Roadwork to begin on Jones Falls Expressway, other Maryland highways
The State Highway Administration says road crews will be filling potholes and resurfacing the pavement on the Jones Falls Expressway between the Baltimore County border to Old Pimlico Road, in both directions.
The more than $350,000 project will happen overnight, starting as early as 9 p.m. on Sunday and running through 5 a.m. on Monday. Drivers can expect double and single lane road closures going both directions, Sundays through Thursdays, until early June.
More roadwork projects
Drivers, especially motorcyclists, should be aware of uneven pavement while this project continues.
This is one of many spring road projects starting in mid-May.
Other resurfacing and soil sampling is happening on I-795. Crews will also fill potholes on Reisterstown Road overnight.
Work on the I-695 median will also continue, according to the state's road work project portal.
"It's needed, but it's a headache"
The state says there are nearly 300 roadwork projects happening daily.
"It's needed, but it's a headache, but it's just something we all have to get through," said Nita, a Lochearn resident. "It's growing pains for Baltimore."
Pothole filling has been top of mind for some, who wait all winter and spring for the roads to be resurfaced.
Michael Balsamo, from Pikesville, said he often tows large equipment with his truck. He says when Reisterstown Road was repaved last year, it made his drives easier.
"Hey, it has to get done," Balsamo said. "This road [Reisterstown] was horrible a little while ago. Now, at least I can drive it without having my teeth fall out."
Others say they think the projects will benefit road safety.
"I understand where it has to be done. They're old, they get potholes, and they become a hazard to drivers," Harry Brafmann of Pikesville explained.
Some drivers say the roadwork will be better for their cars in the long run, hoping to decrease the major wear and tear.
"You have to constantly get your wheel in line, constantly fill your tires up with air. I need new tires," Nita said. "The tearing up of the roads, it feels like sometimes it's useful, and then other times you feel like they're just doing work to make it look like they're working."
Crackdown on work zone safety
The state has cracked down on work zone safety for roadworkers, adding new speed enforcement cameras to work sites. Earlier this month, the state said more will be rolling out soon.
"If you do not want a citation, and more importantly, if you want to protect yourself and your passengers and our highway workers, do not speed," State Highway Administrator Will Pines said.
Drivers equate work zones to a video game, trying to be safe despite others speeding by.
"It's the real-life Frogger," Nita said. "You just have to get out of the way. Set yourself on a patient and just let them go around."
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Second Quarter 2025 Highlights Revenue of $194 million, an increase of 21% year over year Marketplace and Service Revenue of $176 million, an increase of 22% year over year Marketplace GMV of $2.7 billion, an increase of 12% year over year Marketplace Units of 210,429, an increase of 13% year over year GAAP net income (loss) of ($7) million, compared to GAAP net income (loss) of ($17) million in the second quarter of 2024. Non-GAAP net income of $12 million, compared to non-GAAP net income of $3 million in the second quarter of 2024. 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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. 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 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,(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. 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), and non-GAAP operating expenses, are financial measures that are not presented in accordance with GAAP, provide 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. 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. We exclude amortization of acquired intangible assets from the calculation of non-GAAP net income (loss) and non-GAAP operating expenses. 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) and non-GAAP operating expenses are presented for supplemental informational purposes only, have limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. 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Our key operating and financial metrics may be calculated in a manner different than similar business metrics used by other 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. 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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 ) (1,141 ) Total other income (expense) (134 ) 1,723 (155 ) 4,219 Loss before income taxes (7,329 ) (16,918 ) (21,781 ) (36,949 ) (31 ) 145 334 585 Net loss $ (7,298 ) $ (17,063 ) $ (22,115 ) $ (37,534 ) Weighted-average shares - basic and diluted 170,472 164,384 169,415 163,637 Net loss per share - basic and diluted $ (0.04 ) $ (0.10 ) $ (0.13 ) $ (0.23 ) ACV AUCTIONS CONSOLIDATED BALANCE SHEETS(Unaudited)(in thousands) June 30,2025 December 31,2024 Assets Cash and cash equivalents $ 258,365 $ 224,065 Marketable securities 46,368 46,036 Trade receivables (net of allowance of $4,368 and $6,372) 209,880 168,770 Finance receivables (net of allowance of $5,097 and $4,191) 207,068 139,045 Other current assets 16,254 15,281 Total current assets 737,935 593,197 Property and equipment (net of accumulated depreciation of $5,804 and $5,227) 10,135 7,625 Goodwill 183,676 180,478 Acquired intangible assets (net of amortization of $34,998 and $28,972) 86,206 90,816 Capitalized software (net of amortization of $52,842 and $38,499) 75,648 68,571 Other assets 44,673 43,462 Total assets $ 1,138,273 $ 984,149 Liabilities and Stockholders' Equity Accounts payable $ 430,646 $ 345,605 Accrued payroll 12,100 16,725 Accrued other liabilities 19,912 18,836 Total current liabilities 462,658 381,166 Long-term debt 186,500 123,000 Other long-term liabilities 40,332 39,979 Total liabilities 689,490 544,145 Commitments and Contingencies Preferred Stock — — Common Stock 172 168 Common Stock - Class B — — Additional paid-in capital 971,390 944,891 Accumulated deficit (524,430 ) (502,315 ) Accumulated other comprehensive income (loss) 1,651 (2,740 ) Total stockholders' equity 448,783 440,004 Total liabilities and stockholders' equity $ 1,138,273 $ 984,149 ACV AUCTIONS CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)(in thousands) Six months ended June 30, 2025 2024 Net loss $ (22,115 ) $ (37,534 ) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and 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 intangible assets 2,591 3,013 5,364 5,226 Amortization of capitalized stock based compensation 1,504 980 2,967 1,908 Acquisition-related costs — 1,187 403 3,306 Litigation-related costs (1) — — 1,100 1,553 Other — 145 — 189 Non-GAAP Net income (loss) $ 12,251 $ 3,227 $ 19,747 $ 4,442 (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 Adjusted EBITDA 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 Adjusted EBITDA Reconciliation Net income (loss) $ (7,298 ) $ (17,063 ) $ (22,115 ) $ (37,534 ) Depreciation and amortization 10,904 8,880 21,450 16,682 Stock-based compensation 15,454 14,965 32,028 29,794 Interest expense (income) 134 (1,723 ) 155 (4,219 ) Provision for income taxes (31 ) 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 31,442 29,339 Amortization of acquired intangible assets 2,591 3,013 5,364 5,226 Amortization of capitalized stock-based compensation 1,504 980 2,967 1,908 Acquisition-related costs — 1,187 403 3,307 Other — 145 1,100 1,743 Non-GAAP Total operating expenses (excluding cost of revenue) $ 90,402 $ 80,370 $ 182,143 $ 158,640 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 September 30, 2025 Year ended December 31, 2025 Non-GAAP net income (loss) to net income (loss) guidance Reconciliation Net income (loss) ($13) - ($11) ($51) - ($47) Non-GAAP Adjustments: Stock-based compensation $19 $70 Intangible amortization $3 $11 Amortization of capitalized stock-based compensation $2 $6 Other — $2 Non-GAAP net income $11 - $13 $38 - $42 Error in retrieving data Sign in to access your portfolio Error in 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Fast Company
15 minutes ago
- Fast Company
Ford is reinventing the assembly line to make more affordable EVs, starting with a $30,000 electric truck
Over a century ago, Henry Ford's assembly line helped mass produce the Model T, setting a new standard for how to manufacture vehicles. Now, at its Louisville Assembly Plant, the Ford Motor Company will soon scrap that typical assembly line for a new manufacturing system. Doing so, the automaker says, will allow it to more efficiently build more affordable electric vehicles —starting with a $30,000 mid-sized electric truck to launch in 2027. The new system, called the Ford Universal EV Platform, came out of a skunkworks team in California that the automaker established back in 2022. It's part of an effort to make Ford more competitive with Chinese EV companies like BYD, which have dominated the global EV space with affordable vehicles. Ford CEO Jim Farley has himself been a fan of Chinese EVs after driving one for months. A new Ford assembly line A typical assembly line follows one straight path. As the path progresses, workers add pieces so that a vehicle is constructed from beginning to end. The Ford Universal EV Platform turns that singular assembly line into a 'tree' system with three branches. Workers will build the vehicle's front, rear, and structural battery all on separate lines that run in parallel. (The structural battery includes the seats, consoles, and carpeting.) Then, the three branches will come together at the end, where workers will build out the vehicle's interior. This system means assembly will be 40% faster than current products on the assembly line. It also reduces strain on workers, with less twisting, turning, bending, and reaching, Without the vehicle traveling down a single assembly line, Ford says workers now won't need to install a seat through a door opening, sit in a vehicle to install parts, or reach as much over a fender during the assembly process. The Universal EV Platform also requires fewer manufacturing parts. With this assembly method, parts are reduced 20% compared to a typical vehicle, including 25% fewer fasteners. There will also be 40% fewer workstations in the plant. For the electrical system, Ford has removed 4,000 feet of wiring, making it 22 pounds lighter and simpler to install. The quest to build affordable EVs The first vehicle to be built on Ford's new Universal EV Platform will be a midsize electric truck with a targeted starting price of $30,000. That vehicle will be built at the Louisville Assembly Plant and will launch in 2027. Ford did not give full details on the vehicle, including EV range or battery charge time. The automaker did say it will be as quick as a Mustang EcoBoost, with more interior space than a Rav 4. It will have room for five seats, as well as a truck bed, frunk, and exportable power. 'It will offer, for the first time, fast charging. It will have amazing range. It can power your house for six days,' Farley said at a live announcement on Monday from the Louisville plant. 'You don't need a generator, you just buy this truck.' This midsized electric truck is just the first type of vehicle that can be built on the new EV platform. This new manufacturing system will allow Ford to make a 'family' of affordable electric vehicles with multiple body styles, the company says, that will be available both for U.S. and export markets. The prismatic lithium-iron-phosphate (LFP) batteries will also be assembled in America—not imported from China, the company notes—at Ford's BlueOval Battery Park in Marshall, Michigan. American EV manufacturing Ford is investing nearly $2 billion in the Louisville Assembly Plant to implement this new system; it will begin reconfiguring the plant for the new assembly line later this year. That plant will secure 2,200 hourly jobs. Currently, the Louisville Assembly Plant employs 2,800 hourly workers, meaning there will be 600 fewer jobs with this new assembly line. Some of those workers who may be ready to retire will take a buyout offer, and others may transfer to nearby Ford plants. The automaker says there are no plans for layoffs. But there is room to grow, the company adds, as the platform scales up in Louisville. The $2 billion to transform the Louisville plant is part of a $5 billion effort from Ford to overhaul its EV production. That includes $3 billion committed to the BlueOval Battery Park in Michigan, which will secure 1,700 jobs to assemble LFP batteries. Ford's new Universal EV Platform is a 'bet' the company is making, Farley says, on the future of EV production and on American manufacturing. 'There are no guarantees with this project,' he adds. 'There is risk.' Farley called out competitors, saying Ford could have moved this project to South Korea or Japan for cheaper labor costs and access to lower cost suppliers. 'But that's not the way we do things at Ford,' he said. With the American automotive industry at a 'crossroads' and Chinese EV competition getting only more intense, Ford needed a radical new approach. Farley calls this new EV platform a 'Model T Moment' for Ford. 'Our goal was to put up affordable, unbelievably great product within reach of millions of Americans, built in the U.S. by U.S. workers, and not be imported,' Farley says. 'Why hasn't anyone done that? Because it's really, really hard.' Shares of Ford Motor Co (NYSE: F) rose in early trading on Monday following the announcement, but were largely flat by midday. The stock is up more than 15% year to date.
