ACV Auctions Inc (ACVA) 2024 Q2 法說會逐字稿

Ladies and gentlemen, greetings and welcome to the ACV Q2 2024 Earnings Conference Call.

女士們、先生們，大家好，歡迎參加 ACV 2024 年第二季財報電話會議。

At this time, all participants are in a listen-only mode.

此時，所有參與者都處於只聽模式。

A brief question-and-answer session will follow the formal presentation.

正式演講後將舉行簡短的問答環節。

(Operator Instructions) As a reminder, this conference has been recorded.

（操作員說明） 提醒一下，本次會議已錄製。

It is now my pleasure to introduce your host, Tim Fox.

現在我很高興向大家介紹你們的主持人提姆福克斯。

Please go ahead.

請繼續。

Good afternoon, and thank you for joining ACV’s conference call to discuss our second quarter 2024 financial results.

下午好，感謝您參加 ACV 電話會議，討論我們 2024 年第二季的財務表現。

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 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 statements.

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此類陳述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。

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 second quarter performance.

我們對第二季的業績感到滿意。

We delivered another quarter of record revenue that was above the high-end of guidance, despite market headwinds related to the CDK software outage in June.

儘管 6 月出現了與 CDK 軟體中斷相關的市場阻力，但我們的季度收入再次創下歷史新高，高於指導上限。

We also hit a new milestone in the quarter, with half of our regional markets achieving 30% franchise dealer penetration.

我們在本季也達到了一個新的里程碑，我們一半的區域市​​場實現了 30% 的特許經銷商滲透率。

Adjusted EBITDA increased 65% sequentially, resulting in a 700 basis point year-over-year improvement in adjusted EBITDA margin.

調整後 EBITDA 較上季成長 65%，調整後 EBITDA 利潤率年增 700 個基點。

Along with our momentum in dealer wholesale, we are very pleased with the market adoption of ACV’s consumer sourcing solution, ClearCar, and with our ongoing technology initiatives to address the commercial wholesale market.

除了我們在經銷商批發領域的發展勢頭之外，我們對 ACV 消費者採購解決方案 ClearCar 的市場採用以及我們針對商業批發市場的持續技術舉措感到非常高興。

As we pivot to the back half of 2024, we are encouraged by our strong performance in July and remain focused on driving top-line growth, expanding margins, and delivering our first year of adjusted EBITDA profitability.

隨著我們轉向 2024 年下半年，我們對 7 月份的強勁表現感到鼓舞，並將繼續專注於推動營收成長、擴大利潤率，並實現第一年調整後 EBITDA 獲利能力。

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 recap of second quarter results on slide 4.

接下來，讓我們回顧一下投影片 4 上的第二季業績。

Second quarter revenue grew 29% year-over-year to $161 million.

第二季營收年增 29% 至 1.61 億美元。

We sold 187,000 vehicles, a year-over-year increase of 22%, reflecting strong listings growth, strong conversion rates, and execution across many ACV teammates.

我們售出了 187,000 輛汽車，年成長 22%，反映出強勁的上市量成長、強勁的轉換率以及許多 ACV 團隊成員的執行力。

GMV declined modestly year-over-year, driven by a 19% decrease in GMV per unit, as wholesale prices and vehicle mix compressed relative to Q2 2023.

由於批發價格和車輛結構相對 2023 年第二季有所壓縮，單位 GMV 下降 19%，導致 GMV 年比小幅下降。

However, ARPU increased 9% year-over-year, highlighting the value ACV is delivering to the market.

然而，ARPU 年成長 9%，凸顯了 ACV 為市場帶來的價值。

Next on slide 5.

接下來是投影片 5。

Today’s discussion will focus on the three pillars of our strategy to maximize long-term shareholder value: growth; innovation; and scale.

今天的討論將集中在我們實現長期股東價值最大化的策略的三大支柱：成長；創新;和規模。

I will begin with growth.

我將從成長開始。

Turning to slide 7.

轉到投影片 7。

I’ll share our observations about the automotive market as context for dealer wholesale volumes.

我將分享我們對汽車市場的觀察，作為經銷商批發量的背景。

New retail sales got off to a positive start in Q2.

第二季新零售開店紅。

However, the CDK outage resulted in a flat year-over-year retail sales for the quarter.

然而，CDK 中斷導致該季度零售額同比持平。

Used retail sales declined approximately 5% year-over-year, reflecting both the CDK outage and the ongoing affordability challenges facing consumers.

二手零售額年減約 5%，反映出 CDK 中斷以及消費者面臨的持續承受能力挑戰。

On a positive note, new vehicle inventories continue to normalize, and OEMs are increasing incentives, which should help support retail sales in the back half of 2024.

積極的一面是，新車庫存繼續正常化，整車廠加大激勵力度，這將有助於支撐 2024 年下半年的零售銷售。

In terms of used vehicles, overall inventory levels have recovered from the 2023 historical lows.

二手車方面，整體庫存水準已從2023年的歷史低點回升。

However, they remain about 20% below normal.

然而，它們仍比正常水平低約 20%。

As we discussed before, the used vehicle inventory shortage has been a headwind for dealer wholesale supply as dealers retained a higher percentage of trades for retail.

正如我們之前討論的，二手車庫存短缺一直是經銷商批發供應的阻力，因為經銷商保留了較高比例的零售交易。

However, we did see a modest uptick in the trade to wholesale mix in Q2 and we expect the mix to normalize as inventories recover.

然而，我們確實看到第二季度貿易與批發組合略有上升，我們預計隨著庫存恢復，這種組合將正常化。

Lastly, wholesale price depreciation was above normal in early Q2, but has since stabilized.

最後，第二季初批發價格貶值高於正常水平，但此後已趨於穩定。

And we believe that prices will follow normal seasonal patterns for the balance of the year.

我們相信，今年剩餘時間的價格將遵循正常的季節性模式。

Despite the Q2 pricing pressure, conversion rates were very solid and increased year-over-year, which we attribute to our marketplace investments driving dealer engagement.

儘管面臨第二季的定價壓力，但轉換率仍然非常穩定，並且逐年增加，我們將其歸因於我們的市場投資推動了經銷商的參與。

On balance, we’re seeing early signs of improvement in the broader automotive ecosystem and believe the dealer wholesale market will continue to modestly recover to the back half of 2024.

總的來說，我們看到了更廣泛的汽車生態系統改善的早期跡象，並相信經銷商批發市場將繼續溫和復甦到 2024 年下半年。

Moving to slide 8, let’s cover highlights on our value-added services, beginning with ACV Transportation.

前往投影片 8，讓我們專注於我們的增值服務，首先是 ACV 運輸。

The transportation team once again delivered strong results with over 100,000 transport deliveries in the quarter.

運輸團隊再次取得強勁業績，本季運輸交付量超過 10 萬架。

AI-optimized pricing expanded significantly over the past year, and we achieved 95% lane coverage in Q2.

人工智慧優化的定價在過去一年中顯著擴大，我們在第二季度實現了 95% 的車道覆蓋率。

By leveraging AI, our team delivered over 20% volume growth while driving operating efficiency.

透過利用人工智慧，我們的團隊實現了超過 20% 的銷售成長，同時提高了營運效率。

Revenue margin was again in the high-teens and expanded 280 basis points year-over-year.

營收利潤率再次達到兩位數，較去年同期擴大 280 個基點。

Lastly, our recently launched off-platform transportation service is gaining traction with our dealer partners.

最後，我們最近推出的平台外運輸服務正贏得經銷商合作夥伴的青睞。

We’re in the early stages, but excited to deliver new value-added services that create long-term growth, while accelerating network densities and deepen area relationships.

我們正處於早期階段，但很高興能夠提供新的增值服務，以創造長期成長，同時加快網路密度並加深區域關係。

Turning to slide 9, the ACV Capital team once again delivered growth, while managing risk in an environment that continues to be challenging for independent dealers.

轉向投影片 9，ACV Capital 團隊再次實現了成長，同時在對獨立經銷商持續充滿挑戰的環境中管理風險。

Along with driving growth in the core floor plan business, the capital team is piloting a new offering that expands the addressable market.

在推動核心平面圖業務成長的同時，資本團隊正在試點一項新產品，以擴大潛在市場。

The new offering provides financing for consumer source vehicles and dealer trade-ins that are then sold retail or on ACV’s wholesale marketplace.

新產品為消費者源車輛和經銷商以舊換新提供融資，然後在 ACV 批發市場上零售或銷售這些車輛。

We are uniquely positioned to bundle ClearCar with ACV Capital to support our dealer’s vehicle sourcing strategies.

我們擁有獨特的優勢，可以將 ClearCar 與 ACV Capital 捆綁在一起，以支持我們經銷商的車輛採購策略。

We look forward to updating you on these new offerings in the coming quarters.

我們期待在未來幾季向您通報這些新產品的最新資訊。

Moving to the second element of our strategy to drive long-term shareholder value, innovation.

轉向我們推動長期股東價值策略的第二個要素：創新。

On slide 11, I’ll first recap some of our growth-oriented product innovations.

在投影片 11 上，我將首先回顧我們的一些以成長為導向的產品創新。

Earlier on the call, I mentioned strong Q2 conversion rates, which is an important marketplace growth lever.

在電話會議的早些時候，我提到了第二季強勁的轉換率，這是一個重要的市場成長槓桿。

It’s clear that our investments are paying dividends.

很明顯，我們的投資正在帶來紅利。

Features like advanced search, vehicle merchandising, AI-enabled pricing data, and flexible auction formats are delivering what we believe is the best dealer buying experience in the market.

高級搜尋、車輛行銷、人工智慧定價數據和靈活的拍賣格式等功能正在提供我們認為市場上最佳的經銷商購買體驗。

Our commercial technology investments are progressing, with our initial focus on integrating with AutoIMS and delivering marketplace features to support commercial consigners.

我們的商業技術投資正在取得進展，我們最初的重點是與 AutoIMS 整合並提供市場功能以支援商業委託人。

These key initiatives will help drive platform standardization across our growing footprint of remarketing centers.

這些關鍵措施將有助於推動我們不斷擴大的再行銷中心的平台標準化。

The new ACV MAX suite continues to gain traction in the market with key competitive displacements and very high retention rates in Q2, along with a growing pipeline of new prospects.

新的 ACV MAX 套件憑藉關鍵的競爭替代品和第二季非常高的保留率，以及不斷增加的新潛在客戶，繼續在市場上獲得關注。

Lastly, in the dealer self-inspection category, we are excited to see strong interest in ACV’s vehicle appraisal solutions across a number of use cases.

最後，在經銷商自我檢測類別中，我們很高興看到許多用例對 ACV 的車輛評估解決方案產生了濃厚的興趣。

Whether dealers are appraising trades or consumer vehicles sourced through digital channels or making offers to consumers in their service drives, accurate pricing is the critical success factor.

無論經銷商是評估透過數位管道採購的交易或消費車輛，還是在其服務活動中向消費者提供報價，準確的定價都是關鍵的成功因素。

Legacy tools don’t fully capture the dynamic nature of the automotive market, making the appraisal process more of an art than a science.

傳統工具無法完全捕捉汽車市場的動態本質，使得評估過程更像是一門藝術，而不是一門科學。

With ACV Solutions, we are delivering science.

透過 ACV Solutions，我們正在傳遞科學。

Our appraisal solutions incorporate AI imaging for damage detection and real-time localized pricing that is condition-enhanced based on millions of inspections in our data mode.

我們的評估解決方案結合了用於損壞檢測的人工智慧成像和即時本地化定價，該定價是根據我們的資料模式中的數百萬次檢查進行條件增強的。

It’s still early days in this category, but we believe self-inspection can unlock a number of exciting long-term growth opportunities, including TAM expansion.

這個類別還處於早期階段，但我們相信自我檢查可以釋放許多令人興奮的長期成長機會，包括 TAM 擴張。

Let’s turn to slide 12 to highlight one of our fastest growing self-inspection solutions, ClearCar.

讓我們轉向投影片 12，重點介紹我們發展最快的自我檢測解決方案之一 ClearCar。

Market traction for ClearCar remains strong, with nearly 900 dealers live today in a growing pipeline of prospects.

ClearCar 的市場吸引力仍然強勁，目前有近 900 家經銷商，並且前景不斷擴大。

Dealer feedback regarding lead generation and conversion remains very positive.

經銷商關於潛在客戶開發和轉換的回饋仍然非常積極。

And based on transaction data, we estimate that dealers using ClearCar are increasing retail profits by 10%, improving inventory turns, and increasing wholesale profits nearly 20% relative to legacy tools.

根據交易數據，我們估計，與傳統工具相比，使用 ClearCar 的經銷商將零售利潤提高了 10%，提高了庫存週轉率，並將批發利潤提高了近 20%。

And ACV is benefiting from increasing wholesale wallet share by becoming a deeper strategic partner in our dealer’s retail and wholesale operations.

透過成為我們經銷商零售和批發業務中更深層的策略合作夥伴，ACV 受益於不斷增加的批發錢包份額。

Again this quarter, we’re very excited to share feedback from one of our dealer partners, Classic Elite Auto Group, which is using a broad set of ACV Solutions, including ClearCar, ACV Max, and our marketplace.

本季度，我們再次非常高興地分享來自我們的經銷商合作夥伴 Classic Elite Auto Group 的回饋，該集團正在使用一系列廣泛的 ACV 解決方案，包括 ClearCar、ACV Max 和我們的市場。

We posted a video on our IR website featuring the Classic Elite team describing the significant value they’re deriving from ACV Solutions.

我們在 IR 網站上發布了一段由 Classic Elite 團隊介紹的視頻，描述了他們從 ACV 解決方案中獲得的巨大價值。

It’s another great opportunity to hear directly from a dealer partner.

這是直接聽取經銷商合作夥伴意見的另一個絕佳機會。

On slide 13, we highlight examples of technology investments that deliver customer success while reducing costs.

在投影片 13 中，我們重點介紹了在降低成本的同時幫助客戶成功的技術投資範例。

Last quarter, we launched new versions of CoPilot and ArbGuard.

上季度，我們推出了新版本的 CoPilot 和 ArbGuard。

CoPilot 2.0 further leverages our vast data set by adding visual representations of high-risk vehicle part failures based on a specific year, make, and mileage of the vehicle.

CoPilot 2.0 根據車輛的特定年份、品牌和里程添加高風險車輛零件故障的視覺化表示，進一步利用我們龐大的資料集。

ArbGuard 2.0 leverages industry-leading AI for vehicle condition diagnostics.

ArbGuard 2.0 利用業界領先的人工智慧進行車輛狀況診斷。

And along with Monks’ exterior cosmetic model, we are now producing an even higher level of accuracy.

與 Monks 的外部裝飾模型一起，我們現在正在製作更高水平的精度。

We are very excited to share that in Q2, our inspection technology contributed to a record-level VCI efficiency across our nationwide team of inspectors, a great milestone for the team.

我們非常高興地告訴大家，在第二季度，我們的檢測技術為我們全國檢測員團隊創造了創紀錄的 VCI 效率，這對團隊來說是一個偉大的里程碑。

To wrap up on innovation, ACV is delivering industry-leading technology to our dealer partners and to our own operations, driving both growth and scale.

為了完成創新，ACV 正在為我們的經銷商合作夥伴和我們自己的營運提供領先業界的技術，從而推動成長和擴大規模。

And we look forward to sharing more details with you next quarter.

我們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擴大規模。

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 Q2 financial performance.

我們對第二季的財務表現非常滿意。

Along with accelerated revenue growth, we delivered meaningful margin expansion and strong sequential adjusted EBITDA growth, demonstrating the strength of our business model.

隨著營收的加速成長，我們實現了有意義的利潤率擴張和強勁的調整後 EBITDA 環比成長，展現了我們業務模式的實力。

On slide 15, let’s begin with a recap of our second quarter results.

在投影片 15 上，我們首先回顧我們第二季的業績。

Revenue of $161 million was above the high-end of our guidance range and grew 29% year-over-year.

營收為 1.61 億美元，高於我們指導範圍的上限，年增 29%。

Adjusted EBITDA of $7 million was at the midpoint of our guidance range and adjusted EBITDA margin improved approximately 700 basis points versus Q2 2023.

調整後 EBITDA 為 700 萬美元，處於我們指引範圍的中點，調整後 EBITDA 利潤率比 2023 年第二季提高了約 700 個基點。

We were pleased to achieve record adjusted EBITDA in Q2.

我們很高興在第二季度實現了創紀錄的調整後 EBITDA。

It’s worth noting that results would have exceeded the high-end of our guidance were not for transient factors impacting revenue margin in the quarter.

值得注意的是，如果沒有影響本季營收利潤率的暫時因素，結果將超過我們指導的上限。

As George mentioned earlier, price depreciation was above normal during Q2, which pressured GMV per unit and ARPU relative to our forecasts.

正如喬治之前提到的，第二季度的價格貶值高於正常水平，這對單位 GMV 和 ARPU 相對於我們的預測造成了壓力。

We also had an increase in arbitration cases early in the quarter as dealers were digesting market price declines.

由於經銷商正在消化市場價格下跌，本季初仲裁案件也有所增加。

I refer to these factors as transient, because GMV per unit and arbitration rates have stabilized and we are expecting price depreciation to follow normal seasonal patterns for the balance of the year.

我將這些因素稱為暫時性因素，因為單位商品交易總額和仲裁率已經穩定，我們預計價格貶值將遵循今年剩餘時間的正常季節性模式。

Finally, non-GAAP net income was at the midpoint of our guidance range with margin increasing approximately 300 basis points year-over-year.

最後，非 GAAP 淨利潤處於我們指引範圍的中點，利潤率年增約 300 個基點。

Next on slide 16, I would like to highlight additional revenue details.

接下來，在投影片 16 上，我想強調其他收入細節。

Auction and assurance revenue was 57% of total revenue and grew 33% year-over-year.

拍賣和擔保收入佔總收入的57%，較去年同期成長33%。

This performance reflects 22% year-over-year unit growth, and auction and assurance ARPU of $493, which grew 9% year-over-year.

這項業績反映出單位數量年增 22%，拍賣和擔保 ARPU 為 493 美元，較去年同期成長 9%。

Marketplace services revenue was 38% of total revenue and grew 30% year-over-year.

市場服務收入佔總收入的38%，較去年同期成長30%。

Results were driven by strong ACV Transport performance and another record revenue quarter for ACV Capital.

強勁的 ACV Transport 業績和 ACV Capital 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 with growth returning to positive territory.

我們的 SaaS 和資料服務產品佔總營收的 5%，成長恢復正值。

As George mentioned earlier, we are very pleased with the relaunch of ACV Max and remain confident that the new ACV Max suite will drive long-term growth.

正如 George 之前提到的，我們對 ACV Max 的重新推出感到非常高興，並對新的 ACV Max 套件將推動長期成長充滿信心。

Next on slide 17, I’ll review costs in the quarter.

接下來在投影片 17 上，我將檢視本季的成本。

Q2 cost of revenue as a percentage of revenue decreased approximately 200 basis points year-over-year.

第二季營收成本佔營收的百分比年減約 200 個基點。

The improvement was driven by auction and assurance results and by ACV Transport.

這項改進是由拍賣和保證結果以及 ACV 運輸推動的。

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 expense, excluding cost of revenue as a percentage of revenue decreased 400 basis points year-over-year in Q2.

第二季非 GAAP 營運費用（不含收入成本）佔營收的百分比年減 400 個基點。

Moving to slide 18, let me frame our investment strategy as we continue driving profitable growth.

轉到投影片 18，讓我在我們繼續推動獲利成長的過程中製定我們的投資策略。

Our focus on spending discipline and operating efficiency resulted in a decrease in OpEx growth in 2023, yielding a significant improvement in adjusted EBITDA.

我們對支出紀律和營運效率的關注導致 2023 年營運支出成長下降，調整後 EBITDA 顯著改善。

For 2024, we continue to expect an increase in OpEx growth as we execute on our remarketing center strategy and commercial platform investments.

2024 年，隨著我們執行再行銷中心策略和商業平台投資，我們繼續預期營運支出將會成長。

Even with these investments, adjusted EBITDA margin is expected to increase by approximately 800 basis points year-over-year.

即使有了這些投資，調整後的 EBITDA 利潤率預計仍將年增約 800 個基點。

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 Q2 with $273 million in cash and cash equivalents and marketable securities and $110 million of debt on our revolver.

第二季末，我們的現金和現金等價物以及有價證券為 2.73 億美元，左輪手槍債務為 1.1 億美元。

Our Q2 cash balance includes $168 million of float in our auction business.

我們第二季的現金餘額包括拍賣業務中 1.68 億美元的流動資金。

The amount of float on our balance sheet fluctuates meaningfully based on business trends in the final 2 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會根據每季最後兩週的業務趨勢而大幅波動，這對經營現金流量產生相應的影響。

In the figure on the right, we highlight our strong operating cash flow for the first half of 2024.

在右圖中，我們強調了 2024 年上半年我們強勁的營運現金流。

Note that when excluding change in marketplace float, we generated $14 million of operating cash flow in the first half of 2024.

請注意，如果排除市場流通量的變化，我們在 2024 年上半年產生了 1,400 萬美元的營運現金流。

This is a significant increase year-over-year, reflecting the transitions of profitability and strong margin improvements.

這是同比顯著增長，反映了盈利能力的轉變和利潤率的強勁改善。

Now, turning to guidance on slide 20.

現在，轉向幻燈片 20 上的指導。

For the third quarter, we are expecting revenue in the range of $158 million to $162 million, growth of 33% to 36% year-over-year.

我們預計第三季的營收將在 1.58 億美元至 1.62 億美元之間，年增 33% 至 36%。

Adjusted EBITDA is expected in the range of $6 million to $8 million consistent with our commitment to achieving profitability each quarter going forward.

調整後的 EBITDA 預計在 600 萬至 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, we are raising the midpoint of revenue and adjusted EBITDA guidance.

對於全年，我們提高了收入中點並調整了 EBITDA 指導。

Revenue is now expected to be in the range of $615 million to $625 million, representing growth of 28% to 30% year-over-year.

目前預計營收在 6.15 億美元至 6.25 億美元之間，年增 28% 至 30%。

Adjusted EBITDA is now expected to be in the range of $21 million to $25 million.

調整後的 EBITDA 目前預計在 2,100 萬美元至 2,500 萬美元之間。

As it relates to guidance, we are assuming that the dealer wholesale market continues to modestly recover in the back half of 2024 and 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 2024 年下半年繼續溫和復甦，且轉換率和批發價格貶值遵循正常的季節性模式。

We also continue to expect revenue growth to exceed non-GAAP OpEx growth, excluding cost of revenue depreciation and amortization by approximately 10 percentage points.

我們也繼續預期營收成長將超過非 GAAP 營運支出成長（不包括收入折舊和攤提成本）約 10 個百分點。

And finally moving to slide 21, we remain committed to achieving our mid-term 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 clearly demonstrated in our performance.

最後轉到幻燈片21，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增長、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 mid-term targets are primarily predicated on a dealer wholesale market recovering to historical volumes over time, but in addition we are expanding our TAM and consistently taking share which will drive long-term growth.

我們的中期目標主要基於經銷商批發市場隨著時間的推移恢復到歷史水平，但除此之外，我們正在擴大我們的 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 will summarize.

在回答大家的問題之前，我先總結一下。

We are very pleased with our strong execution in Q2 and we are especially proud of our ACV teammates that delivered these results.

我們對第二季的強勁執行力感到非常滿意，尤其為我們的 ACV 隊友取得了這些成果感到自豪。

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

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。

While expanding our addressable market, which positions ACV for attractive growth as market conditions improve.

在擴大我們的潛在市場的同時，隨著市場狀況的改善，ACV 也將實現有吸引力的成長。

We are delivering on an exciting product roadmap to further differentiate ACV and drive operating efficiencies.

我們正在製定令人興奮的產品路線圖，以進一步實現 ACV 的差異化並提高營運效率。

We are on track to achieve our 2024 adjusted EBITDA targets and deliver on our mid-term targets that we believe will drive significant shareholder value.

我們預計將實現 2024 年調整後的 EBITDA 目標，並實現我們相信將帶來顯著股東價值的中期目標。

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，我將把電話轉給接線員以開始問答。

(Operator Instructions) Michael Graham, Canaccord Genuity.

（操作員說明）Michael Graham，Canaccord Genuity。

Hi.

你好。

Thanks very much.

非常感謝。

Congrats on the continued momentum.

祝賀持續的勢頭。

I had two questions.

我有兩個問題。

The first was, you talked about the market still being a little bit muted but seeing some signs of progress as we point towards the second half.

第一個是，您談到市場仍然有點平靜，但在我們展望下半年時看到了一些進展的跡象。

Could you just maybe elaborate on what those signs of progress are, and could you just remind us what the market looks like when you are able to say that it has recovered, like what are the kind of key metrics that you’re focused on there?

您能否詳細說明這些進展的跡像是什麼？ 您能否提醒我們，當您能夠說市場已經復甦時，市場會是什麼樣子，例如您關注的關鍵指標是什麼？

Yeah.

是的。

Thanks, Michael.

謝謝，麥可。

I appreciate it.

我很感激。

This is George.

這是喬治。

When we look at the positive signals out there, new vehicle inventory has continued to normalize.

當我們看到外面的正面訊號時，新車庫存繼續正常化。

We mentioned in the first part of the quarter here, the first few months of the quarter prior to the CDK outage, we saw that really go in the right direction.

我們在本季度的第一部分提到過，即 CDK 中斷之前的本季的前幾個月，我們看到這確實朝著正確的方向發展。

We believe the only reason why new was flat was because of the CDK outage.

我們認為 new 持平的唯一原因是 CDK 中斷。

So that was new going in the right direction, very positive.

所以這是朝著正確方向前進的新的，非常積極的。

We’re all seeing more and more incentives out there.

我們都看到越來越多的激勵措施。

We’re seeing OEMs already, even with a high cost of capital, putting the incentives out there for new cars.

我們已經看到原始設備製造商即使資本成本很高，也已經為新車提供了激勵措施。

That’s fantastic.

這太棒了。

Back half of the year with lower interest rates, we may even see even more incentives going on when you think about what they could do with leases and other sort of products.

下半年，隨著利率降低，當你考慮到他們可以用租賃和其他類型的產品做什麼時，我們甚至可能會看到更多的激勵措施。

So that’s positive.

所以這是積極的。

Well, one of the things we point to as far as trends that help us see the dealer wholesale market returning back to 2019 is the trade to wholesale mix.

嗯，就幫助我們看到經銷商批發市場回歸 2019 年的趨勢而言，我們指出的事情之一是貿易與批發的組合。

This is okay when a consumer comes in, trades in a vehicle, does the dealer keep it and retail it or wholesale it?

當消費者進來交易車輛時，經銷商是否保留並零售或批發車輛？

And they’ve been keeping more vehicles from 2019 to now, really just because there was a lack of inventory and there was obviously first, lack of new and there was a lack of use.

從 2019 年到現在，他們一直保留著更多的車輛，實際上只是因為庫存不足，而且顯然首先是缺乏新車和缺乏使用。

And use is still 20% below the 2019 level.

使用量仍比 2019 年水準低 20%。

So we’re working our way back towards normalcy here.

因此，我們正在努力恢復正常狀態。

But we did start to see a slight uptick in that sort of dealers willing to wholesale a vehicle first retail, which says, okay, cars are starting to add up on their lots, still not back to where it was, but they’re starting to add it back on their lots.

但我們確實開始看到願意先批發汽車零售的經銷商略有增加，這說明，好吧，汽車數量開始增加，但仍然沒有回到原來的水平，但他們——開始將其添加回他們的地段。

As we start to see that, we will start to see dealers wholesale more vehicles.

當我們開始看到這一點時，我們將開始看到經銷商批發更多的車輛。

So Michael, hopefully that’s helpful.

邁克爾，希望這對您有所幫助。

Yes, thanks a lot, George.

是的，非常感謝，喬治。

I appreciate it.

我很感激。

Thank you.

謝謝。

Bob Labick, CJS Securities.

拉比克 (Bob Labick)，CJS 證券公司。

Yes.

是的。

Hi, good afternoon.

嗨，下午好。

It's Pete Lukas for Bob.

鮑伯是皮特·盧卡斯。

Can you talk about the commercial opportunity ahead?

能談談未來的商業機會嗎？

And what is the landscape for acquisitions in the physical reconditioning auction space?

實體翻新拍賣領域的收購前景如何？

Yeah.

是的。

Thank you.

謝謝。

We’re still really good about where we’re at with commercial.

我們在商業廣告方面仍然非常擅長。

We’ve got really two parts of the strategy here.

我們實際上有戰略的兩個部分。

One is getting our product offerings back in support, to be able to really support commercial through leveraging AutoIMS in the use cases where the commercial partners don’t need reconditioning.

一是讓我們的產品重新獲得支持，以便能夠在商業合作夥伴不需要修復的用例中利用 AutoIMS 真正支持商業。

And as I mentioned in the past, AutoIMS is the middle where commercial partners use, now that we’re included as a methodology for commercial consigners.

正如我過去所提到的，AutoIMS 是商業合作夥伴使用的中間平台，現在我們已被納入商業委託人的方法論中。

We’re doing well.

我們做得很好。

We’re progressing on that integration and looking to have that ready to collide before the end of the year.

我們正在推進這種整合，並希望在今年年底前做好碰撞準備。

So very happy about the progress there on that integration.

對整合方面的進展感到非常高興。

So that use case specifically would be a vehicle that doesn’t need to get moved or it doesn’t need to be recon, examples like that and we need that integration in place to really support wherever the vehicle is.

因此，該用例具體是不需要移動或不需要偵察的車輛，諸如此類的例子，我們需要適當的整合來真正支援車輛在任何地方。

Then, second market which you mentioned is a large part of the commercial category, vehicles need minor recon.

然後，你提到的第二市場是商業類別的很大一部分，車輛需要進行較小的偵察。

We say minor recon, a lot of times it’s just they need to put on a tire or change -- it needs the key within the repo category, that’s in a category where there’s some reconditioning.

我們說小型偵察，很多時候只是他們需要換上輪胎或更換輪胎 - 它需要回購類別中的鑰匙，即屬於需要進行一些翻新的類別。

We now have 10 locations and we’re very excited that we’re on our way, I think 25% of the way of what we said of at least 40 locations to get over 80% of the population.

我們現在有 10 個地點，我們很高興我們正在路上，我認為我們所說的至少 40 個地點的 25% 可以覆蓋超過 80% 的人口。

So very happy with our progress on that journey of having locations across the country to help us go after the commercial space.

我們對在全國各地設立分支機構來幫助我們追求商業空間的旅程中取得的進展感到非常高興。

And as you mentioned, across the country in terms of those locations, how do you look at the expansion?

正如您所提到的，就這些地點而言，您如何看待全國範圍內的擴張？

Is it prioritizing one area over the other or wherever the opportunity presents itself or kind of across there and then the timetable to get to that full footprint that you’re looking for?

是否優先考慮一個領域而不是另一個領域，或者無論機會出現在哪裡，還是在哪裡，然後製定時間表來實現您正在尋找的完整足跡？

Yeah.

是的。

On locations, there’s really two parts of locations.

就地點而言，地點實際上分為兩部分。

One would be if we’re going to go in via an acquisition, which you’ve seen thus far, the majorities have been small acquisitions.

其一是，如果我們要透過收購進入，到目前為止您已經看到，大多數收購都是小型收購。

Yeah, so really, if it’s an acquisition, there’s a viable business in that location we’re going after, then the acquisition path would be a path we can go down.

是的，所以說真的，如果是收購，那麼我們要追求的那個地方有可行的業務，那麼收購路徑將是我們可以走的路徑。

There are some markets in the country where there won’t be a target for us to acquire.

該國的某些市場是我們無法收購的目標。

In those markets, we’ll just rent some land, decide whether or not we’re going to outsource the reconditioning and/or do it in-house based on the market.

在這些市場中，我們只需租用一些土地，然後根據市場狀況決定是否要外包整修和/或內部進行。

In many of these markets, you could just outsource the reconditioning.

在許多這樣的市場中，您可以將翻新工作外包。

And so either way, we’re going to bring the offering really for all the markets we want across the country, whether or not there was a small acquisition or we go ahead and just rent the land we need to go-to-market.

因此，無論哪種方式，我們都會為全國各地我們想要的所有市場提供真正的產品，無論是否進行小型收購，或者我們繼續租賃我們進入市場所需的土地。

Very helpful.

非常有幫助。

Thanks.

謝謝。

I'll jump back in the queue.

我會跳回到隊列中。

Thank you.

謝謝。

Rajat Gupta, JPMorgan.

拉賈古普塔，摩根大通。

Great.

偉大的。

Thanks for taking my questions.

感謝您回答我的問題。

I missed like the initial part of the call.

我錯過了電話的最初部分。

I was curious like did you quantify any impact from CDK to the business either on revenue or EBITDA?

我很好奇，您是否量化了 CDK 對業務對收入或 EBITDA 的影響？

I just had that one clarification.

我剛剛得到了這一澄清。

I have a quick follow-up.

我有一個快速跟進。

Thanks.

謝謝。

Yes.

是的。

Certainly, Rajat.

當然，拉賈特。

I’ll start, then Bill if you want to chime in.

我先開始，如果你想插話的話，然後是比爾。

So we didn’t really say, Rajat, what was the impact earlier in the call.

因此，拉賈特，我們在電話會議早些時候並沒有真正說影響是什麼。

All we did as mention that we did see, as you know -- you cover the space pretty broadly, that new was going off at a really good spot and CDK really slowed down the new car sales and used cars sales towards the end of the quarter.

All we did as mention that we did see, as you know -- you cover the space pretty broadly, that new was going off at a really good spot and CDK really slowed down the new car sales and used cars sales towards the end of the四分之一.

Our impact, it’s really tough to put an exact number on it.

我們的影響，很難給出確切的數字。

It was definitely over $600,000 of EBITDA and definitely over $1 million of revenue.

EBITDA 絕對超過 60 萬美元，收入絕對超過 100 萬美元。

The exact number, we don’t really know.

確切的數字，我們真的不知道。

But it was an impact, obviously, we still had a fantastic quarter, but that would be an approximate range of what the impact was for us.

但這是一種影響，顯然，我們仍然度過了一個出色的季度，但這只是對我們影響的大致範圍。

Got it.

知道了。

That’s helpful.

這很有幫助。

And then just on a related topic, I mean, given the experience, a lot of the dealers ran through with CDK, and we have worked from other dealers trying to explore redundancies and other options.

然後就一個相關的話題，我的意思是，根據經驗，許多經銷商都與 CDK 合作過，我們也與其他經銷商合作，試圖探索裁員和其他選擇。

You obviously are getting closer and closer to the dealer and getting more integrated with their systems, with ACV Max, and just all the other products.

顯然，您與經銷商的距離越來越近，並且與他們的系統、ACV Max 以及所有其他產品的整合程度越來越高。

I’m curious like how do you see this event as an opportunity for ACV to maybe work more closely with the dealer, I don’t know, maybe at some stage get into the management system side of things.

我很好奇，您如何看待這次活動，讓 ACV 能夠與經銷商進行更密切的合作，我不知道，也許在某個階段會進入管理系統方面。

I was curious like how you think about that opportunity.

我很好奇你如何看待這個機會。

Thanks.

謝謝。

Yeah, Rajat, I think it’s a great question.

是的，拉賈特，我認為這是一個很好的問題。

I was on the phone with a top, let’s call it, a top 5 or maybe a top 10 dealer group, a senior person recently on this topic.

我正在與一位高層（我們可以這麼稱呼它）通電話，一位前 5 名或前 10 名經銷商集團，最近在這個話題上的一位資深人士。

And it was fun because it was somebody that doesn’t work with us a lot today.

這很有趣，因為這個人今天不常和我們一起工作。

And it was really interesting listening to how he thought about the category and how he wanted to make sure he had more options.

聽他如何看待這個類別以及他如何確保自己有更多選擇真的很有趣。

So I think you said it well.

所以我覺得你說得很好。

You kind of answered the question while you stated the question.

你在陳述問題的同時就回答了問題。

It’s a category where dealers are going to probably be more careful about these all-in-one systems is what I’m hearing.

據我所知，在這一類別中，經銷商可能會對這些一體化系統更加小心。

There’s a couple of different software vendors are trying to put everything into one stack.

有幾個不同的軟體供應商正在嘗試將所有內容整合到一個堆疊中。

And, I think, they’re going to be a little bit more careful about that.

而且，我認為，他們會對此更加小心。

I think they’re going to be careful to make sure they got best of breed.

我認為他們會小心翼翼地確保他們獲得最佳品種。

So, I think those signals could be good signals for us.

所以，我認為這些訊號對我們來說可能是個好訊號。

I don’t know if it’ll change our trajectory for ACV Max or these products like in the next quarter or two like they took off.

我不知道這是否會改變我們 ACV Max 或這些產品在未來一、兩個季度的起飛軌跡。

I don’t want to say they’re like, okay, it’ll go.

我不想說他們會說，好吧，一切都會過去。

We’re going to start selling this so much faster than we are today.

我們將比現在更快開始銷售這款產品。

But to your point, it definitely can’t hurt.

但就你而言，這絕對不會有壞處。

It can only help the fact that we’re here, we’ve got great products, we’ve got a real tech team, we’ve got nearly 400 people between product and technology and IT and incredible teammates in this area.

它只能幫助這樣一個事實：我們在這裡，我們擁有出色的產品，我們擁有一支真正的技術團隊，我們在產品、技術和 IT 方面擁有近 400 名員工，以及令人難以置信的隊友。 。

And we can help dealers sort of diversify and sort of create strength to their back-end systems.

我們可以幫助經銷商實現多元化並增強其後端系統的實力。

So, I think that’s all probably today on that, but I think it’s also a great question.

所以，我認為這可能是今天的全部內容，但我認為這也是一個很好的問題。

Got it.

知道了。

No, I do think it’s a great opportunity, but thanks for taking the questions and good luck.

不，我確實認為這是一個很好的機會，但感謝您提出問題，祝您好運。

Thank you, Rajat.

謝謝你，拉賈特。

from Naved Khan, B. Riley Securities.

來自 Naved Khan、B. Riley Securities。

Yeah, thank you very much.

是的，非常感謝。

I think in your prepared remarks, you talked about 50% of the market achieving 30% penetration of franchise dealers.

我認為在您準備好的發言中，您談到了 50% 的市場實現了 30% 的特許經銷商滲透率。

Is that just a count of the dealers or is that wallet share?

這只是經銷商的數量還是錢包份額？

How should I think about that part that you just shared?

我該如何看待你剛才分享的部分？

And then I have a follow-up.

然後我有一個後續行動。

Yeah, that’s just a count of those working with us.

是的，這只是與我們合作的人數。

A good point of clarification.

一個很好的澄清點。

Thank you so much.

太感謝了。

I mean, it’s not full wallet share yet.

我的意思是，這還不是全部錢包份額。

So we’d be selling a lot more cars to your point if we had 50% of their wallet share.

因此，如果我們能佔據他們 50% 的錢包份額，那麼按照您的觀點，我們就能賣出更多的汽車。

So that’s right.

沒錯。

It means we’re thinking about it as the first flag of your sort of -- when you think about in your path to success, you’re just celebrating each part of that victory.

這意味著我們將其視為您的第一面旗幟 - 當您思考自己的成功之路時，您只是在慶祝勝利的每個部分。

The first part of the victory is they’re working with us.

勝利的第一部分是他們與我們合作。

And the second part of that victory is we start to gain more wallet share.

這場勝利的第二部分是我們開始獲得更多的錢包份額。

Okay.

好的。

Great.

偉大的。

And then just on the ACV Capital, what’s the attach rate there?

然後就 ACV Capital 而言，附加費率是多少？

Is there any movement on that front?

這方面有什麼動靜嗎？

And you also spoke of potential sort of new opportunities beyond the core, maybe off platform financing.

您還談到了核心之外的潛在新機會，可能是平台外融資。

Maybe talk about that a little bit, how big can that be over time?

或許可以稍微討論一下，隨著時間的推移，這個規模會達到多大？

Yeah, certainly.

是的，當然。

So, yeah, we’re very pleased with our team’s execution at ACV Capital.

所以，是的，我們對 ACV Capital 團隊的執行力感到非常滿意。

We did mention on the last few calls that we will continue to grow.

我們在最近幾次電話會議中確實提到我們將繼續發展。

But we obviously signaled to you all we weren’t intending to grow this year as fast.

但我們顯然向大家發出了信號，我們不打算今年實現同樣快的成長。

Much of that is purposeful.

其中大部分都是有目的的。

We all saw the risk as it related to independent dealers with the higher interest rates and both for the consumer and their ability to compete.

我們都看到了風險，因為它與利率較高的獨立經銷商有關，而且對消費者及其競爭能力也有影響。

So our team has done a fantastic job of both growing, but also managing bad debt and actually improving year-over-year on our bad debt expense.

因此，我們的團隊在成長和管理壞帳方面都做得非常出色，壞帳支出實際上逐年改善。

Pretty meaningful improvement while growing in a tougher environment.

在更艱難的環境中成長，取得了相當有意義的進步。

So I’m just really thrilled with the team’s execution of growing in a market there that -- I think independent dealers will get healthy.

因此，我對團隊在該市場的發展執行力感到非常興奮，我認為獨立經銷商將會健康發展。

There’s a little bit of technical piece of this for independent dealers.

對於獨立經銷商來說，這其中有一些技術性的內容。

Interest rates come down.

利率下降。

We can see the independent dealer being a lot healthier kind of going into next year.

我們可以看到獨立經銷商進入明年會更健康。

And you also see franchise dealers stop selling some of the junkier cars.

你還會看到特許經銷商停止銷售一些垃圾車。

So, I think that will be another talent for the independent dealer next year.

所以，我認為這將是明年獨立經銷商的另一個人才。

So fantastic job on the team’s execution for ACV Capital.

ACV Capital 團隊的執行力非常出色。

The new product that we are just very early stage.

我們的新產品還處於非常早期的階段。

I’m really excited about it.

我對此感到非常興奮。

I wanted to – one of the reasons I mentioned is I’m just you got some of these products that I’m just super excited about.

我想——我提到的原因之一是我只是得到了一些讓我非常興奮的產品。

But whenever you could bundle two of your products together, to add tremendous value, and that’s bundling ClearCar with ACV Capital to help dealers buy cars from consumers.

但是，只要您可以將兩種產品捆綁在一起，以增加巨大的價值，那就是將 ClearCar 與 ACV Capital 捆綁在一起，以幫助經銷商從消費者那裡購買汽車。

And this will be well-franchised.

這將是良好的特許經營。

It’ll be independent.

它將是獨立的。

It’ll be others in the marketplace that just buy cars.

市場上的其他人只會購買汽車。

And we’re really excited about this.

我們對此感到非常興奮。

It’s an area where we believe we have a competitive advantage.

我們相信我們在這個領域具有競爭優勢。

Because if you think about each time when you’re extending credit in a way, you’re doing it based on our wholesale volumes, based on our ability to price that vehicle.

因為如果你考慮一下每次以某種方式提供信貸時，你都是根據我們的批發量、根據我們為車輛定價的能力來進行的。

So we’re in a very unique position to basically fund this consumer acquisition.

因此，我們處於非常獨特的地位，基本上可以為這種消費者獲取提供資金。

Having said that, we’re very early.

話雖如此，我們還很早。

Like I think first few dealers have gone live.

就像我認為最初的幾家經銷商已經上線一樣。

It won’t really wrap until next year.

直到明年才會真正結束。

This was just – I was just excited that we got live with it, and we launched our first work.

這只是——我很高興我們能接受它，並推出了我們的第一個作品。

We’re technically not actually live, we’re technically a pilot, but I’m happy to announce that at least it started.

從技術上講，我們實際上並沒有上線，我們只是一個試點，但我很高興地宣布，至少它已經開始了。

Great.

偉大的。

Thank you.

謝謝。

Thank you.

謝謝。

Chris Pierce, Needham & Company.

克里斯皮爾斯，李約瑟公司。

Hey, good afternoon, everyone.

嘿，大家下午好。

Has anyone asked on competitive intensity yet?

有人問過比賽強度嗎？

Hey, Chris.

嘿，克里斯。

Do we have competitors?

我們有競爭對手嗎？

I'm just joking.

我只是開玩笑。

(laughter)

（笑聲）

Well, just from talking to customers and investors.

嗯，只是透過與客戶和投資者的交談。

I appreciate that, by the way.

順便說一句，我很欣賞這一點。

CarMax can do ramping up Max offer, co-part is making noise in wholesale.

CarMax 可以提高 Max 的報價，而合作夥伴則在批發方面製造噪音。

And then on the physical side, America’s auto auctions has bought a couple local physical auction houses.

然後在實體方面，美國汽車拍賣會收購了幾家當地的實體拍賣行。

So I just want to get a sense of how you think about the competitors broadly.

所以我只是想了解您對競爭對手的看法。

Are they coming to this market because it’s a gross market or are they trying to defend share?

他們進入這個市場是因為它是一個總市場，還是他們試圖捍衛份額？

Like, how do you think about competitive intensity from some of these newer players?

例如，您如何看待這些新玩家的競爭強度？

Yeah, I mean, Chris, if you look back, there’s been physical auctions, whether it be owned by the group you mentioned or somebody else.

是的，我的意思是，克里斯，如果你回顧一下，你會發現有實體拍賣，無論它是由你提到的團體還是其他人擁有的。

There’s been hundreds of physical auctions across the country from day one when we started this journey.

從我們開始這趟旅程的第一天起，全國各地就有數百場實體拍賣會。

So whether company A or company B owns that auction really doesn’t change the competitive nature.

因此，無論 A 公司或 B 公司擁有該拍賣，都不會改變競爭的本質。

Even some of the other folks who are in the salvage category you mentioned, they’ve been on and off in this category for a long time.

即使是你提到的一些屬於打撈類別的其他人，他們也已經斷斷續續地進入這個類別很長一段時間了。

You can go back and look at the press release, it’s how long.

你可以回去看看新聞稿，就這麼長。

So there’s really been no change in my mind on the competitive nature.

所以我對競爭本質的看法確實沒有改變。

I think even when you look at our other direct competitors, I think you’re going to see we’ve done better quarter-over-quarter.

我認為，即使你看看我們的其他直接競爭對手，你也會發現我們每季都做得更好。

So I would say the simple quickest answer would be you respect your competitors.

所以我想說，最簡單、最快的答案就是尊重你的競爭對手。

We’ve got very strong competitors.

我們有非常強大的競爭對手。

One really big one -- I think we are doing a great job as well, but we’ve got some competitors in every market we’re in.

一個非常大的問題 - 我認為我們也做得很好，但我們在每個市場都有一些競爭對手。

It’s been that way since I started this journey in 2016.

自從我 2016 年開始這段旅程以來，情況一直如此。

So a short answer would be nothing has changed.

所以簡短的回答是沒有任何改變。

(multiple speakers)

（多個發言者）

Okay.

好的。

Perfect.

完美的。

And then what would you say, if I kind of posited a theory of second half strength in used car macro given the CDK disruption and the easy comps we have on 2022 and 2023 in the second half of the year.

那麼，如果我在二手車宏觀方面提出下半年強勢理論，考慮到 CDK 的中斷以及我們在 2022 年和 2023 年下半年的輕鬆比較，你會怎麼說。

And these are durable goods and interest rate cuts are coming.

這些都是耐用品，降息即將到來。

I know you guys don’t like to make macro predictions, but does it line up for a stronger second half than we normally see in the used car industry?

我知道你們不喜歡做出宏觀預測，但下半年的二手車產業是否會比我們通常看到的更強勁？

I think that’s Bill question, if you would.

如果你願意的話，我認為這是比爾的問題。

We believe things will – let me say it this way.

我們相信事情會發生——讓我這樣說吧。

We are planning for it to moderately improve.

我們計劃對其進行適度改進。

Bill might need to chime in here in a second.

比爾可能需要稍後插話。

Okay.

好的。

But we’re not baking on a huge improvement.

但我們並沒有取得巨大的進步。

And actually, Bill, I’ll be safe for here.

事實上，比爾，我在這裡會很安全。

You go.

你去。

(laughter)

（笑聲）

Sure.

當然。

Hey, Chris.

嘿，克里斯。

So, I think if you take a step back and -- let’s start with our guidance, right?

所以，我認為如果你退後一步——讓我們從我們的指導開始，對吧？

We raised the lower-end of our revenue guidance.

我們提高了收入指引的下限。

So we moved the midpoint up, right, to a full year revenue growth of 28% to 30%, which is a pretty good growth rate considering the current macro environment.

因此，我們將中點向右上移至全年收入成長 28% 至 30%，考慮到當前的宏觀環境，這是一個相當不錯的成長率。

That said, we mentioned in our prepared remarks that we’ve seen a strong start to Q3.

儘管如此，我們在準備好的發言中提到，我們看到第三季的強勁開局。

And that’s certainly with the case in July.

七月的情況確實如此。

It’s carrying over so far into August.

這種情況一直持續到八月。

However, we’re really not extrapolating that growth rate yet, even though our Q3 guide is basically 33% to 36% revenue growth.

然而，我們實際上還沒有推斷出這個成長率，儘管我們的第三季指引基本上是 33% 到 36% 的營收成長。

So the caveat here is the dealer wholesale market improved modestly in Q2, but it still declined based on auction that data, roughly 3% year-on-year.

因此，這裡需要注意的是，第二季經銷商批發市場略有改善，但根據拍賣數據，其仍然下降，年減約 3%。

Okay?

好的？

So we still believe dealer wholesale is going to recover, but it’s unclear how much of a tailwind that’s going to provide in the second half.

因此，我們仍然相信經銷商批發將會復甦，但目前尚不清楚這將在下半年提供多大的推動力。

And you’ve got all these macro crosscurrents at play, right?

所有這些宏觀逆流都在發揮作用，對嗎？

So the net for us is we feel like we’re guiding to a really strong revenue growth in the second half.

因此，對我們來說，我們覺得我們正在引導下半年的收入實現真正強勁的成長。

We certainly see a nice start to Q3, but we’re just a little cautious here because we’re a week away from only halfway through the quarter, right?

我們當然看到了第三季度的良好開局，但我們在這裡有點謹慎，因為距離本季度僅過半還有一周，對吧？

But certainly, these are positive trends that we’re seeing so far.

但可以肯定的是，這些都是我們迄今為止所看到的正面趨勢。

So that hopefully gives you a little more context.

希望這能為您提供更多背景資訊。

Yeah.

是的。

I appreciate the time.

我很感激時間。

Thanks, and good luck.

謝謝，祝你好運。

(Operator Instructions) Curtis Nagle, Bank of America.

（操作員指示）Curtis Nagle，美國銀行。

Hi, guys.

嗨，大家好。

This is Steven McDermott on for Curtis Nagel.

我是史蒂文·麥克德莫特，替補柯蒂斯·內格爾。

You talked more about kind of your profitable investment philosophy in the prepared remarks.

您在準備好的演講中更多地談到了您的盈利投資理念。

Do you mind just expanding kind of what investments are still needed to reach your targets?

您是否介意擴大實現目標所需的投資？

And as well, kind of what would margin expansion look like if you were to exclude those investments?

另外，如果排除這些投資，利潤率擴張會是什麼樣子？

Yeah, thank you.

是的，謝謝。

And then I have another one after.

然後我還有另一張。

Bill, why don't you go at it?

比爾，你為什麼不去做呢？

Yeah, so the way we think about this is how much incremental EBITDA will we regenerate for every given incremental dollar of revenue, right, which is net of any investments that we’re making.

是的，所以我們思考這個問題的方式是，對於每增加一美元的收入，我們將再生多少增量 EBITDA，對吧，這不包括我們正在進行的任何投資。

So let’s start there.

那麼就讓我們從這裡開始吧。

And last year, we had significant incremental EBITDA margin, because we were really tightly managing OpEx.

去年，我們的 EBITDA 利潤率大幅增加，因為我們確實嚴格管理營運支出。

This year as we pursue the commercial strategy through M&A, that obviously has an impact in terms of how much incremental margin we deliver -- EBITDA margin we deliver for every incremental dollar since we’re bringing on the additional OpEx as part of that strategy.

今年，當我們透過併購推行商業策略時，這顯然對我們提供的增量利潤產生了影響——每增量一美元我們都會提供 EBITDA 利潤，因為我們將額外的營運支出作為該策略的一部分。

So, all the modeling that we’re doing going forward, basically gets us to a place where when we take into account that commercial strategy and those investments.

因此，我們正在做的所有建模基本上都讓我們能夠考慮到商業策略和投資。

We expect to deliver about 40% of every incremental dollar of revenue down to EBITDA, right, which we feel is a pretty good track to execute on going forward.

我們預計將每增加一美元收入的約 40% 轉化為 EBITDA，對吧，我們認為這是未來執行的一個非常好的軌道。

Assuming we can drive good growth on the top-line, we can really build a really nice improvement in EBITDA margin over the course of the next few years, right, as we get towards our mid-term targets.

假設我們能夠推動營收的良好成長，那麼在未來幾年中，當我們實現中期目標時，我們確實可以實現 EBITDA 利潤率的大幅提升，對吧。

So that’s the kind of way we think about it in terms of the model.

這就是我們從模型角度思考問題的方式。

If we weren’t making these investments, I mean, frankly, that would be kind of hard to discern because if we weren’t making those investments, that would impact our revenue growth, right?

坦白說，如果我們不進行這些投資，我的意思是，這將很難辨別，因為如果我們不進行這些投資，那將影響我們的收入成長，對嗎？

So it’s not easy to parse that out because if we don’t make those investments, we’ve got less revenue generation and margin generation as well.

因此，要解析這一點並不容易，因為如果我們不進行這些投資，我們的收入和利潤也會減少。

So that’s not the way we think about it

所以這不是我們思考的方式

Got it.

知道了。

Yeah, it makes sense.

是的，這是有道理的。

And then, I think, typically or at least historically, you’ve raised prices in 3Q.

然後，我認為，通常或至少從歷史上看，你會在第三季提高價格。

I was just wondering this time around, if you’re thinking kind of along the same lines.

我只是想知道這次你是否也有同樣的想法。

Then is that across the board?

那麼這是全面的嗎？

Or is that more targeted towards a certain product, a certain service, et cetera?

還是更針對某種產品、某種服務等等？

Thank you.

謝謝。

Yeah, certainly.

是的，當然。

We did have a small raise in price for some of our fees.

我們確實對部分費用進行了小幅上漲。

So that was part of our plan for this year.

這是我們今年計劃的一部分。

We were always looking at the timing based on market conditions and other factors.

我們總是根據市場狀況和其他因素來考慮時機。

We did see, obviously, used car values start to decline quicker in Q2.

顯然，我們確實看到二手車價值在第二季開始更快下降。

So we decided to make a small change there.

所以我們決定在那裡做一個小小的改變。

And when you look at our target that we’ve told you all, we’re targeting $500.

當您查看我們已經告訴大家的目標時，我們的目標是 500 美元。

If you take the buy fees, the sell fees, the assurance product, we call it, Go Green, you put all those fees together.

如果你收取購買費用、出售費用、保證產品，我們稱之為“走向綠色”，你就把所有這些費用加在一起。

We are $493 in Q2.

第二季的價格為 493 美元。

And our mid-term model is $500.

我們的中期模型是 500 美元。

So, look at -- there’ll be puts and takes any one quarter based on what’s going on.

所以，看看——根據實際情況，任何一個季度都會有看跌期權和看跌期權。

But between now and over the next few years, we’ve got a target with the last quarter being $493 and everything else going forward, so very confident about our goal, $500.

但從現在到未來幾年，我們的目標是上個季度為 493 美元，其他一切都在繼續，因此對我們的目標 500 美元非常有信心。

And then the second part of your question, beyond doing these small fee increases, we do have the opportunity to expand other value-added services.

然後你問題的第二部分，除了這些小幅的費用增加之外，我們確實有機會擴展其他增值服務。

So think about value-added services, products that could either offer, either more assurance to the buyer, as one example.

因此，請考慮增值服務，例如可以為買家提供更多保證的產品。

So we’re always trialing these additional value-added services.

因此，我們一直在嘗試這些額外的加值服務。

So I think your second question was also a great question in that.

所以我認為你的第二個問題也是一個很好的問題。

In time, it doesn’t have to be just these small fee increases.

隨著時間的推移，費用的增加將不僅僅只是這些小幅增加。

It could be we start to see some opportunity in any one of the products we’re trialing that relates to these value-added services.

我們可能開始在我們正在試用的任何與這些增值服務相關的產品中看到一些機會。

Awesome.

驚人的。

Thank you.

謝謝。

Appreciate the time.

珍惜時間。

Yeah.

是的。

Sure, and thank you.

當然可以，謝謝。

Thank you.

謝謝。

Ladies and gentlemen, as there are no further questions, I would now like to hand the conference over to Tim Fox for closing remarks.

女士們、先生們，由於沒有其他問題了，我現在想將會議交給蒂姆·福克斯 (Tim Fox) 致閉幕詞。

Thank you.

謝謝。

And I’d like to thank everybody for joining us on the call today.

我要感謝大家今天加入我們的電話會議。

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

我們期待在本季度的巡迴會議上見到您。

You can check out our website with all the different conferences we’ll be attending over the next month or so.

您可以造訪我們的網站，了解我們將在下個月左右參加的所有不同會議。

And, 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。

Thank you.

謝謝。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。