CarGurus, Inc. (CARG) 2026 Q2 法說會逐字稿

Good day, and welcome to the CarGurus' second-quarter 2026 earnings conference call. Please note, this event is being recorded. I would now like to turn the call over to Javier Zamora, General Counsel & Corporate Secretary. Please go ahead.

大家好，歡迎參加 CarGurus 2026 年第二季財報電話會議。請注意，本活動將被錄音。現在我想把電話交給總法律顧問兼公司秘書 Javier Zamora。請開始。

Good afternoon and thank you for joining us. With me on the call today are Jason Trevisan, Chief Executive Officer; and Sam Zales, President and Chief Operating Officer.

各位下午好，感謝各位加入我們。今天與我一同參與電話會議的有執行長 Jason Trevisan，以及總裁兼營運長 Sam Zales。

We will be making forward-looking statements, which are based on our current expectations and beliefs. These statements are subject to risks and uncertainties, and our actual results may differ materially. Information concerning those risks and uncertainties is discussed in our SEC filings. We undertake no obligation to update forward-looking statements, except as required by law.

我們將發表前瞻性陳述，該等陳述係基於我們目前的預期與信念。這些陳述受風險與不確定性影響，我們的實際結果可能會有重大差異。有關該等風險與不確定性的資訊已在我們向 SEC 提交的文件中討論。除法律要求外，我們不承擔更新前瞻性陳述之義務。

Please refer to our press release and our investor presentation on the Investor Relations section of our website for a reconciliation of GAAP to non-GAAP measures. I'll now turn the call over to Jason.

請參閱我們的新聞稿以及網站投資人關係專區中的投資人簡報，以取得 GAAP 與非 GAAP 指標之間的調節表。接下來我把電話交給 Jason。

Good afternoon. We delivered strong second quarter results with revenue growing 13% year over year to $251 million, above the midpoint of our guidance range, including another robust quarter in our international business, which grew 28% year over year. Adjusted EBITDA increased 7% year over year to $85 million, at the high end of the guidance range at a 34% margin, reflecting disciplined investment. We also generated strong cash flow, converting 103% of our adjusted EBITDA or $88 million to free cash flow in the quarter.

各位下午好。我們交出強勁的第二季成績，營收年增 13% 至 2.51 億美元，高於我們財測區間的中位數；其中國際業務再度表現亮眼，營收年增 28%。調整後 EBITDA 年增 7% 至 8,500 萬美元，位於財測區間高端，利潤率為 34%，反映我們有紀律的投資。我們也產生強勁現金流，本季將調整後 EBITDA 的 103%（或 8,800 萬美元）轉換為自由現金流。

In the first half of this year, dealers have taken a more deliberate approach to incremental spending decisions. We believe market trends like dealer margin pressure and fewer days on lot, coupled with onetime developments like recent FTC mandated all-in price transparency requirements made dealers more cautious about spending. We view these factors as temporary, not structural. Despite these pressures, dealer engagement continued to grow on our platform.

今年上半年，經銷商在增量支出決策上採取了更為審慎的作法。我們認為，像是經銷商利潤率承壓與庫存天數減少等市場趨勢，再加上近期 FTC 強制要求「全包價」透明揭露等一次性事件，使經銷商在支出上更為保守。我們將這些因素視為暫時性的，而非結構性的。儘管面臨這些壓力，經銷商在我們平台上的參與度仍持續成長。

Average sessions per dealer on our platform were up 28% year over year in Q2, driven by increasing AI functionality in our products and expanded capabilities across more of the dealer workflow. We continue to grow wallet share, which we believe is driven by our strong ROI and new dealer product introductions. We believe we remain well-positioned to continue capturing a disproportionate share of incremental spend as the environment improves.

第二季每家經銷商在我們平台上的平均工作階段（sessions）年增 28%，主要受益於我們產品中 AI 功能的提升，以及在更多經銷商工作流程環節上的能力擴展。我們持續提升錢包占有率（wallet share），我們認為這是由我們強勁的投資報酬率（ROI）與新經銷商產品的推出所驅動。我們相信，隨著環境改善，我們仍具備良好條件，持續取得不成比例的增量支出份額。

Our full year revenue growth guidance is unchanged, and we remain confident in our long-term opportunity. We've also begun to realize meaningful benefits from our investments in AI, which is helping us accelerate the pace of innovation, enabling our teams to bring new products to market faster while improving engineering efficiency and operating productivity across the business. Combined with our focus on operating discipline and organizational efficiencies, these productivity gains have generated greater leverage than we anticipated at the start of the year.

我們對全年營收成長的財測指引維持不變，並對長期機會仍具信心。我們也開始實現 AI 投資帶來的顯著效益，這正協助我們加速創新步伐，使團隊能更快將新產品推向市場，同時提升工程效率與整體營運生產力。再加上我們對營運紀律與組織效率的重視，這些生產力提升帶來的營運槓桿高於我們年初的預期。

As a result, we are raising our full year profitability outlook and now expect full year non-GAAP adjusted EBITDA margins to compress approximately 50 to 150 basis points in 2026 relative to 2025. We believe our ability to accelerate innovation thoughtfully and operate more efficiently positions us well for all market environments. More importantly, the investments we've made are reinforcing a virtuous cycle across our platform. As we have used AI to innovate faster and bring new products to market more quickly, we are seeing deeper engagement with our platform from both dealers and consumers.

因此，我們上調全年獲利展望，並預期 2026 年全年非 GAAP 調整後 EBITDA 利潤率相較 2025 年將收縮約 50 至 150 個基點。我們相信，能夠審慎地加速創新並更有效率地營運，使我們在各種市場環境下都具備良好定位。更重要的是，我們所做的投資正在強化平台上的良性循環。隨著我們運用 AI 更快創新並更迅速將新產品推向市場，我們看到經銷商與消費者對平台的參與度都更為深入。

In addition, we continue to capture rich first-party shopper signals, nearly 0.5 billion signals each day across demand, pricing, inventory and shopper behavior that inform and continually improve our dealer software and analytics and consumer experience. This creates a differentiated data advantage that we believe helps dealers make better decisions while enabling a more personalized and trusted consumer experience.

此外，我們持續擷取豐富的第一方（first-party）購車者訊號，每天在需求、定價、庫存與購車者行為等面向合計近 5 億筆訊號，用以提供資訊並持續改善我們的經銷商軟體與分析能力，以及消費者體驗。這形成差異化的資料優勢，我們相信可協助經銷商做出更佳決策，同時提供更個人化且更值得信賴的消費者體驗。

We believe faster innovation, leveraging our proprietary marketplace data makes CarGurus increasingly valuable to both dealers and consumers and strengthens our competitive position by providing a better car shopping experience for both consumers and dealers.

我們相信，更快速的創新並運用我們專有的市集資料，使 CarGurus 對經銷商與消費者的價值日益提升，並透過為消費者與經銷商提供更好的購車體驗來強化我們的競爭地位。

As we continue to expand beyond our leading marketplace business, our strategy is built around three value creation drivers. First, we're expanding CarGurus' offerings into integral parts of the dealer workflow, connecting inventory, marketing, lead conversion and data pillars through mutually reinforcing products. Second, we're focused on transforming car shopping into a trusted AI-led journey from research through consideration and purchase, giving consumers greater confidence, and increasing the value they get from CarGurus. And third, we are deploying capital with discipline with the aim of growing long-term earnings power and stockholder value.

隨著我們持續擴展至領先的市集業務之外，我們的策略建立在三項價值創造驅動因素之上。第一，我們正將 CarGurus 的產品擴展至經銷商工作流程中的關鍵環節，透過相互強化的產品，串聯庫存、行銷、線索轉換與資料等支柱。第二，我們專注於把購車流程轉型為由 AI 引導、值得信賴的旅程，從研究、評估到購買，讓消費者更有信心，並提升他們從 CarGurus 獲得的價值。第三，我們以紀律方式配置資本，目標是提升長期獲利能力與股東價值。

I will now walk through our second quarter progress across each of those drivers. Driver number one, expanding CarGurus' offerings into integral parts of the dealer workflow, connecting inventory, marketing, lead conversion and data pillars through mutually reinforcing products. We have increased dealer engagement with our platform, reflecting our focus on embedding data and insights into more of the dealers' daily decision-making.

接下來我將逐一說明我們在第二季於各項驅動因素上的進展。第一項驅動因素：將 CarGurus 的產品擴展至經銷商工作流程中的關鍵環節，透過相互強化的產品串聯庫存、行銷、線索轉換與資料等支柱。我們提升了經銷商在平台上的參與度，反映我們致力於把資料與洞察嵌入到經銷商更多日常決策之中。

We're leveraging our differentiated data on retail dynamics, pricing and inventory trends and deep consumer insights to inform smarter and more predictive dealer decisioning, which we believe results in an ultimately stronger ROI for our dealer customers. In fact, among subscribing independent dealers, those in the top quintile of engagement with our platform had a 78% higher leads per unit than those in the bottom quintile, suggesting that use of our expanding dealer product suite not only drives adoption among more people at the dealership, but also drives performance on our platform and ultimately, dealer profitability.

我們運用在零售動態、定價與庫存趨勢方面的差異化資料，以及深度的消費者洞察，來支持更聰明且更具預測性的經銷商決策；我們相信這最終能為經銷商客戶帶來更強的 ROI。事實上，在訂閱的獨立經銷商中，平台參與度位於前 20%（最高五分位）的經銷商，其每單位（unit）線索數比後 20%（最低五分位）高出 78%；這顯示我們不斷擴展的經銷商產品組合不僅推動車行內更多人採用，也提升平台表現，並最終提高經銷商獲利能力。

Within the inventory pillar, our focus remains on helping dealers source, stock, appraise, merchandise and price inventory more effectively. In the second quarter, PriceVantage bookings grew more than 50% sequentially with a higher AOS as the product has continued to prove its value. Dealers that adopted PriceVantage saw a median 15% lift in VDPs and 9% lift in leads per listing after adoption.

在庫存支柱方面，我們仍聚焦於協助經銷商更有效地尋源、備貨、估價、商品化呈現（merchandise）以及為庫存定價。第二季，PriceVantage 的預訂（bookings）較前一季成長超過 50%，且平均訂單規模（AOS）更高，因為該產品持續證明其價值。採用 PriceVantage 的經銷商在採用後，VDP 的中位數提升 15%，且每筆刊登的線索數中位數提升 9%。

In our marketing pillar, we recently introduced VINMax, our newest AI-powered product that helps dealers improve merchandising performance and achieve turn time goals without dropping price and sacrificing margin. VINMax identifies high potential, but underperforming VINs and dynamically boosts them across organic sort, highlight and audience targeting.

在行銷支柱方面，我們近期推出 VINMax，這是我們最新的 AI 驅動產品，可協助經銷商在不降價、也不犧牲利潤率的情況下提升商品化表現並達成周轉天數目標。VINMax 會辨識高潛力但表現不佳的 VIN，並在自然排序（organic sort）、重點標示（highlight）與受眾鎖定（audience targeting）等位置進行動態加強曝光。

Since we began rolling out VINMax to early access dealers in February, promoted listings have sold 23% faster and received 34% more leads per day than comparable non-promoted listings. In the conversion pillar, we introduced a new competition filter to shopper signals that helps dealers understand how many other dealers a shopper has submitted leads to, allowing them to better assess urgency, allocate sales resources more effectively, and convert customers to sales at a better rate.

自 2 月開始向搶先體驗經銷商逐步推出 VINMax 以來，推廣刊登（promoted listings）的售出速度快了 23%，且每日獲得的線索數比可比的非推廣刊登多 34%。在轉換支柱方面，我們在購車者訊號中新增了競爭篩選器，協助經銷商了解某位購車者同時向多少其他經銷商提交過線索，讓他們能更好評估急迫性、更有效分配銷售資源，並以更高的比率將客戶轉為成交。

Within the data pillar, we are building on our data advantage by equipping dealers with deeper competitive insights, helping them benchmark their performance to competitors on metrics like leads per vehicle or recently sold vehicles on competitor lots, so they can make more informed pricing and inventory decisions. We've seen a greater than 80% open rate on the weekly competitive digest e-mail, illustrating how our data has become a critical input into dealers' daily operations. Collectively, these new products have extended CarGurus beyond our marketplace and into daily dealer decision-making, which we believe will fuel growing dealer engagement, greater product adoption, stronger retention and more dealer wallet share over time.

在資料支柱方面，我們持續建立在資料優勢之上，提供經銷商更深入的競爭洞察，協助他們以每車線索數、或競品車行近期售出車輛等指標，將自身表現與競爭對手進行對標，從而做出更有依據的定價與庫存決策。我們觀察到每週競爭摘要電子郵件的開信率超過 80%，顯示我們的資料已成為經銷商日常營運中的關鍵輸入。整體而言，這些新產品已將 CarGurus 從市集延伸至經銷商的日常決策之中；我們相信這將推動經銷商參與度提升、更高的產品採用、更強的留存率，並隨時間帶來更高的經銷商錢包占有率。

Driver number two, transforming car shopping into a trusted AI-led journey from research through consideration and purchase, giving consumers greater confidence and increasing the value they get from CarGurus. Buying a vehicle remains one of the highest consideration purchases a consumer makes, a process that often lasts several months as they research, explore, select and negotiate their final deal.

第二個驅動因素，是將購車轉變為一段值得信賴、由 AI 引導的旅程，涵蓋從研究、考量到購買的全流程，讓消費者更有信心，並提升他們從 CarGurus 獲得的價值。購買車輛仍是消費者做出的最高度審慎評估的購買之一；這個流程往往持續數個月，因為他們需要研究、探索、挑選並協商最終交易。

Consumers want confidence in their search, transparency in their results and trusted guidance throughout that process. In July, we launched Guru, our end-to-end consumer-facing brand for all of our AI capabilities across the CarGurus platform.

消費者希望在搜尋時更有信心、在結果上更透明，並在整個過程中獲得值得信賴的指引。7 月，我們推出 Guru，作為面向消費者的端到端品牌，整合 CarGurus 平台上所有 AI 能力。

Guru currently exists in two forms: as an AI native experience, formerly known as Discover, and as a seamless overlay to our existing site. Together, fueled by real-time dealer feeds and a robust methodology and ontology, they serve as a trusted guide that helps shoppers research better, understand and compare their options faster, make more informed shopping decisions and complete their purchase in the dealership with greater confidence.

目前 Guru 以兩種形式存在：一是 AI 原生體驗（先前稱為 Discover），二是無縫覆蓋於我們既有網站之上的體驗。兩者結合後，在即時經銷商資料回饋、強健的方法論與本體系統的驅動下，成為值得信賴的嚮導，協助購車者更好地研究、更快理解並比較選項、做出更明智的購車決策，並在經銷商端以更高信心完成購買。

Engagement with Guru continued to grow rapidly with Guru-driven leads up 60% sequentially in the U.S. In addition to better shopper to lead conversion rates, Guru provides much richer signals about user preferences and intent that bolster the depth and quality of the lead we send to dealers. Given the strong usage in the U.S., we recently launched our conversational AI experience in the U.K. and Canada, allowing shoppers to shop by describing their needs and use cases, which is not solved easily with traditional one-size-fits-all filters rather than searching by vehicle specs.

與 Guru 的互動持續快速成長，在美國由 Guru 驅動的線索（leads）較前一季成長 60%。除了提升從購車者到線索的轉換率外，Guru 也提供更豐富的使用者偏好與意圖訊號，強化我們送交經銷商之線索的深度與品質。鑑於在美國的強勁使用情況，我們近期也在英國與加拿大推出對話式 AI 體驗，讓購車者可透過描述自身需求與使用情境來購車；相較於以車輛規格搜尋，這類需求並不容易用傳統一體適用的篩選器解決。

In the consideration step of car shopping, Sell My Car continued to gain traction, improving the selling experience for consumers as we made enhancements to the consumer experience that increased funnel conversion and drove significant incremental leads. These improvements also gave dealers more efficient access to sourced inventory at a time when acquiring used vehicles remains a top dealer challenge.

在購車的考量階段，Sell My Car 持續獲得動能；我們透過改善消費者體驗、提升漏斗轉換率，帶動顯著的增量線索，進一步優化消費者的售車體驗。這些改善也讓經銷商在二手車取得仍是其首要挑戰之際，更有效率地取得來源庫存。

At the point of purchase, dealership mode extends the CarGurus experience into participating US dealer lots by putting pricing transparency, deal ratings, payment estimates and Guru-powered vehicle comparisons directly in shoppers' hands. Consumer engagement with dealership mode in our app more than doubled in the second quarter, further cementing us as a trusted tool for both consumers and dealers, which we believe will deepen engagement and facilitate more closed deals and cars sold on our expanding platform.

在購買環節，dealership mode 將 CarGurus 體驗延伸至參與的美國經銷商車場，讓價格透明度、交易評等、付款估算與由 Guru 驅動的車輛比較，直接掌握在購車者手中。第二季我們 App 中消費者對 dealership mode 的互動超過倍增，進一步鞏固我們作為消費者與經銷商雙方可信賴工具的地位；我們相信這將加深互動，並促成更多成交與在我們持續擴張的平台上售出更多車輛。

Driver number three, deploying capital with discipline with the aim of growing long-term earnings power and stockholder value. We believe our subscription business model is resilient, and we expect it will continue to generate strong free cash flow that will fund our long-term growth initiatives, while also allowing us to return capital to stockholders.

第三個驅動因素，是以紀律部署資本，目標在於提升長期獲利能力與股東價值。我們相信訂閱式商業模式具韌性，並預期將持續產生強勁自由現金流，以資助我們的長期成長計畫，同時也讓我們能回饋資本給股東。

In 2026, we have increased our investment in product, technology and development to continue accelerating AI expansion on our platform and supporting a faster pace of product innovation. We've also increased our investment in sales and marketing to support the launch and adoption of new dealer products and create consumer awareness of our Guru and other AI user experiences. In addition to organic investment, we plan to maintain the flexibility to pursue disciplined M&A for compelling strategic opportunities.

在 2026 年，我們提高了對產品、技術與開發的投資，以持續加速平台上的 AI 擴張並支援更快的產品創新節奏。我們也增加了對銷售與行銷的投資，以支援新經銷商產品的推出與採用，並提升消費者對 Guru 及其他 AI 使用者體驗的認知。除有機投資外，我們也計畫保有彈性，以在具吸引力的策略機會下，進行具紀律的併購（M&A）。

Finally, we remain committed to returning capital to stockholders through share repurchases. In the second quarter, we bought back $29 million in shares, increasing our year-to-date repurchases to $204 million of the $250 million available under the 2026 share repurchase program. Since 2022, we have repurchased approximately $925 million in shares, representing more than 30% of shares outstanding, reflecting confidence in our long-term strategy, strong financial position and commitment to disciplined capital allocation.

最後，我們仍致力於透過庫藏股回購向股東返還資本。第二季我們回購了 2,900 萬美元的股票，使年初至今的回購金額提高至 2.04 億美元；在 2026 年股票回購計畫核准的 2.5 億美元額度中，尚可用額度相應減少。自 2022 年以來，我們已回購約 9.25 億美元的股票，約占流通在外股數的 30% 以上，反映我們對長期策略、強健財務狀況以及資本配置紀律的信心與承諾。

We are excited about our accelerated innovation velocity and how that has translated into progress across all three value creation drivers. By introducing new AI-driven products and features that help dealers operate more effectively and give consumers greater clarity and control throughout their shopping process, we believe we will continue to deepen our role in the car shopping journey.

我們對加速的創新速度感到振奮，且這已轉化為在三大價值創造驅動因素上的全面進展。透過推出新的 AI 驅動產品與功能，協助經銷商更有效率地營運，並在消費者的購物流程中提供更高的清晰度與掌控感，我們相信我們將持續深化在購車旅程中的角色。

We have embedded our data and AI more deeply into dealer workflows, driving deeper engagement from more people at the dealerships. Our expansion into software and data, all unified by our underlying data layer is demonstrably improving the marketplace performance of adopting dealers and growing our TAM and wallet share potential. And among consumers, we are creating more personalized, trusted and transparent experiences across more steps of the shopping journey. Backed by strong free cash flow and disciplined capital allocation, we will continue investing in the product innovation and AI capabilities that we believe will generate the greatest long-term returns and create durable long-term value for our customers and our stockholders.

我們已將資料與 AI 更深度地嵌入經銷商工作流程，帶動經銷商端更多人員的更深度互動。我們向軟體與資料領域的擴張，並由底層資料層統一整合，已可明確證明能改善採用經銷商的市集表現，並擴大我們的 TAM（可服務總市場）與錢包份額（wallet share）潛力。在消費者端，我們正於購物旅程的更多步驟中，打造更個人化、值得信賴且透明的體驗。在強勁自由現金流與具紀律的資本配置支持下，我們將持續投資於產品創新與 AI 能力；我們相信這些投資將帶來最大的長期回報，並為客戶與股東創造可持續的長期價值。

Now let me walk through our financial results, followed by our guidance for the third quarter and full year 2026. Second quarter revenue grew 13% year over year to $251 million, above the midpoint of our guidance range, driven by adoption of add-on products. Our OEM business outperformed our expectations, benefiting from consumer interest in certified pre-owned vehicles amid ongoing new car affordability challenges.

接下來我將說明我們的財務結果，並提供 2026 年第三季與全年指引。第二季營收年增 13% 至 2.51 億美元，高於我們指引區間的中點，主要由加購產品（add-on products）的採用所帶動。我們的 OEM 業務表現優於預期，受惠於在新車可負擔性挑戰持續之際，消費者對原廠認證中古車（CPO）的興趣提升。

In the second quarter, US QARSD grew 8% year over year, and we added 673 paying US dealers year over year. We continue to increase our dealer base while taking greater wallet share. In the second quarter, adoption of add-on products was the largest driver of year over year QARSD growth, followed by listings upgrades, like-for-like price increases and higher lead quantity and quality.

第二季，美國 QARSD 年增 8%，且我們年增新增 673 家付費美國經銷商。我們在擴大經銷商基礎的同時，也取得更高的錢包份額。第二季，加購產品的採用是推動 QARSD 年增的最大因素，其次為刊登升級、同店（like-for-like）價格上調，以及更高的線索數量與品質。

For the third consecutive quarter, add-on product adoption was the largest driver of the sequential increase in QARSD. Our international business had another robust quarter with second quarter revenue up 28% year over year, driven by strength in listings and Sell My Car in Canada and OEM advertising in the UK.

連續第三個季度，加購產品採用是推動 QARSD 季增的最大因素。我們的國際業務再度繳出強勁一季，第二季營收年增 28%，主要由加拿大的刊登與 Sell My Car，以及英國的 OEM 廣告業務強勁所帶動。

I'll now discuss our profitability and expenses on a non-GAAP basis. Second quarter non-GAAP gross profit grew 12% year over year to $231 million. Second quarter non-GAAP gross margin was 92%, down about 90 basis points year over year. Second quarter non-GAAP adjusted EBITDA grew 7% year over year to $85 million, toward the high end of our guidance range, and adjusted EBITDA margin was roughly 34%, down about 200 basis points year over year.

接下來我將以非 GAAP 基礎說明我們的獲利能力與費用。第二季非 GAAP 毛利年增 12% 至 2.31 億美元。第二季非 GAAP 毛利率為 92%，年減約 90 個基點。第二季非 GAAP 調整後 EBITDA 年增 7% 至 8,500 萬美元，接近我們指引區間的高端；調整後 EBITDA 利潤率約為 34%，年減約 200 個基點。

Second quarter non-GAAP operating expenses totaled $154 million, up 16% year over year, reflecting higher sales and marketing expense and increased investment in product, technology and development expense to continue the accelerated pace of AI product introductions.

第二季非 GAAP 營業費用合計 1.54 億美元，年增 16%，反映較高的銷售與行銷費用，以及為維持 AI 產品加速推出節奏而增加的產品、技術與開發投資。

Second quarter non-GAAP net income per diluted share attributable to common stockholders was $0.66, up 16% year over year. We generated strong cash flow, converting 103% of our adjusted EBITDA or $88 million to free cash flow in the quarter. We ended the quarter with $122 million in cash and cash equivalents, an increase of $50 million from the end of the first quarter as $29 million in share repurchases was more than offset by our cash generation.

第二季歸屬於普通股股東的非 GAAP 稀釋後每股淨利為 0.66 美元，年增 16%。我們產生強勁現金流，本季將調整後 EBITDA 的 103%（即 8,800 萬美元）轉化為自由現金流。本季末我們持有現金及約當現金 1.22 億美元，較第一季末增加 5,000 萬美元；原因是我們的現金創造能力足以抵銷 2,900 萬美元的股票回購支出，並有餘。

Since 2022, we've now repurchased approximately 30% of our shares outstanding, while we continue to grow revenue and profitability. As of the end of Q2, we have $46 million remaining on our 2026 authorization, and we will continue to repurchase shares when we believe it is an attractive investment and consistent with our capital deployment priorities.

自 2022 年以來，我們目前已回購約 30% 的流通在外股數，同時持續成長營收與獲利能力。截至第二季末，我們在 2026 年核准額度下尚餘 4,600 萬美元；當我們認為回購具吸引力且符合資本部署優先順序時，將持續進行股票回購。

I will now turn to our guidance for the third quarter and full year 2026. We expect third quarter revenue to be in the range of $253.5 million to $258.5 million, up between 9% and 12% year over year, respectively. Our guidance reflects a more measured pace of dealer decision-making, which we view as temporary, not structural. We believe dealer engagement and retention remain healthy, and we expect contracted new product revenue to layer in through the second half, supporting our full year outlook.

我現在將說明我們對 2026 年第三季與全年的指引。我們預期第三季營收將介於 2.535 億至 2.585 億美元之間，分別年增 9% 至 12%。我們的指引反映經銷商決策步調較為審慎；我們認為這是暫時性的，而非結構性的。我們相信經銷商互動與留存仍維持健康，並預期已簽約的新產品營收將在下半年逐步貢獻，支撐我們的全年展望。

For the third quarter, we expect our non-GAAP adjusted EBITDA to be in the range of $82 million to $90 million. We expect third quarter non-GAAP earnings per share to be in the range of $0.63 to $0.69 and diluted weighted average common shares outstanding to be approximately 90 million.

就第三季而言，我們預期非 GAAP 調整後 EBITDA 將落在 8,200 萬美元至 9,000 萬美元之間。我們預期第三季非 GAAP 每股盈餘將落在 0.63 美元至 0.69 美元之間，稀釋後加權平均流通普通股約為 9,000 萬股。

Turning to the full year. We are reiterating that we expect 2026 revenue to grow in the range of 10% to 13% year over year. We are raising our full year profitability outlook. We now expect full year non-GAAP adjusted EBITDA margins to compress approximately 50 to 150 basis points in 2026 relative to 2025. Our updated guidance reflects more efficient execution within our investment year plan while preserving our ability to invest in the most attractive growth opportunities.

接著談全年。我們重申，預期 2026 年營收年增率將落在 10% 至 13% 的區間。我們上調全年獲利能力展望。我們目前預期，2026 年全年非 GAAP 調整後 EBITDA 利潤率相較 2025 年將收縮約 50 至 150 個基點。我們更新後的指引反映出在投資年度計畫中更有效率的執行，同時保留我們投資於最具吸引力成長機會的能力。

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

接下來，我們開放問答。

(Operator Instructions) Andrew Boone, JMP Securities.

(接線員指示) Andrew Boone，JMP Securities。

I wanted to double-click in terms of the macro. Is there anything else that you can help us understand about what dealers are seeing and what those conversations are kind of looking like? And then secondly, how do we think about the duration in terms of kind of this downturn? Are you guys seeing any improvement of late? Or has it been more of the same?

我想就總體環境再深入追問一下。關於經銷商目前看到的情況，以及你們與他們的對話大致是什麼樣子，還有沒有其他資訊可以幫助我們理解？第二，對於這波下行的持續時間，我們該如何看待？你們最近是否看到任何改善？還是基本上沒有太大變化？

And then just a bigger picture question. As we think about users and the greater adoption of AI and your guys' kind of transition to more of a natural language search, can you just provide us an update in terms of what that is doing to the consumer experience? Is that improving conversion? What else are you guys seeing as you guys unlock more of an AI experience for consumers?

再來是一個更宏觀的問題。當我們思考使用者以及 AI 更廣泛的採用、以及你們轉向更偏自然語言搜尋的過程時，能否請你們更新一下這對消費者體驗帶來了什麼影響？是否提升了轉換率？當你們為消費者解鎖更多 AI 體驗時，還觀察到哪些其他變化？

Andrew, Jason here. So on macro, what we saw in the first half was -- and the data would support all this, at dealers, units tended to be up, prices tended to be up and days on lot tended to be down. And so what inventory they did have, especially lower-priced inventory, tended to sell well. And when that happens, they tend to be a little less reliant on marketing. At the same time, there's been margin pressure at dealer groups, and there's been GPU pressure at dealer groups. And so they have been looking for opportunities to save on OpEx.

Andrew，我是 Jason。就總體面而言，我們在上半年看到的是——而且數據也支持這些——在經銷商端，銷售台數往往上升、價格往往上升，而庫存天數（days on lot）往往下降。因此，他們手上有的庫存，尤其是較低價位的庫存，通常賣得不錯。而當這種情況發生時，他們往往對行銷的依賴會稍微降低。同時，經銷商集團面臨利潤率壓力，也面臨 GPU（單車毛利）壓力。因此他們一直在尋找節省營運費用（OpEx）的機會。

And then you throw in some of the FTC activity, and that's what's led to them just being a little slower in decision-making. A lot of the trends that I just mentioned in terms of units and prices and days on lot, those -- they fluctuate. They change by the month and by the quarter. We have started to -- I would say some of those factors improved over the course of that first half of the year. And so as we look at how we're executing, we still are introducing a lot of products.

再加上一些 FTC 的動作，這也使得他們在決策上變得稍微更慢。我剛提到的許多趨勢，包括台數、價格與庫存天數——這些都會波動。它們會按月、按季變化。我們已經開始看到——我會說其中一些因素在上半年期間有所改善。因此，從我們的執行角度來看，我們仍在推出許多產品。

We are still number one from a listings perspective, still number one in leadership in ROI, lead quality, lead quantity. We're gaining market share. And then we're growing outside of listings, too.

從刊登（listings）的角度來看，我們仍是第一；在 ROI 領先度、線索品質、線索數量方面也仍是第一。我們正在提升市占率。而且我們在刊登以外的業務也在成長。

So you heard us talk about some of the products that we're introducing in inventory and conversion. And so as a result, you may have heard the stat about engagement is up significantly on our platform because more people at the dealership are using us more frequently. How long will it last? I mean, like I said, it improved over the course of the first half. And so I don't know if there's a binary, it's sort of happening and it's not, but it did start to improve in the first half.

所以你們也聽到我們談到一些正在推出的產品，涵蓋庫存與轉換。因此，你們可能也聽到那個數據：我們平台上的互動度顯著上升，因為經銷商內部有更多人更頻繁地使用我們。這會持續多久？我的意思是，如我所說，它在上半年期間有所改善。所以我不確定是否存在一個非黑即白的分界點——比較像是正在發生、也不是突然就不發生——但它確實在上半年開始改善。

What is AI natural language search doing to our search. We've given some stats that those that are engaging deeply with Discover tend to convert a lot higher. I think the bigger and more exciting thing is that we're gaining just so much more information on the users, and we're able to leverage that, that they're giving us in the course of the conversation. We're leveraging that to; a, give them a better search result and experience on our site; and then b, pass that information along to the dealers so that the dealer can give them a better experience as well. And we're seeing that the dealers that are engaging with that like in shopper signals and things like that, are converting those leads much better.

AI 自然語言搜尋對我們的搜尋帶來了什麼影響。我們提供過一些數據：那些在 Discover 上深度互動的使用者，轉換率高出許多。我認為更大、也更令人興奮的是，我們從使用者那裡獲得了更多資訊，而我們能夠運用他們在對話過程中提供給我們的資訊。我們運用這些資訊來：a，為他們在我們網站上提供更好的搜尋結果與體驗；以及 b，把這些資訊傳遞給經銷商，讓經銷商也能提供更好的體驗。而我們也看到，那些會使用這些功能（例如 shopper signals 等）的經銷商，能更有效地轉換這些線索。

And so the beauty of that is that the dealers and our customers get a lot more value out of the platform, like the same platform and the same users as before without having to pay more and without us having to invest more because we invested in a better search experience.

因此其中的好處在於：經銷商與我們的客戶能從平台獲得更多價值——在同一個平台、面對與以往相同的使用者——而不需要支付更多費用，也不需要我們投入更多成本，因為我們已投資於更好的搜尋體驗。

Rajat Gupta, JPMorgan Chase.

Rajat Gupta，摩根大通（JPMorgan Chase）。

This is Jash Patwa on for Rajat Gupta. I was just curious about the profile of the dealers signing up for PriceVantage. Are these primarily dealers already on the higher-priced premium tiers? Or is adoption more broad-based? Just trying to gauge whether the uptake suggests a potential stand-alone market for some of your other products that are currently being bundled.

我是 Jash Patwa，代 Rajat Gupta 提問。我想了解一下註冊 PriceVantage 的經銷商輪廓。這些主要是已經在較高價的高階方案上的經銷商嗎？還是採用情況更為廣泛？我只是想判斷，這樣的採用動能是否意味著你們其他目前以綑綁方式銷售的產品，可能存在獨立的市場。

And I have a quick follow-up.

我還有一個簡短的追問。

Thanks, Jash. It's Sam Zales. I appreciate the question. It is a mix, and that's really exciting for us on PriceVantage. You saw the 50-plus percent growth in bookings, the breadth of our opportunity there.

謝謝你，Jash。我是 Sam Zales。謝謝這個問題。PriceVantage 的採用是混合的，而這對我們來說非常令人振奮。你也看到預訂（bookings）成長超過 50%，顯示我們在那裡的機會廣度。

Remember what the value proposition here is, it's the first product in market that provides predictive analytics to dealers and has them look at the difference between wholesale and retail pricing. It uses consumer trends and demand to say to a dealer, where is there more demand for specific vehicles in your market? What should you be stocking up? And so the opportunity is broad-based.

請記得這裡的價值主張是什麼：這是市場上第一個能為經銷商提供預測分析的產品，並讓他們檢視批發與零售定價之間的差異。它利用消費者趨勢與需求，告訴經銷商：在你的市場中，哪些特定車款的需求更高？你應該增加哪些車款的庫存？因此，這個機會是廣泛的。

It's independent to franchise dealers across all segments. And those that are looking for a way to grow their profitability. Jason talked about the challenges and the economics in the market. So thinking that you're offering a product that combines with our listings package, we're now able to help you provide a profitability increase to your business is working phenomenally. And that's what is part of the engagement story that Jason shared. So it's really broad-based.

它適用於各細分市場的獨立經銷商與加盟經銷商。也適用於那些正在尋找提升獲利能力方法的業者。Jason 談到了市場中的挑戰與經濟情況。因此，當你想到我們提供的產品可以與刊登方案結合，我們現在能協助你為你的業務帶來獲利提升，這個做法的成效非常好。而這也正是 Jason 分享的互動度故事的一部分。所以它確實是非常廣泛的。

And it says to us, this is a product that gets us to a broader set of decision-makers within the dealership. And if it compels both sides of the marketplace, independents and franchises, we feel like that's a value proposition we're excited to take forward.

而這也告訴我們，這是一個能讓我們觸及經銷商內部更廣泛決策者群體的產品。如果它能同時打動市場兩端——獨立經銷商與加盟經銷商——我們認為這是一個我們很期待持續推進的價值主張。

Awesome. That's very helpful. And I appreciate the initial color on AI leads Jason provided to the prior question. But just as a follow-up to that, with the traction you're seeing with Guru, are you at a point where you're starting to monetize AI search results or AI search placements?

太好了。這非常有幫助。也謝謝 Jason 在前一題對 AI 線索提供的初步說明。不過作為追問，鑑於你們在 Guru 上看到的進展，你們是否已經到了開始將 AI 搜尋結果或 AI 搜尋版位變現的階段？

Well, I mean, we've woven AI into many of the search paths right now and search features. And so it's not about monetizing an AI search result separately from how we monetize other user activity on our site. It's instead creating a better user experience on our site so that they are ultimately have a better chance of finding a car that's great for them and converting to connecting with a dealer.

嗯，我的意思是，我們目前已經把 AI 編織進許多搜尋路徑與搜尋功能中。所以重點不在於把 AI 搜尋結果獨立於我們對網站上其他使用者活動的變現方式之外來變現。而是要在我們的網站上打造更好的使用者體驗，讓他們最終更有機會找到適合自己的好車，並轉換為與經銷商建立連結。

So unlike, say, Google traditional search results and Gemini being two different things, we've woven AI into our core user experience, which allows it to get leveraged by and exposed to a broader portion of our audience and just improve any search that's done. So the volume that you heard sequentially was up significantly. So more users are using sort of what we call the deep AI search features, but it's really affecting all searches there. It's not separate.

因此，不像例如 Google 的傳統搜尋結果與 Gemini 是兩個不同的東西，我們已將 AI 編織進我們的核心使用者體驗中，讓它能被更廣泛的受眾使用並接觸到，並且提升任何一次進行的搜尋。所以你們聽到的那個環比量是顯著上升的。因此，更多使用者在使用我們所謂的深度 AI 搜尋功能，但它其實正在影響那裡的所有搜尋。它不是分開的。

(Operator Instructions) John Babcock, Barclays.

(接線員指示) John Babcock，巴克萊。

Just first, I was wondering, you did talk about more efficient execution on the plan. I was just wondering if you could elaborate more on that and then what the drivers were.

首先我想問的是，你確實談到在計畫上的執行更有效率。我想請你能否更詳細說明一下，以及背後的驅動因素是什麼。

Sure. So we have, I would say, pretty aggressively looked at how we can infuse AI and agents into workflow across our business. And it's largely -- and it's working well. I would say it's largely been focused on how we increase our product velocity and our productivity. But we've also found it to help with efficiency in other parts of the org outside of product and engineering.

當然。我會說，我們相當積極地檢視如何在整個業務的工作流程中導入 AI 與代理（agents）。而且整體來看——運作得很好。我會說，主要聚焦在如何提升我們的產品開發速度與生產力。但我們也發現，它也有助於在產品與工程以外的組織其他部分提升效率。

We've found that we're able to save in software versus where we expected we would. And now some of that's offset by AI by token usage and other AI software. But it's largely coming through productivity and efficiency. There are some areas that -- including in go-to-market efficiency as well. There are some areas like in customer support where it is -- this is a form of software replacement, but where we're able to get a lot more efficient than what we were able to do with third-party software, third-party partners or services with our own internally built agents.

我們發現，在軟體支出方面，我們能夠節省的金額高於原先預期。當然，其中一部分會被 AI 的 token 使用量及其他 AI 軟體所抵銷。但主要仍是透過生產力與效率的提升反映出來。也有一些領域——包括在 go-to-market（上市/商業化）效率方面。還有一些領域，例如客戶支援，這算是一種軟體替代；我們用內部自建的代理，能比使用第三方軟體、第三方合作夥伴或服務更有效率。

So there are some concrete ones there. And the thing that we're really excited about is we've been able to do that without, in any way, sacrificing on the product velocity and accelerated product introductions that we talked about at the beginning of the year. In fact, if you look at all the new products we've introduced in the last 12 months, it's a very long list, and that has helped fuel on both the dealer and consumer side. And that has helped fuel that add-ons is our biggest driver of QARSD, and we have such great traction with things like PriceVantage where bookings were up 50% sequentially.

所以這裡有一些具體例子。而我們真正感到興奮的是，我們能做到這些，同時完全沒有犧牲年初所談到的產品開發速度與加速推出新產品的節奏。事實上，如果你看過去 12 個月我們推出的所有新產品，清單非常長，這也同時推動了經銷商端與消費者端的成長。而這也推動了加購（add-ons）成為 QARSD 的最大驅動因素；像 PriceVantage 這類產品的動能非常好，預訂（bookings）環比成長 50%。

Got you. And then just a quick follow-on here. Just on the M&A side, you did talk about that very briefly, but I'm just kind of curious if you could remind us what sort of deals you might be looking at, what sort of skill sets and capabilities you might be looking to add?

了解。接著快速追問一下。在併購（M&A）方面，你確實非常簡短地提到，但我想請你提醒一下，你們可能會尋找什麼類型的交易、希望補強哪些技能與能力？

So we always have our radar up for good opportunities that fit into our strategic plan, and our strategic plan is pretty ambitious on both the dealer and consumer side. But I would say from a or like a richness of opportunities mingled with our strategic focus, I would say the more likely opportunities are on the dealer side.

我們一直都會留意符合我們策略計畫的好機會，而我們的策略計畫在經銷商端與消費者端都相當有企圖心。但我會說，就機會的豐富度與我們的策略聚焦交集來看，更可能的機會是在經銷商端。

And so it would be technology solutions, software that help serve the dealer that likely tend to be smaller, more point solutions, but that would help us accelerate our expansion into our four dealer pillars faster. We have a really exciting organic road map in all four of those, and we have products in all four of our pillars already, but we want to go faster. And we also want to make sure that we're tying these four pillars together through our common data set and through integrations with other systems.

因此會是服務經銷商的技術解決方案、軟體，可能偏向較小型、較偏點狀（point solutions）的產品，但能幫助我們更快加速在四大經銷商支柱（pillars）上的擴張。我們在這四個領域都有非常令人振奮的有機（organic）產品路線圖，而且四個支柱我們目前都已經有產品，但我們希望更快。我們也希望確保能透過共同的資料集，以及與其他系統的整合，把這四個支柱串聯起來。

And so there is quite a bit of work to get to the robust platform that we see ourselves getting to. And if we can get there faster with an acquisition, we will. This isn't anything too novel, but the important things to us are great technology and a great team.

因此，要達到我們所設想的強健平台，還有相當多的工作要做。如果能透過收購更快達成，我們就會這麼做。這並不是什麼太新奇的事，但對我們而言重要的是卓越的技術與優秀的團隊。

Naved Khan, B. Riley Securities.

Naved Khan，B. Riley Securities。

This is Ryan Powell on for Naved. I wanted to kind of drill into the sales and marketing investments. You framed them as both focused on product or focused on dealer and consumer reach. So I guess, first, any difference in traction from franchise versus independent dealers? And then also good to see some growth in the unique users and sessions in the quarter. So how much of that was driven by organic traffic versus paid?

我是代替 Naved 的 Ryan Powell。我想更深入了解銷售與行銷投資。你們將其定位為同時聚焦產品、以及聚焦經銷商與消費者觸及。所以我想先問，加盟（franchise）經銷商與獨立（independent）經銷商之間的動能是否有差異？另外，本季獨立使用者與工作階段（sessions）有一些成長也很不錯。其中有多少是由自然流量（organic）帶動、又有多少是付費帶動？

Thanks, Ryan. It's Jason. No, I would not -- on your first question, I would not say there was -- there is a difference on our traction between franchise and IND. We've always served both of those segments and top to bottom, large to small within each of those segments really well. That's one of the benefits of our platform.

謝謝，Ryan。我是 Jason。不，針對你的第一個問題，我不會說我們在加盟與獨立經銷商之間的動能有差異。我們一直以來都同時服務這兩個區隔，並且在每個區隔內從大型到小型都服務得很好。這是我們平台的優勢之一。

And as Sam mentioned or answered earlier, PriceVantage has been broadly embraced. And so even a product like that, that's in a new pillar for us, is not all that segment specific at all. So I would say it continues to be market-wide, the appeal of our products.

如同 Sam 先前提到或回答的，PriceVantage 已被廣泛採用。因此即便是那樣的產品——對我們而言屬於新的支柱——也完全不是特定區隔導向。所以我會說，我們產品的吸引力仍是面向整個市場。

In terms of users and sessions, just as a reminder, we don't focus on driving upper funnel-traffic. We focus on the value we deliver to dealers. If we achieve that by having more traffic and more sessions, that's fine, but we can also achieve that without doing it because it's really a small percentage of our total traffic that converts to connecting with the dealer. But we did grow our investment in marketing as well as in sales. I would say more of that growth has been on brand and brand building.

就使用者與工作階段而言，提醒一下，我們不會把重點放在推動漏斗上層（upper funnel）的流量。我們聚焦在為經銷商提供的價值。如果我們透過更多流量與更多工作階段來達成，那也可以，但即使不這麼做也能達成，因為在我們的總流量中，真正轉換為與經銷商建立連結的比例其實很小。不過我們確實增加了行銷以及銷售方面的投資。我會說，這些成長更多是投入在品牌與品牌建設上。

Our direct and owned and app and organic traffic continue to be our fastest growth. And yes, beyond that, I would say, at the channel level, we don't get into that.

我們的直達（direct）、自有（owned）、App 與自然流量仍是成長最快的來源。至於除此之外，我會說，在渠道層級我們不會進一步拆解。

(Operator Instructions) Chris Pierce, Needham & Company.

(接線員指示) Chris Pierce，Needham & Company。

I just wanted to get a sense, as you've been introducing these new products, could you -- for a lot of us, maybe we don't specifically know how many products or the level of detail that dealers are really taking when you sort of get down to except we hear that they take lots of different products that they don't really talk to each other. Are you guys like -- I think I know the answer, but I just love to hear you guys talk about this.

我想了解一下，當你們推出這些新產品時，能否——對我們很多人來說，可能不太清楚經銷商實際採用多少產品或細節到什麼程度；我們只聽到他們採用很多不同的產品，但這些產品彼此之間其實不太互通。你們是否——我想我知道答案，但我很想聽你們談談這點。

PriceVantage, is it a novel solution? Or is it the uniqueness is that you're able to leverage the data you have to offer a much more powerful solution versus what's on the market now? Because if it's door number two, I guess, does that imply that there's a long tail of products you can sort of take share from, from like legacy one-off like software products that dealers are taking? Like what are some other areas you might be able to push into if that assumption is correct?

PriceVantage 是一個全新的解決方案嗎？還是它的獨特之處在於，你們能利用既有的資料，提供比目前市場上更強大的解決方案？因為如果是第二種情況，我想這是否意味著你們可以從經銷商正在使用的那些傳統、一次性（one-off）的舊式軟體產品中，逐步取得長尾（long tail）的市占？如果這個假設成立，還有哪些其他領域是你們可能可以切入的？

Sure. So yes, I mean -- well, let me back up to just offer a reminder, which is the four pillars, the four categories of dealer products that we see huge opportunity in our inventory, marketing, lead conversion and then market and competitive data.

當然。所以是的，我的意思是——嗯，讓我先退一步提醒一下：我們看到巨大機會的四大支柱，也就是經銷商產品的四大類別，分別是庫存、行銷、線索轉換（lead conversion），以及市場與競爭數據。

Most of our products historically have been in marketing. All of our products across -- and we have products in each of those pillars, and I'll give some examples. All of those products benefit from the data that we have in our marketplace. And the specific data in the marketplace that is so helpful are the retail trends, the inventory trends and the pricing trends. And embedded in retail is demand.

我們過去大多數產品歷史上都在行銷領域。我們在這些支柱中每一個都有產品，我也會舉一些例子。所有這些產品都受益於我們在市場平台中所擁有的資料。而市場平台中特別有幫助的資料是零售趨勢、庫存趨勢與定價趨勢。而零售之中也內含需求。

And so the reason that that's so important to call out is because every decision a dealer could make in any of those pillars is going to be much smarter if they're able to say how much that car will sell for and how to best sell it. So the example is if a dealer is able to know that a particular car can sell in 10 days for $32,000, then they'll know that they're willing to spend $30,000 for it at wholesale. Because they're looking for a $2,000 GPU. That's an oversimplified example, but hopefully, you get the point. And so any products that we build related to inventory are informed by this like golden piece of data, which is how much that car will sell for 30 days out when they're ready to retail it.

因此，之所以特別強調這一點如此重要，是因為經銷商在任何一個支柱上所做的每一項決策，如果他們能夠說出那輛車能賣多少錢，以及如何以最佳方式把它賣出去，就會聰明得多。舉例來說，如果經銷商知道某一輛車可以在 10 天內以 32,000 美元售出，那麼他們就會知道自己願意在批發端花 30,000 美元買進。因為他們希望有 2,000 美元的 GPU（單車毛利）。這是一個過度簡化的例子，但希望你能理解重點。因此，我們所打造的任何與庫存相關的產品，都是由這個像黃金般的關鍵數據所驅動：也就是在他們準備以零售方式出售時，往後 30 天那輛車能賣多少錢。

Similarly, in conversion, if we're able to tell them how to convert interested parties to buy that car better than anyone else because we see the demand trends and we have the deep information on the consumer because they engage with our conversational AI, then they're going to convert those much better and make much more money on their same investment in our marketplace.

同樣地，在轉換方面，如果我們能告訴他們，如何比任何人都更有效地把有興趣的客戶轉換成購買那輛車的買家，因為我們看得到需求趨勢，而且我們透過他們與我們的對話式 AI 互動，掌握了對消費者的深度資訊，那麼他們的轉換率就會好得多，並且在同樣投入我們市集的投資下賺到更多錢。

So we're bringing this data set that's borne out of the $0.5 billion data points a day that we garner in our marketplace to each of the pillars. So if you look at inventory, as an example, we talk about five or 6 key things that need to be done in inventory, which are sourcing, stocking, appraising, pricing, merchandising and syndicating. PriceVantage is just the first step in that, and we believe we have that same data advantage in all of those categories within inventory and inventory is north of $1 billion business in the US alone. And so when you look at the how is PriceVantage value prop today, it uses real-time data and recommendations.

因此，我們把這套源自於我們在市集中每天蒐集到的 5 億個數據點的資料集，帶到每一個支柱上。以庫存為例，我們談到庫存需要完成的五到六個關鍵事項，包括採購、備貨、估價、定價、商品呈現（merchandising）以及分發刊登（syndicating）。PriceVantage 只是其中的第一步，而我們相信，在庫存的所有這些類別中，我們都擁有同樣的數據優勢；而僅在美國，庫存相關業務規模就超過 10 億美元。因此，當你看 PriceVantage 目前的價值主張時，它使用即時數據與建議。

It's predictive, not reactive, and the results are proven in real time, which is another benefit. So you make a pricing decision, you make a pricing change, we tell you, we think this will grow your leads by 30% and you see those leads grow by x percent the following day. And so VINMax, another product that we introduced in marketing. VINMax says, we can see the retail demand trends, and we know it's going to be hard for you to sell this VIN if you don't market it more aggressively. So VINMax says, we don't need you to make the decisions at the dealership anymore.

它是預測性的，而非反應式的，而且結果能在即時狀態下被驗證，這也是另一項好處。所以你做出一個定價決策、做出一次調價，我們告訴你，我們認為這會讓你的潛在客戶（leads）增加 30%，而你在隔天就會看到潛在客戶增加了 x%。另外，VINMax 是我們在行銷領域推出的另一項產品。VINMax 表示：我們看得到零售需求趨勢，而且我們知道如果你不更積極地行銷這個 VIN，你會很難把它賣掉。因此 VINMax 說：我們不再需要你在經銷商端做這些決策了。

We will make the decisions for you and prioritize the toughest to sell VINs based on the demand data that we have. So when you look at the new products we've introduced to dealers in the last 12 months, PriceVantage, New Car Exposure, again, New Car Exposure is based on knowing the demand trends for new cars. VINMax, which I just mentioned, Shopper Signals and Performance Insights, those all are based on having a better sense of what's going to sell at what price and to whom than anyone else. And that's why dealers, more people at the dealers are tapping into our system, 28% more activity on our system versus a year ago because it's giving them the intelligence to make these smarter decisions.

我們會替你做決策，並根據我們掌握的需求數據，優先處理最難賣的 VIN。所以當你看我們在過去 12 個月向經銷商推出的新產品：PriceVantage、New Car Exposure（同樣地，New Car Exposure 是基於對新車需求趨勢的掌握）、我剛提到的 VINMax、Shopper Signals 和 Performance Insights，這些全部都建立在：我們比任何人都更能掌握什麼會以什麼價格賣給誰。也正因如此，經銷商端有更多人正在使用我們的系統；相較一年前，我們系統上的活動量增加了 28%，因為它提供了讓他們做出更聰明決策所需的洞察。

Okay. Can you just talk about then dealers' perception of data and dealers' trust in data versus three, five years ago and sort of how things have kind of come to where they are now? And is there room for dealers to even become more data dependent? Like on scale 1 to 10, are dealers at like a 6 now? Are they at a 2? Like where have they been and where are they going to and where are they now?

好的。你能談談經銷商對數據的觀感，以及相較於三、五年前，經銷商對數據的信任程度，還有整體情況是如何演變到現在這樣的嗎？另外，經銷商是否還有空間變得更依賴數據？例如以 1 到 10 的量表來看，經銷商現在大概在 6 嗎？還是在 2？他們過去在哪裡、現在在哪裡、未來又會走向哪裡？

I think it depends on the dealer, maybe to state the obvious. I think the dealers have -- dealers tend to be data-driven. I think the challenge that many of them would say they face is they get disparate data from disparate systems and it doesn't always fit. It doesn't tie together. And so that's one of the key things that we think a platform like ours that has this singular data layer across all of it helps solve.

我想這取決於經銷商，這也許是顯而易見的。我認為經銷商——經銷商通常是數據驅動的。我認為他們很多人會說自己面臨的挑戰是：他們從不同的系統取得分散的數據，而這些數據不一定一致。它們無法串在一起。因此，我們認為像我們這樣擁有跨所有環節的單一數據層的平台，能協助解決這個關鍵問題。

So I think sophisticated dealers have been a 7, 8, 9 out of 10 user of data. But the challenge they would say is this source data says one thing and this source data says something else. And so in our products, when there's a recommendation made in PriceVantage, it's the same recommendation that would be made in our marketing -- in our listings product or if it is making a suggestion to do something to a price on a particular VIN because that VIN is not moving well, that is coordinated with the VINMax system, which says, actually, you know what, don't move price on this. It's more economical for you to market it more.

所以我認為成熟的經銷商在使用數據方面，可能已經是 10 分制中的 7、8、9 分。但他們會說的挑戰是：這個來源的數據說一件事，那個來源的數據又說另一件事。因此在我們的產品中，當 PriceVantage 提出一項建議時，這會與我們行銷——也就是我們的刊登（listings）產品——所提出的建議一致；或者如果它建議針對某個 VIN 的價格做些調整，因為那個 VIN 的銷售動能不佳，這也會與 VINMax 系統協同；VINMax 會說：其實你知道嗎，不要調這個價格。對你而言，更具成本效益的做法是加大行銷力度。

And so -- and again, this is where the quick feedback loop comes back in because with a lot of other disconnected systems, if something says you should do that, you merchandise a car this way and they make a change, they may not see the results, whereas on our platform and with our products, any change they make is directly observable in their leads and listings performance.

因此——再一次，這也回到快速回饋迴圈的重要性：因為在許多其他彼此不相連的系統中，如果某個系統說你應該那樣做，你用那種方式去呈現（merchandise）一輛車並做了改變，你可能看不到結果；然而在我們的平台與產品上，他們所做的任何改變，都能直接在其潛在客戶（leads）與刊登表現中被觀察到。

Thank you. I would like to turn the floor over to Jason for closing remarks.

謝謝。我想把時間交給 Jason 做結語。

Thank you. Thanks, everyone, for joining the call this evening. Thank you very much for the questions. And as always, we always want to thank our customers for their trust in us and also our employees that work so hard to build and deliver all of these wonderful products and the great results. Thanks, everyone. Have a great evening.

謝謝。感謝各位今晚加入這通電話會議。非常感謝各位的提問。一如既往，我們也要感謝客戶對我們的信任，同時也感謝我們的員工，他們非常努力地打造並交付所有這些出色的產品與優異的成果。謝謝大家。祝各位今晚愉快。

This concludes today's teleconference. You may disconnect your lines at this time, and we thank you for your participation.

今天的電話會議到此結束。您現在可以掛斷電話線，並感謝您的參與。