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    ACV Announces Fourth Quarter and Full-Year 2025 Results

    2/23/26 4:05:00 PM ET
    $ACVA
    Real Estate
    Real Estate
    Get the next $ACVA alert in real time by email

    15% Revenue Growth and Adjusted EBITDA Exceeding High-End of Guidance 

    • Fourth quarter revenue of $184 million and full-year revenue of $760 million
    • Fourth quarter GAAP net income (loss) of ($20) million and full-year GAAP net income (loss) of ($66) million
    • Fourth quarter non-GAAP net income (loss) of ($1) million and full-year non-GAAP net income (loss) of $30 million
    • Fourth quarter Adjusted EBITDA of $8 million and full-year Adjusted EBITDA of $59 million
    • Expects 2026 revenue of $845 million to $855 million, growth of 11% to 13% YoY, GAAP net income (loss) of ($54) million to ($50) million and Adjusted EBITDA of $73 million to $77 million, growth of approximately 28% YoY at the midpoint of guidance

    ACV (NYSE:ACVA), a leading digital automotive marketplace and data services partner for dealers and commercial clients, today reported results for its fourth quarter and full-year ended December 31, 2025.

    "We are very pleased with our fourth quarter results, with revenue at the high-end of guidance and Adjusted EBITDA above the high-end of guidance, along with continued margin expansion. ACV's leading market position resulted in additional share gains and strong revenue growth in the quarter. Adoption of our suite of dealer solutions accelerated and we further executed on initiatives to support our commercial wholesale strategy," said George Chamoun, CEO of ACV.

    "Turning to our 2026 outlook, we believe ACV remains well positioned to deliver market share gains, revenue growth and margin expansion, as our business model continues to scale," concluded Chamoun.

    Fourth Quarter 2025 Highlights

    • Revenue of $184 million, an increase of 15% year over year
    • Marketplace and Service Revenue of $160 million, an increase of 11% year over year
    • Marketplace GMV of $2.3 billion, an increase of 2% year over year
    • Marketplace Units of 192,757, an increase of 5% year over year
    • GAAP net income (loss) of ($20) million, compared to GAAP net income (loss) of ($26) million in the fourth quarter of 2024
    • Non-GAAP net income (loss) of ($1) million, compared to non-GAAP net income (loss) of ($1) million in the fourth quarter of 2024
    • Adjusted EBITDA of $8 million, compared to Adjusted EBITDA of $6 million in the fourth quarter of 2024

    Full-Year 2025 Highlights

    • Revenue of $760 million, an increase of 19% year over year
    • Marketplace and Service Revenue of $678 million, an increase of 18% year over year
    • Marketplace GMV of $10.4 billion, an increase of 9% year over year
    • Marketplace units of 829,276, an increase of 12% year over year
    • Adjusted EBITDA of $59 million, compared to Adjusted EBITDA of $28 million in 2024

    First Quarter and Full-Year 2026 Guidance

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

    • First Quarter of 2026:
      • Total revenue of $200 million to $204 million, an increase of 9% to 12% year over year
      • GAAP net income (loss) of ($14) million to ($12) million
      • Non-GAAP net income of $5 million to $7 million
      • Adjusted EBITDA of $14 million to $16 million
    • Full-Year 2026:
      • Total revenue of $845 million to $855 million, an increase of 11% to 13% year over year
      • GAAP net income (loss) of ($54) million to ($50) million
      • Non-GAAP net income of $31 million to $35 million
      • Adjusted EBITDA of $73 million to $77 million, an increase of 24% to 31% year over year

    Our financial guidance includes the following assumptions:

    • Conversion rates and wholesale price depreciation expected to follow normal seasonal patterns.
    • 2026 revenue growth is expected to outpace Non-GAAP Operating Expense growth (excluding Cost of Revenue) by approximately 300 basis points.
    • First quarter non-GAAP net income guidance excludes approximately $15 million of stock-based compensation expense and approximately $3 million of intangible amortization.
    • Full-year non-GAAP net income guidance excludes approximately $68 million of stock-based compensation expense and $10 million of intangible amortization.

    ACV's Fourth Quarter Results Conference Call

    ACV will host a conference call and live webcast today, February 23, 2026, at 5:00 p.m. ET to discuss the financial results. To access the live conference call participants are invited to dial 877-704-4453 (international callers please dial 1-201-389-0920) approximately 10 minutes prior to the start of the call. A live webcast and replay of the call will be available on the Company's investor relations website at https://investors.acvauto.com/. Participants are encouraged to join the webcast unless asking a question.

    About ACV Auctions

    ACV is on a mission to transform the automotive industry by building the most trusted and efficient digital marketplace and data solutions for sourcing, selling and managing used vehicles with transparency and comprehensive insights that were once unimaginable. ACV offerings include ACV Auctions, ACV Transportation, ACV Capital, ACV MAX, True360, and ClearCar.

    For more information about ACV, visit www.acvauto.com.

    Information About Non-GAAP Financial Measures

    ACV provides supplemental non-GAAP financial measures to its financial results. We use these non-GAAP financial measures, and we believe that they assist our investors to make period-to-period comparisons of our operating performance because they provide a view of our operating results without items that are not, in our view, indicative of our operating results. These non-GAAP financial measures should not be construed as an alternative to GAAP results as the items excluded from the non-GAAP financial measures often have a material impact on our operating results, certain of those items are recurring, and others often recur. Management uses, and investors should consider, our non-GAAP financial measures only in conjunction with our GAAP results.

    Non-GAAP Financial Measures

    Adjusted EBITDA is a financial measure that is not presented in accordance with GAAP. We believe that Adjusted EBITDA, when taken together with our financial results presented in accordance with GAAP, provides meaningful supplemental information regarding our operating performance and facilitates internal comparisons of our historical operating performance on a more consistent basis by excluding certain items that may not be indicative of our business, results of operations or outlook. In particular, we believe that the use of Adjusted EBITDA is helpful to our investors as it is a measure used by management in assessing the health of our business, determining incentive compensation and evaluating our operating performance, as well as for internal planning and forecasting purposes.

    We define Adjusted EBITDA as net loss, adjusted to exclude: depreciation and amortization; stock-based compensation expense; interest (income) expense; provision for income taxes; and other one-time non-recurring items, when applicable, such as acquisition-related and restructuring expenses.

    Adjusted EBITDA is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Some of these limitations include that (1) it does not properly reflect capital commitments to be paid in the future; (2) although depreciation and amortization are non-cash charges, the underlying assets may need to be replaced and Adjusted EBITDA does not reflect these capital expenditures; (3) it does not consider the impact of stock-based compensation expense, (4) it does not reflect other non-operating income and expenses, including interest income and expense, (5) it does not consider the impact of any contingent consideration liability valuation adjustments, (6) it does not reflect tax payments that may represent a reduction in cash available to us, and (7) it does not reflect other one-time, non-recurring items, when applicable, such as acquisition-related and restructuring expenses. In addition, our use of Adjusted EBITDA may not be comparable to similarly titled measures of other companies because they may not calculate Adjusted EBITDA in the same manner, limiting its usefulness as a comparative measure. Because of these limitations, when evaluating our performance, you should consider Adjusted EBITDA alongside other financial measures, including our net loss and other results stated in accordance with GAAP.

    Non-GAAP net income (loss), a financial measure that is not presented in accordance with GAAP, provides investors with additional useful information to measure operating performance and current and future liquidity when taken together with our financial results presented in accordance with GAAP. By providing this information, we believe management and the users of the financial statements are better able to understand the financial results of what we consider to be our continuing operations.

    We define non-GAAP net income (loss) as net income (loss), adjusted to exclude: stock-based compensation expense, amortization of acquired intangible assets, and other one-time, non-recurring items, when applicable, such as acquisition-related and restructuring expenses.

    In the calculation of non-GAAP net income (loss), we exclude stock-based compensation expense because of varying available valuation methodologies, subjective assumptions and the variety of equity instruments that can impact our non-cash expense. We believe that providing non-GAAP financial measures that exclude stock-based compensation expense allows for more meaningful comparisons between our operating results from period to period.

    We exclude amortization of acquired intangible assets from the calculation of non-GAAP net income (loss). We believe that excluding the impact of amortization of acquired intangible assets allows for more meaningful comparisons between operating results from period to period as the underlying intangible assets are valued at the time of acquisition and are amortized over several years after the acquisition.

    We exclude contingent consideration liability valuation adjustments associated with the purchase consideration of transactions accounted for as business combinations. We also exclude certain other one-time, non-recurring items, when applicable, such as acquisition-related and restructuring expenses, because we do not consider such amounts to be part of our ongoing operations nor are they comparable to prior period nor predictive of future results.

    Non-GAAP net income (loss) is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Some of these limitations include that: (1) it does not consider the impact of stock-based compensation expense; (2) although amortization is a non-cash charge, the underlying assets may need to be replaced and non-GAAP net income (loss) does not reflect these capital expenditures; (3) it does not consider the impact of any contingent consideration liability valuation adjustments; and (4) it does not consider the impact of other one-time charges, such as acquisition-related and restructuring expenses, which could be material to the results of our operations. In addition, our use of non-GAAP net income (loss) may not be comparable to similarly titled measures of other companies because they may not calculate non-GAAP net income (loss) in the same manner, limiting its usefulness as a comparative measure. Because of these limitations, when evaluating our performance, you should consider non-GAAP net income (loss) alongside other financial measures, including our net loss other results stated in accordance with GAAP.

    Information About Operating and Financial Metrics

    We regularly monitor the following operating and financial metrics in order to measure our current performance and estimate our future performance. Our key operating and financial metrics may be calculated in a manner different than similar business metrics used by other companies.

    Operating and Financial Metrics

    Marketplace GMV - Marketplace GMV is primarily driven by the volume and dollar value of Marketplace Unit transactions. We believe that Marketplace GMV acts as an indicator of our success, signaling satisfaction of dealers and buyers, and the health, scale, and growth of our business. We define Marketplace GMV as the total dollar value of vehicles transacted within the applicable period, excluding any auction and ancillary fees.

    Marketplace Units - Marketplace Units is a key indicator of our potential for growth in Marketplace GMV and revenue. It demonstrates the overall engagement of our customers and our market share of wholesale transactions in the United States. We define Marketplace Units as the number of vehicles transacted within the applicable period. Marketplace Units transacted includes any vehicle that successfully reaches sold status, even if the auction is subsequently unwound, meaning the buyer or seller does not complete the transaction. These instances have been immaterial to date. Marketplace Units excludes vehicles that were inspected by ACV, but not sold. Marketplace Units have generally increased over time as we have expanded our territory coverage, added new dealer partners and increased our share of wholesale transactions from existing customers.

    Forward-Looking Statements

    This presentation 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, including statements concerning our financial guidance for the first quarter of 2026 and the full year of 2026. 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. You should not rely on forward-looking statements as predictions of future events.

    The forward-looking statements contained in this presentation are based on ACV's current assumptions, expectations and beliefs and are subject to substantial risks, uncertainties and changes in circumstances that may cause ACV's actual results, performance or achievements to differ materially from those expressed or implied in any forward-looking statement. These risks and uncertainties include, but are not limited to: (1) our history of operating losses; (2) our limited operating history; (3) our ability to effectively manage our growth; (4) our ability to grow the number of participants on our marketplace platform; (5) general market, political, economic, and business conditions; (6) our ability to acquire new customers and successfully retain existing customers; (7) our ability to effectively develop and expand our sales and marketing capabilities; (8) our ability to successfully introduce new products and services; (9) breaches in our security measures, unauthorized access to our marketplace platform, our data, or our customers' or other users' personal data; (10) risk of interruptions or performance problems associated with our products and platform capabilities; (11) our ability to adapt and respond to rapidly changing technology or customer needs; (12) our ability to compete effectively with existing competitors and new market entrants; (13) our ability to comply or remain in compliance with laws and regulations that currently apply or become applicable to our business in the United States and other jurisdictions where we elect to do business; (14) the impact that economic conditions could have on our or our customers' businesses, financial condition and results of operations; and (15) the impact of such economic conditions in the wholesale dealer market included in our guidance for the first quarter of 2026 and full year 2026, and the related impact on the performance of our marketplace and our operating expenses, stock-based compensation expense and intangible amortization. These and other risks and uncertainties are more fully described in our filings with the Securities and Exchange Commission ("SEC"), including in the section entitled "Risk Factors" in our Form 10-K for the year ended December 31, 2025, filed with the SEC on February 23, 2026. Additional information will be made available in other filings and reports that we may file from time to time with the SEC. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, we cannot guarantee future results, levels of activity, performance, achievements, or events and circumstances reflected in the forward-looking statements will occur. The forward-looking statements made in this presentation relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this presentation to reflect events or circumstances after the date of this presentation or to reflect new information or the occurrence of unanticipated events, except as required by law.

     

    ACV AUCTIONS INC.

    CONSOLIDATED STATEMENTS OF OPERATIONS

    (Unaudited)

    (in thousands, except per share data)

     

     

    Three months ended December 31,

     

    Year ended December 31,

     

     

    2025

     

     

     

    2024

     

     

     

    2025

     

     

     

    2024

     

    Revenue:

     

     

     

     

     

     

     

    Marketplace and service revenue

    $

    159,522

     

     

    $

    143,123

     

     

    $

    677,964

     

     

    $

    572,971

     

    Customer assurance revenue

     

    24,123

     

     

     

    16,391

     

     

     

    81,642

     

     

     

    64,185

     

    Total revenue

     

    183,645

     

     

     

    159,514

     

     

     

    759,606

     

     

     

    637,156

     

    Operating expenses:

     

     

     

     

     

     

     

    Marketplace and service cost of revenue (excluding depreciation & amortization)

     

    73,540

     

     

     

    61,200

     

     

     

    288,120

     

     

     

    248,210

     

    Customer assurance cost of revenue (excluding depreciation & amortization)

     

    20,304

     

     

     

    14,683

     

     

     

    73,288

     

     

     

    56,231

     

    Operations and technology

     

    46,157

     

     

     

    42,398

     

     

     

    182,674

     

     

     

    162,700

     

    Selling, general, and administrative

     

    50,175

     

     

     

    56,697

     

     

     

    234,991

     

     

     

    217,435

     

    Depreciation and amortization

     

    11,317

     

     

     

    10,334

     

     

     

    43,724

     

     

     

    36,685

     

    Total operating expenses

     

    201,493

     

     

     

    185,312

     

     

     

    822,797

     

     

     

    721,261

     

    Loss from operations

     

    (17,848

    )

     

     

    (25,798

    )

     

     

    (63,191

    )

     

     

    (84,105

    )

    Other (expense) income:

     

     

     

     

     

     

     

    Interest income

     

    1,749

     

     

     

    1,927

     

     

     

    8,008

     

     

     

    9,337

     

    Interest expense

     

    (2,941

    )

     

     

    (2,026

    )

     

     

    (9,620

    )

     

     

    (4,244

    )

    Total other (expense) income

     

    (1,192

    )

     

     

    (99

    )

     

     

    (1,612

    )

     

     

    5,093

     

    Loss before income taxes

     

    (19,040

    )

     

     

    (25,897

    )

     

     

    (64,803

    )

     

     

    (79,012

    )

    Provision for income taxes

     

    521

     

     

     

    240

     

     

     

    1,338

     

     

     

    688

     

    Net loss

    $

    (19,561

    )

     

    $

    (26,137

    )

     

    $

    (66,141

    )

     

    $

    (79,700

    )

    Weighted-average shares - basic and diluted

     

    172,121

     

     

     

    166,485

     

     

     

    170,584

     

     

     

    164,851

     

    Net loss per share - basic and diluted

    $

    (0.11

    )

     

    $

    (0.16

    )

     

    $

    (0.39

    )

     

    $

    (0.48

    )

     

    ACV AUCTIONS INC.

    CONSOLIDATED BALANCE SHEETS

    (Unaudited)

    (in thousands)

     

     

    December 31,

    2025

     

    December 31,

    2024

    Assets

     

     

     

    Current Assets:

     

     

     

    Cash and cash equivalents

    $

    271,497

     

     

    $

    224,065

     

    Marketable securities

     

    —

     

     

     

    46,036

     

    Trade receivables (net of allowance of $3,829 and $6,372)

     

    197,225

     

     

     

    168,770

     

    Finance receivables (net of allowance of $29,026 and $4,191)

     

    180,486

     

     

     

    139,045

     

    Other current assets

     

    24,295

     

     

     

    15,281

     

    Total current assets

     

    673,503

     

     

     

    593,197

     

    Property and equipment (net of accumulated depreciation of $6,589 and $5,227)

     

    12,852

     

     

     

    7,625

     

    Goodwill

     

    183,725

     

     

     

    180,478

     

    Acquired intangible assets (net of amortization of $40,202 and $28,972)

     

    81,024

     

     

     

    90,816

     

    Internal-use software costs (net of amortization of $67,874 and $38,499)

     

    81,964

     

     

     

    68,571

     

    Other assets

     

    52,543

     

     

     

    43,462

     

    Total assets

    $

    1,085,611

     

     

    $

    984,149

     

    Liabilities and Stockholders' Equity

     

     

     

    Current Liabilities:

     

     

     

    Accounts payable

    $

    390,830

     

     

    $

    345,605

     

    Accrued payroll

     

    9,308

     

     

     

    16,725

     

    Accrued other liabilities

     

    20,711

     

     

     

    18,836

     

    Total current liabilities

     

    420,849

     

     

     

    381,166

     

    Long-term debt

     

    190,000

     

     

     

    123,000

     

    Other long-term liabilities

     

    45,079

     

     

     

    39,979

     

    Total liabilities

     

    655,928

     

     

     

    544,145

     

    Commitments and Contingencies

     

     

     

    Stockholders' Equity:

     

     

     

    Preferred Stock

     

    —

     

     

     

    —

     

    Common Stock

     

    173

     

     

     

    168

     

    Additional paid-in capital

     

    996,628

     

     

     

    944,891

     

    Accumulated deficit

     

    (568,456

    )

     

     

    (502,315

    )

    Accumulated other comprehensive income (loss)

     

    1,338

     

     

     

    (2,740

    )

    Total stockholders' equity

     

    429,683

     

     

     

    440,004

     

    Total liabilities and stockholders' equity

    $

    1,085,611

     

     

    $

    984,149

     

     

    ACV AUCTIONS INC.

    CONSOLIDATED STATEMENTS OF CASH FLOWS

    (Unaudited)

    (in thousands)

     

     

    Year ended December 31,

     

     

    2025

     

     

     

    2024

     

    Cash Flows from Operating Activities

     

     

     

    Net loss

    $

    (66,141

    )

     

    $

    (79,700

    )

    Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

     

     

     

    Depreciation and amortization

     

    43,743

     

     

     

    36,808

     

    Stock-based compensation expense, net of amounts capitalized

     

    56,862

     

     

     

    68,010

     

    Provision for bad debt

     

    34,050

     

     

     

    9,989

     

    Other non-cash, net

     

    3,542

     

     

     

    741

     

    Changes in operating assets and liabilities, net of effects from purchases of businesses:

     

     

     

    Trade receivables

     

    (31,022

    )

     

     

    17,466

     

    Other operating assets

     

    (10,541

    )

     

     

    (424

    )

    Accounts payable

     

    46,823

     

     

     

    16,167

     

    Other operating liabilities

     

    916

     

     

     

    (3,660

    )

    Net cash provided by operating activities

     

    78,232

     

     

     

    65,397

     

    Cash Flows from Investing Activities

     

     

     

    Net increase in finance receivables

     

    (75,799

    )

     

     

    (22,005

    )

    Purchases of property and equipment

     

    (9,098

    )

     

     

    (4,539

    )

    Proceeds from sale of real estate

     

    —

     

     

     

    14,083

     

    Capitalization of software costs

     

    (35,555

    )

     

     

    (29,702

    )

    Purchases of marketable securities

     

    (28,921

    )

     

     

    (35,979

    )

    Maturities and redemptions of marketable securities

     

    26,388

     

     

     

    88,664

     

    Sales of marketable securities

     

    48,934

     

     

     

    130,090

     

    Acquisition of businesses (net of cash acquired)

     

    —

     

     

     

    (156,475

    )

    Net cash used in investing activities

     

    (74,051

    )

     

     

    (15,863

    )

    Cash Flows from Financing Activities

     

     

     

    Proceeds from long term debt

     

    423,500

     

     

     

    491,500

     

    Payments towards long term debt

     

    (356,500

    )

     

     

    (483,500

    )

    Proceeds from exercise of stock options

     

    1,441

     

     

     

    9,436

     

    Payments for debt issuance and other financing costs

     

    (3,265

    )

     

     

    (2,023

    )

    Payment of RSU tax withholdings in exchange for common shares surrendered by RSU holders

     

    (26,868

    )

     

     

    (27,131

    )

    Proceeds from employee stock purchase plan

     

    4,666

     

     

     

    3,910

     

    Other financing activities

     

    —

     

     

     

    (66

    )

    Net cash provided by (used in) financing activities

     

    42,974

     

     

     

    (7,874

    )

    Effect of exchange rate changes on cash, cash equivalents, and restricted cash

     

    277

     

     

     

    (166

    )

    Net increase (decrease) in cash, cash equivalents, and restricted cash

     

    47,432

     

     

     

    41,494

     

    Cash, cash equivalents, and restricted cash, beginning of period

     

    224,065

     

     

     

    182,571

     

    Cash, cash equivalents, and restricted cash, end of period

    $

    271,497

     

     

    $

    224,065

     

    The following table presents a reconciliation of non-GAAP net income (loss) to net income (loss), the most directly comparable financial measure stated in accordance with GAAP, for the periods presented (in thousands):

     

    Three months ended December 31,

     

    Year ended December 31,

     

     

    2025

     

     

     

    2024

     

     

     

    2025

     

     

     

    2024

     

    Net income (loss)

    $

    (19,561

    )

     

    $

    (26,137

    )

     

    $

    (66,141

    )

     

    $

    (79,700

    )

    Stock-based compensation

     

    13,531

     

     

     

    19,955

     

     

     

    56,862

     

     

     

    68,010

     

    Amortization of acquired intangible assets

     

    2,595

     

     

     

    3,071

     

     

     

    10,554

     

     

     

    11,687

     

    Amortization of capitalized stock based compensation

     

    1,621

     

     

     

    1,520

     

     

     

    6,214

     

     

     

    4,675

     

    Acquisition-related costs

     

    —

     

     

     

    446

     

     

     

    403

     

     

     

    3,966

     

    Litigation-related costs (1)

     

    —

     

     

     

    —

     

     

     

    1,100

     

     

     

    1,553

     

    Tricolor bankruptcy losses (2)

     

    —

     

     

     

    —

     

     

     

    18,711

     

     

     

    —

     

    Other

     

    735

     

     

     

    —

     

     

     

    2,144

     

     

     

    783

     

    Non-GAAP Net income (loss)

    $

    (1,079

    )

     

    $

    (1,145

    )

     

    $

    29,847

     

     

    $

    10,974

     

     

     

     

     

     

     

     

     

    (1) Litigation-related costs are related to an anti-competition case which we do not consider to be representative of our underlying operating performance

    (2) Operating expenses are related to the bankruptcy of an ACV Capital customer which we do not consider to be representative of our ongoing operating performance

    The following table presents a reconciliation of Adjusted EBITDA to net income (loss), the most directly comparable financial measure stated in accordance with GAAP, for the periods presented (in thousands):

     

    Three months ended December 31,

     

    Year ended December 31,

     

     

    2025

     

     

     

    2024

     

     

     

    2025

     

     

     

    2024

     

    Adjusted EBITDA Reconciliation

     

     

     

     

     

     

     

    Net income (loss)

    $

    (19,561

    )

     

    $

    (26,137

    )

     

    $

    (66,141

    )

     

    $

    (79,700

    )

    Depreciation and amortization

     

    11,317

     

     

     

    10,356

     

     

     

    43,743

     

     

     

    36,807

     

    Stock-based compensation

     

    13,531

     

     

     

    19,955

     

     

     

    56,862

     

     

     

    68,010

     

    Interest (income) expense

     

    1,192

     

     

     

    99

     

     

     

    1,612

     

     

     

    (5,093

    )

    Provision for income taxes

     

    521

     

     

     

    240

     

     

     

    1,338

     

     

     

    688

     

    Acquisition-related costs

     

    —

     

     

     

    446

     

     

     

    403

     

     

     

    3,966

     

    Litigation-related costs (1)

     

    —

     

     

     

    —

     

     

     

    1,100

     

     

     

    1,553

     

    Tricolor bankruptcy losses (2)

     

    —

     

     

     

    —

     

     

     

    18,711

     

     

     

    —

     

    Other

     

    618

     

     

     

    658

     

     

     

    1,126

     

     

     

    1,905

     

    Adjusted EBITDA

    $

    7,618

     

     

    $

    5,617

     

     

    $

    58,754

     

     

    $

    28,136

     

     

     

     

     

     

     

     

     

    (1) Litigation-related costs are related to an anti-competition case which we do not consider to be representative of our underlying operating performance

    (2) Operating expenses are related to the bankruptcy of an ACV Capital customer which we do not consider to be representative of our ongoing operating performance

    The following table presents a reconciliation of non-GAAP net income (loss) to GAAP net income (loss), the most directly comparable financial measure stated in accordance with GAAP, for the periods presented (in millions):

     

    Three Months Ended

    March 31, 2026

     

    Year ended

    December 31, 2026

     

    Non-GAAP net income (loss) to net income (loss) guidance Reconciliation

     

     

     

     

    Net income (loss)

    ($14) - ($12)

     

    ($54) - ($50)

     

    Non-GAAP Adjustments:

     

     

     

     

    Stock-based compensation

    $15

     

    $68

     

    Intangible amortization

    $3

     

    $10

     

    Amortization of capitalized stock-based compensation

    $2

     

    $7

     

    Non-GAAP net income (loss)

    $5 - $7

     

    $31 - $35

     

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20260223089592/en/

    Investor Contact:

    Tim Fox

    [email protected]



    Media Contact:

    Maura Duggan

    [email protected]

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