ACV Auctions

As of March 31, 2026 ACV held ~$341 million in cash and had ~$200 million drawn across its corporate revolver and ACV Capital warehouse, implying net cash of roughly $141 million.

The 2021 revolver capacity was increased to $250 million and extended to June 26, 2030; the ACV Capital warehouse facility was upsized to $200 million and extended to 2027, supporting financing growth.

TTM owner FCF is approximately $42 million (TTM CFO of ~$88 million less ~$46 million of capitalized software plus PP&E), a positive inflection but partly influenced by working capital movements around quarter-end.

We view liquidity as ample, covenant runway long, and bankruptcy risk low, while noting floorplan receivable credit risk (e.g., 2025 Tricolor bankruptcy losses).