ACV Auctions Inc (ACVA) 2023 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the ACV First Quarter 2023 Earnings Conference Call. (Operator Instructions) Again, please be advised that today's conference is being recorded.

美好的一天，謝謝你的支持。歡迎來到 ACV 2023 年第一季度收益電話會議。 （操作員說明）再次提醒，今天的會議正在錄製中。

I would now like to hand a conference over to your speaker today, Tim Fox, Vice President of Investor Relations.

我現在想將今天的會議交給您的發言人，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 first quarter 2023 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 2023 年第一季度的財務業績。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 in our Investor Relations website.

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。

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

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 very pleased with our strong start to the year, highlighted by a number of record achievements in the quarter. This includes: record revenue, which was well above the high end of our guidance range; record ACV Capital attach rates; and record margins in ACV Transport. While we benefited from positive market tailwind from the quarter, it was continued execution by the ACV team that drove market share gains while also delivering to the bottom line. Looking at the balance of 2023, we expect the industry headwinds experienced over the past two years to continue to moderate, while remaining focused on growing market share, expanding our technology moat, and driving scale to deliver on our adjusted EBITDA target.

謝謝，蒂姆。大家下午好，感謝您加入我們。我們對今年的強勁開局感到非常高興，本季度取得了多項創紀錄的成就。這包括：創紀錄的收入，遠高於我們指導範圍的高端；記錄 ACV Capital 附加率；並在 ACV Transport 中創紀錄的利潤率。雖然我們受益於本季度積極的市場順風，但 ACV 團隊的持續執行推動了市場份額的增長，同時也實現了利潤。展望 2023 年的平衡，我們預計過去兩年經歷的行業逆風將繼續緩和，同時繼續專注於增加市場份額、擴大我們的技術護城河和擴大規模以實現我們調整後的 EBITDA 目標。

With that, let's turn to a brief recap of first quarter 2023 results on Slide 4. First quarter revenue of $120 million was $10 million above the high end of guidance, resulting in 16% growth year over year. GMV of $2.4 billion was flat year over year with solid unit growth in the quarter offsetting an 8% decrease in GMV per unit as wholesale vehicle prices decreased from historical highs in the first half of 2022. We sold 152,000 vehicles on our marketplace, which was 21% sequential growth from last quarter and 8% growth year over year, which exceeded our expectations due to continued market share gains and conversion rates improving from low levels we experienced in the back half of last year.

有了這個，讓我們在幻燈片 4 上簡要回顧一下 2023 年第一季度的結果。第一季度收入 1.2 億美元，比指導的高端高出 1000 萬美元，同比增長 16%。 GMV 為 24 億美元，同比持平，本季度銷量穩健增長，抵消了由於批發汽車價格從 2022 年上半年的歷史高位下降而導致的單位 GMV 下降 8%。我們在我們的市場上售出了 152,000 輛汽車，這是上一季度環比增長 21%，同比增長 8%，這超出了我們的預期，原因是市場份額持續增長，轉化率從去年下半年的低水平有所改善。

On Slide 5, I'll frame the rest of today's discussion around the three pillars of our strategy to drive long-term shareholder value: growth, innovation, and scale. I'll begin with growth. On Slide 7, we're again providing context on the dealer wholesale market in relation to the broader automotive market. In Q1, new light vehicle SAAR increased 8% year over year, which is the third quarter in a row of growth. Of course, SAAR is still running about 12% below pre-pandemic levels. But inventories are slowly building, which is key to a more robust recovery in retail sales. Used vehicle retail sales increased quarter over quarter in Q1, but were down in the mid-single digits year over year as affordability issues impacted demand in segments of the used vehicle market. Combined, new plus used, retail sales increased modestly year over year, which is a positive sign for supply in the wholesale market. As I mentioned earlier, conversion rates bounced back in Q1 as wholesale price depreciation normalized. And we assume conversion rates will normalize throughout the year. On balance, I think it's fair to say that end market conditions are showing some early signs of improvement, giving us confidence to raise guidance for the year, which Bill will take you through later.

在幻燈片 5 上，我將圍繞我們驅動長期股東價值的戰略的三大支柱：增長、創新和規模來安排今天的其餘討論。我將從成長開始。在幻燈片 7 中，我們再次提供經銷商批發市場與更廣泛汽車市場相關的背景信息。一季度，新輕型車SAAR同比增長8%，為連續第三個季度增長。當然，SAAR 仍比大流行前水平低約 12%。但庫存正在緩慢增加，這是零售銷售更強勁復甦的關鍵。第一季度二手車零售額環比增長，但同比下降中個位數，原因是負擔能力問題影響了二手車市場細分市場的需求。合併後的新舊零售額同比溫和增長，這是批發市場供應的一個積極信號。正如我之前提到的，隨著批發價格貶值正常化，轉換率在第一季度反彈。我們假設轉換率將在全年正常化。總的來說，我認為可以公平地說，終端市場狀況正在顯示出一些早期的改善跡象，這讓我們有信心提高今年的指導，比爾稍後將帶你了解這一點。

Turning now to Slide 8. We estimate that the U.S. dealer wholesale market continues to remain below normalized volume, but showed a nice sequential improvement in the seasonally strong first quarter. We remain focused on executing against our key growth initiatives and gaining market share. Given our 8% year-over-year unit growth and an estimated market contraction of 11%, this implies that ACV grew market share by approximately 19% in Q1.

現在轉到幻燈片 8。我們估計美國經銷商批發市場的銷量繼續低於正常水平，但在季節性強勁的第一季度表現出良好的環比改善。我們仍然專注於執行我們的關鍵增長計劃並獲得市場份額。鑑於我們 8% 的同比單位增長和估計的 11% 的市場收縮，這意味著 ACV 在第一季度的市場份額增長了約 19%。

Next, I would like to wrap up the growth section with highlights on our value-added services. On Slide 9, I'm pleased to share that ACV Transportation delivered another impressive quarter and continues to scale ahead of schedule. Our strong carrier network and fast cycle times resulted in attach rates once again exceeding 50%. In fact, we achieved record cycle times again this quarter, benefiting both sellers and buyers on our marketplace. Over 80% of our transports were automatically dispatched in Q1, which is a great example of how our technology investments are driving growth and operating efficiencies. These efficiencies resulted in revenue margins in the mid-teens, which is impressive given that ACV Transport was breakeven a year ago. As a reminder, our current 2026 financial targets assumes Transport revenue margins of 15%. So we managed to achieve this target 3 years ahead of plan.

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 9 上，我很高興地與大家分享 ACV Transportation 交付了另一個令人印象深刻的季度，並繼續提前擴大規模。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，本季度我們再次創下了創紀錄的周期時間，使我們市場上的買賣雙方都受益。我們超過 80% 的運輸在第一季度自動調度，這是我們的技術投資如何推動增長和運營效率的一個很好的例子。這些效率帶來了十幾歲左右的收入利潤率，考慮到 ACV Transport 在一年前實現收支平衡，這令人印象深刻。提醒一下，我們目前的 2026 年財務目標假設運輸收入利潤率為 15%。因此，我們設法提前 3 年實現了這一目標。

Turning to Slide 10. Our ACV Capital team also delivered great Q1 results. Capital attach rates exceeded 10% for the first time, driving over 85% loan volume growth. And combined with RPU expansion, resulted in over 100% revenue growth. 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.

轉到幻燈片 10。我們的 ACV Capital 團隊也取得了出色的第一季度業績。資本附加率首次超過 10%，帶動貸款量增長超過 85%。並結合 RPU 擴展，導致收入增長超過 100%。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 12, I'd like to highlight a few of our growth-oriented product innovations that helped contribute to our strong Q1 results. Two areas of focus were dealer acquisition and conversion rates. On the dealer acquisition front, solutions like private marketplaces and consumer sourcing tools like Drivably and Monk were key to attracting new dealers to ACV's marketplace. This was especially true with large dealer groups, which continue to be an attractive source of new dealer partners.

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 12 上，我想強調一些我們以增長為導向的產品創新，這些創新有助於我們取得強勁的第一季度業績。兩個重點領域是經銷商獲取率和轉化率。在經銷商收購方面，私有市場等解決方案和 Drivably 和 Monk 等消費者採購工具是吸引新經銷商進入 ACV 市場的關鍵。對於大型經銷商集團來說尤其如此，它們仍然是新經銷商合作夥伴的一個有吸引力的來源。

Next, we expanded several capabilities to enhance conversion rates, including new auction formats and pricing intelligence. As you know, ACV's traditional format is a 20-minute live auction, which has experienced broad market adoption. Based on dealer feedback, we began testing new formats and the results were very encouraging, especially on higher-end vehicles. In just a few short quarters, we now have about half of our auctions running for 2 hours. And our strong Q1 conversion rates demonstrates this is working. We will continue to invest in testing, enabling us to continuously optimize auction formats for different types of vehicles.

接下來，我們擴展了多項功能以提高轉化率，包括新的拍賣格式和定價情報。如您所知，ACV 的傳統形式是 20 分鐘的現場拍賣，已獲得廣泛的市場採用。根據經銷商的反饋，我們開始測試新格式，結果非常令人鼓舞，尤其是在高端車輛上。在短短幾個季度內，我們現在有大約一半的拍賣持續 2 小時。我們強勁的第一季度轉化率表明這是行之有效的。我們將繼續投資於測試，使我們能夠不斷優化不同類型車輛的拍賣形式。

Additional innovation enabling our growth is our pricing engine, powered by machine learning, leveraging both our industry-leading vehicle condition data and a growing curated automotive dataset. This innovation is leading to better guidance for our dealer partners. For the past year, we've expanded the price point coverage and its use cases, creating a broader range of guidance for our dealer partners. The ACV pricing engine now powers several ACV products, including ACV Auctions Market Report, consumer tools such as Drivably and elements of MAX Digital.

推動我們增長的其他創新是我們的定價引擎，由機器學習提供支持，利用我們行業領先的車輛狀況數據和不斷增長的精選汽車數據集。這項創新為我們的經銷商合作夥伴提供了更好的指導。在過去的一年裡，我們擴大了價格點覆蓋範圍及其用例，為我們的經銷商合作夥伴提供了更廣泛的指導。 ACV 定價引擎現在支持多種 ACV 產品，包括 ACV 拍賣市場報告、Drivably 等消費工具和 MAX Digital 的元素。

On Slide 13 are examples of tech investments that extend into our operations, delivering customer success while reducing costs. In Q1, our costs of revenue declined year over year despite delivering 16% revenue growth. As I mentioned earlier, ACV Transport was a key contributor to these results. We also benefited from lower arbitration frequency, which reflects ACV's investment in technology and inspector training. Several innovations that are improving inspection accuracy and efficiency are Apex, Copilot, and ArbGuard. Our next-gen collection device, Apex, delivers significantly higher transparency into vehicle operating conditions, while also increasing the inspection productivity of our VCI teammates. More recent innovations like Copilot and ArbGuard leverage machine learning, predictive analytics, and sensor data to inform our VCIs on vehicle-specific issues before and after conducting an inspection, again, driving inspector accuracy and efficiency. To wrap up on innovation, I think you'll agree that our team is delivering industry leading technologies to the market and our own operation. We have an exciting roadmap of innovation to drive both growth and scale, and we look forward to providing more detail at our Analyst Day in June.

幻燈片 13 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。在第一季度，儘管實現了 16% 的收入增長，但我們的收入成本同比下降。正如我之前提到的，ACV Transport 是這些結果的關鍵貢獻者。我們還受益於較低的仲裁頻率，這反映了 ACV 在技術和檢查員培訓方面的投資。 Apex、Copilot 和 ArbGuard 是提高檢查準確性和效率的幾項創新。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，同時還提高了 VCI 團隊成員的檢查效率。 Copilot 和 ArbGuard 等最近的創新利用機器學習、預測分析和傳感器數據，在進行檢查前後向我們的 VCI 通報車輛特定問題，再次提高檢查員的準確性和效率。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。我們有一個令人興奮的創新路線圖來推動增長和規模，我們期待在 6 月的分析師日提供更多細節。

With that, let me hand it over to Bill to 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 very pleased with our Q1 financial performance. We delivered record revenue above our guidance range with upside to adjusted EBITDA. We also demonstrated the strength of our business model with meaningful revenue margin and adjusted EBITDA margin expansion versus Q1 '22.

謝謝喬治，也謝謝大家今天加入我們。我們對第一季度的財務業績感到非常滿意。我們實現了創紀錄的收入，高於我們的指導範圍，調整後的 EBITDA 有上升空間。與 22 年第一季度相比，我們還通過有意義的收入利潤率和調整後的 EBITDA 利潤率擴張展示了我們的商業模式的實力。

Turning to Slide 15, I'll begin with a review of our first quarter results. Revenue of $120 million was above the high end of our guidance range and grew 16% year over year compared to the strong results in Q1 '22. Adjusted EBITDA loss of $6 million also beat our guidance range and EBITDA margin improved approximately 1,200 basis points versus Q1 '22, demonstrating the attractive operating leverage in our model.

轉到幻燈片 15，我將首先回顧我們的第一季度業績。 1.2 億美元的收入高於我們指導範圍的上限，與 22 年第一季度的強勁業績相比，同比增長 16%。調整後的 EBITDA 虧損 600 萬美元也超出了我們的指導範圍，EBITDA 利潤率比 22 年第一季度提高了約 1,200 個基點，證明了我們模型中具有吸引力的運營槓桿。

Next on Slide 16 I will cover additional revenue details. Total revenue of $120 million represented a 32% CAGR since Q1 '21. Auction and Assurance revenue, which was 57% of total revenue, increased 17% year over year versus strong results in Q1 '22. This revenue performance reflects 8% year-over-year unit growth and record Auction and Assurance ARPU of $454, benefiting from our fee increase last October. Marketplace Services revenue, which was 36% of total revenue, also increased 17% year over year. Results were driven by strong. Performance in both ACV Transport and ACV Capital. Our SaaS and Data Services products comprised 7% of total revenue and grew 2% year over year. As I mentioned last quarter, we are taking a more measured approach to customer acquisition while we make significant improvements to the MAX Digital platform, positioning ourselves for reacceleration of growth entering 2024.

接下來在幻燈片 16 上，我將介紹更多的收入細節。自 21 年第一季度以來，總收入為 1.2 億美元，複合年增長率為 32%。拍賣和保證收入佔總收入的 57%，與 22 年第一季度的強勁業績相比，同比增長 17%。這一收入表現反映了 8% 的同比單位增長和創紀錄的 454 美元的拍賣和保證 ARPU，這得益於我們去年 10 月的費用增加。市場服務收入佔總收入的 36%，同比增長 17%。結果由強大驅動。 ACV Transport 和 ACV Capital 的表現。我們的 SaaS 和數據服務產品佔總收入的 7%，同比增長 2%。正如我在上個季度提到的那樣，我們在對 MAX Digital 平台進行重大改進的同時，正在採取更加謹慎的客戶獲取方法，為進入 2024 年重新加速增長做好準備。

Turning now to Slide 17. I will review costs in the quarter. Q1 cost of revenue as a percentage of revenue decreased approximately 900 basis points year over year. The improvement was driven by both strong Auction and Assurance results and by ACV Transport. As George mentioned, we achieved our 2026 Transport revenue margin target in Q1, 3 years ahead of schedule. Non-GAAP operating expense, including cost of revenue, increased 9% year over year in Q1 versus 42% year over year growth in Q1 '22. This reflects the significant investments we made in prior years to support market expansion and technology initiatives and reflects our continued focus on expense discipline as we optimize and scale our business.

現在轉到幻燈片 17。我將在本季度審查成本。第一季度收入成本佔收入的百分比同比下降約 900 個基點。這一改善是由強勁的拍賣和保證結果以及 ACV 運輸推動的。正如喬治提到的，我們在第一季度提前 3 年實現了 2026 年運輸收入利潤率目標。非 GAAP 運營費用（包括收入成本）在第一季度同比增長 9%，而 22 年第一季度同比增長 42%。這反映了我們在前幾年為支持市場擴張和技術計劃所做的重大投資，並反映了我們在優化和擴展業務時對費用紀律的持續關注。

Moving to Slide 18, let me frame our investment strategy and path to profitability. Our focus on spending discipline and operating efficiency is expected to result in a material decrease in OpEx growth in 2023. And as you've seen reflected in our Q1 results, we have 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 18，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預計將導致 2023 年運營支出增長大幅下降。正如您在我們的第一季度業績中看到的那樣，我們已經實現了這一目標，同時保留了我們的上市和技術投資，以隨著市場條件的改善，確保 ACV 處於有利地位。

Next, I will highlight our strong capital structure on Slide 19. We ended Q1 with $526 million in cash and equivalents and marketable securities and $96 million of long-term debt to finance the growth of ACV Capital. Note that our Q1 cash balance includes $188 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. In Q1, cash flow from operations was $43 million, driven by the sequential increase in float and was a significant improvement from the $31 million loss in Q1 '22.

接下來，我將在幻燈片 19 中強調我們強大的資本結構。我們以 5.26 億美元的現金和等價物以及有價證券和 9600 萬美元的長期債務結束第一季度，為 ACV Capital 的增長提供資金。請注意，我們第一季度的現金餘額包括我們拍賣業務中的 1.88 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。在第一季度，運營現金流為 4300 萬美元，這主要受浮動資金連續增加的推動，與 22 年第一季度的 3100 萬美元虧損相比有了顯著改善。

Now we'll turn to guidance on Slide 20. For the second quarter of 2023, we are expecting revenue in the range of $117 million to $120 million. And adjusted EBITDA is expected to be a loss in the range of $8 million to $10 million. For the full year 2023, we are raising our expected revenue to a range of $468 million to $478 million, representing growth of 11% to 13% year over year. Adjusted EBITDA is expected to be a loss in the range of $27 million to $32 million, an improvement of nearly 50% versus 2022, and we remain committed to achieving adjusted EBITDA breakeven exiting this year. As it relates to our guidance, we are assuming that new vehicle supply remains constrained in the near term but improves as production and inventory continue to recover throughout the year. We're also assuming that conversion rates normalize throughout the year as wholesale price depreciation moderates.

現在我們將轉向幻燈片 20 的指導。對於 2023 年第二季度，我們預計收入在 1.17 億美元至 1.2 億美元之間。調整後的 EBITDA 預計將虧損 800 萬至 1000 萬美元。對於 2023 年全年，我們將預期收入提高到 4.68 億美元至 4.78 億美元，同比增長 11% 至 13%。調整後的 EBITDA 預計將虧損 2700 萬至 3200 萬美元，比 2022 年增長近 50%，我們仍然致力於在今年實現調整後的 EBITDA 收支平衡。根據我們的指引，我們假設新車供應在短期內仍然受到限制，但隨著全年產量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的放緩，轉換率在全年正常化。

Let me wrap up on Slide 21 by reviewing our 2026 financial target. We are very pleased with our execution in a challenging macroenvironment, and we remain confident in our ability to achieve $1.3 billion of revenue and $325 million of adjusted EBITDA in 2026, with 25% adjusted EBITDA margin. Our confidence is reinforced by a number of factors including: strong dealer penetration and increased wallet share 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 margin and a commitment to balancing growth and investment as our business scales.

讓我通過回顧我們的 2026 年財務目標來結束幻燈片 21。我們對我們在充滿挑戰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，調整後的 EBITDA 利潤率為 25%。許多因素增強了我們的信心，包括：強大的經銷商滲透率和增加的錢包份額導致市場份額持續增長；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，並承諾平衡增長和投資。

We look forward to providing you with the details on our long-term targets at our upcoming Analyst Day on June 1st. And with that, let me turn it back to George.

我們期待在 6 月 1 日即將到來的分析師日上為您提供有關我們長期目標的詳細信息。然後，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 in the first quarter. We are especially proud of our ACV teammates that 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 an exciting product roadmap to further differentiate ACV and expand our addressable market. We are on track to achieve our near-term adjusted EBITDA targets 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.

謝謝，比爾。在我們回答您的問題之前，讓我總結一下。我們對第一季度的強勁執行力感到非常滿意。我們為交付這些成果的 ACV 隊友感到特別自豪。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，這使得 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 並擴大我們的目標市場。我們有望實現近期調整後的 EBITDA 目標，並在中期產生超過 10 億美元的收入，我們相信這將帶來可觀的股東價值。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。

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

有了這個，我會把電話轉給接線員開始問答。

(Operator Instructions) Our first question comes from Daniel Imbro with Stephens.

（操作員說明）我們的第一個問題來自 Daniel Imbro 和 Stephens。

Congrats on the quarter. George, my first question I want to start on the volume growth. Up 8%, market was down double digits. When we look at that outperformance, is that growth coming more from new dealerships added or are you making progress on that vehicles per rooftop metric you've talked about? And then what are you learning about the cost of growth in terms of incremental investment needed relative to your expectations as you scale?

祝賀這個季度。喬治，我的第一個問題是銷量增長。上漲 8%，市場下跌兩位數。當我們看到這種出色表現時，這種增長更多地來自於新經銷商的增加，還是你在根據你談到的屋頂指標在這些車輛上取得進展？然後，隨著規模的擴大，相對於您的預期所需的增量投資而言，您對增長成本有何了解？

Yes, sounds good. I'll answer the first 2 and I'll let Bill answer the third. When you look at our growth, obviously, to the overall market that contracted once again, the market contracted 11% in the wholesale side of things, we grew 8%. It was both a combination of new customer acquisitions, so we saw a new listers have another impressive quarter for us of new listers. But we're also doing a great job within the wallet share itself, meaning more listings from existing dealers. So I would say instead of thinking 1 or the other, it was really both. So we had great success in the quarter. And I think moving forward between now and 2026, I think it'll be that same drum beat. Just additional listers and additional wallet share, and obviously between now and then, the market itself is starting to come back, meaning the size of the overall submarket. But I would say at a really high level, it was both customer acquisition and expanding wallet share. Bill, if you want to jump on the other question.

是的，聽起來不錯。我將回答前 2 個問題，讓 Bill 回答第三個問題。當你看我們的增長時，顯然，對於再次收縮的整體市場，市場在批發方面收縮了 11%，而我們增長了 8%。這兩者都是新客戶收購的結合，所以我們看到新的上市者為我們的新上市者帶來了另一個令人印象深刻的季度。但我們在錢包份額本身方面也做得很好，這意味著現有經銷商的更多清單。所以我會說，與其考慮其中之一，不如兩者兼而有之。所以我們在這個季度取得了巨大的成功。而且我認為從現在到 2026 年，我認為這將是同樣的節奏。只是更多的上市者和更多的錢包份額，顯然從現在到那時，市場本身開始回歸，這意味著整個子市場的規模。但我要說的是，在一個非常高的層次上，這既是客戶獲取又是擴大錢包份額。比爾，如果你想跳到另一個問題。

Daniel, so I would say, the way to think about this is there's 2 pieces on the go-to-market side. So in terms of our field sales organization, we're essentially fully staffed across the country. So we can continue to generate more volume there with the existing staff. Really the only incremental cost is us adding inspectors as we continue to add the number of listings on -- add listings on the marketplace. So that's the only variable cost. Otherwise, essentially, we're already incurring the cost structure to support our future growth for the rest of the year.

丹尼爾，所以我想說，考慮這個問題的方法是在上市方面有 2 個部分。因此，就我們的現場銷售組織而言，我們基本上在全國各地都配備了人員。因此，我們可以繼續利用現有員工在那裡產生更多的銷量。實際上，唯一的增量成本是我們在繼續增加列表數量時增加檢查員——在市場上添加列表。所以這是唯一的可變成本。否則，從本質上講，我們已經在承擔成本結構，以支持我們今年剩餘時間的未來增長。

Yes, that's great. It's a good update. And then I wanted to actually ask my follow up on the cost takeout. As I think about Transportation initiatives and profitability is a good example of some of those tech savings you guys have generated. But can you maybe quantify where some of those efficiencies or cost savings have been so far and talk about maybe where the cost savings are relative to the 2026 timeline you guys laid out last year?

是的，那太好了。這是一個很好的更新。然後我真的想問我對成本外賣的跟進。正如我所想的那樣，運輸計劃和盈利能力是你們產生的一些技術節省的一個很好的例子。但是，您能否量化到目前為止這些效率或成本節約的哪些方面，並談談與你們去年制定的 2026 年時間表相關的成本節約情況？

Bill, I'll start building. You can go ahead and chime in. if I had to enumerate just the big ones, our investments in our transportation technology and platform, when we look at areas like pricing and intelligence, it allowed us to price our [lanes] more effectively. So instead of just having to take historical data for pricing, we now have more and more real-time intelligence. And that's really important because while a dealer is bidding, they want to know the cost of transportation while they're bidding. Two is scale as it relates to transport as an example. As you have more scale, you're able to get better pricing from your carrier. So those 2 things are examples within the area of transport.

比爾，我要開始建造了。你可以繼續插話。如果我不得不列舉一些大的，我們在交通技術和平台上的投資，當我們研究定價和情報等領域時，它使我們能夠更有效地為我們的 [車道] 定價。因此，我們現在擁有越來越多的實時情報，而不是僅僅需要獲取歷史數據來進行定價。這非常重要，因為經銷商在投標時，他們想在投標時了解運輸成本。二是規模，因為它與運輸有關，例如。隨著規模的擴大，您可以從運營商那裡獲得更好的定價。所以這兩件事是交通領域的例子。

When you look at areas like utilization of inspectors and our team becoming more efficient, investments in areas like auction format, getting a higher conversion rate, it allows for us to have better utilization of our resources because increased conversion rate. And then I would also say generally 1 way to better have conversion is having better price guidance. So when you think about, for example, where a technology helps you convert better as you're walking in and if you know the car is on its best day worth $20,000 and on its best day dealer is asking for $24,000, we know we're going to be wasting our time. So we now have a pricing engine that can help inform our dealers what these assets are worth. So there's many more. Those are like the ones top of my tongue here that are areas where we're becoming more efficient. It's also an area of better title management. We haven't had to really scale up in areas of titles and other parts of our org because that team has become much more efficient having new tools, leveraging AI where we can now scan these titles, make a bunch of decisions just by scanning them. And so it's many areas of business, Daniel, but those would be the ones top of mind.

當您查看檢查員的利用率和我們的團隊變得更有效率，拍賣形式等領域的投資，獲得更高的轉化率時，它允許我們更好地利用我們的資源，因為轉化率提高了。然後我還要說，一般來說，更好地進行轉換的一種方法是有更好的價格指導。因此，例如，當您考慮一項技術可以幫助您在走進去時更好地轉換，如果您知道這輛車在最好的一天價值 20,000 美元，而在最好的一天經銷商要價 24,000 美元，我們知道我們'你會浪費我們的時間。所以我們現在有一個定價引擎，可以幫助我們的經銷商告知這些資產的價值。所以還有更多。這些就像我的舌頭一樣，是我們變得更有效率的領域。這也是一個更好的產權管理領域。我們不必真正擴大標題領域和我們組織的其他部分，因為該團隊已經變得更有效率，擁有新工具，利用人工智能，我們現在可以掃描這些標題，僅通過掃描它們就可以做出一系列決定.所以這是許多業務領域，丹尼爾，但那些將是最重要的。

Yes, I would just add a couple of other points, Daniel. So first on transport, 80% of our dispatches this past quarter were automated, so no human intervention. That's just another example. We've talked about that in the past in terms of how we're using technology to basically become more efficient. The other big driver during the quarter actually were, we were much more effective during the quarter in terms of our arbitration costs. The frequency was better managed by our team, and it was material benefit to our overall margins for the quarter. So as we've talked about in the past, there's an ebb and flow to arbitration. But directionally, we're going to be talking about this more on June 1st at our Analyst Day in terms of driving towards our target model. But directionally, over time, we believe we'll be able to more effectively manage our op costs, and that will be accretive to margins?

是的，我只想補充幾點，丹尼爾。因此，首先在運輸方面，上個季度我們 80% 的調度是自動化的，因此沒有人為乾預。那隻是另一個例子。我們過去曾討論過我們如何使用技術來提高效率。本季度的另一個主要推動因素實際上是，我們在本季度的仲裁成本方面更加有效。我們的團隊更好地管理了頻率，這對我們本季度的整體利潤率產生了實質性好處。因此，正如我們過去談到的那樣，仲裁有潮起潮落。但在方向上，我們將在 6 月 1 日的分析師日就推動我們的目標模型進行更多討論。但在方向上，隨著時間的推移，我們相信我們將能夠更有效地管理我們的運營成本，這將增加利潤率？

Best of luck going forward.

祝你好運。

Our next question comes from John Colantuoni with Jefferies.

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

I wanted to start with conversion rate. In your prepared remarks, you talked about your expectation is for conversion rate to moderate throughout the year as wholesale depreciation begins to moderate. But when I look at overall conversion rates, looks like they were elevated in January and February and trended back towards 2019 levels in March and April. And I'm curious, are you saying your expectation is for conversion rates to remain consistent with 2019 level for the remainder of the year? Just some clarity on that. And then second question is based on your revenue guidance, looks like growth is expected to moderate to low single digits in the second quarter before accelerating to around 10% in the second half. Can you help us with the growth cadence of prices and units in the auction segment along with other revenue sources like capital and transportation?

我想從轉化率開始。在您準備好的發言中，您談到了隨著批發折舊開始放緩，您預計全年轉換率會放緩。但當我查看整體轉化率時，看起來它們在 1 月和 2 月有所上升，並在 3 月和 4 月趨向於回到 2019 年的水平。我很好奇，您是說您的期望是轉換率在今年剩餘時間內與 2019 年的水平保持一致嗎？只是澄清一下。然後第二個問題是基於你的收入指導，看起來第二季度的增長預計將放緩至低個位數，然後在下半年加速至 10% 左右。您能否幫助我們了解拍賣領域價格和單位的增長節奏以及資本和運輸等其他收入來源？

Yes, Certainly, John. I'll start and Bill can go ahead and fill in. So conversion rates were strong and obviously there's also a seasonality part of the auction industry, meaning Q1 is typically your strongest quarter when you look at conversion rates. So when you think about our return to normalization over the next few years, at least from a forecasting perspective, we'd like to forecast that, conversion rates start out higher in Q1 and moderate down and then we'll see how these world events see if that actually is true or not. But I think that's a prudent thing to assume as we start to return to normal. Obviously, there's a lot of factors, on whether or not we'll see it go all the way back down to like a historical average or not, but that's at least, to be prudent, what we're expecting. And that's at least what we would expect in the non-COVID years.

是的，當然，約翰。我會開始，Bill 可以繼續填寫。因此轉換率很高，顯然拍賣行業也有季節性部分，這意味著當您查看轉換率時，第一季度通常是您最強勁的季度。因此，當您考慮我們在未來幾年恢復正常化時，至少從預測的角度來看，我們想預測，轉換率在第一季度開始較高並逐漸下降，然後我們將看到這些世界事件如何看看這是否真的是真的。但我認為，隨著我們開始恢復正常，這是一個謹慎的假設。顯然，有很多因素決定我們是否會看到它一路回落到歷史平均水平，但至少，謹慎起見，這是我們所期待的。這至少是我們在非 COVID 年份所期望的。

The second question was about Q2. The quarter has started off in a positive way. I really don't want to read into this too much either way. It's more of there's so many moving parts right now in the industry right across the volume -- new car volume being higher, used car volume -- looking at Q1 used car sales, retail sales were about 3% lower year over year, obviously, up quarter over quarter. If you look at all the moving parts, we're just trying to be prudent, not knowing how all the moving parts are all going to come together. But, Bill, if you want to pick up.

第二個問題是關於第二季度的。本季度以積極的方式開始。無論哪種方式，我真的不想讀太多。更重要的是，整個行業現在有很多移動部件——新車銷量更高，二手車銷量——看看第一季度二手車銷量，零售額同比下降約 3%，顯然，環比增長。如果您查看所有活動部件，我們只是想謹慎行事，不知道所有活動部件將如何組合在一起。但是，比爾，如果你想接電話。

Yes, I would just add to that, John, that again, as George said, so Q1 is typically the strongest quarter of the year. And Q2 is also a pretty strong quarter. Backdrop here, though, is what we've talked about is we're assuming in the second half of the year supply continues to improve and our TAM continues to recover. And that's the backdrop for our guidance at this point. But we're basically assuming Q2 is a good quarter, but it's going to be subject to supply chain issues and how quickly those resolve over time because that will affect the supply into the wholesale marketplace. So on balance for the year, again, we're raising our overall guidance and growth targets. And at this point, we're still early, of course, in the year. So right now, that's the way we think about it and hopefully that helps you understand the backdrop that we're using in terms of our assumptions for growth.

是的，約翰，我只想補充一點，正如喬治所說，所以第一季度通常是一年中最強勁的季度。第二季度也是一個相當強勁的季度。不過，這裡的背景是我們所說的，我們假設下半年供應繼續改善，我們的 TAM 繼續恢復。這就是我們目前指導的背景。但我們基本上假設第二季度是一個好季度，但它會受到供應鏈問題的影響，以及隨著時間的推移這些問題的解決速度，因為這會影響批發市場的供應。因此，總的來說，今年我們再次提高了總體指導和增長目標。在這一點上，我們當然還早。所以現在，這就是我們思考它的方式，希望這能幫助你理解我們在增長假設方面所使用的背景。

Our next question comes from Rajat Gupta with JP Morgan.

我們的下一個問題來自摩根大通的 Rajat Gupta。

Just to follow up on like the previous question, but maybe more from an EBITDA perspective. If I compare the prior implied guidance for the second to the fourth quarter, it would have equated to somewhere close to like a $20 million EBITDA loss at the midpoint. And the guidance today, if I include 2Q guidance and the rest of the year, it implies like a $24 million EBITDA loss at the midpoint. Obviously smaller numbers in context of the bigger picture, but curious what's the driver there. Anything in the end market that has changed versus what you were thinking prior for the remainder of the year? I know you gave some color earlier. Or maybe there's just more cushion you're adding in terms of more spending on some initiatives in the back half. And I have a follow up.

只是像上一個問題一樣跟進，但也許更多是從 EBITDA 的角度來看。如果我比較之前對第二季度和第四季度的隱含指引，它相當於中點接近 2000 萬美元的 EBITDA 損失。而今天的指導，如果我包括 2Q 指導和今年剩餘時間，這意味著中點 EBITDA 損失為 2400 萬美元。顯然，在大局的背景下數字較小，但好奇那裡的驅動因素是什麼。與您今年餘下時間之前的想法相比，終端市場有什麼變化嗎？我知道你早些時候給了一些顏色。或者，就後半部分的某些舉措的更多支出而言，您可能會增加更多的緩衝。我有跟進。

Yes. Rajat, it's Bill. So basically, what we're passing through for the full year is we're increasing our full year revenue guidance by $8 million, and we're increasing our EBITDA guidance by $3 million, right? So we are being a little cautious since it's so early in the year. Obviously, we're still going to be pretty focused in terms of managing our expenses and operating efficiencies. We feel comfortable with this guidance at this point, and we'll see how the year continues to unfold.

是的。拉賈特，是比爾。所以基本上，我們全年通過的是我們將全年收入指導增加 800 萬美元，我們將 EBITDA 指導增加 300 萬美元，對嗎？所以我們有點謹慎，因為今年太早了。顯然，我們仍將非常專注於管理我們的費用和運營效率。在這一點上，我們對這一指導感到滿意，我們將看到這一年將如何繼續發展。

Got it. But there's nothing that's changed in terms of how you thought about the industry in general for the full year versus like 3 months ago.

知道了。但是，與 3 個月前相比，您對全年整個行業的看法沒有任何變化。

No, not at all. We're giving ourselves a little bit of room to potentially make some other investment if we think there's a good ROI. And again, as you would expect, there's still a lot of puts and takes this early in the year. So we're giving ourselves a little bit of room at this point. But directionally, we're passing the majority of the beat for Q1 through to the full year.

一點都不。如果我們認為有良好的投資回報率，我們就會給自己一點空間來進行其他投資。再一次，正如您所預料的那樣，今年年初仍然有很多看跌期權。所以我們在這一點上給了自己一點空間。但在方向上，我們將第一季度的大部分節拍傳遞到全年。

Got it. And then just on the non-GAAP OpEx guidance, previously your guidance was for it to grow at half the rate of revenue for the full year. Is that still the case with the new revenue guidance as well?

知道了。然後就非 GAAP 運營支出指南而言，之前您的指南是讓它以全年收入增長率的一半增長。新的收入指南也是如此嗎？

Yes, it is.

是的。

Got it. All right. I'll jump back in the queue.

知道了。好的。我會跳回到隊列中。

Rajat, just a clarification. Don't forget that excludes D&A.

拉賈特，只是一個澄清。不要忘記不包括 D&A。

Yes, excluding cost of revenue and D&A, right?

是的，不包括收入成本和 D&A，對嗎？

Correct.

正確的。

Our next question comes from Chris Pierce with Needham & Company.

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

I guess 2, on the first 1, I think I want to make sure I heard you right. Longer auction times are helping with higher-priced vehicles. I'd like to get a sense of what the opportunity is in the higher-priced vehicles, how do you guys see that opportunity, and why that would be the case just out of curiosity.

我猜 2，在第一個 1，我想我想確保我沒聽錯。更長的拍賣時間有助於購買價格更高的車輛。我想了解高價汽車的機會是什麼，你們如何看待這個機會，以及為什麼會出現這種情況只是出於好奇。

Yes. Chris, we're winning market share for higher-priced vehicles in several ways. One category would be dealers that use us for private marketplace, they first try to sell their vehicle to stores within their own group. And then if it doesn't -- if it's not successful, then they launch in our open marketplace. That would be an example of why we're winning more share in that category. And then also our consumer sourcing tools, when a dealer is sourcing a car from a consumer and it's not the right fit for them, those are the examples of areas where we're starting to win. And it helps in our -- just basically our mix of units and ACV. So over the last 2-ish years, we've continued to increase the mix of higher-priced vehicles. And to really the core of your question, there's different types of buyers for that segment. You've got some independent dealers who buy those vehicles and you also have franchise dealers buying those vehicles. And we now have a significant percentage of our vehicles being purchased by franchise dealers in addition to independents.

是的。克里斯，我們正在通過多種方式贏得高價位汽車的市場份額。一類是將我們用於私人市場的經銷商，他們首先嘗試將車輛出售給自己集團內的商店。然後，如果它沒有——如果它不成功，那麼它們就會在我們的公開市場上推出。這就是為什麼我們在該類別中贏得更多份額的一個例子。然後還有我們的消費者採購工具，當經銷商從消費者那裡採購汽車並且不適合他們時，這些就是我們開始獲勝的領域的例子。它有助於我們——基本上只是我們的單位和 ACV 的組合。因此，在過去 2 年左右的時間裡，我們繼續增加高價位車輛的組合。對於您問題的真正核心，該細分市場有不同類型的買家。你有一些購買這些車輛的獨立經銷商，你也有購買這些車輛的特許經銷商。現在，除了獨立經銷商之外，我們有很大一部分車輛是由特許經銷商購買的。

So that 2-hour format versus the 20-minute format allowed for more participants in the higher ASP sectors, where the lower-priced cars, let's say, a car that was between $3,000 and $15,000, the larger time really didn't make a material difference. It might have helped on the fringes, but not material. In the higher-priced vehicles, that additional time has made a difference. And look at it as we're still testing. We tried a 24-hour auction model, we tried a 4-hour auction. So right now there's a sweet spot around the 2 hours. Maybe the 2 hours goes down to 1 hour as an example. So don't look at these as like yet a perfect science. We are testing a lot. You'll see us keep tweaking. And I can imagine a future where there'll be a 1-minute auction, there'll be a 20-minute auction, there'll still be a 1-hour auction and a 2-hour-type auction. I don't know if you'll ever need more time than that or not. But basically, you have these...

因此，2 小時格式與 20 分鐘格式允許更多參與者參與較高的 ASP 行業，在這些行業中，價格較低的汽車，比方說，一輛價格在 3,000 美元到 15,000 美元之間的汽車，較長的時間確實沒有物質差異。它可能對邊緣有所幫助，但不是實質性的。在價格較高的車輛中，額外的時間產生了影響。看看它，因為我們仍在測試。我們嘗試了 24 小時拍賣模式，我們嘗試了 4 小時拍賣。所以現在 2 小時左右有一個最佳點。例如，也許 2 小時會減少到 1 小時。所以不要把這些看作是一門完美的科學。我們正在測試很多。你會看到我們不斷調整。我可以想像未來會有 1 分鐘的拍賣，會有 20 分鐘的拍賣，仍然會有 1 小時的拍賣和 2 小時的拍賣。我不知道你是否需要比這更多的時間。但基本上，你有這些......

Is there a way...

有沒有辦法...

Go ahead.

前進。

No. I was just saying, is there a way to frame where you think your market share is, say, at an industry average priced vehicle versus where it is at these higher-priced vehicle levels?

不，我只是說，有沒有一種方法可以確定你認為你的市場份額，比如說，在行業平均價格的汽車和這些更高價格的汽車水平上的市場份額？

Not today. I don't think we have -- if I had it, I would share it. I don't think we have enough data to suggest what our market share is at 1 ASP versus another, just yet.

今天不行。我認為我們沒有——如果我有，我會分享。我認為我們還沒有足夠的數據來表明我們的市場份額在 1 ASP 和另一個 ASP 時是多少。

Okay. And then just lastly, I've been hearing about banks pulling back on floor plans. I'm just curious what that does for the ACV Capital opportunity, if this is the right time to go harder in floor plan, given macroeconomic conditions, and what makes a dealer that's not taking a floor plan probably right now a good candidate for the floor plan product?

好的。最後，我聽說銀行撤回了樓層平面圖。我只是好奇這對 ACV Capital 的機會有什麼作用，如果現在是在宏觀經濟條件下更加努力地制定平面圖的合適時機，以及是什麼讓現在沒有採用平面圖的經銷商可能成為平面圖產品？

It's Bill. So what you're seeing is some of these regional banks have pulled back on the floor plan market, they're mostly smaller players, and they primarily service franchise dealerships. Frankly, for our business, our prime competition is AFC and NextGear. Those are the 2 biggest players in our space. Look, this past quarter, we grew our revenue again north of 100%. So we're continuing to invest and grow that business as aggressively as we can. That said, we are being much more sensitive to risk, obviously, with the macroeconomic conditions. But even with that, for example, this past quarter, we cut our bad debt expense in half quarter-on-quarter. So I think our team is doing a great job in terms of continuing to manage strong growth while also managing our risk. So we're pretty happy, and we're going to continue with that path through the rest of the year.

是比爾。所以你所看到的是，其中一些地區性銀行已經退出平面圖市場，它們大多是規模較小的參與者，主要為特許經銷店提供服務。坦率地說，對於我們的業務，我們的主要競爭對手是 AFC 和 NextGear。這些是我們領域中最大的兩個參與者。看，上個季度，我們的收入再次增長超過 100%。因此，我們將繼續盡可能積極地投資和發展該業務。也就是說，顯然，在宏觀經濟條件下，我們對風險更加敏感。但即便如此，例如，在上個季度，我們的壞賬費用環比減少了一半。因此，我認為我們的團隊在繼續管理強勁增長和管理風險方面做得很好。所以我們很高興，我們將在今年餘下的時間裡繼續這條道路。

Our next question comes from Bob Labick with CJS Securities.

我們的下一個問題來自 CJS Securities 的 Bob Labick。

Congratulations on the great quarter. Really good stuff. I wanted to talk a little bit about the auction formats as we've been discussing a little here. You had a really nice sequential pickup in GMV per unit. It was roughly like double the Manheim sequential change in pricing, I think, if I did the math very quickly. So is that a result of better mix changes in auction formats? What would you attribute the sequential pickup in GMV per unit to beyond just used car values as kind of a starting point. Then I have a follow up also on auction format.

祝賀這個偉大的季度。真是好東西。正如我們在這裡討論的那樣，我想談談拍賣形式。每單位 GMV 的連續回升非常好。我認為，如果我快速計算的話，這大約是 Manheim 連續定價變化的兩倍。那麼這是拍賣形式的更好組合變化的結果嗎？您認為每單位 GMV 的順序拾取是什麼原因超出了二手車價值作為起點。然後我還要跟進拍賣形式。

Yes, sure. So not to repeat myself, but 1 is our ability to secure these units. Like in any segment, the more you can secure from a sourcing, in a way, more supply, the more attention you get from demand. So 1 is we're starting to secure some of the sourcing. I mentioned some of the tools like private marketplace and other products helping us secure -- actually get these assets. #2 is related to demand side. Now that several of the large dealer groups use ACV internally for private marketplace to bid on vehicles, it actually brings demand. So those tools not only help on supply, but when you're going to these -- when you go to a product like ACV Private Marketplace to buy cars within a group, they're now there to buy cars in the open marketplace. So that's an example where that 1 product helps us to get supply [I would say].

是的，當然。所以不要重複我自己，但 1 是我們保護這些單位的能力。就像在任何細分市場中一樣，您從採購中獲得的越多，在某種程度上，供應越多，您從需求中獲得的關注就越多。所以 1 是我們開始確保一些採購。我提到了一些工具，如私人市場和其他幫助我們保護的產品——實際上是獲得這些資產。 #2 與需求方有關。現在一些大型經銷商集團在內部使用 ACV 進行私人市場來競標車輛，這實際上帶來了需求。因此，這些工具不僅有助於供應，而且當您使用這些工具時——當您使用 ACV Private Marketplace 等產品在集團內購買汽車時，他們現在可以在公開市場上購買汽車。所以這是一個例子，其中 1 種產品幫助我們獲得供應 [我會說]。

And if you look at areas of just generally what I would say themes in the industry is dealers are going to pay more attention to aged vehicles. So whether they're using Private Marketplace or not, you're going to see dealers pay attention to, do I have the right inventory on my lot. Generally, there's still not enough supply. I would say we're still down about -- last quarter, overall supply in dealers' lots was still 20% to 25% lower than 2019 levels. So we're still missing supply in dealers' lots. Having said that, you may have many dealers will start to age out in any 1 given vehicle, whether it's a certain ASP class or certain types of vehicles. So several reasons, Bob, not 1, that dealers need help in this category. Our product mix has helped us get buyers and sellers, and we're starting to really become more well known in the category. And I could double down a little bit on inspections as well. When you think about the value of an inspection like ours, when you're buying an expensive car, I would say our inspection being known as the best condition report in the industry is very helpful. So probably more to come between now and Analyst Day. We'll probably go a little bit deeper in some of the things we're doing, but hopefully, those are some good things to say. You said you had a follow-up question.

如果你看一下一般的領域，我會說這個行業的主題是經銷商將更加關注老舊車輛。因此，無論他們是否使用 Private Marketplace，您都會看到經銷商注意，我的庫存是否正確。一般來說，供應仍然不足。我想說的是，上個季度，經銷商的總供應量仍比 2019 年水平低 20% 至 25%。所以我們仍然缺少經銷商的貨源。話雖如此，您可能有許多經銷商將開始在任何 1 給定車輛中老化，無論是特定 ASP 級別還是特定類型的車輛。有幾個原因，鮑勃，而不是 1，經銷商需要這一類別的幫助。我們的產品組合幫助我們吸引了買家和賣家，我們開始真正在該類別中變得更加知名。我也可以在檢查方面加倍努力。當您考慮像我們這樣的檢查的價值時，當您購買昂貴的汽車時，我會說我們的檢查被稱為業內最佳狀況報告，這非常有幫助。所以從現在到分析師日之間可能會有更多。我們可能會更深入地了解我們正在做的一些事情，但希望這些都是好話要說。你說你有一個後續問題。

No, that was great. And yes, for my follow up, it's really you talked about new auction formats from 20 minutes to 2 minutes, and you said you can envision 1 minutes or 10 minutes or whatever. What about bid/ask marketplaces and how do you think about that? Because a couple of your competitors have multiday or just bid/ask period out there. How do you think about that relative to the timed auctions and does 1 play better to higher level units, higher-cost units GMV and lower or just give us a sense that might you ever experiment or dabble in just bid/ask for 3 days or something?

不，那太好了。是的，對於我的跟進，你真的談到了從 20 分鐘到 2 分鐘的新拍賣形式，你說你可以設想 1 分鐘或 10 分鐘或其他什麼。出價/詢價市場怎麼樣？你怎麼看？因為你的幾個競爭對手有多天或只是出價/詢問期。相對於定時拍賣，你如何看待它？1 對更高級別的單位、更高成本的單位 GMV 和更低的表現更好，或者只是給我們一種感覺，你可能會嘗試或涉足 3 天的出價/要價或某物？

Yes. So I don't know the exact number of private marketplaces we have today. So we have, let's say, at least 15 private marketplaces today. Each 1 of those are configured differently. So 1 of them might be 3 days, 1 might be 2 days, 5, and it's really fascinating. So we're probably supporting 15 different formats in the private marketplace. And you get to learn from that. And you get to learn, okay, what's working well. We also have other elements like we've got a run list capability that helps the dealer promote their vehicles before they go live. So look at it more like wherever the industry wants to go, we're going to be able to support it. The idea of having the most flexible and robust technology platform is really the key. Not to get too techie here. We can actually change our formats without even doing a code change in our private marketplace, meaning we can change it from 1 day, 2 days, 3 days like, we're that crazed about building the right tech. So look, wherever the market is going, we're ready. Now what we did find was we saw no benefit over 2 hours, which was interesting. If you were to make a bet on 2 hours versus 12 versus 24, you mentioned 3 days, we saw no benefit. We saw some benefit going from an hour to 2 hours but I would say less material. So yes, going from 20 minutes to more was helpful, but I think, if I was a gambler right now, I wouldn't bet on 2 or 3 days. I don't think you need that much time. So I think it's probably somewhere between 20 minutes and an hour is all you really need. And for some vehicles, 2 minutes is fine.

是的。所以我不知道我們今天擁有的私人市場的確切數量。因此，比方說，我們今天至少有 15 個私人市場。其中每一個的配置都不同。所以其中 1 次可能是 3 天，1 次可能是 2 天，5 次，這真的很有趣。所以我們可能在私有市場中支持 15 種不同的格式。你可以從中學習。然後你開始學習，好吧，什麼是有效的。我們還有其他元素，比如我們有運行列表功能，可以幫助經銷商在車輛上線之前對其進行促銷。因此，更像是行業想要去的地方，我們將能夠支持它。擁有最靈活和強大的技術平台的想法確實是關鍵。不要在這裡太技術化。我們實際上可以更改我們的格式，甚至無需在我們的私人市場中進行代碼更改，這意味著我們可以在 1 天、2 天、3 天之內更改它，就像我們對構建正確技術的瘋狂一樣。所以看，無論市場走向何方，我們都準備好了。現在我們確實發現，我們在 2 小時內沒有看到任何好處，這很有趣。如果你打賭 2 小時對 12 對 24，你提到 3 天，我們沒有看到任何好處。我們看到一些好處從 1 小時減少到 2 小時，但我會說更少的材料。所以是的，從 20 分鐘增加到更多是有幫助的，但我認為，如果我現在是賭徒，我不會賭 2 或 3 天。我認為你不需要那麼多時間。所以我認為您真正需要的時間可能在 20 分鐘到一個小時之間。對於某些車輛，2 分鐘就可以了。

Our next question comes from Eric Sheridan with Goldman Sachs.

我們的下一個問題來自高盛的 Eric Sheridan。

Maybe 2 on the costs and margin side of the equation. In terms of your broader goal of getting to where you want to get on EBITDA breakeven towards the end of this year, can you help us better understand what flex there is or how to think about torque in the business model for different outcomes on the top line versus base case versus how that might shift in a broader economic environment and how to continue to maybe achieve that goal within different bands of outcomes on the top line? And then the second part of the question, and not to front-run Analyst Day, but obviously, you've got this longer-term profitability target out there. And when we think about the incremental margin, you'll be exiting the year about, can you help maybe investors get a better sense of how to think about the exit rate of incremental margin this year against your broader long term goals on EBITDA?

在等式的成本和利潤方面可能是 2。就您在今年年底實現 EBITDA 收支平衡的更廣泛目標而言，您能否幫助我們更好地了解存在的靈活性或如何考慮業務模型中的扭矩以獲得最高的不同結果線與基本情況以及在更廣泛的經濟環境中可能發生的變化以及如何在頂線的不同結果範圍內繼續實現該目標？然後是問題的第二部分，而不是提前運行分析師日，但顯然，你已經有了這個長期盈利目標。當我們考慮增量利潤率時，您將退出這一年，您能否幫助投資者更好地了解如何根據您更廣泛的 EBITDA 長期目標來考慮今年增量利潤率的退出率？

Eric, it's Bill. Yes, first, I would start by saying I think our Q1 performance reflects our ability to manage our cost structure and really improve our revenue margins over time. In fact, this is only the second time that we've reached 50% revenue margins, with the previous time being before the company was public and when COVID hit and a significant amount of costs were taken out of the business. So that was a normal run rate environment, if you will. But frankly, I think the team here has just done a phenomenal job, both in driving our revenue margin profile and managing OpEx, but not really just managing OpEx in terms of reducing costs, but really optimizing the way we run the business, right?

埃里克，是比爾。是的，首先，我首先要說我認為我們第一季度的業績反映了我們管理成本結構的能力，並隨著時間的推移真正提高了我們的收入利潤率。事實上，這只是我們第二次達到 50% 的收入利潤率，上一次是在公司上市之前，當時 COVID 來襲，大量成本被剔除。如果你願意的話，那是一個正常的運行率環境。但坦率地說，我認為這裡的團隊在推動我們的收入利潤率和管理運營支出方面做得非常出色，但不僅僅是在降低成本方面管理運營支出，而是真正優化了我們經營業務的方式，對吧？

And we've talked in the past about a lot of the initiatives that we've undertaken. For example, opening up shop in a low-cost geography in India to ramp those resources much more allows us that capacity much more cost effectively. We've talked about optimizing and lowering our arbitration costs. We've talked about how our go-to-market engine right now is basically fully staffed. So we'll be able to generate incremental revenue and margin without any change in that cost structure whatsoever. A lot of the rest of our costs are more fixed in nature, if you will. But even those costs are subject to really discretion in terms of whether or not we meter them up, meter them down or maintain neutrality. So I would say we still feel really good about pushing more levers as we go through the year, and we'll talk a little more, obviously, about how we hit our long-term targets on June 1st in terms of how we see more leverage just continuing to accrue over time as we scale and grow the top line.

我們過去曾討論過我們採取的許多舉措。例如，在印度的低成本地區開設商店以更多地增加這些資源，使我們的產能更具成本效益。我們已經討論過優化和降低我們的仲裁成本。我們已經討論了我們現在的上市引擎是如何基本上配備齊全的。因此，我們能夠在不改變成本結構的情況下產生增量收入和利潤。如果您願意的話，我們其餘的許多成本本質上都是固定的。但即使是這些成本，也取決於我們是否對其進行計量、計量或保持中立。所以我想說的是，隨著這一年的推進，我們仍然對推動更多槓桿感到非常滿意，顯然，我們會更多地討論我們如何在 6 月 1 日實現我們的長期目標，即我們如何看待更多隨著我們擴大和增加收入，槓桿作用會隨著時間的推移而不斷增加。

I think other examples, obviously, what you've seen, we've hit our transport margin target literally 3 years ahead of schedule in Q1. So what I guess we're trying to show investors is that we have strong command over our business in terms of our model, how we think about optimizing operations over time, and literally every quarter it seems that we're layering another area of improvement that we're achieving our targets well in advance of what we committed to investors. So we feel really good. And, again, I expect to go through this in a lot more detail at the Analyst Day. So hopefully, that gives you a little bit of color and it helps you think about how we will hit those targets exiting this year especially.

我認為其他例子，顯然，正如你所看到的，我們在第一季度比計劃提前 3 年實現了運輸利潤率目標。所以我想我們試圖向投資者展示的是，我們在我們的模型方面對我們的業務有很強的掌控力，我們如何考慮隨著時間的推移優化運營，而且每個季度我們似乎都在分層另一個改進領域我們正在提前實現我們對投資者承諾的目標。所以我們感覺非常好。而且，我希望在分析師日更詳細地討論這個問題。因此，希望這能給您一些啟發，並幫助您思考我們將如何實現今年退出的那些目標。

Our next question comes from Ron Josey with Citi.

我們的下一個問題來自花旗銀行的 Ron Josey。

I wanted to ask a little bit more, George, you mentioned earlier on the call just new listers -- new dealers, new listers joining the platform, an impressive quarter I think for you all. And you talked about what's driving overall volume outperformance. But for these new listers, can you just help us understand these new listers joining the platform, is that just broader market improving, just driving a tailwind of the dealers coming onto the site, or is this the team is now fully staffed, the sales approach has improved, and I know the answer is probably a little bit of both. But I'm trying to understand specifically like what's driving new listers on the marketplace. Is it just greater adoption, these share gains that we talked about? That's point #1. And then, Bill, I know you just commented to Eric's question on where gross profits could go from here, particularly in the marketplace and services business. But when we look at that 55% or so gross profit margin within the core marketplace services business, we talked about Transport achieving mid-teens, ACV Capital getting to 10% attach rate. Where do you think these margins can go, or is this a, wait for the Analyst Day because we're already achieving what we talked about?

我想多問一點，喬治，你早些時候在電話會議上提到了新的上市公司——新的經銷商，加入平台的新上市公司，我認為這對你們所有人來說都是一個令人印象深刻的季度。你談到了是什麼推動了整體銷量的增長。但是對於這些新上市者，您能否幫助我們了解這些加入該平台的新上市者，是因為更廣闊的市場正在改善，只是推動了經銷商進入該網站的順風，還是團隊現在人員齊備，銷售方法有所改進，我知道答案可能是兩者兼而有之。但我正在嘗試具體了解是什麼在推動市場上的新上市者。只是更大的採用，我們談到的這些份額收益？這是第一點。然後，比爾，我知道你剛剛評論了埃里克的問題，即毛利潤可以從這裡何去何從，特別是在市場和服務業務中。但是，當我們查看核心市場服務業務中 55% 左右的毛利率時，我們談到了 Transport 達到中等水平，ACV Capital 達到 10% 的附加率。您認為這些利潤可以去哪裡，或者這是等待分析師日，因為我們已經實現了我們所說的？

Sounds good. Always good questions, Ron. So on the dealer acquisition, what you've seen us do to help you all think about dealer acquisition and wallet share, we in the past have used a cohort method. In June, not to like spoil some of my content, Tim's going to kick me in a second, but in June, we're going to talk about market share, Ron. And that'll be helpful for you all. It'll be another way for us to think about our dealer acquisition. And at a high level, think about it, how there's some regions where we have lower single-digit market share of number of dealers using the platform and then some dealers we have significant double-digit dealers. And this is simply a matter of how long we're in these regions.

聽起來不錯。總是很好的問題，羅恩。因此，在經銷商收購方面，您看到我們所做的一切都是為了幫助大家考慮經銷商收購和錢包份額，我們過去使用了隊列方法。在 6 月，為了不破壞我的一些內容，Tim 馬上就要踢我了，但是在 6 月，我們將討論市場份額，Ron。這對你們所有人都有幫助。這將是我們考慮經銷商收購的另一種方式。在高層次上，想想看，在某些地區，我們使用該平台的經銷商數量的市場份額較低，而在一些經銷商中，我們擁有重要的兩位數經銷商。這只是我們在這些地區待了多久的問題。

The ACV story here, I would say, has been consistent. Those who have been following us whether for months or for years, this isn't like we woke up this quarter and we're winning wallet share or new listers. It's been a very -- it's just a machine here. Every quarter we're bringing on new listers. Every quarter we're out there winning more wallet share. And that's really what we're representing today. It was another great quarter of bringing on new dealers. We do have a broader array of tools and value-added services to win over a dealer today than maybe a handful of years ago, but I would say it's been consistent. We consistently are driving dealers to both sell and buy on the platform. So I think that's for today. I think we'll leave it there and maybe, Bill, will go to the second question.

我想說，這裡的 ACV 故事是一致的。那些一直關注我們數月或數年的人，這並不是說我們本季度一覺醒來就贏得了錢包份額或新的上市者。這是一個非常 - 它只是這裡的一台機器。每個季度我們都會帶來新的列表。每個季度我們都在那裡贏得更多的錢包份額。這就是我們今天所代表的。這是引入新經銷商的又一個重要季度。與幾年前相比，我們今天確實擁有更廣泛的工具和增值服務來贏得經銷商的青睞，但我想說這一直是一致的。我們一直在推動經銷商在平台上進行買賣。所以我想這就是今天的內容。我想我們會把它留在那裡，比爾，也許會轉到第二個問題。

Yes. So, Ron, I will tell you that what we will discuss June 1st is actually hitting the same target revenue margins of 60% by 2026 that we discussed last year, except the path to get there is going to be a bit different. A few things have changed since last year, and we've talked about some of those things, but I think you'll find pretty intriguing in terms of some of the new dynamics that we see that will allow us to hit that same target just in a little bit of a different way.

是的。所以，羅恩，我會告訴你，我們將在 6 月 1 日討論的內容實際上是到 2026 年達到我們去年討論的 60% 的相同目標收入利潤率，只是實現目標的途徑會有所不同。自去年以來發生了一些變化，我們已經討論了其中一些事情，但我認為您會發現我們看到的一些新動態非常有趣，這些新動態將使我們能夠實現同樣的目標以一種不同的方式。

Our next question comes from Michael Graham with Canaccord.

我們的下一個問題來自 Michael Graham 和 Canaccord。

Yes, I will not ask the question about June 1st, but I wanted to ask about 2 things. One is just on the territory expansion cadence that you expect here, what should we be looking at in terms of territory expansion? And then you mentioned in the prepared remarks, I think Bill did, about adjacent businesses being a potential contributor to those 2026 growth targets and you mentioned specifically commercial wholesale. So I just wondered if you might expand on that a little bit here as a preview.

是的，我不會問關於 6 月 1 日的問題，但我想問兩件事。一個就是你在這裡期望的領土擴張節奏，我們在領土擴張方面應該看什麼？然後你在準備好的發言中提到，我想比爾確實提到了相鄰企業是這些 2026 年增長目標的潛在貢獻者，你特別提到了商業批發。所以我只是想知道你是否可以在這裡擴展一下作為預覽。

You said you weren't going to ask any questions that we're going to go over in June. (inaudible) That's the fun. That's the fun of all of that. So yes, we're really in a great spot as it relates to the sales team we have out there. When you look at it from an expense profile, we're already spending the money on all the territory managers we need out there in the field to head the majority of our 2026 objectives. So look at this as these are my teammates who are out there, going out and building their relationships with dealers in the field. In addition to those territory managers, we also have 21 regional sales directors that manage that team. So we're set there. We have several vice presidents that then are managing that team. We have a major accounts team that are ready. All these teammates are ready on staff here, ready to keep growing our relationships. We have another team of inside sales. That's a pretty good-sized team already today. That we could be doing a lot more units than we have today with the current inside sales team. So we've invested, Mike. We weren't shy about building a world-class team to go after this really large TAM. So, yes, there'll be a few more folks, but I would say not material. I'm adding a handful of few more folks as it relates to I would generally call field. I would say, we will talk a little bit more about us going after the commercial segment in the June meeting. You might hear about a little bit more hiring in that specific area, you might hear about the new leaders in that area. Yes, that's an area where we're focused a little bit more on. Don't want to spoil our great content, but we do have intentions of between now and '26, growing the amount of business we're getting in the commercial category.

你說過你不會提出任何我們將在 6 月份討論的問題。 （聽不清）這很有趣。這就是所有這些的樂趣。所以是的，我們真的處於一個很好的位置，因為它與我們在那裡的銷售團隊有關。當你從費用概況來看時，我們已經把錢花在了我們需要的所有區域經理身上，以領導我們 2026 年的大部分目標。所以看看這個，因為這些是我的隊友，他們正在外出並與該領域的經銷商建立關係。除了這些區域經理之外，我們還有 21 名區域銷售總監負責管理該團隊。所以我們就在那裡。我們有幾位副總裁負責管理該團隊。我們有一個準備好的主要客戶團隊。所有這些隊友都準備好在這里工作，準備繼續發展我們的關係。我們有另一個內部銷售團隊。今天已經是一支規模相當大的團隊了。我們現在的內部銷售團隊可以做比今天更多的單位。所以我們投資了，邁克。我們並不羞於建立一個世界級的團隊來追求這個非常大的 TAM。所以，是的，會有更多的人，但我會說不是很重要。我正在添加一些更多的人，因為它與我通常稱之為領域有關。我想說的是，我們將在 6 月的會議上更多地討論我們在商業部分之後的情況。你可能會聽說在那個特定領域有更多的招聘，你可能會聽說那個領域的新領導者。是的，這是我們更加關注的領域。不想破壞我們的精彩內容，但我們確實有意從現在到 26 年，增加我們在商業類別中獲得的業務量。

Our next question comes from Nick Jones with JMP Securities.

我們的下一個問題來自 JMP 證券公司的 Nick Jones。

George, Bill, if I back into -- I don't know if it was in the release, if I back in to auction marketplace revenue per unit, looks like it's stepped up mid-single digit sequentially. So I guess question 1, anything to call out there? And then question 2, just any update on how you're thinking about pricing on the platform.

喬治，比爾，如果我回到 - 我不知道它是否在發布中，如果我回到拍賣市場的每單位收入，看起來它已經連續增加了中個位數。所以我想問題 1，有什麼要說的嗎？然後是問題 2，關於您如何考慮平台定價的任何更新。

Yes. Nick, so our Auction and Assurance RPU basically went up about a little more than $10 quarter on quarter, and was up about $35 or so year on year. So a lot of that benefit is associated with the fee increase that we did in Q4. Plus we had pretty good mix on the marketplace, and GMV per unit went up quarter on quarter, slightly down year on year. But again, that was offset by the fee increase. So we're in a pretty good place in terms of our fee structure, and it's helped us drive really strong margins as well, that combined with the arbitration frequency that I've mentioned and how well the team has been managing that.

是的。尼克，所以我們的拍賣和保證 RPU 基本上每季度上漲約 10 美元多一點，同比上漲約 35 美元左右。因此，很多好處與我們在第四季度所做的費用增加有關。此外，我們在市場上的組合非常好，每單位 GMV 環比上升，同比略有下降。但同樣，這被費用增加所抵消。因此，就我們的費用結構而言，我們處於一個非常好的位置，它也幫助我們推動了非常可觀的利潤率，這與我提到的仲裁頻率以及團隊管理該頻率的情況相結合。

I think 1 of the themes Bill said earlier, he said more to come on how we get to the 2026 numbers. Again, not to spoil our content, but I would say you're seeing us confident in the higher RPU range, right? That would be 1 of the areas as an example of how we get there being different. Not to mention specific like other people in the marketplace, we look at some of like Copart's revenue per unit. We're still a lot lower than them. Having said that, I feel comfortable on our revenue per unit, like this area we've been in, I think between now and '26, RPU is an area that could grow. And that that's just 1 theme. It might be we'll see in any 1 back-to-back quarters, we'll see as sometimes GMV is going down, and we'll increase price again each year. When you look at it a bit broadly year over year, we're pretty confident in RPU.

我想比爾之前說過的主題之一，他說了更多關於我們如何達到 2026 年的數字。再次強調，不要破壞我們的內容，但我會說您看到我們對更高的 RPU 範圍充滿信心，對嗎？這將是其中一個領域，作為我們如何做到與眾不同的一個例子。更不用說像市場上的其他人一樣具體，我們看一些像 Copart 的單位收入。我們還是比他們低很多。話雖如此，我對我們的單位收入感到滿意，就像我們所處的這個領域一樣，我認為從現在到 26 年，RPU 是一個可以增長的領域。那隻是 1 個主題。我們可能會在任何 1 個背靠背的季度中看到，有時 GMV 會下降，我們會每年再次提高價格。當你年復一年地看它時，我們對 RPU 非常有信心。

Our next question comes from Nat Schindler with Bank of America.

我們的下一個問題來自美國銀行的 Nat Schindler。

And partially related to the last question. If I look, GMV was flat year over year and if you look at the Manheim Index, it's averaging about down 7.5%, so on pricing from an average of the previous year, so that would be 8% rise in units. Makes perfect sense, right? Dead flat. But revenue was up by 17% in the marketplace side. Obviously, there were price increases. You've talked about that in dollar terms, $35 on a year-over-year basis. Could you help me do that in percentages and bridge that number, so that I can understand how much are you getting more because of just price increasing and how much are you getting because the 8% unit volume increase?

並且與最後一個問題部分相關。如果我看的話，GMV 同比持平，如果你看一下 Manheim 指數，它平均下降 7.5%，所以從去年的平均價格來看，單位增長 8%。很有道理，對吧？死平。但市場方面的收入增長了 17%。顯然，價格上漲了。你已經以美元計算，同比增長 35 美元。你能幫我用百分比來計算這個數字嗎，這樣我就可以了解你因為價格上漲而獲得了多少，以及你因為 8% 的單位體積增加而獲得了多少？

Nat, it's actually 8% unit growth and roughly 8% RPU growth, so split literally 50:50 between the 2.

Nat，它實際上是 8% 的單位增長和大約 8% 的 RPU 增長，所以在 2 之間按 50:50 的比例分配。

So pricing is pretty -- your price on the unit basis is about half you're getting from the cost of the vehicle and half you're getting from the fact that you're just moving the vehicle, just unit.

所以定價很合理——你的單位價格大約是你從車輛成本中得到的一半，一半是你從你只是移動車輛的事實中得到的，只是單位。

No, you were asking the question I think about revenue.

不，你問的是我對收入的看法。

Yes, no, but if the 8% unit growth is contributing 8% to the revenue growth, even though the GMV is flat -- the GMV is flat.

是的，不是，但如果 8% 的單位增長對收入增長貢獻了 8%，即使 GMV 持平——GMV 也是持平的。

Our GMV year on year is actually down.

我們的 GMV 同比實際上是下降的。

GMV per unit.

每單位 GMV。

GMV per unit, okay. It's flat in terms of dollars.

每單位 GMV，好的。以美元計算是持平的。

GMV per unit, yes.

每單位 GMV，是的。

So GMV per unit is down. It's flat in terms of dollars because basically our RPU increase, right -- I'm sorry, our unit increase offset the reduction in GMV dollars in total. So the 2 offset each other.

所以單位 GMV 下降了。以美元計算是持平的，因為基本上我們的 RPU 增加了，對 - 對不起，我們的單位增加抵消了 GMV 美元總額的減少。所以兩者相互抵消。

(inaudible).

（聽不清）。

In other words, we...

換句話說，我們...

... total 17%.

... 總計 17%。

Yes. So now let me restate it so it's clear, okay? So we grew our units 8%, okay? GMV was flat because we basically offset what was an 8% decline roughly in GMV per unit with more units. So we sold more units, and offset the dollar decline. That's why the dollars were flat year on year. That makes sense?

是的。所以現在讓我重申一下，這樣就清楚了，好嗎？所以我們的單位增長了 8%，好嗎？ GMV 持平，因為我們基本上用更多的單位抵消了每單位 GMV 大約 8% 的下降。所以我們賣出了更多的單位，抵消了美元的下跌。這就是美元同比持平的原因。這就說得通了？

Yes. No, I this is not -- what I was trying to get at is, the 17% increase in marketplace revenue, with GMV being flat but units up 8%. What I'm trying to get at is how much of revenue growth is GMV related and how much of revenue growth is unit related? And very specifically because obviously you raised price, so price would be part of the 17% growth, and the other part would be some fixed component of the unit growth.

是的。不，這不是——我想知道的是，市場收入增長了 17%，GMV 持平，但銷量增長了 8%。我想要了解的是，有多少收入增長與 GMV 相關，有多少收入增長與單位相關？非常具體，因為顯然你提高了價格，所以價格將是 17% 增長的一部分，另一部分將是單位增長的一些固定組成部分。

So non-GMV related.

所以與 GMV 無關。

It would be just half and half?

會不會只有一半一半？

Yes, it's -- in talking about revenue, first, it was driven by the unit growth of 8%, but those units actually carried a higher RPU, which was also roughly up about 8% year on year, right? So we sold 8% more units at roughly an 8% higher price per unit.

是的，在談到收入時，首先，它是由 8% 的單位增長推動的，但這些單位實際上帶來了更高的 RPU，也大致同比增長了 8% 左右，對吧？因此，我們以每單位大約高出 8% 的價格賣出了 8% 的單位。

And revenue per unit, even though price increase...

和每單位收入，即使價格上漲......

Revenue per unit.

每單位收入。

Yes, that average (inaudible) lower, yes.

是的，平均值（聽不清）更低，是的。

Yes. So what I'm trying to get at is, as the year-over-year, if you look last quarter, it was about an 8% hit on the Manheim price index for pricing versus this Q1 '22 versus -- '23 versus '22. This quarter (inaudible) April, it looks like 5%. So RPU grows -- not RPU. As GMV grows because of the sale price of the car, how much does that translate to RPU?

是的。所以我想說的是，與去年同期相比，如果你看上個季度，與 22 年第一季度相比，23 年第一季度，Manheim 價格指數的定價大約下降了 8% '22。本季度（聽不清）四月，看起來像 5%。所以 RPU 增長——而不是 RPU。隨著 GMV 因汽車銷售價格而增長，這會轉化為 RPU 多少？

Yes, I get your question. I think -- here's 2 things, and I think we'll prepare for you an answer. But I think at a high level, the idea that per unit it was about $35 is what we said in the past, and I think from a percentage, the buy fee has about -- Mike, a 4% difference is what we're saying? -- 4% differential on...

是的，我明白你的問題了。我想——這裡有兩件事，我想我們會為你準備一個答案。但我認為在較高的層面上，我們過去說過每單位大約 35 美元的想法，我認為從百分比來看，購買費用大約——邁克，我們現在的差異是 4%說？ -- 4% 差異...

(inaudible) 4 of that. 4 of the 8. Yes, I think maybe what you're struggling, Nat, is understanding that our RPU is only impacted partially in terms of GMV in that GMV only affects our buy fees, because our sell fees are fixed. So our buy fees are the only variable portion of our...

（聽不清）其中 4 個。 8 個中的 4 個。是的，Nat，我想也許你正在努力理解我們的 RPU 僅在 GMV 方面受到部分影響，因為 GMV 僅影響我們的購買費用，因為我們的銷售費用是固定的。所以我們的購買費用是我們...的唯一可變部分

Yes. Okay.

是的。好的。

But that's 1 part of it. The other part of it is mix on the marketplace. So our mix is going to impact what our RPU is in terms of higher-priced vehicles versus lower-priced vehicles. But the other variable again is regardless what the GMV is, the only variable part of our equation are buyer fees. So you get a muted impact either up or down in terms of the RPU impact in any given quarter. And we can spend more time offline with you, Nat, on this and walk you through some actual numbers, maybe that'll help.

但這只是其中的一部分。它的另一部分是市場上的混合。因此，我們的組合將影響我們的 RPU 在高價車輛與低價車輛方面的表現。但另一個變量同樣是無論 GMV 是多少，我們等式中唯一可變的部分是買家費用。因此，在任何給定季度的 RPU 影響方面，您都會受到輕微的影響。 Nat，我們可以花更多的時間在線下與您一起討論這個問題，並向您介紹一些實際數字，也許這會有所幫助。

(inaudible) like everybody else, sorry, I'm taking your content from June 1st.1 I didn't mean to.

（聽不清）和其他人一樣，抱歉，我將從 6 月 1 日開始接收您的內容。1 我不是故意的。

All good.

都好。

And this concludes the Q&A session. I'd now like to turn the call back over to Tim Fox for any closing remarks.

問答環節到此結束。我現在想把電話轉回給蒂姆·福克斯，聽取任何結束語。

Great. Thank you. I guess I don't need to remind everybody that we have an Analyst Day on June 1st, but you can find registration details on our -- in today's press release and on our website. And we look forward to seeing those of you who are joining us then and thanks again for your interest in ACV and have a great evening.

偉大的。謝謝。我想我不需要提醒大家我們在 6 月 1 日有一個分析師日，但您可以在我們今天的新聞稿和我們的網站上找到註冊詳細信息。我們期待著見到你們中的那些人，再次感謝你們對 ACV 的關注，祝你們度過一個愉快的夜晚。

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝。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。