Cars.com Inc (CARS) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Cars.com First Quarter 2025 Earnings Conference Call.

女士們、先生們，早安，歡迎參加 Cars.com 2025 年第一季財報電話會議。

(Operator Instructions)

（操作員指示）

I would now like to turn the conference over to Katherine Chen, President of Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係總裁 Katherine Chen。請繼續。

Good morning everyone and thank you for joining us. It's my pleasure to welcome you to the Cars.com Inc. First quarter 2025 conference call.

大家早安，感謝大家的參與。我很高興歡迎您參加 Cars.com Inc. 2025 年第一季電話會議。

With me today are Alex Vetter, CEO, and Sonia Jain, CFO.

今天與我一起的有執行長 Alex Vetter 和財務長 Sonia Jain。

Alex will start by discussing the business highlights from our First quarter.

亞歷克斯將首先討論我們第一季的業務亮點。

Then Sonia will discuss our financial results in greater detail along with our outlook. We'll finish the call with Q&A.

然後，索妮亞將更詳細地討論我們的財務表現以及我們的展望。我們將以問答形式結束通話。

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

在我將電話轉給亞歷克斯之前，我想提請您注意我們的前瞻性聲明以及可以在我們的簡報中找到的非差距財務指標的描述和定義。

We will be discussing certain non-GAAP financial measures today, including adjusted EBITDA margin, adjusted operating expenses, adjusted net income, and free cash flow.

今天我們將討論某些非 GAAP 財務指標，包括調整後的 EBITDA 利潤率、調整後的營運費用、調整後的淨收入和自由現金流。

Reconciliations of these non-gap financial measures, the most directly comparable GAAP measures, can be found in the financial table included with our earnings press release and in the appendix of our presentation.

這些非差距財務指標（最直接可比較的 GAAP 指標）的對帳可以在我們的收益新聞稿和簡報附錄中的財務表中找到。

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 10K, which is available on the IR section of our website.

任何前瞻性陳述都存在風險和不確定性。欲了解更多信息，請參閱我們向美國證券交易委員會 (SEC) 提交的文件中包含的風險因素，包括我們最近提交的 10K 文件中的風險因素，該文件可在我們網站的 IR 部分找到。

We assume no obligation to update any forward-looking statements, and now I'll turn the call over to Alex.

我們不承擔更新任何前瞻性聲明的義務，現在我將把電話轉給亞歷克斯。

Thank you, Katherine.

謝謝你，凱瑟琳。

We delivered a solid first quarter, making important progress on growth initiatives while also strengthening our bottom line. Revenue of $179 million was within our guidance range and adjusted even though it was a highlight for the quarter, exceeding the high end of our expected range by more than a point.

我們第一季取得了穩健的業績，在成長計畫方面取得了重要進展，同時也增強了我們的獲利能力。1.79 億美元的收入在我們的指導範圍內，儘管這是本季度的亮點，但經過調整，超出了我們預期範圍的高端一個多點。

Strong free cash flow also enabled us to repurchase $22 million of shares during the quarter, which pays well ahead of our capital return commitment for the year.

強勁的自由現金流也使我們能夠在本季度回購價值 2,200 萬美元的股票，這遠遠超出了我們今年的資本回報承諾。

Before we get further into Q1 results, let's take a step back to ground our long-term strategy in light of the changes happening in automotive.

在進一步了解第一季業績之前，讓我們先回顧一下汽車產業正在發生的變化，並制定我們的長期策略。

Our platform strategy, which combines the leading and scaled consumer marketplace with dealer software tools, has been key to our diversified growth.

我們的平台策略將領先且規模化的消費者市場與經銷商軟體工具結合，這是我們實現多元化成長的關鍵。

There is still significant opportunity to deepen product penetration, and we are seeing elevated interest in Accutrade and dealer Club as the industry focuses on used cars.

深化產品滲透仍有重大機會，隨著業界重點關註二手車，我們看到人們對 Accutrade 和經銷商俱樂部的興趣日益濃厚。

Thoughtful product innovation, leveraging AI and data intelligence positions us well to meet industry demand to simplify car buying and selling, and the same is true for consumers, where our sustained investments and shopping tools and brand leadership are translating into record marketplace metrics.

周到的產品創新、利用人工智慧和數據智慧使我們能夠很好地滿足行業需求，簡化汽車買賣，對於消費者而言也是如此，我們持續的投資、購物工具和品牌領導力正在轉化為創紀錄的市場指標。

While we're not immune to near term uncertainty that has affected the automotive outlook, the core value proposition of our platform remains incredibly strong and arguably even more relevant for the industry today.

雖然我們無法免受影響汽車前景的短期不確定性的影響，但我們平台的核心價值主張仍然非常強大，甚至可以說對當今的產業更具相關性。

We gain share in each of our markets to exit March with much stronger momentum relative to the soft start in January that we discussed on our last call.

我們在每個市場的份額都有所增加，3 月份的勢頭比我們上次電話會議上討論的 1 月份的疲軟開局要強勁得多。

Dealer count rose to 19,250 dealers, the best quarter of sequential organic customer growth since mid-2022.

經銷商數量增至 19,250 家，這是自 2022 年中期以來連續有機客戶成長最好的季度。

Our solutions portfolio was a standout in Q1, adding over 100 new website customers and additional Accutrade subscribers.

我們的解決方案組合在第一季表現出色，增加了 100 多個新網站客戶和額外的 Accutrade 訂閱者。

For consumers, our in-depth editorial and news coverage of tariffs is resonating with shoppers, helping set a new record for unique visitors in Q1.

對於消費者而言，我們對關稅的深入社論和新聞報道引起了購物者的共鳴，幫助創下了第一季獨立訪客人數的新紀錄。

As a result, OEM business also grew 6% year over year, reflecting the value automakers place on our high quality and market audience. These broad-based improvements from unit growth to operational efficiency are strong signals that dealer revenue will return to year over year growth. We are also particularly well placed to benefit from the emerging tailwinds in the marketplace and used car solutions.

因此，OEM業務也年增了6%，反映了汽車製造商對我們的高品質和市場受眾的重視。從單位成長到營運效率的這些廣泛改善強烈表明經銷商收入將恢復同比增長。我們也特別適合從市場和二手車解決方案中新興的順風中獲益。

The Cars.com marketplace is supporting a surge in consumer interest that peaked in March and stayed strong through April, reflecting a better user experience as well as incremental demand from tariff motivated shoppers. A record 29 million average monthly unique visitors utilize Cars.com to browse, research, and submit leads in Q1.

Cars.com 市場支持消費者興趣的激增，這種興趣在 3 月份達到頂峰，並在整個 4 月份保持強勁，這反映了更好的用戶體驗以及來自關稅驅動購物者的增量需求。第一季度，平均每月有 2900 萬獨立訪客使用 Cars.com 瀏覽、研究和提交線索，創下了歷史新高。

Overall traffic of 170 million visits was also up 1% year over year after adjusting for an extra leap day in 2024. Specifically, traffic to our news and editorial content was up more than 50% year over year, driven by resources like our American-made index.

考慮到 2024 年的一個閏日，總訪問量達 1.7 億次，年增 1%。具體來說，受美國製造指數等資源的推動，我們的新聞和社論內容的流量年增了 50% 以上。

Multi-year investments in brand marketing and editorial are producing clear and strong ROI for our marketplace, and we expect to sustain engagement with content like our affordability report and the next American Made index update due in June.

多年來對品牌行銷和編輯的投資為我們的市場帶來了清晰而強勁的投資回報，我們希望繼續關注諸如我們的可負擔性報告和將於 6 月發布的下一期美國製造指數更新等內容。

Attribution and marketplace analytics also remain at the forefront of our engineering and product development roadmap. In the 2nd quarter, we'll be incorporating additional data intelligence into cars.com leads, expanding dealers' access to important and actual insights like consumer shopping behavior and estimated budget.

歸因和市場分析也仍然是我們工程和產品開發路線圖的重點。在第二季度，我們將把額外的數據智慧納入cars.com的線索中，擴大經銷商獲取重要和實際見解的途徑，例如消費者購物行為和預算估算。

We expect this enhancement to improve lead quality and also boost long-term dealer satisfaction.

我們希望這項改進能提高潛在客戶的品質並提升長期經銷商的滿意度。

This feature will be bundled into the marketplace packages and another example of our commitment to enhancing value delivery.

此功能將捆綁到市場包中，這是我們致力於增強價值交付的另一個例子。

We're optimistic that audience strength and product innovation combined with new commercial leadership will help marketplace contribute to overall dealer revenue growth in 2025.

我們樂觀地認為，受眾實力和產品創新與新的商業領導力相結合將有助於市場在 2025 年為經銷商整體收入成長做出貢獻。

Turning to the supply side, we are well positioned to drive adoption of Accutrade and Dealer Club as the market focuses on acquiring used vehicle inventory.

從供應方面來看，由於市場專注於收購二手車庫存，我們已準備好推動 Accutrade 和 Dealer Club 的採用。

Accutrade appraisal volume was up over 813,000 appraisals in Q1, up a substantial 16% quarter over quarter, and putting us well on our way to over 1 million quarterly appraisals.

Accutrade 評估量在第一季增加了 813,000 多份，環比增長了 16%，並且朝著季度評估量超過 100 萬份的目標邁進了。

On an appraisal per dealer basis, the 14% quarter over quarter increase in Q1 was the best sequential growth we've seen since starting to track this metric.

根據每個經銷商的評估，第一季環比成長 14%，這是我們開始追蹤該指標以來看到的最佳連續成長。

This strong activity points to not only the success of our redesigned sales, onboarding, and account management support model, but also the increasing importance of acquiring in-demand late model high quality vehicles directly from consumers. On average, the top quartile of Accutrade users acquired nearly 50 cars through the service lane in February and March, demonstrating the importance and scale of Accutrade's impact.

這項強勁活動不僅表明我們重新設計的銷售、入職和帳戶管理支援模式取得了成功，而且表明直接從消費者那裡獲取需求旺盛的最新型高品質汽車的重要性日益增加。平均而言，Accutrade 用戶的前四分之一在 2 月和 3 月透過服務車道購買了近 50 輛汽車，證明了 Accutrade 影響的重要性和規模。

Dealer Club, the latest addition to our platform, also opens up a new channel for used vehicle acquisition or disposal via transparent reputation-based dealer to dealer auctions. In its first two months of integration with the car's commerce platform, Dealer Club increased active users by 60% and nearly doubled its volume of completed transactions from February to March. We also grew our pipeline by over 2,500 prospects in Q1 alone, leveraging our industry reach to accelerate dealer adoption.

經銷商俱樂部是我們平台的最新成員，它透過透明的、基於信譽的經銷商對經銷商拍賣，為二手車的收購或處置開闢了新的通路。在與汽車商務平台整合的頭兩個月裡，經銷商俱樂部的活躍用戶增加了 60%，2 月至 3 月期間完成的交易量幾乎翻了一番。僅在第一季度，我們的潛在客戶就增加了 2,500 多名，利用我們的行業影響力來加速經銷商的採用。

Dealer club users have already benefited from early integration with the cars commerce platform, which I also note has been some of our fastest development work to date.

經銷商俱樂部用戶已經從與汽車商務平台的早期整合中受益，我還注意到這是我們迄今為止最快的開發工作之一。

In Q1, we updated dealer club auctions with Accutrade pricing data providing real-time insights to empower inform buying and selling decisions.

在第一季度，我們使用 Accutrade 定價資料更新了經銷商俱樂部拍賣，提供即時見解，幫助做出明智的買賣決策。

Just last week, we also turned on the one clickability for dealers to push Accutrade appraisals directly into dealer club auctions.

就在上週，我們還為經銷商開通了一次點擊功能，將 Accutrade 評估直接推送到經銷商俱樂部拍賣中。

Looking ahead, we plan to use our inventory intelligence to help dealers identify aging inventory on our marketplace or retail websites to manage inventory life cycle within our platform.

展望未來，我們計劃利用我們的庫存情報來幫助經銷商識別我們市場或零售網站上的老化庫存，以管理我們平台內的庫存生命週期。

Shifting to progress on websites, dealer Inspire and DC Media were up nicely in Q1, adding over 100 new customers quarter over quarter.

從網站發展來看，經銷商 Inspire 和 DC Media 在第一季表現良好，較上季增加了 100 多個新客戶。

Shortened website time to launch and improved website speed and performance both contributed to the net growth we achieved in the quarter.

縮短網站上線時間以及提高網站速度和效能均促成了我們本季實現的淨成長。

Moving to our OEM and national business, Q1 revenue was up 6% year over year and around 13 of our OEM partners increased their spending on cars, commerce media.

轉向我們的 OEM 和全國業務，第一季營收年增 6%，大約有 13 家 OEM 合作夥伴增加了在汽車、商業媒體方面的支出。

However, late in the quarter, there were early signs from a handful of OEMs looking to more closely manage their media commitments.

然而，在本季末，有少數原始設備製造商開始尋求更緊密地管理其媒體承諾。

With auto industry outlook being revised down for the year, we need to operate on the basis that that media spending trend may persist, putting pressure on new car sales for OEMs and franchise dealers.

由於今年汽車行業前景被下調，我們需要在媒體支出趨勢可能持續的基礎上開展運營，這將給原始設備製造商和特許經銷商的新車銷售帶來壓力。

Based on those trends, we believe it's prudent to suspend full year revenue guidance until external visibility improves.

基於這些趨勢，我們認為暫停全年收入預測直至外部可見度改善是明智之舉。

However, the value of our platform remains clear, and we're focused on driving commercial improvements, platform innovation, and product adoption, and we remain confident in our ability to drive full year growth.

然而，我們平台的價值仍然很明顯，我們專注於推動商業改進、平台創新和產品採用，我們仍然對推動全年成長的能力充滿信心。

We have also consistently demonstrated sustained cost discipline. Our existing cost controls are performing well, and we have additional operating levers to manage the business across a range of macroeconomic scenarios. As such, we are reaffirming our adjusted even to guidance.

我們也始終如一地表現出持續的成本控制能力。我們現有的成本控製表現良好，並且我們擁有額外的營運槓桿來在各種宏觀經濟情境下管理業務。因此，我們重申我們已調整的指導方針。

In closing, Q1 produced many positive key takeaways that give us confidence in our ability to deliver consistent growth and long-term value creation. Our business is fundamentally strong and resilient, and we believe that we're poised for growth in the current cycle.

最後，第一季產生了許多積極的關鍵收穫，讓我們對實現持續成長和長期價值創造的能力充滿信心。我們的業務從根本上來說是強勁且有彈性的，我們相信我們已準備好在當前週期中實現成長。

We're confident that we can execute through dynamic external conditions and re-accelerate our growth trajectory.

我們有信心在動態的外部條件下執行並重新加速我們的成長軌跡。

Now I'll turn the call to Sonia to discuss first quarter financial performance and our outlook. Sonia.

現在我將把電話轉給索尼婭，討論第一季的財務表現和我們的展望。索尼婭。

Thank you, Alex. While first quarter revenue was down slightly year over year, we are pleased that we made progress on multiple growth drivers. We outperformed Adjusted EBITDA on margin expectations and supported strong capital return initiatives during the first quarter. First quarter revenue of $179 million was within our range of expectations based on the exit rate from Q4 into Q1 and also reflected a handful of discrete timing shifts primarily stemming from customers reacting to the tear up environment.

謝謝你，亞歷克斯。雖然第一季營收同比略有下降，但我們很高興在多個成長動力方面取得了進展。我們在第一季的調整後 EBITDA 利潤率超出預期，並支持了強勁的資本回報計劃。根據從第四季到第一季的退出率，第一季 1.79 億美元的營收在我們預期範圍內，同時也反映了一些離散的時間變化，主要源自於客戶對分割環境的反應。

Dealer revenue was down 2% year over year from a softer than normal start to the year for marketplace and some pressure on media products such as in market video.

經銷商營收年減 2%，原因是年初市場表現低於正常水平，且市場影片等媒體產品面臨一定壓力。

Re accelerating marketplace performance remains a key focus area, and we saw growing signs of improvement throughout the quarter. We were pleased to grow total marketplace customers month over month in February and March, driven by strength in winning independent dealers. Additionally, we improved on the slightly elevated churn that we called out in December and have seen levels improve since January.

重新加速市場表現仍然是一個重點關注領域，我們在整個季度看到了越來越多的改善跡象。我們很高興看到，在贏得獨立經銷商的推動下，2 月和 3 月市場客戶總數較上季成長。此外，我們改進了 12 月指出的客戶流失率略高的問題，並且自 1 月以來客戶流失率有所改善。

Alex already pointed out our accomplishments around audience strength in Q1, which we believe is a leading indicator of underlying marketplace health and growth potential.

亞歷克斯已經指出了我們在第一季在受眾實力方面取得的成就，我們認為這是潛在市場健康和成長潛力的領先指標。

Our solutions portfolio demonstrated strong performance in the quarter, helping offset some of the pressure on marketplace and media. We added over 100 new website customers in Q1, with over 70% of those wins coming from dealer Inspire.

我們的解決方案組合在本季表現強勁，有助於抵消市場和媒體方面的部分壓力。我們在第一季增加了 100 多個新網站客戶，其中 70% 以上來自經銷商 Inspire。

As previously discussed, renegotiating legacy agreements that govern DI packages is a growth initiative for 2025. We completed three of these negotiations during Q1, a strong start to the year that helps us better compete for and win subscribers. Furthermore, we are optimistic that we can favourably revise 2 to 3 additional agreements by year end.

如前所述，重新談判管理 DI 包的遺留協議是 2025 年的成長計畫。我們在第一季完成了三項此類談判，這是一個強勁的開端，有助於我們更好地競爭並贏得用戶。此外，我們樂觀地認為，到年底我們可以對另外 2 至 3 項協議做出有利的修改。

Accutrade also steadily expanded its user base, crossing the 1,000-subscriber mark during Q1, as we noted in our February earnings call.

正如我們在 2 月的收益電話會議上所指出的，Accutrade 還穩步擴大了其用戶群，第一季的用戶數量突破了 1,000 名。

Sourcing used vehicle inventory is once again in sharp focus after production forecasts were slashed due to recent policy changes, and our new commercial leadership has prioritized converting this influx of interest to drive greater Accutrade and Dealer club growth for 2025.

由於最近的政策變化導致產量預測大幅下調，二手車庫存採購再次成為關注焦點，我們的新商業領導層優先將這種興趣轉化為推動 2025 年 Accutrade 和經銷商俱樂部進一步增長。

Turning to OEM and National, revenue was up 6% year over year, delivering a solid first quarter performance in what is typically a seasonally slower period. Incremental spending also reached its highest Q1 level since 2018 across a broad spectrum of automakers. However, as is to be expected when uncertainty rises, we also saw early indicators that OEMs are more closely managing their marketing and advertising investments.

談到 OEM 和國家，營收年增 6%，在通常的季節性淡季中實現了穩健的第一季業績。廣大汽車製造商的增量支出也達到了 2018 年以來第一季的最高水準。然而，正如不確定性上升時所預料的那樣，我們也看到早期跡象表明，原始設備製造商正在更密切地管理其行銷和廣告投資。

Sell through rates of our media products remained high but stepped down modestly from February to March as more tariffs were announced.

我們的媒體產品的銷售率仍然很高，但隨著更多關稅的公佈，從二月到三月略有下降。

In general, both OEMs and dealers are signaling that they prefer more flexibility on the timing of media investments to match the faster news cycle as macro factors continue to evolve. We're confident that our value delivery and consumer scale will continue to draw strong spending from our partners, despite decreased visibility into the specific timing of investments in this part of our business in the short term.

總體而言，隨著宏觀因素的不斷發展，原始設備製造商和經銷商都表示，他們希望在媒體投資時機上擁有更大的靈活性，以適應更快的新聞週期。儘管短期內我們對這部分業務的具體投資時機的了解有所下降，但我們有信心，我們的價值交付和消費者規模將繼續吸引合作夥伴的強勁支出。

Now switching to operating expenses, first quarter expenses were $173 million compared to $167 million a year ago, up 3% year over year, primarily from higher severance related costs and the inclusion of new dealer club expenses and partially offset by lower lease costs.

現在轉向營運費用，第一季的費用為 1.73 億美元，而去年同期為 1.67 億美元，年增 3%，主要由於遣散費相關費用增加以及納入新經銷商俱樂部費用，並被租賃成本降低部分抵銷。

First quarter, adjusted operating expenses were $155 million roughly flat, to the same period a year ago.

第一季度，調整後的營運費用為 1.55 億美元，與去年同期基本持平。

Product and technology expenditures increased less than a million dollars year over year on both a reported and adjusted basis. The majority of this increase was attributable to compensation expense, partially offset by lower software licensing costs.

無論以報告或調整後計算，產品和技術支出較去年同期增加均不到一百萬美元。這一增長主要歸因於薪酬費用，但被軟體許可成本的降低部分抵消。

Marketing and sales costs increased a million dollars year over year on a reported basis, primarily driven by compensation expense and was roughly flat on an adjusted basis as we supported our scaled and growing consumer marketplace with efficient investments in paid and brand marketing.

行銷和銷售成本按報告計算同比增長了一百萬美元，主要原因是薪酬費用增加，按調整後計算基本持平，因為我們透過對付費和品牌行銷的有效投資來支持我們規模化且不斷增長的消費者市場。

General and administrative expense was up $3 million year over year on a reported basis and down $1 million on an adjusted basis. The majority of the reported increase was attributable to severance-related costs, resulting from a targeted headcount reduction in March to optimize marketing, technical operations, and commercial teams. In addition, we simplified organizational structure and increased focus on core strategic initiatives.

以報告基礎計算，一般及行政開支較上年同期增加 300 萬美元，以調整基礎計算，則減少 100 萬美元。報告的成長大部分歸因於遣散費相關成本，這是由於 3 月為優化行銷、技術營運和商業團隊而進行的員工削減所致。此外，我們簡化了組織架構，更加重視核心策略舉措。

Net loss for the first quarter was $2 million or negative $0.03 per diluted share compared to net income of $1 million or $0.01 per diluted share a year ago, with the variance primarily attributable to the severance-related costs just described above. Adjusted net income for the first quarter was $24 million or $0.37 per diluted share compared to $29 million or $0.43 per diluted share a year ago.

第一季淨虧損為 200 萬美元，即每股攤薄虧損 0.03 美元，而去年同期淨收入為 100 萬美元，即每股攤薄虧損 0.01 美元，差異主要歸因於上述遣散費相關費用。第一季調整後淨收入為 2,400 萬美元，即每股攤薄收益 0.37 美元，而去年同期為 2,900 萬美元，即每股攤薄收益 0.43 美元。

Adjusted EBITDA performance of $51 million in the first quarter was down slightly year over year. We delivered adjusted EBITDA margin of 28.3% in the first quarter, exceeding our outlook and a result of continued cost discipline coupled with lower than anticipated integration costs associated with the dealer club acquisition.

第一季調整後 EBITDA 為 5,100 萬美元，較去年同期略有下降。我們第一季的調整後 EBITDA 利潤率為 28.3%，超出了我們的預期，這是持續的成本控制以及與經銷商俱樂部收購相關的低於預期的整合成本的結果。

Moving to key metrics, dealer counts of 19,250 customers, not including dealer club users, was up more than 40 dealers quarter over quarter, growing well to start the year. Solutions growth was a bright spot, particularly on websites. In addition, we saw sequential independent dealer growth within the marketplace, a known opportunity for us and when we actively repositioned resources to drive.

從關鍵指標來看，經銷商數量為 19,250 名客戶（不包括經銷商俱樂部用戶），比上一季增加了 40 多家經銷商，年初成長良好。解決方案的成長是一個亮點，尤其是在網站上。此外，我們看到市場中獨立經銷商的連續成長，這對我們來說是一個已知的機會，我們積極地重新定位資源來推動這一成長。

Looking ahead, we expect to drive dealer account growth from additional solution sales, improve demand for marketplace, and converting and cross-selling dealer club users into our subscription-based products.

展望未來，我們希望透過增加解決方案銷售、提高市場需求以及將經銷商俱樂部用戶轉化並交叉銷售到我們的訂閱式產品來推動經銷商帳戶的成長。

For ARPD, first quarter performance of $2,473 was roughly flat quarter over quarter and down $32 year over year, primarily reflecting changes in our customer mix. We continue to believe we can return to ARPD expansion in 2025 based on multiple growth initiatives that we previously laid out. First, packaging more value into our marketplace subscriptions, such as with media products which we will begin to roll out around mid-year as planned. Second, driving more Accutrade subscriptions through product differentiation and by leveraging OEM endorsements. As more dealers pivot to acquiring used vehicles due to tariff-related production constraints, our sales team reported a notable increase in dealers asking to demo and trial both our Accutrade and Dealer Club solutions in late Q1.

對於 ARPD，第一季的業績為 2,473 美元，與上一季度基本持平，與去年同期相比下降了 32 美元，主要反映了我們的客戶結構的變化。我們仍然相信，基於我們先前製定的多項成長計劃，我們可以在 2025 年恢復 ARPD 擴張。首先，在我們的市場訂閱中加入更多價值，例如媒體產品，我們將按計劃在年中左右開始推出。其次，透過產品差異化和利用 OEM 認可來推動更多 Accutrade 訂閱。由於關稅相關的生產限制，越來越多的經銷商轉向購買二手車，我們的銷售團隊報告稱，在第一季末，要求演示和試用我們的 Accutrade 和 Dealer Club 解決方案的經銷商數量顯著增加。

Repackaging legacy agreements for websites is also an uplift for ARPD, and our success to start the year gives us confidence we can complete more of these negotiations, which will help align pricing with value delivery.

重新包裝網站的遺留協議也為 ARPD 帶來了提升，我們今年的成功開局讓我們有信心完成更多此類談判，這將有助於使定價與價值交付保持一致。

Shifting to our cash flow and balance sheet, net cash provided by operating activities totaled $29 million for the first quarter. Free cash flow was $24 million during the period, down slightly year over year and reflecting adjusted EBITDA performance.

轉向我們的現金流量和資產負債表，第一季營運活動提供的淨現金總計 2,900 萬美元。本期間自由現金流為 2,400 萬美元，年比略有下降，反映了調整後的 EBITDA 表現。

We repurchased approximately 1.6 million shares for $22 million in the first quarter, a strong demonstration of our commitment to return capital to shareholders. Recall in February we announced a share repurchase target of $60 million to $70 million for 2025, and we're substantially overachieving this target on an average quarterly basis in Q1.

我們在第一季以 2,200 萬美元回購了約 160 萬股股票，有力地體現了我們向股東返還資本的承諾。回想一下，我們在二月宣布了 2025 年股票回購目標為 6,000 萬至 7,000 萬美元，並且我們在第一季平均每季都大幅超額完成了這一目標。

Then outstanding remains at $460 million as of March 30, 2025, bringing total net leverage to 2.1 times, still at the low end of our target range of 2 times to 2.5 times. Total liquidity was $321 million as of March 301, 2025, which provides ample future capacity to invest in our growth strategy and pursue thoughtful capital allocation to create long-term value.

截至 2025 年 3 月 30 日，未償債務仍為 4.6 億美元，使總淨槓桿率達到 2.1 倍，仍處於我們 2 倍至 2.5 倍目標範圍的低端。截至 2025 年 3 月 301 日，總流動資金為 3.21 億美元，這為我們未來投資成長策略和進行深思熟慮的資本配置以創造長期價值提供了充足的能力。

Now let's conclude with second quarter and full year 2025 guidance.

現在讓我們總結一下 2025 年第二季和全年的指引。

As touched upon in the earlier revenue discussion, we are seeing signs that the magnitude and timing of some media investments may continue to shift, given greater near-term macro and tariff-driven uncertainty.

正如先前的收入討論中所提到的，我們看到有跡象表明，鑑於近期宏觀和關稅驅動的不確定性加大，一些媒體投資的規模和時機可能會繼續發生變化。

This uncertainty is pressuring the new car market, where we are more indexed than other players due to our diversified revenue and strong relationships with OEM and franchise dealers. While our business is fundamentally strong and we have confidence in the growth opportunities ahead, particularly around the dealer business, we believe it is prudent to adjust our approach to guidance to reflect changing market conditions. As such, we are suspending full year revenue guidance until visibility improves.

這種不確定性給新車市場帶來了壓力，由於我們多元化的收入以及與 OEM 和特許經銷商的牢固關係，我們在新車市場中的指數表現優於其他參與者。雖然我們的業務基礎強勁，並且我們對未來的成長機會充滿信心，特別是經銷商業務，但我們認為，調整我們的指導方針以反映不斷變化的市場條件是明智之舉。因此，我們將暫停全年收入預測，直至可見度改善。

To give some color in the absence of an outlook range, we do expect Q2 revenue to be up year over year and quarter over quarter. We also continue to expect full year revenue to be up year over year, driven by growth initiatives related to greater product adoption, repackaging, and product innovation, including Deer Club.

在沒有展望範圍的情況下，我們確實預期第二季的營收將年增、季比成長。我們也持續預期全年營收將年增，這得益於與更多產品採用、重新包裝和產品創新（包括 Deer Club）相關的成長舉措。

Growth for the year is expected to be that half weighted as subscription-based revenue compounds in later quarters.

由於訂閱收入將在後幾季複合成長，預計今年的成長將佔到該比例的一半。

Setting aside external volatility, we remain firmly in control of our cost structure and operational levers. Adjusted its margin for the 2nd quarter of 2025 is expected to be between 27% and 29%, roughly flat year over year at the midpoint, reflecting revenue mix and marginally higher investments in our stated growth initiatives.

撇開外部波動不談，我們仍然牢牢控制著我們的成本結構和營運槓桿。預計 2025 年第二季的調整後利潤率將在 27% 至 29% 之間，與去年同期相比基本持平，這反映了收入結構以及我們所述成長計畫中略高的投資。

We are also reaffirming an adjusted EBITDA margin outlook for fiscal 2025 between 29% and 31%.

我們也重申 2025 財年的調整後 EBITDA 利潤率預期在 29% 至 31% 之間。

Consumers and dealers are increasingly gravitating to our platform, and upcoming product releases and enhancements to our commercial approach should further amplify our platform differentiation and appeal. Despite some market uncertainty, our business remains strong, and we are confident in our ability to deliver full year growth.

消費者和經銷商越來越傾向於我們的平台，即將發布的產品和商業方法的增強將進一步擴大我們平台的差異化和吸引力。儘管市場存在一些不確定性，但我們的業務依然強勁，我們有信心實現全年成長。

And with that, I'd like to open the call for Q&A operator.

現在，我想開始問答環節。

Thank you, ladies and gentlemen.

謝謝各位，女士們、先生們。

(Operator Instructions)

（操作員指示）

Your first question comes from Naved Khan of B.Riley Securities. Your line is already open.

您的第一個問題來自 B.Riley Securities 的 Naved Khan。您的線路已經開通。

Great, thank you very much. I have two questions. One, Understanding, that the tariffs have created a ton of uncertainty for the different players including the OEMs, the dealers, and the marketplaces. I'm just trying to sort of understand the impact and it seems like it's, it could be twofold. One is obviously the dealer, and OEM ad spending on the platform and the second, is maybe driven by how they use car volumes. Might be affect, may or may not be affected right because of the tariff. So, trying to understand, the relative magnitude and the uncertainty in these two buckets, and then the second question I have is around Accutrade, but I'll save it after you answer the first one.

太好了，非常感謝。我有兩個問題。第一，了解關稅為包括原始設備製造商、經銷商和市場在內的不同參與者帶來了巨大的不確定性。我只是想了解其影響，它似乎是雙重的。一是顯然是經銷商和 OEM 在平台上的廣告支出，二是可能由他們如何使用汽車數量決定。可能會受到影響，也可能不會，因為關稅。因此，試著去理解這兩個桶子中的相對大小和不確定性，然後我的第二個問題是關於 Accutrade 的，但在你回答第一個問題後我會保存它。

Sure, Naved, thanks for the questions. Well, first of all, on the consumer side, certainly the tariff news has pulled forward a lot of pent-up demand of consumers flocking to the marketplace, looking for deals and looking to lock in purchases before tariffs are impacted, and so we are seeing very favourable consumer traffic trends. We think with inventory shortages like we saw during the COVID pandemic when there's limited supply, marketplaces also get elevated traffic levels because consumers search far wider radius. So we have a ton of degree of confidence that, organic traffic trends we think are going to persist throughout this year and give us a tailwind of natural consumer usage and value delivery for our customers. I think obviously on the dealer side we're feeling very front footed. We grew marketplace in February and March.

當然，Naved，謝謝你的提問。首先，從消費者方面來看，關稅消息無疑激發了大量被壓抑的消費者需求，他們湧入市場，尋找優惠，並希望在關稅受到影響之前鎖定購買，因此我們看到了非常有利的消費者流量趨勢。我們認為，就像我們在新冠疫情期間看到的那樣，當供應有限時，庫存短缺的情況也會發生，因為消費者的搜尋範圍變得更廣，所以市場流量也會增加。因此，我們非常有信心，我們認為有機流量趨勢將在今年持續下去，並為我們的客戶帶來自然消費者使用和價值交付的順風。我認為，顯然在經銷商方面，我們感覺自己佔據了先機。我們在二月和三月擴大了市場。

We see positive sentiment from dealers that are leaning into technologies like Accutrade and using Dealer Club to source used cars, fearing that they won't be able to get new car supplies. So, fundamentally on the dealer side, we see a lot of health.

我們看到經銷商的積極情緒，他們傾向於使用 Accutrade 等技術並使用 Dealer Club 來採購二手車，因為他們擔心無法獲得新車供應。因此，從根本上看，經銷商方面的情況非常健康。

On the OEM side, I think that's where it's much harder to predict. We had a large OEM say that their upfront commitment. They're no longer committed. They think they'll spend the money, but they want to move to month to month until they get better visibility. And so, it's really that that uncertainty on the OEM side that gives us pause on our on our full year view because that had been a nice growth engine for the business all of last year and even this year, we grew OEM revenue. In the first quarter, 6%, so we feel good about the business, but the signals that we're getting give us less certainty on their commitment.

在 OEM 方面，我認為這是更難預測的。我們有一個大型 OEM 表示他們有預付承諾。他們不再做出承諾。他們認為他們會花這筆錢，但他們希望按月付款，直到他們獲得更好的可見性。因此，OEM 方面的不確定性確實讓我們對全年前景產生了懷疑，因為去年甚至今年，OEM 一直是我們業務的良好成長引擎，我們的 OEM 收入也有所增長。第一季成長了 6%，因此我們對業務感覺良好，但我們收到的訊號讓我們對他們的承諾不太確定。

Okay, great. And so, my follow up question was, around Accutrade

好的，太好了。因此，我的後續問題是，關於 Accutrade

I think you, on the last call had announced some endorsements and you were, optimistic of winning even more endorsements through the course of 2025. So, wanted to get a sense of how we should think about the growth in in customer accounts sequentially. I think, the numbers look flat wondering.

我認為您在上次通話中已經宣布了一些支持，並且您對在 2025 年期間贏得更多支持持樂觀態度。因此，我們想了解我們應該如何連續考慮客戶帳戶的成長。我認為，這些數字看起來很平淡。

If there's a, if there's a lag, there's there in terms of endorsements translating into dealer, wins or, maybe, is there something, in terms of elevated churn that might be eating away into the basis? Any color would be helpful thanks.

如果存在滯後，那麼在代言轉化為經銷商、獲勝方面是否存在問題，或者是否存在某種因素，在客戶流失率上升方面可能會侵蝕基礎？任何顏色都有幫助，謝謝。

No, I first of all, I think we feel very confident about Accutrade and our growth potential. We flagged the numbers in terms of usage growth over the quarter, which fundamentally signals dealers' behavioral change is shifting aggressively to sourcing inventory differently. From their service lane customers and also sourcing from marketplaces like Cars.com. So, we've actually seen elevated interest in both Accutrade and Dealer Club in the current period because dealers are not confident that they're going to get steady new car supply. So, it's slower to ramp on solutions because of the onboarding training and Engagement that we need from the dealership to install Accutrade and get them using it, but fundamentally we feel very good about the inbound interest that we're getting with Accutrade and the sentiment we're getting from the dealers who are using, particularly the power dealers, right? We fly to the top quartile of dealerships are acquiring 50 cars a month using our software. So, as word of that spreads to other dealers, we anticipate more adoption.

不，首先，我認為我們對 Accutrade 和我們的成長潛力非常有信心。我們根據本季的使用量成長標記了這些數字，這從根本上表明經銷商的行為變化正在積極轉向以不同的方式採購庫存。從他們的服務專線客戶以及 Cars.com 等市場購買。因此，我們實際上看到當前人們對 Accutrade 和 Dealer Club 的興趣有所提升，因為經銷商不確定他們能否獲得穩定的新車供應。因此，由於我們需要經銷商進行入職培訓和參與以安裝 Accutrade 並讓他們使用它，因此解決方案的推廣速度較慢，但從根本上說，我們對 Accutrade 所獲得的內部興趣以及從使用 Accutrade 的經銷商（尤其是電力經銷商）那裡獲得的情緒感到非常滿意，對嗎？我們飛向前四分之一的經銷商，他們使用我們的軟體每月購買 50 輛汽車。因此，隨著這項消息傳到其他經銷商，我們預計會有更多經銷商採用。

And maybe one other thing to just add related to the endorsements. Those do take kind of a little bit of time to see in the market, so we were expecting to see more impact from those endorsements rolling into our Q2 numbers versus Q1. And I think from where we sit today looking at kind of April and the way April shook out, we're feeling good about kind of that that upward trajectory in terms of net Accutrade units in addition to the utilization metrics that Alex talked about which really supports strong long-term retention.

也許還有另一件事需要補充，與背書有關。這些確實需要一點時間才能在市場上顯現，因此我們預計這些代言對我們第二季的數據的影響將比第一季更大。我認為，從我們今天所處的位置來看，回顧 4 月份的情況以及 4 月份的走勢，我們對 Accutrade 淨單位的上升軌跡以及 Alex 談到的利用率指標感到滿意，這確實支持了強勁的長期保留。

Very helpful. Thank.

非常有幫助。感謝。

You.

你。

Your next question comes from Rajat Gupta of J.P. Morgan. Your line is already open.

您的下一個問題來自摩根大通的 Rajat Gupta。您的線路已經開通。

Great. Thanks for taking the question. I just have like a couple, firstly, on the first quarter results, clearly good progress here, on several fronts, the account going up as well.

偉大的。感謝您回答這個問題。我只想說幾句，首先，關於第一季的業績，顯然在幾個方面都取得了良好的進展，帳戶也在增加。

I mean, you, you're pretty much in line with, your guidance for revenue, but clearly well ahead on, the I was curious, was there like some proactive measures that you had started to take. Maybe like in March, around cost and investments, as the tariff news, we started to gain traction. I was just curious like what drove the margin upside versus your initial expectation and just have a quick follow up.

我的意思是，你的收入基本上符合預期，但顯然遠遠超出預期，我很好奇，你是否已經開始採取一些主動措施。也許就像三月一樣，圍繞著成本和投資，隨著關稅新聞的傳出，我們開始獲得關注。我只是好奇，是什麼推動了利潤率相對於您最初的預期的上升，並希望您能快速跟進。

Yeah, no, thanks for the question, Rajat. I think in terms of EBITDA, we've always really focused on managing the cost structure of the business. Of the business, well, I'd point out to a couple of different things related to where just the Don Martins landed. I think number one, we're excited about the progress we've made in Dealer club integration process, but the cost did come in a little bit lower than we'd originally planned, so we've been able to move quickly and efficiently.

是的，不，謝謝你的提問，Rajat。我認為就 EBITDA 而言，我們始終非常注重管理業務的成本結構。就這樁生意而言，我想指出幾件與唐馬丁斯的落腳點有關的事情。我認為，首先，我們對經銷商俱樂部整合過程中取得的進展感到非常興奮，但成本確實比我們最初計劃的要低一點，因此我們能夠快速有效地採取行動。

A OpEx was, just generally flat on a year over year basis, on an adjusted basis, so that's just general cost discipline. We did make some adjustments late in the quarter. These are actually unrelated to tariffs, more focused around how we want to run the business and tighten up our areas of focus. We did make a targeted headcount reduction.

營運支出在調整後與去年同期相比基本持平，因此這只是一般的成本控制。我們確實在本季末做出了一些調整。這些實際上與關稅無關，更專注於我們如何經營業務以及加強我們的重點領域。我們確實進行了有針對性的裁員。

That's less of an impact to one in terms of a benefit from a cost structure perspective, more something that you would see in the following quarters.

從成本結構角度來看，這對收益的影響較小，更多的是你在接下來的幾季中會看到的東西。

Understood that that's very helpful, and you mentioned, a couple things around, you, you're starting to see some signals from dealers and OEMs, on maybe, just changing spending patterns on media, you, but you also guided to second quarter revenue being up, could you help us, tie up those comments? I mean.

我明白這非常有幫助，您提到了一些事情，您開始看到來自經銷商和原始設備製造商的一些信號，也許只是在改變媒體支出模式，但您也預測第二季度收入會上升，您能幫我們把這些評論聯繫起來嗎？我是說。

Are you still expecting dealer up and OEM down? Just trying to understand the mix of that, and what are you actually seeing on the ground today like in April in terms of.

您仍期望經銷商增加而 OEM 減少嗎？只是想了解其中的混合情況，以及就四月而言，您今天在現場實際看到了什麼。

Just incremental customers, what exactly are the customers seeing, in terms of, have you already started to see a drop in spending or is it something you just expect, in the second half?

只是增量客戶，就客戶而言，他們到底看到了什麼，您是否已經開始看到支出下降，或者這只是您預期下半年發生的事情？

Thanks.

謝謝。

Yeah, I think that's part of the reason why it's a little bit harder to predict because we are getting mixed signals from both segments. I'd say on the dealer side, we've seen some pullback in media commitments like dealers have said, I'm not going to run.

是的，我認為這是預測起來有點困難的原因之一，因為我們從兩個部分都得到了混合訊號。我想說，在經銷商方面，我們看到媒體承諾減少，就像經銷商說的那樣，我不會參加競選。

Video advertising this quarter. I'm staying on Marketplace. In fact, as I mentioned, we grew Marketplace in February and March, so we're seeing dealers understand the importance of getting their inventory found on our marketplace, but we are seeing a pullback in terms of discretionary or ancillary media solutions running alongside or on top, and it's the same on the OEM side, I think we're seeing.

本季的影片廣告。我會留在市場上。事實上，正如我所提到的，我們在二月和三月擴大了 Marketplace，因此我們看到經銷商了解在我們的市場上找到他們的庫存的重要性，但我們看到與此同時或在頂部運行的自由裁量或輔助媒體解決方案方面出現了回落，我認為我們在 OEM 方面也看到了同樣的情況。

Steady commitment. A third of our OEMs actually increased their spending with us in the quarter, but equally we saw some of our bigger OEM clients signal to us that they want to move to month to month as opposed to lock in, quarterly or 6-month commitments until they see a clearer picture. So, I guess the positive is, they still are seeing opportunities with us. They're just unwilling to make the same media commitments. Again, our software solutions rock solid. Websites were up over 100. Dealers aren't pulling back on their websites in any, macro environment and then our software tools like Accutrade and Dealer Club continue to get strong organic growth.

堅定的承諾。我們有三分之一的 OEM 實際上在本季度增加了對我們的支出，但同樣，我們也看到一些較大的 OEM 客戶向我們發出信號，他們希望轉向按月付款，而不是鎖定季度或 6 個月的承諾，直到他們看到更清晰的前景。所以，我想積極的一面是，他們仍然看到了我們身上的機會。他們只是不願意做出同樣的媒體承諾。再次強調，我們的軟體解決方案非常可靠。網站數量超過 100 個。在任何宏觀環境下，經銷商都不會撤回其網站，因此我們的軟體工具（如 Accutrade 和 Dealer Club）將繼續獲得強勁的自然成長。

It's really the media side that's harder to predict and it's.

媒體方面的情況確實更難預測。

The visibility on the media side. It's not as though OEMs and dealers don't see the value in the product and don't want to get in front of consumers. It's really become, I think, a bit more of a timing question as to when they deploy those funds to maximize kind of impact on the inventory they in fact have available to sell.

媒體方面的可見性。這並不意味著原始設備製造商和經銷商沒有看到產品的價值，也不想將其推向消費者。我認為，這實際上更像是一個時間問題，即他們何時部署這些資金以最大限度地影響他們實際上可以出售的庫存。

Understood. Great.

明白了。偉大的。

Thanks for all the color and good luck.

感謝所有的色彩並祝你好運。

Your next question comes from Tom White of Davidson. Your line is already open.

您的下一個問題來自戴維森的湯姆懷特。您的線路已經開通。

Great, thank you for taking my questions. Maybe hoping you guys could just double click on the comments just about the improvement in the marketplace business over the course of the quarter kind of relative to, how things were trending exiting last year. I'm just, I guess I'm just trying to understand like the comments around February and March being better sequentially, is that. Is that mostly some of the progress with the independent Dealers that you touched on and what are sort of the drivers of that is it sort of sales outreach? I guess I'm just trying to put that commentary with, maybe some of the comments you just made about, dealers generally being strong but they're being a little bit of trepidation maybe on some of the media stuff kind of on the side, so yeah, just trying to understand the sequential improvement in marketplace over the course of the quarter.

太好了，謝謝你回答我的問題。也許希望你們可以雙擊評論，了解本季市場業務相對於去年同期的改善情況。我只是，我想我只是想了解二月和三月前後的評論是否依次更好，對嗎。您提到的獨立經銷商的進展主要是哪些方面？這些進展的驅動因素有哪些？是銷售拓展嗎？我想我只是想把這個評論和你剛才說的一些評論結合起來，經銷商總體上表現強勁，但他們可能對一些媒體的東西有點擔心，所以是的，只是想了解市場在本季度的連續改善情況。

Sure, Tom, this is, we've seen this behaviour before and the dealer environment where you know seasonal or macro events can trigger reactionary behaviour. Q4 typically is relatively soft. This year, Q4 for us was much softer than we were anticipating as dealers began pulling back rather aggressively, and that persisted into January. However, when you saw the consumer demand. And consumer traffic levels remained elevated. We started to see dealers blink and realize, wait a minute, the market's continuing to grow. I don't have to overreact here, and we've even seen some of the dealers that we lost in Q4 come back. So, we saw growth in marketplace in February. We saw growth in marketplace in March, and we continue to see positive trends there heading into Q2. Again, I think where we're seeing more of the softness is saying I just want to run the base marketplace. I'm not going for, the $10,000 to $15,000 a month media campaign on top of that, but core marketplace metrics, both on the consumer and the dealer side remain strong.

當然，湯姆，我們以前見過這種行為，在經銷商環境中，你知道季節性或宏觀事件會引發反應行為。Q4 通常相對較軟。今年，我們的第四季表現比預期的要疲軟得多，因為經銷商開始大幅撤資，而且這種情況一直持續到 1 月。然而，當你看到消費者需求時。消費者流量水準仍維持在高水準。我們開始看到經銷商眨眼並意識到，等一下，市場還在繼續成長。我不需要反應過度，我們甚至看到一些在第四季度失去的經銷商又回來了。因此，我們在二月看到了市場的成長。我們在三月看到了市場的成長，我們繼續看到進入第二季度的積極趨勢。再說一次，我認為我們看到的更多疲軟是說我只想經營基礎市場。我不會為此額外花費每月 10,000 到 15,000 美元的媒體宣傳活動，但消費者和經銷商方面的核心市場指標仍然保持強勁。

Maybe one clarifying comment because we do have a marketplace package that's called the base package is we still see we haven't seen any material change in the tier distribution of our packages to Alex's point. They want marketplace. They want to be in the package they're in on Marketplace. We continue to skew up tier from a package perspective. It's just those ancillary media attached rates feel like they're under a little bit more pressure.

也許有一個澄清的評論，因為我們確實有一個稱為基礎包的市場包，我們仍然看到我們沒有看到我們的包的層級分佈發生任何實質性的變化，正如 Alex 所說。他們想要市場。他們希望在市場上獲得他們所處的套餐。我們繼續從包裝角度傾斜層級。只是那些輔助媒體附加費率感覺承受著更大的壓力。

Okay, that's very helpful and then maybe just one little housekeeping follow up the reported dealer account, is dealer club included in that and will it be included in it going forward doesn't sound like it, but I just want to make sure. I understand.

好的，這非常有幫助，然後也許只需要進行一點小小的整理，跟進報告的經銷商帳戶，經銷商俱樂部是否包含在其中，以及它是否會被包含在內，聽起來不像，但我只是想確定一下。我明白。

It's not included in the number right now. I think it's still a little bit on the smaller side, transparently, relative to our subscription business, Dealer Club is a transactional business. It doesn't mean that at some point we won't think about these dealer account numbers together, but for now, we're trying to present you kind of a clean more subscription-based number.

目前它還沒有被計入數字中。我認為它的規模仍然有點小，透明地說，相對於我們的訂閱業務，經銷商俱樂部是一種交易業務。這並不意味著我們不會在某些時候一起考慮這些經銷商帳號，但就目前而言，我們正試圖向您呈現一種更清晰的基於訂閱的號碼。

Okay, thank you very much.

好的，非常感謝。

Your next question comes from Marvin Fong of BTIG. Your line is already open.

您的下一個問題來自 BTIG 的 Marvin Fong。您的線路已經開通。

Great, good morning. Thanks for taking my questions. First question, just on, all the positive activity around Accutrade and Dealer Club, so maybe two part question, just, the 2,500 prospects, I believe that was for dealer clubs specifically, how quickly, does that that clothes, it would seem to me that that's something that could be done a lot faster than the Accutrade product, and the second part of that question is just on monetization, right? I think Dealer Club is currently, you're not really charging for that on the seller side.

太好了，早安。感謝您回答我的問題。第一個問題，只是關於 Accutrade 和經銷商俱樂部的所有積極活動，所以也許有兩個部分的問題，只是 2,500 個潛在客戶，我相信這是專門針對經銷商俱樂部的，那件衣服的速度有多快，在我看來，這可以比 Accutrade 產品更快地完成，而該問題的第二部分只是關於貨幣化，對嗎？我認為經銷商俱樂部目前並沒有向賣方收取任何費用。

What are your thoughts there of, given the interest you're seeing? Do you see now as the time to continue to build market share or is there a monetization opportunity that you can sort of accelerate there and have a follow up?

鑑於您所看到的興趣，您對此有何看法？您是否認為現在是繼續擴大市場份額的時候，或者是否存在可以加速並跟進的貨幣化機會？

Sure, Marvin. Well, first of all, obviously the immediate growth to dealer Club, I think underscores the synergy that the cars commerce platform can help bring to the club and enable dealer volume. We've had over 2,500 prospects reach out to inquire more and register for dealer club. And so, we've been onboarding dealerships aggressively each and every month and we're excited about that volume. I think obviously it's a subset of that that are actually transacting on the platform, but those numbers are growing at 60%.

當然，馬文。嗯，首先，顯然經銷商俱樂部的立即增長，我認為這強調了汽車商務平台可以為俱樂部帶來的協同效應並增加經銷商數量。我們已經有超過 2,500 名潛在客戶與我們聯繫，以了解更多資訊並註冊經銷商俱樂部。因此，我們每個月都在積極地吸收經銷商，我們對這個數量感到非常興奮。我認為顯然這只是其中的一部分，實際上在平台上進行交易，但這些數字正在以 60% 的速度增長。

Per month, and so we're excited to see that volume. Increasingly in this environment, sourcing used cars is a real pain point and the fact that dealers can do this far more cost effectively than the traditional marketplaces that are now charging premiums because of elevated wholesale prices. So, there's multiple economic benefits here for dealerships to change their sourcing strategy and Dealer Club is well positioned. In the quarter we really focused on integration to benefit our Accutrade subscribers so that it strengthens Accutrade.

每個月，所以我們很高興看到這個數量。在這種環境下，購買二手車越來越成為一個真正的痛點，而經銷商可以比傳統市場更經濟高效地做到這一點，因為傳統市場由於批發價格上漲而收取溢價。因此，經銷商改變採購策略可以帶來多重經濟效益，而經銷商俱樂部則處於有利地位。在本季度，我們真正專注於整合，以使我們的 Accutrade 用戶受益，從而增強 Accutrade 的力量。

We shared on the call that now dealers can one click, appraise the vehicle, and if they're not interested in retailing it, they can launch it for sale in Dealer Club, and that workflow improvement creates a lot of efficiency because dealers have to manually enter cars into the other marketplaces. So, we think that will strengthen both Accutrade and dealer club volume as well. So, we've got more initiatives planned on the integration, but preliminary, I think we've had a very solid double out of the gates with dealer club with momentum to come.

我們在電話會議上分享說，現在經銷商只需單擊一下即可對車輛進行評估，如果他們對零售不感興趣，他們可以在經銷商俱樂部中將其投放市場銷售，並且工作流程的改進提高了效率，因為經銷商必須手動將汽車輸入其他市場。因此，我們認為這也將增強 Accutrade 和經銷商俱樂部的交易量。因此，我們計劃在整合方面採取更多舉措，但初步來看，我認為我們與經銷商俱樂部已經取得了非常穩固的雙贏局面，並且未來發展勢頭良好。

That's great. Great to hear. And second question just on OEM and National, obviously understand why that's under pressure. Can you help us understand, I mean, we had previously talked about the strength in the upfront. I think you made a comment though that upfront may not be actually a firm commitment. So, as we think about, how much of this is a timing modulation versus essentially.

那太棒了。很高興聽到這個消息。第二個問題僅涉及 OEM 和 National，顯然您了解為什麼它們面臨壓力。你能幫助我們理解嗎，我的意思是，我們之前曾討論過前期的實力。我認為您之前所作的評論可能實際上並不是一個堅定的承諾。因此，我們思考一下，這其中有多少是時間調製，有多少是本質調製。

Some might actually, some commitments might not actually get spent. You know how much of the upfront commitments are actually at risk, and can you just remind us kind of how much of the of the total ad spent in a year is typically attributable to the upfront? That'd be that'd be very helpful. Thanks.

有些承諾實際上可能沒有兌現。您知道有多少前期承諾實際上處於風險之中嗎？您能否提醒我們，一年中廣告總支出中有多少通常歸因於前期支出？那將會非常有幫助。謝謝。

Sure.

當然。

Marvin, I think this is more timing than it is, anything else. We've even had OEM signal to us as soon as they get clarity that they can give us equal clarity, but right now they're operating week to week and therefore, their commitments to us, at best are month to month. So, I'm empathetic to their plight and certainly. Have a ton of respect for the challenges that they're dealing with and so to me it's purely timing and we even saw this with some of the dealer pullback in Q4 and even January, the fact that we're now seeing those same customers reassume.

馬文，我認為這更多的是時機問題，而不是其他問題。我們甚至已經讓 OEM 向我們發出信號，一旦他們獲得明確的答复，他們就可以給我們同樣的明確答复，但現在他們每週都在運營，因此，他們對我們的承諾最多也只是按月支付。所以，我當然對他們的困境感同身受。非常尊重他們所面臨的挑戰，所以對我來說，這純粹是時機問題，我們甚至在第四季度甚至一月份看到了一些經銷商的撤資，但事實上，我們現在看到同樣的客戶重新開始。

Work with us because the consumer demand persists and even is elevated gives me confidence that we'll see a similar behaviour once the macro news settles down and the picture is clear for our clients.

與我們合作是因為消費者需求持續存在甚至有所提升，這讓我有信心，一旦宏觀新聞穩定下來並且我們的客戶對形勢清晰，我們就會看到類似的行為。

Sonia, do you want to comment on what percentage of total ad spend is attributable to upfronts? Yeah.

索尼婭，你想評論一下總廣告支出中有多少百分比是屬於預付款的嗎？是的。

It's 50/50 right now, but I think what I would reiterate what Alex said, I think the challenge at the moment is not that we're getting spend pulled, it's that we're seeing spend shift and so just from a visibility perspective as we look to give you guys insight into business performance that certainly creates like a little bit more challenge than normal. But again, the quality of the audience wanting to get in front of our in-market audience that that remains of interest. It's really just the timing question of when those dollars come into play.

目前是 50/50，但我想我要重申 Alex 所說的話，我認為目前的挑戰不是我們正在削減支出，而是我們看到支出正在發生變化，因此僅從可見性的角度來看，我們希望讓你們深入了解業務績效，這肯定會帶來比平時更多的挑戰。但同樣，觀眾的品質想要領先我們的市場觀眾，這仍然是我們感興趣的。這其實只是這些資金何時發揮作用的問題。

And when you say timing just a follow up, I mean, you're saying it would still be.

當您說時間只是後續行動時，我的意思是，您說它仍然會存在。

Spent this calendar year or do you think the shift could move into next year?

是否在今年就已完成，還是您認為這項轉變可能會延續到明年？

It's hard like unfortunately that's like the crux of the challenge. It's hard to say. So like as an example, we saw, some OEMs who had been planned in April shift some of that spend into June and July. And so you're starting to see a little bit of shifting like that, as Alex kind of mentioned instead of they they're trying, they're going more month to month management of their spend, but generally. Speaking, what I would say is based on what we know today, based on our Q1 numbers, which were, roughly at the midpoint of our guidance range and the growth driver's performance, we feel good about where we are and the progress we've made. We expect to be, up on revenue on a year over year basis. We expect to deliver a solid Q2. It's just the visibility and the specificity are a little bit harder to nail down right now.

不幸的是，這很難，這正是挑戰的關鍵。這很難說。舉個例子，我們看到一些原計劃在 4 月支出的 OEM 將部分支出轉移到 6 月和 7 月。所以你開始看到一些這樣的轉變，正如亞歷克斯提到的那樣，他們不是在嘗試，而是在按月管理他們的支出，但總的來說。說到這裡，我想說的是，根據我們今天所知道的情況，根據我們的第一季數據（大致處於我們指導範圍的中點和成長動力的表現），我們對目前的狀況和所取得的進展感到滿意。我們預計收入將年增。我們預計第二季業績將表現穩健。只是現在可見度和特殊性有點難以確定。

Okay, that's perfectly understandable. Thanks so much.

好的，這完全可以理解。非常感謝。

Your next question comes from Joseph Spak of UBS.

您的下一個問題來自瑞銀的約瑟夫·斯帕克。

Your line is already open.

您的線路已經開通。

Great, thank you. I actually wanted to pick up right there on the visibility because you know I think as you sort of describe the environment it's understandable about, the guidance for the year, especially it sounds like there's way more uncertainty in the back half, but I do want to, I guess, get a better sense of your true visibility in the near term and I know you ended up providing a little bit more color into, but if you've got a little bit over a month and a half left, I thought the subscription stuff, which is. Like 80% of sales is pretty low variance in the short term. It doesn't sound like there's any real change there. So, like just maybe you could sort of, go over this again, but like how much visibility do you really have on the ad side because you've even said a couple times like they're going month to month, but it would seem like you should have a pretty good sense of that even by now and the and you know as we're in May.

太好了，謝謝。我實際上想立即談談可見性，因為您知道，我認為當您描述環境時，這是可以理解的，特別是對於今年的指導，聽起來下半年的不確定性要大得多，但我確實想更好地了解您近期的真實可見性，我知道您最終提供了更多的細節，但如果您還剩下一個半月多一點的時間，我想訂閱的東西就是這樣。例如，80% 的銷售額在短期內差異相當小。聽起來那裡並沒有什麼真正的改變。所以，也許您可以再重複一遍這個問題，但是您在廣告方面到底有多大的可見度，因為您甚至說過幾次，他們是按月進行的，但即使到現在，您似乎也應該對此有相當好的了解，而且您知道現在已經是五月了。

So, I think on the subscription side of the business, like we said, marketplace is growing. We feel confident in our ability to deliver dealer websites. So, we're up 100 in the quarter, Accutrade is showing strong signals, from Q1 rolling in Q2. I think where there's a little bit of uncertainty continues to be on media and some.

因此，我認為在業務的訂閱方面，正如我們所說的，市場正在成長。我們對提供經銷商網站的能力充滿信心。因此，我們在本季度成長了 100%，Accutrade 顯示出強勁訊號，從第一季延續到第二季​​。我認為媒體和其他一些方面仍然存在一些不確定性。

Relatively discreet shifts in spend can have an impact on how those overall numbers do tend to roll up.

相對謹慎的支出變化可能會對總體數字的累積產生影響。

I mean, if you look at OEM and National individually and think about that on an annual basis in terms of total revenue or even on a quarterly basis in terms of total revenue, you can kind of do a little bit of math on, what a small, relatively small change on that number could do to a guidance range.

我的意思是，如果你分別看一下 OEM 和 National，並按年度總收入或按季度總收入來考慮，你就可以做一些計算，看看這個數字的一個相對較小的改變會對指導範圍產生什麼影響。

Okay, I mean, is it possible, if not possible that OEM national number is down this year?

好的，我的意思是，如果不可能的話，今年的 OEM 全國數量有可能下降嗎？

We still feel good about the ability to deliver year over year growth in the business, which I think would be contingent on seeing growth in both dealer revenue and OEM revenue. I think what's a little bit harder to say right now is a specificity on the range of what that growth is going. To look like and in what time frame that growth is going to be delivered. But on the media side of the business, when you think about some of the audience metrics that we put up for Q1, that gives us confidence. That's what drives that media portion of the business, that high quality in market audience, and all the signals are green.

我們仍然對實現業務同比增長的能力感到滿意，我認為這取決於經銷商收入和 OEM 收入的成長。我認為現在比較難說的是具體成長範圍是多少。看看這種成長將在什麼時間範圍內實現。但在媒體業務方面，當你想到我們為第一季提出的一些受眾指標時，這給了我們信心。這就是推動媒體業務的動力，推動市場受眾的高品質，並且所有訊號都是綠色的。

Okay, and then just the second question. I know you've talked about your exposure to new versus used and in the past you've given us that franchise versus independent dealers, which is a good proxy for that I guess maybe you could just remind us of that split, but I'm also just curious if you can or are willing to provide your estimated revenue split just as it relates to new versus used if that's even possible.

好的，然後是第二個問題。我知道您已經談到了您對新車和二手車的敞口，並且在過去您給我們提供了特許經銷商和獨立經銷商的情況，這是一個很好的代表，我想也許您可以提醒我們這種劃分，但我也很好奇您是否可以或願意提供您的預計收入劃分，就像它與新車和二手車有關一樣，如果可能的話。

Yeah, we don't break it out just because our subscription includes new and used exposure and so we don't segment it out, but we do mirror the market, right? Like 15% to 20% of our revenue is anchored more on new car-oriented traffic and the bulk of it is on you, so you can infer it, but it mimics sort of vehicle sales volumes between new and used. I think on the franchise in split, we don't break that out, but I will say there's been increased interest from independent dealers because consumers clearly are looking for more affordable vehicles and more cost-effective options than some of the higher priced new cars, and so, we are seeing steady pick up on independent dealer volume in the current quarter.

是的，我們不會將其分開，因為我們的訂閱包括新的和二手的曝光，所以我們不會將其細分，但我們確實反映了市場，對嗎？我們的 15% 到 20% 的收入更依賴新車流量，其中大部分來自您，因此您可以推斷出來，但它模擬了新車和二手車之間的銷售量。我認為，對於特許經營權的分割，我們不會單獨列出，但我要說的是，獨立經銷商的興趣有所增加，因為消費者顯然在尋找比一些價格更高的新車更實惠的車輛和更具成本效益的選擇，因此，我們看到本季度獨立經銷商的銷量穩步回升。

I say in these are roughly call it like a third of the of the marketplace mix.

我所說的這些大致相當於市場組合的三分之一。

Sorry, what was that?

抱歉，那是什麼？

Roughly 1/3 of the marketplace.

約佔市場佔有率的1/3。

The current mix is about 13% independent.

目前，獨立成分佔比約為 13%。

Okay, thank you.

好的，謝謝。

Ladies and gentlemen, as a reminder, if you have a question, please press star one.

女士們、先生們，提醒一下，如果您有疑問，請按星號 1。

There are no further questions at this time, ladies and gentlemen. This concludes today's conference call.

女士們、先生們，現在沒有其他問題了。今天的電話會議到此結束。

Thank you for your participation and you may now disconnect.

感謝您的參與，您現在可以斷開連接。

Goodbye.

再見。