ACV Auctions Inc (ACVA) 2022 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the ACVA Fourth Quarter 2022 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Tim Fox, Vice President of Investor Relations.

美好的一天，謝謝你的支持。歡迎來到 ACVA 2022 年第四季度財報電話會議。此時，所有參與者都處於只聽模式。演講者的演講結束後，將進行問答環節。 （操作員說明）請注意，今天的會議正在錄製中。我現在想把會議交給今天的發言人，投資者關係副總裁蒂姆福克斯。

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

謝謝你，運營商。下午好，感謝您參加 ACV 的電話會議，討論我們第四季度和 2022 年全年的財務業績。今天和我一起打電話的是首席執行官 George Chamoun；和首席財務官 Bill Zerella。

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, both of 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，包括關於未來財務指導的陳述。這些前瞻性陳述受風險和不確定因素的影響，並且涉及可能導致實際結果與此類陳述明示或暗示的結果存在重大差異的因素。與我們業務相關的風險和不確定性的討論可以在我們的美國證券交易委員會文件和今天的新聞稿中找到，兩者都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. And with that, let me turn the call over to George.

在這次電話會議中，我們將討論 GAAP 和非 GAAP 財務措施。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。就這樣，讓我把電話轉給喬治。

Thanks, Tim. Good afternoon, everyone, and thank you for joining us. We are pleased with our fourth quarter performance, which capped off a year that required strong execution from the ACV team during a challenging market environment. And execute we did. ACV delivered 18% revenue growth, and gained share in a market that declined an estimated 20%. We expanded our marketplace, exiting the year with over 24,000 dealer partners. Our VCI team reached an exciting milestone, performing over 1 million inspections in 2022. Our technology team launched a broad range of new solutions to drive growth and scale across our operations. And we achieved all this while expanding margins and exceeding our EBITDA guidance.

謝謝，蒂姆。大家下午好，感謝您加入我們。我們對第四季度的業績感到滿意，該季度結束了一年，在充滿挑戰的市場環境中需要 ACV 團隊的強大執行力。並執行我們所做的。 ACV 實現了 18% 的收入增長，並在估計下降 20% 的市場中獲得了份額。我們擴大了我們的市場，在這一年結束時擁有超過 24,000 個經銷商合作夥伴。我們的 VCI 團隊達到了一個激動人心的里程碑，在 2022 年進行了超過 100 萬次檢查。我們的技術團隊推出了廣泛的新解決方案，以推動我們業務的增長和規模。我們實現了這一切，同時擴大了利潤率並超過了我們的 EBITDA 指導。

As we turn to 2023, we are encouraged to see positive signs emerge in the automotive market with industry headwinds beginning to moderate. Our focus this year remains consistent on growing market share, expanding our competitive moat with leading-edge technology, increasing margins and driving scale to deliver on our EBITDA targets. With that, let's turn to a brief recap of fourth quarter and full year 2022 results on Slide 4.

當我們轉向 2023 年時，我們很高興看到汽車市場出現積極跡象，行業逆風開始緩和。我們今年的重點仍然是增加市場份額，用領先的技術擴大我們的競爭護城河，增加利潤率和擴大規模以實現我們的 EBITDA 目標。有了這個，讓我們在幻燈片 4 上簡要回顧一下第四季度和 2022 年全年的結果。

Fourth quarter revenue of $98 million was within our guidance range, and as expected, declined modestly year-over-year versus very strong results in Q4 '21. GMV of $1.8 billion declined year-over-year, primarily due to a 20% decrease in GMV per unit as wholesale prices declined from historical highs in Q4 '21. We sold 125,000 vehicles in our marketplace, which was in line with guidance and reflected the impact of a 1,000-basis point decrease in conversion rate versus Q4 '21.

第四季度 9800 萬美元的收入在我們的指導範圍內，並且正如預期的那樣，與 21 年第四季度非常強勁的業績相比，同比略有下降。 GMV 為 18 億美元，同比下降，這主要是由於批發價格從 21 年第四季度的歷史高位回落，單位 GMV 下降了 20%。我們在我們的市場上售出了 125,000 輛汽車，這符合指導並反映了與 21 年第四季度相比轉換率下降 1,000 個基點的影響。

For the full year, revenue of $422 million increased 18% despite challenging market conditions in the second half of the year. GMV for the year increased to $9 billion due to a 20% increase in GMV per unit, while units declined modestly year-over-year, reflecting a 1,200-basis point decrease in conversion rate.

儘管下半年市場環境充滿挑戰，但全年收入仍達到 4.22 億美元，增長了 18%。由於單位 GMV 增長 20%，全年 GMV 增至 90 億美元，而單位同比略有下降，反映出轉化率下降了 1,200 個基點。

On Slide 5, I will frame the rest of today's discussion around the 3 pillars of our strategy to drive long-term shareholder value, growth, innovation and scale. I will begin with growth. On Slide 7, we're again providing context with the dealer wholesale market in relation to the broader automotive retail market. First, to illustrate the supply side of our market, we have provided data on new light vehicle volumes. As you can see in the chart on the left, SAAR increased sequentially in Q4, which is an encouraging sign that automotive production challenges are finally easing. However, as you can see in the chart on the right, volumes last year were down 8% year-over-year and 20% below pre-pandemic volumes. This decline in retail sales translated into fewer trades, which pressured wholesale auction listings during the year.

在幻燈片 5 上，我將圍繞我們推動長期股東價值、增長、創新和規模的戰略的三大支柱來安排今天餘下的討論。我將從成長開始。在幻燈片 7 中，我們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信息。首先，為了說明我們市場的供應方，我們提供了新輕型汽車銷量的數據。正如您在左側圖表中看到的那樣，SAAR 在第四季度連續增長，這是一個令人鼓舞的跡象，表明汽車生產挑戰終於得到緩解。但是，正如您在右側圖表中看到的那樣，去年的銷量同比下降了 8%，比大流行前的銷量下降了 20%。零售額的下降導致交易減少，這對年內的批發拍賣挂牌造成壓力。

Turning to Slide 8. Let's review trends for used vehicles. The retail used vehicle market was under pressure throughout 2022, as interest rate increased and retail prices remained elevated relative to historical levels. This resulted in used retail sales declining 11% year-over-year, which created additional headwinds on trading volumes and wholesale auction listings. On a more positive note, recent industry data has pointed to a solid start for the used retail market this year with volumes up month-over-month and year-over-year in January. These recent trends for new and used retail sales are positive signs for the wholesale market. However, the macro factors impacting supply in the market may persist throughout 2023, and we have factored that into our guidance.

轉到幻燈片 8。讓我們回顧一下二手車的趨勢。整個 2022 年，零售二手車市場都面臨壓力，因為利率上升且零售價格相對於歷史水平仍處於高位。這導致二手零售銷售額同比下降 11%，這對交易量和批發拍賣清單造成了額外的不利影響。從更積極的方面來看，最近的行業數據表明今年二手零售市場開局良好，1 月份的交易量環比和同比都有所增長。這些近期新舊零售銷售趨勢對批發市場來說是積極的跡象。然而，影響市場供應的宏觀因素可能會持續整個 2023 年，我們已將其納入我們的指導方針。

Now turning to Slide 9, we are also seeing some encouraging inventory trends that typically benefit the wholesale market. The chart on the left shows that the used vehicle supply has reached levels not seen since the onset of the pandemic. Why is this important? Dealers are in the business of selling cars, not storing them. As used inventories build and vehicles start to age, dealers leverage wholesale channels to sell their aged inventory. Dealers also tend to become less price-sensitive as inventories reach elevated levels, which improves auction conversion rates. We have started to see these dynamics play out in our marketplace in early 2023, which is a positive leading indicator for the wholesale market.

現在轉向幻燈片 9，我們還看到一些通常有利於批發市場的令人鼓舞的庫存趨勢。左圖顯示，二手車供應量已達到自大流行病爆發以來的最高水平。為什麼這很重要？經銷商從事的是銷售汽車業務，而不是存儲汽車。隨著二手庫存的增加和車輛開始老化，經銷商利用批發渠道銷售他們的舊庫存。隨著庫存達到較高水平，經銷商也往往對價格不那麼敏感，這提高了拍賣轉化率。我們已經開始在 2023 年初看到這些動態在我們的市場上發揮作用，這是批發市場的一個積極的領先指標。

The chart on the right illustrates that the supply of new light vehicles is also recovering, albeit off historically low levels. This is important for 2 reasons. The first and most obvious reason is that dealers require an adequate supply of inventory to satisfy consumer demand. The second reason is that when dealer lots are replenished with new vehicles, there is added incentive to reduce aged used inventory, which in turn generates more volumes for wholesale channels. The takeaway here from a market perspective is that we appear to have turned the corner. As I mentioned earlier, the persistent headwinds impacting wholesale volumes appear to be moderating.

右圖顯示，新輕型汽車的供應也在恢復，儘管已脫離歷史低位。這很重要，原因有二。第一個也是最明顯的原因是經銷商需要充足的庫存供應來滿足消費者的需求。第二個原因是，當經銷商批次補充新車時，會增加減少舊舊庫存的動力，從而為批發渠道帶來更多銷量。從市場的角度來看，這裡的收穫是我們似乎已經渡過了難關。正如我之前提到的，影響批發量的持續逆風似乎正在緩和。

Next, on Slide 10 we're sharing additional insights into our business that reinforces our confidence in ACV's long-term growth opportunity. The chart on the left shows annual listings in our marketplace, which is a measure of dealer penetration and marketplace adoption. In 2022, we grew listings 20% year-over-year despite a 10% decline in retail sales. Listings growth was driven primarily by franchise dealer penetration, which increased 600 basis points year-over-year to just over 40%. Bear in mind, we are still in the early days of engaging with the majority of our dealer partners. Therefore, increasing wallet share across our marketplace is a large opportunity and key objective for this year.

接下來，在幻燈片 10 上，我們分享了對我們業務的更多見解，增強了我們對 ACV 長期增長機會的信心。左邊的圖表顯示了我們市場上的年度清單，這是衡量經銷商滲透率和市場採用率的指標。 2022 年，儘管零售額下降了 10%，但我們的掛牌量同比增長了 20%。掛牌數量的增長主要是由特許經銷商滲透率推動的，該滲透率同比增長 600 個基點至略高於 40%。請記住，我們仍處於與大多數經銷商合作夥伴接觸的早期階段。因此，增加我們整個市場的錢包份額是今年的一個巨大機遇和關鍵目標。

The figure on the right is the annual variance in ACV's conversion rates. As we highlighted over recent quarters, pre-pandemic conversion rates on our marketplace were quite stable and predictable. Then as supply, demand and wholesale prices were impacted by pandemic-related factors, conversion rates increased significantly. While this increase was a growth tailwind in 2021, conversion rates declined significantly in the back half of 2022 as price depreciation accelerated, resulting in cautious buying behavior. To put this into perspective, the 1,200-basis point year-over-year decline in conversion rate resulted in 125,000 unit headwind in 2022. As I mentioned earlier, we are encouraged to see this trend start to reverse in early 2023 and we believe conversion rates will revert back to normalized levels throughout the year.

右圖是 ACV 轉換率的年度變化。正如我們在最近幾個季度強調的那樣，我們市場上的大流行前轉化率非常穩定且可預測。然後，由於供應、需求和批發價格受到大流行相關因素的影響，轉化率顯著提高。雖然這一增長是 2021 年的增長動力，但隨著價格貶值加速，轉換率在 2022 年下半年顯著下降，導致謹慎的購買行為。從這個角度來看，轉換率同比下降 1,200 個基點導致 2022 年出現 125,000 單位逆風。正如我之前提到的，我們很高興看到這種趨勢在 2023 年初開始逆轉，我們相信轉換利率將在全年恢復到正常水平。

Turning now to Slide 11, we estimate that the U.S. dealer wholesale market continues to remain well below normalized volumes and contracted 20% year-over-year in 2022. Despite this market backdrop, we are executing on our key growth initiatives and gaining market share. Given an estimated market contraction of 20% and a 3% year-over-year unit decline, this implies that ACV grew market share by approximately 17% in 2022.

現在轉到幻燈片 11，我們估計美國經銷商批發市場的銷量繼續遠低於正常水平，並在 2022 年同比收縮 20%。儘管存在這種市場背景，我們仍在執行我們的關鍵增長計劃並獲得市場份額.鑑於估計市場收縮 20% 和銷量同比下降 3%，這意味著 ACV 的市場份額在 2022 年增長了約 17%。

Next, I would like to wrap up the growth section with highlights on our value-added services. On Slide 12, you can see that ACV Transportation continues to deliver strong results and is scaling into a great business. Our strong carrier network and fast cycle times resulted in attach rates once again exceeding 50%. In fact, our carrier partners achieved record cycle times during the quarter, benefiting both sellers and buyers in our marketplace and setting us further apart from the competition. Over 80% of our transports were automatically dispatched in Q4, an increase of 1,000 basis points from Q3. Our technology investments continue to drive both growth and operating efficiencies. These efficiencies resulted in another quarter with revenue margin in the low double digits, an increase from the mid-single digits in early 2022. As a reminder, our 2026 financial target assumes transport revenue margin of 15%, and our progress is clearly putting us on a path to achieve this target.

接下來，我想用我們的增值服務作為重點來結束增長部分。在幻燈片 12 上，您可以看到 ACV Transportation 繼續提供強勁的業績，並正在擴展成為一家偉大的企業。我們強大的運營商網絡和快速的周期時間使附加率再次超過 50%。事實上，我們的運營商合作夥伴在本季度實現了創紀錄的周期時間，使我們市場上的買賣雙方都受益，並使我們在競爭中脫穎而出。我們超過 80% 的運輸是在第四季度自動調度的，比第三季度增加了 1,000 個基點。我們的技術投資繼續推動增長和運營效率。這些效率導致另一個季度的收入利潤率處於低兩位數，比 2022 年初的中個位數有所增加。提醒一下，我們 2026 年的財務目標假設運輸收入利潤率為 15%，我們的進展顯然使我們在實現這一目標的道路上。

Turning now to Slide 13, ACV Capital continues to experience strong demand in the market. Capital attach rates grew over 90% year-over-year in Q4, resulting in over 70% loan volume growth and average loan values increasing approximately 20% year-over-year. We have continued to ramp our investments to drive dealer engagement and scale to ensure that ACV Capital is an important growth and profit driver going forward.

現在轉到幻燈片 13，ACV Capital 繼續感受到市場的強勁需求。第四季度資本附加率同比增長超過 90%，導致貸款量增長超過 70%，平均貸款價值同比增長約 20%。我們繼續增加投資以推動經銷商參與和擴大規模，以確保 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. On Slide 15, I'll first recap some of the growth-oriented product innovations delivered in 2022. These innovations are focused on enhancing the dealer buying experience, increasing conversion rates, advancing our marketplace offerings, and expanding our TAM.

轉向我們推動長期股東價值戰略的第二個要素，即創新。在幻燈片 15 上，我將首先回顧 2022 年交付的一些以增長為導向的產品創新。這些創新的重點是增強經銷商購買體驗、提高轉化率、推進我們的市場產品以及擴大我們的 TAM。

Let me begin with the dealer buying experience. Marketplace 2.0 delivered a new UI with updated filtering, search, and notification features. Our advanced buyer solution, S.A.M., enhanced the buying experience through intelligent notification and auto bidding capabilities. We leaned in with tech to increase conversion rate by launching new auction format and enhanced pricing data, creating a broader range of merchandising options for our dealer partners.

讓我從經銷商購買經驗開始。 Marketplace 2.0 提供了一個新的 UI，其中包含更新的過濾、搜索和通知功能。我們的高級買家解決方案 S.A.M. 通過智能通知和自動出價功能增強了購買體驗。我們依靠技術來提高轉化率，推出新的拍賣形式和增強的定價數據，為我們的經銷商合作夥伴創造更廣泛的營銷選擇。

Our Private Marketplaces solution experienced strong traction with some of the largest dealer groups in the country. This solution enables dealers to easily auction inventory within their network and leverage ACV's open marketplace for unsold units.

我們的 Private Marketplaces 解決方案受到該國一些最大的經銷商集團的強烈歡迎。該解決方案使經銷商能夠輕鬆拍賣其網絡內的庫存，並利用 ACV 的未售出單位的開放市場。

In Transport, we launched a mobile carry app to provide carrier partners with digital tools to streamline their business, and we developed targeted lane pricing to improve spreads and drive margin expansion. We launched the ACV Capital portal, equipping dealers were 24/7 self-service access to critical data and to drive further adoption of our capital offerings.

在運輸方面，我們推出了一款移動攜帶應用程序，為承運商合作夥伴提供數字工具來簡化他們的業務，我們還開發了有針對性的通道定價，以改善差價並推動利潤增長。我們推出了 ACV Capital 門戶，使經銷商能夠全天候 24/7 自助訪問關鍵數據，並推動進一步採用我們的資本產品。

Lastly, we expanded our TAM with new solutions from our Drivably and Monk acquisitions, enabling dealers to transform their consumer sourcing experience with digital solutions powered by machine learning and data. These solutions also enable ACV through our dealer partners to engage upstream with the consumer prior to deploying our critical BCI resources.

最後，我們通過收購 Drivably 和 Monk 的新解決方案擴展了 TAM，使經銷商能夠通過機器學習和數據支持的數字解決方案轉變他們的消費者採購體驗。這些解決方案還使 ACV 通過我們的經銷商合作夥伴能夠在部署我們的關鍵 BCI 資源之前與消費者進行上游接觸。

On Slide 16 are examples of tech investments that extend into our operations, delivering customer success while reducing costs. Our next-gen collection device APEX delivers significantly higher transparency into vehicle operating conditions while also increasing the inspection productivity of our teammates. We launched new virtual lift capabilities that target specific pain points in the inspection process. These capabilities leverage AI technology, raising the bar and ACV's inspection transparency while reducing arbitration risk. To further advance our inspection capabilities, we introduced Copilot and ArbGuard. These technologies leverage machine learning, predictive analytics, and center data to inform our VCI on vehicle-specific issues before conducting an inspection. Lastly, our technology investment in title processing is leveraging our in-house image recognition and data extraction, supporting title processing with higher efficiency and accuracy.

幻燈片 16 是延伸到我們運營中的技術投資示例，在降低成本的同時幫助客戶取得成功。我們的下一代收集設備 APEX 顯著提高了車輛運行狀況的透明度，同時也提高了我們隊友的檢查效率。我們推出了新的虛擬電梯功能，針對檢查過程中的特定痛點。這些功能利用人工智能技術，提高了標準和 ACV 的檢查透明度，同時降低了仲裁風險。為了進一步提高我們的檢查能力，我們引入了 Copilot 和 ArbGuard。這些技術利用機器學習、預測分析和中心數據在進行檢查之前通知我們的 VCI 有關車輛的特定問題。最後，我們在標題處理方面的技術投資是利用我們內部的圖像識別和數據提取，以更高的效率和準確性支持標題處理。

Turning now to Slide 17, we have an exciting road map of innovation to further expand our competitive moat. Our primary focus on innovation this year is to further enhance and leverage our vehicle intelligence platform, which is powered by AI and machine learning in conjunction with our extensive and growing data repository. We'll continue to focus on increasing conversion rates by enhancing our programmatic capabilities and elevating the dealer experience with new self-service features. Our industry-leading inspection capabilities will raise the bar even higher with the full rollout of Apex, Copilot, ArbGuard and with Monk integrations that result in improved condition reports and lower arbitration exposure. We'll continue to expand our transportation platform and implement a loan management system to enable off-network financing in ACV Capital. And we'll launch this next generation of SaaS and data service offerings with a major upgrade of MAX Digital and deeper integrations of Drivably and Monk for consumer sourcing through our dealer partners.

現在轉到幻燈片 17，我們有一個令人興奮的創新路線圖，以進一步擴大我們的競爭優勢。我們今年的主要創新重點是進一步增強和利用我們的車輛智能平台，該平台由人工智能和機器學習以及我們廣泛且不斷增長的數據存儲庫提供支持。我們將繼續專注於通過增強我們的程序化能力和通過新的自助服務功能提升經銷商體驗來提高轉化率。隨著 Apex、Copilot、ArbGuard 和 Monk 集成的全面推出，我們行業領先的檢查能力將提高標準，從而改進條件報告並降低仲裁風險。我們將繼續擴展我們的運輸平台並實施貸款管理系統，以支持 ACV Capital 的網外融資。我們將推出下一代 SaaS 和數據服務產品，其中包括 MAX Digital 的重大升級以及 Drivably 和 Monk 的更深入集成，以便通過我們的經銷商合作夥伴進行消費者採購。

To wrap up on innovation, I think you'll agree that our team is delivering industry-leading technology to the market and into our own operation that expand our competitive moat and help drive profitable long-term growth. With that, let me hand it over to Bill to take you through our financial results and how we're driving growth at scale.

總結一下創新，我想你會同意我們的團隊正在向市場和我們自己的運營提供行業領先的技術，以擴大我們的競爭優勢並幫助推動盈利的長期增長。有了這個，讓我把它交給比爾來帶你了解我們的財務業績以及我們如何推動規模增長。

Thanks, George. And thank you, everyone, for joining us today. We are pleased with our Q4 financial performance. We delivered revenue in line with our guidance with upside to adjusted EBITDA despite the challenging macro factors George outlined earlier on the call. We also demonstrated the strength of our business model with revenue margin and adjusted EBITDA margin expansion versus Q4 '21.

謝謝，喬治。感謝大家今天加入我們。我們對第四季度的財務業績感到滿意。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，但我們的收入符合我們的指導，調整後的 EBITDA 仍有上行空間。我們還通過收入利潤率和調整後的 EBITDA 利潤率擴張與 21 年第四季度展示了我們的商業模式的實力。

Turning to Slide 19, I'll begin with a review of our fourth quarter results. Revenue of $98 million was within our guidance range and declined modestly year-over-year versus strong results in Q4 '21. To add some context to our revenue performance. Note that the Q4 '22 conversion rate declined 1,000 basis points versus Q4 '21, resulting in an approximate $18 million headwind. Adjusted EBITDA loss of $13 million or 13% of revenue beat our guidance range and EBITDA margin improved approximately 300 basis points versus Q4 '21.

轉到幻燈片 19，我將首先回顧我們的第四季度業績。 9800 萬美元的收入在我們的指導範圍內，與 21 年第四季度的強勁業績相比，同比略有下降。為我們的收入表現添加一些背景信息。請注意，與 21 年第四季度相比，22 年第四季度的轉換率下降了 1,000 個基點，導致大約 1800 萬美元的逆風。調整後的 EBITDA 虧損 1300 萬美元或收入的 13% 超出了我們的指導範圍，EBITDA 利潤率比 21 年第四季度提高了約 300 個基點。

Turning to Slide 20. I will cover some additional detail on revenue. Total revenue of $98 million represented a 35% CAGR since Q4 '20. Auction and assurance revenue, which was 56% of total revenue, declined 3% year-over-year versus strong results in Q4 '21. The revenue performance reflects a 10% year-over-year unit decline due to conversion rate compression, partially offset by higher auction and assurance ARPU.

轉到幻燈片 20。我將介紹一些關於收入的額外細節。自 20 年第四季度以來，總收入為 9800 萬美元，複合年增長率為 35%。拍賣和保證收入佔總收入的 56%，與 21 年第四季度的強勁業績相比，同比下降 3%。由於轉換率壓縮，收入表現同比下降 10%，部分被較高的拍賣和保證 ARPU 所抵消。

Marketplace Services revenue, which was 35% of total revenue, declined 3%. ACV Capital revenue more than doubled year-over-year. However, Transport revenue, which is a much larger business today, was impacted by the decline in units year-over-year. Our SaaS and data services products comprised 8% of total revenue and grew 5% year-over-year. We are making significant improvements to the mass digital platform while also taking a more measured approach to customer acquisition to position ourselves for a reacceleration of growth as we exit 2023.

佔總收入 35% 的市場服務收入下降了 3%。 ACV Capital 的收入同比增長了一倍以上。然而，運輸收入是當今規模大得多的業務，受到單位同比下降的影響。我們的 SaaS 和數據服務產品佔總收入的 8%，同比增長 5%。我們正在對大眾數字平台進行重大改進，同時還採取更謹慎的客戶獲取方法，以便在我們退出 2023 年時為重新加速增長做好準備。

Turning now to Slide 21, I will review costs in the quarter. Q4 cost of revenue as a percentage of revenue decreased approximately 400 basis points year-over-year. The improvement was driven primarily by our Transport business, which again delivered a low double-digit revenue margin in the quarter. Operating costs, excluding cost of revenue was effectively flat year-over-year in Q4. This reflects the significant investments we made in 2021 to support market expansion and technology initiatives and reflects our focus in 2022 on expense discipline as we optimized and scaled our business.

現在轉到幻燈片 21，我將審查本季度的成本。第 4 季度收入成本佔收入的百分比同比下降約 400 個基點。這一改善主要是由我們的運輸業務推動的，該業務在本季度再次實現了兩位數的低收入利潤率。運營成本（不包括收入成本）在第四季度實際上同比持平。這反映了我們在 2021 年為支持市場擴張和技術計劃所做的重大投資，並反映了我們在 2022 年優化和擴展業務時對費用紀律的關注。

Moving to Slide 22, let me frame our investment strategy and path to profitability. Our focus on spending discipline and operating efficiency resulted in a material decrease in OpEx growth in 2022. In fact, our adjusted EBITDA loss of $56 million was at the midpoint of our original 2022 guidance despite $30 million less revenue than initially anticipated due to the challenging market conditions. And we accomplished this while preserving our go-to-market and technology investments to ensure ACV is in a strong position as market conditions improve.

轉到幻燈片 22，讓我構建我們的投資策略和盈利路徑。我們對支出紀律和運營效率的關注導致 2022 年運營支出增長大幅下降。事實上，我們調整後的 EBITDA 虧損 5600 萬美元處於我們最初 2022 年指導的中點，儘管由於挑戰重重，收入比最初預期少了 3000 萬美元市場狀況。我們在實現這一目標的同時保留了我們的上市和技術投資，以確保 ACV 在市場條件改善時處於有利地位。

Next, I will highlight our strong capital structure on Slide 23. We ended Q4 with $497 million in cash and equivalents and marketable securities and $76 million of long-term debt to finance our growing ACV Capital business. Note that our Q4 cash balance included $145 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 has a corresponding impact on operating cash flow.

接下來，我將在幻燈片 23 上強調我們強大的資本結構。我們以 4.97 億美元的現金和等價物以及有價證券和 7600 萬美元的長期債務結束了第四季度，為我們不斷增長的 ACV Capital 業務提供資金。請注意，我們第四季度的現金餘額包括我們拍賣業務中的 1.45 億美元浮動資金。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，並對經營現金流產生相應的影響。

In Q4, cash flow from operations was $1 million, with a sequential increase in float contributing $7 million of positive cash flow. Consistent with the outlook we provided last quarter, cash used in operations declined significantly from $73 million in the first half of '22 to just $2 million in the second half of the year.

第四季度，運營現金流為 100 萬美元，流通量連續增加貢獻了 700 萬美元的正現金流。與我們上個季度提供的展望一致，運營中使用的現金從 22 年上半年的 7300 萬美元大幅下降到下半年的僅 200 萬美元。

Now I'll turn to guidance on Slide 24. For the first quarter of 2023, we are expecting revenue in the range of $107 million to $110 million. Adjusted EBITDA is expected to be a loss in the range of $12 million to $14 million. For the full year, revenue is expected to be a range of $460 million to $470 million. This range represents growth of 9% to 11% year-over-year. Adjusted EBITDA is expected to be a loss in the range of $30 million to $35 million and over a 40% improvement versus 2022, and we remain committed to achieving adjusted EBITDA breakeven exiting this year.

現在我將轉向幻燈片 24 的指導。對於 2023 年第一季度，我們預計收入在 1.07 億美元至 1.1 億美元之間。調整後的 EBITDA 預計將虧損 1200 萬至 1400 萬美元。全年收入預計在 4.6 億美元至 4.7 億美元之間。這一範圍代表同比增長 9% 至 11%。調整後的 EBITDA 預計將虧損 3000 萬至 3500 萬美元，與 2022 年相比改善超過 40%，我們仍然致力於在今年實現調整後的 EBITDA 收支平衡。

As it relates to our guidance, we are assuming that new vehicle supply remains constrained in the near term that improves as production and inventory continue to recover throughout the year. We are also assuming that conversion rates increase from the historically low levels in the back half of 2022, as wholesale price depreciation moderates. Finally, we expect non-GAAP operating expenses, excluding cost of revenue and depreciation and amortization to grow at approximately half the rate of revenue growth.

由於它與我們的指導相關，我們假設新車供應在短期內仍然受到限制，隨著全年生產和庫存繼續恢復而有所改善。我們還假設，隨著批發價格貶值放緩，轉化率將從 2022 年下半年的歷史低位上升。最後，我們預計非 GAAP 運營費用（不包括收入成本和折舊及攤銷費用）將以收入增長率的一半左右增長。

Let me wrap up on Slide 25 by reviewing our 2026 financial targets. We are very pleased with our execution in a very challenging macro environment, and we remain confident in our ability to achieve $1.3 billion of revenue and $325 million of adjusted EBITDA in 2026. Our confidence is reinforced by a number of factors, including strong dealer penetration and wallet share gains resulting in sustained market share gains. Opportunities to expand our TAM into adjacent markets, including commercial wholesale. Our broad technology platform, enabling durable long-term growth and operating efficiency. Consistent improvement in revenue margins and a commitment to balancing growth and investment as our business scales. We look forward to providing you with details on our long-term targets at our upcoming Analyst Day on June 1. And with that, let me turn it back to George.

讓我通過回顧我們的 2026 年財務目標來結束幻燈片 25。我們對我們在極具挑戰性的宏觀環境中的執行感到非常滿意，我們仍然相信我們有能力在 2026 年實現 13 億美元的收入和 3.25 億美元的調整後 EBITDA。我們的信心得到了許多因素的加強，包括強大的經銷商滲透率和錢包份額的增加導致持續的市場份額增加。將我們的 TAM 擴展到鄰近市場的機會，包括商業批發。我們廣泛的技術平台可實現持久的長期增長和運營效率。隨著業務規模的擴大，收入利潤率持續提高，並致力於平衡增長和投資。我們期待在 6 月 1 日即將到來的分析師日為您提供有關我們長期目標的詳細信息。說到這裡，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 strong execution during challenging 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, which positions ACV for attractive growth as market conditions improve. We are executing on our territory penetration plan and gaining traction with an expanding suite of offerings. We are delivering on an exciting product roadmap to further differentiate ACV and expand our addressable market. We are on track to achieve our near-term adjusted EBITDA target. And over the medium term, generate over $1 billion in revenue with attractive margins that we believe will drive significant shareholder value. We are committed to achieving these results while building a world-class team to deliver on our goals. With that, I'll turn the call over to the Operator to begin the Q&A.

謝謝，比爾。在我們回答您的問題之前，讓我總結一下。我們對我們在行業充滿挑戰的時期的強大執行力感到非常滿意。我們為交付這些成果的 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獲得錢包份額來繼續獲得市場份額，這使 ACV 隨著市場條件的改善而實現有吸引力的增長。我們正在執行我們的領土滲透計劃，並通過不斷擴大的產品組合獲得吸引力。我們正在提供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。我們有望實現近期調整後的 EBITDA 目標。從中期來看，產生超過 10 億美元的收入和有吸引力的利潤率，我們相信這將推動顯著的股東價值。我們致力於實現這些成果，同時建立一支世界一流的團隊來實現我們的目標。有了這個，我會把電話轉給接線員開始問答。

Thank you. (Operator Instructions) Our first question comes from the line of Chris Pierce at Needham & Co.

謝謝。 （操作員說明）我們的第一個問題來自 Needham & Co. 的 Chris Pierce。

I just wanted to kind of take a -- I'll start over. Sorry about that. George, I just wanted to take your temperature and temperature of dealers kind of you speak with given better February wholesale data. Specifically, because January seemed to -- retail did better in January because of lower prices. And just kind of talking to dealers, talking to investors, I'm just curious what you're thinking about the path of prices going forward at the retail level given wholesale price strength. Because that would kind of have an effect on retail used units. Just kind of curious how you're thinking about that and how dealers are thinking about it.

我只是想有點——我會重新開始。對於那個很抱歉。喬治，鑑於 2 月份的批發數據更好，我只想了解你的體溫和你所說的經銷商的體溫。具體來說，因為 1 月份似乎——零售業在 1 月份表現更好，因為價格較低。只是與經銷商交談，與投資者交談，我很好奇你在考慮批發價格強度的情況下零售層面的價格走勢。因為這會對零售二手設備產生影響。只是有點好奇你是怎麼想的，經銷商是怎麼想的。

Can you hear me okay, just to make sure?

你能聽到我說話嗎，只是為了確定一下？

I can hear you.

我可以聽見你。

Okay. Great. We had a little phone issue there for a second, just wanted to --

好的。偉大的。有一秒鐘我們的電話有點問題，只是想——

Did you hear any what I said specifically?

你有沒有聽到我具體說了什麼？

Yes. All is good, just we had a phone issue right while the question started. But I would say the year has started, to your point, January is generally favorable I think, compared to how a lot of dealers were expecting with interest rates rising, a fear of consumer pullback in the market. Both January and February I would say have been probably a little bit more positive than dealers were expecting. There's probably a few different theories on why. One theory of why the market has held together pretty well is it could be consumers are out knowing interests are only going to go up, so they're buying cars knowing that even though prices have remained elevated, interest rates may keep going up. That's what the market has signaled, right? I would say a couple of different reasons why that could be happening. But either way, what we're seeing so far, Chris, is that dealer sentiment right now is still strong. And I think the market is hanging in there even more the dealers were expecting.

是的。一切都很好，只是在問題開始時我們遇到了電話問題。但我想說的是，今年已經開始，就你的觀點而言，我認為 1 月份總體上是有利的，與許多經銷商對利率上升的預期相比，這是對市場消費者回落的擔憂。我想說的是，1 月和 2 月的情況可能比經銷商預期的要積極一些。關於原因可能有幾種不同的理論。關於市場為何保持良好狀態的一種理論是，消費者可能知道興趣只會上升，所以他們購買汽車時知道即使價格仍然很高，利率可能會繼續上升。這就是市場發出的信號，對吧？我會說幾個不同的原因，為什麼會發生這種情況。但無論哪種方式，克里斯，到目前為止我們所看到的是經銷商的情緒仍然很強勁。而且我認為市場懸而未決，甚至超出了經銷商的預期。

Okay. And just could you comment on just kind of what wholesale prices going up could mean for retail prices? I know the relationship tends to be certain in one direction, but just kind of we had kind of a funky end of last year where wholesale retail spreads really widened out. I'm just trying to get at if dealers think that higher wholesale prices will necessarily flow through to higher retail prices. Or because of lower wholesale prices, we might not see that phenomenon, which would help retail units and help auction conversion, etc.

好的。你能評論一下批發價格上漲對零售價格意味著什麼嗎？我知道這種關係往往在一個方向上是確定的，但我們去年年底有點奇怪，批發零售價差真的擴大了。我只是想知道經銷商是否認為更高的批發價格必然會導致更高的零售價格。或者因為較低的批發價格，我們可能看不到這種現象，這將有助於零售單位和拍賣轉化等。

Yes. I think, Chris, if you see retail prices for used have hung in there pretty strong thus far this quarter, I think a few different industry reports have reported. I think wholesale has been strong and retail has been strong. I think there's been a pretty consistent correlation there.

是的。我想，克里斯，如果你看到本季度迄今為止二手零售價格一直保持強勁，我認為一些不同的行業報告已經報導過。我認為批發一直很強勁，零售也很強勁。我認為那裡有一個非常一致的相關性。

Our next question is from Bob Labick at CJS Securities.

我們的下一個問題來自 CJS 證券的 Bob Labick。

I wanted to start, you touched on a couple of these points, but maybe pin you down a little bit here in terms of where do you see kind of unit growth coming from. Like what buckets next year? Maybe you can rank them. I'm not asking for specific numbers of units, but is it same dealer growth, share of wallet? The biggest growth driver, is it new dealer sign-ups? Is it expanding TAM? Is it commercial? Like can you just like rank order the buckets of growth, where you see units coming from, please?

我想開始，你談到了其中的幾個要點，但也許就你看到的單位增長來自哪里而言，可能會把你固定在這裡。明年會怎樣？也許你可以給他們排名。我不是在問具體的單位數量，但經銷商增長和錢包份額是否相同？最大的增長動力是新經銷商簽約嗎？它在擴大 TAM 嗎？它是商業的嗎？就像你能不能對增長的桶進行排序，你看到單位來自哪裡？

Yes, certainly, Bob. We -- I think a measured approach to our growth has been adding more rooftops. But definitely, grabbing more wallet share from the dealerships has been a larger focus. You've heard me really talk about that on the last few earnings calls. We still have a lot of room to grow within the rooftops. We already -- that are working with ACV. We already have over 1/3 of franchise dealers working with ACV. That supply alone, just from gaining additional wallet share, is a significant opportunity. There are other areas of growth. But if I had to just pick a few, I would say adding more dealers and focusing on wallet share would be the most significant.

是的，當然，鮑勃。我們 - 我認為我們增長的一種衡量方法是增加更多的屋頂。但可以肯定的是，從經銷商那里奪取更多的錢包份額一直是一個更大的焦點。在過去的幾次財報電話會議上，你真的聽到我談到了這一點。我們在屋頂上仍有很大的發展空間。我們已經 - 正在與 ACV 合作。我們已經有超過 1/3 的特許經銷商與 ACV 合作。僅通過獲得額外的錢包份額來提供的供應就是一個重要的機會。還有其他增長領域。但如果我只能選擇幾個，我會說增加更多的經銷商和關注錢包份額將是最重要的。

Got it. Okay. Great. And then given the tight supply environment and just volatility, declining prices, etc., we've read there's been some kind of mix shift at auction, meaning maybe more $10,000 cars are trading, or $10,000 and below, but dealers are holding on to the $20,000 to $25,000 cars because they can't get them anyway. Is that the case? Or what are you expecting I guess in terms of the mix at auction next year? And how might that impact the P&L?

知道了。好的。偉大的。然後鑑於供應緊張的環境以及波動性、價格下跌等，我們了解到拍賣會出現了某種混合轉變，這意味著可能有更多 10,000 美元或 10,000 美元及以下的汽車在交易，但經銷商仍在堅持20,000 美元到 25,000 美元的汽車，因為他們無論如何也買不到。是這樣嗎？或者你對明年拍賣會上的組合有什麼期待？這將如何影響損益表？

Yes, Bob, we've seen our mix shift helped from having sort of newer, more recent vehicles. Vehicles that are aged 3 years and younger as an example is one cohort that has actually grown pretty significantly from a percentage perspective. I know that probably seems strange as to why that would be, but dealers are starting to get new supply starting to come back. Used, aged is still relatively low, but starting to go back towards normal. And when you look at all the factors, dealers holding on to the right cars, the vehicles that matches their specific mix of inventory, sort of their sweet spot, that's really what dealers always did prior to COVID. Prior before all of these sorts of industry challenges, so look at it as a return to normal. But yes, we are definitely growing our share with the newer vehicles in the marketplace.

是的，鮑勃，我們已經看到我們的混合轉變因擁有更新、更新的車輛而有所幫助。以 3 歲及以下的車輛為例，從百分比的角度來看，實際上增長非常顯著。我知道為什麼會這樣可能看起來很奇怪，但經銷商開始獲得新的供應並開始回歸。使用過的，老化程度仍然比較低，但開始回歸正常。當您查看所有因素時，經銷商會保留合適的汽車，這些汽車與他們的特定庫存組合相匹配，這是他們的最佳選擇，這確實是經銷商在 COVID 之前一直在做的事情。在所有這些類型的行業挑戰之前，所以將其視為恢復正常。但是，是的，我們在市場上的新車中的份額肯定在增加。

The next question comes from Michael Graham of Canaccord.

下一個問題來自 Canaccord 的 Michael Graham。

It's great to see some of these trends turning around. I wanted to ask 2 questions. The first is just you mentioned share of wallet a couple of times as being an important factor this year. And I just wonder if you could outline a couple of the key success factors in sort of growing your share of wallet in your existing rooftops. And then I just wanted to ask, on the quarter, your GMV declined around 29%, but auction revenue was only down 3.5%. Just wondering if you could shed some light on what was going on underneath the hood there in Q4. Thanks.

很高興看到其中一些趨勢出現逆轉。我想問2個問題。首先，您曾多次提到錢包份額是今年的一個重要因素。我只是想知道您是否可以概述幾個關鍵的成功因素，以增加您在現有屋頂上的錢包份額。然後我只想問，在本季度，你們的 GMV 下降了 29% 左右，但拍賣收入僅下降了 3.5%。只是想知道您是否可以闡明第四季度引擎蓋下發生的事情。謝謝。

Yes, certainly. I'll start there, Michael, and Bill can chime in on the auction revenue side. We're seeing strength and mix, as I mentioned before, so that's actually helpful on a moving forward basis related to ARPU. Bill, why don't you actually go first, and then I'll chime in?

是的，當然了。我將從這裡開始，邁克爾，比爾可以就拍賣收入方面發表意見。正如我之前提到的，我們看到了力量和混合，所以這實際上有助於與 ARPU 相關的向前發展。比爾，你為什麼不先去，然後我插話？

Yes. Hey, Michael, you're right, our GMV per unit did go down pretty substantially. But actually, our ARPU increased 5% for example quarter-on-quarter. And most of that is essentially attributable to the price increase on buy fees that we passed through in October, if you remember. And that more than offset any reduction in GMV per unit. Same dynamic would apply year-on-year as well. We have really been able to mitigate any decline in GMV as a result. And in fact, for this year, we're expecting some modest, further modest declines in GMV per unit. And our ARPU we expect to be flattish year-on-year if we think about what's baked into our guidance as well.

是的。嘿，邁克爾，你是對的，我們的每單位 GMV 確實大幅下降。但實際上，我們的 ARPU 環比增長了 5%。如果您還記得的話，其中大部分主要歸因於我們在 10 月份通過的購買費用價格上漲。這足以抵消每單位 GMV 的任何減少。同樣的動態也適用於同比。結果，我們確實能夠減輕 GMV 的任何下降。事實上，對於今年，我們預計單位 GMV 會出現一些適度的、進一步的適度下降。如果我們也考慮我們的指導中包含的內容，我們預計我們的 ARPU 將同比持平。

And as far as wallet share, the types of things we're doing to focus on growing wallet share, one is having our inspectors show up to our existing customers more often. That's a pretty simple tactic. Second, add more value. Some of our product offerings, for example Drivably and for a few of our customers, Monk, these are consumer acquisition tools as part of our go-to-market, these consumer acquisition tools, is asking the dealers for more share. Think about it as we offer more value, we're looking for more of your wholesale and a few other things might help us drive both our relationship and opportunity with our customers.

就錢包份額而言，我們正在做的一些事情是專注於增加錢包份額，其中之一是讓我們的檢查員更頻繁地出現在我們現有的客戶面前。這是一個非常簡單的策略。第二，增加更多價值。我們提供的一些產品，例如 Drivably 和我們的一些客戶，Monk，這些是消費者獲取工具，作為我們進入市場的一部分，這些消費者獲取工具正在要求經銷商獲得更多份額。考慮一下，因為我們提供更多的價值，我們正在尋找更多的批發商，而其他一些事情可能會幫助我們推動與客戶的關係和機會。

Our next question comes from John Colantuoni from Jefferies.

我們的下一個問題來自 Jefferies 的 John Colantuoni。

This is Vincent Kardos on for John. Thanks for taking my question. How are you thinking potentially about competition heading into '23 at a time when there's maybe just a little bit less of the pie to be shared by the various physical and digital auction providers due to depressed volumes in the industry? And then as a related thought, I'd be curious to hear your thoughts on kind of what you view as most important areas for the business to improve in order to extend your early lead over some of the other digital players in the industry. Thanks.

這是約翰的文森特卡多斯。感謝您提出我的問題。由於行業銷量低迷，各種實體和數字拍賣提供商分享的蛋糕可能會少一點，您如何看待可能進入 23 世紀的競爭？然後作為一個相關的想法，我很想听聽您對您認為最重要的業務改進領域的想法，以便擴大您在行業中其他一些數字玩家的早期領先優勢。謝謝。

Yes, certainly. When you think about competition, I think what you'll see is we've likely extended our lead in digital if you compare us to others in the industry. But as we all know, the largest share is still in the physical auction, so moving more to digital is sort of a key part of our focus over the next few years. And when you look at all the various capabilities we're bringing to the market, one of which is ACV Private Marketplace, it helps large dealer groups trade vehicles within a group. That's an example of ACV adding more value. Those cars first trade before it goes out into an open marketplace. That's one example of a product offering that is outside of our open marketplace that's helping us gain share. Our newer products like Drivably and Monk and how we're going to go to market later this year and early next year with MAX are all offerings that we are looking for market share from the wholesale side as well. We're bringing a broader approach and a broader partnership to our dealer partners that helps us differentiate from just a traditional auction company.

是的，當然了。當您考慮競爭時，我想您會看到，如果您將我們與業內其他公司進行比較，我們可能會擴大我們在數字領域的領先優勢。但眾所周知，最大的份額仍在實物拍賣中，因此更多地轉向數字拍賣是我們未來幾年重點關注的一個關鍵部分。當您查看我們為市場帶來的各種功能時，其中之一就是 ACV Private Marketplace，它可以幫助大型經銷商集團在集團內交易車輛。這是 ACV 增加更多價值的一個例子。這些汽車在進入公開市場之前首先進行交易。這是我們開放市場之外的產品供應的一個例子，它幫助我們獲得了份額。我們的新產品，如 Drivably 和 Monk，以及我們將如何在今年晚些時候和明年初與 MAX 一起上市，這些都是我們正在從批發方面尋找市場份額的產品。我們正在為我們的經銷商合作夥伴帶來更廣泛的方法和更廣泛的合作夥伴關係，這有助於我們從傳統的拍賣公司中脫穎而出。

Our next question comes from Rajat Gupta of JPMorgan.

我們的下一個問題來自摩根大通的 Rajat Gupta。

I just had a question on the OpEx guidance. I think it implies 5% year-over-year, excluding the cost of revenue. Curious like what is it governed by? Because you haven't given us a breakup of the revenue target in terms of volume versus pricing, so I was curious what's driving that OpEx increase? Is it more a function of the volume? Or do you feel like you have more cushion on investing because pricing is stronger? I'm just curious if you could elaborate on that. And I have a follow-up. Thanks.

我剛剛對 OpEx 指南有疑問。我認為這意味著同比增長 5%，不包括收入成本。好奇它是由什麼管理的？因為您沒有根據數量與定價來分解收入目標，所以我很好奇是什麼推動了 OpEx 的增長？它更多是音量的函數嗎？或者你覺得你有更多的投資緩衝，因為定價更強勁？我只是想知道你能否詳細說明一下。我有一個後續行動。謝謝。

Hey Rajat, it's Bill. There are a few drivers to OpEx growth. Keep in mind that our OpEx, which includes marketplace operations, includes our inspectors. And we are actually -- we're starting this quarter growing our inspector footprint based on aligning that capacity with volume. So that flows through OpEx on our P&L. And as you know, that's an important driver to support our growth. So that would be one area. The other area is some other investments that we're making on the go-to-market side in terms of kind of also supporting our growth in terms of sales folks, supporting major accounts, more kind of go-to-market investments at ACV Capital to support the growth there as well. Even though that growth is going to be a little more muted than it was last year. And just in general, if you look at our overall growth that we've modeled for the business this year, we want to make sure we have the resources baked into our financial model to support it. I think we've demonstrated so far in the past, especially last year and especially last quarter, that we've been pretty disciplined. You wouldn't expect that we would be making any decisions in terms of OpEx unless there's a really strong basis in terms of supporting volume or return on investment. Hopefully, that answers your question.

嘿 Rajat，我是 Bill。運營支出增長有幾個驅動因素。請記住，我們的運營支出（包括市場運營）包括我們的檢查員。我們實際上 - 我們從本季度開始根據使該能力與數量保持一致來增加我們的檢查員足跡。因此，這會通過我們的損益表中的 OpEx 流動。如您所知，這是支持我們發展的重要驅動力。那將是一個領域。另一個領域是我們在上市方面進行的一些其他投資，也支持我們在銷售人員方面的增長，支持大客戶，在 ACV 進行更多的上市投資資本也支持那裡的增長。儘管這種增長將比去年有所放緩。總的來說，如果你看看我們今年為業務建模的整體增長，我們希望確保我們有資源融入我們的財務模型來支持它。我認為我們在過去到目前為止，尤其是去年，尤其是上個季度，已經證明我們非常有紀律。你不會期望我們會在 OpEx 方面做出任何決定，除非在支持量或投資回報方面有非常強大的基礎。希望這能回答您的問題。

Got it. That's helpful. Any way to frame in terms of the inspector growth versus volume growth kind of equation? Any way to size that? Like what kind of volume growth requires what kind of inspector growth from the base you are at right now?

知道了。這很有幫助。有什麼方法可以根據檢查員增長與數量增長等式來構建框架？有什麼方法可以調整大小嗎？比如什麼樣的銷量增長需要什麼樣的檢查員從你現在所在的基地增長？

Yes. It's kind of hard to give you a formula because it's not necessarily that precise in a lot of ways. What we have to do is basically build capacity in advance of expected volume. We can't just generate higher volumes in a territory and not have the capacity to support it. We basically, through our biz ops teams, basically look at projected volume across all of our territories across the country. And we'll make decisions as to where we selectively need to add capacity to make sure we can support that volume. I can't give you a formula that you can apply necessarily to the model per se, Rajat. Wish I could give you more clarity than that, but that's actually how we make those decisions.

是的。很難給你一個公式，因為它在很多方面不一定那麼精確。我們要做的基本上是在預期數量之前建立能力。我們不能只是在一個地區產生更高的產量而沒有能力支持它。基本上，通過我們的業務運營團隊，我們基本上會查看全國所有地區的預計數量。我們將決定我們有選擇地需要在何處增加容量以確保我們能夠支持該容量。 Rajat，我不能給你一個你可以必然應用於模型本身的公式。希望我能給你比這更清楚的信息，但這實際上是我們做出這些決定的方式。

Understood. Fair enough. Maybe like as a follow-up, you reiterated -- are you officially reiterating the 2026 targets? Or is that more of a placeholder from the Analyst Day? I mean, you're going to do like $35 million EBITDA loss in 2023, that inflecting to $325 million in 3 years. I'm just curious like, is that view pretty much still intact? Or are we going to get an update on that at some point this year? Just if you could clarify that. Thank you.

明白了。很公平。也許作為後續行動，你重申了——你是在正式重申 2026 年的目標嗎？或者這更像是分析師日的佔位符？我的意思是，你將在 2023 年出現 3500 萬美元的 EBITDA 損失，這將在 3 年內增加到 3.25 億美元。我只是好奇，那個景色還完好無損嗎？或者我們會在今年的某個時候獲得更新嗎？只要你能澄清一下。謝謝。

Yes. In our prepared remarks today, we're reiterating those targets. We haven't changed those targets. At our Analyst Day on June 1, we'll be doing a deep dive in terms of the different parts of the model and how that -- how the model has evolved from our Analyst Day last year in terms of how we hit those targets. That will be a very big part of our Analyst Day at June 1.

是的。在我們今天準備好的發言中，我們重申了這些目標。我們沒有改變這些目標。在 6 月 1 日的分析師日，我們將深入探討模型的不同部分，以及模型如何從去年的分析師日演變為我們如何實現這些目標。這將是我們 6 月 1 日分析師日的重要組成部分。

Our next question comes from Nick Jones from JMP Securities.

我們的下一個問題來自 JMP Securities 的 Nick Jones。

Great, thanks for taking the questions, two if I can sneak in here. I think, George, you mentioned there was about 1/3 of franchise dealers on the platform. How do you think about any limiting factors or kind of sophistication levels required by dealers to kind of double that number over time as you gain more share? And then when you go and try to build wallet share within dealers, kind of what's limiting their desire to kind of organically add more units or wholesale units to the platform? What's kind of stopping them from kind of organically doing that? Thanks.

太好了，感謝您提出問題，如果我能偷偷溜進來的話，有兩個。我想，喬治，你提到平台上大約有 1/3 的特許經銷商。隨著時間的推移，隨著您獲得更多份額，經銷商需要多少限制因素或某種複雜程度，您如何看待這一數字？然後，當您嘗試在經銷商中建立錢包份額時，是什麼限制了他們有機地向平台添加更多單位或批發單位的願望？是什麼阻止他們有機地這樣做？謝謝。

When I think about what's the limit, I don't really put a limit on how many dealers could be working with us. You happen to think about how could we for example double. At the end of the day, it's really about dealers feeling good about moving their wholesale operation online, first and foremost. And if it's going to move online from a physical auction, them feeling more comfortable that ACV is also the winning choice there. And you've seen so far compared to our other digital competitors, we've been the preferred partner as it relates to digital. I think it's just a matter of time. And really, your second question is I think related in that we have significant wallet share on customers that we've been working with for 3, 4 years. Very significant wallet share on customers that aren't new to the platform, aren't new to digital. To us, it's really just a matter of time. These other value-added services we're providing will also be helpful because what it does is you start to have a relationship with the dealer principles or the most senior level executives in the dealer group, not just the local decision maker for that specific rooftop. Think about this as a twofold way for us to increase wallet share. One, just the inertia of time, approving digital and ACV are the right ways for you to dispose of your wholesale. And second, to be a broader partner for the dealership, which gives you an edge over the other competitors we have in the marketplace.

當我考慮限制是什麼時，我並沒有真正限制有多少經銷商可以與我們合作。你碰巧想到我們怎麼可能加倍。歸根結底，這真的是經銷商對將他們的批發業務轉移到網上感到滿意，這是首要的。如果它要從實體拍賣轉移到網上，他們會更放心地認為 ACV 也是那裡的獲勝選擇。到目前為止，與我們的其他數字競爭對手相比，您已經看到，我們一直是與數字相關的首選合作夥伴。我認為這只是時間問題。實際上，你的第二個問題是我認為相關的，因為我們已經與我們合作了 3、4 年的客戶擁有重要的錢包份額。非常重要的客戶錢包份額對平台並不陌生，對數字也不陌生。對我們來說，這真的只是時間問題。我們提供的這些其他增值服務也將有所幫助，因為它所做的是您開始與經銷商原則或經銷商集團中最高級別的管理人員建立關係，而不僅僅是該特定屋頂的當地決策者.將此視為我們增加錢包份額的雙重方式。第一，只是時間的慣性，批准數字和 ACV 是您處理批發的正確方式。其次，成為經銷商更廣泛的合作夥伴，這使您比我們在市場上的其他競爭對手更具優勢。

Our next question is from Dan Imbro from Stephens.

我們的下一個問題來自 Stephens 的 Dan Imbro。

Bill, I want to start with more of a financial question. I guess given the knowledge that inspector costs go into OpEx, just looking at the marketplace gross margin line, we saw some nice leverage in 4Q despite a year-over-year decline in volume. I guess is it fair to assume this year you should get even further leverage as volume begins to pick back up and you leverage some of those fixed costs? Or what are the incremental investments that might be needed that could limit that leverage as volume improves?

比爾，我想從更多的財務問題開始。我想鑑於檢查員成本進入 OpEx 的知識，只看市場毛利率線，儘管銷量同比下降，但我們在第四季度看到了一些不錯的槓桿作用。我想假設今年您應該獲得更多槓桿，因為銷量開始回升並且您利用其中一些固定成本，這是否公平？或者隨著交易量的增加，可能需要哪些增量投資來限制槓桿作用？

Hey, Daniel. As you know, we don't guide to cost of revenue/revenue margins. But we are assuming in our modeling that we do continue to improve our margin profile, and we're able to drive our cost of revenue down somewhat as we kind of get back more into a growth mode here. I would say that we've already made a lot of the investments that are going to drive that. We'll continue to make new investments that will help us maybe towards the latter part of this year going into next year as we think about hitting our target model, which we'll talk about more at our Analyst Day in June. But for sure, we're -- I mean we've kind of demonstrated a pretty significant improvement in our margin profile, especially this quarter if you think about year-on-year we're up over 400 basis points in terms of cost of revenue being down, and we had a nice quarter-on-quarter improvement as well. I'm not sure I would assume that we're going to be able to kind of maintain that kind of year-on-year improvement in '23, but certainly, we're assuming that there is kind of a continued kind of movement upstream in terms of the margin profile as we get more and more efficient. Scale certainly helps. And I think all the investments that we continue to make. Plus, we demonstrated we have some pricing power as well and that certainly is another factor in improving margins. We talked about Transport extensively. Our Capital business will continue to grow and that's a high-margin business, so it's all those factors combined.

嘿，丹尼爾。如您所知，我們不指導收入成本/收入利潤率。但我們在我們的模型中假設我們確實會繼續改善我們的利潤率狀況，並且我們能夠在某種程度上降低我們的收入成本，因為我們有點回到這裡的增長模式。我會說我們已經進行了大量投資來推動這一點。我們將繼續進行新的投資，這可能有助於我們在今年下半年進入明年，因為我們考慮達到我們的目標模型，我們將在 6 月的分析師日討論更多。但可以肯定的是，我們 - 我的意思是我們已經證明我們的利潤率狀況有了相當顯著的改善，特別是本季度，如果你考慮與去年同期相比，我們在成本方面上漲了 400 多個基點收入下降，我們也有不錯的季度環比改善。我不確定我是否會假設我們能夠在 23 年保持這種同比增長，但可以肯定的是，我們假設有一種持續的運動隨著我們變得越來越高效，在利潤率方面的上游。規模當然有幫助。我認為我們繼續進行的所有投資。另外，我們證明了我們也有一定的定價權，這當然是提高利潤率的另一個因素。我們廣泛地討論了運輸。我們的資本業務將繼續增長，這是一項高利潤業務，所以所有這些因素結合在一起。

Got it. That's helpful. And then, George, maybe one more on the strategic thing. Thinking about the innovation pillar of growth you talked about, last year Apex helped gain some share. I think in the slide deck you called out Copilot and ArbGuard as usual. Can you just provide more color? What do these tools add to your portfolio or offering that you don't have today? And then how does that compare when I think about -- when we think about the larger incumbent players, the omnichannel players today, do they have similar tools? Are these truly incremental to the wholesale channel? And how do you think about that going forward as you do innovation?

知道了。這很有幫助。然後，喬治，也許還有一個關於戰略的事情。考慮到您談到的增長的創新支柱，去年 Apex 幫助獲得了一些份額。我想在幻燈片中你像往常一樣叫出了 Copilot 和 ArbGuard。你能提供更多的顏色嗎？這些工具為您的產品組合或產品添加了哪些您目前沒有的東西？然後，當我想到時，這又如何比較——當我們考慮更大的現有玩家時，今天的全渠道玩家，他們有類似的工具嗎？這些真的是批發渠道的增量嗎？在進行創新時，您如何看待這一點？

Hey, Daniel, great question. These are differentiated technologies. And to put it in simple terms, you're about to inspect a vehicle, and let's say that specific vehicle had transmission issues 20% of the time. Well, instead of every one of our inspectors becoming an expert after let's say 4 years and doing thousands of inspections, every single inspector becomes an expert before they inspect that one given vehicle. If you look at last year alone, we inspected 1 million cars. The data moat that we're harnessing is really incredible. We don't really believe there's anyone in the world who is listening to as many vehicles, sensing vibration issues and other types of issues from this new technology we've just recently launched. The way we're harnessing our data and the way we're structuring our data allows us to first and foremost moderate our arbitration costs over time. And that would be the benefit we'll see in our financial statement over the next few years. Not all at once, but think about a little bit, small benefits over time. And number two is, buyers gain more confidence because they're having less arbitration issues so that creates higher buyer satisfaction. And three is, these technologies could be used outside of the auction marketplace. As a matter of fact, that's probably the most frequently asked thing from dealers in this past NADA show was dealers asking us to tweak our product roadmap this year because they want to use this technology outside of the auction. Meaning when they're having the cars come into their own store, whether they're retail or wholesale. Yes, I think great questions, and the more we invest in technology, the more differentiation, the more value we're providing to dealers across the market.

嘿，丹尼爾，好問題。這些是差異化的技術。簡而言之，您將要檢查車輛，假設特定車輛有 20% 的時間存在傳輸問題。好吧，不是我們的每個檢查員在比方說 4 年並進行了數千次檢查後都成為專家，而是每個檢查員在檢查給定車輛之前都成為專家。如果僅看去年，我們就檢查了 100 萬輛汽車。我們正在利用的數據護城河真的令人難以置信。我們真的不相信世界上有任何人會從我們最近推出的這項新技術中聽到盡可能多的車輛聲音、感應振動問題和其他類型的問題。我們利用數據的方式和構建數據的方式使我們能夠首先也是最重要的是隨著時間的推移降低我們的仲裁成本。這將是我們將在未來幾年的財務報表中看到的好處。不是一下子全部，而是隨著時間的推移考慮一點點，小的好處。第二，買家獲得更多信心，因為他們遇到的仲裁問題更少，從而創造更高的買家滿意度。三是，這些技術可以在拍賣市場之外使用。事實上，在過去的 NADA 展會上，經銷商問得最多的可能是經銷商要求我們調整今年的產品路線圖，因為他們想在拍賣之外使用這項技術。意思是當他們讓汽車進入他們自己的商店時，無論是零售還是批發。是的，我認為這是很好的問題，我們對技術的投資越多，差異化程度越高，我們為整個市場的經銷商提供的價值就越大。

And if I could tack on a follow-on, I guess how is the hiring ability for inspectors today? I mean technicians across auto were in various supply. Is it more difficult to find people to do these inspectors? I think about Bill's answer earlier, needing more inspectors to fuel growth. Just trying to think about how available is that labor? And is that loosening up at all yet?

如果我可以進行後續工作，我想今天檢查員的招聘能力如何？我的意思是汽車行業的技術人員供應各不相同。是不是更難找人做這些檢查員？我想到了比爾早些時候的回答，需要更多的檢查員來推動增長。只是想想想這種勞動力有多可用？那是完全放鬆了嗎？

I would say 80%, 90% of the country, our hiring has not changed at all. Really, our days to fill a role has been very strong. Now keeping in mind, we're not hiring as many inspectors per month as we were about a year ago. Our number of inspectors grew because we do have a nice size today of over 800 inspectors. That's a nice size across the country. But the simple answer would be we're not having a difficult time. We don't -- we're not looking for as much of that mechanical background as you mentioned from a true mechanic. We can do a lot of training. And then to your first question about the validity of the investment we're making into tools, it helps take someone with a car background, but not a full mechanical background and turn him into a great -- him or her into a great inspector.

我會說全國 80%、90% 的人，我們的招聘根本沒有改變。真的，我們填補角色的日子非常充實。現在請記住，我們每月僱用的檢查員不像大約一年前那麼多。我們的檢查員人數增加了，因為我們今天確實有超過 800 名檢查員的規模。這在全國范圍內都是一個不錯的規模。但簡單的答案是我們沒有遇到困難。我們不——我們並沒有像你提到的那樣從一個真正的機械師那裡尋找那麼多的機械背景。我們可以做很多培訓。然後是關於我們對工具進行投資的有效性的第一個問題，它有助於將具有汽車背景但不是完整的機械背景的人變成一個偉大的 - 他或她成為一個偉大的檢查員。

Our next question is Ron Josey from Citi.

我們的下一個問題是來自花旗銀行的 Ron Josey。

Two, please. I just wanted to follow up maybe, George and Bill, around the drivers for conversion rate improvements. I think I -- going forward for this year. I think I heard you say enhancing programmatic capabilities coming up this year. If you could just provide more details on what can drive conversion rates higher, that would be helpful. And then, George, as a follow-up to your point just there on using the data outside of the marketplace, I mean since really getting to know you before IPO, it's all been all about the data and being able to leverage that. And so how close are we to actually being able to do that, given that dealers are asking for the product? Is this something that might be viable here in the next couple of years? Thank you, guys.

兩個，請。 George 和 Bill，我可能只是想跟進一下提高轉化率的驅動因素。我想我 - 今年繼續前進。我想我聽到你說今年將加強程序化能力。如果您可以提供更多關於什麼可以提高轉化率的詳細信息，那將會很有幫助。然後，喬治，作為你在市場之外使用數據的觀點的後續行動，我的意思是自從在 IPO 之前真正了解你以來，這一切都是關於數據和能夠利用它的。那麼，考慮到經銷商對產品的要求，我們離真正能夠做到這一點還有多遠？在接下來的幾年裡，這是可行的嗎？感謝你們。

Yes, certainly, Ron. We're not assuming conversion rates improve much more than they are today across the back half of this year. I just want to make sure we're -- conversion rates are already pretty strong. We don't need significant improvement in conversion rates this year. Maybe to answer your question more directly it would be the why is last year, we saw this radical price depreciation, which really affected the marketplace for wholesale very significantly. We saw conversion rates go down below the sort of traditional levels. We think this year, we're going to see more stabilization. Even with used car values this quarter being relatively strong let's say towards the end of the year, we're expecting them to go down. But I think we'll see this moderated depreciation of these cars. We're still not going to see a ton of supply back all at once. Think about the market is sort of living with the current environment better. I'm trying to figure out a way to describe it. But we've kind of -- we're really at this sort of stabilization point where dealers understand there will be -- values will go down, conversion rates are strong, and I would say we're really in an effective market right now. Did you have another question? I'm trying to remember.

是的，當然，羅恩。我們假設今年下半年轉化率的提高不會比現在高得多。我只是想確保我們 - 轉換率已經非常高。今年我們不需要顯著提高轉化率。也許更直接地回答你的問題是為什麼去年，我們看到了這種急劇的價格貶值，這確實非常顯著地影響了批發市場。我們看到轉化率下降到傳統水平以下。我們認為今年，我們將看到更多的穩定性。即使本季度二手車價值相對強勁，讓我們說到年底，我們預計它們會下降。但我認為我們會看到這些汽車的這種適度貶值。我們仍然不會立即看到大量供應。想想市場在某種程度上更好地適應了當前的環境。我試圖找出一種方法來描述它。但是我們有點——我們真的處於這種穩定點，經銷商明白會有——價值會下降，轉化率很高，我想說我們現在真的處於一個有效的市場中.你還有其他問題嗎？我在努力回憶。

That's super helpful. Yes, I was just following up on your comment about using the data corpus that you have given the million -- thank you.

這非常有幫助。是的，我只是在跟進你關於使用你提供的數據語料庫的評論——謝謝。

On the data side, we're trying not to boast too much. But I think we're building one of the broadest AI capabilities there is in automotive at this time. And it really ranges from imagery. Our Monk acquisition was a fantastic acquisition. We're really still in the early days. This isn't affecting our revenue or costs materially this year, but the technology is extraordinary. The AI coming from our R&D team on everything from looking at a windshield and whether or not glass has been broken, to scanning the undercarriage to see if a catalytic converter is missing, or listening to an engine and being able to detect a high percentage of time, think like almost 90% of the time, be able to detect an engine issue just by listening to the engine. All of that machine learning and AI is really creating an incredible moat for us. And yes, dealers are asking for these tools for their own use cases. We're just not ready at this moment. We've got some work to do to take those capabilities and turn them on to sort of like to be their own SaaS services, and we're brainstorming on how we would do that. I would say maybe we can get some of this to market by late this year, early next year. We're trying to obviously be careful about adding too many goals and objectives, focusing first and foremost on the marketplace objectives we've laid out for you all. We also don't want to increase headcount significantly this year. As Bill mentioned, we're really moderating our headcount. But we'll come -- we'll deliver some of these key objectives I think late this year, early next year. And I think that will be fine. I don't think there's a need for us to move any faster. These are very sort of differentiated capabilities, not only on what they provide to the dealer, but the cost. Because these devices are very low cost for us. There are other technologies out there that dealers could go out there and license, but they cost a lot per rooftop. Yes, we've got some great opportunities in the future to add even more a broader relationship with these dealers. But I would look towards sort of early next year. And we'll probably talk about more of this on our Investor Day and maybe be a little bit more specific than I'm being today.

在數據方面，我們盡量不吹噓太多。但我認為我們目前正在構建汽車領域最廣泛的人工智能功能之一。它的範圍真的很廣。我們對 Monk 的收購是一次了不起的收購。我們真的還處於早期階段。這不會對我們今年的收入或成本產生實質性影響，但這項技術非常出色。來自我們研發團隊的 AI 可以處理所有事情，從查看擋風玻璃和玻璃是否破損，到掃描底盤以查看催化轉化器是否缺失，或者聆聽發動機並能夠檢測到高百分比的時間，幾乎 90% 的時間都可以通過聆聽引擎來檢測引擎問題。所有這些機器學習和人工智能確實為我們創造了一條令人難以置信的護城河。是的，經銷商正在要求這些工具用於他們自己的用例。我們現在還沒有準備好。我們有一些工作要做，以利用這些功能並將它們變成有點像他們自己的 SaaS 服務，我們正在集思廣益，討論我們將如何做到這一點。我想說也許我們可以在今年年底或明年年初將其中一些產品推向市場。顯然，我們正在努力避免添加過多的目標和目標，首先關注我們為大家製定的市場目標。我們今年也不想大幅增加員工人數。正如 Bill 提到的，我們確實在調整員工人數。但我們會來的——我認為我們將在今年年底、明年初實現其中一些關鍵目標。我認為那會很好。我認為我們沒有必要加快步伐。這些是非常有差異化的能力，不僅體現在它們為經銷商提供的產品上，還體現在成本上。因為這些設備對我們來說成本非常低。還有其他技術可供經銷商使用並獲得許可，但每個屋頂的成本很高。是的，我們在未來有一些很好的機會來增加與這些經銷商的更廣泛的關係。但我會期待明年年初。我們可能會在投資者日討論更多這方面的內容，並且可能會比我今天更具體一些。

Our next question comes from Gary Prestopino from Barrington Research.

我們的下一個問題來自 Barrington Research 的 Gary Prestopino。

George, it looks like according to the data that I have that your dealer penetration somewhat accelerated in Q4. I think I had it at 33% in Q3 and up to 40% in Q4. What accounts for that? Do you have more feet on the street? Or just what would account for that acceleration?

喬治，根據我掌握的數據，您的經銷商滲透率在第四季度有所加快。我想我在第三季度達到了 33%，在第四季度達到了 40%。是什麼原因造成的？你在街上有更多的腳嗎？或者是什麼導致了這種加速？

Gary, I don't have a specific reason beyond I would say in any one quarter, you do see -- if you look back in time, there's been quarters we've had a little higher or -- but I think pretty consistent. If we really talk about ACV across, if you look at it across a year, we've really had this pretty consistent growth in both dealerships, consisting share of wallet share. But I really can't point to one thing in Q4. It would have to be probably all these things coming together, this broad value-added services moat that we're building around what we're doing. But I don't have anything on top of my head right now to point to one reason why we accelerated growth in Q4.

加里，除了我在任何一個季度都會說的以外，我沒有特別的理由，你確實看到了——如果你回顧過去，有幾個季度我們的業績略高，或者——但我認為非常一致。如果我們真的跨年談論 ACV，如果你看一年，我們在兩家經銷商中確實有這種相當穩定的增長，包括錢包份額。但我真的不能指出第四季度的一件事。它可能必須將所有這些東西結合在一起，我們正在圍繞我們正在做的事情構建這個廣泛的增值服務護城河。但我現在沒有任何想法可以指出我們在第四季度加速增長的原因之一。

I would now like to turn it back to Tim Fox, Vice President of Investor Relations, for closing remarks.

我現在想把它轉回投資者關係副總裁蒂姆·福克斯的閉幕詞。

Great. Thanks, Gerald. I'd like to thank everybody for joining us today on the call. Note that we're going to be participating in JMP's Tech Conference in San Francisco on March 7. And as Bill mentioned and George mentioned, we'll be hosting our 2023 Analyst Day on June 1 in New York. Registration details can be found in either the press release or on our IR website. We look forward to seeing you on the road hopefully in the next few months. And thank you again for your interest in ACV, and have a great evening.

偉大的。謝謝，杰拉德。我要感謝大家今天加入我們的電話會議。請注意，我們將參加 3 月 7 日在舊金山舉行的 JMP 技術會議。正如 Bill 和 George 提到的那樣，我們將於 6 月 1 日在紐約舉辦 2023 年分析師日。註冊詳情可在新聞稿或我們的 IR 網站上找到。我們期待著在接下來的幾個月裡滿懷希望地在路上見到你。再次感謝您對 ACV 的關注，祝您度過一個愉快的夜晚。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。這確實結束了程序。您現在可以斷開連接。