CarGurus Inc (CARG) 2025 Q1 法說會逐字稿

Ladies and gentlemen, greetings and welcome to CarGurus Inc., first-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們、先生們，大家好，歡迎參加 CarGurus Inc. 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Kirndeep Singh, Vice President of Investor Relations. Please go ahead.

現在我很高興介紹您的主持人、投資者關係副總裁 Kirndeep Singh。請繼續。

Thank you, operator. Good afternoon. I'm delighted to welcome you to CarGurus' first-quarter 2025 earnings call. With me on the call today are Jason Trevisan, Chief Executive Officer; and Sam Zales, President and Chief Operating Officer.

謝謝您，接線生。午安.我很高興歡迎您參加 CarGurus 2025 年第一季財報電話會議。今天與我一起參加電話會議的還有執行長 Jason Trevisan 和總裁兼營運長 Sam Zales。

During the call, we will be making forward-looking statements, which are based on our current expectations and beliefs. These statements are subject to risks and uncertainties, which could cause our actual results to differ materially from those reflected in such statements. Information concerning those risks and uncertainties is discussed in our SEC filings, which can be found on the SEC's website and in the Investor Relations section of our website. We undertake no obligation to update or revise forward-looking statements except as required by law.

在電話會議中，我們將根據我們目前的預期和信念做出前瞻性陳述。這些聲明受風險和不確定性的影響，可能導致我們的實際結果與這些聲明所反映的結果有重大差異。有關這些風險和不確定性的資訊在我們的美國證券交易委員會 (SEC) 文件中進行了討論，您可以在美國證券交易委員會的網站和我們網站的投資者關係部分找到。除法律要求外，我們不承擔更新或修改前瞻性聲明的義務。

Further, during the course of our call today, we will refer to certain non-GAAP financial measures. A reconciliation of GAAP to comparable non-GAAP measures is included in our press release issued today, as well as in our updated investor presentation, which can be found on the Investor Relations section of our website. We believe that these non-GAAP financial measures and other business metrics provide useful information about our operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency as it relates to metrics used by our management in its financial and operational decision making.

此外，在今天的電話會議中，我們將參考某些非公認會計準則財務指標。我們今天發布的新聞稿以及更新的投資者介紹中包含了 GAAP 與可比非 GAAP 指標的對賬，您可以在我們網站的投資者關係部分找到。我們相信，這些非公認會計準則財務指標和其他業務指標提供了有關我們經營業績的有用信息，增強了對過去財務業績和未來前景的整體了解，並提高了我們管理層在財務和營運決策中使用的指標的透明度。

With that, I'll now turn the call over to Jason.

說完這些，我現在將電話轉給傑森。

Thank you, Kirndeep, and thank you all for joining us today. In 2024, our North Star was intelligent acceleration, reigniting growth and expanding margins. We delivered consistent double-digit year-over-year marketplace revenue growth, accelerated new product introductions, and had stronger operating leverage.

謝謝你，Kirndeep，也謝謝大家今天加入我們。2024 年，我們的北極星是智慧加速、重新點燃成長並擴大利潤率。我們實現了市場收入的持續兩位數年成長，加快了新產品的推出，並提高了營運槓桿。

In 2025, we're building on that momentum in what we are calling the year of transformative innovation -- innovation that's customer centric differentiated, heavily leveraging AI, and opens up new avenues of product and platform growth for us with both consumers and dealers. While innovation is not new to CarGurus, having pioneered a freemium model, instant market value, deal ratings, digital deal, and dealer data insights, to name just a few, we are innovating in even more profound ways today than we ever have. Our organization is better structured to solve customer needs. We're dedicating a higher percentage of resources to net new products and investing in AI to accelerate innovation.

2025 年，我們將在這一勢頭的基礎上再接再厲，我們稱之為變革性創新之年——創新以客戶為中心，差異化，充分利用人工智慧，為我們與消費者和經銷商開闢新的產品和平台成長途徑。雖然創新對 CarGurus 來說並不新鮮，我們率先採用了免費增值模式、即時市場價值、交易評級、數位交易和經銷商數據洞察等，但如今我們的創新方式比以往任何時候都更加深刻。我們的組織結構更加完善，可以更好地解決客戶需求。我們正在投入更大比例的資源來開發新產品，並投資人工智慧以加速創新。

Our strategy for 2025 centers on three value creation drivers. One, expanding our suite of data-driven solutions across dealers' workflows to help them drive more profitable businesses. Two, meeting the evolving needs of car shoppers by powering a more intelligent and seamless journey. And three, enabling dealers and consumers to complete more of the transaction online, streamlining the final steps of the deal. These drivers have fueled meaningful progress in how we operate and the results we deliver.

我們的 2025 年策略圍繞著三大價值創造驅動力。第一，擴展我們的數據驅動解決方案套件，涵蓋經銷商的整個工作流程，幫助他們推動更有利可圖的業務。二、透過提供更智慧、無縫的旅程來滿足購車者不斷變化的需求。第三，使經銷商和消費者能夠在線上完成更多交易，簡化交易的最後步驟。這些驅動因素推動了我們的營運方式和成果取得有意義的進步。

Now turning to our first-quarter performance. Marketplace revenue grew 13% year over year, adding $25 million driven by dealer account growth, subscription tier upgrades, increased adoption of value-added products and services, and strong lead growth. Marketplace adjusted EBITDA grew 27% year over year, with margins improving more than 340 basis points to nearly 33%.

現在來談談我們第一季的業績。市場收入年增 13%，增加了 2,500 萬美元，這得益於經銷商帳戶成長、訂閱層級升級、增值產品和服務的採用率提高以及強勁的領先成長。市場調整後的 EBITDA 年成長 27%，利潤率提高 340 多個基點，達到近 33%。

International revenue expanded 20% year over year, driven by steady traffic growth, approximately 22% year over year aggregate lead growth in Canada and the UK, and continued product innovation. In Canada, these factors supported accelerated dealer adoption. In a recent survey of a select group of CarGurus dealers, 90% reported seeing better ROI on CarGurus compared to alternative platforms.

國際營收年增 20%，這得益於穩定的流量成長、加拿大和英國的累計領先優勢年增約 22% 以及持續的產品創新。在加拿大，這些因素支持了經銷商加速採用。在最近對一組 CarGurus 經銷商進行的調查中，90% 的經銷商表示，與其他平台相比，CarGurus 的投資報酬率更高。

Consumer engagement also remains strong. CarGurus was Canada's most downloaded auto app in Q1, contributing to an 85% year-over-year increase in direct traffic and reinforcing the strength of the brand.

消費者參與度也依然強勁。CarGurus 是加拿大第一季下載次數最多的汽車應用程序，其直接流量年增 85%，增強了品牌實力。

In the UK, a recent survey of a select group of CarGurus dealers ranked CarGurus number one in ROI compared to alternative platforms, a key input as we scale and grow market share. Double-digit year-over-year lead growth was underpinned by an 82% year-over-year increase in direct traffic, while lead quality also improved with stronger buyer signals.

在英國，最近對一組精選的 CarGurus 經銷商進行的一項調查顯示，與其他平台相比，CarGurus 在投資回報率方面排名第一，這是我們擴大規模和增加市場份額的關鍵投入。直接流量年增 82%，推動了銷售線索數量年增兩位數，同時，隨著買家訊號增強，銷售線索品質也有所提高。

OEM advertising sustained healthy revenue growth in Q1, delivering double-digit gains year over year. This performance was driven by strong annual upfront commitments, which also grew at double-digit rates year over year and set a solid foundation for momentum. Our continued impressive results demonstrate our leadership in the marketplace business and highlight the traction we're gaining across new areas of innovation which we believe positions us to build on this momentum throughout the year.

OEM廣告收入在第一季維持健康成長，較去年同期成長兩位數。這項業績得益於強勁的年度預付承諾，也以兩位數的速度逐年成長，為發展動能奠定了堅實的基礎。我們持續的驕人業績證明了我們在市場業務中的領導地位，並凸顯了我們在創新新領域所獲得的動力，我們相信這使我們能夠在全年保持這一勢頭。

I will now outline our progress against each strategic driver. Driver number one, expanding our suite of data-driven solutions across dealers' workflows to help them drive more profitable businesses. In Q1, we advanced our existing tools to give dealers greater inventory control and predictive intelligence, empowering them to make more informed decisions. Backed by the industry's largest retail data and consumer insights moat, we are also delivering actionable recommendations that improve performance across the dealer workflow.

我現在將概述我們針對每個策略驅動力所取得的進展。首要驅動因素是，擴展我們的數據驅動解決方案套件，以涵蓋經銷商的整個工作流程，幫助他們推動更有利可圖的業務。在第一季度，我們改進了現有工具，為經銷商提供更好的庫存控制和預測智能，使他們能夠做出更明智的決策。在業界最大的零售數據和消費者洞察護城河的支持下，我們也提供可行的建議，以提高整個經銷商工作流程的績效。

We introduced VIN level targeting to give dealers more granular control over how they price, manage, and promote inventory. This capability first launched with Highlight, enabling dealers to apply customizable strategies to feature their most compelling listings to more in-market shoppers. Highlight adoption grew 32% year over year, and average leads per day increased 115% year over year, following the introduction of VIN level targeting alongside further product optimizations.

我們引入了 VIN 等級定位，以便經銷商更精細地控制庫存的定價、管理和促銷方式。此功能首先由 Highlight 推出，使經銷商能夠應用可自訂的策略，向更多市場購物者展示最具吸引力的商品。隨著 VIN 等級定位的引入以及產品進一步優化，突出顯示的採用率同比增長了 32%，每日平均潛在客戶數量同比增長了 115%。

We're now extending this capability to our real-time performance marketing solution, allowing dealers to promote specific vehicles such as new arrivals, aged units, or high-value listings directly from their dashboards. Collectively, these enhancements enable dealers to respond rapidly to market changes and move inventory with greater speed and precision.

我們現在將此功能擴展到我們的即時績效行銷解決方案，讓經銷商直接從他們的儀表板推廣特定車輛，例如新到貨車輛、老舊車輛或高價值車輛。總的來說，這些改進使經銷商能夠快速響應市場變化，並以更快的速度和更高的精度轉移庫存。

Adoption across the Dealer Data Insights suite accelerated. Next Best Deal Rating, our first product, is now used by over 17,000 dealers globally, with 74% taking action on our pricing recommendations in Q1. Merchandising Health optimized approximately 34,500 inventory units for nearly 6,400 dealers. And maximized margin usage rose 64% quarter over quarter. Dealers using it increased average listing prices by $747 with nearly half of those vehicles still turning within two weeks.

經銷商數據洞察套件的採用速度加快。我們的首款產品「Next Best Deal Rating」目前已被全球超過 17,000 家經銷商使用，其中 74% 在第一季根據我們的定價建議採取了行動。Merchandising Health 為近 6,400 家經銷商優化了約 34,500 個庫存單位。最大化保證金使用率環比增長了 64%。使用該技術的經銷商將平均掛牌價格提高了 747 美元，其中近一半的車輛仍在兩週內售出。

Internationally, after introducing Next Best Deal Rating in Canada and the UK at the end of last year, we're now rolling out additional Dealer Data Insights tools in these markets. In parallel, our in-person dealer engagement program expanded, driven by measurable performance improvements and strong satisfaction among US dealers. All national accounts now receive dedicated support focused on maximizing platform value, emphasizing practical guidance, and data-driven best practices for systems integration, pricing, lead management, and customer experience, including customer connections.

在國際上，繼去年年底在加拿大和英國推出 Next Best Deal Rating 之後，我們現在正在這些市場推出更多經銷商資料洞察工具。同時，我們的面對面經銷商參與計畫也得到了擴大，這得益於可衡量的績效改善和美國經銷商的高度滿意度。現在，所有國家帳戶都獲得專門支持，重點是最大化平台價值，強調實用指導，以及系統整合、定價、潛在客戶管理和客戶體驗（包括客戶聯繫）的數據驅動最佳實踐。

This approach has resulted in improvements across many dealerships. For example, a multi-franchise group increased CarGurus lead conversion by 200%. A medium sized franchise doubled its digital deal conversion rate. And another multi-franchise group achieved over a 650% increase in consumer connection rates through Sell My Car.

這種方法已使許多經銷商的狀況得到改善。例如，一家多特許經營集團將 CarGurus 的銷售線索轉換率提高了 200%。一家中型特許經營店的數位交易轉換率翻了一番。另一家多特許經營集團透過 Sell My Car 實現了消費者連接率超過 650% 的成長。

Following this success, we recently launched the same engagement model in Canada and the UK. These efforts, coupled with seven consecutive quarters of global year-over-year lead growth, supported nearly 1,200 net new global dealer additions year over year, a meaningful acceleration in platform adoption.

繼這一成功之後，我們最近在加拿大和英國推出了相同的參與模式。這些努力，加上全球領先經銷商連續七個季度同比增長，支持了全球新經銷商數量同比淨增加近 1,200 家，顯著加快了平台的採用速度。

Dealers have been adopting value-added products and services, migrating to higher subscription tiers and extending contract durations. Retention rates have continued to improve. Over 40% of new contracts signed this quarter classified as long-term commitments, underscoring dealer reliance on our platform despite macroeconomic uncertainty.

經銷商一直在採用加值產品和服務，遷移到更高的訂閱層級並延長合約期限。留存率持續提高。本季簽訂的新合約中超過 40% 屬於長期承諾，凸顯了儘管宏觀經濟存在不確定性，經銷商仍依賴我們的平台。

Driver number two, meeting the evolving needs of car shoppers by powering a more intelligent and seamless journey. We are helping consumers navigate the car shopping journey with greater confidence through more intelligent, personalized experiences, extending our product capabilities from initial discovery to vehicle ownership.

第二個驅動因素是透過提供更聰明、無縫的旅程來滿足購車者不斷變化的需求。我們透過更聰明、個人化的體驗幫助消費者更自信地完成購車之旅，將我們的產品功能從最初的發現擴展到車輛擁有。

In early stage discovery, we launched cargurus.com/discover, a conversational research and search AI experience, that allows shoppers to describe what they want in a car and receive personalized recommendations tied directly to live inventory. This supports upper funnel discovery, makes it easier for shoppers to decide which car is right for them, and improves our understanding of consumer intent by feeding richer behavioral data back into our systems. While we're still in the initial stages of expanding this new experience, users who engage with the experience are spending two times more time on site.

在早期發現階段，我們推出了 cargurus.com/discover，這是一種對話式研究和搜尋 AI 體驗，它允許購物者描述他們想要的汽車，並獲得與即時庫存直接相關的個人化推薦。這支持上層漏斗發現，使購物者更容易決定哪款車適合他們，並透過將更豐富的行為數據回饋到我們的系統中來提高我們對消費者意圖的理解。雖然我們仍處於擴展這項新體驗的初始階段，但參與體驗的用戶在網站上花費的時間增加了兩倍。

We focused on two key areas of optimization to improve usability and consistency across the platform. First, enhancing the app with features like upgraded filtering and sorting, type ahead search on the search results page, and streamlined lead form submission. The app now accounts for over 30% of total leads, and monthly active users have grown 25% year over year.

我們專注於兩個關鍵的最佳化領域，以提高整個平台的可用性和一致性。首先，透過升級過濾和排序、在搜尋結果頁面上預先輸入搜尋以及簡化潛在客戶表單提交等功能增強應用程式。該應用程式目前佔總潛在客戶的 30% 以上，每月活躍用戶年增 25%。

Second, refreshing the homepage and course shopping pages in Canada and the UK to align with the US experience. These changes are making it easier for shoppers to navigate and find the right vehicle.

其次，刷新加拿大和英國的主頁和課程購物頁面，以與美國體驗保持一致。這些變化使得購物者更容易找到合適的車輛。

We expanded our reach further into the car ownership life cycle. In Q1, we launched a redesigned car value experience now integrated into Sell My Car. Consumers can view real-time valuations, subscribe to monthly car estimate updates, and receive offers creating an ongoing connection with CarGurus that extends beyond the initial shopping phase.

我們進一步擴大了汽車擁有生命週期的覆蓋範圍。在第一季度，我們推出了重新設計的汽車價值體驗，現在已整合到「Sell My Car」中。消費者可以查看即時估價、訂閱每月汽車估價更新並接收優惠，從而與 CarGurus 建立超越初始購物階段的持續聯繫。

With continued product improvements and a more consistent user experience, we are giving consumers more reasons to come directly to CarGurus. Combined with ongoing brand investments, this contributed to nearly 20% year-over-year growth in direct traffic and better lead conversion. This momentum continues to reinforce our position as the most visited listing site with 60% more traffic than our closest competitor.

透過持續的產品改進和更一致的使用者體驗，我們為消費者提供了更多直接選擇 CarGurus 的理由。結合持續的品牌投資，這促進了直接流量同比增長近 20% 並提高了潛在客戶轉換率。這一勢頭繼續鞏固了我們作為訪問量最大的清單網站的地位，我們的訪問量比最接近的競爭對手高出 60%。

Driver number three, enabling dealers and consumers to complete more of the transaction online, streamlining the final steps of the deal. In Q1, we advanced our transaction capabilities through continued progress across Digital deal, Top Dealer offers, and CarOffer. These offerings are delivering a more seamless online to offline journey for shoppers, while giving dealers more efficient ways to acquire and sell inventory.

第三個驅動因素是，讓經銷商和消費者能夠在線上完成更多交易，簡化交易的最後步驟。在第一季度，我們透過數位交易、頂級經銷商優惠和 CarOffer 的持續進步提升了我們的交易能力。這些產品為購物者提供了更無縫的線上到線下旅程，同時為經銷商提供了更有效的獲取和銷售庫存的方式。

Digital transaction enablement blends online convenience with in-person engagement, helping dealers connect with more qualified shoppers. Digital Deal now supports over 11,000 dealers globally, with nearly one million vehicle listings enabled. Following strong pilot results, we broadly released a Digital Deal feature integrating credit applications directly into dealer finance management systems. This addresses dealers' challenges of overlapping lenders, eliminates manual data re-entry, and provides immediate visibility into shopper financing eligibility, resulting in a faster or streamlined workflow.

數位交易支援將線上便利與面對面互動融為一體，幫助經銷商與更多合格的購物者建立聯繫。Digital Deal 目前支援全球超過 11,000 家經銷商，擁有近一百萬輛汽車清單。在試點取得良好結果後，我們廣泛發布了數位交易功能，將信貸申請直接整合到經銷商財務管理系統中。這解決了經銷商貸款重疊的挑戰，消除了手動資料重新輸入，並提供了對購物者融資資格的即時可見性，從而實現了更快或更簡化的工作流程。

Adoption reached 1,100 dealers at the end of the first quarter. Given the healthy uptake and higher consumer satisfaction relative to other financing options, this is now the default financing experience within Digital Deal.

截至第一季末，採用該技術的經銷商已達 1,100 家。鑑於其相對於其他融資選擇的健康接受度和更高的消費者滿意度，這現在是 Digital Deal 中的預設融資體驗。

Through our Digital Deal flow, shoppers can take high value steps like applying for financing, placing a deposit, or scheduling an appointment before visiting the dealership, helping them move further down the funnel with greater confidence. To drive more of these actions across the platform, we've embedded key Digital Deal capabilities directly into core site experiences, including trade in and financing options within the lead submission flow, and are piloting a post lead appointment scheduler designed to help dealers engage faster with high intent buyers.

透過我們的數位交易流程，購物者可以在造訪經銷店之前採取一些高價值的步驟，例如申請融資、支付訂金或安排預約，從而幫助他們更有信心地進一步推進銷售管道。為了在整個平台上推動更多此類行動，我們將關鍵的數位交易功能直接嵌入到核心站點體驗中，包括潛在客戶提交流程中的以舊換新和融資選項，並正在試行潛在客戶預約後調度程序，旨在幫助經銷商更快地與意向買家互動。

As these enhancements roll out, we've seen encouraging improvements in consumer NPS and dealer responsiveness, reinforcing the value of more qualified transaction-ready leads. Digital Deal now accounts for over 25% of a dealer's email leads, with a growing share coming from shoppers further along in their decision-making process, resulting in higher quality engagement.

隨著這些增強功能的推出，我們看到消費者 NPS 和經銷商響應能力令人鼓舞的改善，從而增強了更多合格的交易就緒線索的價值。目前，數位交易佔據了經銷商電子郵件線索的 25% 以上，其中越來越多的份額來自決策過程更深入的購物者，從而帶來了更高品質的參與。

Giving dealers better tools to source inventory more efficiently is critical to facilitating transactions. In Q1, we grew dealer adoption of Top Dealer, offers which enables dealers to acquire inventory directly from consumers. Demand remains strong and our measured rollout has driven healthy growth and high consumer engagement. To support better dealer execution, our in-person engagement team provides on boarding and lead handling support. Dealers who complete this training have recently doubled lead conversion, improving outcomes for both dealers and consumers.

為經銷商提供更好的工具來更有效地購買庫存對於促進交易至關重要。在第一季度，我們增加了經銷商對 Top Dealer 的採用，這使得經銷商能夠直接從消費者那裡獲取庫存。需求依然強勁，我們適度的推出推動了健康成長和消費者的高參與度。為了支援經銷商更好地執行，我們的現場參與團隊提供入職和領導處理支援。完成此項培訓的經銷商最近將潛在客戶轉換率提高了一倍，從而改善了經銷商和消費者的成果。

At CarOffer, the continued rollout of insights driven by CarGurus proprietary consumer demand data drove higher engagement and demonstrated the value of our retail demand signals, pricing trends, and appraisal intelligence enabling smarter wholesale decisions. This helped reactivate previously inactive dealers, attract new ones, and led to the first year-over-year increase in both buying and selling dealers in over a year.

在 CarOffer，由 CarGurus 專有消費者需求數據驅動的洞察持續推出，推動了更高的參與度，並展示了我們的零售需求訊號、定價趨勢和評估情報的價值，從而可以做出更明智的批發決策。這有助於重新啟動先前不活躍的經銷商，吸引新的經銷商，並導致買賣經銷商數量一年多來首次同比增長。

Despite this progress, overall transaction volume declined as several large buyers and sellers were less active or off the platform. The CarOffer platform, which at its core is a matrix rules engine, lacks the flexibility for dealers to adapt to rapidly shifting market conditions and requires broader automation to streamline fulfillment and improve operational efficiency. While we made meaningful operational progress, rising market volatility has raised the bar, and those changes have not been sufficient in this environment.

儘管取得了這些進展，但由於一些大型買家和賣家的活躍度降低或退出平台，整體交易量仍然下降。CarOffer 平台的核心是一個矩陣規則引擎，它缺乏經銷商適應快速變化的市場條件的靈活性，需要更廣泛的自動化來簡化履行流程並提高營運效率。雖然我們在營運方面取得了有意義的進展，但市場波動加劇提高了標準，而這些變化在目前的環境下還不夠。

Over the past year, we focused on three areas of improvement: operations, product market fit, and go to market, and we made progress in each. However, the pace of macro change continues to expose structural limitations in the model. At the same time, our insights capabilities are delivering clear value by helping dealers make more intelligent wholesale decisions.

在過去的一年裡，我們專注於三個改進領域：營運、產品市場契合度和市場進入，並且在每個領域都取得了進展。然而，宏觀變化的速度繼續暴露出該模型的結構性限制。同時，我們的洞察能力透過幫助經銷商做出更明智的批發決策來提供明顯的價值。

As a result, we have initiated a broader strategic assessment of a CarGurus wholesale business model that would have more sustainable growth and profitability potential. This work includes assessing business models to identify core product functionality and revenue strategies that have the potential to support a more profitable, scalable wholesale business across market cycles.

因此，我們啟動了對 CarGurus 批發業務模式的更廣泛的策略評估，該模式將具有更永續的成長和獲利潛力。這項工作包括評估商業模式，以確定有可能在整個市場週期中支援更有利可圖、更具可擴展性的批發業務的核心產品功能和收入策略。

To conclude, the first quarter marked a strong start to our year of transformative innovation, continuing the momentum we built throughout 2024. We delivered solid financial results and made measurable progress across our three value creation drivers. These efforts are deepening engagement, expanding adoption, and reinforcing our market leadership in the US, while internationally, our growth signals meaningful share gains. As we look ahead, we remain focused on discipline execution, strategic investment and innovation, and embedding our products more deeply across the consumer and dealer journey.

總而言之，第一季標誌著我們變革創新之年的強勁開端，並延續了我們在 2024 年全年建立的勢頭。我們取得了穩健的財務業績，並在三大價值創造驅動力方面取得了可衡量的進展。這些努力正在深化參與度、擴大採用度並鞏固我們在美國市場的領導地位，而在國際上，我們的成長標誌著有意義的份額成長。展望未來，我們將繼續專注於紀律執行、策略投資和創新，並將我們的產品更深入地融入消費者和經銷商的旅程中。

Now let me walk through our financial results followed by our guidance for the second quarter of 2025. First-quarter revenue was $225 million, up 4% year over year, just below the midpoint of our guidance range as double digit year-over-year growth in our marketplace business was partly offset by lower wholesale and product volumes.

現在，讓我介紹一下我們的財務表現以及 2025 年第二季的預期。第一季營收為 2.25 億美元，年增 4%，略低於我們預期範圍的中點，因為我們市場業務的兩位數同比增長被批發和產品銷量的下降部分抵消。

Marketplace revenue was $212 million for the first quarter, up 13% year over year, and just above the midpoint of our guidance range. Marketplace revenue growth was driven by continued strength in our subscription-based listings revenue, bolstered by robust double-digit year-over-year growth in OEM advertising revenue.

第一季市場營收為 2.12 億美元，年增 13%，略高於我們預期範圍的中點。市場收入的成長得益於我們基於訂閱的列表收入的持續強勁增長，以及 OEM 廣告收入同比強勁兩位數的增長。

We grow revenue through two primary levers: adding paying dealers and increasing revenue per dealer, both of which contributed to our marketplace growth. The mix between these levers will vary over time. In Q1, we added 734 paying US dealers year over year, marking our highest dealer growth since pre-pandemic.

我們透過兩個主要槓桿來增加收入：增加付費經銷商和增加每個經銷商的收入，這兩者都促進了我們的市場成長。這些槓桿之間的組合將隨著時間而變化。第一季度，我們年增了 734 家美國付費經銷商，創下了疫情爆發以來的最高經銷商成長紀錄。

Because QARSD is subscription revenue divided by average dealer count, and net dealer count adds more than doubled our recent historical average, rapid dealer growth can moderate the pace of QARSD expansion. Still, US QARSD grew 10% year over year, driven by new dealers joining at market rates, subscription-tier upgrades, broader adoption of value-added products and services, price increases, and higher lead quantity and quality, all contributing to strong revenue growth.

由於 QARSD 是訂閱收入除以平均經銷商數量，而淨經銷商數量增加是我們近期歷史平均值的兩倍多，因此經銷商的快速成長可能會減緩 QARSD 擴張的速度。儘管如此，美國 QARSD 年比增長 10%，這得益於以市場價格加入的新經銷商、訂閱等級升級、增值產品和服務的更廣泛採用、價格上漲以及領先數量和質量的提高，所有這些都促進了強勁的收入增長。

The robust growth in our international business continued in the first quarter, with revenue up 20% year over year and international QARSD up 10% year over year. Wholesale revenue was about $8 million for the first quarter, down 52% year over year and down 21% sequentially, driven by a 26% sequential decline in total digital wholesale segment transaction volumes below our expectations. Lastly, product revenue was $5 million for the first quarter, down 58% year over year and down 39% sequentially.

第一季度，我們的國際業務持續保持強勁成長，營收年增 20%，國際 QARSD 年成長 10%。第一季批發收入約 800 萬美元，年減 52%，季減 21%，原因是數位批發部門總交易量較上季下降 26%，低於我們的預期。最後，第一季產品營收為 500 萬美元，年減 58%，季減 39%。

I will now discuss our profitability and expenses on a non-GAAP basis. First quarter non-GAAP gross profit was $200 million, up 14% year over year. Non-GAAP gross margin was 89%, up approximately 720 basis points year over year and up about 170 basis points sequentially. The meaningful margin expansion in both comparison periods was primarily due to the ongoing revenue mix shift toward our high-margin marketplace business.

我現在將根據非公認會計準則討論我們的獲利能力和費用。第一季非公認會計準則毛利為 2 億美元，較去年同期成長 14%。非公認會計準則毛利率為 89%，較去年同期成長約 720 個基點，較上季成長約 170 個基點。兩個比較期間的利潤率均顯著擴大，主要是由於收入結構持續向高利潤率的市場業務轉變。

Marketplace non-GAAP gross profit was up 15% year over year, and non-GAAP gross margin expanded by about 100 basis points year over year to 93%, driven by modest operating efficiencies. In our digital wholesale business, non-GAAP gross margin was flat sequentially as we continued to make improvements to the platform.

受適度營運效率的推動，市場非公認會計準則毛利年增 15%，非公認會計準則毛利率年增約 100 個基點至 93%。在我們的數位批發業務中，由於我們繼續對平台進行改進，非 GAAP 毛利率環比持平。

On a consolidated basis, adjusted EBITDA was $66.3 million, up 32% year over year. Margin was 29%, up about 610 basis points year over year, reflecting primarily the favorable mix shift to high margin marketplace revenue and operating leverage on our fixed cost base.

合併後，調整後的 EBITDA 為 6,630 萬美元，較去年同期成長 32%。利潤率為 29%，比去年同期增長約 610 個基點，主要反映了向高利潤率市場收入和固定成本基礎上的經營槓桿的有利組合轉變。

Marketplace adjusted EBITDA grew 27% year over year to $69.5 million, with margin up approximately 350 basis points year over year but down about 490 basis points sequentially. The sequentially lower margins were driven by seasonally higher media spend in the first quarter related to the February launch of our big deal ad campaign.

市場調整後的 EBITDA 較去年同期成長 27% 至 6,950 萬美元，利潤率較去年同期上升約 350 個基點，但較上季下降約 490 個基點。利潤率環比下降的原因是，由於我們二月推出大型廣告活動，第一季媒體支出季節性增加。

Digital wholesale adjusted EBITDA loss was approximately $3.2 million, a $0.4 million sequential decline driven primarily by lower volumes, partly offset by lower OpEx. Moving to OpEx, our first-quarter consolidated non-GAAP operating expenses totaled $140 million, up 6% year over year and 8% sequentially, primarily collecting the seasonally higher sales and marketing expenses.

數位批發調整後的 EBITDA 虧損約為 320 萬美元，比上一季下降 40 萬美元，主要原因是銷售下降，但營運支出下降部分抵消了下降。轉向營運支出，我們第一季的綜合非 GAAP 營運支出總計 1.4 億美元，年增 6%，季增 8%，主要收回了季節性較高的銷售和行銷費用。

Non-GAAP diluted earnings per share attributable to common stockholders was $0.46 for the first quarter, up $0.12 or 35% year over year, reflecting primarily the increase in adjusted EBITDA and lower diluted share count. We ended the first quarter with $173 million in cash and cash equivalents, a decrease of $131 million from the end of the fourth quarter. The lower cash balance was primarily driven by $183 million in share repurchases and $8 million in CapEx and capitalized website development costs, partly offset by adjusted EBITDA and networking capital inflows of about $9 million.

第一季歸屬於普通股股東的非公認會計準則每股攤薄收益為 0.46 美元，年增 0.12 美元或 35%，主要反映了調整後 EBITDA 的成長和稀釋股數的減少。第一季末，我們的現金和現金等價物為 1.73 億美元，比第四季末減少 1.31 億美元。現金餘額較低主要是因為 1.83 億美元的股票回購和 800 萬美元的資本支出及資本化網站開發成本，但部分被調整後的 EBITDA 和約 900 萬美元的網路資本流入所抵銷。

I will now close my prepared remarks with our guidance and outlook for the second quarter of 2025. As always, our guidance factors in the most up-to-date information we have on our business and the evolving macro landscape. At present, while the market remains highly volatile, we have not seen a material impact on our business related to tariffs.

現在，我將以我們對 2025 年第二季的指導和展望來結束我的準備好的發言。像往常一樣，我們的指導考慮了有關我們業務和不斷變化的宏觀環境的最新資訊。目前，雖然市場仍然高度波動，但我們尚未看到與關稅相關的業務受到重大影響。

We expect our second-quarter total revenue to be in the range of $222 million to $242 million, up between 2% and 11% year over year, respectively. We expect our second-quarter marketplace revenue to be in the range of $219.5 million to $224.5 million, up between 12% and 15% year over year, respectively.

我們預計第二季總營收將在 2.22 億美元至 2.42 億美元之間，年增 2% 至 11%。我們預計第二季市場營收將在 2.195 億美元至 2.245 億美元之間，年增 12% 至 15%。

Looking ahead, given the momentum we have experienced year to date, we are more positive about our growth outlook for the remainder of the year. While we still expect growth to moderate in the second half of the year, we anticipate exiting the year at a low double digit year-over-year growth rate. That said, shifts in market conditions may influence the exit rate.

展望未來，鑑於我們今年迄今所經歷的勢頭，我們對今年剩餘時間的成長前景更加樂觀。儘管我們仍然預計下半年成長將會放緩，但我們預計今年的同比成長率將達到較低的兩位數。也就是說，市場條件的改變可能會影響退出率。

Moving to digital wholesale, we expect second-quarter volumes to decrease sequentially. We expect our second-quarter non-GAAP adjusted EBITDA to be in the range of $71.5 million, $79.5 million, up between 29% and 43% year over year, respectively.

轉向數位批發，我們預計第二季的銷量將環比下降。我們預計第二季非 GAAP 調整後 EBITDA 將在 7,150 萬美元至 7,950 萬美元之間，年增 29% 至 43%。

For digital wholesale, we expect segment EBITDA losses to be relatively flat sequentially, as we expect lower transaction volumes to be in part offset by lower operating expenses. At the midpoint of guidance, we expect our Q2 adjusted EBITDA margin to be elevated, driven by stronger-than-expected growth and a deliberate pacing of commensurate marketing investments.

對於數位批發，我們預計分部 EBITDA 損失將環比持平，因為我們預計較低的交易量將被較低的營運費用部分抵銷。在指導的中點，我們預計第二季調整後的 EBITDA 利潤率將會上升，這得益於強於預期的成長和相應的行銷投資的審慎調整。

Based on our current expectations, we are choosing to reinvest behind that momentum, particularly in marketing, international product innovation. So we do not expect the same sequential margin expansion trends through 2025 as we have seen over the past two years. That said, we do expect annualized margin expansion in 2025 relative to 2024.

根據我們目前的預期，我們選擇重新投資於這一勢頭，特別是在行銷和國際產品創新方面。因此，我們預計到 2025 年利潤率不會出現與過去兩年相同的連續擴張趨勢。話雖如此，我們確實預期 2025 年的年化利潤率將相對於 2024 年有所擴大。

Finally, we expect second quarter non-GAAP earnings per share to be in the range of $0.52 to $0.58 and diluted weighted average common shares outstanding to be approximately $100 million. With that, let's open the call for Q&A.

最後，我們預計第二季非公認會計準則每股收益在 0.52 美元至 0.58 美元之間，稀釋加權平均流通普通股約為 1 億美元。現在，讓我們開始問答環節。

(Operator Instructions) Tom White, DA Davidson.

（操作員指示）湯姆懷特，DA 戴維森。

Hey, this is Wyatt Swanson on for Tom. Thanks for taking the questions. First question is about Amazon. There are recent reports that Amazon is planning to display used vehicles from dealers on its marketplace. As an extension of what they've launched with Hyundai on the new car side, curious how you might view their entry into this space; and then secondly, curious whether you've seen any difference in trends with new Hyundai vehicles, either consumer engagement or leads on your site since Amazon went live with their offering. Thanks.

嘿，我是懷亞特·斯旺森 (Wyatt Swanson)，代替湯姆。感謝您回答這些問題。第一個問題是關於亞馬遜的。最近有報導稱，亞馬遜計劃在其市場上展示經銷商的二手車。作為他們與現代在新車領域合作的延伸，我很好奇您如何看待他們進入這個領域；其次，自從亞馬遜上線現代汽車產品以來，您是否發現新款現代汽車的趨勢有任何變化，無論是消費者參與度還是您網站上的潛在客戶。謝謝。

Thanks. Yeah, thanks, Wyatt. This is Jason Trevisan. So we're certainly familiar with what Amazon is working on in auto, and I think it we won't speak for Amazon. I think it makes sense that they started in new. It's a more organized segment of the market. Used is where we are, predominantly more active. It's a much different arena. It's much less structured data. And you need to have much tighter systems integrations with the dealers, and much more trust honestly with dealers that it's been established.

謝謝。是的，謝謝，懷亞特。這是 Jason Trevisan。因此，我們當然熟悉亞馬遜在汽車領域的工作，我認為我們不會代表亞馬遜發言。我認為他們從新開始是有道理的。這是一個更有組織性的市場部分。我們所處的領域是使用，主要是更活躍。這是一個非常不同的領域。它的資料結構性要差得多。您需要與經銷商建立更緊密的系統集成，並讓經銷商更誠實地相信它已經建立。

And so we think that what we do and use is quite difficult and is a messier area than new. As a result, we think it's harder, and we think the trust that we have built with dealers over the last 20 years is a really good strength for us. In terms of new Hyundai or Hyundai franchise trends, we have not seen a change there.

因此，我們認為我們所做和使用的東西相當困難，而且是一個比新領域更混亂的領域。因此，我們認為這更加困難，我們認為過去 20 年與經銷商建立的信任對我們來說是真正的優勢。就新現代或現代特許經營趨勢而言，我們尚未看到任何變化。

Got it. Thank you very much, Jason.

知道了。非常感謝，傑森。

Naved Khan, B. Riley Securities.

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

Great, thank you very much. Two questions for me. One on the OEM ad spending. Great to see the strength you had in your Q1 reserves. You're hearing some other commentary from other players about some, maybe, hesitation from the OEMs, lack of clarity in terms of how their ad spending could evolve over the coming months, given tariffs and everything. So just wanted to get your thoughts on how you're thinking about it within your guidance.

太好了，非常感謝。我有兩個問題。一是關於OEM廣告支出。很高興看到您 Q1 儲備實力如此強大。您可能聽到了其他參與者的一些評論，關於原始設備製造商可能存在的猶豫，以及考慮到關稅和其他因素，他們對未來幾個月的廣告支出將如何變化缺乏明確性。所以只是想了解一下您在指導過程中是如何考慮這個問題的。

And then I had a question on CarOffer. I think you talked about more work that needs to be done in order to kind of adapt the product to volatility and this kind of environment. So just maybe some examples that would be great for us to understand what kind of changes it would take and maybe the amount of effort and time.

然後我對 CarOffer 有一個疑問。我認為您談到了為了讓產品適應波動性和這種環境還需要做更多的工作。因此，也許一些例子可以讓我們更了解需要進行什麼樣的改變以及需要多少精力和時間。

Naved, it's Sam Zales. I'll take -- I'll try to take a shot at both of them and ask Jason for follow on. The OEM ad business, we're really proud of the first-quarter results. I think you see them, they're tremendously strong. We came out of the year and into the upfront cycle.

Naved，我是 Sam Zales。我會——我會嘗試同時嘗試這兩個問題，並要求傑森繼續跟進。對於OEM廣告業務，我們對第一季的業績感到非常自豪。我想你看到了他們，他們非常強大。我們走出了年初的困境，進入了預付週期。

Because of our growth on the consumer end, you're seeing the number one positioning. We've got -- our audience is growing. We're bringing it down funnel shopper. We're really proud of that, and that is translated into that reacceleration of the OEM advertising business for us. So we're really proud of the results.

由於我們在消費者端的成長，您會看到我們處於第一的位置。我們的觀眾群正在不斷壯大。我們正在降低購物漏斗。我們對此感到非常自豪，這也意味著我們將重新加速 OEM 廣告業務。因此，我們對結果感到非常自豪。

I think, obviously, with the tariff situation, manufacturers are being careful and cautious. I don't think that's gauging us to say much different about our pathway forward, but we're going to be careful because we know the macro industry, the first place dollars get cut in a tough environment might be advertising, but we're really proud of where we are right now.

我認為，顯然，面對關稅形勢，製造商都變得謹慎。我認為這並不能說明我們未來的道路會有多大的不同，但我們會非常小心，因為我們知道宏觀產業，在艱難的環境下，首先被削減的可能是廣告業務，但我們對目前的狀況感到非常自豪。

Let me switch to CarOffer for you where you're asking a good question. On our strategy, we really review the revenue and business models there. I'm going to start with the first one, which is a positive, which is we talked about go to market for the last period of time and that we were pushing for some new ways to show dealers that we had something different. We really latched on to something with this insights capability.

讓我轉到 CarOffer，您在這裡問了一個很好的問題。在我們的策略中，我們確實審查了那裡的收入和商業模式。我將從第一個開始，這是一個積極的方面，也就是我們談論了上一段時間的上市事宜，並且我們正在推動一些新的方式向經銷商展示我們有一些不同的東西。我們確實抓住了這種洞察能力的某些東西。

It is taking CarGurus' consumer demand data and putting it into the Dealer Insights to see that in my local market, there may be more purchase activity and more search activity going on for a particular type of vehicle that matched against the market day supply, gives that dealer a leg up on the industry where they've told us there is no predictive analytics toolset in the marketplace that does this. And it compelled us to sign more dealers from the CarGurus platform onto the CarOffer platform.

它獲取 CarGurus 的消費者需求數據並將其放入經銷商洞察中，以查看在我的本地市場中，針對特定類型的車輛可能存在更多的購買活動和更多的搜尋活動，與市場日供應量相匹配，這讓該經銷商在行業中佔據優勢，而他們告訴我們市場上沒有可以做到這一點的預測分析工具集。這迫使我們從 CarGurus 平台簽約更多經銷商到 CarOffer 平台。

So you saw net dealer ads on the CarOffer platform first time in over a year, which is one good sign to our business. But let me be real frank with you as I have been over the last several quarters on this business not achieving the path to profit profitability we wanted it to. So we're looking very carefully at the platform itself and our business model to try to achieve that pathway for the future.

因此，您一年多來第一次在 CarOffer 平台上看到網路經銷商廣告，這對我們的業務來說是一個好兆頭。但讓我坦率地告訴你，過去幾個季度以來，這項業務並沒有實現我們想要的獲利之路。因此，我們正在非常仔細地研究平臺本身和我們的商業模式，以嘗試實現未來的道路。

And I'll give you two examples to your good question. One would be operational. How are we thinking about the business a little bit differently? And that is the flow of operations, which includes inspection, title, transportation. How do we do that more effectively and efficiently?

對於你的好問題，我舉兩個例子。其中一個將投入營運。我們對於業務的看法有何不同？這就是操作流程，包括檢查、所有權、運輸。我們如何更有效、更有效率地做到這一點？

And with that, the things we're examining are what does CarOffer do? And what are we best at serving our customers doing? What should we allow our clients to do? And so in many cases, clients will say, I want to transport that vehicle myself. I had a dealer, 37-store group dealer in this week who said, can I just pick up the vehicle if it's close enough to my Midwest regional office? So there's a question for us.

那麼，我們要研究的是 CarOffer 能做什麼？我們為客戶提供的最佳服務是什麼？我們應該允許客戶做什麼？因此在很多情況下，客戶會說，我想自己運輸那輛車。這週我遇到一位經銷商，37 家門市的集團經銷商，他說，如果車輛離我中西部地區辦事處夠近，我可以直接提車嗎？所以我們有一個問題。

Can we get more efficient doing that? Should third parties do more or less of that operational activity for us? It's another question we're asking.

我們能更有效率地做到這一點嗎？第三方是否應該為我們做更多或更少的營運活動？這是我們提出的另一個問題。

On the product market fit side, I'll just be upfront to say, as we said in the prepared remarks, the structure of our platform, our matrix platform needs to be more flexible, needs to have more throughput, and needs to be automation at a higher level for today's very fluid pricing model. So we're looking at a couple of things on that front from a product market fit perspective.

在產品市場契合度方面，我坦率地說，正如我們在準備好的評論中所說的那樣，我們的平台結構，我們的矩陣平台需要更加靈活，需要具有更高的吞吐量，並且需要在更高水平上實現自動化，以適應當今非常不穩定的定價模式。因此，我們從產品市場契合度的角度來考慮這方面的一些事情。

This data I talked about in insights, can it be a revenue model for our business? Can we use predictive analytics to be part of the package that we offer as a distinct and unique tool in the marketplace? Can we be more seller focused with tools that we provide to sellers which don't exist in today's market? When should I sell a product? What is the best path for that price to be sold either to another dealer or to a consumer and helping in that kind of model revenue-wise?

我在洞察中談到的這些數據，可以成為我們業務的收入模式嗎？我們能否將預測分析作為我們在市場上提供的獨特工具的一部分？我們能否透過為賣家提供當今市場上不存在的工具來更加關注賣家？我應該什麼時候銷售產品？以該價格出售給另一個經銷商或消費者的最佳途徑是什麼，並從這種模式的收入角度幫助實現該目標？

So we're looking at the entire spectrum of what the platform does today, and saying, can we look at it differently than we had previously to make this business run profitably for the long term? And I hope you'll applaud us for finally saying we're going to look differently at the business that we have over the last several quarters.

因此，我們正在審視該平台目前所做的事情的方方面面，並思考，我們能否以不同於以前的方式來看待它，以使這項業務能夠長期盈利？我希望你們能為我們鼓掌，因為我們終於宣布將以不同的方式看待過去幾季的業務。

I appreciate the detailed answer, Sam. Thank you.

我很感謝你的詳細回答，山姆。謝謝。

Rajat Gupta, JPMorgan.

摩根大通的 Rajat Gupta。

Great, thanks for taking the questions. I had one question initially on just the revenue algorithm or you've given us like second quarter of marketplace guidance, you mentioned exiting your -- the double digits. Curious if you could help us with what's going to be the equation there in terms of dealer account versus QARSD? Is one going to be a bigger driver than the other? Is it going to be similar? Any more color you can add would be helpful and I have a follow-up on tariffs. Thanks.

太好了，感謝您回答這些問題。我最初只有一個問題，即收入演算法，或者您給我們的第二季市場指導，您提到退出兩位數。好奇您是否能幫助我們了解經銷商帳戶與 QARSD 之間的等式是什麼？其中一個會比另一個發揮更大的推動作用嗎？會不會類似？如果您能添加更多細節將會很有幫助，並且我會跟進關稅問題。謝謝。

Sure, thanks for that. It's Jason. So we're obviously very proud of the strong revenue growth that we had this quarter and the momentum that we're seeing in our business. And I think one way to look at it is the growth rate. Another way to look at it is the nominal dollars added in our marketplace business, both of which were really strong.

當然，謝謝。是傑森。因此，我們對本季強勁的營收成長以及業務的成長動能感到非常自豪。我認為觀察這一問題的一個方法是看增長率。另一種看法是，我們的市場業務增加了名義上的美元，這兩項業務都非常強勁。

So to really oversimplify it, aside from OEM advertising, we grow revenue through two primary levers, paying dealers, paying dealer count, and revenue per dealer or QARSD. And the mix between these levers is going to vary over time.

因此，簡單來說，除了 OEM 廣告之外，我們還透過兩個主要槓桿來增加收入，即支付給經銷商、支付給經銷商的數量以及每個經銷商的收入或 QARSD。這些槓桿之間的組合將會隨著時間而改變。

You've seen that recently, we have been adding net positive dealers each quarter. This quarter was a significant increase in the number of dealers that we added. And so since QARSD is the formula subscription revenue divided by average dealer count, then when we have a really big dealer account quarter like we did, which is two to three times higher than the last several quarters, that can moderate the pace of QARSD expansion.

您最近已經看到，我們每季都在增加淨正經銷商。本季我們新增的經銷商數量大幅增加。因此，由於 QARSD 的公式是訂閱收入除以平均經銷商數量，因此當我們擁有一個像我們一樣大的經銷商帳戶季度時，該季度比前幾季高出兩到三倍，這可以減緩 QARSD 擴張的速度。

But no -- there was really no change in the trajectory of QARSD drivers like upselling, packaging, cross-selling, lead quantity, and volume, and so forth. And so there was really no change in that.

但事實並非如此——追加銷售、包裝、交叉銷售、銷售線索數量和數量等 QARSD 驅動因素的發展軌跡實際上並沒有改變。所以這實際上沒有任何變化。

Going forward, we don't -- as you know, we don't guide between those two drivers, but the guide for Q2 for marketplace is 12% to 15%, which again is -- it is quite strong and consistent with where it's been.

展望未來，如你所知，我們不會預測這兩個驅動因素之間的差異，但市場第二季度的預測是 12% 到 15%，這再次表明它相當強勁，並且與之前的水平一致。

Understood. I think that's helpful. And in terms of just on the tariff stuff, any insight you can give us in terms of what your conversations with dealers are suggesting or signaling? Are you sensing any sort of uncertainty at all on future spending? I know the used car market probably looks great right now. I mean, there's some tended demand, there's some pre-buy.

明白了。我認為這很有幫助。就關稅問題而言，您與經銷商的對話暗示了什麼或發出了什麼訊號，您能給我們什麼見解嗎？您是否感覺到未來支出有任何不確定性？我知道二手車市場現在看起來可能很棒。我的意思是，有一些傾向性需求，也有一些預購。

But curious if there's any signals around what the behavior might look like in the second half, or the dealers are just not concerned, irrespective of what turns out to be what the industry turns out to do due to the affordability impact of tariffs. Thanks.

但令人好奇的是，是否有任何訊號表明下半年的行為會是什麼樣子，或者經銷商根本不擔心，無論最終由於關稅對可承受性的影響，整個行業會做什麼。謝謝。

Sure. I mean, I would say that the prevailing theme related to tariffs is just how fluid it is. There have been announcements nearly every day related to new cars and parts that have been changing. And so number one is just, I think, learning to live with that new dynamism. And I think with that dynamism comes future uncertainty.

當然。我的意思是，我想說與關稅相關的主流主題就是它的流動性。幾乎每天都有與新車和零件變化相關的公告。所以我認為，首要的就是學習適應這種新的活力。我認為這種活力也帶來了未來的不確定性。

I don't think many, ourselves included, are trying to predict exactly what will happen. But in that ambiguity and uncertainty that the dealers and others are feeling, there does tend to be a flight to quality. And that's what we offer with our volume and our lead quality, and in particular, a lot of the Dealer Data Insights that we're delivering to them. Because if and as those give them more clarity, more understanding, more ability to predict, then those get -- those increase in value with the more uncertainty that there is.

我認為，包括我們自己在內的許多人不會試圖準確預測會發生什麼。但由於經銷商和其他人士感受到的模糊性和不確定性，他們確實傾向於選擇品質較高的產品。這就是我們透過數量和領先品質所提供的，特別是我們向他們提供的大量經銷商數據洞察。因為如果這些能給他們更多的清晰度、更多的理解、更多的預測能力，那麼這些就會隨著不確定性的增加而增加價值。

In terms of what's actually happened, I mean, consumer sentiment, consumers pull forward a lot of purchases toward the end of Q1 and into April. And then that surge sort of abated, and that was followed with a pretty significant precipitous fall in consumer sentiment, which is just another contributor to that uncertainty.

就實際情況而言，我的意思是，消費者情緒，消費者將大量購買提前到第一季末和四月。隨後，這種激增勢頭逐漸減弱，隨之而來的是消費者信心的大幅下降，這只是造成不確定性的另一個因素。

When there's uncertainty in the market, larger sophisticated dealers tend to market more and do tend to organize around the leader in a smaller set of partners. Smaller dealers is more of a mixed bag in terms of how they react. Some of them try to preserve spend, some of them act more like the larger franchise and try and get ahead of it.

當市場出現不確定性時，規模較大、經驗豐富的經銷商往往會加強行銷力度，並傾向於在較小的合作夥伴群體中圍繞領導者進行組織。就其反應而言，小型經銷商的​​情況則好壞參半。其中一些試圖控制支出，而另一些則更像大型特許經營企業，並試圖領先大型特許經營企業。

And so from a dealer perspective, I think they're particularly concerned about new and the uncertainty that comes with new. And as far as use goes, I think they're just trying to navigate that uncertainty and we're a partner that they, I think, are leaning into more heavily to do that.

因此，從經銷商的角度來看，我認為他們特別關注新產品以及新產品帶來的不確定性。就使用而言，我認為他們只是試圖解決這種不確定性，而我們是他們在實現這一目標方面更加依賴的合作夥伴。

And it's safe to say like, the four -- the exit rate comment that you made, that really does not assume any change in spending patterns due to tariffs.

可以肯定地說，您所說的退出率評論實際上並不假設關稅會導致支出模式發生任何變化。

If I understood the question correctly, we have not seen a change in spending patterns because of tariffs.

如果我理解正確的話，我們並沒有看到關稅導致的消費模式的改變。

No, I just meant like your outlook does not assume any future change in spending patterns versus what you would expect pre-tariffs.

不，我只是說，您的觀點並不認為未來的支出模式會與關稅之前的預期發生任何變化。

Yeah, I mean, I would just point you to the commentary we made on the full-year exit rate.

是的，我的意思是，我只是想向您指出我們對全年退出率的評論。

Understood. Okay, great. Thanks for all the color and good luck.

明白了。好的，太好了。感謝所有的色彩並祝你好運。

(Operator Instructions) Jed Kelly, Oppenheimer.

（操作員指示）傑德凱利，奧本海默。

Hey, great, thanks for taking my question. Joined a little late, but Jason, I caught the tail end of your comments thinking you're choosing to reinvest, not to take 1Q as the high end of margin expansion. So can you just expound on that? Why invest?

嘿，太好了，謝謝你回答我的問題。加入得有點晚，但 Jason，我看到了你評論的尾聲，以為你選擇再投資，而不是將第一季作為利潤擴張的高端。那您能詳細闡述嗎？為何投資？

And then just going back to CarOffer, do you ever contemplate making it more or making it more like an auction to drive up higher dealer or more like an auction to drive up higher dealer adoption? That would be great if you can answer that too. Thanks.

然後回到 CarOffer，您是否考慮過讓它更像一個拍賣，以提高經銷商的價格，或者更像一個拍賣，以提高經銷商的採用率？如果您也能回答這個問題那就太好了。謝謝。

Sure, so -- hey, Jed. On the first one, yeah, I mean, it's -- we're having a lot of success right now and we're growing both sides of our marketplace in consumer time spent and traffic and engagement. And clearly, on the dealer side, we're growing that at double digits as well and now growing rooftops as well.

當然，所以——嘿，傑德。關於第一個問題，是的，我的意思是——我們現在取得了巨大的成功，而且我們在消費者花費的時間、流量和參與度方面都在不斷增長。顯然，在經銷商方面，我們的銷量也以兩位數的速度成長，而且屋頂銷量也在成長。

And so in a two-sided marketplace when you have that type of momentum, it typically benefits to not double down on that, but to invest behind that to continue the momentum and gain more of a relative market share leadership. And so our market share and market gains over the past several quarters, if we look at the growth rates and the rooftops of our competitors, has -- gaining steam substantially and our lead has been growing substantially. And in a two-sided marketplace when you have more liquidity, you become more and more valuable.

因此，在雙邊市場中，當你擁有這種勢頭時，通常不會加倍投入，而是進行投資以延續這種勢頭並獲得更多的相對市場份額領導地位。因此，如果我們看看競爭對手的成長率和發展速度，就會發現過去幾季我們的市場佔有率和市場收益都在大幅成長，我們的領先優勢也大幅擴大。在雙邊市場中，當你擁有更多的流動性時，你的價值就會越來越大。

And so the reinvestment may not be the perfect term. It's basically continuing to invest in the things that are working really well for us, like product innovation, marketing, branding, investing in our app, investing in account management to have the team, the small but mighty team, that goes into the dealerships to help them improve their performance on our platform. And we want to continue to embed ourselves deeper and deeper in a broader spectrum of the dealer workflow and a broader percentage of the consumer journey as well. So it's things that are paying off and we're going to do more.

因此，再投資可能不是一個完美的說法。它基本上是繼續投資於對我們真正有益的事情，例如產品創新、行銷、品牌建立、投資我們的應用程式、投資帳戶管理，以組建團隊，組建一支雖小但強大的團隊，進入經銷商處，幫助他們提高在我們平台上的表現。我們希望繼續更深層地融入經銷商工作流程的更廣泛領域以及消費者旅程的更廣泛的部分。所以，這些事情正在獲得回報，我們將會做得更多。

Jed, it's Sam Zales. I'll take the CarOffer question. It's a thoughtful one. And I think I'd answer it by saying we're open to considering the next revenue business models for the CarOffer business, but I want to stay in an arena where we have competitive advantage.

傑德，我是山姆‧札爾斯。我將回答有關 CarOffer 的問題。這是一個深思熟慮的問題。我想我會這樣回答：我們願意考慮 CarOffer 業務的下一個收入業務模式，但我希望留在我們具​​有競爭優勢的領域。

So my comment, I'm not sure if you heard it earlier, was the really nice bump that we've seen with new customers joining the platform and CarOffer at a greater extent that we've seen in more than a year. And I think that's completely due to this new offering of insights, and what I call them as predictive insights, at a dealer regional level to see where is CarGurus' consumer demand data suggesting there are more purchase opportunities and acquisition opportunities for those dealers.

所以我的評論是，我不確定您是否之前聽說過，我們看到新客戶加入平台和 CarOffer 的成長確實令人欣喜，其規模是我們一年多來從未見過的。我認為這完全歸功於這種新提供的見解，我稱之為預測見解，在經銷商區域層面，可以看到 CarGurus 的消費者需求數據表明這些經銷商有更多的購買機會和收購機會。

So we're looking at that as completely differentiated. So that, as a capability, sits on top of whatever we build from a transaction model longer term. The question about building an auction capability is less for me about should we just do what everybody else does in an auction.

因此，我們認為這是完全不同的。因此，作為一種能力，它處於我們長期交易模型建構之上。對我來說，關於建立拍賣能力的問題並不是我們是否應該像其他人在拍賣中所做的那樣。

It's the question I mentioned earlier, what parts of the transaction process should CarOffer own and manage themselves versus third parties or versus other partners we might work with longer term. So I'd rather not build a me-too out there in the market. I'd rather build to our strengths and things we do differently. And so you'll see us look at something like a seller-focused capability. It's interesting to note when you go out to customers, there are really no market tools for sellers in a wholesale arena to say, here's predictive analytics to think about when and who you should sell to.

這就是我之前提到的問題，交易流程的哪些部分應該由 CarOffer 自己擁有和管理，而不是由第三方或其他我們可能長期合作的合作夥伴擁有和管理。所以我寧願不在市場上打造一個『模仿者』。我寧願發揮我們的優勢，做些不同的事情。因此，您會看到我們關注的是類似以賣家為中心的能力。有趣的是，當你走向客戶時，批發領域的賣家實際上沒有市場工具可以說，這裡有預測分析來思考何時以及向誰銷售。

So again, there is something different on the data analytics front, but on the operational how does the transaction work, I couldn't tell you today we're going to rebuild an auction capability that seems farther away from using our own key strengths, but we will be looking that at that transaction model that comes from our matrix today, how do we rebuild something that becomes more profitable and scalable for the business.

因此，再說一次，在數據分析方面有一些不同，但在操作上交易是如何運作的，我今天無法告訴你我們將重建一個似乎遠離使用我們自己的關鍵優勢的拍賣能力，但我們將研究來自我們今天矩陣的交易模型，我們如何重建一個對業務來說更有利可圖和可擴展的東西。

Thank you.

謝謝。

Thank you. Ladies and gentlemen, as there are no further questions, I would now hand the conference over to Jason Trevisan, CEO, for his closing comments.

謝謝。女士們、先生們，由於沒有其他問題，我現在將會議交給執行長 Jason Trevisan 進行總結發言。

Thank you, and we would just like to thank everyone for joining us this evening. Special thanks to our global team whose hard work and commitment is what's driving all of our success, and we look forward to seeing investors and analysts on this conference circuit. Thanks, everyone.

謝謝大家，我們只想感謝大家今晚的參加。特別感謝我們的全球團隊，他們的辛勤工作和承諾是我們所有成功的動力，我們期待在本次會議上見到投資者和分析師。謝謝大家。

Thank you. Ladies and gentlemen, the conference of CarGurus, Inc., has now concluded. Thank you for your participation. You may now disconnect your lines.

謝謝。女士們、先生們，CarGurus, Inc. 的會議現已結束。感謝您的參與。現在您可以斷開線路了。