ACV Auctions Inc (ACVA) 2023 Q4 法說會逐字稿

Good day, and thank you for standing by.

美好的一天，感謝您的支持。

Welcome to the ACV fourth quarter and full-year earnings call.

歡迎參加 ACV 第四季和全年財報電話會議。

(Operator Instructions)

（操作員說明）

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄製中。

I would now like to turn the call over to your speaker for today, Tim Fox.

現在我想將電話轉給今天的講者提姆福克斯。

Please go ahead.

請繼續。

Good afternoon, and thank you for joining ACV's conference call to discuss our fourth quarter and full-year 2023 financial results.

下午好，感謝您參加 ACV 的電話會議，討論我們的第四季和 2023 年全年財務表現。

With me on the call today are George Chamoun, Chief Executive Officer; and Bill Zerella, Chief Financial Officer.

今天與我一起參加電話會議的是執行長喬治‧夏蒙 (George Chamoun)；和財務長 Bill Zerella。

Before we get started, please note that today's comments include forward-looking statements, including statements regarding future financial guidance.

在我們開始之前，請注意，今天的評論包含前瞻性陳述，包括有關未來財務指導的陳述。

These forward-looking statements are subject to risks and uncertainties and of all factors that could cause actual results to differ materially from those expressed or implied by such statements for 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.

這些前瞻性陳述受到風險和不確定性的影響，並且所有因素都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，有關與我們業務相關的風險和不確定性的討論可以在我們向SEC 提交的文件中找到以及今天的新聞稿，這兩篇文章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.

在本次電話會議中，我們將討論公認會計原則和非公認會計原則財務指標。

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.

今天的收益資料中提供了 GAAP 與非 GAAP 財務指標的調整表，這些資料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.

接下來，讓我把電話轉給喬治。

Thanks, Tim.

謝謝，蒂姆。

Good afternoon, everyone, and thank you for joining us.

大家下午好，感謝您加入我們。

We are pleased with our fourth quarter performance, which capped off another strong year of execution by the ACV team.

我們對第四季的表現感到滿意，這為 ACV 團隊又一個強勁的執行年畫上了圓滿的句號。

We delivered 21% revenue growth in Q4 and adjusted EBITDA once again exceeded our guidance.

我們第四季的營收成長了 21%，調整後的 EBITDA 再次超出了我們的指導。

For the full year, revenue grew 14%.

全年營收成長 14%。

We gained market share and exited the year with over 28,000 dealer partners buying and selling on our marketplace.

我們獲得了市場份額，並在這一年結束時有超過 28,000 家經銷商合作夥伴在我們的市場上進行買賣。

We launched new innovation that expanded our competitive moat and drove operating efficiency, resulting in approximately 70% year over year improvement in adjusted EBITDA, along with our continued momentum in dealer wholesale, we expanded our TAM with the launch of ACVs consumer sourcing solutions, cleared car and by building the foundation for our commercial wholesale strategy, we are pleased to announce that our expansion into commercial wholesale will benefit from securing access to the auto IMS. software platform and also by growing our remarketing center footprint more on our commercial efforts later in the call.

我們推出了新的創新，擴大了我們的競爭護城河並提高了營運效率，調整後的EBITDA 同比提高了約70%，加上我們在經銷商批發方面的持續增長勢頭，我們透過推出ACV 消費者採購解決方案擴大了TAM，清除了透過為我們的商業批發策略奠定基礎，我們很高興地宣布，我們向商業批發領域的擴張將受益於確保對汽車 IMS 的存取。軟體平台，並透過在電話會議後期更多地關注我們的商業努力來擴大我們的再行銷中心足跡。

As we turn to 2024, ACE is focused on accelerating top line growth, continued margin expansion and achieving an important milestone with adjusted EBITDA profitability in 2024.

展望 2024 年，ACE 的重點是加速營收成長、持續擴大利潤率，並在 2024 年實現調整後 EBITDA 獲利能力的重要里程碑。

We're confident that executing on this profitable growth strategy will result in creating long-term shareholder value.

我們相信，執行這項獲利成長策略將創造長期股東價值。

With that, let's turn to a brief recap of fourth quarter and full year 2023 results on Slide 4.

接下來，讓我們在投影片 4 上簡要回顧第四季和 2023 年全年業績。

Fourth quarter revenue of 118 million was in line with guidance and grew 21% year over year.

第四季營收為 1.18 億美元，符合預期，年增 21%。

Gmv increased 6% year over year, despite a 9% decrease in GMV per unit.

儘管單品 GMV 下降 9%，GMV 仍較去年同期成長 6%。

As wholesale prices continued to normalize, we sold 144,000 vehicles in our marketplace growth of 15% year over year, reflecting solid listings growth and improved conversion.

隨著批發價格繼續正常化，我們在市場上售出了 144,000 輛汽車，年增 15%，反映出上市量的穩健成長和轉換率的提高。

For the full year, revenue of 481 million increased 14% as unit growth rebounded year over year, along with strong attach rate for ACV, transport and ACV.

全年營收達 4.81 億美元，成長 14%，銷量較去年同期成長回升，同時 ACV、運輸和 ACV 附加率強勁。

Capital.

首都。

Gmv for the year declined modestly to $8.8 billion due to a 10% decrease in GMV per unit, largely offset by a 10% increase in unit growth, just under 600,000 units.

由於每單位 GMV 下降 10%，該年度的 GMV 小幅下降至 88 億美元，但在很大程度上被單位增長 10%（略低於 60 萬單位）所抵消。

On slide 5, I will again frame the rest of today's discussion around the three pillars of our strategy to maximize long-term shareholder value growth, innovation and scale.

在投影片 5 上，我將再次圍繞我們策略的三大支柱來建立今天剩餘的討論，以最大限度地實現長期股東價值成長、創新和規模。

I will begin with growth.

我將從成長開始。

Turning to Slide 7, I'll share our observation of our automotive market trends as context for dealer wholesale volumes in 2023, new retail sales increased 8% year over year, recovering from a 10-year low in 2022, while volumes continue to lag 2019 levels, inventories improved in OEM incentives increase.

轉向投影片 7，我將分享我們對汽車市場趨勢的觀察，以 2023 年經銷商批發量為背景，新零售額同比增長 8%，從 2022 年的 10 年低點恢復，而銷量繼續滯後2019年水平，庫存改善，OEM激勵措施增加。

These are key factors in supporting a recovery in retail sales, trade and therefore, dealer wholesale supply, the Hughes retail environment with a different story.

這些是支援零售銷售、貿易以及經銷商批發供應復甦的關鍵因素，休斯零售環境則有不同的情況。

Yields declined 1% year over year in 2023, down from what was also a 10-year low in 2022 as affordability issues continued to pressure consumer demand in terms of vehicle sourcing, dealers continued to retain a higher than normal percentage of trades for retail inventory, creating a headwind for dealer wholesale supply.

2023 年收益率年減 1%，低於 2022 年的 10 年來最低水平，原因是負擔能力問題繼續給消費者的汽車採購需求帶來壓力，經銷商繼續保留高於正常水平的零售庫存交易比例，為經銷商批發供應創造逆風。

The trade wholesale mix is expected to normalize over time as new and used inventory recovers from depressed levels, which are currently about 30% below normal.

隨著新庫存和二手庫存從低迷水準（目前比正常水準低約 30%）恢復過來，貿易批發組合預計將隨著時間的推移而正常化。

While the supply picture remains muted and a positive note, price, depreciation and conversion rates across the industry recovered in 2023 following very challenging operating conditions in 2022.

儘管供應情況依然低迷且積極，但繼 2022 年營運條件極具挑戰性之後，整個產業的價格、折舊和轉換率將在 2023 年恢復。

On balance, we believe that end markets are showing early signs of improvement.

總的來說，我們認為終端市場正在顯示出改善的早期跡象。

And while the shape of the dealer wholesale recovery is difficult to predict at this stage in the cycle.

而經銷商批發復甦的形態在周期的現階段很難預測。

We do believe the market will post modest growth in 2024.

我們確實相信市場將在 2024 年實現溫和成長。

Moving to Slide 8.

轉到投影片 8。

After declining 20% in 2022, we estimate that the dealer wholesale market declined 7% in 2023 as new retail sales recovered from depressed levels year over year.

在 2022 年下降 20% 後，隨著新零售額逐年從低迷水準恢復，經銷商批發市場預計 2023 年將下降 7%。

Given our 10% unit growth, this implies 17% market share growth for ACV, which is in line with our midterm target model.

鑑於我們 10% 的銷售成長，這意味著 ACV 的市佔率成長 17%，這符合我們的中期目標模式。

As I mentioned earlier, while there are crosscurrents still impacting the broader automotive market, we continue to believe that 2023 will be the trough for the dealer wholesale.

正如我之前提到的，雖然更廣泛的汽車市場仍然存在逆流，但我們仍然認為 2023 年將是經銷商批發的低谷。

Next, I would like to provide highlights on our value-added services.

接下來我想重點介紹一下我們的增值服務。

First, on slide 9, the ACV transportation team delivered very strong results in 2020.

首先，在投影片 9 上，ACV 運輸團隊在 2020 年取得了非常出色的成果。

Great attach rates for the year were in the mid 50% range, in line with our midterm target model.

今年的優秀附加率在 50% 左右，符合我們的中期目標模式。

And our carrier network delivered over 325,000 views.

我們的營運商網路提供了超過 325,000 次觀看。

Our tech investments yielded a greater than 20% improvement in cycle times, which is a key element of ACV value proposition for our dealers.

我們的技術投資使週期時間縮短了 20% 以上，這是 ACV 對經銷商價值主張的關鍵要素。

Ai optimized pricing which we introduced in early 2023, expanded significantly during the year, and we achieved 90% lane coverage in Q4.

我們於 2023 年初推出的人工智慧優化定價，在這一年中大幅擴展，我們在第四季度實現了 90% 的車道覆蓋率。

By leveraging AI, our transport team drove growth and operating efficiency, resulting in a 900 basis point year-over-year increase in revenue margin reaching the high 10s.

透過利用人工智慧，我們的運輸團隊推動了成長和營運效率，營收利潤率年增了 900 個基點，達到了 10 多基點。

As a reminder, our midterm target model assumes transport revenue margin in the high 10s while margins may fluctuate modestly over time.

提醒一下，我們的中期目標模型假設運輸收入利潤率在 10 左右，而利潤率可能會隨著時間的推移而小幅波動。

The fact that we already achieved our target speaks to the value we're delivering to our dealer partners and our strong execution.

我們已經實現了目標，這一事實說明了我們為經銷商合作夥伴提供的價值以及我們強大的執行力。

Turning to Slide 10.

轉到投影片 10。

Our ACE Capital team also delivered very strong results in 2023.

我們的 ACE Capital 團隊在 2023 年也取得了非常強勁的業績。

Attach rates in the low double digits resulted in 50% loan volume growth year over year and combined with strong RPU expansion resulted in over 80% revenue growth year over year.

低兩位數的附加利率導致貸款量年增 50%，加上強勁的 RPU 擴張，導致營收年增超過 80%。

We are continuing to invest in new ACE capital capabilities, including bundled offerings with clear car and we remain confident to ACV capital will be an important long-term growth and profit driver.

我們將繼續投資新的 ACE 資本能力，包括與透明汽車的捆綁產品，我們仍然相信 ACV 資本將成為重要的長期成長和利潤驅動力。

Next, I would like to wrap up the growth section by updating our progress on penetrating adjacent markets to grow ACV with additional growth lever.

接下來，我想透過更新我們在滲透相鄰市場以透過額外的成長槓桿來成長 ACV 的進展來結束成長部分。

On Slide 11, I'll begin with a clear car ACVs consumer sourcing solution that leverages AI and real-time market data to deliver highly accurate condition based pricing.

在投影片 11 上，我將從一個清晰的汽車 ACV 消費者採購解決方案開始，該解決方案利用人工智慧和即時市場數據來提供高度準確的基於條件的定價。

As a reminder, the consumer peer-to-peer market is large with about 10 million vehicles transacting each year outside the dealership ecosystem.

需要提醒的是，消費者點對點市場規模龐大，每年在經銷商生態系統之外進行的車輛交易量約為 1,000 萬輛。

Given ongoing inventory challenges facing our dealer partners the peer-to-peer market is an attractive vehicle sourcing opportunity.

鑑於我們的經銷商合作夥伴面臨的持續庫存挑戰，點對點市場是一個有吸引力的車輛採購機會。

Acv of addressing this challenge with clear car adoption has been impressive with about 600 dealer rooftops live today, and we have a robust pipeline of new prospects based on dealer feedback, lead generation and conversion rates are significantly higher than competitive sourcing tools.

透過明確的汽車採用來應對這項挑戰的Acv 令人印象深刻，目前約有600 個經銷商屋頂上線，並且我們根據經銷商反饋擁有強大的新潛在客戶管道，潛在客戶生成和轉換率明顯高於競爭性採購工具。

This speaks to the power of Claire car in driving qualified leads and ultimately increasing overall dealer supply.

這說明了克萊爾汽車在推動合格銷售線索並最終增加經銷商整體供應方面的力量。

We are excited about the momentum for this value added solution, which adds another growth lever to our business.

我們對這項增值解決方案的發展勢頭感到興奮，它為我們的業務增加了另一個成長槓桿。

Next on slide 12, I'm pleased to highlight some exciting news related to our commercial wholesale strategy.

接下來在投影片 12 上，我很高興強調一些與我們的商業批發策略相關的令人興奮的消息。

At our Analyst Day last June, we shared our rationale for expanding into commercial wholesale, why we believe ACV is well positioned to capture commercial market share and the investments required to service commercial consignors.

在去年 6 月的分析師日上，我們分享了向商業批發領域擴張的理由，以及為什麼我們相信 ACV 能夠很好地佔據商業市場份額以及為商業發貨人提供服務所需的投資。

And it turns out our timing could not have been better commercial volumes in the rental repo and fleet categories are recovering at a strong pace.

事實證明，我們的時機再好不過了，租賃回購和車隊類別的商業量正在強勁復甦。

Off-lease will take a few years to normalize.

租約到期需要幾年時間才能恢復正常。

The overall commercial opportunity is very attractive.

整體商業機會非常有吸引力。

We believe that ACV is uniquely positioned to address this market with our deep data moat and vibrant marketplaces, along with a growing nationwide buyer base looking to secure commercial inventory, and we have expanded our remarketing center footprint with a recent acquisition of a Texas-based auction group that provides additional locations for vehicle storage and light reconditioning service commercial.

我們相信，ACV 擁有獨特的優勢，能夠憑藉我們深厚的數據護城河和充滿活力的市場，以及尋求確保商業庫存的全國範圍內不斷增長的買家群體，來應對這一市場，而且我們最近收購了一家位於德克薩斯州的公司，擴大了我們的再行銷中心足跡。拍賣集團，為車輛存儲和輕型翻新服務商業提供額外的地點。

Yes, lastly, we are thrilled to announce that ACV has secured licensing to auto IMA.

是的，最後，我們很高興地宣布 ACV 已獲得汽車 IMA 許可。

This technology platform connects wholesale auction to nearly all 1,300 commercial consignors in the US.

該技術平台將批發拍賣與美國幾乎所有 1,300 個商業委託人連接起來。

Our agreement enables ACV to deploy auto Eimac in a way that supports our remarketing centers and our digital focus business model, which will be an industry first capability to ramp up and growth.

我們的協議使 ACV 能夠以支援我們的再行銷中心和數位焦點業務模式的方式部署汽車 Eimac，這將是業界首個提升和成長的能力。

We continue to execute on our playbook to capture dealer wholesale market share.

我們繼續執行我們的策略，以獲取經銷商批發市場份額。

Our transport and capital offerings are gaining significant traction, and we are well positioned to expand our TAM by executing on our consumer sourcing and commercial market expansion Turning to the second element of our strategy to drive long-term shareholder value innovation.

我們的運輸和資本產品正在獲得巨大的吸引力，我們處於有利地位，可以透過執行我們的消費者採購和商業市場擴張來擴大我們的TAM。轉向我們策略的第二個要素，即推動長期股東價值創新。

On slide 14, I will first recap some of our growth oriented product innovation.

在投影片 14 上，我將首先回顧我們的一些以成長為導向的產品創新。

We began with the dealer buying experience.

我們從經銷商的購買體驗開始。

We leaned in with tech to increase conversion rates by launching new auction format and improved user interface, better inventory notification and enhanced pricing data.

我們依靠技術來提高轉換率，推出新的拍賣格式和改進的用戶介面、更好的庫存通知和增強的定價數據。

Our private marketplace solutions experienced strong traction with some of the largest dealer groups in the country, enabling dealers to both easily auction inventory within their network and leverage ACVs open marketplace.

我們的私人市場解決方案受到了國內一些最大經銷商集團的強烈關注，使經銷商能夠輕鬆拍賣其網路內的庫存並利用 ACV 開放市場。

We launched new capabilities in our advanced fire solution, Sam, which enhances the buying experience through intelligent notification and auto bidding capabilities.

我們在先進的消防解決方案 Sam 中推出了新功能，它透過智慧通知和自動出價功能增強了購買體驗。

And as I discussed earlier, our clear car solution is gaining significant market traction and our transfer team is leveraging AI to drive growth and operating efficiency.

正如我之前所討論的，我們的透明汽車解決方案正在獲得巨大的市場吸引力，我們的轉運團隊正在利用人工智慧來推動成長和營運效率。

On Slide 15, we highlight examples of tech investments that extend into our operations, delivering customer success while reducing costs.

在投影片 15 中，我們重點介紹了延伸到我們營運中的技術投資範例，這些投資在幫助客戶成功的同時降低了成本。

One of the key drivers is inspection accuracy.

關鍵驅動因素之一是檢查準確性。

Just as a reminder, each vehicle is unique with its own imperfections.

提醒一下，每輛車都是獨一無二的，都有自己的缺陷。

We believe AI in our structured data is a massive competitive advantage.

我們相信結構化資料中的人工智慧是一個巨大的競爭優勢。

Our field team equipped with technology such as copilot, our guard, Apex and our AI powered imaging apps to deliver high quality inspection, copilot in our guard leveraged machine learning, predictive analytics and sensor data to inform our VCIM. vehicles specific issues before and after conducting inspections.

我們的現場團隊配備了副駕駛、警衛、Apex 和人工智慧成像應用程式等技術，可提供高品質的檢查，警衛中的副駕駛利用機器學習、預測分析和感測器數據來通知我們的 VCIM。檢查前後車輛的具體問題。

This is an industry-first iPAQ delivers significant transparency into vehicle operating condition while also increasing the inspection productivity of our VCIT. dealers often observed and you can smell a car over the Internet.

這是業界首創的 iPAQ，可顯著提高車輛運行狀況的透明度，同時也提高了 VCIT 的檢查效率。經銷商經常觀察，你可以透過網路聞到汽車的氣味。

This is no longer true, thanks to Apex, it's now being one of the many sensors It enables.

這不再是事實，感謝 Apex，它現在已成為它支援的眾多感測器之一。

And we continue to expand our AI imaging capability to identify specific important conditions like the presence of damage and rocks together.

我們繼續擴展我們的人工智慧成像能力，以識別特定的重要條件，例如是否存在損壞和岩石。

These innovations contributed to a 10% reduction in customer assurance costs in 2023, incredible performance in the current market.

這些創新有助於在 2023 年將客戶保證成本降低 10%，這在當前市場上表現令人難以置信。

Next, I'd like to share some of the key focus areas of our tech road map for 2024 and five 17st, we plan to continue driving increased conversion rate by further Telering the dealer experience on our market.

接下來，我想分享我們 2024 年和 5 月 17 日技術路線圖的一些關鍵重點領域，我們計劃透過進一步改善市場上的經銷商體驗來繼續提高轉換率。

What with MAX digital is now ACV max.

MAX digital 現在是 ACV max。

This is more than a name change.

這不僅僅是名稱更改。

We integrated ACVs proprietary data moat from our million annual inspection to enable dealers to make smarter sourcing decisions we introduce cutting edge recon alerts by leveraging our guard and build a seamless integration with clear car to help dealers source more vehicles from consumers.

我們整合了來自百萬年檢的ACV 專有資料護城河，使經銷商能夠做出更明智的採購決策，我們利用我們的防護措施引入了尖端偵察警報，並與透明汽車建立無縫集成，以幫助經銷商向消費者購買更多車輛。

Dealers now have a way to elevate their brand by becoming more consistent at all their stores, ultimately enabling them to source more inventory and drive gross profit.

經銷商現在可以透過在所有商店中變得更加一致來提升其品牌，最終使他們能夠採購更多庫存並提高毛利。

Given the strong adoption of ACV transfer in our marketplace, we are extending these services to vehicles transactive off-platform, enabling our dealer partners to further leverage our best in class transport service.

鑑於 ACV 傳輸在我們的市場中廣泛採用，我們正在將這些服務擴展到平台外車輛交易，使我們的經銷商合作夥伴能夠進一步利用我們一流的運輸服務。

We recently implemented a loan management system to support our growing ACV capital business, which enables us to offer a broader set of finance offerings and drive scale across the platform, for example, expanding our finance to dealers looking to source consumer vehicles accelerate.

我們最近實施了貸款管理系統，以支援我們不斷成長的ACV 資本業務，這使我們能夠提供更廣泛的融資產品並推動整個平台的規模，例如，將我們的融資擴展到尋求採購消費車輛的經銷商加速。

Our commercial strategy will be focused on integrating our remarketing centers with ACVs digital marketplace to create a range of cross-sell and upsell opportunities.

我們的商業策略將專注於將我們的再行銷中心與 ACV 數位市場整合，以創造一系列交叉銷售和追加銷售機會。

And we are well underway.

我們正在順利進行中。

Selling vehicles from our remarketing centers and ACV is marketplace.

從我們的再行銷中心和 ACV 銷售車輛是市場。

Lastly, we are planning to leverage our industry leading inspection technology to create dealer self inspection solutions for two use cases, private marketplaces and live appraisal.

最後，我們計劃利用我們領先業界的檢查技術為兩個用例（私人市場和即時評估）創建經銷商自我檢測解決方案。

These are examples of dealers directly using ACVs inspection and auction capability.

這些是經銷商直接使用 ACV 檢查和拍賣功能的範例。

To wrap up on innovation, ACE remains committed to delivering industry-leading technology to our dealer partners and to our own operation, driving both growth and scale, and we look forward to sharing more details with you next quarter.

為了完成創新，ACE 仍然致力於為我們的經銷商合作夥伴和我們自己的營運提供業界領先的技術，推動成長和規模，我們期待在下個季度與您分享更多細節。

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

接下來，讓我將任務交給比爾，向您介紹我們的財務表現以及我們如何推動大規模成長。

Thanks, George, and thank you, everyone, for joining us today.

謝謝喬治，也謝謝大家今天加入我們。

We are very pleased with our Q4 and 2023 financial performance along with delivering accelerating revenue growth in the back half of the year, we had meaningful revenue margin and adjusted EBITDA margin expansion, which demonstrated the strength of our business model.

我們對第四季和 2023 年的財務表現感到非常滿意，同時下半年營收成長加速，我們擁有可觀的營收利潤率和調整後的 EBITDA 利潤率擴張，這證明了我們業務模式的實力。

Turning to Slide 18.

轉到投影片 18。

I'll begin with a recap of our fourth quarter results.

我將首先回顧我們第四季的業績。

Revenue of $118 million was at the midpoint of our guidance range and grew 21% year over year.

營收為 1.18 億美元，處於我們指導範圍的中位數，年增 21%。

Adjusted EBITDA loss of $5 million beat our guidance range and adjusted EBITDA margin improved approximately 800 basis points versus Q4 22.

調整後 EBITDA 虧損 500 萬美元，超出了我們的指導範圍，調整後 EBITDA 利潤率比 22 年第四季提高了約 800 個基點。

This demonstrates both the operating leverage in our model and continued strong OpEx management.

這證明了我們模型中的營運槓桿和持續強大的營運支出管理。

Next, on slide 19, I will cover additional revenue details.

接下來，在投影片 19 上，我將介紹其他收入詳細資訊。

Option and assurance revenue, which was 56% of total revenue increased 19% year over year.

選擇權和保證收入佔總收入的 56%，年增 19%。

This performance reflects 15% year over year unit growth, an auction and assurance RPU of $456, which grew 3% year over year.

這一業績反映出單位數量年增 15%，拍賣和保證 RPU 為 456 美元，年增 3%。

Note that RPU increased year over year despite a 9% decline in GMV per unit, reflecting our Q3 price increase.

請注意，儘管每單位 GMV 下降 9%，但 RPU 仍同比增長，這反映了我們第三季的價格上漲。

And we believe we will still have pricing headroom going forward.

我們相信，未來我們仍將有定價空間。

Marketplace services revenue, which was 38% of total revenue, grew 29% year over year.

市場服務收入佔總收入的 38%，年增 29%。

Results were driven by strong ACTV transport performance, another record revenue quarter for ACV capital.

強勁的 ACTV 運輸業績推動了業績的成長，這是 ACV 資本另一個創紀錄的季度營收記錄。

Our SaaS and data services products comprise 7% of total revenue and revenue was flat year over year.

我們的 SaaS 和數據服務產品佔總營收的 7%，營收與去年同期持平。

For ECV. max revenue grew modestly year over year.

對於 ECV。最大收入較去年小幅成長。

Recall that we have been taking a measured approach to customer acquisition while making significant improvements to the ACV Max platform.

回想一下，我們一直在採取謹慎的方法來獲取客戶，同時對 ACV Max 平台進行重大改進。

As George discussed earlier, we recently launched the upgraded ACV Mac suite, and we're confident these improvements will drive long-term growth.

正如 George 之前討論的那樣，我們最近推出了升級版的 ACV Mac 套件，我們相信這些改進將推動長期成長。

Turning now to slide 20, I will cover costs in the quarter.

現在轉到投影片 20，我將支付本季的成本。

Q4 cost of revenue as a percentage of revenue decreased approximately 300 basis points year over year.

第四季營收成本佔營收的百分比年減約 300 個基點。

The improvement was driven by strong auction and assurance results and by ACV transport, as George mentioned, we delivered high 10s transport revenue margins, which is in line with our midterm target model.

這項改善是由強勁的拍賣和保證結果以及 ACV 運輸推動的，正如 George 所提到的，我們實現了 10 倍的高運輸收入利潤率，這符合我們的中期目標模型。

We continue to focus on expense discipline as we optimize our scale our business.

在優化業務規模的過程中，我們將持續專注於費用紀律。

Non-gaap operating expense, excluding cost of revenue as a percentage of revenue decreased 4% year over year in Q4.

第四季度，不計收入成本的非公認會計準則營運費用佔收入的百分比年減 4%。

This reflects a more metered approach to growing OpEx relative to our revenue as we march towards profitability moving to Slide 21, let me frame our investment strategy and path to profitability.

這反映了隨著我們向盈利能力邁進，我們將採取更加有節制的方式來增加營運支出相對於我們的收入的比例。幻燈片 21 如下，讓我來製定我們的投資策略和盈利之路。

Our focus on spending discipline and operating efficiency resulted in a material decrease in OpEx growth in 2023, resulting in adjusted EBITDA losses declining by approximately 70% year over year.

我們對支出紀律和營運效率的關注導致 2023 年營運支出成長大幅下降，導致調整後 EBITDA 損失年減約 70%。

And as you've seen reflected in our Q4 results, we delivered margin expansion while preserving our go-to-market and technology investments to ensure ACV is in a strong position as market conditions improve.

正如您在我們的第四季業績中所看到的那樣，我們實現了利潤率擴張，同時保留了我們的上市和技術投資，以確保 ACV 在市場狀況改善時處於有利地位。

On slide 22, I would like to provide an update to regional profitability that we shared at our Analyst Day last June, demonstrating why we're confident in our midterm target of achieving 25% adjusted EBITDA margins in 2023, 35% of our regions comprising about 50 territories achieved adjusted breakeven or better of those regions.

在幻燈片22 上，我想提供我們在去年6 月的分析師日分享的區域盈利能力的最新情況，說明為什麼我們對2023 年實現25% 調整後EBITDA 利潤率的中期目標充滿信心，我們的35 % 的區域包括大約 50 個地區實現了調整後損益平衡或更好。

Three were in the 15% to 25% adjusted EBITDA range.

三個調整後的 EBITDA 範圍在 15% 至 25% 之間。

Additionally, we had three territories exceeding 25% adjusted EBITDA margins.

此外，我們的三個地區調整後 EBITDA 利潤率超過 25%。

We believe that this performance demonstrates the inherent leverage and scale of our business model as we continue to drive top line growth.

我們相信，隨著我們繼續推動營收成長，這項業績證明了我們業務模式的固有槓桿和規模。

Next, I will highlight our strong capital structure on slide 23, we ended Q4 with 411 million in cash and equivalents and marketable securities and 115 million of debt on our revolver.

接下來，我將在投影片 23 上強調我們強大的資本結構，在第四季度結束時，我們擁有 4.11 億美元的現金和等價物以及有價證券，以及 1.15 億美元的左輪手槍債務。

Note that our cash balance includes $134 million of flow in our auction business.

請注意，我們的現金餘額包括 1.34 億美元的拍賣業務流量。

The amount of float on our balance sheet will continue to fluctuate meaningfully based on business trends in the final two weeks of each quarter, which has a corresponding impact on operating cash flow.

我們的資產負債表上的浮動金額將根據每季最後兩週的業務趨勢繼續發生有意義的波動，這對經營現金流量產生相應的影響。

Cash flow from operations in 2023 improved significantly year over year, a 75% reduction in burn, reflecting the strong margin improvements and OpEx management we delivered and the leverage in our business model.

2023 年營運現金流較去年同期顯著改善，燒錢減少 75%，反映了我們實現的利潤率和營運支出管理的強勁改善以及我們業務模式的槓桿作用。

Now I will turn to guidance on Slide 24.

現在我將轉向幻燈片 24 的指導。

For the first quarter of 2024, we're expecting revenue in the range of 141 to $146 million.

我們預計 2024 年第一季的營收將在 1.41 至 1.46 億美元之間。

Adjusted EBITDA is expected to be in the range of two to $4 million, consistent with our commitment to achieve a full quarter of profitability in Q1 for the full year 2024, we are expecting revenue in the range of 610 to $625 million, representing growth of 27% to 30% year over year.

調整後 EBITDA 預計在 2 至 400 萬美元之間，這符合我們在 2024 年全年第一季度實現全季度盈利的承諾，我們預計收入在 610 至 6.25 億美元之間，相當於增長同比增長27%至30%。

Adjusted EBITDA is expected to be in the range of 20 to $25 million, reflecting operating improvements in our core business and integration investments in our remarketing centers.

調整後的 EBITDA 預計在 2,000 至 2,500 萬美元之間，反映了我們核心業務的營運改善以及對再行銷中心的整合投資。

As it relates to our guidance, we are assuming that the dealer wholesale market grows modestly in 2024 and conversion rates and wholesale price depreciation follow normal seasonal patterns.

由於與我們的指導相關，我們假設經銷商批發市場在 2024 年溫和成長，且轉換率和批發價格貶值遵循正常的季節性模式。

We're expecting the Texas based option Group acquisition to contribute approximately 5% of annual revenue in 2024 and be accretive to full year adjusted EBITDA revenue growth is expected to outpace non-GAAP OpEx growth, excluding cost of revenue and depreciation and amortization by approximately 10 percentage points.

我們預計，總部位於德州的選擇權集團收購將在2024 年貢獻約5% 的年收入，並增加全年調整後EBITDA 收入成長，預計將超過非GAAP 營運支出成長（不包括收入成本和折舊及攤提） 10 個百分點。

And finally, moving to slide 25.

最後，轉到投影片 25。

We remain committed to achieving our midterm target model, which is underpinned by sustaining market share, gain, penetrating adjacent markets and expanding margins, revenue mix and scale, all of which we've clearly demonstrated in our performance.

我們仍然致力於實現我們的中期目標模型，該模型的基礎是維持市場份額、收益、滲透鄰近市場以及擴大利潤率、收入組合和規模，所有這些我們都在我們的業績中得到了明確的體現。

Our midterm targets are primarily predicated on the dealer wholesale market recovering to historical volumes over time.

我們的中期目標主要取決於經銷商批發市場隨著時間的推移而恢復到歷史水準。

But in addition, we are expanding our TAM and consistently taking share, which will drive long-term growth.

但除此之外，我們正在擴大 TAM 並持續佔據份額，這將推動長期成長。

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

說到這裡，讓我把話題轉回喬治身上。

Thanks, Bill.

謝謝，比爾。

Before we take your questions, I'll summarize.

在回答你的問題之前，我先總結一下。

We are very pleased with our strong execution in 2023 we are especially proud of our ACE team that delivered these results.

我們對 2023 年的強勁執行力感到非常滿意，我們對 ACE 團隊所取得的這些成果尤其感到自豪。

We continue to gain market share by attracting new dealer and commercial partners to our market.

我們透過吸引新的經銷商和商業合作夥伴進入我們的市場來繼續獲得市場份額。

We are expanding our addressable market, which positions ACV for attractive growth.

我們正在擴大我們的目標市場，這使 ACV 能夠實現有吸引力的成長。

As market conditions improve, we are delivering an exciting product road map to further differentiate ACV and drive operating efficiency.

隨著市場狀況的改善，我們正在提供令人興奮的產品路線圖，以進一步區分 ACV 並提高營運效率。

We are on track to achieve our near term adjusted EBITDA targets and deliver on our midterm targets that we believe will drive significant shareholder value, and we are committed to achieving these results while building a world-class team to deliver on our goals.

我們預計將實現近期調整後的 EBITDA 目標，並實現我們的中期目標，我們相信這些目標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。

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

之後，我會將電話轉給接線生以開始問答。

(Operator Instructions) Michael Graham, Canaccord.

（操作員說明）Michael Graham，Canaccord。

Thanks a lot for all the detail.

非常感謝您提供的所有細節。

And congrats on the quarter.I just wanted to ask on the 2024 guide.

恭喜這個季度。我只是想問一下 2024 年指南。

We understand that it includes about EUR30 million from the acquisition.

據我們了解，其中包括約 3,000 萬歐元的收購費用。

You mentioned them expecting some recovery in Nepal in the wholesale market underpinning that guidance.

您提到他們預計尼泊爾批發市場會出現一些復甦，支撐這項指引。

Just wonder if you go into a little more depth about what you're seeing on the macro and how you handicap sort of whether the market might perform better or worse than and what's embedded in your guide?

只是想知道您是否更深入地了解您在宏觀上看到的情況以及您如何限制市場的表現是否會比您的指南中的內容更好或更差？

Hey, Michael, it's George.

嘿，邁克爾，我是喬治。

I'll start first and then Bill, can I read that and but so yes, thank you.

我先開始，然後比爾，我可以讀嗎？是的，謝謝。

Thanks for your comments on the quarter yet with another strong quarter and great execution by the team.

感謝您對本季度的評論，本季又一個強勁的季度以及團隊的出色執行力。

Appreciate you saying that that we we had some comments earlier that we discussed that we believe 23 would be the trough on overall dealer wholesale, our supply.

感謝您所說，我們之前有過一些評論，我們討論過我們相信 23 日將是整體經銷商批發和供應的低谷。

When you look at the broad trends we saw even in Q4 on others for the year-over-year decline in overall wholesale supply, right.

當你看看我們在第四季度看到的整體趨勢時，整體批發供應量比去年同期下降，對吧。

We do think things will marginally better this year.

我們確實認為今年情況會略有改善。

I would commit to give much more detail than that, but now we're expecting this year to be the market to improve significantly.

我承諾提供更多細節，但現在我們預計今年市場將顯著改善。

So we've been marginally up and earlier on the call, we're speaking to your new car supply is coming back nicely.

因此，我們在電話會議的早些時候有所上升，我們說你們的新車供應正在恢復良好。

Used Car year-over-year retail is still a little lower.

二手車零售量較去年同期仍略低。

Obviously, with interest rates and everything, we're still taking environment until the top line used to recount overall cars cars on dealers' lots are about 30% lower than 2019.

顯然，考慮到利率和其他因素，我們仍在考慮環境因素，直到用於重新計算經銷商批次汽車總數的頂線比 2019 年低約 30%。

So when you look at overall supply on dealers' lots, we're still seeing versus it's still going to take some time for the market to kind of get back to normal.

因此，當您查看經銷商批次的整體供應時，我們仍然會發現市場仍需要一段時間才能恢復正常。

But we're thinking this year things marginally improve, though.

但我們認為今年情況略有改善。

I'm not sure if there's anything more to communicate this.

我不確定是否還有什麼可以傳達的。

But yes, I would just say the only other thing I would add, Michael, is that if you subtract out on this Texas-based acquisition by that at the midpoint results in about 22% revenue growth versus 14% for last year.

但是，是的，我只想說，邁克爾，我要補充的唯一另一件事是，如果你減去這家位於德克薩斯州的收購，中點結果將導致收入增長約22%，而去年為14%。

So think of that as a combination of both an improvement in RPU and then it's a modest improvement in the market along with share gains.

因此，可以將其視為 RPU 改善和市場適度改善以及份額成長的結合。

So Tom, just to frame out the math for you.

湯姆，只是為您列出數學公式。

That makes sense.

這就說得通了。

Thank you, guys.

感謝你們。

Thank you, Michael.

謝謝你，麥可。

Chris Pierce, Needham & Company.

克里斯皮爾斯，李約瑟公司。

Kind of talk about the sequential downtick in AFP. on the platform.

有點像法新社的連續下跌。在平台上。

Is that a concerted effort to kind of attack a different part of the market?

這是一種共同攻擊市場不同部分的努力嗎？

Or is it just the market itself and wholesale prices kind of moving lower consistently?

還是只是市場本身和批發價格持續走低？

And then should that inform lower retail prices or you just you're still not kind of baking at it?

那麼這是否會導致零售價格下降，或者您只是還沒有開始考慮它？

Yes, credit as we predicted and fees decline somewhat consistently with used car values declining, we've been seeing of just about two years in a row overall used cars and going down in value, you've been seeing a pretty consistent decline.

是的，正如我們預測的那樣，隨著二手車價值的下降，信貸和費用在一定程度上下降，我們已經看到連續兩年二手車整體價值下降，你已經看到了相當一致的下降。

But I think you also noted our Q2 our revenue per unit has gone up.

但我認為您也注意到我們第二季的單位收入有所增加。

So we've done a great job of mitigating over, you know, over the last year, kind of facing a piece of our overall GMV going down.

所以，去年我們在緩解整體 GMV 下降方面做得非常出色。

But our who are staying very strong.

但我們的人仍然非常堅強。

So we're in a really good spot, but that was as we predicted.

所以我們處於一個非常好的位置，但這正如我們所預測的那樣。

If you look back last year, we had predicted used car values would continue to decline.

如果你回顧去年，我們曾預測二手車價值將持續下降。

And we also predicted we should be fine from a revenue per unit perspective.

我們也預測，從單位收入的角度來看，我們應該沒問題。

And I think both of those that are being tracked.

我認為這兩個都正在被追蹤。

Okay, okay.

好吧好吧。

And then on the call you framed 1 million options per year and you did 600,000 a year.

然後在電話會議上，你每年制定 100 萬個選擇權，最後你做了 60 萬個。

I mean, is it right to think about that conversion rate at 60% because that roughly 1,000 basis points ahead of industry sources.

我的意思是，考慮 60% 的轉換率是否正確，因為這比行業數據領先約 1,000 個基點。

So that's sort of part of the go to market or do I kind of have the math wrong?

所以這是進入市場的一部分，還是我的計算有誤？

Our conversion rates are a little lower in that there's a few options in their credit that are done for ARM and dealers are retail hires and also eliminated a few thousand units a month and then, you know, in addition, others a few others like commercial cars where we're expecting conversion a little bit lower than that 60% range.

我們的轉換率有點低，因為他們的信用中有一些選項是為 ARM 完成的，經銷商是零售僱員，每月還淘汰幾千台，然後，你知道，此外，還有其他一些，例如商業產品我們預計轉換率略低於60% 範圍的汽車。

But it's in the ballpark figures.

但這只是大概數字。

We're showing the mid 50s, which is pretty consistent with historical trends with your historical trends or industry historical trends, if you actually go into more detail of both our historical and yes, okay.

我們展示的是 50 年代中期，這與歷史趨勢與您的歷史趨勢或行業歷史趨勢非常一致，如果您實際上更詳細地了解我們的歷史，是的，好吧。

Perfect.

完美的。

Thank you.

謝謝。

Thank you.

謝謝。

Bob Labick, CJS Securities.

拉比克 (Bob Labick)，CJS 證券公司。

Yes, hi, thank you.

是的，嗨，謝謝。

It's Pete Lukas for Bob.

鮑伯是皮特·盧卡斯。

You guys covered a lot in the prepared remarks.

你們在準備好的發言中涵蓋了許多內容。

Thank you for that.

謝謝你。

I guess just one for me.

我想只有一個適合我。

In terms of innovation, you guys have introduced a lot of cool tech over the years and you discussed innovation.

在創新方面，你們這些年來引進了許多很酷的技術，並且討論了創新。

What has you the most excited from that?

對此您最興奮的是什麼？

And where do you see the biggest impact coming from in 2024 in terms of the new stuff?

您認為 2024 年新事物的最大影響來自哪裡？

Yes, the same area area, great question where ACV like many companies out there are faced with artificial intelligence changing really how we all operate changing our intelligence.

是的，在同一領域，ACV 像許多公司一樣面臨著人工智慧真正改變我們所有人的運作方式，改變我們的智力的好問題。

I'm changing how we think about them and everything from how much time it should take it to inspect the car so that we will hit it this year, but we're investing in capabilities to help us inspect cars faster yet with more accuracy that wasn't possible last year or the year before with our focus on artificial intelligence.

我正在改變我們對它們的看法以及一切，從檢查汽車應該花多少時間，以便我們今年能夠實現這一目標，但我們正在投資能力來幫助我們更快、更準確地檢查汽車。在我們專注於人工智能的情況下，去年或前年這是不可能的。

We are focused on the acquisitions we've made, like Mong with our R&D team and balancing things like our guard and other areas where we can approach a vehicle and know the economy issues we've had on that vehicle going into next year.

我們專注於我們所做的收購，例如Mong和我們的研發團隊，並平衡我們的警衛和其他領域，我們可以在這些領域接近車輛並了解明年該車輛遇到的經濟問題。

Our investment this year will help us, we believe, both take the time down in inspections.

我們相信，今年的投資將幫助我們雙方減少檢查時間。

But yes, improve accuracy now could ultimately make us more efficient.

但是，是的，現在提高準確性最終可以讓我們更有效率。

So we're really excited about that.

所以我們對此感到非常興奮。

So I think one I can go on on take the whole call, but I did have a one-time that would drive you to one where generally our inspection capabilities are just improving dramatically and artificial intelligence is going to help.

因此，我認為我可以繼續接聽整個電話，但我確實有過一次可以帶你去的地方，一般來說，我們的檢查能力正在顯著提高，而人工智慧將會提供幫助。

Great.

偉大的。

Thank you.

謝謝。

I'll jump back in the queue.

我會跳回到隊列中。

Thanks.

謝謝。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛。

Thank you so much for taking the question.

非常感謝您提出這個問題。

Can you reflect a little bit on the key investments you see necessary to make it that are putting some pressure on margins in 2024 and how to bridge that to sort of what you've talked about at prior analyst days in terms of the exit velocity 24 against your more medium term EBITDA margin guidance to be super helpful.

您能否稍微思考一下您認為必要的關鍵投資，這些投資會給 2024 年的利潤率帶來一些壓力，以及如何將其與您在之前的分析師日談論的退出速度 24 聯繫起來根據您的中期EBITDA 利潤率指引非常有幫助。

Thank you.

謝謝。

And once you started that all added?

一旦你開始，所有的東西都添加了嗎？

Sure.

當然。

Yes.

是的。

Yes, I think there were if I could list a few of them.

是的，我想是有的，如果我能列出其中一些的話。

And I think we're in track with really each of these I just spoke a few minutes ago that our ability to inspect the car both deliver on buyer satisfaction but also hit our medium-term arbitration objective.

我認為我們實際上正在處理我幾分鐘前剛剛談到的每一個問題，我們檢查汽車的能力既能滿足買家的滿意度，又能達到我們的中期仲裁目標。

We're really doing a great job.

我們確實做得很好。

So that's one area where we're doing a fantastic job on conversion rate and what we're doing on our platform to keep improving conversion rate.

因此，這是我們在轉換率方面做得非常出色的領域，也是我們在平台上不斷提高轉換率的工作。

If you look at what we're doing with selling vehicles on our platform against lit up market.

如果你看看我們在我們的平台上針對活躍的市場銷售車輛所做的事情。

You could see with our peers never and how it's been a tough market and our conversion rates have held up really well, that's been holding up improvement as we've gone on our marketplace to keep including enhancing conversion rate.

您可以看到我們的同行從來沒有看到過，這是一個艱難的市場，而我們的轉換率卻保持得非常好，隨著我們在市場上不斷提高轉換率，這一直在阻礙我們的進步。

We look at where Rapid Transport we're already at our attach rate and we're great at our margin profile for TransCore capital.

讓我們看看Rapid Transport 已經達到我們的附加率，我們對TransCore 資本的利潤狀況感到非常滿意。

Take rate is really humming along nicely.

採取率真的很好。

We're pacing basically at plans that ACV capital and that will also improve overall margins and then really just growth from growth markets, many of the areas across the country continuing to take market share allow for that one by territory or region, then Bill shared some data on the call, we are reorienting our regional profile has been where you would expand on that.

我們基本上按照 ACV 資本的計劃進行，這也將提高整體利潤率，然後實際上只是來自成長市場的成長，全國許多地區繼續佔據市場份額，允許按地區或地區劃分，然後比爾分享道關於電話會議的一些數據，我們正在重新定位我們的區域概況，您可以在此基礎上擴展。

Yes, I think maybe first, I'll just take a step back, Eric, at a high level.

是的，我想也許首先，我會退後一步，埃里克，在較高的層面上。

So some based on the modeling we've done for this year.

有些是基於我們今年所做的建模。

If we look at revenue and margin dollar growth year on year, we're going to take about 45% of that down to adjusted EBITDA, right?

如果我們看看收入和利潤率的逐年增長，我們將把其中約 45% 的比例降低為調整後的 EBITDA，對吧？

So on.

很快。

So we will be growing OpEx this year, but we feel pretty good about the amount of margin that we're going to take down to the bottom line.

因此，我們今年將增加營運支出，但我們對將降低到底線的利潤率感到非常滿意。

So further, just again, it's just taking a step back on.

更進一步，再一次，它只是後退了一步。

I would just add everything that George said, we're also going to be making platform investments to further our commercial strategy, and that's baked into our guidance in our OpEx envelope as well on.

我只想補充喬治所說的一切，我們還將進行平台投資以推進我們的商業策略，這也納入了我們在營運支出範圍內的指導。

So it's kind of all of everything that George described, specifically driving the commercial strategy.

這就是喬治所描述的一切，特別是推動商業策略。

And then outside of that, it's just really scaling the business from.

除此之外，它只是真正擴展業務。

Yes, as we continue to grow.

是的，隨著我們不斷成長。

So hopefully, that gives you a little more context.

希望這能為您提供更多背景資訊。

That's helpful context.

這是有用的背景。

Thanks, guys.

多謝你們。

Thank you.

謝謝。

Ron Josey, Citigroup.

羅恩喬西，花旗集團。

Thanks for taking the question.

感謝您提出問題。

George, I wanted to ask about on clear car and then maybe another attractive EBITDA.

喬治，我想問關於透明汽車的問題，然後也許是另一個有吸引力的 EBITDA。

Long-term guidance.

長期指導。

Still unclear car.

還不清楚車。

George talked about security dealer rooftops and higher conversion rates relative to the market talk to us about just the tie between for your car in the core auction marketplace and how that's helping to improve, call it, dealer integration, if you will.

喬治談到了安全經銷商屋頂和相對於市場更高的轉換率，與我們談論了核心拍賣市場中您的汽車之間的聯繫，以及這如何幫助改善（如果您願意的話）稱之為經銷商整合。

And then just on EBITDA, I know to Eric's question, we talked about maybe how we get there, but still really helpful to see the regional breakout again, an update on that post Analyst Day today.

然後就 EBITDA 而言，我知道埃里克的問題，我們討論了我們如何實現這一目標，但對於再次看到區域突破仍然非常有幫助，這是今天分析師日的更新。

So talk to us about the expected ramp in regional profitability at 35%.

因此，請與我們談談區域獲利能力預計將成長 35%。

Now that ACV is, call it 20 regions.

現在 ACV 就是 20 個區域。

And I just want to understand how we sort of ramp to that number over time, given we're at mid-single EBITDA margins at a company today?

我只是想了解，考慮到我們今天的公司 EBITDA 利潤率處於中等水平，我們如何隨著時間的推移逐漸達到這個數字？

Yes.

是的。

Thanks, Ron.

謝謝，羅恩。

I'll tackle the clarifier line.

我會處理澄清線。

So if you take a step back.

所以如果你退一步。

I think we mentioned even though we had a fantastic quarter 2023, we had a great growth year.

我想我們提到過，儘管 2023 年季度表現出色，但我們也經歷了快速成長的一年。

Dealers are still struggling to get the right inventory and with clear are we are helping dealers with that core problem, 10 million cars, Sally are peer-to-peer those many of those cars, if you just if you assume over 50% of those dealer credit purchase, then whether it's 50% or 60%, that would be massive TAM expansion for dealers buying cars from consumers.

經銷商仍然在努力獲得正確的庫存，我們正在幫助經銷商解決這個核心問題，很明顯，1000 萬輛汽車，莎莉是對等的，如果你假設其中超過 50%經銷商信用購買，那麼無論是50%還是60%，對於經銷商向消費者購買汽車來說，這都是大規模的TAM擴張。

And in a lot of these cars or meet the profile of car dealers would like to recap and going after that for car.

在許多這樣的汽車中，或是符合汽車經銷商的形象，他們想回顧一下汽車的狀況。

That core problem is in part.

這個核心問題是部分的。

And I mentioned earlier that there's still 30% of inventory on dealers' websites, but you want to look at all inventory at the dealers should be retailing the right inventory and wholesaling part, I don't match their inventory and the only reason why they're retailing some of these cars right now.

我之前提到經銷商網站上仍然有30%的庫存，但是你想看看經銷商的所有庫存應該是零售正確的庫存和批發部分，我不匹配他們的庫存和他們的唯一原因現在正在零售其中一些汽車。

And now I'm speaking to franchise dealers because they don't have the right mix.

現在我正在與特許經銷商交談，因為他們沒有正確的組合。

And our franchise dealers are ecstatic that with the fact that we're not here to complain, we're here to help them fix that problem.

我們的特許經銷商欣喜若狂，因為我們不是來抱怨的，而是來幫助他們解決這個問題的。

And we offer them two business models.

我們為他們提供兩種商業模式。

They can pass a monthly subscription or even preferably they can give us a fair share of their own data.

他們可以透過每月訂閱，甚至最好可以給我們公平分享他們自己的數據。

So we offer them more of a partnership model or a fee model.

因此，我們為他們提供更多的是合作夥伴模式或收費模式。

The majority of our partners are choosing a wholesale model, meaning that by taking their car and leveraging it on their website on their other channels, creating separate landing pages using billboard on their service drives.

我們的大多數合作夥伴都選擇批發模式，這意味著透過使用他們的汽車並在其他管道的網站上利用它，使用他們的服務驅動器上的廣告看板創建單獨的登陸頁面。

So think about it when the consumer comes in and change their Royal element of, hey, we want we want to buy your car.

因此，當消費者進來並改變他們的皇家元素時，請考慮一下，嘿，我們希望我們想購買您的汽車。

Yes, now dealer to have an effective tool to do that it focuses on their brand, their cars like a co-brand, and we're helping them with this really key problem.

是的，現在經銷商有一個有效的工具來做到這一點，它專注於他們的品牌，他們的汽車就像一個聯合品牌，我們正在幫助他們解決這個真正關鍵的問題。

So that's why we're ecstatic really about just using our technology using our machine learning using our massive database we have over the next few years, we're going to help dealers buy more cars from consumers, trade partner, more effectively online and ultimately help them have the right supply on their lots.

因此，這就是為什麼我們對在未來幾年內使用我們的技術、使用我們的機器學習、使用我們擁有的龐大資料庫感到欣喜若狂，我們將幫助經銷商從消費者、貿易夥伴那裡更有效地在線購買更多汽車，並最終幫助他們在自己的土地上獲得合適的供應。

And what it will mean to us is we'll go back over the next few years will go back to wholesaling.

這對我們來說意味著我們將在未來幾年內回歸批發業務。

The percentage they were wholesaling in 2019 and prior and the only one that we have all the elements.

他們在 2019 年及之前的批發百分比，也是我們擁有所有要素的唯一一個。

And the second question, Ron said.

第二個問題，羅恩說。

So Tom, again, just to kind of review the the territory data that we just put out earlier our prepared remarks, right?

湯姆再次回顧我們剛剛發布的領土數據，我們準備好了評論，對吧？

So we had approximately 50 territories, which is about a little more to roughly a third of the country are already at breakeven or better right on.

因此，我們有大約 50 個地區，即全國大約三分之一的地區已經實現損益平衡或更好。

And we've got a number of 22 after a number of territories over 20 could have double double digit adjusted EBITDA margins and several that are already north of 25%.

在一些超過 20 個地區的調整後 EBITDA 利潤率可能達到兩位數，並且有幾個地區已經超過 25% 後，我們得到了 22 個地區的數字。

So the way we get from here to our midterm targets is really twofold.

因此，我們從現在到中期目標的實現方式實際上是雙重的。

Number one, growing our margins to around 50 from around 50%, which is where they are now to 60%.

第一，將我們的利潤率從 50% 左右提高到 50% 左右，現在是 60%。

And you can expect to see some progress that's baked into our 2024 guidance as part of that path so that's one component.

您可以期待看到我們的 2024 年指南中包含的一些進展，作為該路徑的一部分，因此這是一個組成部分。

And the other component really is the OpEx leverage we will get on on the engineering sales and marketing and G&A side.

另一個組成部分實際上是我們將在工程銷售、行銷以及一般管理費用方面獲得的營運支出槓桿。

So if you go back to our materials for our Analyst Day last June, you're roughly 75% to 80% of those costs are are very fixed in nature versus variable.

因此，如果您回顧去年 6 月分析師日的資料，您會發現大約 75% 到 80% 的成本本質上是固定的，而不是可變的。

So it's all about continuing to gain scale, gain market share, increase our unit volume and then getting that leverage in the model.

因此，一切都是為了繼續擴大規模，獲得市場份額，增加我們的單位數量，然後在模型中獲得槓桿作用。

So that's ultimately how we'll get there.

這就是我們最終實現這一目標的方式。

But again, we've got some territories that are already in today's cost structure already hitting double digits, which gives us comfort in knowing that we can get there over time as the rest of our territories scaled.

但同樣，我們有一些地區的成本結構已經達到兩位數，這讓我們感到安慰，因為我們知道隨著時間的推移，隨著我們其他地區的規模擴大，我們可以實現這一目標。

Thank you, George.

謝謝你，喬治。

Thank you.

謝謝。

Thank you.

謝謝。

Rajat Gupta, JPMorgan Chase.

拉賈古普塔，摩根大通。

Great.

偉大的。

Thanks for taking the question and congrats on good quarter here.

感謝您提出問題，並祝賀本季表現良好。

Just a couple of questions on the 2024 guidance methodology on.

關於 2024 年指導方法的幾個問題。

Firstly, are there any meaningful assumptions baked in from the commercial business or any assumptions in the revenue from, you know, the off-platform transportation product.

首先，商業業務中是否存在任何有意義的假設，或者平台外運輸產品的收入是否有任何假設。

Okay.

好的。

Just a clarification and I have just a quick follow up.

只是一個澄清，我只是快速跟進。

Thanks for staying with great quarter appreciate the commercial.

感謝您入住偉大的季度，欣賞廣告。

I'll start and then Bill can chime in and commercial for this year.

我先開始，然後比爾就可以插話播放今年的廣告。

We're not assuming like a significant ramp.

我們並沒有假設有一個顯著的斜坡。

We will start winning some business, but just to be just the sort of levels that we just got Auto IMS done like England at 24 hours.

我們將開始贏得一些業務，但只是達到我們剛剛在英格蘭 24 小時完成 Auto IMS 的水平。

So we still need to interact with Amazon that might take a few quarters.

因此，我們仍然需要與亞馬遜互動，這可能需要幾個季度的時間。

And then on the where we're having land to help us and commercial, it's great that we're a bit in oh eight locations.

然後，我們有土地來幫助我們和商業，很高興我們在八個地點。

But as we mentioned, I would take for your patience to get to 80% of the population.

但正如我們所提到的，我希望您能夠耐心地接觸到 80% 的人口。

So we will have some wins this year a we don't have a huge ramp expectation for this year just so we don't get over our skis from a how fast that will be.

因此，今年我們將取得一些勝利，因為今年我們沒有太大的坡道期望，所以我們不會因為速度有多快而克服我們的滑雪板。

But when we think out over the next couple of years that we're investing now really for the next few years, and we're really excited about that TAM.

但當我們考慮到未來幾年，我們現在真正投資的是未來幾年，我們對 TAM 感到非常興奮。

It's convenient, we think, very significant TAM expansion for us and both for the commercial accounts, some accounts, don't me land some past due either way, we're here to help support them.

我們認為，這很方便，對我們來說非常重要的 TAM 擴展，對於商業帳戶和某些帳戶來說，無論哪種方式，我都不會逾期，我們會在這裡幫助支持他們。

They're getting auto.

他們正在獲得汽車。

I imagine the way was was huge.

我想那條路一定很大。

And then on the transport side, hot.

然後在運輸方面，很熱。

So yes, look, we're really pleased with the progress the team is making that's ramping really nicely, but the numbers are still relatively small.

所以，是的，我們對團隊的進展感到非常滿意，進展非常好，但數量仍然相對較小。

So it's not going to materially change on our expected results in terms of transport revenue, we're still assuming that attach rates are in the mid 50s.

因此，就運輸收入而言，我們的預期結果不會發生重大變化，我們仍然假設附加率在 50 多歲左右。

So there will be some incremental revenue there, but it's really not going to move the needle yet on yield potentially as we go into next year, it might be more meaningful, but we'll cross that bridge when we get to it.

因此，那裡將會有一些增量收入，但當我們進入明年時，它實際上不會對潛在的收益率產生任何影響，這可能更有意義，但當我們到達它時，我們會跨越那座橋。

Dan, I had a quick follow-up.

丹，我進行了快速跟進。

I know you mentioned in your prepared remarks and the slide deck around how like 2023 even prior years were impacted by that delay, low trade to wholesale ratio.

我知道您在準備好的發言和幻燈片中提到了 2023 年甚至前幾年如何受到這種延遲、貿易與批發比率較低的影響。

I'm curious why in your expectation of modest recovery you're expecting in dealer wholesale this year.

我很好奇為什麼您預計今年經銷商批發業將出現溫和復甦。

Is it I mean what's kind of like in that is in terms of like trying to wholesale mix in that guidance, are you expecting a meaningful change in behavior or for are there other factors that's giving you comfort around that low-single or that modest growth outlook?

我的意思是，就像嘗試在該指導中進行批發混合一樣，您是否期望行為發生有意義的改變，或者是否有其他因素讓您對低單一或適度增長感到安慰外表？

Yes, we're seeing modest improvement over in out really kind of coming into this quarter.

是的，我們看到本季的投入確實有所改善。

And we are starting to see dealers on the whole, I would say the overall supply and improved material yet, but we are seeing some signs.

我們開始看到經銷商整體上，我想說的是整體供應和材料的改善，但我們看到了一些跡象。

Our dealers are a little bit more willing to hold out.

我們的經銷商更願意堅持下去。

So very small.

所以非常小。

And I would say our assumptions for this year is just continued small improvements we're not assuming a significant improvement, but just I would say consistent with the trends we've already been observing, and I think we're being very reasonable.

我想說，我們今年的假設只是持續的小改進，我們並沒有假設有重大改進，但我想說的是，與我們已經觀察到的趨勢一致，而且我認為我們非常合理。

And I would say the majority of the growth comes from taking market share.

我想說，大部分成長來自於佔領市場份額。

So that's where the majority is coming from and which we've been doing very consistently.

所以這就是大多數人的來源，也是我們一直在做的事情。

And then I said a very a small additional gains in commercial.

然後我說在商業方面有一個非常小的額外收益。

But I would say the overall market improvements, we're assuming very, very modest improvement.

但我想說，整體市場的改善，我們假設改善非常非常適中。

Got it.

知道了。

Got it.

知道了。

Great.

偉大的。

Thanks for the color.

謝謝你的顏色。

I'll jump back in queue.

我會插回隊列。

Thank you.

謝謝。

Gary Prestopino, Barrington Research.

加里‧普雷斯托皮諾，巴靈頓研究中心。

And good afternoon, gentlemen.

下午好，先生們。

I have a couple of questions surrounding auto OEM s number.

我有幾個關於汽車原始設備製造商編號的問題。

First of all, as you prepare to utilize this license, what do you have to do?

首先，當您準備使用此許可證時，您需要做什麼？

Do you have to sell the consignors on your services for the fact that the dealers already have your product, they can just once you hook into you, click in whatever integrate, they can just use it.

你是否必須向發貨人推銷你的服務，因為經銷商已經有了你的產品，他們只要你聯繫上你，點擊任何集成，他們就可以使用它。

Two of them buy these cars that are offered by Autohome?

其中兩個人購買了汽車之家提供的這些汽車？

Yes.

是的。

Again, thank you for the question.

再次感謝您的提問。

I'll take a step back and just explain our auto OEM.

我將退後一步，解釋一下我們的汽車原始設備製造商。

That is a middleware in the industry between commercial consignors.

那是商業發貨人之間的行業中間件。

So these are folks like banks who have repos our fleet account fleet accounts like company own cars, government vehicles and other sort of fleet lease type accounts.

這些人就像銀行一樣，擁有我們的車隊帳戶，例如公司自己的汽車、政府車輛和其他類型的車隊租賃類型帳戶。

So there's about 1,300 of these commercial consignors who use auto, I imagine to go in automatic and they sign a vehicle today to a physical auction and that it's been in that role for many years, it really doesn't touch the dealer, if at all and in that ecosystem of and there's many commercial accounts that exclusively use Auto IMS, meaning they only wait for them to provision a vehicle if they go through Auto IMS.

因此，大約有1,300 個使用汽車的商業托運人，我想是自動進入，他們今天在實體拍賣會上簽署了一輛汽車，而且它已經扮演了這個角色很多年了，這真的不會影響經銷商，如果在這個生態系統中，有許多商業帳戶專門使用 Auto IMS，這意味著他們只有在通過 Auto IMS 時才可以配置車輛。

And so the way they are provision is there was okay, I'm going to send this specific vehicle to this specific auction and the auction company that would be responsible to auction that vehicle off the dealers.

因此，他們提供的方式是可以的，我將把這輛特定的車輛送到這個特定的拍賣會上，拍賣公司將負責從經銷商拍賣該車輛。

So this is a middleware.

所以這是一個中間件。

It doesn't really touch the end dealer.

它並沒有真正觸及最終經銷商。

It's just these commercial accounts who send their vehicles to auction.

正是這些商業帳戶將他們的車輛送去拍賣。

We are we had access to auto, I imagine only in a few locations up until recently like things like literally three or four locations across the whole country.

我們可以使用汽車，我想直到最近只有少數幾個地方可以使用汽車，就像全國各地的三到四個地方一樣。

And only we're in it where we had one and now with this loss to be behind us in the center will be in Hyannis, we will aid in collaboration with auto biomass doing integration that is to allow for two different ways for commercial consignor.

只有我們在其中，我們有一個，現在隨著這種損失的發生，我們將在海恩尼斯中心，我們將協助與汽車生物質進行整合，這將為商業發貨人提供兩種不同的方式。

Again, when I say that I think bank think a fleet company when they have, are they either sign at one of our locations or other locations wherever the vehicle may be other first, meaning sending it to a like an offset that they've already been doing this other, which is more suitable for our digital my model, they've never done this before and it would take us.

再說一遍，當我說我認為銀行認為車隊公司擁有時，他們是在我們的一個地點還是在車輛可能首先在其他地點的其他地點進行簽名，這意味著將其發送到他們已經存在的偏移量一直在做其他的事情，這更適合我們的數位模型，他們以前從未這樣做過，這需要我們。

I'm not exactly sure, yes, that's going to take us three months or six months or nine months.

我不太確定，是的，這將需要我們三個月、六個月或九個月的時間。

But again, we just got the lives lost we've done, but we will work in good faith on the digital side where they can have on a commercial consignor side of the vehicle wherever that vehicle.

但同樣，我們剛剛失去了生命，但我們將在數字方面真誠地工作，無論車輛在哪裡，他們都可以在車輛的商業發貨人方面進行工作。

Maybe.

或許。

So again, to summarize, that is a middleware for wire up the methodology program for our consignors us a car today to where we have landed and hopefully in the very near future, I think when we get into this year to support our digital model.

再次總結一下，這是一個中間件，用於將我們的托運人我們今天的汽車的方法程序連接到我們已經著陸的地方，希望在不久的將來，我認為當我們進入今年時支持我們的數字模型。

Okay, but it does open up a market of a couple of million vehicles a year or two?

好吧，但它確實打開了一兩年數百萬輛汽車的市場嗎？

You are eventually right, Gary, and I appear quite a pretty significant cutbacks.

你最終是對的，加里，我看來是相當重大的削減。

Okay.

好的。

Thank you.

謝謝。

Well, thank you.

嗯，謝謝。

We appreciate it.

我們很感激。

Naved Khan, B. Riley Securities.

納維德汗 (Naved Khan)，B. 萊利證券 (Riley Securities)。

And when the first line to open up.

並當第一線開放。

Is he still there?

他還在嗎？

One moment, please.

稍等一會兒。

Okay, well, let's just turn the call back over to Tim Fox for closing remarks.

好吧，我們把電話轉回給提姆福克斯做總結發言。

Thank you.

謝謝。

Great.

偉大的。

Thank you, and thanks, Lisa, and thanks for everybody for joining us on the call today.

謝謝你，謝謝麗莎，謝謝大家今天加入我們的電話會議。

We look forward to see you on the conference circuit this quarter.

我們期待在本季度的巡迴會議上見到您。

Again, thank you for your interest in ACV and have a great evening.

再次感謝您對 ACV 的興趣，祝您度過一個愉快的夜晚。

This concludes today's conference call.

今天的電話會議到此結束。

You may all disconnect.

你們都可以斷開連線。