Cars.com Inc (CARS) 2023 Q1 法說會逐字稿

Good morning, and welcome to the Cars First Quarter 2023 Earnings Conference Call. This call is being recorded, and a live webcast and the accompanying slides can be found at investor.cars.com. An archive of the webcast will be available at Cars Investor Relations website.

早上好，歡迎來到 Cars 2023 年第一季度收益電話會議。此通話正在錄製中，現場網絡廣播和隨附的幻燈片可在 investor.cars.com 上找到。 Cars Investor Relations 網站將提供網絡廣播的存檔。

I'd now like to turn the call over to Robbin Moore-Randolph, Director of Investor Relations.

我現在想把電話轉給投資者關係總監 Robbin Moore-Randolph。

Good morning, everyone, and thank you for joining us. It's my pleasure to welcome you to the Cars first quarter 2023 conference call.

大家早上好，感謝您加入我們。很高興歡迎您參加汽車總動員 2023 年第一季度電話會議。

With me this morning are Alex Vetter, CEO; and Sonia Jain, CFO. Alex will start by discussing the business highlights from our first quarter, then Sonia will discuss our financial results in greater detail, along with our 2023 outlook. We'll finish the call with Q&A.

今天早上和我在一起的是首席執行官 Alex Vetter；和首席財務官 Sonia Jain。 Alex 將首先討論我們第一季度的業務亮點，然後 Sonia 將更詳細地討論我們的財務業績以及我們的 2023 年展望。我們將通過問答結束通話。

Before I turn the call over to Alex, I'd like to draw your attention to our forward-looking statements, and the description and definition of non-GAAP financial measures, which can be found in our presentation.

在我把電話轉給亞歷克斯之前，我想提請你注意我們的前瞻性陳述，以及非 GAAP 財務措施的描述和定義，這些可以在我們的演示文稿中找到。

We will be discussing certain non-GAAP financial measures today, including adjusted EBITDA, adjusted EBITDA margin, adjusted operating expenses and free cash flow. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measure can be found in the financial tables included with our earnings press release and in the appendix of our presentation.

我們今天將討論某些非 GAAP 財務指標，包括調整後的 EBITDA、調整後的 EBITDA 利潤率、調整後的運營費用和自由現金流。這些非 GAAP 措施與最直接可比的 GAAP 措施的調節可以在我們的收益新聞稿中的財務表格和我們的演示文稿的附錄中找到。

Any forward-looking statements are subject to risks and uncertainties. For more information, please refer to the risk factors included in our SEC filings, including those in our most recently filed 10-K, which is available on the IR section of our website. We assume no obligation to update any forward-looking statements.

任何前瞻性陳述都存在風險和不確定性。有關更多信息，請參閱我們向 SEC 提交的文件中包含的風險因素，包括我們最近提交的 10-K 中的風險因素，該文件可在我們網站的 IR 部分找到。我們不承擔更新任何前瞻性陳述的義務。

Now I'll turn the call over to Alex.

現在我將電話轉給亞歷克斯。

Thank you, Robbin, and welcome to our first quarter 2023 earnings call.

謝謝羅賓，歡迎來到我們 2023 年第一季度的財報電話會議。

We continue to deliver on our key performance indicators. Revenue grew 6% year-over-year to $167 million and adjusted EBITDA totaled $44 million, representing a 27% margin, all comfortably within our guidance range.

我們繼續實現我們的關鍵績效指標。收入同比增長 6% 至 1.67 億美元，調整後的 EBITDA 總計 4,400 萬美元，利潤率為 27%，均在我們的指導範圍內。

We achieved these solid results through continued marketplace strength, website growth, the addition of Accu-Trade and media product upsells, growing ARPD 4% year-over-year. Although the industry remains dynamic with fluctuating vehicle prices and low inventory levels, our customers consistently rely on our marketplace for its ability to attract a significant audience of shoppers and remain dependent on our digital solutions regardless of inventory level.

我們通過持續的市場實力、網站增長、增加 Accu-Trade 和媒體產品追加銷售取得了這些穩固的成果，ARPD 同比增長 4%。儘管該行業因車輛價格波動和庫存水平低而保持動態，但我們的客戶始終依賴我們的市場來吸引大量購物者，並且無論庫存水平如何，都仍然依賴我們的數字解決方案。

We remain an industry enabler and do not take possession of inventory, empowering our customers with digital solutions, allowing them to own the last mile in retail.

我們仍然是行業的推動者，不佔有庫存，為我們的客戶提供數字解決方案，讓他們擁有零售業的最後一英里。

Our audience engagement and traffic trends also remained strong. For the quarter, traffic increased 11% and monthly unique visitors were up 7% year-over-year. The strength of our brand, strong editorial content, and best-in-class app, resulted in a 7% year-over-year growth in organic traffic, enabling us to preserve marketing dollars as we continue to focus on product innovation.

我們的觀眾參與度和流量趨勢也保持強勁。本季度，流量增長 11%，每月獨立訪客同比增長 7%。我們品牌的實力、強大的編輯內容和一流的應用程序使有機流量同比增長 7%，使我們能夠在繼續專注於產品創新的同時保留營銷資金。

Building upon our strong value proposition, during the first quarter, we introduced new marketplace subscription packages that seamlessly combine new tools like search expansion that extends the customer sales radius as well as CreditIQ and DealerRater features. These packages enable customers to better leverage our platform capabilities.

基於我們強大的價值主張，在第一季度，我們推出了新的市場訂閱包，這些包無縫結合了新工具，例如擴展客戶銷售半徑的搜索擴展以及 CreditIQ 和 DealerRater 功能。這些軟件包使客戶能夠更好地利用我們的平台功能。

We also aligned our subscription pricing with the enhanced value offered as part of these new packages. Overall reception has been positive with strong demand from dealers opting for our premium tier.

我們還將我們的訂閱定價與作為這些新套餐的一部分提供的增值服務相結合。總體反響良好，經銷商選擇我們的高端產品的需求強勁。

As discussed in prior quarters, digital dealers began scaling back their operations last year. Despite this, we still ended the quarter with 19,186 dealer customers, 320 lower compared to the prior quarter and 314 fewer than the previous year. Excluding the loss of digital dealers, customers would have been up on a year-over-year basis.

正如前幾個季度所討論的那樣，數字經銷商去年開始縮減業務。儘管如此，我們在本季度結束時仍有 19,186 名經銷商客戶，比上一季度減少 320 人，比去年減少 314 人。排除數字經銷商的損失，客戶數量將同比增長。

In addition to our marketplace strength, dealers continue to adopt our website solutions, as website customers grew to more than 6,100 at quarter end, a 630-customer increase year-over-year. Accu-Trade appraisal and vehicle acquisition solution is also seeing strong engagement from dealers and consumers.

除了我們的市場實力外，經銷商繼續採用我們的網站解決方案，因為網站客戶在本季度末增長到 6,100 多個，同比增長 630 個。 Accu-Trade 評估和車輛購置解決方案也得到了經銷商和消費者的大力參與。

Dealers love Accu-Trade given our proprietary VIN-specific valuations that help pinpoint accurate trade-in values using real-time supply and demand data. Consumers also appreciate more accurate vehicle values, which reduces the need for negotiation and enables shoppers and sellers to transact with greater trust and transparency.

經銷商喜歡 Accu-Trade，因為我們專有的 VIN 特定估值有助於使用實時供需數據確定準確的以舊換新價值。消費者還喜歡更準確的車輛價值，這減少了談判的需要，並使購物者和賣家能夠以更大的信任和透明度進行交易。

Appraisals increased by 70% sequentially, and we now have more than 600 Accu-Trade connected customers on our platform.

評估環比增長了 70%，現在我們的平台上有 600 多個 Accu-Trade 關聯客戶。

In closing, we continued to deliver strong results with operating momentum. Cars.com is a trusted brand for consumers who overwhelmingly use our platform and our subscription business coupled with upsell opportunities, deliver strong and stable revenue growth. These solid fundamentals position us well to deliver on our continued growth outlook for the balance of the year.

最後，我們繼續以經營勢頭取得強勁業績。 Cars.com 是消費者信賴的品牌，他們絕大多數使用我們的平台和我們的訂閱業務，加上追加銷售機會，帶來強勁而穩定的收入增長。這些堅實的基本面使我們能夠很好地實現我們今年餘下時間的持續增長前景。

Sonia?

索尼婭？

Thank you, Alex. Our year is off to a strong start. Revenue for the first quarter totaled $167 million, up 6% year-over-year. Dealer revenue grew 7% or $9 million year-over-year driven by websites, media sales and Accu-Trade.

謝謝你，亞歷克斯。我們的一年有了一個良好的開端。第一季度的收入總計 1.67 億美元，同比增長 6%。在網站、媒體銷售和 Accu-Trade 的推動下，經銷商收入同比增長 7% 或 900 萬美元。

We also saw strength in revenue from OEM customers this quarter. However, national revenue, which includes our insurance customers was down. As a result, dealer revenue growth was partially offset by an 11% decrease in our OEM and national revenue line.

本季度我們還看到來自 OEM 客戶的收入強勁。但是，包括我們的保險客戶在內的國家收入下降了。因此，經銷商收入的增長被我們的 OEM 和全國收入線下降 11% 所部分抵消。

Moving to expenses. Our operating expenses for the first quarter were $155 million compared to $147 million in the prior year. On an adjusted basis, operating expenses increased $5 million or 4% compared to the prior year. The increase is due in part to higher product and technology expenses related to the acquisition, integration and launch of Accu-Trade.

轉向開支。我們第一季度的運營費用為 1.55 億美元，而去年同期為 1.47 億美元。在調整後的基礎上，運營費用比上一年增加了 500 萬美元或 4%。增加的部分原因是與 Accu-Trade 的收購、整合和推出相關的產品和技術費用增加。

Also, we continue to invest in our sales and support staff to increase new product sales and fulfillment. This is reflected in our cost of revenue and operations and marketing and sales line. While marketing and sales was up year-over-year, we spent less than originally planned on marketing this quarter, due to the strong growth in our audience metrics.

此外，我們繼續投資於我們的銷售和支持人員，以增加新產品的銷售和履行。這反映在我們的收入和運營成本以及營銷和銷售線上。雖然營銷和銷售同比增長，但由於受眾指標的強勁增長，本季度我們在營銷方面的支出低於原計劃。

Traffic was up 11% year-over-year, driven by momentum in organic traffic, which was up 7% year-over-year. We continually evaluate our marketing spend and identify opportunities for efficiencies and lean into the channels that provide the highest return.

在有機流量增長勢頭的推動下，流量同比增長 11%，同比增長 7%。我們不斷評估我們的營銷支出並確定提高效率的機會，並傾向於提供最高回報的渠道。

We capitalized on increased consumer demand this quarter with shifts in our paid user acquisition strategy and enhancements to our app and website experiences.

本季度，我們通過改變付費用戶獲取策略以及增強我們的應用程序和網站體驗來利用不斷增長的消費者需求。

Net income for the quarter totaled $11 million or $0.17 per diluted share. This quarter's results reflect the $8 million change in the fair value of earnouts related to our recent acquisitions.

本季度淨收入總計 1100 萬美元或每股攤薄收益 0.17 美元。本季度的業績反映了與我們最近的收購相關的收益公允價值的 800 萬美元變化。

Adjusted EBITDA was $44 million, up 6% compared to the prior year, and adjusted EBITDA margin was 26.5% of revenue. Margin for the quarter reflects revenue growth, partially offset by the investments to support our growth initiatives.

調整後的 EBITDA 為 4400 萬美元，比上年增長 6%，調整後的 EBITDA 利潤率為收入的 26.5%。本季度的利潤率反映了收入增長，部分被支持我們增長計劃的投資所抵消。

As Alex mentioned, we recently started to roll out new marketplace packages. These new packages simplify our go-to-market efforts and allow us to deliver more of our platform value to our customers. They also afford us the opportunity to better align our pricing and value delivery.

正如 Alex 提到的，我們最近開始推出新的市場包。這些新軟件包簡化了我們的上市工作，使我們能夠為客戶提供更多的平台價值。它們還為我們提供了更好地調整定價和價值交付的機會。

Early results are showing increased adoption of our higher-tiered packages, somewhat tempered by an expected but modest increase in cancels. Still, we expect these packages to drive incremental revenue and adjusted EBITDA, which will accumulate as the year progresses.

早期結果顯示，我們更高級別套餐的採用率有所提高，但預期中的取消數量略有增加，這在一定程度上有所緩和。儘管如此，我們仍預計這些方案將推動增量收入和調整後的 EBITDA，這將隨著時間的推移而累積。

Now turning to our key metrics that are the foundation for our solid quarterly results. As discussed, dealer customers would have been up year-over-year, if not for the additional digital dealer pullback. This is not a surprise and reflects their continued operational challenges.

現在轉向我們的關鍵指標，這些指標是我們穩健的季度業績的基礎。如前所述，如果不是因為額外的數字經銷商回調，經銷商客戶將同比增長。這並不奇怪，反映了他們持續的運營挑戰。

Our customer base remains healthy and strong, and we ended the quarter with 19,186 dealer customers. And we continue to be focused on cross selling our customers' new solutions. Year-over-year, we grew website customers by 630 to a total of 6,100 customers.

我們的客戶群保持健康和強大，本季度末我們擁有 19,186 名經銷商客戶。我們將繼續專注於交叉銷售客戶的新解決方案。與去年同期相比，我們的網站客戶增加了 630 個，總數達到 6,100 個。

Although sequential growth in website customers was more muted due to elevated cancels in the quarter, websites and Dealer Inspire dig ad business combined to drive 29% year-over-year growth.

儘管由於本季度取消率上升，網站客戶的環比增長更為緩慢，但網站和 Dealer Inspire 挖掘廣告業務共同推動了 29% 的同比增長。

First quarter ARPD grew $95 year-over-year to $2,386 driven by growth in digital solutions, website and the benefit of a full quarter of Accu-Trade. We expect continued ARPD growth through cross-sell opportunities and our marketplace repackaging efforts.

第一季度 ARPD 同比增長 95 美元至 2,386 美元，這得益於數字解決方案、網站的增長以及 Accu-Trade 整個季度的收益。我們預計通過交叉銷售機會和我們的市場重新包裝努力，ARPD 將繼續增長。

Our subscription business delivered strong and consistent cash flow, enabling us to continue to delever our business, while maintaining a balanced capital allocation strategy.

我們的認購業務提供了強勁且穩定的現金流，使我們能夠繼續去槓桿化我們的業務，同時保持平衡的資本配置策略。

During the quarter, we paid down $19 million of debt, including the $15 million remaining on our revolving loan, which we used to fund the Accu-Trade acquisition in 2022. That outstanding decreased to $463 million, of which nearly 90% is related to our [6.375%] fixed rate senior unsecured notes maturing in 2028.

在本季度，我們還清了 1900 萬美元的債務，包括循環貸款中剩餘的 1500 萬美元，我們用這筆貸款為 2022 年收購 Accu-Trade 提供資金。未償債務減少到 4.63 億美元，其中近 90% 與我們的 [6.375%] 固定利率高級無抵押票據將於 2028 年到期。

The combination of adjusted EBITDA growth and debt paydown resulted in a net leverage ratio of 2.3x, down from 2.7x a year ago. We also returned $7 million of capital to shareholders via share repurchases.

調整後的 EBITDA 增長和債務償還相結合導致淨槓桿率為 2.3 倍，低於一年前的 2.7 倍。我們還通過股票回購向股東返還了 700 萬美元的資本。

Our liquidity is strong at approximately $249 million between our undrawn revolver and cash on hand. This provides us with significant strategic flexibility going forward.

我們的流動性很強，在我們未提取的左輪手槍和手頭現金之間約為 2.49 億美元。這為我們提供了重要的戰略靈活性。

Our strong financial performance and integrated platform position us well for continued profitable growth. Looking ahead to the second quarter, we expect to deliver revenue between $168 million and $170 million, reflecting continued dealer revenue growth.

我們強勁的財務業績和集成平台使我們有能力持續盈利增長。展望第二季度，我們預計收入將在 1.68 億美元至 1.7 億美元之間，這反映了經銷商收入的持續增長。

While the marketplace repackaging rollout will accelerate in the second quarter, the full benefit will be realized over the course of the second half of the year. And despite OEM greenshoots in the first quarter, we remain cautious on OEM and national revenue, largely due to the pullback by our insurance customers and historically lean inventory levels.

雖然市場重新包裝的推出將在第二季度加速，但全部收益將在下半年實現。儘管 OEM 在第一季度出現了新芽，但我們對 OEM 和國家收入仍持謹慎態度，這主要是由於我們的保險客戶減少以及歷史上的低庫存水平。

It is important to note that in the second quarter, we will fully lap the acquisition of Accu-Trade and will be comping to a period not yet impacted by the digital dealer pullback. Despite this difficult comp, we anticipate growing second quarter revenue by 3% to 4% year-over-year.

重要的是要注意，在第二季度，我們將完全完成對 Accu-Trade 的收購，並將進入一個尚未受到數字經銷商回調影響的時期。儘管存在這種困難，但我們預計第二季度收入同比增長 3% 至 4%。

Second quarter adjusted EBITDA margin is expected to be 26% to 28%. Our margin outlook contemplates lower OEM and national advertising revenue relative to the first quarter, as well as increased investment in brand marketing to drive growth in the business and awareness of new products.

第二季度調整後的 EBITDA 利潤率預計為 26% 至 28%。我們的利潤率展望考慮了與第一季度相比較低的 OEM 和全國廣告收入，以及增加對品牌營銷的投資以推動業務增長和新產品的知名度。

Building on that, we reaffirm our 2023 full year revenue growth expectations of 3% to 6%. We also anticipate exiting the fourth quarter of 2023 with margins approaching 30%. We are well positioned to deliver on our goals. The strength of our customer relationship, efficiency of our traffic generation and asset-light business model will continue to translate into growth and profitability.

在此基礎上，我們重申 2023 年全年收入增長 3% 至 6% 的預期。我們還預計 2023 年第四季度結束時利潤率將接近 30%。我們有能力實現我們的目標。我們強大的客戶關係、流量產生的效率和輕資產業務模式將繼續轉化為增長和盈利能力。

And with that, operator, we'd like to open the call for questions.

有了這個，接線員，我們想打開問題電話。

(Operator Instructions) And our first question comes from Thomas White from D.A. Davidson.

（操作員說明）我們的第一個問題來自 D.A. 的 Thomas White。戴維森。

A couple, if I could. I guess, just first on the OEM and national line. I think you said OEM is maybe perking up a little bit in the quarter, but overall, that line is still kind of depressed a bit. I guess it's largely tied to new vehicle inventories and production schedules, which, I guess, are improving a bit, but are still kind of -- well off kind of pre-pandemic levels.

一對，如果可以的話。我想，首先是在 OEM 和國家線上。我想你說 OEM 在本季度可能會有所回升，但總的來說，這條線仍然有點低迷。我想這在很大程度上與新車庫存和生產計劃有關，我想這正在有所改善，但仍然有點——遠低於大流行前的水平。

I guess what I'm trying to understand is whether you think this kind of the current level of new inventory and sort of the pace of the ramp? Is this sort of like the new normal for the industry that we should expect kind of for the foreseeable futures of franchise dealers just kind of enjoyed the last couple of years of tight inventory and high prices in there, and that's kind of factoring into how OEMs are deciding to, I guess, put new vehicles out there? I guess that's my first question. And then I got a follow-up.

我想我想了解的是，您是否認為這種當前的新庫存水平和某種程度的增長速度？這是否有點像我們應該期待的行業新常態？在可預見的未來，特許經銷商只是享受了過去幾年的庫存緊張和高價格，這也是原始設備製造商如何應對的一個因素我猜想，他們正在決定推出新車嗎？我想這是我的第一個問題。然後我得到了跟進。

Tom, thanks for the question. Look, I don't think it's the new normal in that what you're seeing in the marketplace is that certainly, certain OEMs are trying to better balance production towards demand. And that's admirable to want to have perfect yield and no overproduction.

湯姆，謝謝你的提問。看，我不認為這是新常態，因為你在市場上看到的是，某些原始設備製造商正在努力更好地平衡生產與需求。想要擁有完美的產量並且沒有生產過剩，這是令人欽佩的。

The downside is you've got other car companies that are building ahead of market demand and seeing market share gains at faster levels. If you look at the Korean automakers, Hyundai and Kia most recently, they're taking market share because they've got product on the street for consumers to drive and to experience, and they're taking market share.

缺點是你有其他汽車公司在市場需求之前建立並且看到市場份額以更快的水平增長。如果你看看最近的韓國汽車製造商現代和起亞，他們正在搶占市場份額，因為他們在街上有產品供消費者駕駛和體驗，而且他們正在搶占市場份額。

And so while everyone in a certain segment of the market may know exactly what they want and be able to preorder it online, the vast majority of car buying does have a degree of impulse and fitting market need. And so I do believe the industry is going to get back to having more product on the shelf because they cannot possibly anticipate the changing consumer expectations and needs that far ahead of a life cycle schedule.

因此，雖然某個細分市場中的每個人都可能確切地知道他們想要什麼並能夠在線預訂，但絕大多數購車者確實有一定程度的衝動和適合的市場需求。因此，我確實相信該行業將恢復到貨架上有更多產品的狀態，因為他們不可能在生命週期計劃之前提前預見到不斷變化的消費者期望和需求。

Okay. That's helpful and makes sense. And just, I guess, a follow-up on Accu-Trade. Could you maybe talk a little bit about the product road map for that? And I guess, I'm under the impression that there's sort of like -- sort of a beefed up or sort of fuller version of the solution maybe that you guys' sort of have in the works. Just kind of trying to understand what we should expect from that technology. And maybe just comment on how you feel it's kind of differentiated versus some of the other offerings in the marketplace?

好的。這很有幫助，也很有意義。我想，只是 Accu-Trade 的後續行動。你能談談產品路線圖嗎？而且我想，我的印像是有點像 - 有點像解決方案的加強版或更完整的版本，也許你們正在開發中。只是想了解我們應該從該技術中得到什麼。也許只是評論一下你覺得它與市場上的其他一些產品相比有何不同？

Sure. Well, first of all, we're really excited about the growth we're seeing in Accu-Trade, not just for dealerships, but consumers as well in that -- we're elevating the industry away from the legacy black box, mystical pricing, what's your trade and worth to a data-driven assessment that's based on real-time supply and demand data as well as the intrinsic health of a car.

當然。好吧，首先，我們對我們在 Accu-Trade 中看到的增長感到非常興奮，不僅僅是經銷商，還有消費者——我們正在提升行業遠離傳統的黑匣子，神秘的定價，您的交易和價值是基於實時供需數據以及汽車內在健康狀況的數據驅動評估。

And so ultimately, what that does is it eliminates friction between dealerships and their customers, so that users don't have to drive to 3 to 4 stores to know what their car truly is worth. They can do it on their mobile phone. They can use Cars.com to get accurate vehicle values.

因此，最終，它的作用是消除經銷商與客戶之間的摩擦，這樣用戶就不必開車去 3 到 4 家商店就可以知道他們的車的真正價值。他們可以在手機上完成。他們可以使用 Cars.com 獲得準確的車輛價值。

I think -- and we're seeing that in our appraisal volume up 70% in the quarter. So not only dealers are praising more vehicles using our tech, but consumers are getting more vehicle valuations through Cars.com.

我認為 - 我們在本季度的評估量中看到了 70%。因此，不僅經銷商稱讚更多使用我們技術的車輛，消費者也通過 Cars.com 獲得更多車輛估價。

I think when you look at the road map ahead, we've really got an opportunity here to extend consumers' relationship with Cars.com because while you may not need a trading value today, the more we can get consumers to register their cars with Cars.com long-term, that's going to reduce our marketing expense because we're going to have an ongoing relationship with consumers to present them values throughout their vehicle ownership journey. So that's in the pipeline and in the works.

我認為，當您查看未來的路線圖時，我們確實有機會在這裡擴展消費者與 Cars.com 的關係，因為雖然您今天可能不需要交易價值，但我們可以讓消費者註冊他們的汽車越多Cars.com 從長遠來看，這將減少我們的營銷費用，因為我們將與消費者保持持續的關係，在他們擁有汽車的整個過程中向他們展示價值。所以這是在籌備和工作中。

You're also seeing us move more into helping dealer groups trade inventory within themselves. So large dealer groups have told us that they love Accu-Trade, but they'd love to be able to move cars amongst dealerships, which puts in the foundation for where we really ultimately want to go, which is enabling a dealer collective to basically be a dealer-to-dealer exchange, something that is far more efficient than the physical auction. And dealerships can trade vehicles both within their groups and within a peer group at a far more reduced cost than the legacy auction model, which we think can be disruptive with technology.

您還看到我們更多地幫助經銷商團體內部交易庫存。大型經銷商團體告訴我們，他們喜歡 Accu-Trade，但他們希望能夠在經銷商之間轉移汽車，這為我們最終真正想去的地方奠定了基礎，這使經銷商集體基本上能夠成為經銷商對經銷商的交易，這比實體拍賣更有效率。經銷商可以在其集團內和同行集團內以比傳統拍賣模式低得多的成本交易車輛，我們認為這可能會破壞技術。

Our next question comes from Gary Prestopino of Barrington Research.

我們的下一個問題來自 Barrington Research 的 Gary Prestopino。

In terms of the dealers, have you -- are most of the digital dealers now out of the equation as far as clients? Or could we anticipate continued dips in that segment of the dealer space for you guys?

就經銷商而言，就客戶而言，現在大多數數字經銷商是否已經脫離了方程式？或者我們可以預測你們經銷商空間的那一部分會持續下降嗎？

No. Thanks for the question, Gary. I think at this point, they are largely out of our balance of the year view. So we shouldn't really have any meaningful additional drops on that front.

不，謝謝你的問題，加里。我認為在這一點上，它們在很大程度上不符合我們對年度平衡的看法。所以我們真的不應該在這方面有任何有意義的額外下降。

All right. And then you mentioned that dealers would be up with the exception of these -- the digital deal is pulling out. Could you just give us a frame of what that percentage change would have been? Do you have that handy?

好的。然後你提到經銷商會接受這些例外——數字交易正在退出。你能給我們一個框架，說明這個百分比的變化是多少嗎？你有那個方便嗎？

Yes. It's a year-over-year. So I think what we mentioned is that if you look year-over-year, adjusting for digital dealers or excluding the digital dealer cancellations, we would have been up. And I would tell you that it's on a percentage basis, low single digits.

是的。這是一年比一年。所以我認為我們提到的是，如果你逐年看，調整數字經銷商或排除數字經銷商取消，我們就會上升。我會告訴你，這是按百分比計算的，低個位數。

But I think the point -- I think the point for us is that the base -- the core of the business continues to be healthy. We see a lot of strength with our traditional dealers. And I think as you may have heard us note on the call, we're actively out in market with new packages for marketplace that actually add additional products to our packages. And that's being well received.

但我認為重點——我認為對我們來說重點是基礎——業務的核心繼續保持健康。我們看到了傳統經銷商的強大實力。而且我想你可能已經聽到我們在電話會議上提到的那樣，我們正在積極地為市場推出新的包裝，這些包裝實際上為我們的包裝添加了額外的產品。這很受歡迎。

And that will lead into the next question. Could you kind of go into a little more details -- detail on what these new packages are? What they include? And why would that be an attractive situation for a dealer to want to take these new packages?

這將引出下一個問題。您能否更詳細地介紹一下這些新軟件包的詳細信息？它們包括什麼？為什麼這對想要購買這些新包裹的經銷商來說是一個有吸引力的情況？

Sure, Gary. First of all, dealerships love options and presenting them optionality is core to our strategy to meet dealers where they are and what they are looking for in need. And so we have a base program, a preferred program and a premium program.

當然，加里。首先，經銷商喜歡選擇並向他們提供選擇權是我們戰略的核心，以滿足他們所在的經銷商以及他們正在尋找的需求。因此，我們有一個基本程序、一個首選程序和一個高級程序。

And in classic packaging parlance, there's more features available, the higher in the food chain you go, things like including your own private lender network, having basically more dealership branding in the vehicle detail pages and search result pages that drives more traffic to the dealer's website, the ability to embed DealerRater Salesperson Connect, so that you can connect directly to an individual as opposed to generically to the store and search expansion, which will optimize dealers' inventory in slightly more geographies than their natural search radius.

用經典的包裝術語來說，食物鏈越高，可用的功能就越多，例如包括您自己的私人貸方網絡，在車輛詳細信息頁面和搜索結果頁面中基本上有更多的經銷商品牌，從而為經銷商帶來更多流量網站，嵌入 DealerRater Salesperson Connect 的能力，這樣您就可以直接連接到個人，而不是一般地連接到商店和搜索擴展，這將優化比自然搜索半徑略多的地理區域的經銷商庫存。

So -- we clearly have put a lot into the premium tier and into the preferred tier. And we're excited because most dealers are gravitating to the higher end, which is going to continue to stimulate ARPD growth. It also shows dealerships that, look, we're not just raising rates, we're adding value.

所以 - 我們顯然已經在高級層和首選層中投入了很多。我們很興奮，因為大多數經銷商都傾向於高端產品，這將繼續刺激 ARPD 的增長。它還向經銷商表明，看，我們不僅僅是在提高利率，我們還在增加價值。

And while we have seen some churn with dealers on the initial presentation of our price increase, once we engage with them and show them all the features that are coming with the higher packages, we're seeing good take rates. So it's early. But I think as you know, any actions we take here not only adds to -- nicely to the top, it can flow through to the bottom line as well. And so with our strong traffic trends, we feel very front-footed on our packaging initiative.

雖然我們在最初介紹我們的價格上漲時看到經銷商有一些流失，但一旦我們與他們接觸並向他們展示更高套餐附帶的所有功能，我們就會看到不錯的接受率。所以還早。但我認為，正如你所知，我們在這裡採取的任何行動不僅增加了 - 很好地增加了頂部，它也可以流向底線。因此，隨著我們強勁的流量趨勢，我們覺得我們的包裝計劃非常領先。

So in this packaging initiative, if you have -- you said you have base preferred and premier, can we safely assume that all of the prices went up for each of those tiers as to what you're showing the dealer?

因此，在這個包裝計劃中，如果你有 - 你說你有基本首选和高級，我們是否可以安全地假設你向經銷商展示的每一層的所有價格都上漲了？

Yes, that's right.

恩，那就對了。

Our next question comes from Marvin Fong from BTIG.

我們的下一個問題來自 BTIG 的 Marvin Fong。

Great. So I guess maybe to put another finer point on the new package -- marketplace packages and the ARPD lift. I'm just curious, so you're reiterating your full year guidance. Was this lift the ARPD contemplated in your guidance from last quarter? Or is that new? And is this being kind of offset by the weakness -- the incremental weakness in OEM, just kind of maybe disaggregate, if there's been any change in the full year buildup to your guidance?

偉大的。所以我想也許可以在新套餐上放上另一個更好的點——市場套餐和 ARPD 提升。我只是好奇，所以你重申你的全年指導。這是您上個季度的指導意見中考慮的 ARPD 提升嗎？還是那是新的？這是否被弱點所抵消 - OEM 的增量弱點，如果全年的指導有任何變化，可能只是分解？

Thanks for the question, Marvin. So we began the repackaging effort really towards the end of Q1. So as you're aware, right, in a subscription business, it just takes time for the incremental revenue to start coming and really flowing through the numbers. And we're very early in the process at this point in time.

謝謝你的問題，馬文。因此，我們真正在第一季度末開始了重新打包工作。因此，正如您所知，對，在訂閱業務中，增量收入開始到來並真正流過數字只需要時間。在這個時間點，我們還處於這個過程的早期階段。

But again, reception has been, as Alex was alluding to, reception has been positive with a lot of folks opting for kind of our premium tier and effectively upgrading themselves.

但同樣，正如亞歷克斯所暗示的那樣，接待一直是積極的，許多人選擇了我們的高級級別並有效地升級了自己。

The price increase or the repackaging efforts, are included in our Q2 revenue. It's already baked into our Q2 guidance. And I think at this point, just given where we are in the process, we think it's prudent to kind of reaffirm our full year revenue guidance.

價格上漲或重新包裝工作已包含在我們第二季度的收入中。它已經納入我們的第二季度指南。而且我認為在這一點上，鑑於我們在這個過程中所處的位置，我們認為重申我們的全年收入指導是謹慎的。

Okay. And then maybe just to move on, I think for Dealer Inspire, you highlighted that maybe there was a bit of elevated churn there. I'm just curious, website solution, I would think of typically pretty sticky, given a dealer needs a website, right?

好的。然後也許只是為了繼續前進，我認為對於 Dealer Inspire，你強調說那裡可能有一點高的流失率。我只是好奇，網站解決方案，我會認為通常很粘，因為經銷商需要一個網站，對吧？

So just curious, what's happening there? Was there any share loss or dealers might go into another solution? Or how would you characterize what's going on there?

所以只是好奇，那裡發生了什麼？是否有任何份額損失或經銷商可能會採用其他解決方案？或者你會如何描述那裡發生的事情？

Yes. So we did experience slightly higher cancels in Dealer Inspire websites for the quarter. We do think it's somewhat onetime in nature, in part for some of the reasons that you talked about, there were a couple of competitors in market who are offering, I think, fairly steep promotions that we just didn't want to partake in.

是的。因此，本季度我們在 Dealer Inspire 網站上的取消率確實略高。我們確實認為這在本質上是一次性的，部分原因是你談到的一些原因，我認為市場上有幾個競爭對手提供了我們只是不想參與的相當陡峭的促銷活動。

And then I think I may have mentioned the other quarter, we've also been working on some of our legacy OEM agreements and just working there, both on repackaging and base pricing. And as you can imagine, there is some degree of churn that can come from going through that process when you then go back to the dealer.

然後我想我可能已經提到了另一個季度，我們也一直在研究我們的一些遺留 OEM 協議，並且只是在那里工作，包括重新包裝和基本定價。正如您可以想像的那樣，當您回到經銷商那裡時，經歷這個過程可能會造成一定程度的流失。

But I think we're pretty confident in the value delivery we're providing. We're pretty pleased with the year-over-year growth number from a top line perspective that we saw in the quarter. So I think we're really happy with where we are.

但我認為我們對我們提供的價值交付非常有信心。從我們在本季度看到的頂線角度來看，我們對同比增長數字感到非常滿意。所以我認為我們對我們所處的位置非常滿意。

And Marvin, I'd add one other thing. We've seen this competitive action before. And I think it's obviously a more desperation on their part. But we usually see dealers quickly learned that they're dissatisfied with the lack of service. And that's one of our value props that we really stand by, which is dealerships, we service and support them.

Marvin，我要補充一件事。我們以前見過這種競爭行為。我認為這顯然是他們更加絕望的表現。但我們通常會看到經銷商很快就發現他們對缺乏服務感到不滿。這是我們真正支持的價值支柱之一，即經銷商，我們為他們提供服務和支持。

So we do not feel the need to lower price. We, in fact, feel the opposite. We feel that our value is lower because of the value we provide. And then I'll also note that mostly in Q1, we focused on cross-selling our customers. So we didn't have the new sales volume to out lap some of the churn. But yes, no, we feel good about where we are and the growth that we're seeing in our solutions strategy.

所以我們覺得沒有降價的必要。事實上，我們的感覺恰恰相反。因為我們提供的價值，我們覺得我們的價值較低。然後我還會注意到，在第一季度，我們主要專注於交叉銷售我們的客戶。所以我們沒有新的銷量來應對一些流失。但是，是的，不，我們對我們所處的位置以及我們在解決方案戰略中看到的增長感到滿意。

That's terrific. Alex and Sonia, I appreciate it.

真了不起。亞歷克斯和索尼婭，我很感激。

(Operator Instructions) And our next question comes from Doug Arthur of Huber Research.

（操作員說明）我們的下一個問題來自 Huber Research 的 Doug Arthur。

Can you hear me?

你能聽到我嗎？

Yes.

是的。

Yes.

是的。

Just sticking with Dealer Inspire for a second. So you kind of ran through the numbers quickly. Did you say that the sequentially, the dealer count was up 30%, is that what you said?

只需堅持 Dealer Inspire 一秒鐘。所以你很快就瀏覽了這些數字。你是說經銷商數量連續增長了 30%，是你說的嗎？

I think what we shared is that we were up 630 year-over-year.

我認為我們分享的是我們同比增長了 630。

Okay.

好的。

To 630 year-over-year.

同比增至 630。

Okay. So the dealer count from the Q4 is up slightly. Is that -- I mean, based on looking the chart, it looks that way?

好的。因此，第四季度的經銷商數量略有增加。那是——我的意思是，根據圖表來看，它看起來是那樣的嗎？

Yes. It's up about 50 on a sequential basis that's website customers.

是的。它是網站客戶的連續增長約 50。

Okay. And there could be multiple customers per dealer. And did you say the revenue growth was 29%?

好的。每個經銷商可能有多個客戶。你是說收入增長是 29% 嗎？

That's right.

這是正確的。

Okay. And are there any other -- I mean, I know you've been onboarding some OEMs from last year. Do you expect more momentum there, more penetration to kind of bulk up the growth as the -- I know you referred to the churn and the competitive backdrop, but...?

好的。還有其他 - 我的意思是，我知道你從去年開始就加入了一些原始設備製造商。你是否期望那裡有更多的動力，更多的滲透來推動增長——我知道你提到了客戶流失和競爭背景，但是……？

Yes. So I think we have secured the vast majority of all the OEM endorsements. And that was a big step for DI. With that, under our belt, the real focus is on continuing now to go to those individual dealerships and win business. And we're pleased, right, with our ability to win what we consider to be our fair share. And I think there's opportunity for us to continue to grow.

是的。所以我認為我們已經獲得了所有 OEM 認可中的絕大多數。這對 DI 來說是一大步。有了這個，在我們的帶領下，真正的重點是現在繼續去那些個體經銷商並贏得業務。我們很高興，對，我們有能力贏得我們認為是我們應得的份額。我認為我們有機會繼續成長。

So I think what I would tell you is I think the Q1 net adds number is definitely muted relative to what we would expect to be able to deliver for the balance of the year.

所以我想我要告訴你的是，我認為第一季度的淨增加數量相對於我們預計能夠在今年餘下時間交付的數量來說肯定是低迷的。

(Operator Instructions) And seeing no further questions, I'll turn the call back over to Alex Vetter, CEO.

（操作員說明）看到沒有進一步的問題，我將把電話轉回給首席執行官亞歷克斯維特。

Thank you. And just before we wrap the call, I want to call out a few upcoming IR engagements. On May 10, Sonia and I will host investor meetings with D.A. Davidson in New York City. On May 18, we're going to participate in the Barrington Virtual Conference. On May 23, we're going to participate in a fireside chat in Boston at the JPMorgan Annual Global Technology, Media and Communications Conference. So details about these will be available on the Events section of our IR website.

謝謝。就在我們結束電話會議之前，我想宣布一些即將到來的 IR 約定。 5 月 10 日，索尼婭和我將主持與 D.A. 的投資者會議。戴維森在紐約市。 5 月 18 日，我們將參加 Barrington 虛擬會議。 5 月 23 日，我們將參加在波士頓舉行的摩根大通年度全球技術、媒體和通信大會上的爐邊談話。因此，有關這些的詳細信息將在我們的 IR 網站的“活動”部分提供。

This concludes our call on May 4, be with you, and thank you very much.

我們 5 月 4 日的電話會議到此結束，與您同在，非常感謝。

The meeting has now concluded. Thank you for joining, and have a pleasant day.

會議現已結束。感謝您的加入，祝您度過愉快的一天。