ACV Auctions Inc (ACVA) 2024 Q1 法說會逐字稿

Greetings, and welcome to the ACV Auctions 2024 earnings conference call.

您好，歡迎參加 ACV Auctions 2024 年收益電話會議。

(Operator Instructions) As a reminder, this conference is being recorded It is now my pleasure to introduce your host, Tim Fox.

（操作員說明） 提醒一下，本次會議正在錄製中 現在我很高興介紹你們的主持人 Tim Fox。

Thank you.

謝謝。

You may begin.

你可以開始了。

Good afternoon and thank you for joining ACV's conference call to discuss our first quarter of 2024 financial results.

下午好，感謝您參加 ACV 的電話會議，討論我們 2024 年第一季的財務表現。

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 involve factors that could cause actual results to differ materially from those expressed or implied by such date.

這些前瞻性陳述存在風險和不確定性，並涉及可能導致實際結果與該日期明示或暗示的結果有重大差異的因素。

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.

關於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 提交的文件和今天的新聞稿中找到，這兩份文件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。

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

那麼，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 first quarter performance, which demonstrated continued strong execution by the ACV team.

我們對第一季的業績感到滿意，這顯示了 ACV 團隊持續強勁的執行力。

We delivered another quarter of record revenue, which was at the high end of guidance and grew 22% year over year.

我們的季度營收又創歷史新高，達到指導值的上限，年增 22%。

We delivered our first quarter of positive adjusted EBITDA since going public.

自上市以來，我們第一季實現了正向調整 EBITDA。

It was also at the high end of guidance.

它也處於指導的高端。

Our innovation engine continues to hum along further extending our competitive moat and driving operating efficiencies, resulting in a 100 basis point year-over-year improvement in adjusted EBITDA margin, along with our continued momentum in dealer wholesale.

我們的創新引擎持續運轉，進一步擴大我們的競爭護城河並提高營運效率，導致調整後 EBITDA 利潤率年增 100 個基點，同時我們在經銷商批發方面也保持持續成長動能。

We are very pleased with the early market adoption of ACVs consumer sourcing solution ClearCorrect.

我們對 ACV 消費者採購解決方案 ClearCorrect 的早​​期市場採用感到非常高興。

We kicked off a number of tech investments to support our commercial wholesale strategy ACE remains focused on driving strong top line growth, continued margin expansion and delivering adjusted EBITDA profitability in 2024.

我們啟動了多項技術投資，以支持我們的商業批發策略。

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

我們相信，執行其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 first-quarter results.

接下來，讓我們簡單回顧一下第一季的業績。

Slide 4.

幻燈片 4。

First-quarter revenue of 146 million was at the high end of guidance and grew 22% year over year.

第一季營收為 1.46 億美元，處於指導上限，年增 22%。

GMV decreased 4% year over year, driven by a 16% decrease in GMV per unit at wholesale prices it continues to normalize.

GMV 年減 4%，這是由於每單位以批發價計算的 GMV 下降 16%，並繼續正常化。

We sold 175,000 vehicles in our marketplace, growth of 15% year over year, reflecting strong listings growth and a modest year-over-year decline in conversion.

我們在市場上售出了 175,000 輛汽車，年成長 15%，反映出上市量強勁成長和轉換率同比小幅下降。

Slide 5.

幻燈片 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.

我將再次圍繞我們策略的三大支柱來建立今天的其餘討論，以最大限度地提高長期股東價值成長、創新和規模。

I'll begin with growth.

我將從成長開始。

Turning to slide 5, and I'll share our observations about automotive market trends.

轉到投影片 5，我將分享我們對汽車市場趨勢的觀察。

As context for dealer wholesale volume, new retail sales were flat year over year, continue to lag 2019 level.

從經銷商批發量來看，新零售額較去年同期持平，持續落後於2019年水準。

However, the inventory picture continues to gradually recover and along with increasing OEM incentives, we believe new retail sales will improve in the back half of 2020 for the US retail environment remains soft with unions and also flat year over year in Q1 because of affordability issues and the lack of late-model inventory continue to pressure consumer demand in terms of vehicle sourcing dealers are retaining a higher than normal percentage of trades for retail inventory, continuing a headwind for dealer wholesale supply.

然而，庫存狀況繼續逐步恢復，並且隨著OEM 激勵措施的增加，我們相信新零售銷售將在2020 年下半年有所改善，因為美國零售環境仍然疲軟，工會較多，而且由於負擔能力問題，第一季度同比持平新款車型庫存的缺乏繼續對汽車採購方面的消費者需求構成壓力，經銷商保留的零售庫存交易比例高於正常水平，繼續對經銷商批發供應構成不利影響。

The trade to wholesale mix is expected to normalize over time as new news and inventory recovers from their price levels, which are currently about 25% below normal.

隨著新消息和庫存從價格水準（目前比正常水準低約 25%）恢復，貿易與批發組合預計將隨著時間的推移而正常化。

Along with the supply picture continuing to normalize, we saw price depreciation and conversion rates in line with normal seasonal expectations.

隨著供應情況持續正常化，我們看到價格貶值和轉換率符合正常的季節性預期。

On balance, we believe the end markets are showing early signs of improvement, while the pace for dealer wholesale recovery remains difficult to predict, we do believe the market will post modest growth in the back half of 2024.

總體而言，我們認為終端市場已顯示出改善的早期跡象，而經銷商批發復甦的速度仍難以預測，但我們確實相信市場將在 2024 年下半年出現溫和成長。

Moving to slide 8, I'd like to provide highlights from our value added services, beginning with ACV transportation.

轉向幻燈片 8，我想重點介紹我們的增值服務，首先是 ACV 運輸。

The transportation team delivered another strong quarter for the attach rates in the mid 50% range, which is in line with our midterm target model, resulting in 95,000 transport requests source from our marketplace.

運輸團隊在 50% 範圍內的附加費率方面再次表現強勁，這符合我們的中期目標模型，導致我們的市場收到了 95,000 個運輸請求。

The use of AI optimized pricing, which we introduced in early 2023, expanded significantly, and we achieved 94% lane coverage in Q1.

我們於 2023 年初引入的人工智慧優化定價的使用顯著擴大，我們在第一季實現了 94% 的車道覆蓋率。

By leveraging AI, our transport team drove growth and operating efficiency, resulting in a 300 basis point year-over-year increase in revenue, March, reaching the high 10s and in line with our midterm target model.

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，導致 3 月營收年增 300 個基點，達到 10 個基點的高位，符合我們的中期目標模式。

We also launched off-platform transportation services for our dealer partners.

我們也為經銷商合作夥伴推出了平台外運輸服務。

While still early, we're excited to be delivering additional value for our dealers and another long-term growth.

雖然還為時過早，但我們很高興能為我們的經銷商提供額外的價值和另一個長期成長。

Turning to Slide 9.

轉向幻燈片 9。

Our ACE Capital team also delivered strong results in Q1.

我們的 ACE Capital 團隊在第一季也取得了強勁的業績。

Attach rates in the low double digits, combined with strong RPU expansion resulted in 40% revenue growth year over year.

低兩位數的附加費率加上強勁的 RPU 擴張導致營收年增 40%。

Given the current challenging used vehicle market, we are focused on balancing the growth and risk of ACA Capital, resulting in a 1% credit loss provision in Q1.

鑑於目前充滿挑戰的二手車市場，我們專注於平衡 ACA Capital 的成長和風險，導致第一季的信用損失撥備為 1%。

Moving to the second element of our strategy to drive long-term shareholder value innovation on Slide 11, I'll first recap some of our growth oriented product innovation.

轉到投影片 11 上推動長期股東價值創新策略的第二個要素，我將首先回顧我們的一些以成長為導向的產品創新。

Let me begin with the dealer buying experience, we continue to add new marketplace features to increase conversion rate, including demand paid search capabilities and additional transparency and vehicle package information help inform accurate pricing the relaunch of Numax has been promising with Q1 bookings at the highest level since 2021.

讓我從經銷商購買體驗開始，我們不斷添加新的市場功能以提高轉換率，包括按需付費搜尋功能和額外的透明度，車輛包裝資訊有助於提供準確的定價，Numax 的重新推出一直承諾第一季的預訂量最高自 2021 年以來的水平。

We are in the early phases of ramping our go-to market can expect ACV Max to be an additional long-term growth lever.

我們正處於擴大我們的市場的早期階段，可以預期 ACV Max 將成為一個額外的長期成長槓桿。

We kicked off tech investments to support our commercial strategy, including integration with Autohome as new features required to service consignors and integration efforts.

我們啟動了技術投資來支持我們的商業策略，包括與汽車之家的整合，作為服務發貨人和整合工作所需的新功能。

Across our remarketing.

在我們的再行銷中。

Lastly, we are in the pilot phase with our dealer self inspection solution, initially targeted at two use case in our marketplaces and layer appraisals.

最後，我們的經銷商自檢解決方案正處於試點階段，最初針對我們市場和分層評估中的兩個用例。

Feedback from our dealers has been very positive, and we look forward to sharing more details throughout the year to expand capabilities and scale the pilot.

我們經銷商的回饋非常積極，我們期待今年分享更多細節，以擴大能力並擴大試點規模。

Turning to slide 12.

轉到投影片 12。

We are very pleased with the market traction of ClearCorrect ACV's consumer sourcing solution that leverages AI through real-time market data to deliver highly accurate condition based pricing based on dealer feedback, fee generation, conversion rates and margins are significantly higher than competitive consumer sourcing tools.

我們對ClearCorrect ACV 消費者採購解決方案的市場吸引力感到非常滿意，該解決方案透過即時市場數據利用人工智慧，根據經銷商回饋提供高度準確的基於條件的定價，費用產生、轉換率和利潤明顯高於競爭性消費者採購工具。

This speaks to the power of their car and driving qualified lead and ultimately increasing overall supply for our D-ILL.

這說明了他們汽車的力量和駕駛資格領先，並最終增加了我們 D-ILL 的整體供應。

We are excited to share feedback directly from one of our dealers, lesser Glenn Automotive Group, who is using a broad set of ACI solutions, including clear car ACMA in our marketplace.

我們很高興能直接分享來自我們的經銷商 lesser Glenn Automotive Group 的回饋，該經銷商正在使用一系列廣泛的 ACI 解決方案，包括我們市場中的透明汽車 ACMA。

We posted a video on our IR website featuring the lessors 19 describing the significant value they are deriving from the ACA solution.

我們在 IR 網站上發布了一段視頻，其中出租人 19 描述了他們從 ACA 解決方案中獲得的巨大價值。

It's a great opportunity here directly modular.

這是直接模組化的絕佳機會。

On slide 13, we highlight examples of tech investments that extend into our operation, delivering customer success while reducing costs.

在投影片 13 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, leveraging AI and our structured data is a massive competitive advantage because each vehicle is unique with its own and refreshed, who recently launched Version two data of copilot and RBR for copilot to Datto, we further leverage our vast dataset by adding a visual representation of common high-risk vehicle part failures based on specific year make and mileage of the year.

關鍵驅動因素之一是檢查準確性，利用人工智慧和我們的結構化數據是一個巨大的競爭優勢，因為每輛車都是獨一無二的，並且經過更新，最近推出了第二版副駕駛數據和RBR副駕駛數據到Datto，我們進一步利用我們的透過添加基於特定年份品牌和當年里程的常見高風險車輛零件故障的可視化表示來構建龐大的數據集。

Our Guard to that continues to leverage some of the industry's best artificial intelligence for vehicle condition, diagnostics for the addition of Monks exterior cosmetic model, we deepen our inspection capabilities, enabling RBC.

我們的 Guard 繼續利用業界最好的人工智慧來進行車輛狀況診斷，添加 Monks 外部裝飾模型，我們深化了我們的檢查能力，使 RBC 成為可能。

I produce even higher level of that.

我生產出更高水準的產品。

We expect these innovations will drive our VCI efficiency and lower customer assurance costs over the long to wrap up on innovation, pace remains committed to delivering industry-leading technology to our dealer partners and to our own operations driving both growth and scale, and we look forward to sharing more details with you next quarter.

我們預計這些創新將在長期內提高我們的VCI 效率並降低客戶保證成本，以完成創新，步伐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，從而推動成長和規模，我們希望期待下季與您分享更多細節。

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

接下來，讓我將其交給比爾，帶您了解我們的財務表現以及我們如何推動成長和規模。

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 Q1 financial performance, along with delivering accelerated revenue growth.

我們對第一季的財務表現以及營收的加速成長感到非常滿意。

We had meaningful margin expansion and record our first positive adjusted EBITDA quarter as a public company, demonstrating the strength of our business model.

作為一家上市公司，我們實現了有意義的利潤率擴張，並創下了第一個調整後的 EBITDA 正值季度，這證明了我們業務模式的實力。

Turning to slide 15 and I'll begin with a recap of our first quarter results.

轉到投影片 15，我將首先回顧我們第一季的業績。

Revenue of $146 million was at the high end of our guidance range and grew 22% through the year.

營收為 1.46 億美元，處於我們指導範圍的高端，全年成長 22%。

Adjusted EBITDA of $4 million was also at the high end of our guidance range and adjusted EBITDA margin improved approximately 800 basis points versus Q1 23.

調整後 EBITDA 為 400 萬美元，也處於我們指導範圍的高端，調整後 EBITDA 利潤率比 23 年第一季提高了約 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。

Non-gaap net income also turned positive in Q1 and was at the midpoint of our guidance range with margin increasing approximately 500 basis points year over year.

第一季非 GAAP 淨利潤也轉正，處於我們指引範圍的中點，利潤率年增約 500 個基點。

Next on slide 16, I will cover additional revenue details.

接下來在投影片 16 上，我將介紹其他收入詳細資訊。

Option assurance revenue, which was 57% of total revenue increased 21% year over year.

選擇權保證收入佔總收入的57%，年增21%。

This performance reflects 15% year over year unit growth and auction and assurance RPU of $476, which grew 5% year over year.

這一業績反映了 15% 的同比單位增長以及 476 美元的拍賣和保證 RPU，同比增長 5%。

Note that RPU increased year over year despite a 16% decline in GMV per unit, reflecting our Q3 '23 price increase.

請注意，儘管每單位 GMV 下降了 16%，但 RPU 仍同比增長，這反映了我們 23 年第三季的價格上漲。

And we believe we still have pricing headroom going forward.

我們相信未來仍有定價空間。

Marketplace services revenue, which was 37% of total revenue, grew 28% year over year.

市場服務收入佔總收入的 37%，年增 28%。

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

強勁的 ACV 運輸業績和 ACV 資本季度營收再創新高推動了業績的成長。

Our SaaS and data services products comprised 5% of total revenue and declined 3% year over year.

我們的 SaaS 和數據服務產品佔總營收的 5%，年減 3%。

As George mentioned, we are very pleased with the relaunch of ACV max with strong Q1 bookings.

正如 George 所提到的，我們對 ACV max 的重新推出以及第一季的預訂量強勁感到非常高興。

Note that this is a SaaS-based product with ratable revenue.

請注意，這是一個基於 SaaS 的產品，具有可評估收入。

So growth will take time to materialize, but we're confident that the upgraded ACVMAX. suite, we'll drive long-term growth.

因此，成長需要時間才能實現，但我們對升級後的 ACVMAX 充滿信心。套房，我們將推動長期成長。

Turning now to slide 17, I will cover costs in the quarter Q1 cost of revenue as a percentage of revenue decreased approximately 300 basis points year over year.

現在轉向投影片 17，我將介紹第一季的成本，收入成本佔收入的百分比比去年同期下降了約 300 個基點。

The improvement was driven by strong option assurance results and by ACV transport.

這項改進是由強大的選擇權保證結果和 ACV 運輸所推動的。

As George mentioned, we delivered high-teens transport revenue margins, which is in line with our midterm target model.

正如喬治所提到的，我們實現了十幾歲的運輸收入利潤率，這符合我們的中期目標模型。

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

在優化和擴展業務時，我們將繼續專注於費用紀律。

Non-gaap operating expenses, excluding cost of revenue as a percentage of revenue decreased 300 basis points year over year in Q1.

第一季度，不計收入成本的非 GAAP 營運費用佔收入的百分比年減 300 個基點。

Moving to slide 18, let me frame our investment strategy as we continue driving profitable growth our focus on spending discipline and operating efficiency resulted in a material decrease in OpEx growth in 2023, resulting in a significant improvement in adjusted EBITDA year over year as we mentioned on our Q4 call, OpEx growth is expected to increase in 2024 as we integrate our new re-marketing centers and invest in our commercial wholesale platforms, even with this incremental investment, we continue to expect adjusted EBITDA margin will increase by approximately 800 basis points this year.

轉向幻燈片18，讓我來製定我們的投資策略，因為我們繼續推動盈利增長，我們對支出紀律和運營效率的關注導致2023 年運營支出增長大幅下降，從而導致調整後EBITDA 同比顯著改善，正如我們提到的在我們的第四季度電話會議上，隨著我們整合新的再行銷中心並投資於我們的商業批發平台，營運支出預計將在2024 年增加，即使有這種增量投資，我們仍預計調整後的EBITDA 利潤率將增加約800 個基點今年。

Next, I will highlight our strong capital structure on Slide 19.

接下來，我將在投影片 19 上強調我們強大的資本結構。

We ended Q1 with 341 million in cash and cash equivalents and marketable securities and 125 million of debt on our revolver.

第一季結束時，我們的左輪手槍上有 3.41 億美元的現金和現金等價物以及有價證券和 1.25 億美元的債務。

Note that our Q1 cash balance includes 172 million of float in our auction business.

請注意，我們第一季的現金餘額包括拍賣業務中的 1.72 億流通量。

The amount of float on our balance sheet will continue to fluctuate meaningfully based on the business trends in the final two weeks of each quarter, which has a corresponding impact on operating cash flow in the figure on the right, you'll see that we delivered a strong quarter of operating cash flow.

我們資產負債表上的浮動金額將根據每個季度最後兩週的業務趨勢繼續發生有意義的波動，這對右圖中的營運現金流量有相應的影響，你會看到我們交付了強勁的季度營運現金流。

Note that for Q1 24, when excluding the quarterly change in marketplace float, we generated 5 million of operating cash flow.

請注意，對於 24 年第一季度，當排除市場流通量的季度變化時，我們產生了 500 萬的營運現金流。

This is a significant increase year over year, reflecting the transition to profitability and strong margin improvements.

這是同比顯著增長，反映了向盈利能力的轉變和利潤率的強勁改善。

Now I'll turn to guidance on Slide 20.

現在我將轉向幻燈片 20 的指導。

For the second quarter of 2024, we are expecting revenue in the range of 154 to 158 million.

2024 年第二季度，我們預計營收在 1.54 至 1.58 億美元之間。

Adjusted EBITDA is expected to be in the range of six to $8 million, consistent with our commitment to achieving profitability each quarter going forward.

調整後的 EBITDA 預計在 600 至 800 萬美元之間，這符合我們未來每季實現盈利的承諾。

For the full year 2024, we continue to expect revenue in the range of 610 to $625 million, representing growth of 27% to 30% year over year.

對於 2024 年全年，我們繼續預期營收在 6.1 至 6.25 億美元之間，年增 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 guidance, we are assuming that dealer wholesale market grows modestly in the back half of 2020 for that conversion rates and wholesale price depreciation follow normal seasonal patterns.

由於與指導相關，我們假設經銷商批發市場在 2020 年下半年溫和成長，因為轉換率和批發價格貶值遵循正常的季節性模式。

Revenue growth is expected to outpace non-GAAP OpEx growth, excluding cost of revenue and G&A by approximately 10 percentage points.

收入成長預計將超過非 GAAP 營運支出成長（不包括收入和一般管理費用成本）約 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 gains, penetrating adjacent markets and expanding margins through 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成長、滲透鄰近市場以及透過收入、組合和規模擴大利潤率，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。

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

此外，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.

在我們回答你的問題之前。

I'll summarize.

我來總結一下。

We are very pleased with our strong execution in Q1.

我們對第一季的強勁執行力感到非常滿意。

We are especially proud of our ACV teammates that delivered these results.

我們對取得這些成果的 ACV 團隊成員感到特別自豪。

We continue to gain market share by attracting new dealer and commercial partners to our marketplace while expanding our addressable market, which positions ACV for attractive growth.

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，同時擴大我們的目標市場，繼續獲得市場份額，這使 ACV 實現了有吸引力的成長。

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 target that we believe will drive significant shareholder value.

我們預計將實現近期調整後的 EBITDA 目標，並實現中期目標，我們相信這將帶來顯著的股東價值。

We are committed to achieving these results while building a world-class team to deliver on our goals.

我們致力於實現這些成果，同時建立一支世界級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) Bob Labick, CJS Securities.

（操作員指示）Bob Labick，CJS 證券。

Walter afternoon and congratulations on those core tangible results and lots of great stuff you already told us on.

沃爾特下午，祝賀您取得了這些核心的實際成果以及您已經告訴我們的許多精彩內容。

I guess my first question, maybe give us a little update on your I'll call it the kind of commercial land and reconditioning strategy, if you could.

我想我的第一個問題，也許可以給我們一些關於您的最新情況，我將其稱為商業用地和整修策略，如果可以的話。

I know we talked about you had that Texas acquisition of a few locations to kind of experiment with this, given it the auto IMS, you finally got through the Auto IMS lawsuit.

我知道我們談到您在德克薩斯州收購了一些地點來進行試驗，考慮到汽車 IMS，您最終完成了汽車 IMS 訴訟。

You can now work with that.

您現在可以使用它。

So maybe just give us what have you learned so far in this in this emerging strategy for you as it relates to land reconditioning and the commercial market itself, what are the pros and cons?

那麼，也許請告訴我們您到目前為止在這個新興策略中學到了什麼，因為它與土地整治和商業市場本身有關，有哪些優點和缺點？

And what are the kind of next steps over the next several, I don't know, quarters or years or whatever your time horizon is there?

我不知道接下來的幾季或幾年或無論您的時間範圍是什麼，接下來的步驟是什麼？

Yes, certainly, Bob, thank you.

是的，當然，鮑勃，謝謝你。

So we're making really, really great progress on the initial locations we have are helping us build relationships with commercial consignors.

因此，我們在最初的地點上取得了非常非常大的進展，幫助我們與商業發貨人建立關係。

Obviously, we're still in the early days here, but step one was for us to start to have a handful locations around the country, start to get the technology in place, which we've got a phased approach here.

顯然，我們仍處於早期階段，但第一步是我們開始在全國各地設立一些辦事處，開始將技術到位，我們在這裡採取了分階段的方法。

Our phased approach allows us, to your point, get access to online mass also allows us to begin our journey of leveraging the ACV tools.

就您而言，我們的分階段方法使我們能夠訪問線上大眾，也使我們能夠開始利用 ACV 工具的旅程。

So our first, our phase of throughout this year really starting to bring the ACV condition report and methodologies and leveraging our inspections at these auctions that will be happening throughout the year.

因此，我們今年的第一個階段真正開始提供 ACV 狀況報告和方法，並利用我們在全年將進行的這些拍賣中進行的檢查。

They may be up for a broader integration for us because it allows somebody like a broader integration of activities is also going on as we speak, and we're also starting to get some early wins.

他們可能會為我們提供更廣泛的整合，因為它允許像我們說話時正在進行的更廣泛的活動整合，而且我們也開始獲得一些早期的勝利。

For example, even since our last our call to now, we've had both one rental car company.

例如，從我們上次打電話到現在，我們都擁有一家租車公司。

And one bank who we've get repos have given us several hundred units at a new location than they were previously just working with us at one location.

我們獲得回購協議的一家銀行在新地點向我們提供了數百個單位，而他們之前只在一個地點與我們合作。

So this idea of build relationship with the commercial consignor show them it works.

因此，與商業發貨人建立關係的想法向他們表明這是可行的。

So other than that, we've got the right model for them.

除此之外，我們也為他們提供了合適的模型。

We had some early wins, albeit these are were sold early, how these were hundreds of cars a month, but even hundreds of vehicles a month start to show the story starts to prove that we're going to be a great marketplace.

我們取得了一些早期的勝利，儘管這些都是提前售出的，每個月有數百輛汽車，但即使每月有數百輛汽車也開始展示這個故事，開始證明我們將成為一個偉大的市場。

So hopefully that you're looking for that kind of gives you a very quick summary.

因此，希望您正在尋找的內容能夠為您提供一個非常快速的總結。

But we're on path and and really nothing has changed from our last call.

但我們已經在路上了，而且與我們上次通話相比，實際上沒有任何改變。

We're on path of executing on this strategy and a great overview.

我們正在執行這項策略並進行了很好的概述。

Appreciated.

讚賞。

And then just one more for me.

然後再給我一個。

I'll jump back in queue.

我會插回隊列。

You obviously have a very strong quarter and one of the things that stood out was the and I guess, operating leverage on your own to your operations and technology line.

顯然，您有一個非常強勁的季度，我想其中突出的事情之一是您自己對營運和技術線的營運槓桿。

Can you talk about the drivers there?

可以談談那裡的司機嗎？

Maybe the efficiency of your VCIC.s. What's what how much more can you drive there or how do you feel about where the BCOs are currently?

也許你的 VCIC.s 的效率。您還能開多少車去那裡，或者您對 BCO 目前的位置有何感覺？

I know like years ago we talked about they were doing six today.

我知道就像幾年前我們談論的那樣，他們今天做了六次。

The best ones are doing 12 to 15 a day or any other kind of just metrics there and where you are moving in that path of increasing the efficiency of VC. and obviously, you're leveraging that loss because we can see it in the results.

最好的方法是每天做 12 到 15 次，或任何其他類型的公正指標，以及你在提高 VC 效率的道路上的進展。顯然，您正在利用這種損失，因為我們可以在結果中看到它。

Yes, certainly, I'll start.

是的，當然，我會開始。

And then Bill could also chime in.

然後比爾也可以插話。

So I would say we're making on small incremental changes and enhancements to our scheduling our inspectors.

所以我想說，我們正在對檢查員的安排進行一些小的增量改變和增強。

And so the small wins quarter over quarter, we're happy with some of those small wins to your point, those incremental changes will all add up.

因此，每個季度的小胜利，我們對其中一些小胜利感到滿意，這些小胜利符合您的觀點，這些增量變化將全部加起來。

And as you know, in our more mature areas, we're already hitting our midterm target.

如您所知，在我們更成熟的領域，我們已經達到了中期目標。

So and we're very pleased there there also to your point of broader operating efficiencies from our operations team on bringing in automation in some of our back-end functions as well beyond natural inspections.

因此，我們非常高興您認為我們的營運團隊在我們的一些後端功能以及自然檢查之外引入了自動化，從而提高了營運效率。

So look at those results.

所以看看這些結果。

Words in one area like inspections, who's actually what a broad, a broad on improvement in billing and where you want share?

在一個領域，例如檢查，誰實際上是一個廣泛的、廣泛的關於計費改進以及你想要分享的地方？

Yes, it pays out still, but I would just add a couple of points.

是的，它仍然值得，但我只想補充幾點。

So I know we've talked in the past about continuing to just optimize every aspect of our business, and we're continuing to do that every quarter.

所以我知道我們過去曾討論過要繼續優化我們業務的各個方面，而且我們每個季度都會繼續這樣做。

Some interesting, maybe some data for you is if we look at just some of the organic growth rate of our OpEx in the quarter was low single digits on that, that carves out the M&A impact in terms of OpEx.

一些有趣的，也許對你來說一些數據是，如果我們只看本季營運支出的一些有機成長率，那麼就可以看出營運支出的併購影響。

So we're continuing to manage our OpEx as effectively as we can while making sure we're also investing properly in the business starting to see those results in our financials.

因此，我們將繼續盡可能有效地管理我們的營運支出，同時確保我們對業務進行適當的投資，並開始在我們的財務中看到這些結果。

Yes, great stuff.

是的，很棒的東西。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Michael Graham, Canaccord Genuity.

邁克爾·格雷厄姆，Canaccord Genuity。

Thank you.

謝謝。

And I wanted to ask two questions.

我想問兩個問題。

The first is on it looks like auction revenue per unit stepped up about 5% sequentially, even though GMV per unit came down a bit.

第一個是，儘管每單位 GMV 略有下降，但每單位拍賣收入似乎較上季增加了約 5%。

So just wondering if you could comment on whether you're seeing lower incentives or what's going on there?

所以想知道您是否可以評論一下您是否看到了較低的激勵措施或那裡發生了什麼？

And then just more broadly, you mentioned that you're assuming for the year that the dealer wholesale market sees modest growth, which I think is consistent.

然後更廣泛地說，您提到您假設今年經銷商批發市場將出現適度增長，我認為這是一致的。

But maybe you could just give us a little more depth on what you're seeing in the market and what you think the puts and takes are around like the market really opening up to its full potential?

但也許您可以更深入地介紹一下您在市場上看到的情況，以及您認為看跌期權和看跌期權的情況，就像市場真正充分發揮其潛力一樣？

Yes, I'll start and then you can have some.

是的，我先開始，然後你就可以吃一些了。

Yes.

是的。

So our auction RPU went up 20 bucks following quarter.

因此我們的拍賣 RPU 在下個季度上漲了 20 美元。

Along with that, the highest actually on expenses, we've got public.

除此之外，我們也公開了實際最高的支出。

So you're just continuing to see the benefit of our previous price increases and other optimizations that we're doing in terms of managing our costs.

因此，您將繼續看到我們先前的價格上漲和我們在管理成本方面所做的其他最佳化的好處。

So we're pretty pleased with that result, especially in the context of GMV per unit going down 16% quarter year on year.

所以我們對這個結果非常滿意，特別是在單位 GMV 年比下降 16% 的背景下。

So and that certainly drove the outperformance in our revenue margins for just our option on insurance revenues, which is 73% for the quarter, which is also the highest since we've gone public.

因此，這無疑推動了我們保險收入選項的收入利潤率表現出色，本季為 73%，這也是我們上市以來的最高水準。

So what I'll add is we've been obviously I'm pretty consistent that we felt comfortable with that mid term market mid term on market turnover on pricing are we target?

所以我要補充的是，我們顯然非常一致地認為，我們對中期市場的中期市場成交量和定價目標感到滿意？

So we're giving our analysts and investors.

因此，我們正在向分析師和投資者提供資訊。

And so we're on path to hitting that.

所以我們正在實現這一目標。

And even though GMV has pressure, we said what we said to you all is even with the GMV pressure, meaning used car values going down, we still feel good about our midterm target.

即使 GMV 有壓力，我們對大家說的是，即使 GMV 壓力，這意味著二手車價值下降，我們仍然對我們的中期目標感到滿意。

So that should give investors confidence in our growth.

因此，這應該會讓投資者對我們的成長充滿信心。

We feel good about that.

我們對此感覺很好。

And then your other question was really, obviously Germany about the market.

然後你的另一個問題確實非常明顯是德國關於市場的問題。

I would say Q1 will be a little more color would be January.

我想說第一季的顏色會比一月的顏色多一點。

So a little hotter than maybe in March.

可能比三月熱一點。

And then just generally, if I thought out of some of our competitors and others out there in the marketplace that the overall market in Q1 and I would say was okay, it wasn't like the market sort of late really really came back just yet.

然後一般來說，如果我認為我們的一些競爭對手和市場上的其他人認為第一季的整體市場還不錯，我會說市場還沒有恢復過來。

Having said that, when you read all the tea leaves not just the volume of the dealer wholesale volume, I would say across the industry, but not stellar yet.

話雖如此，當你閱讀所有茶葉而不僅僅是經銷商批發量時，我會說整個行業，但還不是很出色。

But you are seeing overall you saw one of our competitors even recently say used car values are starting to go down.

但總體而言，您看到我們的競爭對手甚至最近表示二手車價值開始下降。

You're starting to see we look at all the signs of market health.

您開始看到我們正在關注市場健康的所有跡象。

In fact, we like where the industry has come at the end of the day, used car values go down would mean that independent dealers that buy these cars more affordably kick in and resell it to their end consumers.

事實上，我們喜歡這個行業最終的發展方向，二手車價值下降意味著獨立經銷商會以更實惠的價格購買這些汽車，並將其轉售給最終消費者。

So we look at all the signs, even though someone at the moment from an investor perspective, may look at AT&T going like a concern on our book.

因此，我們會關注所有跡象，儘管目前有人從投資者的角度來看，可能會認為 AT&T 的發展是我們書中的一個擔憂。

I wouldn't worry about that too much.

我不會太擔心這個。

Are we feel good about our book.

我們對我們的書感覺良好嗎？

Cmb going down will actually mean independent dealers and the variety of cars from trades and others think at retail and for their end consumers.

Cmb 的下降實際上意味著獨立經銷商以及來自貿易和其他行業的各種汽車的零售和最終消費者的想法。

So and to your point, I would say not a lot changed from last quarter.

因此，就您的觀點而言，我想說與上季度相比沒有太大變化。

Our feeling that things will likely get better for us.

我們感覺事情可能會變得更好。

All right.

好的。

Perfect.

完美的。

Thanks a lot for all that color.

非常感謝所有這些顏色。

Yes.

是的。

Thank you, Mike.

謝謝你，麥克。

Ron Josey, Citigroup.

羅恩喬西，花旗集團。

Side is James.

邊是詹姆斯。

Michael, one for Ron are quickly from me.

邁克爾，羅恩的一封很快就從我這裡寄來了。

It's encouraging to see the progress in transport with 95,000 stores and this 300 basis points improvement in margin.

令人鼓舞的是，95,000 家商店的運輸取得了進展，利潤率提高了 300 個基點。

Can you expand on the operational workforce through improved transfer fees and profitability.

您能否透過提高轉讓費和獲利能力來擴大營運人員隊伍？

Never forget them from margin expansion and enhancements to transport have been consistent obviously.

永遠不要忘記，他們的利潤擴張和運輸的增強顯然是一致的。

And we've done a good job of continuing to add on to our product.

我們在繼續添加我們的產品方面做得很好。

Can tack on Lane optimization, pricing sides of the vehicle, all the different attributes we keep working on it and we're doing this action, I would say is obviously not an easy market.

可以解決車道優化、車輛定價方面的問題，以及我們一直在努力的所有不同屬性，我們正在採取這項行動，我想說這顯然不是一個容易的市場。

And so overall, we're very pleased with our team and we've got we've got more work to do in this area through, meaning that we've got more investment in the technology of a transportation but we're really just so pleased on with the intelligence we're building into the lean pricing and sort of scaling, yes, scaling for a lane by lane across the country.

總的來說，我們對我們的團隊非常滿意，我們在這個領域還有更多的工作要做，這意味著我們在交通技術方面進行了更多的投資，但我們真的只是我們對精益定價和規模擴展中融入的情報感到非常滿意，是的，在全國範圍內逐條擴展。

That's helpful.

這很有幫助。

Thank you.

謝謝。

And then I wanted to turn to clear card.

然後我想轉向透明卡。

Can you provide some additional color on how the lead gen conversion rates and margins improving the specific levers you have to improve execution after a quick price going really?

您能否提供一些額外的信息，說明潛在客戶轉換率和利潤率如何改善在價格快速上漲後您必須提高執行力的特定槓桿？

Well, I mean, we've got we keep growing additional our rooftops out there.

嗯，我的意思是，我們不斷增加我們的屋頂。

Our dealers love the product.

我們的經銷商喜歡該產品。

Consumers really like the product we're seeing incredible feedback.

消費者真的很喜歡我們看到的令人難以置信的反饋的產品。

What are the things we did on this this quarter?

本季我們在這方面做了哪些事情？

Give you all a little bit more color.

給大家多一點色彩。

As we went out, we had a video done of a dealer group called lesser Glenn in auto.

當我們出去時，我們看到了一個名為“小格倫”的汽車經銷商小組的影片。

I really would encourage all of you to watch this video.

我真的鼓勵大家觀看這部影片。

It will give our investors really the voice of the customer, and you'll hear them talk about how these tools are helping them at the end of the day make more money, both more transactions with the end consumer.

它將讓我們的投資者真正聽到客戶的聲音，你會聽到他們談論這些工具如何幫助他們在一天結束時賺更多的錢，以及與最終消費者的更多交易。

Actually there's a quote in there about how they're doing so much better in their from their own internal conversion and then think about it like optimizing their inventory, optimizing their inventory is really important in the last couple of years, dealers have in retailing cars.

實際上，其中引用了他們如何在自己的內部轉換中做得更好，然後想想優化他們的庫存，優化他們的庫存在過去幾年中非常重要，經銷商在零售汽車方面。

They should not have been retailing.

他們不應該從事零售業。

There really were wholesale cars.

確實有批發汽車。

So yes, we'd encourage you to watch this video because they'll give you a customer that's using clear car ACV, Max and our marketplace, you see options marketplace.

所以，是的，我們鼓勵您觀看此視頻，因為他們會給您使用透明汽車 ACV、Max 和我們的市場的客戶，您可以看到選項市場。

So they've got I'll leave you with that at least I think probably better than me just talking with in the video, I really would love for you to actually watch it.

所以他們已經告訴你了，至少我認為可能比我在影片中交談更好，我真的很希望你能真正觀看它。

Clear enough.

夠清楚了。

We'll take a look.

我們來看看。

Thank you so much.

太感謝了。

Rajat Gupta, JPMorgan.

拉賈古普塔，摩根大通。

Great.

偉大的。

Thanks for taking the questions.

感謝您提出問題。

I just had one clarification.

我只是做了一件事澄清。

I know from the prior answers, I think we mentioned that our organic OpEx was up low single digits.

我從之前的答案中知道，我認為我們提到我們的有機營運支出上升了低個位數。

Does that also include some of the incremental investments related to auto?

這是否還包括一些與汽車相關的增量投資？

I'm asking like other our integration efforts and and what would be the organic volume number now tied to that tied to that low single-digit OpEx numbers?

我問的是，就像我們的其他整合工作一樣，現在與低個位數營運支出相關的有機數量是多少？

And I have a follow-up.

我有一個後續行動。

And with that, Bill?

那麼，比爾？

Yes.

是的。

So we as you know, we're not breaking out specifically any any organic versus inorganic numbers other than to say that the Alliance acquisition from last quarter will represent about 5% of revenue for the year.

因此，如您所知，我們不會具體列出任何有機與無機數據，只是說上季的聯盟收購將佔全年收入的 5% 左右。

So a little less than that for the quarter on the organic growth in OpEx, does that include partially?

那麼，營運支出的有機成長略低於本季的水平，這是否包括部分內容？

So some of the investments that we're making in connection with the acquisitions that we did but the balance of that is part of the M&A bucket, if you will, since those integration costs directly related to the M&A transactions, if you remember, in terms of the EBITDA that we we inherited as part of those deals, we used part of that EBITDA, so to fund those integration costs.

因此，我們正在進行的一些投資與我們所做的收購有關，但如果你願意的話，其餘的投資都是併購桶的一部分，因為這些整合成本與併購交易直接相關，如果你還記得的話，根據我們作為這些交易的一部分繼承的EBITDA 條款，我們使用了部分EBITDA，以便為這些整合成本提供資金。

Got it.

知道了。

Got it.

知道了。

That's helpful.

這很有幫助。

And just you know, I think in the past, you've given us some color on market share now in the quarter, what would you say lower due to the our market share performance was in the first quarter.

您知道，我認為在過去，您已經給我們提供了有關本季度市場份額的一些信息，您會說由於我們第一季度的市場份額表現而降低了多少。

And if you remember last call, we said we're going to start to do market share once a year on.

如果您還記得上次電話會議，我們說過我們將開始每年進行一次市場份額調查。

Obviously, we're doing it more often prior with when the market was all crazy and wild.

顯然，當市場瘋狂時，我們會更頻繁地這樣做。

So but having said that, just to give you a little more color, I guess, but but I guess moving forward to keep in mind, we will really like to be doing this once a year.

話雖如此，我想只是為了給你更多的色彩，但我想繼續記住，我們真的很喜歡每年這樣做一次。

He's one of our in one of the outside sources out there auction that which is interplay.

他是我們拍賣互動的外部來源之一。

You mentioned that in their report that physical auction volumes were down 5% year over year.

您在他們的報告中提到，實體拍賣量較去年同期下降了 5%。

So that is not to give you a link that just kind of gives us a framework of at least what the collectively, the physical auctions said that dealer wholesale on specifically even though commercial was up, dealer wholesale was down 5%.

因此，這並不是要給您一個鏈接，而只是為我們提供了一個至少總體框架，實體拍賣表示，儘管商業價格上漲，但經銷商批發卻下降了 5%。

So it could help you kind of get an idea but I guess having said, as I mentioned on, where will we start, we'll be doing that moving forward.

因此，它可以幫助您獲得一個想法，但我想正如我所提到的，我們將從哪裡開始，我們將繼續這樣做。

Now that things are starting to normalize.

現在事情開始正常化。

We'll start do that once a year.

我們將開始每年這樣做一次。

Got it.

知道了。

Got it.

知道了。

This is just one more on OpEx, if I may.

如果可以的話，這只是關於營運支出的另一件事。

Are you obviously mentioned like the step-up and now with the remarketing integration, I guess the integration of the new monitoring centers on your business.

您是否明顯提到了升級以及現在的再行銷集成，我想您的業務中新的監控中心的集成。

Should we treat this like a OpEx step-up this year?

今年我們是否應該將其視為營運支出的提升？

And because of that, as more of you know, for the one-time thing or you know, and then you have like better revenue versus OpEx leverage going forward.

正因為如此，正如您們更多人所知，對於一次性的事情或您知道的，然後您將獲得比營運支出槓桿更好的收入。

You know, for example, like this year you're guiding to that 70% OpEx growth and 27% revenue growth, for example, does that ratio get better going forward?

你知道，例如，今年你指導營運支出成長 70%，收入成長 27%，這個比率未來會變得更好嗎？

You should assume this is more of a onetime dynamic for this year?

您應該認為這更像是今年的一次性動態？

I'm not sure the question was clear but in any color would be helpful.

我不確定問題是否清楚，但任何顏色都會有幫助。

Yes.

是的。

I mean, I'm not sure if I would look at it as one time on and that we'll be spending money for the integration through the end of this year will certainly different for next year.

我的意思是，我不確定我是否會認為這是一次，我們將在今年年底之前花錢進行整合，明年肯定會有所不同。

That said, as we scale the business, we're going to continue to get OpEx leverage as we approach our midterm targets across the P&L, right, as we get more scale.

也就是說，隨著我們擴大業務規模，當我們實現損益表的中期目標時，我們將繼續獲得營運支出槓桿，隨著我們規模的擴大，我們將繼續獲得營運支出槓桿。

So go on.

所以繼續吧。

Yes, as we drive towards those targets, you're going to see leverage throughout the P&L, right?

是的，當我們努力實現這些目標時，您將在整個損益表中看到槓桿作用，對嗎？

From kind of revenue margin down through OpEx.

從收入利潤率下降到營運支出。

So we're essentially going to get that leverage.

因此，我們基本上將獲得這種影響力。

But that doesn't necessarily mean we're going to incur a one-time cost that are just going to go away since most of this is labor, frankly, this product and product development by the engineering teams and so on.

但這並不一定意味著我們會產生一次性成本，這種成本很快就會消失，因為坦白說，其中大部分都是勞動力，包括產品和工程團隊的產品開發等等。

I'm not sure I would look at it as per, say, one-time, but we'll certainly get deleveraging to get the leverage that we've demonstrated in the past and will continue to get that going forward as we scale.

我不確定我是否會一次性地看待它，但我們肯定會去槓桿化，以獲得我們過去所展示的槓桿作用，並將隨著我們的規模擴大而繼續向前推進。

But Understood.

但明白了。

Thanks for all the color in the questions.

感謝問題中的所有顏色。

Thank you.

謝謝。

Nick Jones, Citizen's GMP.

Nick Jones，公民 GMP。

Great.

偉大的。

Thanks for taking the question, guys.

謝謝你們提出問題，夥伴們。

As you look to land more rooftops and you're having those conversations with those dealers, how much of a factor is kind of lower wholesale volume, some potential in their reluctance have to get out that could maybe they don't feel the need or the pressure to diversify.

當你希望獲得更多屋頂並與這些經銷商進行對話時，批發量下降在很大程度上是一個因素，他們不願意放棄的一些潛力可能他們不覺得有必要，或者多元化的壓力。

And to the extent that that is part of the conversation, if things do start to improve in the back half and into next year on how well positioned is ACV to kind of accelerate landing rooftops, also kind of winning share in existing reserves?

從某種程度上來說，這是談話的一部分，如果情況在下半年和明年確實開始改善，ACV 是否處於加速著陸屋頂的有利位置，也在現有儲備中贏得份額？

Here is a really good question.

這是一個非常好的問題。

And maybe one.

也許還有一個。

I wasn't prepared to do it on the fly, but I think you're really pointing out an interesting topic, and that's the dealers have less time to wholesale.

我不准備立即這樣做，但我認為你確實指出了一個有趣的話題，那就是經銷商的批發時間更少。

So it's really not the top of mind right there really they're trying to source more than trying to buy more from consumers.

因此，這實際上並不是他們最關心的問題，他們實際上試圖採購更多東西，而不是試圖從消費者那裡購買更多東西。

So that as your question was on the back of the statement is interesting.

因此，您在聲明後面提出的問題很有趣。

We could see a tail on as wholesale starts to come back, we start to see a conversion.

隨著批發開始回升，我們可以看到尾巴，我們開始看到轉變。

I guess my my initial gut reaction is probably favorable.

我想我最初的直覺反應可能是有利的。

Yes, I think I think you're onto something there, but I wouldn't put a lot of thought going in coming to this call.

是的，我認為你說得有道理，但我不會在參加這次電話會議時考慮太多。

I think I think your guidance probably right that we could see as you it's almost like gaming and likely with more of it tomorrow that constancy of them more of a problem to address.

我認為我認為你的指導可能是正確的，我們可以看到，就像你一樣，這幾乎就像遊戲一樣，明天可能會有更多遊戲，它們的穩定性更多是一個需要解決的問題。

There could be something there.

那裡可能有什麼東西。

Great.

偉大的。

So then I guess my follow-up would be to the extent that there's potentially a tailwind and you guys are approaching your midterm targets.

因此，我想我的後續行動將是在可能出現順風的情況下，你們正在接近中期目標。

I mean, how much of a North Star is the mid-term target.

我的意思是，中期目標是多少北極星。

There's an opportunity to kind of maybe more aggressively invest in technology or are landing those rooftops on the technology investments always been kind of our VTV. story as I guess how nimble is the roadmap to the extent that maybe CAROLYN manifest?

有機會更積極地投資技術，或將這些屋頂放在技術投資上，這一直是我們的 VTV 的一部分。我猜這個故事的路線圖有多靈活，可能卡羅琳會表現出來？

So I feel really good about the work I and when you look at consumer sourcing will help these dealers get the right inventory.

因此，我對我的工作感到非常滿意，當你考慮消費者採購時，我將幫助這些經銷商獲得正確的庫存。

When you look at the pricing strategies and helping them price vehicles correctly, you look at the way we're merchandising assets inside the platform where we've got our commercial customers.

當您查看定價策略並幫助他們正確定價車輛時，您會看到我們在擁有商業客戶的平台內銷售資產的方式。

I mean, you'll start to see commercial volume start to become more material over the next year.

我的意思是，明年你將開始看到商業量開始變得更加重要。

Have each of these areas, you know, are all going to add up.

你知道，這些領域中的每一個都會加起來。

And that's why I still feel great about our midterm targets.

這就是為什麼我仍然對我們的中期目標感到滿意。

We really have a quite sizable product and tech investment going on here across several different areas.

我們確實在幾個不同的領域進行了相當大的產品和技術投資。

And as those areas mature already doing great, but there could be an accelerant that could certainly be an accelerant.

隨著這些領域的成熟，已經做得很好，但可能會有一種促進劑，肯定是一種促進劑。

But I would say for now it's unclear yet a new expectation.

但我想說，目前還不清楚新的期望。

I think that the expectation on manage right now, as I feel great about the midterm targets.

我認為現在的期望已經得到控制，因為我對中期目標感覺很好。

And I would say we are closer together that will create new expectations.

我想說，我們的聯繫更加緊密，這將創造新的期望。

But for now I'll just leave it there.

但現在我就把它留在那裡。

I think our product and tech investments and our overall position we're in, we're in a really good spot.

我認為我們的產品和技術投資以及我們所處的整體地位，我們處於一個非常好的位置。

Thanks, George.

謝謝，喬治。

Gary Prestopino, Barrington Research.

加里‧普雷斯托皮諾，巴靈頓研究中心。

Hey, good afternoon.

嘿，下午好。

George grown campaign.

喬治展開競選活動。

A couple of questions on clear car mix, and I know it's early in the game here, but how much is this really proliferated through your dealer customer base at this point?

關於清晰的汽車組合的幾個問題，我知道現在還處於遊戲的早期階段，但是此時您的經銷商客戶群真正擴散了多少？

You know, we didn't really commit with a number today, but I think we've gotten you know, we want to broadcast a number every earnings call, so I won't answer every call, but I think we're close to 700 rooftops or something like that.

你知道，我們今天並沒有真正承諾一個數字，但我想我們已經讓你知道了，我們希望在每次財報電話會議上廣播一個數字，所以我不會接聽每個電話，但我認為我們已經接近了到 700 個屋頂或類似的東西。

Okay.

好的。

So we're still early on.

所以我們還處於早期階段。

But Gary, I mean, that's fantastic for a brand-new product.

但加里，我的意思是，這對於全新產品來說非常棒。

As you know, it might be one of the fastest growing auto tech companies, and we would look at it as a one product mix, probably the fastest growth ones out there.

如您所知，它可能是成長最快的汽車科技公司之一，我們將其視為單一產品組合，可能是成長最快的產品組合。

So where it's your point still early in the there's 16,500 franchise reports.

因此，您的觀點還處於早期階段，有 16,500 份特許經營報告。

There's tens of thousands of independent repair shops, but the signs are positive.

有數以萬計的獨立維修店，但跡像是積極的。

The end results are positive and we are not broadcasting necessarily everywhere either like we've refocused on the ACE max joint customers.

最終結果是正面的，我們也不必像我們重新關注 ACE max 聯合客戶那樣在所有地方進行廣播。

We focus on our good wholesale customers and maybe towards the back half of this year, early next year, we'll start to step on the gas a little bit more from a sales perspective, but we kind of had our own pacing.

我們專注於良好的批發客戶，也許到今年下半年、明年初，我們將開始從銷售的角度加大力度，但我們有自己的步調。

And I will say we're a little we're definitely ahead of our pace on which you just need to set up to do so anywhere you're behind the scenes or you're trying to turn on net 30, 40, 50 customers month is that it's a lot to do.

我想說的是，我們絕對領先於我們的步伐，您只需要在幕後的任何地方或您試圖吸引淨 30、40、50 名客戶時就可以這樣做一個月有很多事情要做。

And we feel great about where we're ecstatic about our progress.

我們對自己的進步感到欣喜若狂。

So that is good.

所以這很好。

And there just gives us an idea of the growth potential growth trajectory.

這只是讓我們了解成長潛力的成長軌跡。

And then I have two other questions regarding clear car, all of the dealers that are sourcing cars through Clear, clear car on, are you finding that the majority of them on tools, we'll sell something through your through your platform because they're sourcing the car through your clear car product.

然後我還有兩個關於透明汽車的問題，所有通過透明汽車購買汽車的經銷商，您是否發現他們中的大多數都在工具上，我們將通過您的平台銷售一些東西，因為他們'通過您的透明汽車產品對汽車進行資源採購。

Yes.

是的。

So the two options, they either pay us a subscription like look at this like a bundle like that with what we're doing with HBO Max.

所以這兩個選擇，他們要么向我們支付訂閱費，就像我們正在做的 HBO Max 一樣，就像捆綁一樣。

And so either they're paying us on how the subscription for they're actually giving a wholesale hire scheme.

因此，他們要么按照他們實際上提供批發租賃計劃的訂閱方式向我們付款。

So we're getting one of the two most of the customers we've turned on have agreed for the wholesale volume commitment and some of the customers that have come on have have gone down the subscription, but bundled in with a C-max.

因此，我們吸引的兩個最多的客戶之一已經同意批發量承諾，而一些客戶已經減少了訂閱，但與 C-max 捆綁在一起。

So where we're happy with both so rapidly pushing every dealer, not a task because they have two options for downtown their pathway and both are positive pricing.

因此，我們對如此迅速地推動每個經銷商感到滿意，這不是一項任務，因為他們在市中心有兩種選擇，而且都是積極的定價。

And then just lastly, there's a lot of these kind of products out there.

最後，市面上有許多此類產品。

Dealers can use.

經銷商可以使用。

How are you differentiating this competitively?

您如何在競爭中脫穎而出？

I'm in the market.

我在市場。

Yes, there's a few elements of why it's hard product that truly is unique.

是的，有幾個因素可以解釋為什麼它是真正獨一無二的硬產品。

And before I get into those features, I'll just remind everyone where we're inspecting somewhere around 1 million cars a year with humans that inspections it is giving us a data now in detailed information about cars that really no one else we believe in the world.

在我介紹這些功能之前，我想提醒大家，我們每年要人工檢查大約 100 萬輛汽車，檢查現在為我們提供了有關汽車的詳細信息數據，而我們真的不相信其他人會相信這些數據。 。

Well, we're leveraging our technology using products like amongst that go around the vehicle.

嗯，我們正在利用我們的技術，使用諸如車輛周圍的產品。

And we're getting this common believable data.

我們正在獲得這些共同可信的數據。

And what it's allowing us to do is take our inspection data.

它允許我們做的是獲取我們的檢查數據。

And we've created this consumer offering where all the consumers do is go around the product.

我們創造了這種消費者產品，消費者所做的一切就是圍繞著產品。

People are using market called our capture video, call it, mindfully and consumer.

人們正在使用稱為我們捕獲影片的市場，稱之為「正念和消費者」。

And then the third part condition based and that having a consumer ask we ask the consumer a few questions.

然後第三部分是基於條件並讓消費者詢問我們問消費者一些問題。

So those question map to the same data in our inspection group.

所以這些問題映射到我們檢查組中的相同數據。

And and we all know that really the benefit of machine learning and leveraging artificial intelligence.

我們都知道機器學習和利用人工智慧確實有好處。

It's having a really deep, deep, deep data profile.

它有一個非常深、深、深的資料檔案。

We have that.

我們有那個。

So we at least right now, we have a huge competitive advantage over anyone else trying to price the consumer.

因此，至少現在，我們比其他試圖向消費者定價的人擁有巨大的競爭優勢。

Now it's a matter of us taking that competitive advantage day in front of dealers and helping it out.

現在的問題是我們要在經銷商面前利用這一競爭優勢並幫助他們解決問題。

So trends and sort of value add for ACV as well?

那麼蘋果醋的趨勢和附加價值也是嗎？

Yes, good answer.

是的，很好的答案。

Yes, be safe.

是的，注意安全。

(Operator Instructions) David Kang, B. Riley Securities.

（操作員指示）David Kang，B. Riley Securities。

This is Ryan on for David.

這是瑞安替大衛發言。

I was just hoping you could talk about plans for cash usage and also the M&A M&A appetite going forward?

我只是希望您能談談現金使用計劃以及未來的併購胃口？

Thanks.

謝謝。

Hey, Bill.

嘿，比爾。

So on, yes, we certainly did consume some cash in Q1 for some of the M&A transactions, how we sell a fair amount of cash on the balance sheet.

所以，是的，我們確實在第一季的一些併購交易中消耗了一些現金，我們如何在資產負債表上出售相當數量的現金。

But what I would point you to are two factors, number one, the cash net of some outstanding debt that we have on our credit facility, which was $125 million at the end of March.

但我想向您指出兩個因素，第一，我們信貸安排中的一些未償債務的現金淨額，截至 3 月底為 1.25 億美元。

And also keep in mind that and at the end of Q1, 174 million of our cash was are comprised of marketplace flow, which is volatile quarter to quarter.

另請記住，在第一季末，我們的 1.74 億美元現金由市場流量組成，而市場流量每季都會波動。

And typically the high point for the year is at the end of Q1, and that tends to trend down through the rest of the year.

通常一年中的高點是在第一季末，而今年剩餘時間往往會呈下降趨勢。

So at this point, we feel pretty good about our liquidity position on.

因此，在這一點上，我們對我們的流動性狀況感覺非常好。

We certainly have some flexibility and want to retain that flexibility for other tuck-ins on that come about as part of us executing on our strategy.

我們當然有一定的靈活性，並且希望保留這種靈活性，以便在我們執行策略的過程中進行其他調整。

There do have the ambition to penetrate the commercial market.

他們確實有打入商業市場的雄心壯志。

Hopefully, that answers your question, but I'll just add to what Bill said.

希望這能回答你的問題，但我只是補充比爾所說的內容。

I mean, we're in a very obviously on Lucky and favorable position and a strong balance sheet to be able to go after these tuck-ins and other opportunities.

我的意思是，我們顯然處於一個非常幸運和有利的位置，並且擁有強大的資產負債表，能夠抓住這些機會和其他機會。

So we don't take that favorable opportunity lightly, and we're leveraging to our advantage.

因此，我們不會輕視這個有利的機會，我們正在充分利用我們的優勢。

That helps.

這有幫助。

Thank you.

謝謝。

There are no further questions at this time.

目前沒有其他問題。

I would like to turn the floor back over to Tim Fox closing comment.

我想請提姆·福克斯發表結束語。

was 81 million in all the children were certified by Boeing.

獲得波音認證的兒童總數為 8,100 萬人。

Would like to thank everybody for joining us on the call and look forward to seeing you on the conference circuit this quarter.

感謝大家參加我們的電話會議，並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。

Ladies and gentlemen, that concludes today's conference.

女士們、先生們，今天的會議到此結束。

Thank you for joining us.

感謝您加入我們。

You may now disconnect your line.

現在您可以斷開線路。