Credit Acceptance Corp (CACC) 2025 Q4 法說會逐字稿

Good day, everyone, and welcome to the Credit Acceptance Corporation fourth-quarter 2025 earnings call. A webcast recording and transcript of today's earnings call will be made available on Credit Acceptance's website.

大家好，歡迎參加 Credit Acceptance Corporation 2025 年第四季財報電話會議。今天財報電話會議的網路直播錄影和文字稿將在 Credit Acceptance 的網站上提供。

At this time, I would like to turn the call over to Credit Acceptance Chief Financial Officer, Jay Martin.

此時，我想把電話交給 Credit Acceptance 的財務長 Jay Martin。

Thank you. Good afternoon, and welcome to the Credit Acceptance Corporation earnings call. As you read our news release posted on the Investor Relations section of our website at ir.creditacceptance.com, and as you listen to this conference call, please recognize that both contain forward-looking statements within the meaning of federal securities law.

謝謝。下午好，歡迎參加信貸受理公司財報電話會議。當您閱讀我們網站 ir.creditacceptance.com 投資者關係專欄中發布的新聞稿，以及收聽本次電話會議時，請注意，兩者都包含聯邦證券法意義上的前瞻性陳述。

These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, and which could cause actual results to differ materially from such statements. These risks and uncertainties include those spelled out in the cautionary statement regarding forward-looking information included in the news release.

這些前瞻性陳述受到許多風險和不確定因素的影響，其中許多因素超出我們的控制範圍，可能導致實際結果與此類陳述有重大差異。這些風險和不確定性包括新聞稿中包含的關於前瞻性資訊的警示聲明中列明的風險和不確定性。

Consider all forward-looking statements in light of those and other risks and uncertainties. Additionally, to comply with the SEC's Regulation G, please refer to the Financial Results section of our news release, which provides tables showing how non-GAAP measures reconcile to GAAP measures.

考慮所有前瞻性陳述時，應考慮這些及其他風險和不確定性。此外，為了遵守美國證券交易委員會的 G 條例，請參閱我們新聞稿的財務業績部分，其中提供了表格，顯示非 GAAP 指標如何與 GAAP 指標進行調整。

At this time, I'd like to introduce our Chief Executive Officer, Vinayak Hegde.

在此，我謹向大家介紹我們的執行長維納亞克·赫格德。

Good afternoon, everyone. I'm honored to join you today for my first quarterly earnings call as CEO. While I have only recently stepped into this role, it has been my privilege to serve as Credit Acceptance's Board of Directors for nearly five years. That experience gave me a front row seat to the tremendous passion, talent, and resilience that define our organization.

大家下午好。今天我很榮幸能以CEO的身份與大家一起參加我的首次季度財報電話會議。雖然我最近才擔任這個職務，但我很榮幸在過去近五年裡擔任 Credit Acceptance 的董事會成員。那段經歷讓我近距離感受到了我們組織所展現出的巨大熱情、才華和韌性。

Prior to joining Credit Acceptance, I led teams at founder-led companies where success came down to three things: a clear mission and purpose, an owner's mindset, and an obsession with the front line, staying close to customers and those who execute the work every day. Those same attributes drew me to Credit Acceptance. They were instilled by our founder, Don Foss, who led the company from our founding in 1972 until 2017 when he retired as the Chairman of the Board. Let me share a quick reminder of his story and our enduring mission.

在加入 Credit Acceptance 之前，我曾在創辦人領導的公司領導團隊，這些公司的成功歸根結底有三點：清晰的使命和目標、主人翁精神，以及對第一線員工的關注，與客戶和每天執行工作的人員保持密切聯繫。正是這些特質吸引我選擇了Credit Acceptance。這些理念是由我們的創辦人唐福斯灌輸的，他從 1972 年公司成立之初一直領導公司，直到 2017 年從董事會主席的職位上退休。讓我快速回顧一下他的故事和我們永恆的使命。

Don, a car dealer himself, started Credit Acceptance based on a simple but powerful belief. Many hard-working individuals were being unfairly denied the opportunity to finance a vehicle they needed simply because of their past credit challenges or limited credit history.

唐本身就是一名汽車經銷商，他創辦信貸受理公司的初衷源自於一個簡單而強大的信念。許多勤奮的人僅僅因為過去的信用問題或信用記錄有限，就被不公平地剝奪了獲得所需車輛貸款的機會。

Don believed traditional lenders too often misjudged people with less than prime credit, assuming they weren't worthy of a second chance. He built Credit Acceptance to change that by empowering dealers to serve those individuals through access to financing. These individuals in turn gained reliable transportation and the ability to build or rebuild their credit, a path forward in life.

唐認為，傳統貸款機構常常錯誤地判斷信用記錄不佳的人，認為他們不值得獲得第二次機會。他創立 Credit Acceptance 的目的是為了改變這種現狀，透過賦予經銷商權力，讓他們能夠為這些人提供融資服務。這些人因此獲得了可靠的交通工具，並且能夠建立或重建信用，為未來的生活鋪平了道路。

I intend to lead Credit Acceptance in exactly that spirit, embracing the owner's mindset, being driven by the bold mission to help every American buy a car through dealers and obsessing over the front line, understanding dealers' needs intimately and empowering them to serve credit-challenged and credit-invisible consumers. If we serve our dealers and consumers well, I believe our business will thrive.

我打算以這種精神領導 Credit Acceptance，秉持所有者的思維方式，以幫助每個美國人透過經銷商購買汽車的宏偉使命為動力，專注於一線業務，深入了解經銷商的需求，並賦予他們服務於信用不佳和信用記錄空白的消費者的能力。如果我們能為經銷商和消費者提供優質服務，我相信我們的業務一定會蓬勃發展。

Since assuming the role of CEO nearly 90 days ago, I focused on listening, learning, and charting a purposeful path forward. First, I connected with team members throughout the company to better understand the dealer and consumer experience. I also met the dealers to learn firsthand how our services and products support their businesses and consumers and potential points of friction.

自從近90天前擔任執行長以來，我專注於傾聽、學習，並制定了一條有意義的前進道路。首先，我與公司各部門的團隊成員進行了溝通，以便更了解經銷商和消費者的體驗。我也會與經銷商會面，親身了解我們的服務和產品如何支援他們的業務和消費者，以及可能的摩擦點。

Next, I developed a growth plan with clear priorities and established highly disciplined operating rhythms. These operating rhythms include weekly business reviews to track performance and address issues in real time and a quarterly game plan with a consolidated road map across all functions of the company to stay tightly aligned with our annual objectives. I believe this type of structured approach creates accountability, agility, and consistent progress towards goals.

接下來，我制定了具有明確優先事項的成長計劃，並建立了高度自律的營運節奏。這些營運節奏包括每週的業務審查，以追蹤業績並即時解決問題，以及每季制定的綜合路線圖，涵蓋公司所有職能部門，以與我們的年度目標緊密保持一致。我相信這種結構化的方法能夠建立責任感、靈活性，並持續朝著目標取得進展。

As I move forward, my leadership will be guided by several core operating principles, be obsessed with and remove friction for our customers, both the dealer and the consumer, make data-driven decisions, explore ways to enhance our servicing and processing capabilities through artificial intelligence, prioritize a digital-first approach in our initiatives, and continue to provide a culture that attracts and retains talented people and enables them to excel.

展望未來，我的領導將以幾項核心營運原則為指導，致力於消除客戶（包括經銷商和消費者）的摩擦，做出數據驅動的決策，探索透過人工智慧增強服務和處理能力的方法，優先考慮數位化優先的舉措，並繼續營造一種能夠吸引和留住人才並使他們能夠脫穎而出的企業文化。

Consistent with those core operating principles, I believe we can position Credit Acceptance for growth. We're continuing to prioritize three strategic objectives. One, generating dealer and consumer demand by deepening relationships within our dealer network, support dealers in acquiring new consumers and leveraging data-driven insights to better understand and serve our markets; two, empowering dealers to fulfil their demand through preferred channels such as our proprietary origination system or through aggregators like RouteOne and Dealertrack; three, delivering world-class servicing and processing.

我相信，秉持這些核心營運原則，我們可以讓信貸受理公司成長。我們將繼續優先推進三個戰略目標。第一，透過深化與經銷商網路的關係，創造經銷商和消費者需求，支持經銷商獲取新客戶，並利用數據驅動的洞察力更好地了解和服務我們的市場；第二，賦能經銷商透過我們專有的發起系統或 RouteOne 和 Dealertrack 等聚合商等首選通路滿足其需求；第三，提供世界一流的服務和處理。

We are continuing to invest in artificial intelligence, which is already supporting our customer service calls and helping to improve efficiency. It also includes making ongoing enhancements to our app, prioritizing customer experience, and nurturing long-term loyalty among dealers and consumers.

我們正持續投資人工智慧，它已經為我們的客戶服務電話提供支持，並有助於提高效率。它還包括不斷改進我們的應用程序，優先考慮客戶體驗，以及培養經銷商和消費者之間的長期忠誠度。

I've been impressed by the strong foundation and dedication across our teams to execute on these priorities. For example, in the fourth quarter, we rolled out a new contract origination experience specifically built for the way franchise and large independent dealers operate in today's market. Increasingly, these dealers originate contracts through aggregator platforms and integrated dealer systems rather than stand-alone lender portals.

我對我們團隊在執行這些優先事項方面所展現出的強大基礎和奉獻精神印象深刻。例如，在第四季度，我們推出了一種全新的合約發起體驗，專門針對當今市場中特許經營商和大型獨立經銷商的營運方式而設計。越來越多的經銷商透過聚合平台和整合經銷商系統而非獨立的貸款機構入口網站來簽訂合約。

Our experience meets them where they are. It includes seamless RouteOne e-contracting integration, enhanced deal structuring and optimization tools, and expanded support for financial and insurance products, all designed to eliminate friction and make working with Credit Acceptance faster and more intuitive inside the systems dealers already use every day.

我們的經驗能夠滿足他們的需求。它包括與 RouteOne 電子合約無縫整合、增強的交易結構和優化工具，以及對金融和保險產品的擴展支持，所有這些都是為了消除摩擦，使經銷商在日常使用的系統中與 Credit Acceptance 的合作更加快捷和直觀。

This launch is particularly timely. The percentage declines in loan unit volume we have seen were most significant among franchise dealers. Notably, we have observed that Consumer Loans originated through franchise dealers also continue to exhibit slightly better credit performance than those from independent dealers. We expect to continue to expand the number of dealers using the new contract origination experience in the first quarter of 2026.

此次發布會可謂恰逢其時。我們看到的貸款單位數量下降幅度最大的是特許經銷商。值得注意的是，我們觀察到，透過特許經銷商發放的消費貸款的信用表現也繼續略好於透過獨立經銷商發放的消費貸款。我們預計在 2026 年第一季度，使用新的合約發起流程的經銷商數量將繼續增加。

I'm encouraged by real dealer stories that show our mission in action, like the one from Town & Country Ford, a family-owned franchise dealership in Alabama. The community in which Town & Country Ford is located faced economic headwinds, including factory closures that left retired steel and iron workers with credit challenges.

我從一些真實的經銷商故事中獲得了鼓舞，這些故事展現了我們的使命是如何付諸實踐的，例如阿拉巴馬州一家家族經營的特許經銷商 Town & Country Ford 的故事。Town & Country Ford 所在的社區面臨經濟逆風，包括工廠倒閉，導致退休的鋼鐵工人面臨信貸問題。

When the new general sales manager joined, bringing prior positive experience with Credit Acceptance, she recognized an opportunity to empower her team to serve this credit challenge buyers. She led the dealership to enroll with us, which boosted repeat and referral business while strengthening their local reputation in tough times.

新任銷售總經理加入公司時，憑藉著先前在信貸接受度方面的正面經驗，她意識到有機會賦能她的團隊，為這些面臨信貸挑戰的買家提供服務。她帶領這家經銷商加入我們，這在艱難時期提高了回頭客和推薦業務，同時增強了他們在當地的聲譽。

This collaboration echoes the very reason Credit Acceptance was founded. Our company was built to provide second chances, help individuals finance reliable transportation, rebuild credit, and move their lives forward. At Town & Country, we are seeing that mission come alive. Consumers gain access to vehicles that change their daily lives, while the dealership staff finds renewed purpose in making a difference in their community. When we enable franchise and independent dealers to serve a wider market, everyone wins.

此次合作正是Credit Acceptance公司成立的初衷。我們公司的成立宗旨是為人們提供第二次機會，幫助個人獲得可靠的交通工具，重建信用，並推動他們的生活向前發展。在 Town & Country，我們正在見證這項使命的實現。消費者可以獲得改變他們日常生活的車輛，而經銷商員工則在為社區做出貢獻的過程中找到了新的目標。當我們讓加盟商和獨立經銷商服務於更廣泛的市場時，每個人都會受益。

Consumers get opportunities, dealers build sustainable businesses, and communities benefit from greater economic mobility. Importantly, we delivered our mission while maintaining a great workplace. During the quarter, we were named one of America's Top 100 Most Loved Workplaces for the second consecutive year. with a number six ranking. I'm deeply impressed by the culture and the excitement to execute our mission and drive Credit Acceptance forward. A special thank you to Ken Booth, who helped build a strong foundation through his leadership and continues to serve our Board.

消費者獲得機會，經銷商建立可持續發展的業務，社區受益於更大的經濟流動性。重要的是，我們在完成使命的同時，也維持了良好的工作環境。本季度，我們連續第二年被評為美國最受歡迎的100家工作場所之一，排名第六。我對公司文化以及執行使命、推動信貸業務發展的熱情印象深刻。特別感謝 Ken Booth，在他的領導下，我們建立了堅實的基礎，他將繼續為董事會服務。

Before I hand it to Jay to provide an overview of our Q4 performance, I want to leave you with one final message. I'm a builder by trade. In my past leadership roles, I have built and scaled innovative customer-centric businesses that transformed how people shop, travel, and connect. I believe Credit Acceptance has a very strong foundation, one built on purpose and performance. I'll strive to layer technology, a deeply data-informed approach, and a highly structured operating rhythm on top of that foundation to create a dynamic, durable, and even more customer-obsessed company.

在將第四季業績概述交給傑伊之前，我想給大家留下最後一句話。我是一名建築工人。在我過去的領導職位上，我創建並擴展了以客戶為中心的創新企業，改變了人們購物、旅行和聯繫的方式。我相信 Credit Acceptance 擁有非常堅實的基礎，這是建立在目標和績效之上的。我將努力在此基礎上，融合技術、以數據為導向的方法以及高度結構化的營運節奏，打造一個充滿活力、可持續發展且更加以客戶為中心的公司。

You can expect me to report progress on our initiatives, be transparent about our challenges and be disciplined with capital allocation. We'll maintain our focus on maximizing economic profit and the company's long-term intrinsic value.

您可以期待我報告各項計畫的進展情況，坦誠面對我們面臨的挑戰，並嚴格把控資金分配。我們將繼續專注於實現經濟利潤最大化和公司長期內在價值最大化。

I'm genuinely excited to partner with all of you, our team, our dealers, our consumers, and our investors as we build this next phase together.

我非常高興能與大家——我們的團隊、經銷商、消費者和投資者——攜手合作，共同開啟下一個階段。

Thank you. As to the fourth-quarter results, we were pleased to announce growth in adjusted earnings per share despite declines in loan performance and loan volume. We financed nearly 72,000 contracts for our dealers and consumers and collected $1.3 billion overall and paid $48 million in dealer holdback and accelerated dealer holdback. Additionally, we enrolled over 1,200 new dealers and had over 9,800 active dealers during the quarter.

謝謝。關於第四季度業績，儘管貸款表現和貸款量有所下降，但我們很高興地宣布調整後每股收益實現了成長。我們為經銷商和消費者提供了近 72,000 份合約的融資，總共收取了 13 億美元，並支付了 4,800 萬美元的經銷商保留金和加速經銷商保留金。此外，本季我們新增了 1200 多家經銷商，活躍經銷商超過 9800 家。

Loan performance measured by variances in forecasted collection rates from the last quarter moderately declined. More specifically, our 2023 and 2024 vintages declined 0.4% and 0.2%, respectively, while our other vintages were stable during the quarter. Importantly, the underperformance of our '24 vintage was primarily related to loans originated prior to the scorecard change during the third quarter of 2024. We believe the underperformance was largely the result of the continued impact of high inflation on the subprime consumer.

以預測收款率與上季相比的差異來衡量的貸款表現略有下降。更具體地說，我們的 2023 年和 2024 年年份葡萄酒產量分別下降了 0.4% 和 0.2%，而其他年份葡萄酒的產量在本季度保持穩定。值得注意的是，我們 2024 年的貸款表現不佳主要與 2024 年第三季評分卡變更之前發放的貸款有關。我們認為，業績不佳主要是由於高通膨持續對次級貸款消費者造成的影響。

Changes to our forecast of future net cash flow sequentially improved this quarter with the rate of decline narrowing from a decrease of $58.6 million or 0.5% during the third quarter of 2025 to a decrease of $34.2 million or 0.3% during the fourth quarter of '25. Loan volumes also sequentially improved this quarter with year-over-year declines narrowing. Loan unit volume improved to a decline of 9.1% this quarter versus a decline of 16.5% last quarter. Likewise, loan dollar volume improved to a decline of 11.3% this quarter versus a decline of 19.4% last quarter.

本季度，我們對未來淨現金流的預測有所改善，下降幅度從 2025 年第三季的 5,860 萬美元或 0.5% 收窄至 2025 年第四季的 3,420 萬美元或 0.3%。本季貸款金額也較上季改善，較去年同期降幅收窄。本季貸款單位數量降幅收窄至 9.1%，而上季降幅為 16.5%。同樣，本季貸款金額下降幅度收窄至 11.3%，而上一季下降幅度為 19.4%。

Our market share in our core segment in used vehicles financed by subprime consumers was 4.5% for the first two months of the fourth quarter, down from 5.4% for the same period in 2024. The number of active dealers declined 2.8% year over year, and the average unit volume per active dealer declined 6.4% year over year. Our loan portfolio, however, increased 1% year over year on an adjusted basis.

在次級消費者融資購買二手車這一核心細分市場中，我們第四季前兩個月的市佔率為 4.5%，低於 2024 年同期的 5.4%。活躍經銷商數量較去年同期下降 2.8%，每個活躍經銷商的平均銷量較去年同期下降 6.4%。但經調整後，我們的貸款組合年增了 1%。

At this time, Vinayak and I will take your questions along with Jay Brinkley, our Senior Vice President and Treasurer; and Jeff Soutar, our Vice President and Assistant Treasurer.

此時，我和 Vinayak 將與我們的高級副總裁兼財務主管 Jay Brinkley 以及我們的副總裁兼助理財務主管 Jeff Soutar 一起回答您的問題。

(Operator Instructions) Robert Wildhack, Autonomous Research.

（操作說明）羅伯特·懷爾德哈克，自主研究。

Vinayak, welcome. Nice to have you on the call here. A question for you. You spent several years on the Board, so certainly not new to the company, but your background definitely much more from the marketing growth technology areas than it is from maybe more traditional financial services.

Vinayak，歡迎。很高興你能參加這通通話。我有個問題想問你。您在董事會任職多年，所以對公司來說肯定不是新人，但您的背景顯然更多地來自行銷成長技術領域，而不是更傳統的金融服務領域。

I thought the opportunities you outlined sound very interesting, but I would love to get your thoughts on how you plan to manage the credit lending, underwriting, more financial aspects of the business. And if you see any opportunities for improvement or change in any of those areas specifically?

我認為您概述的機會聽起來很有意思，但我很想聽聽您打算如何管理信貸發放、承銷以及業務的其他財務方面。如果您發現這些領域中有任何改進或改變的機會，請指正。

Robert, thank you for your question. Yes, I mean, we tend to take a long-term view on this, and we want to be conservative in our approach towards lending, do the right thing, improve the customer experience. But we always take a long-term view on this, not just a short-term view on this. We obviously see opportunities to constantly improve the credit scoring models, improving the models, which we'll constantly continue to do. But the approach towards lending and credit scoring is going to be conservative and long-term focused.

羅伯特，謝謝你的提問。是的，我的意思是，我們傾向於從長遠角度看待這個問題，我們希望在貸款方面採取保守的做法，做正確的事，改善客戶體驗。但我們始終從長遠角度看待這個問題，而不是只從短期角度看待。我們顯然看到了不斷改進信用評分模型的機會，我們會不斷改進這些模型。但貸款和信用評分方面的做法將採取保守且注重長期的方法。

Okay. And then maybe one for Jay. The provision, I wanted to ask about specifically the $73 million for new originations. On a per unit basis, that's roughly $1,000 per unit. But for the last two quarters, provision per new unit had been more like $700 or $800. So wondering what the driver of the increase is there? And then do you think that that number should revert more to $800? Or should it run more like $1,000 per unit going forward?

好的。然後也許還要給傑伊來一個。我想具體詢問一下關於新增貸款的 7300 萬美元撥款的情況。以單位計算，大約是每單位 1000 美元。但在過去兩個季度，每新增單位的撥備金額更接近 700 或 800 美元。那麼，這種成長的驅動因素是什麼呢？那麼你認為這個數字應該更接近 800 美元嗎？或者說，未來每台設備的價格應該更接近 1000 美元？

Yes. The provision for new advances, it's a function of how much we're advancing the dealer and then also the mix between our portfolio and purchase program. In general, the purchase -- the initial provision on the purchase program is about three times what it is on the portfolio program. So as far as projecting that for the future, it all depends on the mix of business between purchase and portfolio and just also the amount that we're advancing to the dealer.

是的。對於新進展的提供，這取決於我們向經銷商提供的進度程度，以及我們的產品組合和採購計劃之間的組合。一般來說，購買計劃的初始​​準備金大約是投資組合計劃的三倍。所以，至於對未來的預測，這完全取決於採購和投資組合之間的業務組合，以及我們向經銷商預付的金額。

Okay. And is the mix the driver of the increase in the fourth quarter specifically?

好的。而這種結構性變化是否是第四季成長的主要驅動因素？

Yes.

是的。

Moshe Orenbuch, TD Cowen.

Moshe Orenbuch，TD Cowen。

And maybe could you talk a little bit about the competitive environment? Because it's interesting that the market share you talked about three months ago kind of for the first eight months of the year was over 5%, and now it's at 4.5%. So is it more dramatic? Like what's the changes? And maybe you could just talk about that a little bit.

能否談談競爭環境？因為有趣的是，你三個月前提到的市場份額，也就是今年前八個月的市場份額，超過了 5%，而現在已經降到了 4.5%。所以情況更戲劇化嗎？具體有哪些變化？或許你可以稍微談談這個話題。

Moshe, thank you for your question. Yes, look, I mean, the competitive environment is always competitive and evolving. We actually want to be more customer-focused and not competitive focused and we'll continue to be customer focused, not competitive focused. With respect to the share in the used vehicle subprime market, as of November, it was 4.5%, which is kind of flat quarter on quarter since what we reported last quarter.

莫舍，謝謝你的提問。是的，你看，我的意思是，競爭環境總是充滿競爭且不斷變化的。我們其實更希望以客戶為中心，而不是以競爭為中心，我們將繼續以客戶為中心，而不是以競爭為中心。截至 11 月，二手車次級貸款市佔率為 4.5%，與我們上一季報告的數據相比，季比基本持平。

As I said in my remarks, the decline that we are seeing is mostly in the large independent dealers and franchise dealers. And that is where we are focused on actually building solutions for that, right, our new experience where we include seamless RouteOne e-contracting that has launched, enhanced deal structuring and optimization and support for F&I tools because that helps these large independent dealers and franchise dealers use us in the workflow that they are already used to, like we kind of are meeting them where they are. And we expect to continue to expand on this to help those large independent dealers, and that's something that we are doing.

正如我在演講中所說，我們看到的下滑主要發生在大型獨立經銷商和特許經銷商身上。而這正是我們目前專注於建立解決方案的地方，對吧？我們全新的體驗包括已推出的無縫 RouteOne 電子合約、增強的交易結構和優化以及對 F&I 工具的支持，因為這有助於這些大型獨立經銷商和特許經銷商在他們已經習慣的工作流程中使用我們的產品，就像我們正在滿足他們的需求一樣。我們預計會繼續擴大這項服務，以幫助那些大型獨立經銷商，而這正是我們正在做的事情。

One thing I want to tell you is like this removing friction in this is like a very interesting thing here, right? If you think about it, we have a feature in our system, which allows the dealer and the customer to basically optimize the deal. That's kind of the moment of truth, if you think about it. Imagine you're trying to book an airline or search on Google or buy something on Amazon; it would take three minutes. The investments we have done in technology now allows that to be done in less than two seconds.

我想告訴你們的一點是，消除摩擦力是一件很有趣的事情，對吧？仔細想想，我們的系統裡有一個功能，可以讓經銷商和客戶更好地優化交易。仔細想想，那其實就是見真章的時刻。想像一下，你正在嘗試預訂機票、在谷歌上搜尋資訊或在亞馬遜上購買商品；這只需要三分鐘。我們在技術方面的投資使得這個過程可以在不到兩秒的時間內完成。

And it becomes even more important when you think about this integration with things like RouteOne because we are in competition with others and speed is actually incredibly important. And that's how I think about it.

考慮到與 RouteOne 等公司的整合，這一點就顯得更加重要了，因為我們與其他公司之間存在競爭關係，速度實際上非常重要。我就是這麼想的。

Got it. Okay. And maybe talk a little bit about where your leverage is. It looks like it's a little over 2.8 at this point and how you think about that in terms of what you're likely to do from the standpoint of capital distributions going forward.

知道了。好的。或許還可以稍微談談你的優勢在哪裡。目前看來略高於 2.8，您如何看待這一點，以及從未來資本分配的角度來看，您可能會採取什麼行動。

Moshe, yes, I mean, our leverage continues to be within an acceptable range, albeit at the higher end. But when we think about capital allocation, we haven't changed that strategy. And leverage, obviously, is one of the points that we look at. We always want to ensure that we have the capital needed to fund new originations. After that, we look at a variety of factors, which includes leverage.

莫舍，是的，我的意思是，我們的槓桿率仍然在可接受的範圍內，儘管處於較高水平。但就資本配置而言，我們並沒有改變這個策略。顯然，槓桿作用是我們關注的重點之一。我們始終希望確保有足夠的資金來支持新的貸款項目。之後，我們會考慮各種因素，其中包括槓桿作用。

And then obviously, we look and estimate the intrinsic value of our stock and compare that to the market price to decide if we want to repurchase. And in Q4, obviously, very active, we felt like that was the case. So overall, no change in strategy there.

然後，很顯然，我們會查看並估算股票的內在價值，並將其與市場價格進行比較，以決定是否要回購。顯然，在第四季度，市場非常活躍，我們感覺情況也是如此。所以總體而言，策略沒有改變。

(Operator Instructions) John Hecht, Jefferies.

（操作說明）約翰‧赫克特，傑富瑞。

Actually, Moshe just asked most of the -- my questions were kind of about the volumes and the competitive framework. So you touched on that. Maybe something that's along those lines is it's been a challenging cycle because, I think, largely because of affordability issues and high used car prices and the related. What's your perspective on how that fluctuates in the coming periods? And does lower interest rates alleviate some of that? And are there any other factors to think about in that regard?

實際上，Moshe 問了大部分的問題——我的問題主要是關於銷量和競爭格局。所以你剛才也提到了這一點。或許與此相關的是，這是一個充滿挑戰的周期，我認為這主要是由於經濟承受能力問題、二手車價格高企以及相關因素造成的。您認為未來一段時間內這種情況會如何波動？降低利率能否緩解部分問題？這方面還有其他需要考慮的因素嗎？

Well, we believe we are well positioned to serve the needs of the subprime customer. We work on cycles which are good for us and bad economic cycles, right? So our product is built to serve customers in all sorts of environments. And we will continue to kind of be focused on making the experience much more friction-less, partnering with the dealers and still take a very conservative approach, right?

我們相信，我們完全有能力滿足次級貸款客戶的需求。我們利用對我們有利和不利的經濟週期來運作，對嗎？因此，我們的產品旨在服務各種環境下的客戶。我們將繼續專注於讓體驗更加順暢，與經銷商合作，並繼續採取非常保守的做法，對吧？

Like I mean, there are companies which take more short-term approach. What we are thinking about is irrespective of the cycle, be conservative, maximize intrinsic value and take a very conservative approach towards it.

我的意思是，有些公司採取的是更注重短期利益的做法。我們所考慮的是，無論經濟週期如何，都要保持保守，最大化內在價值，並採取非常保守的態度。

Okay. And then Moshe also asked about the balance sheet leverage, but in terms of capital returns, in terms of accessing the capital markets, things of that nature -- and when I mean capital returns, I guess I'm mostly talking about buybacks -- do you think there'll be any change in the strategy under your leadership or kind of stay the course?

好的。然後 Moshe 也問到了資產負債表槓桿率的問題，但就資本回報、進入資本市場等性質的事情而言——當我說資本回報時，我想我主要指的是股票回購——你認為在你的領導下，戰略會有任何改變，還是會維持現狀？

We are going to stay the course. I don't think there's going to be any change in that.

我們將繼續堅持既定路線。我認為這種情況不會有任何改變。

And then final question. After a period of time where the initial spread has been declining, I think we've got a couple of quarters now or a couple of periods of time where we're starting to see the spread expand. Is that trend going to persist for a while? And is that related to better pricing or just better overall operating metrics within the business?

最後一個問題。在經歷了最初一段時間的價差下降之後，我認為現在已經過去了幾個季度或幾個時期，我們開始看到價差擴大。這種趨勢會持續一段時間嗎？這是否與更優惠的價格有關，還是僅與公司整體營運指標的改善有關？

Yes. If you're focused on the initial spread, that relates to pricing. So we don't provide any guidance on what our future pricing will be. You can look at the table in the press release that will show historically how we've been pricing.

是的。如果你關注的是初始價差，那就跟定價有關。因此，我們不提供任何關於未來定價的指導。您可以查看新聞稿中的表格，該表格將顯示我們歷年的定價方式。

Moshe Orenbuch, TD Cowen.

Moshe Orenbuch，TD Cowen。

Just as a follow-up for Vinayak, it's kind of interesting. We've been thinking over the last few quarters. It's been a little -- I'd say, a little bit unusual that the volumes and market share were under some pressure, but prepayments in the portfolio also were under pressure. And I'm just wondering, does that tell you anything kind of different about the way either your consumer is behaving or the way kind of the industry is behaving and perhaps maybe the market share issues would be more persistent.

作為對 Vinayak 的後續報道，這挺有意思的。過去幾季我們一直在思考這個問題。可以說，這種情況有點不尋常，交易量和市場份額都面臨壓力，但投資組合中的預付款也面臨壓力。我只是想知道，這是否說明了消費者的行為方式或產業的行為方式有所不同，或許市場佔有率問題會更加持久。

You're correct on the prepayments, we did see a decline there with our cash flow timing. If you just look at historical prepayments, they have increased year over year, but they're below our historical norms.

您說的預付款部分是對的，我們的現金流時間表確實出現了下滑。如果只看歷史預付款，雖然逐年增加，但仍低於歷史平均。

It's tough, Moshe. I mean, all you can really read into that, and it's pure conjecture is perhaps the customers are staying in their vehicles longer because if you follow historical trends, as we've talked about before, typically, you see prepays tick up as sort of a lag to a competitive environment, and we've been in a competitive environment for almost a year, yet we haven't seen that uptick. So it's tough to really see how this will play out. But I'll leave it at that.

這很難，莫舍。我的意思是，你只能從中得出這樣的結論，而且這純粹是推測，那就是客戶可能在車裡待的時間更長了，因為如果你觀察歷史趨勢，就像我們之前討論過的那樣，通常情況下，你會看到預付款的增長滯後於競爭環境，而我們已經處於競爭環境近一年了，但我們還沒有看到這種增長。所以很難看出這件事最終會如何發展。我就說到這兒吧。

With no further questions in the queue, I would like to turn the conference back over to Mr. Martin for any additional or closing remarks.

由於沒有其他問題需要提問，我想把會議交還給馬丁先生，請他作補充或總結發言。

We'd like to thank everyone for their support and for joining us on our conference call today. If you have any additional follow-up questions, please direct them to our Investor Relations mailbox at ir@creditacceptance.com. We look forward to talking to you again next quarter. Thank you.

感謝大家的支持，也感謝大家今天參加我們的電話會議。如果您還有其他後續問題，請發送電子郵件至我們的投資者關係郵箱：ir@creditacceptance.com。我們期待下個季度再次與您交流。謝謝。

Thank you. Once again, this does conclude today's conference. We thank you for your participation.

謝謝。今天的會議到此結束。感謝您的參與。