CarGurus Inc (CARG) 2025 Q2 法說會逐字稿

Good day. Welcome to the CarGurus' earnings conference call.

再會。歡迎參加 CarGurus 的收益電話會議。

Please note this event is being recorded.

請注意，此事件正在被記錄。

I would now like to turn the conference over to Kirndeep Singh, Vice President and Head of Investor Relations. Please go ahead.

現在，我想將會議交給副總裁兼投資者關係主管 Kirndeep Singh。請繼續。

Thank you, operator. Good afternoon. I'm delighted to welcome you to CarGuru's second-quarter 2025 earnings call.

謝謝您，接線生。午安.我很高興歡迎您參加 CarGuru 2025 年第二季財報電話會議。

With me on the call today are Jason Trevisan, Chief Executive Officer; and Sam Zales, President and Chief Operating Officer.

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.

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。

Information concerning those risks and uncertainties is disclosed 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.

有關這些風險和不確定性的資訊已在我們的美國證券交易委員會 (SEC) 文件中揭露，可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.

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。

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.

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. Thanks to everyone joining us today.

謝謝你，Kirndeep。感謝今天與我們一起參加的各位。

We delivered outstanding financial results in the second quarter, led by double-digit year-over-year revenue growth and expanding profitability in our US and International Marketplace businesses, reflecting strong execution across our strategic priorities.

我們在第二季度取得了出色的財務業績，其中，收入同比增長兩位數，美國和國際市場業務的盈利能力不斷提高，這反映了我們各項戰略重點的強勁執行力。

We are innovating at a greater scale for our customers, delivering data-driven, differentiated solutions that help dealers run smarter, more profitable businesses and make the car-buying journey more seamless for consumers. These efforts have continued to drive better engagement and outcomes for our customers, which is translated into stronger financial performance for our business and has reinforced our market leadership.

我們正在為客戶進行更大規模的創新，提供數據驅動的差異化解決方案，幫助經銷商更聰明地運作、提高獲利能力，並使消費者的購車之旅更加無縫。這些努力繼續為我們的客戶帶來更好的參與度和成果，從而轉化為我們業務更強勁的財務業績並鞏固了我們的市場領導地位。

We ended the second quarter above the midpoint of our forecast and guidance range for total revenue and adjusted EBITDA. Marketplace performance was a key contributor. Revenue grew 14% year over year, adding $27 million driven by the addition of 1,743 net new dealers globally; continued (inaudible) share expansion among existing customers; and improved retention. Marketplace adjusted EBITDA grew 31% year over year, underscoring continued strong operating leverage.

我們第二季的總收入和調整後 EBITDA 超過了我們預測和指導範圍的中點。市場表現是關鍵因素。營收年增 14%，增加 2,700 萬美元，這得益於全球新增 1,743 家經銷商；現有客戶份額持續擴大；以及保留率提高。市場調整後的 EBITDA 年成長 31%，凸顯了持續強勁的營運槓桿。

Our International business sustained outstanding revenue growth of 28% year over year, with momentum in both Canada and the UK.

我們的國際業務收入保持了出色的成長，年增 28%，其中加拿大和英國均呈現強勁成長勢頭。

We added 711 net new dealers year over year across the regions, while driving greater adoption of add-on products and listings upgrades. We delivered substantial year-over-year lead volume growth in both markets, driven by higher-intent consumer traffic that further reinforced our ROI advantage and strengthened our competitive position.

我們在各地區淨新增了 711 家經銷商，同時推動了附加產品的採用和清單升級。在意向消費者流量增加的推動下，我們在兩個市場的銷售線索量均實現了大幅同比增長，這進一步增強了我們的投資回報率優勢並增強了我們的競爭地位。

In the UK, we are the number 1 most-downloaded automotive app in Q2, underscoring rising consumer engagement and brand traction. In Canada, our significant and growing scale was further reinforced by a multi-year deal with AutoCanada, one of the country's largest multi-location dealership groups, which named CarGurus as its preferred digital retail and listing partner. Their commitment reflects the value of our performance-driven marketing, proprietary insights, and hands-on dealer support.

在英國，我們是第二季下載量排名第一的汽車應用程序，突顯了消費者參與度和品牌吸引力的提升。在加拿大，我們與加拿大最大的多地點經銷商集團之一 AutoCanada 達成了多年期協議，進一步鞏固了我們顯著且不斷增長的規模，AutoCanada 將 CarGurus 指定為其首選的數位零售和上市合作夥伴。他們的承諾體現了我們以績效為導向的行銷、專有見解和實際經銷商支援的價值。

Last quarter, we announced a strategic reassessment at CarGurus. That effort was prompted by the fact that rising market volatility continued to expose structural limitations in the CarOffer instant-trade transaction model, despite the advancements we've made with predictive analytics, AI-driven insights, and the many operational improvements. After that thorough assessment of strategic alternatives, we've made the decision to wind down the CarOffer transactions business.

上個季度，我們宣布對 CarGurus 進行策略性重新評估。儘管我們在預測分析、人工智慧驅動的洞察力和許多營運改進方面取得了進步，但不斷上升的市場波動繼續暴露出 CarOffer 即時交易模式的結構性限制，這促使我們做出了這項努力。在對策略替代方案進行全面評估後，我們決定逐步結束 CarOffer 交易業務。

TrueCar offers wholesale focus. We built intelligent AI-driven technology and predictive analytics that empower dealers to make smarter sourcing decisions. We saw that dealers who leveraged our insights enjoyed disproportionately better performance.

TrueCar 專注於批發業務。我們建構了智慧人工智慧驅動的技術和預測分析，使經銷商能夠做出更明智的採購決策。我們發現，利用我們的見解的經銷商獲得了更好的業績。

Going forward, while we will no longer operate the CarOffer transactions business, we will retain and continue to build on the underlying technology we created for it -- capabilities that we believe remain central to CarGurus' sourcing strategy.

展望未來，雖然我們將不再經營 CarOffer 交易業務，但我們將保留並繼續建立我們為其創建的底層技術——我們相信這些功能仍然是 CarGurus 採購策略的核心。

Our priority at CarGurus remains providing dealers with data-driven, scalable solutions that not only help them manage their businesses more intelligently but also have strong unit economics and clear competitive advantages. Therefore, our focus, going forward, will be to provide our dealers with technology and analytics that enable smarter sourcing, appraisal, stocking, and pricing but not facilitating the transactions themselves.

CarGurus 的首要任務仍然是為經銷商提供數據驅動、可擴展的解決方案，不僅可以幫助他們更聰明地管理業務，而且還具有強大的單位經濟效益和明顯的競爭優勢。因此，我們未來的重點是為我們的經銷商提供技術和分析，以實現更聰明的採購、評估、庫存和定價，但不會促進交易本身。

We believe this will continue to position us as a valuable partner to our dealers, serving an increasing set of their needs and focusing us on the types of products we have a strong track record of delivery.

我們相信，這將繼續使我們成為經銷商的寶貴合作夥伴，滿足他們日益增長的需求，並使我們專注於我們擁有良好交付記錄的產品類型。

This decision follows extensive effort and a thoughtful evaluation of alternatives by our team. And we're grateful to the CarOffer and CarGurus teams who built and supported these capabilities.

這項決定是經過我們團隊的大量努力和對替代方案的深思熟慮的評估後做出的。我們感謝建構和支援這些功能的 CarOffer 和 CarGurus 團隊。

We're working closely with the dealers who relied on CarOffer to ensure a smooth transition. More importantly, we're excited about the opportunity to partner with them on the next chapter of our sourcing strategy.

我們正在與依賴 CarOffer 的經銷商密切合作，以確保順利過渡。更重要的是，我們很高興有機會與他們合作，共同開啟我們採購策略的下一章。

With this foundational decision behind us and solid execution in Q2, we have continued to advance our three drivers of value creation. I'll now walk through our progress in each.

憑藉著這項基礎決策以及第二季的堅實執行，我們持續推動三大價值創造驅動力。現在我將介紹我們在每個方面取得的進展。

Driver one, expanding our suite of data-driven solutions across dealers' workflows to help them drive more profitable businesses. A core focus of our platform strategy is giving dealers more granular control over how they manage, price, and promote inventory to help them run more profitable businesses.

驅動力一：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。我們的平台策略的核心重點是讓經銷商更精細地控制他們如何管理、定價和推廣庫存，以幫助他們開展更有利可圖的業務。

One of the clearest signals of that is the strong sustained engagement with our Dealer Data Insights suite. Dealers are not just accessing this data frequently, they're actioning our insights across pricing, inventory mix, and marketing strategy. As of the end of Q2, nearly 18,500 dealers were subscribed to Next Best Deal Rating, our most widely adopted report.

最明顯的訊號之一就是我們對經銷商數據洞察套件的持續強勁參與。經銷商不僅經常存取這些數據，還在定價、庫存組合和行銷策略方面運用我們的見解。截至第二季末，已有近 18,500 家經銷商訂閱了我們最廣泛採用的報告《Next Best Deal Rating》。

Our more specialized reports are scaling even faster; in part, driven by successful international launches. Merchandizing Health rose nearly 30% quarter over quarter to 8,175 dealers; and [Mass Margin] grew approximately 70% quarter over quarter to 4,300 dealers.

我們的更專業化報告的擴展速度更快；部分原因是成功的國際發布。Merchandizing Health 經銷商數量較上季成長近 30%，達到 8,175 家；[Mass Margin] 經銷商數量較上季成長約 70%，達到 4,300 家。

Just as importantly, we saw a notable uptick in actions taken per dealer, with usage intensity rising across every report type. That growing engagement is translated into stronger dealer performance.

同樣重要的是，我們發現每個經銷商採取的行動顯著增加，每種報告類型的使用強度都在上升。日益增長的參與度轉化為更強勁的經銷商業績。

Historically, dealers using these insights have seen higher audience reach via [VDPs], more prospects from leads, and faster turn times, leading to higher profit potential. We believe this kind of measurable impact is driving more dealer engagement and higher attention by giving our listing customers a competitive advantage in their markets.

從歷史上看，利用這些見解的經銷商透過 [VDP] 獲得了更高的受眾覆蓋率、更多的潛在客戶以及更快的周轉時間，從而帶來了更高的利潤潛力。我們相信，這種可衡量的影響將為我們的上市客戶提供其市場中的競爭優勢，從而推動更多經銷商的參與和更高的關注。

An actionable example of giving dealers more sophisticated control of their marketing is our introduction of VIN-level targeting for both our Highlight and Real-Time Performance Marketing products, giving dealers greater precision over how they promote inventory. This added level of recommendations, coupled with granular control, is driving results.

讓經銷商對其行銷進行更精細控制的一個可行範例是，我們為亮點和即時績效行銷產品引入了 VIN 等級定位，使經銷商能夠更精確地推銷庫存。這種增加的建議層次，加上精細的控制，正在推動成果的產生。

Highlight adoption is up 33% year over year. Real-Time Performance Marketing is seeing stronger engagement and improved retention. While still early, we believe the momentum underscores clear demand for precision marketing tools.

突出顯示的採用率同比增長了 33%。即時績效行銷的參與度正在增強，保留率也在提高。雖然還處於早期階段，但我們相信這種勢頭凸顯了對精準行銷工具的明確需求。

Building even further on giving greater control to dealers is our launch of New Car Advantage in Q2, our first product specifically designed for new inventory. While the majority of our leads still go to used cars, we have the largest inventory of new vehicles when compared to other marketplaces, with over 2 million listings.

在賦予經銷商更大控制權的基礎上，我們在第二季度推出了“新車優勢”，這是我們第一款專為新庫存設計的產品。雖然我們的大部分銷售線索仍然來自二手車，但與其他市場相比，我們擁有最大的新車庫存，有超過 200 萬輛新車。

This market-leading new car inventory asset matters because 53% of shoppers begin their search undecided between new and used. According to a 2024 Clarivoy study of US-based new car shoppers, over half of all new car shoppers visited CarGurus during their shopping journey.

這一市場領先的新車庫存資產非常重要，因為 53% 的購物者在開始搜尋時還不確定是購買新車還是二手車。根據 Clarivoy 2024 年對美國新車購物者的研究，超過一半的新車購物者在購物過程中造訪了 CarGurus。

New Car Advantage gives dealers precise control to promote new inventory in the most relevant, high -traffic use searches, while also surfacing monthly payments to spotlight affordability, a key factor among used car shoppers. Early results show a 34% increase in VDP views, a double-digit lift in new car leads, and 33% more new car searches from shoppers who engage with the time.

新車優勢讓經銷商能夠精確控制在最相關、流量最大的搜尋中推廣新庫存，同時還能顯示每月付款以突出二手車購物者可負擔性這一關鍵因素。早期結果顯示，VDP 瀏覽量增加了 34%，新車銷售線索增加了兩位數，參與購物的購物者的新車搜尋量增加了 33%。

As we advance our existing dealer products and introduce new ones, we're also making it much easier for dealers to access the growing value our platform offers via major upgrades to our Dealer mobile app, a key workflow tool designed to support dealers wherever they work, whether pricing cars on the lot or monitoring performance off-site.

隨著我們改進現有經銷商產品並推出新產品，我們還透過對經銷商行動應用程式進行重大升級，使經銷商能夠更輕鬆地獲得我們平台提供的不斷增長的價值，經銷商行動應用程式是一個關鍵的工作流程工具，旨在支援經銷商在任何地方工作，無論是在停車場定價汽車還是監控場外表現。

In addition to core Dealer app functionalities such as monthly connections data, pricing notifications, VIN scanning, and real-time lead alerts, in Q2, we added two more capabilities: barcode [IMV] scanning to facilitate pricing vehicles at auction; and access to top dealer offers to enable mobile inventory intake. Our rapid expansion of Dealer app functionality has driven impressive dealer adoption, with daily active users of 71% year over year, illustrating the CarGurus' app's role as a go-to workflow tool.

除了核心經銷商應用程式功能（例如每月連接資料、定價通知、VIN 掃描和即時潛在客戶警報）之外，在第二季度，我們還增加了兩項功能：條碼 [IMV] 掃描，以方便在拍賣會上為車輛定價；以及存取頂級經銷商優惠，以實現行動庫存攝取。我們快速擴展了經銷商應用程式的功能，推動了令人印象深刻的經銷商採用，每日活躍用戶年增 71%，說明了 CarGurus 應用程式作為首選工作流程工具的作用。

Together, these innovations are deepening dealer engagement across our platform. By giving dealers more control, intelligence, and flexibility in how they manage and market inventory, we're helping them run more efficient, more profitable businesses. That value has translated into higher usage, stronger customer acquisition and retention, and a growing reliance on CarGurus' tools as part of their day-to-day workflow.

這些創新共同加深了我們平台上經銷商的參與度。透過讓經銷商在庫存管理和行銷方面擁有更多的控制權、智慧性和靈活性，我們正在幫助他們更有效率地開展業務，獲得更高的利潤。這種價值轉化為更高的使用率、更強的客戶獲取和保留，以及對 CarGurus 工具作為日常工作流程一部分的日益依賴。

Driver two, meeting the evolving needs of car shoppers by powering a more intelligent and seamless journey. We continued extending our reach across more stages of the car shopping journey, from early research to [post-lead] engagement.

驅動因素二：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。我們繼續將影響力擴展到購車過程的更多階段，從早期研究到[後期]參與。

In Q1, we launched [CG Discover], our AI-driven conversational experience designed to guide consumers toward more confident decisions. Users who engage with Discover now spend 3x more time on site compared to those who do not. Usage has grown over 70% month over month in the second quarter. Building on that momentum, we integrated CarGurus' produced video reviews into CG Discover in Q2, giving shoppers richer content to move from consideration to decision with greater confidence.

在第一季度，我們推出了 [CG Discover]，這是我們的人工智慧驅動的對話體驗，旨在引導消費者做出更自信的決定。現在，與未使用 Discover 的用戶相比，使用 Discover 的用戶在網站上花費的時間增加了 3 倍。第二季使用量較上季成長超過 70%。在此基礎上，我們在第二季度將 CarGurus 製作的影片評論整合到 CG Discover 中，為購物者提供更豐富的內容，使他們能夠更加自信地從考慮到做出決定。

To further support early-stage research, we launched our first sponsored content hub in partnership with a major OEM. The hub provides trusted resources to demystify the car buying process from model comparisons and financing insights to broader automotive trends. We believe this format builds trust and influences brand consideration at the point when consumers begin exploring their options.

為了進一步支持早期研究，我們與一家大型 OEM 合作推出了我們的第一個贊助內容中心。該中心提供可靠的資源，揭開汽車購買過程的神秘面紗，從車型比較和融資見解到更廣泛的汽車趨勢。我們相信，當消費者開始探索他們的選擇時，這種形式能夠建立信任並影響品牌考慮。

As we've expanded research tools like CG Discover and the sponsored content hub to support shoppers across more stages of their journey, traffic to our research content has grown 170-fold year over year.

隨著我們擴展 CG Discover 和贊助內容中心等研究工具以支持購物者旅程的更多階段，我們研究內容的流量比去年同期成長了 170 倍。

We also continue to invest in high-impact user experience product enhancements that make the shopping experience more intuitive and personalized. In Q2, we launched Multi-Make and Model Search on web, enabling broader exploration without narrowing the search too early, which drove a measurable increase in mobile conversion.

我們也將繼續投資於具有高影響力的使用者體驗產品增強，使購物體驗更加直覺和個人化。在第二季度，我們在網路上推出了多品牌和型號搜索，從而可以在不過早縮小搜索範圍的情況下進行更廣泛的探索，從而推動了行動轉換率的顯著增長。

On the app, which now drives one-third of our leads, we introduced several usability improvements, including a full design and performance overhaul, a redesigned save cars and (inaudible) experience, and the launch of [Dartmouth], one of our most requested features.

該應用程式目前佔據了我們三分之一的潛在客戶，我們在該應用程式上推出了多項可用性改進，包括全面的設計和性能改進、重新設計的保存汽車和（聽不清楚）體驗，以及推出我們最需要的功能之一 [Dartmouth]。

We're innovating across the consumer journey. It is translated into deeper engagement and higher intent. CarGurus has remained the number 1 most visited listing site in the US and has nearly 85 million average monthly sessions and 34 million monthly unique visitors.

我們正在整個消費者旅程中進行創新。它轉化為更深層的參與和更高的意圖。CarGurus 一直是美國訪問量最大的清單網站，每月平均訪問量接近 8,500 萬次，每月獨立訪客數為 3,400 萬次。

But our advantage goes beyond scale. Consumers now spend 74% more total minutes on our site than our closest competitor. 47% of our monthly unique visitors do not visit our competitors' sites. That engagement has driven performance.

但我們的優勢不僅僅在於規模。現在，消費者在我們網站上花費的總時間比我們最接近的競爭對手多 74%。我們每月 47% 的獨立訪客不會造訪我們競爭對手的網站。這種參與推動了績效。

CarGurus' (inaudible) sales continue to grow year over year, supported by lead growth and sustained close ranges. These gains reflect progress in addressing more consumer needs from discovery through transaction; and earning their time and trust, as a result.

在領先成長和持續緊密聯繫的支持下，CarGurus（聽不清楚）的銷售額持續逐年成長。這些收益反映了在從發現到交易的過程中滿足更多消費者需求方面取得的進展；並因此贏得了他們的時間和信任。

Driver three, enabling dealers and consumers to complete more of the transaction online, streamlining the final steps of the deal. In Q2, Digital Deal reinforced its role as a high-impact online-to-offline solution, enabling consumers to complete more of the transaction online before visiting the dealership. This creates a more seamless shopping experience for consumers and delivers more efficient, higher-intent opportunities for dealers.

驅動因素三，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。在第二季度，Digital Deal 強化了其作為高影響力的線上到線下解決方案的作用，使消費者能夠在訪問經銷店之前在線完成更多交易。這為消費者創造了更無縫的購物體驗，並為經銷商提供了更有效率、更高意圖的機會。

Adoption has grown to approximately 12,000 dealers, globally. Today, Digital Deal leads account for over 27% of a dealer's e-mail leads. By embedding high-intent actions such as applying for financing, placing a deposit, or scheduling an appointment directly into the core site experience, we're driving a higher volume of quality leads. This growth reflects rising consumer demand to do more online; and dealer preference for leads that signals stronger downfunnel intent.

全球採用此技術的經銷商已增至約 12,000 家。如今，數位交易線索佔經銷商電子郵件線索的 27% 以上。透過將申請融資、存款或安排預約等高意圖操作直接嵌入到核心網站體驗中，我們正在吸引更多優質潛在客戶。這種增長反映了消費者對線上購物日益增長的需求；而經銷商對銷售線索的偏好表明了更強的漏斗意圖。

Appointments are up 60% year over year. 47% of Digital Deal leads now include at least one high-value action. We've seen a 68% year-over-year increase in shoppers that complete the full Digital Deal submission flow.

預約量較去年同期成長 60%。 47% 的數位交易線索現在至少包含一項高價值行動。我們發現完成完整數位交易提交流程的購物者數量年增了 68%。

To build on this momentum, we introduced a pre-qualified, finance-based shopping experience that helps consumers discover vehicles they're already approved to finance. This allows shoppers to stay within budget and move forward with greater confidence.

為了保持這一勢頭，我們推出了預先審核的、基於融資的購物體驗，幫助消費者發現他們已經獲得融資批准的車輛。這使得購物者能夠在預算範圍內購物，並且更有信心地購物。

Combined with our recently built capability allowing dealers to receive full shopper credit applications directly in their finance management, these features are driving higher financing activity. Nearly 30% of Digital Deal leads now include financing. Collectively, by embedding more financing, scheduling, and decision-making tools directly into the shopping flow, we're driving stronger intent signals, higher-quality leads, and improved close rates for deals.

結合我們最近建立的功能，允許經銷商直接在其財務管理中接收完整的購物者信用申請，這些功能正在推動更高的融資活動。目前，近 30% 的數位交易線索都涉及融資。總的來說，透過將更多的融資、調度和決策工具直接嵌入購物流程中，我們可以獲得更強的意向訊號、更高品質的潛在客戶並提高交易的成交率。

Supporting more comprehensive transaction enablement in Q2 involves significantly bolstering Digital Deal's role in powering online-to-offline transactions, as well as assessing how we support dealers' wholesale sourcing and fulfillment. That latter focus is what led to our decision to wind down the CarOffer transactions business, including both dealer-to-dealer wholesale and instant max cash offer but still support their sourcing through technology, analytics, and insights.

支援第二季更全面的交易支援涉及顯著增強 Digital Deal 在推動線上到線下交易方面的作用，以及評估我們如何支援經銷商的批發採購和履行。後者的關注點促使我們決定逐步關閉 CarOffer 交易業務，包括經銷商對經銷商的批發和即時最高現金報價，但仍透過技術、分析和洞察力支持他們的採購。

The CarOffer instant-trade transaction platform performed exceptionally well during the price-rising chip shortage period. However, it has struggled in today's more volatile and unpredictable pricing environment, where dealers require more flexibility and broader automation to streamline fulfillment.

CarOffer即時交易平台在晶片價格上漲、供應短缺的時期表現出色。然而，在當今更動盪和難以預測的定價環境中，該公司陷入困境，經銷商需要更大的靈活性和更廣泛的自動化來簡化履行流程。

We believe the underlying technology, analytics, and intelligence developed to support those transactions remain valuable capabilities. Sourcing is a foundational part of the dealer workflow, deeply linked to a dealer's retail success. One where we believe CarGurus can deliver a competitively advantaged solution by continuing to provide the data connectivity and predictive intelligence that is only made possible by connecting retail and sourcing activities.

我們相信，為支持這些交易而開發的底層技術、分析和情報仍然是寶貴的能力。採購是經銷商工作流程的基礎部分，與經銷商的零售成功密切相關。我們相信，CarGurus 可以透過繼續提供只有透過連接零售和採購活動才可能實現的數據連接和預測智能，提供具有競爭優勢的解決方案。

We plan to concentrate our future sourcing offerings in two key areas which, together, we believe offer a differentiated market solution and the opportunity to create long-term value.

我們計劃將未來的採購服務集中在兩個關鍵領域，我們相信這兩個領域將共同提供差異化的市場解決方案和創造長期價值的機會。

One, we'll continue to deliver AI powered inventory intelligence through our Sourcing Insights platform, backed by the industry's largest retail data and consumer insights [mode], delivered in ways that will make it easy for dealers to act on those recommendations. These insights drove the highest usage and customer satisfaction across the CarOffer platform.

首先，我們將繼續透過我們的 Sourcing Insights 平台提供由人工智慧驅動的庫存情報，該平台以業界最大的零售數據和消費者洞察 [模式] 為後盾，以使經銷商能夠輕鬆地根據這些建議採取行動。這些見解推動了 CarOffer 平台的最高使用率和客戶滿意度。

And two, we will continue to enable consumer vehicle sourcing at scale through top dealer offers, the preferred channel for both consumers and dealers.

其次，我們將繼續透過頂級經銷商的優惠，大規模地實現消費者汽車採購，這是消費者和經銷商的首選管道。

These decisions will allow us to leverage our retail and wholesale data to provide differentiated sourcing offerings to dealers that we believe have proven product-market-fit and clear alignment with our platform capabilities.

這些決策將使我們能夠利用我們的零售和批發數據，為經銷商提供差異化的採購產品，我們相信這些產品已經證明適合市場並與我們的平台能力明確一致。

In Q2, we delivered strong performance while realigning our focus around our core capabilities and ability to differentiate, where our data, technology, and audience enable us to deliver tremendous value to customers, which we believe will help drive predictable and growing financial results. We're building with greater precision across the platform to help dealers operate more efficiently across their workflows and empower consumers to navigate their journey with greater clarity and control.

在第二季度，我們取得了強勁的業績，同時重新調整了我們對核心能力和差異化能力的關注，我們的數據、技術和受眾使我們能夠為客戶提供巨大的價值，我們相信這將有助於推動可預測和不斷增長的財務業績。我們正在整個平台上進行更精確的構建，以幫助經銷商在其工作流程中更有效率地運營，並使消費者能夠以更清晰和可控的方式駕馭他們的旅程。

As we enter the second half of the year, we plan to execute against a clear set of priorities, align capital to our strongest product foundations, and invest in the parts of the platform positioned to drive durable, profitable growth.

進入下半年，我們計劃執行明確的優先事項，將資本與我們最強大的產品基礎相匹配，並投資於平台中能夠推動持久盈利增長的部分。

Now, let me walk through our second-quarter financial results, followed by our guidance for the third-quarter of 2025.

現在，讓我介紹一下我們的第二季財務業績，然後介紹我們對 2025 年第三季的預測。

The second-quarter of total revenue was $234 million, up 7% year over year, just above the midpoint of our guidance range, as double-digit year over year growth in our Marketplace business was partly offset by declining wholesale and product volumes.

第二季總收入為 2.34 億美元，年增 7%，略高於我們預期範圍的中點，因為我們的 Marketplace 業務同比增長兩位數，但批發和產品銷量下降部分抵消了這一增長。

Marketplace revenue was $222 million for the second quarter, up 14% year over year, in line with the midpoint of our guidance range. Marketplace revenue growth was driven by strength in our subscription-based listings revenue.

第二季市場營收為 2.22 億美元，年增 14%，符合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清單收入的強勁成長。

In Q2, US (inaudible) grew 9% year over year. We added 1,032 paying US dealers year over year, marking six straight quarters of positive net dealer ads, as well as the second consecutive quarter of the highest year-over-year dealer growth since before the pandemic. While this rapid dealer growth can moderate the pace of (inaudible) expansion, these trends underscore our ability to grow our footprint while increasing wallet share across our expanding base, driven by upgrades, broader adoption of add-on products, like-for-like price increases, and higher lead quantity and quality.

第二季度，美國（聽不清楚）年增 9%。我們比去年同期增加了 1,032 家付費美國經銷商，這是連續六個季度實現經銷商淨廣告正增長，也是自疫情爆發以來連續第二個季度實現經銷商同比最高增長。雖然經銷商的快速成長可能會減緩（聽不清楚）擴張的速度，但這些趨勢凸顯了我們擴大業務範圍的能力，同時在不斷擴大的客戶群中增加錢包份額，這得益於升級、附加產品的更廣泛採用、同類價格上漲以及更高的領先數量和質量。

Our International business continued to demonstrate strong growth in the second quarter, with revenue up 28% year over year. International (inaudible) up 19% year over year.

我們的國際業務在第二季度持續呈現強勁成長，營收年增28%。國際（聽不清楚）年增 19%。

Wholesale revenue was approximately $6 million for the second quarter, down 52% year over year. Product revenue was roughly $6 million for the second quarter, down 45% year over year. These declines were driven by transaction volume decreasing 55% year over year.

第二季批發收入約 600 萬美元，年減 52%。第二季產品營收約 600 萬美元，年減 45%。造成這一下降的原因是交易量比去年同期下降了 55%。

I will now discuss our profitability and expenses on a non-GAAP basis.

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。

Second-quarter non-GAAP gross profit was $207 million, up 14% year over year. Non-GAAP gross margin was 89%, up approximately 510 basis points year over year.

第二季非公認會計準則毛利為 2.07 億美元，較去年同期成長 14%。非公認會計準則毛利率為89%，較去年同期上升約510個基點。

The year-over-year margin expansion continued to be driven primarily by the revenue mix shift toward our higher-margin Marketplace business. Marketplace non-GAAP gross profit was up 13% year over year and non-GAAP gross margin was roughly flat at 93%.

利潤率的同比擴大仍然主要得益於收入結構向利潤率更高的市場業務的轉變。市場非公認會計準則毛利年增 13%，非公認會計準則毛利率基本持平於 93%。

In our Digital Wholesale segment, non-GAAP gross margin was up about 460 basis points year over year.

在我們的數位批發部門，非公認會計準則毛利率年增約 460 個基點。

On a consolidated basis, adjusted EBITDA was above the midpoint of our guidance range at approximately $77 million, up 39% year over year. Adjusted EBITDA margin was 33%, up about 760 basis points year-over-year, reflecting the strong revenue growth and operating leverage.

綜合來看，調整後的 EBITDA 高於我們預期範圍的中點，約 7,700 萬美元，較去年同期成長 39%。調整後的 EBITDA 利潤率為 33%，較去年同期成長約 760 個基點，反映了強勁的營收成長和經營槓桿。

Marketplace adjusted EBITDA grew 31% year over year to approximately $80 million, with margin of about 470 basis points year over year. The higher margins were driven by leverage across our operating cost base.

市場調整後的 EBITDA 年成長 31% 至約 8,000 萬美元，利潤率年增約 470 個基點。更高的利潤率是由我們整個營運成本基礎的槓桿作用所推動的。

Digital Wholesale adjusted EBITDA loss was approximately $3 million. The decline was driven by the year-over-year decline in transaction volumes and deteriorating unit margins.

Digital Wholesale 調整後的 EBITDA 損失約為 300 萬美元。下降的原因是交易量年減以及單位利潤率下降。

Moving to OpEx, our second-quarter consolidated non-GAAP operating expenses totaled $136 million ,up 3% year over year. The year-over-year change primarily reflects higher general and administrative and sales and marketing expenses, partly offset by modestly lower product and technology expense.

轉向營運支出，我們第二季合併非 GAAP 營運支出總計 1.36 億美元，較去年同期成長 3%。與去年同期相比的變化主要反映了更高的一般及行政開支和銷售及行銷開支，但部分被略低的產品及技術開支所抵消。

During the second quarter, we recorded $32.6 million in total impairment charges associated with our CarOffer business. The impairment charge included $2.9 million (inaudible) in cost of revenue and $29.6 million in operating expenses in the Digital Wholesale segment.

在第二季度，我們記錄了與 CarOffer 業務相關的總計 3,260 萬美元的減損費用。減損費用包括數位批發部門的 290 萬美元（聽不清楚）收入成本和 2,960 萬美元營運費用。

Non-GAAP diluted earnings per share attributable to common stockholders was $0.57 for the second quarter, up $0.18 for 46% year over year, reflecting primarily the increase in adjusted EBITDA and lower diluted share count.

第二季非公認會計準則下普通股股東每股稀釋收益為 0.57 美元，年增 0.18 美元，增幅達 46%，主要反映調整後 EBITDA 的成長和稀釋股數的減少。

We ended the second quarter with $231 million in cash and cash equivalents, an increase of $58 million from the end of the first quarter. The higher cash balance was primarily driven by higher adjusted EBITDA, as well as working capital inflows of about$ 4 million, partly offset by $8 million in CapEx and capitalized website development costs.

我們第二季末的現金和現金等價物為 2.31 億美元，比第一季末增加了 5,800 萬美元。現金餘額增加主要得益於調整後 EBITDA 增加以及約 400 萬美元的營運資金流入，但 800 萬美元的資本支出和資本化網站開發成本部分抵消了這一影響。

I will now close my prepared remarks with our guidance and outlook for the third-quarter 2025.

現在，我將以我們對 2025 年第三季的指導和展望來結束我的準備好的發言。

Due to the wind down of CarOffer, we will no longer be guiding to consolidated revenue and consolidated adjusted EBITDA. Instead, we are guiding to Marketplace revenue and Marketplace adjusted EBITDA, as that is representative of our go-forward operations.

由於 CarOffer 的逐漸停產，我們將不再指導合併收入和合併調整後 EBITDA。相反，我們以市場收入和市場調整後的 EBITDA 為指導，因為這代表了我們未來的營運。

We expect third-quarter Marketplace revenue to be in the range of $228 million to $233 million, up between 12% and 14% year over year, respectively. Last quarter, we guided to exit the year at a low-double-digit growth rate. We are now tracking modestly ahead of where we previously expected we'd be.

我們預計第三季 Marketplace 營收將在 2.28 億美元至 2.33 億美元之間，年增 12% 至 14%。上個季度，我們預計今年的成長率將達到低兩位數。我們現在的進展略高於我們之前預期的水平。

From the third quarter, we expect our non-GAAP Marketplace adjusted EBITDA to be in the range of $76.5 million to $84.5 million, up between 9% and 20% year over year, respectively.

從第三季開始，我們預計非 GAAP 市場調整後的 EBITDA 將在 7,650 萬美元至 8,450 萬美元之間，年增 9% 至 20%。

Our guide reflects Marketplace absorbing approximately $1 million in ongoing quarterly CarOffer expenses as a result of the wind down.

我們的指南反映出，由於業務逐漸減少，Marketplace 將吸收 CarOffer 每季約 100 萬美元的持續費用。

At the midpoint of the EBITDA range, we expect margins to contract modestly on a sequential basis. As we explained last quarter, Q3 will include sequentially higher investments in sales and marketing, international and product innovation. We still expect annualized margin expansion in 2025, relative to 2024.

在 EBITDA 範圍的中點，我們預期利潤率將環比小幅收縮。正如我們上個季度所解釋的那樣，第三季將在銷售和行銷、國際和產品創新方面持續增加投資。相對於 2024 年，我們仍預期 2025 年的年化利潤率將會擴大。

We expect to substantially complete the wind-down activities related to the CarOffer transactions business in the second half of 2025. We expect to incur total wind-down related charges in the range of $14 million to $19 million.

我們預計將在 2025 年下半年基本完成與 CarOffer 交易業務相關的清算活動。我們預計清算相關費用總額將在 1,400 萬美元至 1,900 萬美元之間。

We expect third-quarter non-GAAP consolidated earnings per share to be in the range of $0.50 to $0.58, up between 14% and 32% year over year, respectively; and diluted weighted average common shares outstanding to be approximately 101 million.

我們預計第三季非公認會計準則合併每股盈餘將在 0.50 美元至 0.58 美元之間，較去年同期分別成長 14% 至 32%；稀釋加權平均流通普通股約為 1.01 億股。

Finally, I'm pleased to share that with only $15.5 million remaining under our $200 million 2025 share repurchase authorization, the Board has approved a $150 million increase to the existing program, reinforcing our commitment to returning capital to stockholders and our confidence in the strength of our performance, balance sheet, and disciplined capital allocation strategy. The authorization is available through July 31, 2026. Since the fourth quarter of 2022, we have repurchased nearly 25 million shares at an average price of $22.39 for a total of about $553 million.

最後，我很高興地告訴大家，在我們 2025 年 2 億美元股票回購授權僅剩 1550 萬美元的情況下，董事會已批准將現有計劃增加 1.5 億美元，這加強了我們向股東返還資本的承諾，並增強了我們對我們的業績、資產負債表和嚴謹的資本配置策略的信心。該授權有效期至 2026 年 7 月 31 日。自 2022 年第四季以來，我們以平均 22.39 美元的價格回購了近 2,500 萬股，總額約為 5.53 億美元。

With that, let's open the call for Q&A.

現在，讓我們開始問答環節。

Thank you. Ladies and gentlemen, we will now begin the question-and-answer session.

謝謝。女士們、先生們，我們現在開始問答環節。

(Operator Instructions)

（操作員指示）

Chris Pierce, Needham & Company.

克里斯·皮爾斯（Chris Pierce），Needham & Company。

Hey. Good afternoon, everyone.

嘿。大家下午好。

I was just curious, how should we think about dealer count, revenue per dealer? The way it lines up into Marketplace revenue growth with your existing product suite? Or the need to drive adoption of yet-to-be-introduced products. I just want to get a sense of the white space available.

我只是好奇，我們該如何考慮經銷商數量和每個經銷商的收入？它如何與您現有的產品套件一起適應市場收入成長？或需要推動尚未推出的產品的採用。我只是想了解一下可用的空白空間。

You hit on it with Digital Deal being (inaudible) [12,000] dealers versus [33,000], total. But I just want to get a sense of white space with your current product suite.

您說的是，Digital Deal 的經銷商數量為（聽不清楚）[12,000] 名，而總數為 [33,000] 名。但我只是想了解一下您目前產品套件的空白之處。

Sure. Hey, Chris. It's Jason.

當然。嘿，克里斯。是傑森。

There's a lot of opportunity and runway for our existing products. We have given some cross-sell penetration data around some of our products. But among our core and not (inaudible).

我們現有的產品有許多機會和發展空間。我們給出了一些產品的交叉銷售滲透數據。但在我們的核心中，（聽不清楚）。

And so among our core 26,000-ish paying dealers in the US, there's certainly runway for that among the 42,000 or so total [rooftops] in the country, just on a core product basis.

因此，在我們位於美國的 26,000 家核心付費經銷商中，僅從核心產品角度來看，在全國 42,000 家左右的 [屋頂] 中肯定存在這樣的發展空間。

And then, among our other products, or other [à la carte] monetizable products, we have a lot of runway -- over 50% runway on most of our cross-sell products.

然後，在我們的其他產品或其他可貨幣化產品中，我們擁有大量的跑道——大多數交叉銷售產品的跑道超過 50%。

From a [DDI] perspective and just getting dealers to use and engage with and get addicted to our insights and analytics, we gave some of those numbers in the call today. Next Best Deal Rating is the highest at 18,000; the others are much lower. So you have a good sense of runway there.

從 [DDI] 的角度來看，只是為了讓經銷商使用、參與並沉迷於我們的見解和分析，我們在今天的電話會議中提供了一些數字。下一個最佳交易評級最高，為 18,000；其他的則低得多。所以你對那裡的跑道有很好的感覺。

And then, as we introduce new products and features but also new data and insights. -- those that we feel good about the pipeline of those -- we've shown that we can gain adoption. And so we're excited about the product pipeline, coupled with just how much engagement we're seeing from dealers now.

然後，當我們推出新產品和新功能以及新數據和見解時——我們對這些產品的管道感到滿意——我們已經證明我們可以獲得採用。因此，我們對產品線以及現在經銷商的參與度感到非常興奮。

I think in this market, they are very eager and hungry for things that can help them navigate the market: predictive analytics, which we're delivering to them; and things like Vin-level targeting in new cars -- so all of these are very welcome opportunities for them.

我認為在這個市場中，他們非常渴望能夠幫助他們駕馭市場的東西：我們為他們提供的預測分析；以及新車的 Vin 級別定位之類的東西——所以所有這些對他們來說都是非常受歡迎的機會。

Okay. Perfect. And then, just one on macro. I appreciate it. No one has a crystal ball. But what's the right way to think about increasing new supply, as (inaudible) come back. It's definitely gotten more competitive out there for dealers but how do you think about what the future might look like, as you have these products to help dealers get smarter and there's an overall pool of growing pool of vehicles for them to finally sell?

好的。完美的。然後，只討論巨集。我很感激。沒有人擁有水晶球。但是，隨著（聽不清楚）的回歸，如何正確思考增加新供應？經銷商面臨的競爭確實變得更加激烈了，但是您如何看待未來的情況？因為您擁有這些產品來幫助經銷商變得更加智能，而且最終他們可以銷售的車輛數量也在增加。

Yeah. Totally. Used inventory is up year over year. But it's not where it was pre-COVID. And so we think there's still runway for it.

是的。完全。二手庫存逐年增加。但現在的情況已不及新冠疫情之前。因此我們認為它仍有發展空間。

As you've heard us often say, the best way to make money selling a car is to buy it right. And so that's why we're so excited about the sourcing intelligence that we talked about -- having built a CarOffer -- because the CarOffer dealers that used it there showed how much they appreciated it and how well it worked for them.

正如您經常聽到我們說的那樣，賣車賺錢的最佳方法就是買對車。這就是為什麼我們對我們談到的採購情報（建立 CarOffer）如此興奮的原因，因為在那裡使用它的 CarOffer 經銷商表現出了他們對此的讚賞以及它對他們的幫助有多大。

And so if we can parlay that into the much broader base of the 26,000 paying dealers, then we think there's a huge upside there.

因此，如果我們能夠將其轉化為 26,000 名付費經銷商的更廣泛的基礎，那麼我們認為這將帶來巨大的好處。

Okay. I'll pass it along.

好的。我會傳達的。

Thank you.

謝謝。

Rajat Gupta, J.P. Morgan.

摩根大通的 Rajat Gupta。

Great. Thanks for taking the question. I just wanted to ask one, just following up on Chris' question, just a little more broader macro-type question.

偉大的。感謝您回答這個問題。我只是想問一個問題，只是跟進克里斯的問題，只是一個更廣泛的宏觀類型的問題。

Given we have a little more certainty around the tariffs, the manufacturers have some certainty, the dealers perhaps have more certainty, are you seeing some easing in terms of anxiety when it comes to how your customers are viewing the backdrop, going forward? Are they more willing to open up their budgets and just have more clarity on those budgets? Are you starting to see that, with your salesforce on the ground, they're more willing to have those conversations and just go ahead with the subscription?

鑑於我們對關稅有了更多的確定性，製造商也有一定的確定性，經銷商可能也有更多的確定性，當談到您的客戶如何看待未來的背景時，您是否看到他們的焦慮有所緩解？他們是否更願意公開自己的預算，並對這些預算有更清楚的認知？您是否開始發現，有了您的銷售人員，他們更願意進行這些對話並繼續訂閱？

I'm just curious to get a thoughts on, like, what your customers are telling you. And I have a quick follow-up there.

我只是好奇想知道您的客戶對您說了什麼。我對此有一個快速的跟進。

Thanks for the question. There might be a little more certainty on tariffs that might ease some anxiety. But I wouldn't say that they have gone by any means.

謝謝你的提問。關稅可能會更加確定一些，從而緩解一些焦慮。但我不會說他們已經離開了。

Tariffs have played a little bit with consumer demand. They created a pull-forward in March and April. They're creating another. And then, that evaded. There's another bit of a pull-forward now, with consumers being concerned about tariffs.

關稅對消費者需求產生了一定影響。他們在三月和四月創造了一種提前效應。他們正在創造另一個。然後，就躲避了。現在又出現了提前的現象，因為消費者擔心關稅。

Tariffs have not really translated into new car price increases, except you're also hearing the OEMs in their earnings talk about the magnitude of the losses that they're incurring as a result of tariffs. And so we do think that at some point, something will need to get absorbed somewhere.

關稅實際上並沒有導致新車價格上漲，只是你也會聽到原始設備製造商在其收益中談論由於關稅而遭受的損失規模。因此我們確實認為，在某個時候，某些東西需要在某個地方被吸收。

And so I think consumers are feeling uncertain. But on top of that, you still have really high interest rates. You have used car prices that are higher than they were a year ago. You've got elevated inventory.

所以我認為消費者感到不確定。但除此之外，利率仍然很高。您的二手車價格比一年前更高。您的庫存已經增加。

Our days-on-market are pretty steady. And so dealers certainly feel as though there's still remaining uncertainty on new. They've got a lot of news. They're priced high. And so they need to move those. I think that those are some of the macro factors that are driving some of the adoption of DDI.

我們的上市天數相當穩定。因此，經銷商肯定感覺到新產品仍有不確定性。他們有很多新聞。它們的價格很高。所以他們需要移動它們。我認為這些是推動採用 DDI 的一些宏觀因素。

And then, as we've talked about here, when dealers feel that it will be hard to sell cars, they will work with marketing partners like us. We think we're in a good spot at the market leader, as we're growing engagement in our insight with our insight. We continue to base the core of our value proposition on ROI that we're in a really good spot for dealers, given the macro.

然後，正如我們在這裡討論的那樣，當經銷商覺得汽車很難賣出去時，他們就會與像我們這樣的行銷合作夥伴合作。我們認為我們在市場領先地位上處於有利地位，因為我們正在透過洞察力不斷提高我們的洞察力。我們的價值主張的核心繼續建立在投資報酬率上，考慮到宏觀經濟形勢，我們對經銷商來說處於非常有利的地位。

I think the macro will remain somewhat uncertain for a while.

我認為宏觀經濟在一段時間內仍會有一定的不確定性。

Got it. No. That's helpful. Just, again, zooming out even more, wanted to talk about Agentic AI. (inaudible) launch today, just with the rise of these tools that can search and transact on behalf of users, how do you see this affecting your Marketplace model or other plans to integrate or partner with such tools, just to stay central in the car-buying journey?

知道了。不。這很有幫助。再一次，進一步擴大範圍，我想談談 Agentic AI。 （聽不清楚）今天推出，隨著這些可以代表用戶進行搜尋和交易的工具的興起，您認為這會對您的市場模型或其他計劃產生什麼影響，以整合或與此類工具合作，只是為了在購車過程中保持中心地位？

Just curious to get a thought on how you see yourself participating, navigating, as this evolves. Thanks.

我只是好奇地想知道，隨著事態的發展，您如何看待自己參與和引導。謝謝。

Sure. A lot of thoughts on this. I would say, first of all, that our CG Discover that that we talked about that you can use on our site, it is certainly a step in that direction. It is far more than taking freeform search and applying it to [SRP] filters. Our AI discovers -- or CG Discover, rather, is truly autonomous. It's conversational. It uses reasoning. It sticks with the user across multiple steps. And so that is starting to get to more of an advisor to a consumer doing a search.

當然。對此有很多想法。首先我想說，我們之前談到的 CG Discover 可以在我們的網站上使用，這無疑是朝著這個方向邁出的一步。它遠不止是採用自由形式搜尋並將其應用於 [SRP] 過濾器。我們的 AI 發現——或者更確切地說是 CG Discover，是真正自主的。這是對話式的。它使用推理。它會在多個步驟中跟隨使用者。因此，這開始更多地成為進行搜尋的消費者的顧問。

More broadly speaking, how AI plays into what we're doing, in particular, say with audience acquisitions, we're using AI, embracing it deeply on our existing channels, that's leading to terrific efficiency for us. We're honing our generative engine optimization. That involves both tactical and mechanical things, as well as making our data more accessible.

更廣泛地說，人工智慧如何影響我們正在做的事情，特別是在受眾獲取方面，我們正在使用人工智慧，並將其深入到我們現有的管道中，這為我們帶來了極高的效率。我們正在完善我們的生成引擎優化。這涉及戰術和機械方面，以及使我們的數據更易於存取。

And then, AI on our site and coupled with direct traffic, is -- we think all about the consumer experience. An important part about the consumer experience, which includes having content for upper funnel and AI Discover, as well as improving the point of decision and reaching out to a dealer, an important part of that is actually engagement from dealers.

然後，我們網站上的人工智慧與直接流量結合，我們考慮的都是消費者體驗。消費者體驗的一個重要部分，包括為上層漏斗和 AI Discover 提供內容，以及改善決策點和聯繫經銷商，其中重要的一部分實際上是經銷商的參與。

And so the trust that dealers have with us and the engagement they have with us, the data they provide us that we wrap into our whole user experience creates a lot of trust with consumers. That's really important because it's hard to get in horizontal, even Agentic AI.

因此，經銷商對我們的信任、他們與我們的互動以及他們向我們提供的數據（我們將其融入整個用戶體驗）為消費者帶來了極大的信任。這非常重要，因為很難進入水平狀態，即使是 Agentic AI 也是如此。

And then, the last piece I'd say is that there is an important human layer to shopping for something like a car. There is a motion to it. There is bespoke opinions and feelings about cars and houses and things like that that is hard to capture in an AI experience. We've seen that on [DLAs] at Google for a while. It serves a certain purpose. But the really deep embedded emotional experience that a consumer goes through on our site is tough to replicate.

最後我想說的是，當購買汽車之類的東西時，有一個重要的人性層面。有一項動議。人們對於汽車、房屋等事物有著客製化的意見和感受，而這些在人工智慧體驗中很難捕捉。我們已經在 Google 的 [DLA] 上看到過這種情況有一段時間了。它有一定的用途。但消費者在我們的網站上經歷的真正深層的情感體驗是很難複製的。

Got it. Great. Thanks for the talk there. Good luck.

知道了。偉大的。感謝您的談話。祝你好運。

Joe Spak, UBS.

瑞銀的喬·斯帕克。

Thanks. Just, first one, just clarification: so all the costs related to the wind down of our offer are excluded. Not to parse words but I think you said $14 million to $19 million of expense in the second half. There's language about a significant portion of the cash payments.

謝謝。首先，只是澄清一下：因此，與我們的報價結束相關的所有費用均被排除在外。不是要分析詞語，但我認為您說的是下半年的支出為 1400 萬至 1900 萬美元。有關於很大一部分現金支付的語言。

But are the cash payments equal to that expense or are there also some non-cash write downs in that number? That million dollars, quarterly, you talk about being absorbed into their main business, can that be brought down over time?

但是現金支付是否等於該支出或該數字中是否也有一些非現金減記？您說每季一百萬美元都會被吸收到他們的主要業務中，那麼隨著時間的推移，這個數字會降低嗎？

I'll take the latter part first. The million dollars er quarter estimate is our estimate of recurring expenses that will be absorbed in the Marketplace business. And so think of that as recurring. There's some things in there that have an end date in the future. But for now, think of them as recurring.

我先講後面的部分。每季百萬美元的估計是我們對市場業務將吸收的經常性費用的估計。所以，可以認為這是重複發生的。其中有些事情在未來有一個結束日期。但就目前而言，請將它們視為重複出現的。

In terms of the breakdown of the estimated $14 million to $19 million, approximately $5 million to $7 million of that is one-time restructuring costs, severance, and other related costs. Another $8 million to $10 million is actual wind-down operations. So think of that as near-term burn that we said we expect to be substantially wrapped up in the second half of this year. And then, the final $1 million to $2 million is in non-cash charges like brand amortization, cap, debt, inventory, et cetera.

在預計的 1,400 萬至 1,900 萬美元的明細中，約有 500 萬至 700 萬美元是一次性重組成本、遣散費和其他相關費用。另外 800 萬至 1000 萬美元是實際的清盤行動。因此，請將其視為短期燒錢，我們預計今年下半年將基本解決這個問題。然後，最後的 100 萬到 200 萬美元是非現金費用，例如品牌攤提、上限、債務、庫存等。

Okay. Super helpful. Thank you.

好的。超有幫助。謝謝。

Jason, when I first asked about Amazon, I think all the way back on your fourth-quarter '24 call, you said you would never underestimate them as a formal competitor but that you found it understandable that they'd focus on new vehicles to start and that's a cleaner market value chain and that use is quite different.

傑森，當我第一次問到亞馬遜時，我想早在你 24 年第四季的電話會議上，你就說過你永遠不會低估他們作為正式競爭對手的地位，但你認為他們專注於啟動新車是可以理解的，這是一個更清潔的市場價值鏈，而且用途非常不同。

And so with the recent news that they're moving into using CPO, just wondering if we can get your updated thoughts there on them as a competitive threat or change the competitive landscape and maybe if you have any feedback you can share from dealers or customers that you've heard from on their initiatives. Thanks.

因此，根據最近有消息稱他們正在轉向使用 CPO，我只是想知道我們是否可以了解您對他們作為競爭威脅或改變競爭格局的最新看法，也許您可以分享您從經銷商或客戶那裡聽到的有關他們舉措的反饋。謝謝。

Sure. I'll take the start of this. And then, Sam ,if you want to share what we've heard from some of our dealer partners.

當然。我將開始做這件事。然後，山姆，如果你想分享我們從一些經銷商合作夥伴那裡聽到的消息。

Yeah. I will continue to say that we nor anyone else should underestimate Amazon ever. We do, though, think that we have some really strong moats. We're clearly watching what they're doing and are aware that they've launched used cars in the LA region.

是的。我會繼續說，我們或任何其他人都不應該低估亞馬遜。但我們確實認為我們擁有一些非常堅固的護城河。我們清楚地關注著他們的一舉一動，並且知道他們已經在洛杉磯地區推出了二手車。

We do think that we have some really strong moats in a two-sided marketplace that include our selection, our data and as I was talking about in the last question, just trust from dealers and engagement from dealers. That creates, really, a mutually beneficial experience in both dealers and consumers, feeling as though it's trusted and what they're getting is quality and high-quality leads and high-quality introductions to dealers.

我們確實認為，我們在雙邊市場中擁有一些非常強大的護城河，包括我們的選擇、我們的數據，以及正如我在上一個問題中提到的，來自經銷商的信任和經銷商的參與。這確實為經銷商和消費者創造了一種互惠互利的體驗，讓他們感到值得信賴，並且他們獲得的是優質、高品質的銷售線索和高品質的經銷商介紹。

Building up the dealer ecosystem is not insignificant. It requires them to want to buy in and to be willing to trust.

建立經銷商生態系意義重大。這需要他們願意購買並願意信任。

For consumers, vehicle purchase is, as I also just said, a very emotional and time-intensive iterative process. We think we have done a really good job of that, with practical things like selection and transparency and data. But also, having been doing this for a long time, we know how consumers shop. And so we're increasingly personalizing the experience, personalizing the journey, and just making it a good overall experience, with really high [NPFs].

對於消費者來說，購買汽車，正如我剛才所說，是一個非常情緒化且耗時反覆的過程。我們認為我們在這方面做得非常好，包括選擇、透明度和數據等實際方面。而且，由於我們從事這一行業很長一段時間了，我們知道消費者是如何購物的。因此，我們越來越個性化體驗，個性化旅程，讓它成為一個良好的整體體驗，具有真正高的[國家糧食計劃署]

And so while we would never discount any competitor, we also think that by leaning into that experience and the two sides -- the trust between the two sides -- we feel good about where we stand today. But we will continue to watch them and every other consumer.

因此，雖然我們永遠不會低估任何競爭對手，但我們也認為，透過依靠這種經驗和雙方——雙方之間的信任——我們對今天的立場感到滿意。但我們會繼續關注他們和其他每一位消費者。

We've long known that they're going to -- they've said they're going to move into use. And so we were expecting this.

我們早就知道他們將會——他們已經說過他們將要投入使用。我們也預料到了這一點。

Sam, do you want to talk much about what we've heard from dealers or do you want me to keep going?

薩姆，你想詳細談談我們從經銷商那裡聽到的內容嗎？還是你想讓我繼續說下去？

Joe, I'd only add that we, obviously, are very vigilant about the competition. We're really proud of where we are in the marketplace, right now. Jason said it well. The liquidity of our marketplace because of that consumer and dealer trust that we've created and the constant use of data to make each side more effective and efficient in the purchase process is what makes us different.

喬，我只想補充一點，我們顯然對競爭非常警覺。我們對於目前在市場上的地位感到非常自豪。傑森說得很好。由於我們建立了消費者和經銷商的信任，我們的市場具有流動性，我們不斷使用數據來提高購買過程中雙方的效率和效果，這就是我們的與眾不同之處。

Customs that we've talked to -- and we keep very tight to the Hyundai community that is working with Amazon -- have said it's low volume. That's the feedback we're getting, so far. But we'll remain vigilant to watch out for it.

我們接觸過的顧客——我們與和亞馬遜合作的現代汽車社群保持著密切聯繫——都表示銷量很低。這是我們目前收到的回饋。但我們會保持警惕，注意防範。

Reminder too that consumers want both online and in-store experiences. So the push to partnering with dealers is what we've honed over the years. You see the Digital Deal effort in our business. It drives the consumer down funnel; but then, into the dealership, more ready for the purchase.

也要提醒的是，消費者希望同時獲得線上和店內體驗。因此，多年來我們一直致力於與經銷商建立合作關係。您可以看到我們業務中的數位交易努力。它促使消費者進入漏斗底部；然後，進入經銷店，準備購買。

I think that's the typical process we've honed to feel very strong about our competitive position in the marketplace.

我認為這是我們磨練出來的典型流程，讓我們在市場上擁有強大的競爭地位。

Thanks. I appreciate it.

謝謝。我很感激。

Marvin Fong, BTIG.

Marvin Fong，BTIG。

Great. Thanks for taking my questions. I apologize. I hopped on a little bit late.

偉大的。感謝您回答我的問題。我很抱歉。我稍微晚了一點。

But understand that you're winding down CarOffer and the limitations of that platform. Just would love to know, though, how do you plan to continue to attack the dealer side of the business.

但要明白，您正在逐步淘汰 CarOffer 及其平台的限制。我只是想知道，您計劃如何繼續攻擊經銷商方面的業務。

I understand you still have top dealer offer. But in terms of addressing the [D2D] space, is that something you will be finding an alternative way to do?

我知道您仍然有頂級經銷商的報價。但是就解決 [D2D] 空間而言，您是否會尋找其他方法來實現這一點？

That's my first question. I have a follow-up.

這是我的第一個問題。我有一個後續問題。

Marvin, thanks. It's Sam Zales. I'll jump in and let Jason follow on.

馬文，謝謝。我是山姆·札爾斯。我會先加入，然後讓傑森繼續。

We absolutely do plan to provide DTD capabilities that we already have been providing in the sourcing arena. You said it well. We're providing top dealer offer, which -- we're really proud of the growth of that business and expect that it will continue to be or believe that that will continue to be an important channel for dealers to access consumer vehicles.

我們確實計劃提供我們已經在採購領域提供的 DTD 功能。你說得很好。我們提供頂級經銷商優惠，我們對該業務的成長感到非常自豪，並預計它將繼續或相信它將繼續成為經銷商獲取消費者車輛的重要管道。

But in the arena of sourcing, the biggest learnings, out of the CarOffer platform, for us was we truly believe we have differentiation in the data-driven technology tools and insights we provide in the sourcing arena, which allows you to help dealers provide insights for inventory management and pricing, which ties very directly from Wholesale to Retail, our core business.

但在採購領域，我們從 CarOffer 平台獲得的最大收穫是，我們堅信我們在採購領域提供的數據驅動技術工具和見解具有差異化，這可以幫助經銷商提供庫存管理和定價方面的見解，這與我們的核心業務——批發和零售——直接相關。

I think the real differentiation here is predictive analytics. That's what we see is differentiated in the marketplace. Why predictive? One, we provide more information on consumer demand than any other marketplace in the in the industry. So where is that consumer demand going in a local market? What are the turn times and market-day supply in those markets so we can optimize stocking experiences for our dealers and help them find the vehicles that will make the biggest difference in their profitability?

我認為這裡真正的差異在於預測分析。這就是我們在市場上看到的差異化。為什麼要預測？首先，我們提供的有關消費者需求的資訊比業內任何其他市場都多。那麼當地市場的消費需求走向何方？這些市場的周轉時間和市場日供應量是多少，以便我們可以優化經銷商的庫存體驗，並幫助他們找到對其盈利能力影響最大的車輛？

Number two, retail pricing. We have more information with more inventory on retail pricing than any marketplace. And so the effort there is to help dealers get the spread that they need or loss mitigation on the vehicles they're holding to know what they can do with those vehicles in the market and price them effectively to win.

第二，零售定價。我們擁有比任何市場都多的零售定價資訊和庫存。因此，我們的努力是為了幫助經銷商獲得他們所需的價差或減少他們所持有車輛的損失，以便了解他們可以在市場上對這些車輛做什麼，並有效地定價以贏得勝利。

So we think that inventory management and pricing in our intelligence and our predictive analytics is going to be differentiated and continue to be an important part of our offering in the sourcing arena.

因此，我們認為，我們的情報和預測分析中的庫存管理和定價將會有所差異，並繼續成為我們在採購領域提供的重要組成部分。

Got it. I think I actually asked you, Jason, this a couple of years ago. But now that you're seeing so much success in the international business, would you ever reconsider going into beyond just Canada and UK? Or does that remain the focus of your international efforts?

知道了。傑森，我想幾年前我實際上問過你這個問題。但是現在您在國際業務上取得瞭如此大的成功，您是否會重新考慮進軍加拿大和英國以外的市場？或者這仍然是您國際努力的重點？

That remains the focus, for now, Marvin. We are doing, as you heard, really well in those markets. We think we're at pretty interesting points in time in those markets in terms of our lead volume, relative to some of our competitors -- our lead quality, our dealer satisfaction, our consumer NPS. And so we want to stay focused there because those are big markets and have a lot of enterprise value to go get.

目前，這仍然是重點，馬文。正如您所聽到的，我們在這些市場表現得非常好。我們認為，就我們的領先數量而言，相對於我們的一些競爭對手，我們在這些市場中處於非常有趣的時間點——我們的領先品質、我們的經銷商滿意度、我們的消費者 NPS。因此，我們希望繼續集中精力，因為那裡是巨大的市場，並且具有很大的企業價值可供獲取。

We feel extremely good about those countries, for now.

目前，我們對這些國家感覺非常好。

Okay. Great. That makes total sense. Appreciate the insight.

好的。偉大的。這完全有道理。感謝您的見解。

Andrew Boone, JMP Securities.

JMP證券的安德魯·布恩（Andrew Boone）。

Thanks so much for taking the question. I wanted to go back to AI search but instead of talking about Agentic, I just wanted to talk more about today. As we do transition to AI overviews and eventually, AI mode, what are you guys seeing in terms of a change in traffic? Is there anything that we should be aware of as Google makes that transition? Thank you.

非常感謝您回答這個問題。我想回到 AI 搜索，但我不想談論 Agentic，我只是想多談談今天的事情。當我們過渡到 AI 概覽並最終過渡到 AI 模式時，你們看到流量發生了哪些變化？在 Google 進行這項轉變時，我們該注意什麼？謝謝。

Sure. Thanks for the question, Andrew. Nice to connect.

當然。謝謝你的提問，安德魯。很高興聯繫。

We are seeing -- but there there's still relatively low adoption of AI search among our target audience base. But it's growing quickly. It's a very low base. We know and you know this, too, that on Google, when Google provides the AI response, there's a much lower click rate on it because it's typically a user getting the answer in that response and they don't need to go further.

我們看到——但是我們的目標受眾群體對人工智慧搜尋的採用率仍然相對較低。但它正在快速成長。這是一個非常低的基數。我們知道，你也知道，在谷歌上，當谷歌提供人工智慧回應時，它的點擊率要低得多，因為用戶通常可以在該回應中獲得答案，而不需要進一步了解。

With auto, it's different. They do need to -- (inaudible) demonstrating, they typically, even if they're engaging with [VLAs] or AI, they want to go to a destination where they can compare and contrast. They can do research. They can truly shop in a pretty deep environment.

有了汽車，情況就不同了。他們確實需要——（聽不清楚）證明，他們通常，即使他們正在與 [VLA] 或 AI 互動，他們也希望去一個可以進行比較和對比的目的地。他們可以做研究。他們確實可以在相當深的環境中購物。

We're seeing growth of that with Google. We're seeing growth of that with ChatGPT and other AI-based platforms. But not in a way that is impacting our audience acquisition yet.

我們看到谷歌正在實現這一增長。我們看到 ChatGPT 和其他基於 AI 的平台正在不斷發展。但目前還不會對我們的觀眾獲取產生影響。

Regardless of that, though, we are continuing to invest pretty heavily, as I mentioned earlier, in creating the best leverage of AI in our own experience.

但無論如何，正如我之前提到的，我們將繼續投入大量資金，以根據我們自身的經驗創造最佳的人工智慧槓桿作用。

The other dimension too is that Google, in particular, as well as Meta and Amazon, to some extent, have built some really incredible AI tools for their what you would call traditional search. And so that is helping us get more efficient, where we still have 98%-plus or so of the search activity that's relevant to our audience, which tends to be people who are mid to low funnels.

另一方面，Google、Meta 和亞馬遜在某種程度上都為所謂的傳統搜尋建立了一些非常不可思議的人工智慧工具。這有助於我們提高效率，我們仍然有 98％ 以上的搜尋活動與我們的受眾相關，而這些受眾往往是中低漏斗的人。

They're in the market for a car. They are getting a pretty good sense of what they want.

他們正在考慮買車。他們很清楚自己想要什麼。

Thanks. And then, just as a follow -up, you guys highlighted retention rates that improved last quarter. Can you just double click on that and just update us for this quarter? How's retention with dealers? Are you guys seeing any changes there?

謝謝。然後，作為後續行動，你們強調了上個季度保留率的提高。您能雙擊它並更新本季的資訊嗎？與經銷商的保留情況如何？你們看到那裡有什麼改變嗎？

Thank you.

謝謝。

Sure. I'll maybe give a disappointing start, which is to say we don't give actual retention data. But we did give the trend that we're improving.

當然。我可能會給出一個令人失望的開始，也就是說我們沒有提供實際的保留資料。但我們確實給出了我們正在改進的趨勢。

But Sam, do you want to talk about some of the things that we think are driving the improved retention, largely based in engagement?

但 Sam，你想談談我們認為推動留任率提高的一些因素嗎？這些因素主要基於參與度？

Happy to, Andrew. Thanks.

很高興，安德魯。謝謝。

The results continue to improve. We look at our monthly recurring revenue and say, we've got to acquire business; we've got to expand existing business; and we've got to retain business. All those levers have been really successful for us, as you've seen the growth of the Marketplace business. We're really proud of those results.

業績持續改善。我們看著每月的經常性收入說，我們必須獲得業務；我們必須擴大現有業務；我們必須保留業務。如您所見，所有這些手段對於我們來說都是非常成功的，市場業務也得到了成長。我們對這些結果感到非常自豪。

I'd say that the engagement Jason alludes to is really the Dealer Data insights. We've brought something very different to the market. We're providing an opportunity for dealers to run their business with more profitability. That's what every dealer is looking for.

我想說 Jason 提到的參與其實就是經銷商數據洞察。我們為市場帶來了一些非常不同的東西。我們為經銷商提供以更高的獲利能力經營業務的機會。這正是每個經銷商所尋求的。

So how can we use data and information to help me price most effectively? In some cases, that's price down to win more audience. As we've said, terrific results on that front. Some places, I might bid up the price and stay in a great deal segment of our search results and win more business and profits to the business. The CarOffer acquisition insights report, how do I use that to source the right vehicles that will map to market trends and opportunity for increased turn times?

那我們該如何利用數據和資訊來幫助我最有效地定價呢？在某些情況下，這會降低價格以贏得更多觀眾。正如我們所說，這方面取得了出色的成果。在某些地方，我可能會提高價格並保持在搜尋結果的很大一部分，從而為企業贏得更多的業務和利潤。CarOffer 收購洞察報告，我該如何使用它來尋找符合市場趨勢和增加週轉時間機會的正確車輛？

All of these are ones -- and Merchandize Health. How am I merchandizing? Am I doing it an effective job marketing my vehicles against the competition?

所有這些都是——以及商品健康。我如何進行商品銷售？我在與競爭對手的競爭中是否有效地行銷了我的車輛？

All of those put you instead as a consultative partner to dealers. That's what's growing both the new acquisition numbers, the dealer ads, our expansion of (inaudible) , and the record results on retention, which we think is really a testament to what kind of consultative feedback we're providing to those dealers.

所有這些都使您成為經銷商的顧問合作夥伴。這就是新收購數量、經銷商廣告、我們的擴張（聽不清楚）以及保留的記錄結果都在增長的原因，我們認為這確實證明了我們為這些經銷商提供了什麼樣的諮詢回饋。

I'll add also that we've got an in-market engagement team that goes out to our dealers and says, I'm looking at best practices across this particular region; let me go into the market and share those best practices with another set of dealers in their lead management, their marketing, their merchandizing, their pricing. That creates just wins for the entire industry with more liquidity.

我還要補充一點，我們有一個市場參與團隊，該團隊會走到我們的經銷商那裡並說，我正在尋找這個特定地區的最佳實踐；讓我進入市場並與另一組經銷商分享他們在領導管理、營銷、商品銷售和定價方面的最佳實踐。這為整個產業帶來了更大的流動性，從而帶來勝利。

The more liquidity means more ROI means dealers will flock to our marketplace and keep that fuel going with our Marketplace revenue growth.

流動性越高意味著投資報酬率越高，這意味著經銷商將湧入我們的市場，並推動我們的市場收入成長。

I'll just maybe summarize a little bit on top of that, not to beat a dead horse, but the notion of engagement, which we talked a lot about is really key. It's the difference between a dealer feeling as though the leads are going into their CRM and they're working those leads and that's it versus several people at the dealership, their GM, their sales manager, et cetera, using our insight every week and oftentimes, every day and opening them every day.

我可能只是對此做一點總結，不想重複老生常談，但我們經常討論的參與概念確實至關重要。經銷商感覺潛在客戶正在進入他們的 CRM 系統並且他們正在處理這些潛在客戶，而經銷商處的幾個人、他們的總經理、銷售經理等等每週甚至每天使用我們的洞察並每天打開這些潛在客戶，這是有區別的。

When you create those habits, it's just very difficult. They don't have -- they're not inclined at all to separate. You then see that translate into longer-term contracts, which we're seeing grow as well.

當你養成這些習慣時，這非常困難。他們沒有──他們根本不願意分開。然後你會看到它轉化為長期合約，我們也看到長期合約正在成長。

You also see that translate into app usage, which is growing. I think we talked about that on the call as well. App usage is highly frequent. As we add capabilities there, we're getting significant growth and adoption there.

您還會看到，應用程式的使用量正在不斷增長。我想我們在電話中也討論過這個問題。應用程式使用頻率非常高。隨著我們在那裡增加功能，我們在那裡獲得了顯著的成長和採用。

So it really is all about creating habits and behaviors of dealers that get them much more embedded with us.

所以，這其實就是要培養經銷商的習慣和行為，讓他們更融入我們。

Appreciate that. Thank you.

非常感謝。謝謝。

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

謝謝。女士們、先生們，由於沒有其他問題，我現在想將會議交給執行長 Jason Trevisan 致閉幕詞。

Thank you very much. I'd just like to thank everyone for joining the call today and for your interest in CarGurus.

非常感謝。我只想感謝大家今天參加電話會議並對 CarGurus 感興趣。

As always, I want to give special thanks to our employees and their passion and commitment every day, as well as to our customers who put their trust in us.

像往常一樣，我要特別感謝我們的員工以及他們每天的熱情和承諾，以及對我們的客戶的信任。

Thanks very much, everyone. Have a great evening.

非常感謝大家。祝您有個愉快的夜晚。

Thank you, ladies and gentlemen. The conference of CarGurus is now concluded.

謝謝各位，女士們、先生們。CarGurus 大會現已結束。

Thank you for your participation. You may now disconnect your lines.

感謝您的參與。現在您可以斷開線路了。