57,675,000 | 131,631,000 | 228,761,000 | 224,010,000 | 228,381,000 | 208,708,000 | 215,926,000 | 207,561,000 | 207,978,000 | 21,081,000 | 13,765,000 | |||||
internal-use software costs | 81,964,000 | 68,571,000 | 55,771,000 | 42,285,000 | 36,992,000 | 21,571,000 | 17,844,000 | 14,868,000 | 11,796,000 | 9,652,000 | |||||||||||
common stock - class b; 0.001 par value... | 9,000 | 14,000 | 17,000 | 23,000 | 25,000 | 26,000 | 30,000 | 37,000 | 40,000 | 42,000 | 46,000 | 50,000 | 65,000 | 114,000 | 135,000 | ||||||
common stock - class a; 0.001 par value... | 171,000 | 168,000 | 158,000 | 152,000 | 147,000 | 139,000 | 136,000 | 135,000 | 129,000 | 121,000 | 117,000 | 115,000 | 111,000 | 106,000 | 90,000 | 40,000 | 19,000 | ||||
accumulated other comprehensive loss | -1,516,000 | -2,740,000 | -169,000 | -1,616,000 | -1,788,000 | -1,529,000 | -3,651,000 | -3,484,000 | -2,531,000 | -3,775,000 | -5,473,000 | -2,659,000 | -82,000 | -40,000 | -32,000 | 19,000 | -7,000 | ||||
real estate held for sale | 14,100,000 | ||||||||||||||||||||
current assets : | |||||||||||||||||||||
current liabilities : | |||||||||||||||||||||
stockholders' equity : | |||||||||||||||||||||
operating lease right-of-use assets | 4,775,000 | 5,292,000 | 2,955,000 | 3,264,000 | 1,458,000 | 1,643,000 | 1,823,000 | ||||||||||||||
deferred revenue | 3,314,000 | 5,067,000 | 5,331,000 | 4,317,000 | 4,380,000 | 3,686,000 | 3,785,000 | ||||||||||||||
operating lease liabilities | 1,411,000 | 1,515,000 | 1,393,000 | 1,306,000 | 807,000 | 786,000 | 766,000 | ||||||||||||||
long-term operating lease liabilities | 3,565,000 | 3,958,000 | 1,702,000 | 2,049,000 | 710,000 | 918,000 | 1,122,000 | ||||||||||||||
liabilities, convertible preferred stock and stockholders' equity | |||||||||||||||||||||
convertible preferred stock : | |||||||||||||||||||||
convertible preferred stock; 0.001 par value... | |||||||||||||||||||||
stockholders' equity (deficit) : | |||||||||||||||||||||
total liabilities, convertible preferred stock and stockholders' equity | 982,960,000 | 980,260,000 | 988,953,000 | 927,849,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities | |||||||||||||||||||||
net loss | -10,892,000 | -19,561,000 | -24,465,000 | -7,298,000 | -14,817,000 | ||||||||||||||||
adjustments to reconcile net loss to net cash from operating activities: | |||||||||||||||||||||
depreciation and amortization | 11,920,000 | 11,317,000 | 10,977,000 | 10,902,000 | 10,547,000 | 10,357,000 | 9,769,000 | 8,880,000 | 7,802,000 | 6,878,000 | 5,087,000 | 3,928,000 | 3,392,000 | 3,168,000 | 3,109,000 | 2,586,000 | 2,515,000 | 2,532,000 | 2,493,000 | 1,837,000 | 1,891,000 |
stock-based compensation expense, net of amounts capitalized | 13,464,000 | 13,531,000 | 11,303,000 | 15,454,000 | 16,574,000 | 19,955,000 | 18,261,000 | 14,964,000 | 14,830,000 | 13,386,000 | 12,855,000 | 11,902,000 | 11,505,000 | 13,437,000 | 9,594,000 | 8,744,000 | 7,549,000 | ||||
provision for bad debt | 5,254,000 | 4,718,000 | 26,221,000 | 1,508,000 | 1,603,000 | 1,828,000 | 3,106,000 | 2,958,000 | 2,097,000 | 2,393,000 | 2,723,000 | 3,631,000 | 2,176,000 | 3,947,000 | 3,001,000 | 2,307,000 | 1,793,000 | 2,445,000 | 929,000 | 812,000 | 777,000 |
other non-cash | 821,000 | 1,373,000 | -97,000 | 1,562,000 | 704,000 | 372,000 | 250,000 | -237,000 | 356,000 | -692,000 | -197,000 | -273,000 | -302,000 | -382,000 | -81,000 | -253,000 | 659,000 | 151,000 | 30,000 | 310,000 | 165,000 |
changes in operating assets and liabilities: | |||||||||||||||||||||
trade receivables | -74,294,000 | 20,616,000 | -9,924,000 | 34,000,000 | -75,714,000 | 34,269,000 | 2,355,000 | 14,518,000 | -33,676,000 | 3,416,000 | -16,112,000 | 48,589,000 | -21,487,000 | -17,156,000 | 70,480,000 | 449,000 | -6,603,000 | -8,202,000 | 19,526,000 | -46,343,000 | -85,136,000 |
other operating assets | 41,000 | 4,685,000 | -14,167,000 | 1,557,000 | -2,616,000 | 1,744,000 | -5,204,000 | 3,325,000 | -289,000 | 4,956,000 | -6,888,000 | 2,463,000 | -841,000 | ||||||||
accounts payable | 126,445,000 | -45,020,000 | 6,420,000 | -37,411,000 | 122,834,000 | -39,517,000 | 18,043,000 | -30,576,000 | 68,217,000 | -32,069,000 | 6,532,000 | -71,836,000 | 62,761,000 | 25,298,000 | -58,910,000 | -31,949,000 | -7,526,000 | 19,346,000 | 8,224,000 | 76,856,000 | 138,430,000 |
other operating liabilities | 3,751,000 | -4,019,000 | 3,985,000 | -6,559,000 | 7,509,000 | -6,090,000 | -9,426,000 | 7,747,000 | 4,109,000 | -1,523,000 | -507,000 | -2,446,000 | 3,976,000 | ||||||||
net cash from operating activities | 76,510,000 | -12,360,000 | 10,253,000 | 13,715,000 | 66,624,000 | -3,219,000 | 21,125,000 | 4,516,000 | 42,975,000 | -26,496,000 | -14,745,000 | -19,624,000 | 42,980,000 | 134,000 | -2,757,000 | -41,096,000 | -31,456,000 | -3,127,000 | 15,603,000 | 26,950,000 | 45,864,000 |
capital expenditures | -632,000 | -2,291,000 | -2,777,000 | -3,102,000 | 144,000 | -705,000 | -1,253,000 | -1,739,000 | 44,000 | -1,044,000 | -1,241,000 | -1,287,000 | 2,287,000 | -729,000 | 270,000 | -1,837,000 | 316,000 | -195,000 | -981,000 | -972,000 | -98,000 |
free cash flows | 75,878,000 | -14,651,000 | 7,476,000 | 10,613,000 | 66,768,000 | -3,924,000 | 19,872,000 | 2,777,000 | 43,019,000 | -27,540,000 | -15,986,000 | -20,911,000 | 45,267,000 | -595,000 | -2,487,000 | -42,933,000 | -31,140,000 | -3,322,000 | 14,622,000 | 25,978,000 | 45,766,000 |
cash flows from investing activities | |||||||||||||||||||||
net increase in finance receivables | -3,363,000 | 11,295,000 | -15,530,000 | -54,288,000 | -17,276,000 | -9,469,000 | -10,685,000 | -804,000 | -1,047,000 | -14,282,000 | -8,726,000 | 5,142,000 | -27,407,000 | -5,851,000 | 1,761,000 | -14,472,000 | -19,420,000 | -9,984,000 | -8,819,000 | -10,583,000 | -7,570,000 |
purchases of property and equipment | -1,772,000 | -2,291,000 | -2,602,000 | -2,859,000 | -1,346,000 | -705,000 | -962,000 | -1,797,000 | -1,075,000 | -812,000 | -638,000 | -614,000 | -266,000 | -559,000 | -843,000 | -1,061,000 | -748,000 | -372,000 | -533,000 | -972,000 | -692,000 |
capitalization of software costs | -9,663,000 | -8,719,000 | -8,904,000 | -9,201,000 | -8,731,000 | -7,264,000 | -7,583,000 | -7,342,000 | -7,513,000 | -6,521,000 | -6,493,000 | -7,883,000 | -4,943,000 | -6,040,000 | -5,456,000 | -4,747,000 | -3,942,000 | -2,914,000 | -3,949,000 | -2,301,000 | -2,296,000 |
purchases of marketable securities | 0 | -4,088,000 | -14,680,000 | -10,153,000 | -14,372,000 | 0 | -18,705,000 | -2,902,000 | -29,996,000 | -27,978,000 | -52,456,000 | -35,602,000 | -51,972,000 | -20,394,000 | -189,901,000 | -7,411,000 | |||||
maturities and redemptions of marketable securities | 1,500,000 | 0 | 18,250,000 | 6,638,000 | 3,500,000 | 15,465,000 | 39,669,000 | 30,030,000 | 28,034,000 | 33,200,000 | 32,540,000 | 41,950,000 | 45,774,000 | 19,216,000 | |||||||
net cash from investing activities | -14,798,000 | 50,719,000 | -31,124,000 | -62,778,000 | -30,868,000 | -28,177,000 | 16,311,000 | 16,943,000 | -20,940,000 | -24,798,000 | -27,037,000 | -35,271,000 | -23,866,000 | -18,648,000 | -5,716,000 | -208,181,000 | -50,434,000 | -31,620,000 | -73,232,000 | -13,856,000 | -10,558,000 |
cash flows from financing activities | |||||||||||||||||||||
proceeds from long term debt | 85,000,000 | 70,000,000 | 133,500,000 | 120,000,000 | 100,000,000 | 36,500,000 | 115,000,000 | 150,000,000 | 190,000,000 | 115,000,000 | 105,000,000 | 105,000,000 | 95,000,000 | 75,000,000 | 70,000,000 | 70,000,000 | 60,000,000 | 0 | 0 | 3,500,000 | 1,750,000 |
payments towards long term debt | -75,000,000 | -100,000,000 | -100,000,000 | -100,000,000 | -56,500,000 | -28,500,000 | -110,000,000 | -165,000,000 | -180,000,000 | -105,000,000 | -105,000,000 | -95,500,000 | -75,000,000 | -70,000,000 | -70,000,000 | 0 | 0 | ||||
proceeds from exercise of stock options | 690,000 | 681,000 | 229,000 | 149,000 | 382,000 | 792,000 | 1,832,000 | 4,411,000 | 2,401,000 | 689,000 | 802,000 | 1,875,000 | 899,000 | 211,000 | 240,000 | 348,000 | 411,000 | ||||
payment of rsu tax withholdings in exchange for common shares surrendered by rsu holders | -2,780,000 | -3,378,000 | -5,854,000 | -5,828,000 | -11,808,000 | -7,594,000 | -6,427,000 | -6,020,000 | -7,090,000 | -4,745,000 | -4,645,000 | -3,016,000 | -3,619,000 | -1,983,000 | -919,000 | -1,282,000 | -1,274,000 | -1,439,000 | |||
other financing activities | -25,000 | -32,000 | -42,000 | 0 | -43,000 | 0 | -23,000 | -95,000 | |||||||||||||
net cash from financing activities | 7,910,000 | -32,241,000 | 27,817,000 | 15,366,000 | 32,032,000 | 3,053,000 | 98,000 | -16,313,000 | 5,288,000 | 7,581,000 | -3,917,000 | 9,689,000 | 17,280,000 | 4,479,000 | -679,000 | 9,996,000 | 59,137,000 | -910,000 | -5,044,000 | -8,458,000 | 390,657,000 |
effect of exchange rate changes on cash, cash equivalents, and restricted cash | -149,000 | 36,000 | 32,000 | 177,000 | 32,000 | -116,000 | 18,000 | -19,000 | -49,000 | 48,000 | -12,000 | 4,000 | 3,000 | 12,000 | -15,000 | -26,000 | 8,000 | ||||
net increase in cash, cash equivalents, and restricted cash | 69,473,000 | 6,154,000 | 6,978,000 | -33,520,000 | 67,820,000 | -28,459,000 | 37,552,000 | 5,127,000 | 27,274,000 | -43,665,000 | -45,711,000 | -45,202,000 | 36,397,000 | -14,023,000 | -9,167,000 | -239,307,000 | -22,745,000 | ||||
cash, cash equivalents, and restricted cash, beginning of period | 271,497,000 | 0 | 0 | 0 | 224,065,000 | 0 | 0 | 0 | 182,571,000 | 0 | 0 | 0 | 280,752,000 | 0 | 0 | 0 | 565,994,000 | ||||
cash, cash equivalents, and restricted cash, end of period | 340,970,000 | 6,154,000 | 6,978,000 | -33,520,000 | 291,885,000 | -28,459,000 | 37,552,000 | 5,127,000 | 209,845,000 | -43,665,000 | -45,711,000 | -45,202,000 | 317,149,000 | -14,023,000 | -9,167,000 | -239,307,000 | 543,249,000 | ||||
supplemental disclosure of cash flow information | |||||||||||||||||||||
non-cash investing and financing activities: | |||||||||||||||||||||
stock-based compensation included in capitalized software development costs | 1,839,000 | 1,928,000 | 2,061,000 | 1,770,000 | 1,843,000 | 1,647,000 | 1,615,000 | 1,070,000 | 1,184,000 | 989,000 | 911,000 | 787,000 | 696,000 | 615,000 | 648,000 | 375,000 | 375,000 | ||||
purchase of property and equipment and internal use software in accounts payable | 1,140,000 | -175,000 | -243,000 | 1,490,000 | -291,000 | 58,000 | 1,119,000 | -232,000 | -603,000 | -673,000 | 2,553,000 | -170,000 | 1,113,000 | -776,000 | 1,064,000 | 177,000 | -448,000 | ||||
adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||||||||
changes in operating assets and liabilities, net of effects from purchases of businesses: | |||||||||||||||||||||
proceeds from sale of real estate | 0 | ||||||||||||||||||||
sales of marketable securities | 0 | 7,392,000 | 52,678,000 | 70,020,000 | -247,000 | 247,000 | 0 | 2,402,000 | |||||||||||||
acquisition of businesses | 133,000 | -1,399,000 | -46,756,000 | -108,453,000 | -974,000 | -16,649,000 | 0 | 0 | 0 | -18,913,000 | -4,569,000 | ||||||||||
payments for debt issuance and other financing costs | 0 | ||||||||||||||||||||
proceeds from employee stock purchase plan | 2,132,000 | 0 | 1,912,000 | 0 | 1,732,000 | 0 | 1,251,000 | 0 | |||||||||||||
cash paid during the period for: | |||||||||||||||||||||
interest expense | -1,926,000 | -1,429,000 | -264,000 | 63,000 | -124,000 | 337,000 | 111,000 | 74,000 | |||||||||||||
income taxes | 54,000 | 35,000 | 283,000 | 16,000 | 51,000 | 98,000 | 122,000 | -10,000 | |||||||||||||
payment of debt issuance costs | -33,000 | -264,000 | |||||||||||||||||||
net income | -26,137,000 | -16,029,000 | -17,063,000 | -20,471,000 | -23,241,000 | -18,238,000 | -15,582,000 | -18,200,000 | -24,515,000 | -23,668,000 | -24,515,000 | -29,495,000 | -26,312,000 | -24,803,000 | -9,692,000 | -17,375,000 | |||||
proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and other offering costs | -2,000 | -114,000 | -2,507,000 | 388,359,000 | |||||||||||||||||
payments towards promissory note | 0 | ||||||||||||||||||||
(gain) on contingent liabilities | |||||||||||||||||||||
other current assets | 4,545,000 | -4,062,000 | 5,222,000 | -5,356,000 | 1,840,000 | 322,000 | 596,000 | -4,805,000 | |||||||||||||
accrued interest on marketable securities | |||||||||||||||||||||
accrued payroll | -5,708,000 | 25,000 | 740,000 | -1,057,000 | -1,024,000 | 52,000 | 458,000 | 3,750,000 | |||||||||||||
accrued other liabilities | -1,105,000 | -643,000 | -4,147,000 | 5,042,000 | 950,000 | -14,000 | -1,546,000 | 3,078,000 | |||||||||||||
other long-term liabilities | -896,000 | 132,000 | 114,000 | 99,000 | -1,390,000 | -238,000 | 83,000 | 80,000 | |||||||||||||
other assets | -133,000 | 20,000 | -132,000 | -77,000 | -182,000 | -210,000 | -82,000 | -136,000 | |||||||||||||
proceeds from issuance of series e1 preferred stock | |||||||||||||||||||||
cash paid included in the measurement of operating lease liabilities | 478,000 | 362,000 | 363,000 | 299,000 | 219,000 | ||||||||||||||||
deferred revenue | -1,754,000 | -262,000 | 1,001,000 | -93,000 | -492,000 | -99,000 | 2,281,000 | ||||||||||||||
stock issuance costs in accounts payable | -2,533,000 | 2,673,000 | |||||||||||||||||||
proceeds from issuance of series d preferred stock | |||||||||||||||||||||
proceeds from issuance of series e preferred stock | |||||||||||||||||||||
right-of-use assets obtained, including initial adoption | |||||||||||||||||||||
contingent consideration | |||||||||||||||||||||
stock-based compensation expense | 9,787,000 | 3,763,000 | 2,867,000 | ||||||||||||||||||
non-cash operating lease costs | -3,000 | -3,000 | -3,000 | ||||||||||||||||||
proceeds from exercise of common stock options | 421,000 | 131,000 | 548,000 | ||||||||||||||||||
net increase in cash and cash equivalents | -62,673,000 | 4,636,000 | 425,963,000 | ||||||||||||||||||
cash and cash equivalents, beginning of period | 0 | 0 | 233,725,000 | ||||||||||||||||||
cash and cash equivalents, end of period | -62,673,000 | 4,636,000 | 659,688,000 | ||||||||||||||||||
purchase of property and equipment in accounts payable | 594,000 |