South Korean delivery workers allowed rare pause in services to vote in snap election
SEOUL (Reuters) -South Korean e-commerce and courier companies agreed to a rare halt of their delivery services on Tuesday to allow busy delivery workers time to cast their ballot in the country's snap presidential election after pressure from unions and activists.
Asia's fourth-largest economy has a highly tuned e-commerce sector and South Koreans typically rely on couriers to deliver everything from fresh food to clothing, often in a matter of hours, with the service normally available throughout the year.
South Korea's biggest e-commerce platform Coupang, agreed to halt express deliveries for the first time since it launched in 2014, joining other local delivery services such as CJ Logistics and Hanjin Logistics.
"Rocket delivery will be paused during the day on June 3," New York-listed Coupang said in a notice on its platform, pausing deliveries between 7 a.m. and 8 p.m.
Most of the tens of thousands of delivery workers in South Korea are considered gig workers or self-employed and do not enjoy the same legal protections as permanent employees.
The job is also notorious for long working hours and a heavy workload, with couriers complaining they have seen few of the benefits from an improvement in labour rights in other sectors.
The agreement to temporarily halt services during the polls, was positively received by some workers.
"I welcome the decision. But on the other hand, it is a little regrettable that night drivers cannot rest," said Cho Shin-hwan, a Coupang courier, who had to work on past elections.
Nearly 8 in 10 eligible voters in South Korea voted in the last presidential election in 2022, a far higher turnout than recent elections held in other democracies such as the United States and Japan.
Presidential election days are designated as a national holiday in South Korea to encourage workers to vote, with polls for the snap election staying open between 6 a.m. (Monday 2100 GMT) and 8 p.m. (1100 GMT) on Tuesday.
"Those affected worked hard to achieve this," said Kim Eun-jung, Deputy Secretary General at the People's Solidarity for Participatory Democracy, a non-governmental body, highlighting how delivery workers were excluded from current labour protection laws.
The June 3 presidential election was called after the Constitutional Court ousted president Yoon Suk Yeol earlier this year for his short-lived imposition of martial law on December 3.
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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 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. 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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,(7) it does not include the amortization of acquired intangible assets but it does include the revenue that these acquired intangible assets contribute to the enterprise, and (8) it does not reflect other one-time, non-recurring items, when applicable, such as acquisition-related and restructuring expenses. 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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. We define non-GAAP operating expenses as operating expenses adjusted to exclude the same items that are excluded from non-GAAP net income (loss). In the calculation of non-GAAP net income (loss) and non-GAAP operating expenses 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. 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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 including any possible impact from new, reinstated or adjusted tariffs; (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 second quarter of 2025 and full year 2025, 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, 2024, filed with the SEC on February 19, 2025. 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. Investor Contact: Tim Foxtfox@ Media Contact: Maura Dugganmduggan@ ACV AUCTIONS CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited)(in thousands, except per share data) Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Marketplace and service revenue $ 175,995 $ 144,126 $ 341,932 $ 273,940 Customer assurance revenue 17,708 16,498 34,468 32,373 Total revenue 193,703 160,624 376,400 306,313 Marketplace and service cost of revenue (excluding depreciation & amortization) 74,319 64,253 143,721 119,946 Customer assurance cost of revenue (excluding depreciation & amortization) 16,909 14,558 30,886 27,372 Operations and technology 45,801 39,694 89,991 77,763 Selling, general, and administrative 52,972 51,912 111,990 105,765 Depreciation and amortization 10,897 8,848 21,438 16,635 Total operating expenses 200,898 179,265 398,026 347,481 Loss from operations (7,195 ) (18,641 ) (21,626 ) (41,168 ) Interest income 2,152 2,329 4,041 5,360 Interest expense (2,286 ) (606 ) (4,196 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amortization 21,449 16,682 Stock-based compensation expense, net of amounts capitalized 32,028 29,794 Provision for bad debt 3,111 5,055 Other non-cash, net 2,266 119 Changes in operating assets and liabilities, net of effects from purchases of businesses: Trade receivables (41,714 ) (19,158 ) Other operating assets (1,059 ) 3,036 Accounts payable 85,423 37,641 Other operating liabilities 950 11,856 Net cash provided by operating activities 80,339 47,491 Net increase in finance receivables (71,564 ) (1,851 ) Purchases of property and equipment (4,205 ) (2,872 ) Capitalization of software costs (17,932 ) (14,855 ) Purchases of marketable securities (24,833 ) (21,607 ) Maturities and redemptions of marketable securities 24,888 69,699 Sales of marketable securities — 122,698 Acquisition of businesses (net of cash acquired) — (155,209 ) Net cash used in investing activities (93,646 ) (3,997 ) Proceeds from long term debt 220,000 340,000 Payments towards long term debt (156,500 ) (345,000 ) Payment of debt issuance costs (1,457 ) (1,702 ) Proceeds from exercise of stock options 531 6,812 Payment of RSU tax withholdings in exchange for common shares surrendered by RSU holders (17,636 ) (13,110 ) Proceeds from employee stock purchase plan 2,534 1,998 Other financing activities (74 ) (23 ) Net cash provided by (used in) financing activities 47,398 (11,025 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash 209 (68 ) Net increase in cash, cash equivalents, and restricted cash 34,300 32,401 224,065 182,571 $ 258,365 $ 214,972 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: Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Net income (loss) $ (7,298 ) $ (17,063 ) $ (22,115 ) $ (37,534 ) Stock-based compensation 15,454 14,965 32,028 29,794 Amortization of acquired 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145 334 585 Acquisition-related costs — 1,187 403 3,306 Litigation-related costs (1) — — 1,100 1,553 Other (586 ) 687 (870 ) 1,180 Adjusted EBITDA $ 18,577 $ 7,078 $ 32,485 $ 11,347 (1) Litigation-related costs are related to an anti-competition case which we do not consider to be representative of our underlying operating performance The following table presents a reconciliation of Non-GAAP total operating expenses (excluding cost of revenue) to GAAP total operating expenses, the most directly comparable financial measure stated in accordance with GAAP, for the periods presented: Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Total operating expenses $ 200,898 $ 179,265 $ 398,026 $ 347,481 Non-GAAP Adjustments: Marketplace and service cost of revenue (excluding depreciation & amortization) 74,319 64,253 143,721 119,946 Customer assurance cost of revenue (excluding depreciation & amortization) 16,909 14,558 30,886 27,372 Stock-based compensation 15,173 14,759 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