ACV Auctions Inc (ACVA) 2022 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and thank you for standing by, and welcome to the ACV Second Quarter Conference Call. (Operator Instructions)

下午好，女士們，先生們，感謝你們的支持，歡迎參加 ACV 第二季度電話會議。 （操作員說明）

I would now like to turn the call over to Tim Fox, ACV's Vice President of Investor Relations.

我現在想將電話轉給 ACV 投資者關係副總裁 Tim Fox。

Thank you, operator. Good afternoon, and thank you for joining ACV's conference call to discuss our second quarter 2022 financial results. With me on the call today are George Chamoun, Chief Executive Officer; and Bill Zerella, Chief Financial Officer.

謝謝你，接線員。下午好，感謝您參加 ACV 的電話會議，討論我們 2022 年第二季度的財務業績。今天與我通話的是首席執行官 George Chamoun；和首席財務官比爾澤雷拉。

Before we get started, please note that today's comments include forward-looking statements, including statements regarding future financial guidance. These forward-looking statements are subject to risks and uncertainties and involve factors that could cause actual results to differ materially from those expressed or implied by such statements. A discussion of the risks and uncertainties related to our business can be found in our SEC filings and in today's press release, which can be found on our Investor Relations website.

在我們開始之前，請注意今天的評論包括前瞻性陳述，包括有關未來財務指導的陳述。這些前瞻性陳述受到風險和不確定性的影響，並涉及可能導致實際結果與此類陳述明示或暗示的結果大不相同的因素。與我們業務相關的風險和不確定性的討論可以在我們提交給美國證券交易委員會的文件和今天的新聞稿中找到，該新聞稿可以在我們的投資者關係網站上找到。

During this call, we will discuss both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is provided in today's earnings materials, which can also be found on our Investor Relations website.

在本次電話會議中，我們將討論 GAAP 和非 GAAP 財務指標。今天的收益材料中提供了 GAAP 與非 GAAP 財務指標的對賬，也可以在我們的投資者關係網站上找到。

And with that, let me turn the call over to George.

有了這個，讓我把電話轉給喬治。

Thanks, Tim. Good afternoon, everyone, and thank you for joining us. We are very pleased with our second quarter performance with revenue and EBITDA both exceeding guidance. The ACV team once again delivered strong results in a challenging macro environment for our dealer partners.

謝謝，蒂姆。大家下午好，感謝您加入我們。我們對第二季度的收入和 EBITDA 均超出預期感到非常滿意。 ACV 團隊再次在充滿挑戰的宏觀環境中為我們的經銷商合作夥伴帶來了強勁的業績。

With that, let me turn to second quarter highlights on Slide 4. Our market momentum continued in the second quarter with record revenue of $115 million, year-over-year growth of 18% versus very strong results in Q2 '21. GMV of $2.7 billion also set a new record and increased 27% year-over-year. We sold 148,000 vehicles in our digital marketplace, a 6% sequential increase from Q1 and a modest decline versus record unit performance in Q2 '21. Overall, we are very pleased with our execution in Q2 and our progress on key strategic initiatives.

有了這個，讓我轉向幻燈片 4 上的第二季度亮點。我們的市場勢頭在第二季度繼續保持，收入達到創紀錄的 1.15 億美元，同比增長 18%，而 21 年第二季度的業績非常強勁。 27 億美元的 GMV 也創下新紀錄，同比增長 27%。我們在數字市場上售出了 148,000 輛汽車，比第一季度環比增長 6%，與 21 年第二季度的創紀錄單位業績相比略有下降。總體而言，我們對第二季度的執行情況和關鍵戰略舉措的進展感到非常滿意。

We delivered strong results despite wholesale market conditions that softened in June, resulting from continued supply challenges, weakening retail demand and vehicle price depreciation. Market conditions have remained challenging in Q3. And in prudent, we have assumed that wholesale volumes will remain constrained in the back half of '22. Our guidance now reflects this more cautious view of the macro factors impacting the dealer wholesale market.

儘管由於持續的供應挑戰、零售需求疲軟和汽車價格貶值，6 月份批發市場狀況疲軟，但我們仍取得了強勁的業績。第三季度市場狀況仍然充滿挑戰。謹慎起見，我們假設批發量在 22 年下半年仍將受到限制。我們的指引現在反映了這種對影響經銷商批發市場的宏觀因素更為謹慎的看法。

Our guidance also reflects our commitment to investing in growth, while ensuring we remain squarely focused on our path to profitability. As Bill will detail later, we have adjusted our operating expense plans to account for expected market headwinds. We are focused on improving our foundation to drive profitable growth when market headwinds turn into tailwinds for ACV.

我們的指導還反映了我們對投資增長的承諾，同時確保我們始終專注於我們的盈利之路。正如比爾稍後將詳述的那樣，我們已經調整了我們的運營費用計劃，以應對預期的市場逆風。當市場逆風變成 ACV 的順風時，我們專注於改善我們的基礎以推動盈利增長。

Turning to Slide 5. To frame the rest of our discussion today, we will focus on the 3 pillars of our strategy to drive long-term shareholder value; growth, innovation and scale. I will begin with growth.

轉到幻燈片 5。為了構建我們今天的其餘討論，我們將專注於推動長期股東價值的戰略的 3 個支柱；增長、創新和規模。我將從成長開始。

Moving to Slide 7. I'll again provide context on the dealer wholesale market in relation to the broader automotive retail market. First, to illustrate the demand side of our market, we've provided data on overall used car transactions and wholesale pricing trends. As you can see in the chart on the left, retail sales of used vehicles declined sequentially from Q1 and declined about 15% year-over-year versus strong performance in Q2 '21. As a reminder, consumer demand for used vehicles is a key driver of wholesale demand and supply because consumers purchasing a vehicle typically have a trade-in.

轉到幻燈片 7。我將再次提供與更廣泛的汽車零售市場相關的經銷商批發市場的背景。首先，為了說明我們市場的需求方，我們提供了有關整體二手車交易和批發價格趨勢的數據。正如您在左側圖表中看到的，二手車的零售額從第一季度開始環比下降，同比下降約 15%，而 21 年第二季度的表現強勁。提醒一下，消費者對二手車的需求是批發需求和供應的關鍵驅動因素，因為購買車輛的消費者通常需要以舊換新。

Chart on the right illustrates how continued softening of consumer demand has impacted wholesale prices. After reaching historically high levels in '21, wholesale prices declined during the first quarter, recovered in early Q2, but have been trending down since June. As we discussed last quarter, price deflation has contributed to conversion rate compression across the industry as dealers have become more price sensitive when buying vehicles in the wholesale market.

右圖說明了消費者需求的持續疲軟如何影響批發價格。在 21 年達到歷史高位後，批發價格在第一季度下降，在第二季度初回升，但自 6 月以來一直呈下降趨勢。正如我們上個季度所討論的，價格通縮導致整個行業的轉化率壓縮，因為經銷商在批發市場購買車輛時對價格更加敏感。

Now turning to Slide 8. Let's look at the supply picture. New vehicle sales remained well below historical averages and were down about 21% year-over-year in Q2, due to the ongoing supply challenges impacting vehicle production. This is reflected in the chart on the right, which shows that supply of new vehicles remains historically low. Because consumer trade-ins for new purchases are a significant input into the wholesale market, the supply chain issues continue to weigh on the market we serve. While there have been a few positive signals from auto OEMs regarding production improvements later this year, we have not assumed this in our 2022 outlook.

現在轉到幻燈片 8。讓我們看一下供應情況。由於持續的供應挑戰影響汽車生產，新車銷量仍遠低於歷史平均水平，第二季度同比下降約 21%。這反映在右側的圖表中，表明新車供應量仍處於歷史低位。由於新購買的消費者以舊換新是批發市場的重要投入，因此供應鏈問題繼續對我們服務的市場構成壓力。儘管汽車 OEM 在今年晚些時候就生產改善發出了一些積極信號，但我們在 2022 年的展望中並未對此做出假設。

On Slide 9, we provided additional insight into our business that underpins our confidence in ACV's market position and long-term growth opportunities. The chart on the left shows quarterly listings in our marketplace, which is a measure of dealer growth and marketplace adoption. After moderating the second half of '21 as supply issues mounted, listing volume turned positive in Q1 and then increased again in Q2. For the first half of 2022, listings grew 27% year-over-year, reflecting strong execution on dealer penetration and wallet share growth. In fact, the number of listings dealers increased 30% year-over-year in Q2, which positions ACV for strong growth once wholesale volumes recover.

在幻燈片 9 中，我們提供了對我們業務的更多見解，這鞏固了我們對 ACV 的市場地位和長期增長機會的信心。左邊的圖表顯示了我們市場中的季度列表，這是衡量經銷商增長和市場採用率的指標。在 21 年下半年隨著供應問題的加劇而緩和後，上市量在第一季度轉為正數，然後在第二季度再次增加。 2022 年上半年，掛牌量同比增長 27%，反映出經銷商滲透率和錢包份額增長的強勁執行力。事實上，第二季度掛牌經銷商的數量同比增長了 30%，一旦批發量恢復，ACV 將實現強勁增長。

In the figure on the right, we provided an updated view of the quarterly variance in marketplace conversion. As we discussed last quarter, pre-COVID conversion rates in our marketplace were in a pretty tight range. Then increased significantly as pandemic-related supply, demand and wholesale pricing factors drove very strong marketplace engagement. Then beginning in the first quarter this year as vehicle prices and consumer demand moderated, cautious buying behavior resulted in conversion rates returning to normal pre-COVID levels. This trend continued in Q2 with conversion rates ticking down quarter-over-quarter.

在右圖中，我們提供了市場轉化率季度變化的更新視圖。正如我們上個季度所討論的那樣，我們市場中 COVID 之前的轉化率處於非常窄的範圍內。然後隨著與大流行相關的供應、需求和批發定價因素推動非常強勁的市場參與度而顯著增加。然後從今年第一季度開始，隨著汽車價格和消費者需求放緩，謹慎的購買行為導致轉化率恢復到 COVID 之前的正常水平。這種趨勢在第二季度繼續存在，轉化率環比下降。

For context, the year-over-year change in conversion rate in Q2 resulted in a 30,000 unit headwind versus Q2 '21. We believe conversion rates in our platform will increase in the future when the macro environment normalizes and as we help dealers manage price expectations with new data-enabled solutions. However, based on the latest data showing weakening consumer sentiment and depreciating wholesale market prices, we believe it's prudent to assume conversion rates will remain at the lower end of the historical ranges for the balance of '22.

就上下文而言，與 21 年第二季度相比，第二季度轉化率的同比變化導致了 30,000 個單位的逆風。我們相信，當宏觀環境正常化以及我們通過新的數據支持的解決方案幫助經銷商管理價格預期時，我們平台的轉化率將在未來提高。然而，根據顯示消費者信心減弱和批發市場價格貶值的最新數據，我們認為謹慎的做法是假設轉換率將保持在 22 年餘額的歷史範圍的低端。

Turning to Slide 10. You can see that units grew sequentially from Q1 and declined modestly year-over-year compared to record high unit performance in Q2 '21. Unit growth was 68% on a 2 year basis. GMV grew 27% year-over-year to a record $2.7 billion. About half of the year-over-year growth was driven by higher wholesale prices with the other half reflecting a broader mix of vehicles on our marketplace.

轉到幻燈片 10。您可以看到，與 21 年第二季度創紀錄的高單位業績相比，單位從第一季度開始連續增長，並且同比略有下降。在 2 年的基礎上，單位增長率為 68%。 GMV 同比增長 27%，達到創紀錄的 27 億美元。同比增長的大約一半是由較高的批發價格推動的，另一半反映了我們市場上更廣泛的車輛組合。

Moving to Slide 11. Based on our internal analysis, we estimate that the U.S. dealer wholesale market remains well below normalized volumes and contracted around 20% year-over-year in Q2. Despite this macro backdrop, we continue to execute, gain market share and attract new dealers to our marketplace. Given our 3% year-over-year unit decline in Q2 and an estimated market contraction of 20%, this implies that ACV grew market share by 17% year-over-year.

轉到幻燈片 11。根據我們的內部分析，我們估計美國經銷商批發市場仍遠低於正常水平，第二季度同比收縮約 20%。儘管存在這種宏觀背景，我們仍繼續執行、獲得市場份額並吸引新經銷商進入我們的市場。鑑於我們在第二季度同比下降 3% 並且估計市場收縮 20%，這意味著 ACV 的市場份額同比增長了 17%。

Next I would like to wrap up the growth section with highlights on our value-added services. Our investments in the technology and resources to scale ACV Transportation and ACV Capital are driving strong top-line growth, while also creating efficiencies for both our partners and for ACV.

接下來，我想以我們增值服務的亮點來結束增長部分。我們在擴大 ACV 運輸和 ACV 資本的技術和資源方面的投資正在推動強勁的收入增長，同時也為我們的合作夥伴和 ACV 創造效率。

On Slide 12, you can see that ACV Transportation continues to deliver strong results. Our growing carrier partner network and fast cycle times resulted in attach rates once again exceeding 50% in Q2, with transport revenue growing 20% year-over-year. In Q2, over 70% of our transports were automatically dispatched, an increase of 20 percentage points from Q1. The investment we are making in technologies like Auto Dispatch and our Carrier Transportation app are attracting new carriers to our marketplace and driving operating efficiencies. In fact, our transfer business had a key milestone in Q2 with positive revenue margins in the mid-single-digits. As a reminder, our 2026 financial targets assume transport revenue margin of 15%. So hitting the mid-single-digits in Q2 '22, puts us on a strong path to achieving this target.

在幻燈片 12 上，您可以看到 ACV 運輸繼續提供強勁的結果。我們不斷增長的運營商合作夥伴網絡和快速的周期時間導致第二季度的附加率再次超過 50%，運輸收入同比增長 20%。第二季度，我們的運輸自動調度超過 70%，比第一季度增加 20 個百分點。我們對 Auto Dispatch 和 Carrier Transportation 應用程序等技術的投資正在吸引新的運營商進入我們的市場並提高運營效率。事實上，我們的轉會業務在第二季度取得了一個關鍵的里程碑，正收入利潤率處於中個位數。提醒一下，我們 2026 年的財務目標假設運輸收入利潤率為 15%。因此，在 22 年第二季度達到中個位數，使我們走上了實現這一目標的有力道路。

Turning now to Slide 13. We are very pleased with the execution in our ACV Capital business. Capital attach rates more than doubled year-over-year in Q2, resulting in over 100% loan volume growth. Our investment in technology to power our Capital business is paying dividends. ACV's Capital Portal launched in Q1, and adoption has been strong with 75% of active ACV Capital dealers now leveraging this value-added post-auction financing solution. We also ramped up our investment in ACV Capital sales capacity to drive adoption and dealer engagement, which will further enable ACV Capital to be an important growth and profit driver going forward.

現在轉到幻燈片 13。我們對 ACV Capital 業務的執行感到非常滿意。資本附加率在第二季度同比增長了一倍以上，導致貸款量增長超過 100%。我們為推動資本業務而進行的技術投資正在帶來紅利。 ACV 的 Capital Portal 於第一季度推出，採用率一直很高，75% 的活躍 ACV Capital 交易商現在都在利用這種增值的拍賣後融資解決方案。我們還加大了對 ACV Capital 銷售能力的投資，以推動採用和經銷商參與，這將進一步使 ACV Capital 成為未來重要的增長和利潤驅動力。

Turning to the second element of our strategy to drive long-term shareholder value, innovation. Turning now to Slide 15. I would like to highlight the innovations we're delivering to enable our dealer partners to drive consumer-sourced inventory. Live Appraisal was one of our first offerings in this category and provides a unique way for consumers to have their vehicles sold in ACV's marketplace by our dealer partners. Live Appraisal listings grew 30% year-over-year in Q2, highlighting the market traction this offering is gaining.

轉向我們推動長期股東價值的戰略的第二個要素，即創新。現在轉到幻燈片 15。我想強調我們正在提供的創新，以使我們的經銷商合作夥伴能夠推動消費者採購的庫存。 Live Appraisal 是我們在此類別中的首批產品之一，它為消費者提供了一種獨特的方式，讓我們的經銷商合作夥伴在 ACV 的市場上銷售他們的車輛。 Live Appraisal 上市在第二季度同比增長 30%，突顯了該產品正在獲得的市場吸引力。

In addition to Live Appraisal, we are developing a more comprehensive set of solutions for our dealers, leveraging technology from Drivably, Monk and MAX Digital. The initial market reception for Drivably has been very promising, with the number of dealers launched doubling quarter-over-quarter in Q2. Dealers are now able to offer a seamless consumer buying experience powered by the ACV pricing engine, our condition-adjusted model for vehicle valuation.

除了 Live Appraisal 之外，我們還在利用 Drivably、Monk 和 MAX Digital 的技術為我們的經銷商開發一套更全面的解決方案。 Drivably 最初的市場反響非常好，第二季度推出的經銷商數量環比翻了一番。經銷商現在能夠提供由 ACV 定價引擎提供支持的無縫消費者購買體驗，這是我們針對車輛估值的條件調整模型。

Looking ahead, we are working to leverage Monk's AI-driven imaging technology to enable consumers to do a self-inspection right from their own mobile device, which will further inform the price dealers can offer consumers. We are in the early stages of launching dealers on these new offerings and are very excited about consumer sourcing because it offers attractive TAM expansion and strong unit economics for ACV by leveraging technology prior to incurring the cost of infecting vehicles.

展望未來，我們正努力利用 Monk 的人工智能驅動成像技術，讓消費者能夠直接通過自己的移動設備進行自檢，這將進一步告知經銷商可以為消費者提供的價格。我們正處於推出這些新產品的經銷商的早期階段，並且對消費者採購感到非常興奮，因為它通過在產生感染車輛成本之前利用技術為 ACV 提供有吸引力的 TAM 擴展和強大的單位經濟性。

Moving to Slide 16. I am pleased to share an update to our advanced buyer solution, SAM, which was formally launched last month. As a reminder, SAM provides dealers with specific and relevant notifications and intelligent auto bidding capabilities. SAM not only enhances the buyer experience in our platform, it also creates persistent demand, price realization and ultimately higher conversion for our sellers. Following the July launch, dealer adoption has accelerated with over 800 new dealers leveraging SAM in Q2. We believe SAM will be a big growth driver for us as we expand its use cases and capabilities.

轉到幻燈片 16。我很高興分享我們的高級買家解決方案 SAM 的更新，該解決方案於上個月正式推出。提醒一下，SAM 為經銷商提供特定且相關的通知和智能自動競價功能。 SAM 不僅提升了我們平台上的買家體驗，還為我們的賣家創造了持續的需求、價格實現和最終更高的轉化率。繼 7 月推出後，經銷商的採用速度加快，第二季度有 800 多家新經銷商使用 SAM。我們相信，隨著我們擴展其用例和功能，SAM 將成為我們的一大增長動力。

On Slide 17, I'll wrap up on innovation with an update on APEX, our next-generation data collection device that we introduced in March at our Analyst Day. APEX expands on ACV's existing AMS technology by incorporating upgraded audio capture capabilities and sensor detection, including vibration, displacement and ultrasonics. This more comprehensive data set leads to a better understanding of the operating condition of a vehicle's engine and powertrain, which increases dealer confidence while buying online. APEX also increased its inspection efficiency for our teammates and provides a better quality audio experience in our marketplace. This wireless device is integrated with our single inspection application and is live in select markets today with broad deployment planned later this year.

在幻燈片 17 上，我將通過更新 APEX 來結束創新，這是我們在 3 月分析師日推出的下一代數據收集設備。 APEX 通過整合升級的音頻捕獲功能和傳感器檢測（包括振動、位移和超聲波）來擴展 ACV 現有的 AMS 技術。這個更全面的數據集有助於更好地了解車輛發動機和動力系統的運行狀況，從而增加經銷商在網上購買時的信心。 APEX 還為我們的隊友提高了檢查效率，並在我們的市場上提供了更優質的音頻體驗。該無線設備與我們的單一檢測應用程序集成，目前已在特定市場上使用，併計劃在今年晚些時候進行廣泛部署。

So to wrap up on innovation, we are very excited about our growing suite of data-enabled solutions and technology roadmap that expands our competitive model, creates even more value for our dealer partners, while improving margin to drive sustainable long-term growth.

因此，為了結束創新，我們對我們不斷增長的數據支持解決方案和技術路線圖套件感到非常興奮，這些解決方案和技術路線圖擴展了我們的競爭模式，為我們的經銷商合作夥伴創造了更多價值，同時提高了利潤率以推動可持續的長期增長。

With that, let me hand it over to Bill and take you through our financial results and how we're driving growth at scale.

有了這個，讓我把它交給比爾，帶你了解我們的財務業績以及我們如何推動大規模增長。

Thanks, George, and thank you everyone for joining us today. We are pleased with our Q2 financial performance. We delivered upside to our revenue and adjusted EBITDA guidance despite the challenging macro factors George outlined earlier on the call.

謝謝，喬治，謝謝大家今天加入我們。我們對第二季度的財務表現感到滿意。儘管喬治早些時候在電話會議上概述了具有挑戰性的宏觀因素，但我們的收入和調整後的 EBITDA 指引仍實現增長。

Turning to Slide 19, I'll begin with a review of our second quarter results. Revenue of $115 million was above the high end of guidance and generated year-over-year growth of 18% versus strong results in Q2 '21. Adjusted EBITDA loss of $14 million or 12% of revenue beat our guidance range and EBITDA margin improved approximately 500 basis points sequentially versus Q1 '22.

轉到幻燈片 19，我將從回顧我們的第二季度業績開始。 1.15 億美元的收入高於指導的高端，與 21 年第二季度的強勁業績相比，同比增長 18%。調整後的 EBITDA 虧損 1400 萬美元或收入的 12%，超出了我們的指導範圍，與 22 年第一季度相比，EBITDA 利潤率環比提高了約 500 個基點。

Turning to Slide 20, I will cover some additional detail on revenue. Total revenue of $115 million represented a 60% CAGR since Q2 '20. Auction and assurance revenue, which was 57% of total revenue, grew 9% year-over-year versus very strong Q2 '21 growth of nearly 100%. Year-over-year growth in ARPU of 13% was driven by higher GMV due to the strong mix of vehicles sold on our platform and the biasing increase we instituted last December. Marketplace services revenue, which was 36% of total revenue, grew 23% year-over-year, reflecting the continued adoption of Transport and Capital that George outlined earlier. Our SaaS and data services products comprised 7% of total revenue and had very strong revenue growth of 127% year-over-year, primarily reflecting revenue from the MAX Digital acquisition.

轉到幻燈片 20，我將介紹一些有關收入的額外細節。自 20 年第二季度以來，總收入為 1.15 億美元，複合年增長率為 60%。拍賣和擔保收入佔總收入的 57%，同比增長 9%，而 21 年第二季度增長近 100%。 ARPU 同比增長 13% 是由於我們平台上銷售的車輛的強勁組合以及我們去年 12 月制定的偏向增長導致 GMV 較高。市場服務收入佔總收入的 36%，同比增長 23%，這反映了 George 早些時候概述的運輸和資本的持續採用。我們的 SaaS 和數據服務產品佔總收入的 7%，收入同比增長 127%，主要反映了收購 MAX Digital 的收入。

Turning now to Slide 21, I will review costs in the quarter. Note that on this slide, I'm comparing Q2 results to Q1 '22 results. Q2 cost of revenue as a percentage of revenue decreased approximately 300 basis points quarter-over-quarter. The improvement was driven by 3 factors. First, recall that in Q1, we increased our incentives to help our dealers acquire vehicles as market conditions weakened. We successfully executed on pulling back on these incentives in Q2 as discussed in our Q1 earnings call. The second factor driving revenue margin improvement was lower arbitration costs resulting from improvements in training, process and enabling technology. And the third factor was our Transport business, which delivered a positive revenue margin.

現在轉到幻燈片 21，我將回顧本季度的成本。請注意，在這張幻燈片上，我將第二季度的結果與 22 年第一季度的結果進行比較。第二季度收入成本佔收入的百分比環比下降約 300 個基點。改善是由 3 個因素推動的。首先，回想一下，在第一季度，隨著市場條件的減弱，我們增加了幫助經銷商購買車輛的激勵措施。正如我們在第一季度財報電話會議中所討論的，我們在第二季度成功地撤回了這些激勵措施。推動利潤率提高的第二個因素是培訓、流程和支持技術的改進導致仲裁成本降低。第三個因素是我們的運輸業務，它帶來了正的利潤率。

I'll reiterate George's comments earlier about this key milestone for Transport. Our 2026 financial targets assume 15% revenue margins for Transport. To achieve mid-single-digits in Q2 '22 is a strong indicator of the long-term profitability of this business. Also a reminder, our Transport revenues are recorded on a gross basis. Therefore, margin improvement has an outsized impact on our overall blended margins. Operating costs, excluding cost of revenue, also trended positively in Q2 as we increased our leverage by approximately 300 basis points quarter-over-quarter.

我將重申喬治早些時候關於交通運輸這一關鍵里程碑的評論。我們 2026 年的財務目標假設運輸部門的收入利潤率為 15%。在 22 年第二季度實現中個位數是該業務長期盈利能力的有力指標。另外提醒一下，我們的運輸收入是按總額記錄的。因此，利潤率改善對我們的整體混合利潤率產生了巨大影響。隨著我們將槓桿率環比增加約 300 個基點，運營成本（不包括收入成本）在第二季度也呈積極趨勢。

Moving to Slide 22, let me provide context regarding our investment strategy, operating leverage and path to profitability. Given ACV's leading market position and large addressable market opportunity, we have remained focused on investing in growth and extending our competitive moat with differentiated technology. We have also remained equally focused on investing prudently to ensure a clear path to profitability.

轉到幻燈片 22，讓我提供有關我們的投資策略、運營槓桿和盈利途徑的背景信息。鑑於 ACV 的領先市場地位和巨大的潛在市場機會，我們一直專注於投資增長並通過差異化技術擴展我們的競爭護城河。我們也同樣專注於審慎投資，以確保一條清晰的盈利之路。

Given these commitments and our revised revenue outlook for the balance of 2022, we have taken steps to reprioritize our spending plans and accelerate operational efficiency. We're doing this while also preserving key go-to-market and technology investments to ensure ACV is in an even stronger position when market conditions improve. More specifically, we have reduced our 2022 year-over-year non-GAAP operating expense growth to 23%, a full 10 percentage points lower than our original 2022 guidance. Exiting Q4 this year, we're expecting our annualized OpEx run rate to be approximately $40 million below our initial 2022 guidance. This has the effect of lowering our revenue breakeven point heading into 2023 and better positioning ACV to achieve EBITDA breakeven.

鑑於這些承諾以及我們對 2022 年剩餘時間的修訂收入展望，我們已採取措施重新調整支出計劃的優先級並提高運營效率。我們這樣做的同時還保留了關鍵的上市和技術投資，以確保 ACV 在市場條件改善時處於更有利的地位。更具體地說，我們已將 2022 年非 GAAP 運營費用同比增長降至 23%，比我們最初的 2022 年指導低 10 個百分點。今年第四季度結束後，我們預計我們的年化運營支出運行率將比我們最初的 2022 年指導低約 4000 萬美元。這會降低我們進入 2023 年的收入盈虧平衡點，並更好地定位 ACV 以實現 EBITDA 盈虧平衡。

Next I'll highlight our strong capital structure on Slide 23. We ended Q2 with $512 million in cash and equivalents and marketable securities and $71 million of long-term debt to finance our rapidly growing ACV Capital business. Note that our Q2 cash balance included $124 million of float in our auction business. As we discussed previously, the amount of float on our balance sheet can fluctuate meaningfully based on business trends in the final 2 weeks of each quarter and it has a corresponding impact on operating cash flow. For example, Q2 cash flow used in operations was $41 million, $27 million of which was driven by the sequential change in float from Q1. Based on our current outlook for the back half of 2022, we are expecting float to be flat to marginally increase. And along with lower expected EBITDA losses, expect cash used in operations to decline relative to the first half of 2022.

接下來，我將在幻燈片 23 上強調我們強大的資本結構。我們在第二季度結束時擁有 5.12 億美元的現金和等價物以及有價證券以及 7100 萬美元的長期債務，為我們快速增長的 ACV Capital 業務提供資金。請注意，我們第二季度的現金餘額包括我們拍賣業務中 1.24 億美元的浮動資金。正如我們之前所討論的，我們資產負債表上的浮動金額可能會根據每個季度最後兩週的業務趨勢而顯著波動，並對運營現金流產生相應的影響。例如，運營中使用的第二季度現金流為 4100 萬美元，其中 2700 萬美元是由第一季度的浮動浮動驅動的。根據我們目前對 2022 年下半年的展望，我們預計流通量將持平或略有增加。隨著預期 EBITDA 損失的降低，預計運營中使用的現金將相對於 2022 年上半年下降。

Now I'll turn to guidance on Slide 24. For the third quarter of 2022, we are expecting revenue in the range of $104 million to $107 million, a growth rate of 13% to 17% year-over-year. On a 2 year basis, our Q3 revenue growth is expected to be approximately 56%. Adjusted EBITDA is expected to be a loss in the range of $13 million to $15 million. For the full year 2022, we are lowering revenue guidance approximately 6% at the midpoint to reflect our more cautious view of the macro factors impacting wholesale volumes in our market.

現在我將轉向幻燈片 24 的指導。對於 2022 年第三季度，我們預計收入在 1.04 億美元至 1.07 億美元之間，同比增長 13% 至 17%。在 2 年的基礎上，我們的第三季度收入增長預計約為 56%。調整後的 EBITDA 預計虧損在 1300 萬美元至 1500 萬美元之間。對於 2022 年全年，我們將中點收入指引下調約 6%，以反映我們對影響市場批發量的宏觀因素更為謹慎的看法。

Revenue is now expected to be at a range of $427 million to $432 million, a growth rate of 19% to 21%. Despite this lower revenue outlook, our adjusted EBITDA loss is expected to increase just $3 million at the midpoint due to the cost reduction efforts I outlined earlier. Adjusted EBITDA is now expected to be a loss in the range of $57 million to $59 million or 13% to 14% of revenue.

現在預計收入將在 4.27 億美元至 4.32 億美元之間，增長率為 19% 至 21%。儘管收入前景較低，但由於我之前概述的降低成本的努力，我們調整後的 EBITDA 損失預計在中點僅增加 300 萬美元。現在預計調整後的 EBITDA 將虧損 5700 萬美元至 5900 萬美元，或占收入的 13% 至 14%。

As it relates to our 2022 guidance, in addition to the macro factors impacting wholesale volumes, we are assuming that conversion rates remain at or below the lower end of our historical range, and therefore, current market conditions persist through the second half. Finally, we're now expecting non-GAAP operating expenses to grow approximately 23% year-over-year, which is below previous guidance and 10 percentage points below our guidance at the beginning of the year.

由於它與我們的 2022 年指導相關，除了影響批發量的宏觀因素外，我們假設轉換率保持在或低於我們歷史範圍的下限，因此，目前的市場狀況將持續到下半年。最後，我們現在預計非 GAAP 運營費用將同比增長約 23%，低於之前的指導，也低於我們年初的指導 10 個百分點。

Let me wrap up on Slide 25 by reviewing our 2026 financial targets. We're very pleased with our execution in what has proven to be a very challenging macro environment. And we remain confident in our ability to achieve $1.3 billion of revenue and $325 million of EBITDA in 2026.

讓我回顧一下我們的 2026 年財務目標，以結束幻燈片 25。我們對我們在已證明是一個非常具有挑戰性的宏觀環境中的執行感到非常滿意。我們仍然有能力在 2026 年實現 13 億美元的收入和 3.25 億美元的 EBITDA。

And with that, let me turn it back to George.

有了這個，讓我把它轉回給喬治。

Thanks, Bill. Before we take your questions, let me summarize. We are very pleased with our continued strong execution, while navigating through unprecedented times in our industry. And we are especially proud of our ACV team that has delivered these results. We continue to gain market share by attracting new dealers to our marketplace and by gaining wallet share within our existing customer base, which positions ACV for strong growth when market conditions improve.

謝謝，比爾。在我們回答你的問題之前，讓我總結一下。我們對我們持續強勁的執行力感到非常滿意，同時在我們行業中度過了前所未有的時代。我們為取得這些成果的 ACV 團隊感到特別自豪。我們通過吸引新的經銷商進入我們的市場並在我們現有的客戶群中獲得錢包份額，繼續獲得市場份額，這使 ACV 在市場條件改善時實現強勁增長。

We are executing on our territory penetration plans. Our marketplace offerings are gaining traction in the market. And we see some very promising growth synergies emerging from our SaaS and data-enabled services. We are delivering on an exciting product roadmap to further differentiate ACV and expand our addressable market. We are on track to generate over $1 billion in revenue with attractive margins through a proven business model that we believe will drive significant shareholder value. We remain committed to continuing to build a world-class team to deliver on our goals.

我們正在執行我們的領土滲透計劃。我們的市場產品在市場上越來越受歡迎。我們看到我們的 SaaS 和數據支持服務出現了一些非常有前景的增長協同效應。我們正在製定令人興奮的產品路線圖，以進一步區分 ACV 並擴大我們的潛在市場。我們有望通過成熟的商業模式創造超過 10 億美元的收入和具有吸引力的利潤率，我們相信這將推動顯著的股東價值。我們仍然致力於繼續建立一支世界一流的團隊來實現我們的目標。

With that, I'll turn the call over to the operator to begin the Q&A.

有了這個，我將把電話轉給接線員開始問答。

(Operator Instructions) Our first question comes from the line of John Colantuoni with Jefferies.

（操作員說明）我們的第一個問題來自 Jefferies 的 John Colantuoni。

So you had a big geographic ramp throughout most of last year. I think it would be helpful if you could just dimension how customer engagement and retention has trended in your older markets in comparison to your newer markets? And in addition, maybe you could just give us a sense for what units would have been in the second quarter if you excluded the geographies that you expanded into last year?

因此，在去年的大部分時間裡，你都有一個很大的地理坡度。我認為，如果您可以衡量與新市場相比，舊市場的客戶參與度和保留率趨勢如何，這會很有幫助？此外，如果您排除去年擴展的地區，也許您可以讓我們了解第二季度的單位數量？

John, it's George. So we're -- I don't think we have anything notable to report on differences between new markets and existing markets. So I'm not prepared to really report anything like any standout data. But in general, what I would say is, our strength in our early markets have remained strong. So we remained strong across the country. We would love to have more listings and a higher sell-through. We do have pockets of areas across the country where conversion has remained stronger than other areas. So there are some pockets. But in general, I don't really have anything substantial to answer there that is differential on, I would say, early markets or slated markets.

約翰，是喬治。所以我們 - 我認為我們沒有任何值得注意的報告新市場和現有市場之間的差異。所以我不准備真正報告任何出色的數據。但總的來說，我想說的是，我們在早期市場的實力依然強勁。因此，我們在全國范圍內保持強大。我們希望有更多的列表和更高的銷售量。我們在全國范圍內確實有一些地區的轉化率仍然高於其他地區。所以有一些口袋。但總的來說，我真的沒有什麼實質性的問題要回答，我想說的是早期市場或預定市場的差異。

And just a quick follow-up. The -- so the second quarter exceeded your expectations, but you're tempering the full year outlook. So that sort of implies there's been a more recent deterioration in the operating environment. Maybe you could just talk to how the wholesale market has progressed over the past few months? And what KPIs or data points we should be looking for to get comfort that the industry backdrop isn't worsening further?

只是一個快速的跟進。 - 所以第二季度超出了您的預期，但您正在調整全年展望。因此，這意味著運營環境最近出現了惡化。也許您可以談談過去幾個月批發市場的進展情況？我們應該尋找哪些 KPI 或數據點才能讓行業背景沒有進一步惡化感到欣慰？

Certainly, John. So yes, we were very pleased with our listing growth in the first half of the year, up 27% year-over-year. We've been very excited about the growth we've been able to penetrate across many of these territories. However, at the end of the quarter, we did start to see consumer demand at dealerships weakening. I'm sure you've been following a lot of the data across the industry sort of as we've seen sort of the year-over-year data on retail shift more negatively.

當然，約翰。所以，是的，我們對今年上半年的上市增長非常滿意，同比增長 27%。我們對能夠滲透到許多這些領域的增長感到非常興奮。然而，在本季度末，我們確實開始看到經銷商的消費者需求減弱。我敢肯定，您一直在關注整個行業的大量數據，因為我們已經看到零售業的同比數據發生了更負面的變化。

And so what we're -- as we are being more prudent on the back half of this year, we like everyone else right now is trying to keep our eye on the economy. We're trying to keep our eye on overall retail and trades. And based on -- we really thought about the back half of this year, assuming things do not improve materially. We've already started to seeing retail go down. And that's really sort of our assumption is the current market conditions sort of persist throughout the year.

所以我們現在——隨著我們在今年下半年變得更加謹慎，我們現在和其他所有人一樣都在努力關注經濟。我們正努力關注整體零售和交易。基於 - 我們真的考慮了今年下半年，假設情況沒有實質性改善。我們已經開始看到零售業下滑。這真的是我們的一種假設，即當前的市場狀況全年都會持續存在。

Bill, anything more you want to add to that?

比爾，你還有什麼要補充的嗎？

No, I think that describes it. John, we're just assuming that what we're seeing so far through the third quarter kind of perpetuates through the rest of the year.

不，我認為這描述了它。約翰，我們只是假設到目前為止我們在第三季度看到的情況會持續到今年剩餘時間。

Our next question is from Ali Faghri with Guggenheim Partners.

我們的下一個問題來自古根海姆合作夥伴的 Ali Faghri。

So on the conversion headwinds you're citing, it seems like that's being driven by the recent price deflation we're seeing, which probably continues for the foreseeable future. So what causes this headwind to normalize and get the buyer and seller expectations to convert again?

因此，在您引用的轉換逆風中，這似乎是由我們看到的最近的價格通縮推動的，這種通縮可能在可預見的未來繼續存在。那麼是什麼導致這種逆風正常化並使買賣雙方的期望再次轉變呢？

Yes, I think as the -- when you follow this back to the consumer and work your way back to dealers, really what we're seeing is consumers are saying these used car prices are too high. And we're starting to see consumers buy less cars. So now then dealers start to be more careful. They're not going to lean in and pay what they believe are overpriced. And then you start to look at, Ali, to get the core of your question, how do you end up getting to that clearing price. Every car has a price that dealers are willing to pay. There's -- it's just really what is that value. So we're starting to see this slow decline, which we've also mentioned in the call.

是的，我認為，當您將其反饋給消費者並返回經銷商時，我們真正看到的是消費者說這些二手車價格太高了。我們開始看到消費者購買的汽車減少了。所以現在經銷商開始更加小心了。他們不會傾向於並支付他們認為價格過高的東西。然後你開始看，阿里，要了解你問題的核心，你如何最終達到清算價格。每輛車都有經銷商願意支付的價格。有 - 這就是真正的價值。所以我們開始看到這種緩慢的下降，我們在電話會議中也提到了這一點。

We're starting to see this slow decline in GMV. And as that decline is happening, we are starting to see some small signs that conversion rate has at least leveled out. Maybe we will see modest improvement, we can't predict that yet. But we're starting to see prices starting to come down and we're starting to see the behaviors, at least I think dealers are starting to really realize, okay, whatever they bought the car almost doesn't matter, this is the new price. So I think we're starting to see trends. They're not trends that, Ali, make us I would say comfortable that it's going to go up materially in the back half of the year. But I think at least we've gotten to the point where they've leveled off. And now we have to start to see them come back on.

我們開始看到 GMV 的緩慢下降。隨著這種下降的發生，我們開始看到一些小跡象表明轉化率至少已經趨於平穩。也許我們會看到適度的改善，我們還無法預測。但是我們開始看到價格開始下降，我們開始看到行為，至少我認為經銷商開始真正意識到，好吧，不管他們買什麼車幾乎都無所謂，這是新的價格。所以我認為我們開始看到趨勢。阿里，它們不是讓我們感到舒服的趨勢，我會說它會在今年下半年大幅上漲。但我認為至少我們已經達到了他們已經趨於平穩的地步。現在我們必須開始看到他們回來了。

Bill, anything more you want to add to that?

比爾，你還有什麼要補充的嗎？

No.

不。

That makes sense. And then as a follow-up here, I appreciate you don't guide the volumes, but maybe you can help us understand what you're expecting for second half marketplace unit. You mentioned that your guidance assumes new car supply and conversion headwinds don't improve in the second half. Does that imply your internal model assuming no quarter-over-quarter volume growth in the third and the fourth quarter?

那講得通。然後作為後續行動，我感謝您沒有指導數量，但也許您可以幫助我們了解您對下半年市場單位的期望。您提到您的指導假設新車供應和轉換逆風在下半年沒有改善。這是否意味著您的內部模型假設第三和第四季度的銷量沒有環比增長？

Yes, as you mentioned, we don't guide obviously to units or to ARPU for that matter. But just to give you a little more color. So yes, we're assuming the supply remains muted through the second half due to the weaknesses that we've seen -- that we're all seeing in consumer demand. We're also assuming, as we just discussed, that conversion rates are at the lower end of the historical ranges. So we're not expecting or projecting any improvement at this point, and that's what we've baked into our guidance. But when you look at the numbers obviously and do the math, our unit outlook has declined, and that's what's implicit in our revenue guidance for the second half.

是的，正如你所提到的，我們並沒有明確地指導單位或 ARPU。但只是為了給你更多的顏色。所以，是的，我們假設由於我們已經看到的弱點，下半年供應仍然疲軟——我們都在消費者需求中看到了這一點。正如我們剛剛討論的那樣，我們還假設轉化率處於歷史範圍的低端。因此，我們目前不期望或預計會有任何改進，這就是我們在指導中納入的內容。但是，當您清楚地查看這些數字並進行數學計算時，我們的單位前景已經下降，這就是我們下半年收入指導中隱含的內容。

In terms of vehicle ASPs, we're expecting those to moderate as well in the back half. We're already starting to see some of that. So that will put some pressure on ARPU depending upon what the mix is. And again, all of this is driven by the supply of trades that come into the wholesale market and then conversion rates. So if any of these dynamics change in terms of new vehicle supply, et cetera, then obviously that could create a variance versus what we've baked into our guidance. But that's kind of the methodology and that hopefully gives you a little more color.

就汽車平均售價而言，我們預計後半部分也會放緩。我們已經開始看到其中的一些。因此，這將對 ARPU 施加一些壓力，具體取決於組合是什麼。再一次，所有這一切都是由進入批發市場的交易供應和轉化率驅動的。因此，如果這些動態中的任何一個在新車供應等方面發生變化，那麼顯然這可能會與我們在指導中納入的內容產生差異。但這是一種方法，希望能給你更多的色彩。

And if I could just squeeze one more in here. On the reduced operating expense outlook, can you give some more specific color on what exactly is driving that -- the cost reductions?

如果我能在這裡再擠一個。關於降低運營費用的前景，您能否更具體地說明一下究竟是什麼推動了這一點——成本降低？

So look, I mean, you've seen us so far this year be very diligent in terms of managing and balancing our OpEx spending and trying to align that with the macro conditions and our revenue outlook. So our focus is to do this while we also maintain a certain level of service to all of our dealer partners, while also preserving our growth investments. So we're well positioned as the market improves going down the road. And we just continue to be very thoughtful about how we prioritize all of our spending across every aspect of the business. And we're continuing to look for ways to optimize, which kind of again cuts across all functional groups in the company. So we have a very clear focus on this, and that's reflected in our revised OpEx guidance, and George and I has commitment to manage basically the bottom line and adjusted EBITDA margins.

所以看，我的意思是，今年到目前為止，您已經看到我們在管理和平衡我們的運營支出支出方面非常勤奮，並試圖將其與宏觀條件和我們的收入前景保持一致。因此，我們的重點是做到這一點，同時我們還為所有經銷商合作夥伴保持一定水平的服務，同時保持我們的增長投資。因此，隨著市場的改善，我們處於有利地位。我們只是繼續非常周到地考慮如何優先考慮我們在業務各個方面的所有支出。我們正在繼續尋找優化的方法，這種方法又會影響公司的所有職能部門。所以我們對此有非常明確的關注，這反映在我們修訂的運營支出指南中，喬治和我承諾管理基本的底線和調整後的 EBITDA 利潤率。

Our next question comes from Ron Josey with Citi.

我們的下一個問題來自 Citi 的 Ron Josey。

I wanted to ask about the dealer adoption, and knowing listings are up, but conversions are down and we got the units sold here. But wondering if you can talk to us if there has been any change or approach in terms of the sales process in terms of how it's evolved over the past several years now that we're sort of in this new normal, if you will, as things normalize. So more just a question on the sales process as you're going to dealers and getting them to sign up because I think the fact that listings are still up is pretty interesting? And then if you could just talk a little bit more about consumer sourcing and the progress here. There's a lot more competition out there for consumer sourcing. So would love to hear how that's going?

我想詢問經銷商的採用情況，並且知道列表增加了，但是轉換率下降了，我們在這裡出售了單位。但是想知道您是否可以與我們交談，如果您願意的話，就過去幾年的發展方式而言，銷售流程是否有任何變化或方法，因為我們處於這種新常態，如果您願意的話，事情正常化。所以更多的只是一個關於銷售過程的問題，因為你要去經銷商那裡讓他們註冊，因為我認為列表仍然存在的事實非常有趣？然後，如果你能多談談消費者採購和這裡的進展。消費者採購方面的競爭更加激烈。所以很想听聽這是怎麼回事？

We're very pleased with the fact that we increased dealers listing 25% year-over-year. So it's really showing that our customer acquisition strategies are working, both in our emerging markets and as well as the markets we've been in for a while. So very happy about the growing the dealer base. I know I think you're looking for a little bit more color on maybe the things we're doing different. If I had to pick some areas of difference of maybe some of the reasons why we are growing so well there, private marketplace has added dealerships from large groups.

我們很高興經銷商的上市量同比增加了 25%。因此，這確實表明我們的客戶獲取策略正在發揮作用，無論是在我們的新興市場還是我們已經進入一段時間的市場。對不斷增長的經銷商群感到非常高興。我知道我認為你正在尋找更多的色彩，也許我們正在做的事情不同。如果我不得不選擇一些不同的領域，也許是我們在那裡發展如此之好的一些原因，私人市場已經增加了來自大型集團的經銷商。

I don't think we give out the percentages and are prepared for the second, but we have been growing rooftops in large groups at a higher pace than the single storage out there. So that's been a great investment. We are somewhere in the nature of 30-plus of the top 300 dealer groups in the country now using ACV Private Marketplace to trade among themselves, which gives us a competitive advantage with large groups. And as you know, with the consolidation going on out there, we end up winning stores every month simply when one of our large groups buys a store. So that would be one difference to your question than from a few years ago.

我不認為我們會給出百分比並為第二次做準備，但我們一直在以比單個存儲更快的速度在大組中種植屋頂。所以這是一項偉大的投資。我們屬於該國前 300 家經銷商集團中的 30 多家，現在使用 ACV 私人市場進行相互交易，這使我們在大型集團中具有競爭優勢。如您所知，隨著整合的進行，我們每個月都會在我們的一個大集團購買一家商店時贏得商店。因此，與幾年前相比，這將是您的問題的一個不同之處。

Our Drivably and MAX are 2 great software sort of data products that have helped us differentiate to win sellers out there. We've -- just for example, there's a dealer group out there that's in trial, a large dealer group on MAX and in Private Marketplace and the dealer group we weren't working with as much previously. And now because of our data products and whatnot, we're starting to win there on the auction side of things. So that's an example. Hopefully, that's -- I wasn't prepared on that answer. Hopefully, that gives you like a little color on the things that are different.

我們的 Drivably 和 MAX 是兩種出色的軟件類型的數據產品，它們幫助我們脫穎而出，贏得了賣家。我們已經 - 例如，有一個正在試用的經銷商集團，一個在 MAX 和 Private Marketplace 上的大型經銷商集團，以及我們以前沒有與之合作的經銷商集團。現在由於我們的數據產品等等，我們開始在拍賣方面獲勝。這是一個例子。希望那是 - 我沒有準備好這個答案。希望這能讓您對不同的事物有所了解。

And the second one really consumer and I think somewhat related. Our primary consumer offering, as you know, has been Live Appraisal and Live Appraisal has grown. So Live Appraisal is (inaudible) is when we auction the consumer's car, typically done with our inspector on site or our inspector at a consumer's home, and it's grown year-over-year. If I remember correctly, 30% growth year-over-year. So growing nicely.

而第二個真正的消費者和我認為有些相關。如您所知，我們的主要消費者產品一直是 Live Appraisal 並且 Live Appraisal 已經發展壯大。因此，現場評估（聽不清）是當我們拍賣消費者的汽車時，通常由我們的現場檢查員或我們的檢查員在消費者家中完成，並且每年都在增長。如果我沒記錯的話，同比增長 30%。所以長得很好。

The -- where we're going with consumer is to really leverage technology prior to having to inspect the vehicle. We're still early in this, but very excited for products like Drivably and then once we release Monk later this year. These are products that allow for a consumer to inspect or a dealer to inspect the vehicle. Allows us to get our valuation engine out there outside of our inspectors.

我們與消費者一起去的地方是在必須檢查車輛之前真正利用技術。我們還處於早期階段，但對 Drivably 等產品感到非常興奮，然後我們會在今年晚些時候發布 Monk。這些產品允許消費者檢查或經銷商檢查車輛。允許我們在檢查員之外使用我們的估值引擎。

So we're very excited about the investment. Those investments in the technology and the plan are also in this sort of modest investment plan. So we're still investing in these areas. So, so far, Live Appraisal is going well. The other products are still a little young. And we're going to make them material over the next few quarters. But a part of this is investing in the now and investing in the future, which we feel great about.

所以我們對這項投資感到非常興奮。那些對技術和計劃的投資也在這種適度的投資計劃中。所以我們仍然在這些領域進行投資。所以，到目前為止，現場評估進展順利。其他產品還有些年輕。我們將在接下來的幾個季度裡讓它們變得重要。但其中一部分是投資於現在和投資於未來，我們對此感覺很好。

Our next question is from Eric Sheridan with Goldman Sachs.

我們的下一個問題來自高盛的 Eric Sheridan。

Guys, maybe just first a bigger picture question sort of zooming out. Obviously, you're dealing with elements of both the supply chain and demand in the current environment, but you're still thinking about sort of longer term targets looking out over the next 4 years. Can you help investors better understand your confidence interval, what you're seeing to bridge for some of those longer term targets on both the revenue and the EBITDA side? And maybe just following up on some of the initiatives like Capital, going a little bit deeper in terms of what some of those newer initiatives you're doing in terms of driving more unit economics to the platform?

伙計們，也許首先是一個更大的問題，有點縮小。顯然，您正在處理當前環境中的供應鍊和需求要素，但您仍在考慮未來 4 年的長期目標。您能否幫助投資者更好地了解您的置信區間，以及您所看到的收入和 EBITDA 方面的一些長期目標的橋樑？也許只是跟進一些舉措，比如資本，就你在推動更多單位經濟到平台方面所做的一些新舉措而言，更深入一點？

Eric, it's Bill. So I'll start with the first question. So if you think about our long-term targets going out to 2026, the fundamental growth drivers and the margin levers are still very much intact. And if anything, actually we're feeling a little better about this than we were even a few months ago based on the progress that we're making. So maybe I should just rifle through what those are to kind of hit on each of those from a high level.

埃里克，是比爾。所以我將從第一個問題開始。因此，如果您考慮我們到 2026 年的長期目標，基本的增長動力和利潤率槓桿仍然非常完好。如果有的話，實際上，基於我們正在取得的進展，我們對此感覺比幾個月前要好一些。因此，也許我應該仔細研究一下這些內容，以便從高水平上對每個人進行打擊。

So first, as you know, we established territories across the U.S., and that was a very big initiative last year that enables us to target all 17,000 independents across the country. So we've already kind of checked that box last year and we believe that's a key lever in terms of driving market share growth over time. So you're already seeing in terms of our territory penetration strategy, it's yielding strong results by attracting new dealers to our marketplace. So that's all intact.

首先，如您所知，我們在美國各地建立了地區，這是去年的一項非常大的舉措，使我們能夠針對全國所有 17,000 名獨立人士。因此，我們去年已經檢查了該框，我們相信這是推動市場份額隨時間增長的關鍵槓桿。因此，您已經看到我們的區域滲透戰略，它通過吸引新的經銷商進入我們的市場而產生了強勁的成果。所以這一切都完好無損。

You're seeing us grow listings nearly 30% year-on-year, and that's a really tough environment which shows that we're also gaining market share. So -- and wallet share rather. So all of these drivers continue to be intact. We're delivering now a bunch of new solutions like SAM that are rapidly gaining traction and investing in a bunch of other tech to improve operations. We're driving margin improvements now in various parts of the business. We talked about Transport and getting to mid-single-digit margins in Q2 frankly, which is way ahead of plan, because as a reminder, our targets by 2026 are 15%. So frankly, we're, call it, a little less than halfway there only a few months after we talked about these targets back in March.

您看到我們的房源同比增長近 30%，這是一個非常艱難的環境，表明我們也在獲得市場份額。所以 - 和錢包份額相當。因此，所有這些驅動因素仍然完好無損。我們現在正在提供一系列新的解決方案，如 SAM，這些解決方案正在迅速獲得關注，並投資於一系列其他技術以改善運營。我們現在正在推動業務各個部分的利潤率提高。我們坦率地談到了運輸和第二季度達到中個位數的利潤率，這遠遠超出了計劃，因為提醒一下，我們到 2026 年的目標是 15%。坦率地說，在我們三月份談到這些目標僅僅幾個月之後，我們稱之為，還不到一半。

On the OpEx side, we're getting much more focused on operational efficiency, while also again preserving our growth investments. So that frankly even better positions us for operating leverage as volumes recover. So these are kind of some of the key tenets behind our long-term model that we articulated at the Analyst Day in March and all of those are intact. Obviously, what's changed right now is the market that we're operating within. But we believe over time the market will normalize. This market at some point will return to more historical levels. I don't think any of us know exactly when that will be. But all of these levers and kind of growth drivers are intact from our perspective.

在運營支出方面，我們更加關注運營效率，同時也再次保留了我們的增長投資。因此，坦率地說，隨著交易量的恢復，我們可以更好地利用經營槓桿。因此，這些是我們在三月份的分析師日闡明的長期模型背後的一些關鍵原則，所有這些都是完整的。顯然，現在改變的是我們經營的市場。但我們相信，隨著時間的推移，市場將會正常化。這個市場在某個時候將回到更多的歷史水平。我認為我們中的任何人都不知道確切的時間。但從我們的角度來看，所有這些槓桿和增長動力都是完整的。

And again, if anything, we're a bit ahead of target or timelines that we've identified when we built our 5 year model. So we still feel great about achieving those targets. Now the road might be a little bit different to get there, again because we're not sure when these macro drivers kind of normalize. But when we take a step back and think about the long-term, we feel really great about achieving these targets.

再說一次，如果有的話，我們在構建 5 年模型時確定的目標或時間表有點提前。所以我們仍然對實現這些目標感覺很好。現在到達那裡的道路可能有點不同，再次因為我們不確定這些宏驅動程序何時會正常化。但是，當我們退後一步考慮長遠時，我們對實現這些目標感到非常高興。

On Capital, George, do you want to touch base on anything there?

關於 Capital，George，你想了解那裡的任何內容嗎？

On ACV Capital?

在 ACV 資本上？

Yes.

是的。

So at the end of the day, we're achieving our goals, both on attach rate and success of ACV Capital as well as when I think about Transport, our 2 primary value-added services as all of you look at 2026. Over the last year, there was a -- you had to really believe can ACV get to a certain attach rate? Could we improve our margins and still do all the other things. When you look at our execution quarter-over-quarter, we showed incredible success in attach rates, incredible success of increasing margin in Transport.

因此，歸根結底，我們正在實現我們的目標，包括 ACV Capital 的附加率和成功，以及當我想到運輸時，我們所有人都在看 2026 年的兩項主要增值服務。去年，有一個——你必須真的相信 ACV 能達到一定的附加率嗎？我們能否在提高利潤的同時做所有其他事情。當您查看我們的季度環比執行情況時，我們在附加率方面取得了令人難以置信的成功，在運輸利潤率方面取得了令人難以置信的成功。

And we also had other headwinds, if you remember a quarter ago, day-to-day things we were taking care of where overall helped us -- we went to overall margin improvement. So really when you think about how do I believe in 2026, you're believing we're going to scale out our territories across the country, which we continue to do. You're believing that we're going to get the attach rate and focus on our margin objectives. And I couldn't be more proud of the quarter-over-quarter execution.

如果你還記得一個季度前，我們還遇到了其他不利因素，我們正在處理的日常事務總體上幫助了我們——我們提高了整體利潤率。所以真的，當你考慮我如何相信 2026 年時，你相信我們將在全國范圍內擴展我們的領土，我們將繼續這樣做。您相信我們將獲得附加率並專注於我們的保證金目標。我對季度環比的執行感到無比自豪。

Our next question is from Chris Pearce with Needham & Company.

我們的下一個問題來自 Needham & Company 的 Chris Pearce。

Can you talk about the higher average price you guys realized on units in the second quarter, especially where we've seen retail -- not necessarily wholesale competitor, but we've seen average price come down. Is it dealers getting more comfortable selling higher-priced units digitally? Is it a new subset of deal that you're adding? Are you taking share from someone at a higher price point? I'd just love to hear more about it.

你能談談你們在第二季度實現的單位平均價格更高，尤其是在我們看到零售的地方——不一定是批發競爭對手，但我們看到平均價格下降了。經銷商是否更願意以數字方式銷售高價單位？它是您要添加的新交易子集嗎？您是否以更高的價格從某人那裡獲得份額？我只是想听到更多關於它的信息。

There's probably 2 parts to that. Yes, I first can talk about price. So in terms of price, I mean, our GMV per unit increased 32% year-on-year in Q2. And that was basically evenly -- almost exactly evenly split between higher ASPs and a change in mix. And that's pretty much been the story for the last year or so that it's been half and half ASPs and mix. So I'll pause there and then the second -- what was the second part of your question?

大概有2個部分。是的，我首先可以談談價格。所以就價格而言，我的意思是，我們的單位 GMV 在第二季度同比增長了 32%。這基本上是均勻的——在較高的 ASP 和組合的變化之間幾乎完全均勻分佈。這幾乎就是去年左右的故事，它是一半一半的 ASP 和混合。所以我會停在那裡，然後是第二個——你問題的第二部分是什麼？

So when you think of what are we doing to win more share of higher ASP vehicles. So products like SAM help us on the conversion rate as it relates to the higher-priced vehicles. Because what it is, is franchise dealers and others who want to buy these vehicles Canal, either just get a better filter based on them setting up their profile and/or automatically bidding. So however they decide to use SAM, it does help on in that area.

因此，當您想到我們正在做些什麼來贏得更高 ASP 車輛的更多份額時。因此，像 SAM 這樣的產品可以幫助我們提高與高價車輛相關的轉化率。因為它是特許經銷商和其他想要購買這些車輛 Canal 的人，要么根據他們設置的個人資料和/或自動出價獲得更好的過濾器。因此，無論他們決定使用 SAM，它確實在該領域有所幫助。

So I think at a really high level, what we'll see between now and the back half of the year is prices will likely come down. Overall, we will see prices come down, but we may still gain more share in the higher ASP segment. And so how that comes together is a tricky part. So -- because as overall prices are coming down, we will remain kind of going up market. So I think we're really signaling as, yes, we believe the overall GMV will go down modestly throughout the year, even though we'll be gaining more share in the higher segment.

所以我認為在一個非常高的水平上，從現在到今年下半年，我們將看到價格可能會下降。總體而言，我們將看到價格下降，但我們仍可能在較高的 ASP 細分市場中獲得更多份額。因此，如何將它們結合在一起是一個棘手的部分。所以 - 因為隨著整體價格的下降，我們將保持上漲的市場。因此，我認為我們確實在發出信號，是的，我們相信整體 GMV 將在全年適度下降，即使我們將在更高的細分市場中獲得更多份額。

And then just kind of an education question for me. I hear other people talk about, hey, we use third-party inspectors and you guys obviously use the VCI. Are there -- I'm just kind of curious what sort of advantage that gives you in the sense that are there 6 other condition reports that dealers have to wade through from 6 other different third-party inspectors or are they standardized by whatever platform uses those third-party inspectors? So I'm just kind of curious about the inspection report advantage you guys have.

然後對我來說只是一個教育問題。我聽到其他人說，嘿，我們使用第三方檢查員，你們顯然使用 VCI。有沒有 - 我只是有點好奇這會給你帶來什麼樣的優勢，因為經銷商必須從其他 6 個不同的第三方檢查員那裡獲得 6 份其他狀況報告，或者它們是否被任何平台使用標準化那些第三方檢查員？所以我只是對你們擁有的檢驗報告優勢有點好奇。

I believe what you're referring to is we may have competitors who use third-parties versus employees. So I'm not exactly sure of the question. But if I assume that's the question, then the pros and cons of each of these models are once you get density in a geographic area, think like you start to get several hundred units in each geographic area. You can send your inspectors to a given customer more often to get more wallet share. And you can likely have a higher control of your quality from a CR arbitration. You saw, for example, we mentioned in the last earnings call, we had some challenges as it's related to arbitration.

我相信你指的是我們可能有使用第三方而不是員工的競爭對手。所以我不太確定這個問題。但是，如果我假設這是問題所在，那麼這些模型的優缺點是，一旦您在某個地理區域獲得密度，就可以認為您開始在每個地理區域獲得數百個單位。您可以更頻繁地將您的檢查員發送給給定的客戶以獲得更多的錢包份額。並且您可以通過 CR 仲裁更好地控制您的質量。例如，您看到我們在上次財報電話會議中提到，我們遇到了一些與仲裁有關的挑戰。

Well, we made some technology changes, some process changes, some training and we really improved quarter-over-quarter in arbitration and goodwill in a market that got harder. So the market got harder and harder and we did better. So there are advantages of having your own team. The advantages to our competitors who have -- they don't have employees is when you don't have -- when you don't have as many sales in any given region, their cost structure is lower.

好吧，我們進行了一些技術更改、一些流程更改、一些培訓，並且在一個越來越難的市場中，我們在仲裁和商譽方面確實比上一季度有所提高。所以市場變得越來越難，我們做得更好。所以擁有自己的團隊是有好處的。我們的競爭對手的優勢——他們沒有員工——當你沒有——當你在任何給定地區沒有那麼多銷售額時，他們的成本結構就會更低。

So we're paying for inspectors across the country, in dozens of territories where we have full-time infectors where we don't have enough for those inspectors to be doing 8 or 9 or 10 or 12 inspections per day. We're still early. So in those markets, our competitors would have a cost advantage, while you're growing at scale. So I think there are strengths to either one of these models. And obviously, we like our model. We like our model. We believe it gives us certain competitive advantages. Hopefully, that answers your question.

因此，我們正在為全國各地的檢查員付費，在我們有全職感染者的數十個地區，我們沒有足夠的檢查員每天進行 8 次、9 次、10 次或 12 次檢查。我們還早。因此，在這些市場中，我們的競爭對手將具有成本優勢，而您正在大規模增長。所以我認為這些模型中的任何一個都有優勢。顯然，我們喜歡我們的模型。我們喜歡我們的模型。我們相信它給我們帶來了一定的競爭優勢。希望這能回答你的問題。

One moment for our next question, please. From Bob Labick with CJS Securities.

請稍等我們的下一個問題。來自 CJS 證券公司的 Bob Labick。

Obviously, given how much we've talked about conversion rates, it's an important topic and I'm sure you guys have studied it internally. So I was wondering if you could maybe tell us or share with us what you've learned about higher converting dealers versus lower converting dealers? And what practices you can take from higher conversion dealers and help the lower conversion guys with? And specifically, what tools you have right now to increase conversion? And how their toolbox is going to rollout over the next several quarters, years to also increase conversion?

顯然，鑑於我們已經討論了多少轉化率，這是一個重要的話題，我相信你們已經在內部研究過它。所以我想知道您是否可以告訴我們或與我們分享您對轉換率較高的經銷商與轉換率較低的經銷商的了解？您可以從轉化率較高的經銷商那裡採取哪些做法來幫助轉化率較低的人？具體來說，您現在有哪些工具可以提高轉化率？他們的工具箱將如何在接下來的幾個季度、幾年內推出以增加轉化率？

Yes, Bob, it's a great question. So we -- to your point, we -- even today, we have dealers with 90% plus conversion. So you are right on. And those dealers will leverage the ACV Market Report to help them understand where cars are trading now compared to if they were trading a couple of thousand dollars more several months ago. So that's one area where they could use the ACV Market Report.

是的，鮑勃，這是一個很好的問題。所以我們 - 就你的觀點而言，我們 - 即使在今天，我們的經銷商的轉化率也達到了 90% 以上。所以你是對的。這些經銷商將利用 ACV 市場報告來幫助他們了解汽車現在在哪裡交易，而幾個月前他們的交易價格要高出幾千美元。所以這是他們可以使用 ACV 市場報告的一個領域。

Another product that helps them understand the value of a trade is Live Appraisal. So when they take in the car instead of guessing the value if you run a Live Appraisal because the Live Appraisal gives you the actual cash value, the ACV of the car. Not with whatever the data said it was worth a month or 2 months ago is no longer relevant. So that's another best practice. Where we're going with Drivably and MAX in our newer products. So the first 2, we've tried to scale well to all of our customers, and some take our advice, some don't. The other -- the 2, I would say, the newer products with Drivably and MAX allow them to get to more structured answers quickly, whether it's the consumer on the dealer's website.

另一種幫助他們了解交易價值的產品是實時評估。因此，當他們接受汽車而不是猜測價值時，如果您進行實時評估，因為實時評估會為您提供實際的現金價值，即汽車的 ACV。無論數據表明一個月或 2 個月前是否值得，都不再適用。所以這是另一個最佳實踐。我們將在我們的新產品中使用 Drivably 和 MAX。所以前兩個，我們試圖很好地擴展到我們所有的客戶，有些人接受我們的建議，有些人不接受。另一個——我想說的是 2，帶有 Drivably 和 MAX 的新產品使他們能夠快速獲得更有條理的答案，無論是經銷商網站上的消費者。

When you think about one of the problems dealers have is they've got all these different widget things on their websites with all these different brands, I won't name them. And then when the consumer shows up at a dealership, they value it a different way. They always ignore how they're doing it on their website. And we're really the first one in the market to come with a condition-adjusted pricing because in any given car when the car gets traded in, on any make model, it could be $4,000, $5,000 difference between a low and a high, let's say, on a $20,000 car, it could be $15,000, it could be $25,000 based on the condition. So these tools that we've been developing and making good strides will help dealers make the right decision at trade.

當您想到經銷商遇到的一個問題是，他們的網站上有所有這些不同品牌的不同小部件，我不會說出它們的名字。然後當消費者出現在經銷商處時，他們會以不同的方式評價它。他們總是忽略他們在網站上的表現。而且我們真的是市場上第一個提供條件調整定價的公司，因為在任何給定的汽車中，當汽車以舊換新時，在任何品牌型號上，低價和高價之間的差價可能是 4,000 美元，5,000 美元，假設，一輛 20,000 美元的汽車，可能是 15,000 美元，根據情況可能是 25,000 美元。因此，我們一直在開發並取得長足進步的這些工具將幫助交易商做出正確的交易決策。

Now we are in the midst of dealers having to decide what they do on inventory they bought months ago. So just think like right now for the next X months, it's not just about the new trades, which have to be priced, it's also about the trades and/or cars they were trying to reach out that they bought several months ago at much higher prices. That just goes to realization that you're either going to have to retail it for a higher amount or if you want to wholesale it, it's the new wholesale price.

現在我們正處於經銷商必須決定他們對幾個月前購買的庫存做什麼的過程中。因此，就像現在一樣，在接下來的 X 個月裡，這不僅僅是關於必須定價的新交易，還關係到他們幾個月前以高得多的價格購買的交易和/或汽車價格。這只是意識到你要么必須以更高的價格零售它，要么如果你想批發它，那就是新的批發價格。

So Bob, (inaudible) what you're looking there from a question, but great question.

所以鮑勃，（聽不清）你從一個問題中看到了什麼，但是很好的問題。

One moment for our next question, please. It's from Rajat Gupta with JPMorgan.

請稍等我們的下一個問題。它來自摩根大通的 Rajat Gupta。

I'm not sure if I missed this, but are you reiterating the second half EBITDA positive guidance today?

我不確定我是否錯過了這一點，但您今天是否重申了下半年的 EBITDA 積極指導？

I'm sorry, say that again.

對不起，再說一遍。

With the second half EBITDA profitability target, are you reiterating that today just...

對於下半年的 EBITDA 盈利目標，您是否重申今天只是...

You mean for 2023?

你是說2023年？

Yes.

是的。

So yes, we previously committed to exit next year at EBITDA breakeven. We're maintaining that commitment, albeit, we're actually entering into next year at a $40 million lower OpEx run rate. So that lowers our breakeven point and obviously puts us in a better position to achieve breakeven subject to whatever the market conditions are and our ability to grow the top-line next year of course.

所以是的，我們之前承諾明年在 EBITDA 盈虧平衡時退出。儘管我們實際上以 4000 萬美元的運營成本低 4000 萬美元進入明年，但我們仍將保持這一承諾。因此，這降低了我們的盈虧平衡點，顯然使我們處於更好的位置來實現盈虧平衡，無論市場條件如何，當然還有我們明年增長收入的能力。

And are there any more levers you could pull to get there even sooner if volumes do remain sluggish, maybe some more cuts around discretionary spending or your tech spending? Just curious on your thoughts there.

如果交易量仍然低迷，是否有更多的槓桿可以更快地實現這一目標，或者在可自由支配支出或技術支出方面進行更多削減？只是好奇你的想法。

All I would tell you is we're continually looking at our OpEx spend rates across the business and we're going to continue to optimize everywhere we can. We're making this level of commitment on the call today, but that doesn't mean we're going to stop looking for efficiencies and where we can optimize our operations. So I'm not going to put out any numbers, but look, we obviously have multiple levers at any point in time. What we're trying to do is preserve our ability to continue to grow and grab share. But George and I have committed to manage the bottom line and we're going to do everything we can to continue to execute against those commitments.

我要告訴你的是，我們一直在關注我們整個業務的運營支出支出率，我們將繼續在我們可以做的任何地方進行優化。我們在今天的電話會議上做出了這種程度的承諾，但這並不意味著我們將停止尋找效率以及我們可以優化運營的地方。所以我不會公佈任何數字，但是看，我們顯然在任何時間點都有多個槓桿。我們正在努力做的是保持我們繼續增長和搶占份額的能力。但喬治和我已承諾管理底線，我們將盡我們所能繼續執行這些承諾。

And an example of where we've been managing our resources more effectively than our original plan is our spend on tech. We have a great team in North America, folks here at Buffalo and Toronto and folks all over the country, but we were able to augment that team with some offshore development this year. We've been able to deliver an unbelievable product in tech roadmap with significantly less headcount in North America. That's an example of something my product and tech team did that I'm just so proud of them. You've probably heard a lot of companies talk about this. We did it. We are executing on a really incredible roadmap. And the folks here in North America are delivering and our folks in Paris, France are delivering, but then we've got other offshore development folks in other places that are helping us deliver great products at a lower cost. So yes, I think what Bill is saying is we're doing it now. We are doing it and look at our overall cost infrastructure. We had initial cost basis in the business. And we're looking for ways to achieve our results in a more optimized way.

我們比原來計劃更有效地管理資源的一個例子是我們在技術上的支出。我們在北美有一支很棒的團隊，在布法羅和多倫多以及全國各地都有人，但今年我們能夠通過一些離岸開發來擴大這個團隊。我們已經能夠在技術路線圖中交付令人難以置信的產品，而在北美的員工人數卻大大減少。這是我的產品和技術團隊所做的事情的一個例子，我為他們感到驕傲。你可能聽說過很多公司都在談論這個。我們做到了。我們正在執行一個非常令人難以置信的路線圖。北美的人們正在交付，我們在法國巴黎的人們正在交付，但是我們在其他地方還有其他離岸開發人員正在幫助我們以更低的成本交付優質的產品。所以是的，我認為比爾所說的是我們現在正在這樣做。我們正在這樣做，並著眼於我們的整體成本基礎設施。我們在業務中有初始成本基礎。我們正在尋找以更優化的方式實現我們的結果的方法。

I think one more data point that I would just add to augment what I discussed earlier is I think you could look at the Q2 results, especially our quarter-on-quarter increase in margins, 300 basis points as an indication of our ability to execute on kind of pulling those levers and generating results, in this case, very, very quickly versus Q1, for example. So that's -- I think that's just a reflection of our ability to continue to steer the ship and kind of achieve that target of exiting next year at breakeven. And obviously, we would try to get there earlier and we'll do everything we can to do that. But right now, that's our commitment and we're standing by it.

我認為我要補充的另一個數據點是我之前討論的內容，我認為您可以查看第二季度的結果，尤其是我們的利潤率環比增長 300 個基點，以表明我們的執行能力例如，在這種情況下，與第一季度相比，拉動這些槓桿並產生結果的速度非常非常快。所以這就是——我認為這只是反映了我們繼續駕馭這艘船的能力，並在某種程度上實現了明年在盈虧平衡時退出的目標。顯然，我們會嘗試早點到達那裡，我們會盡我們所能做到這一點。但現在，這是我們的承諾，我們堅持。

Maybe just on your volume numbers, obviously, a tough market backdrop, you're continuing to gain share and your growth was much better than one of your larger, more sizable peers. Is there anything you would attribute that to, in particular, I mean, did the ADESA acquisition have any impact in terms of just getting those incremental customers? Just curious on your thoughts there.

顯然，在艱難的市場背景下，也許僅就您的數量而言，您正在繼續獲得份額，並且您的增長比您更大、更大規模的同行之一要好得多。你有什麼特別的原因，我的意思是，ADESA 的收購對獲得這些增量客戶有什麼影響嗎？只是好奇你的想法。

I think -- I believe we outperformed many of our competitors on everything from conversion rate to quarter-over-quarter with one or the other ones. I think we outperformed several competitors. And we asked, okay, why? One is since the market gets a little softer, the demand side needs to trust the condition report. You've heard me say when markets are hot, almost anybody can sell a wholesale car. And many of you heard me say this for the last few quarters. When markets are hot, when prices are going up, dealers will bid on almost anything from anybody. When markets start to get more difficult, which is the way it was for like 40 years, dealers have to be more careful on what they're bidding and buying. So you need to trust the asset you're buying. That's a really key thing that we've got a massive difference here.

我認為 - 我相信我們在從轉化率到季度環比的各個方面都優於我們的許多競爭對手。我認為我們的表現超過了幾個競爭對手。我們問，好吧，為什麼？一是由於市場有點疲軟，需求方需要相信狀況報告。你聽我說過，當市場火爆時，幾乎任何人都可以出售批發汽車。在過去的幾個季度裡，你們中的許多人都聽到我這麼說。當市場火熱時，當價格上漲時，經銷商幾乎會競標任何人的任何東西。當市場開始變得更加困難時，就像 40 年來的情況一樣，經銷商必須更加小心他們的投標和購買。因此，您需要信任所購買的資產。這是一個非常關鍵的事情，我們在這裡有很大的不同。

Number 2, products like Private Marketplaces are really paying off for us right now. We are growing more rooftops. We're growing rooftops without even having to go out and probably just getting introduced to a new general manager because they became part of a dealer group. That's key. By focusing on dealer groups, there's going to be more and more consolidation. We have a competitive advantage with dealer groups over our competitors. So when you look at the demand side, we have a competitive advantage. On the supply side for larger groups, we have a competitive advantage. And there's more here, but at the end of the day, our investments in our team, the relationships out there in the field and our technology mix is paying off.

第二，像私人市場這樣的產品現在真的為我們帶來了回報。我們正在種植更多的屋頂。我們甚至不必外出就可以在屋頂上種植，而且可能只是因為他們成為了經銷商集團的一部分而被介紹給了一位新的總經理。這是關鍵。通過專注於經銷商群體，將會有越來越多的整合。與我們的競爭對手相比，我們在經銷商集團方面具有競爭優勢。因此，從需求方面來看，我們具有競爭優勢。在較大群體的供應方面，我們具有競爭優勢。這裡還有更多，但歸根結底，我們對團隊的投資、在該領域的關係以及我們的技術組合正在獲得回報。

And this ends our Q&A session for today. I will turn the call back to Tim Fox for final remarks.

今天的問答環節到此結束。我會將電話轉回給 Tim Fox 以發表最後的評論。

Thank you, Carmen. I'd like to thank everybody for joining us on the call today. Please note that ACV is going to be participating in a number of investor conferences this quarter. You can find all the details on our website. We look forward to seeing you on the road. And thanks again for your interest in ACV and have a great evening.

謝謝你，卡門。我要感謝大家今天加入我們的電話會議。請注意，本季度 ACV 將參加許多投資者會議。您可以在我們的網站上找到所有詳細信息。我們期待在路上見到您。再次感謝您對 ACV 的關注，祝您度過一個愉快的夜晚。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating, and you may now disconnect.

女士們，先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。