Cars.com Inc (CARS) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the CAHRS First Quarter 2026 Earnings Conference Call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press *0 for the operator. This call is being recorded on Thursday, May 7th of 2026.

各位女士、先生，早安，歡迎參加 CAHRS 2026 年第一季財報電話會議。目前所有線路皆為僅收聽模式。簡報結束後，我們將進行問答環節。若您在本次通話期間任何時候需要立即協助，請按 *0 聯絡接線員。本通話將於 2026 年 5 月 7 日（週四）錄音。

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

現在我想將會議交給投資人關係副總裁 Catherine Chen。請開始。

Good morning, everyone, and thank you for joining us for the CARS.com Inc. First quarter 2026 conference call. With me this morning are Toby Hartman, CEO, and Sonya Jain, CFO.

各位早安，感謝各位參加 CARS.com Inc. 2026 年第一季電話會議。今天早上與我一同出席的有執行長 Toby Hartman 與財務長 Sonya Jain。

So we will start by discussing business highlights from our first quarter. Then Sonia will discuss our financial results in greater detail along with our outlook. We'll finish the call with Q&A.

我們將先討論第一季的業務重點。接著 Sonia 會更詳細說明我們的財務結果以及展望。最後以問答作結。

Before I turn the call over to Toby, 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. We will be discussing certain non-GAAP financial measures, including adjusted EBITDA. Adjusted EBITDA margin, adjusted operating expenses, adjusted net income, and free cash flow.

在我把電話交給 Toby 之前，請各位留意我們簡報中關於前瞻性陳述，以及非 GAAP 財務衡量指標的說明與定義。我們將討論若干非 GAAP 財務衡量指標，包括調整後 EBITDA。調整後 EBITDA 利潤率、調整後營業費用、調整後淨利，以及自由現金流。

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

這些非 GAAP 指標與最直接可比的 GAAP 指標之間的調節表，可在我們的財報新聞稿所附的財務表格，以及簡報附錄中找到。

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. Available on the IR section of our website. We assume no obligation to update any forward-looking statements.

任何前瞻性陳述皆受風險與不確定性影響。更多資訊請參閱我們向 SEC 提交文件中的風險因素，包括最近提交的 10-K（可取得）。可於我們網站的投資人關係（IR）專區取得。我們不承擔更新任何前瞻性陳述之義務。

And now, I'll turn the call over to Toby.

現在，我把電話交給 Toby。

Thank you, Catherine, and thank you to everyone joining us to review first quarter 2026 results.

謝謝 Catherine，也感謝各位加入我們，一同回顧 2026 年第一季的業績。

On our call in February, we set forth near-term goals to better realize the potential of our business and put Cars.com on a stronger growth and value creation trajectory.

在 2 月的電話會議中，我們提出了短期目標，以更充分實現我們業務的潛力，並讓 Cars.com 走上更強勁的成長與價值創造軌道。

We have made solid progress against those objectives in Q1 and early Q2 as we build a leading automotive marketplace experience.

在第一季以及第二季初期，我們在這些目標上取得了扎實進展，持續打造領先的汽車市場體驗。

First, we delivered on our financial commitments.

第一，我們達成了財務承諾。

Q1 revenue of $180.2 million was toward the high end of guidance and the third consecutive quarter of year-over-year growth.

第一季營收為 1.802 億美元，接近指引區間上緣，並且是連續第三季年增。

Adjusted EBITDA margin of 28.3% exceeded guidance by over a full percentage point, and free cash flow remained strong, up 42% year-over-year and reflecting higher conversion from EBITDA.

調整後 EBITDA 利潤率為 28.3%，較指引高出超過 1 個百分點；自由現金流依然強勁，年增 42%，反映 EBITDA 轉換率提升。

Second, we have taken immediate cost actions.

第二，我們已立即採取成本行動。

We closely examined operations to identify efficiencies and opportunities to reshape our organization into more nimble, marketplace-focused teams.

我們仔細檢視營運，以找出效率提升與機會，將組織重塑為更敏捷、以市場為核心的團隊。

During this process, we identified $25 to $30 million of recurring annualized operating cost savings to create a healthier foundation to support future growth.

在此過程中，我們辨識出每年經常性、年化約 2,500 萬至 3,000 萬美元的營運成本節省，以建立更健康的基礎來支持未來成長。

Third. We are leveraging existing assets and data to rapidly launch new features that improve our marketplace value.

第三。我們正運用既有資產與數據，快速推出新功能，以提升我們的市場價值。

Cars.com MCP integrations for agentic AI platforms and conversational capabilities for our cars and shopping assistants are examples where we have adapted to match new shopping behavior.

Cars.com 的 MCP（Model Context Protocol）與代理式 AI 平台的整合，以及我們汽車與購車助理的對話能力，就是我們因應新購物行為而調整的例子。

Consumers were more than four times as likely to submit a lead after having a conversation with Carson, demonstrating our efficacy at stimulating purchase intent.

消費者在與 Carson 對話後提交線索（lead）的可能性提高到超過 4 倍，顯示我們在激發購買意圖方面的成效。

These are positive and necessary steps to start the year and reinforce our confidence in our 2026 growth guidance.

這些都是在年初採取的正向且必要的步驟，也強化了我們對 2026 年成長指引的信心。

We also increased our 2026 share repurchase target to $90 million to further enhance shareholder value creation.

我們也將 2026 年股票回購目標提高至 9,000 萬美元，以進一步提升股東價值創造。

Overall, the start of the year has been productive and the teams have moved with speed to secure wins. In terms of our three 2026 initiatives, we have pushed hard on controllables such as cost containment.

整體而言，今年開局成果豐碩，團隊也以速度推進以確保勝利。就我們 2026 年三項倡議而言，我們在成本控管等可控因素上大力推進。

Other changes. Like the green shoots in products and marketplace are compelling, though will take some time to mature.

其他變化。例如產品與市場端出現的初步成效令人振奮，但仍需要一些時間成熟。

But we are clear on a strategy that we need to execute for the rest of the year.

但我們已清楚掌握一項策略，並需要在今年剩餘時間加以落實執行。

Historically, we have grown our products as distinct and loosely affiliated pillars.

過去，我們將產品作為彼此獨立、關聯較鬆散的支柱來成長。

But moving forward, to truly maximize our value, we must integrate into one interconnected marketplace-centric ecosystem.

但展望未來，若要真正最大化我們的價值，我們必須整合為一個相互連結、以市場為核心的生態系。

For car seekers, we will offer relevant and desirable listings across marketplace and dealer websites, trusted data insights, and an AI-first user experience.

對於找車的消費者，我們將在市場平台與經銷商網站上提供相關且具吸引力的車源資訊、可信賴的數據洞察，以及 AI 優先的使用者體驗。

For car sellers, our combined marketplace and appraisal capabilities will evolve into an essential resource for used car insights, and dealers and OEMs will continue to benefit from our scaled in-market audience, but with even better ROI based on our unique first-party retail signals across marketplace, websites, and media.

對於賣車方，我們結合的市場平台與估價能力將演進為二手車洞察的關鍵資源；而經銷商與 OEM 也將持續受益於我們具規模的在市受眾，但基於我們在市場平台、網站與媒體上的獨特第一方零售訊號，將帶來更佳的投資報酬率（ROI）。

Our marketplace model will drive vehicle transactions at scale by focusing on these differentiators.

我們的市場平台模式將透過聚焦這些差異化優勢，推動車輛交易規模化。

Investing in product is key to powering our marketplace flywheel and long-term growth.

投資產品是驅動我們市場平台飛輪效應與長期成長的關鍵。

Let me give you some examples of our accelerated product output in the first four months.

我來舉幾個我們在前四個月加速產品產出的例子。

Starting with AI, Model Context Protocol integrations are helping our discoverability on leading agentic AI platforms such as ChatGPT.

先從 AI 談起，Model Context Protocol 的整合正協助我們在 ChatGPT 等領先的代理式 AI 平台上提升可被發現度。

Consumers can now browse our marketplace inventory directly with a native LLM environment before submitting leads on cars.com.

消費者現在可以在原生的 LLM 環境中直接瀏覽我們市場平台的庫存，之後再於 cars.com 提交線索。

And this is added value for existing marketplace dealers who are eager to tap into agentic commerce.

這也為既有的市場平台經銷商帶來附加價值，因為他們渴望切入代理式商務（agentic commerce）。

NLMs are still sub-1% of our traffic, and we are well-positioned to benefit as these platforms grow.

NLM 的流量目前仍低於我們總流量的 1%，而隨著這些平台成長，我們已具備良好條件可從中受益。

Turning to our own platform, Conversational Carson is a positive step towards continued personalization of the marketplace shopping experience.

回到我們自有平台，對話式 Carson 是持續推進市場購物體驗個人化的一項正向進展。

Finally, the Cars.com dealer app just launched in April, putting a mobile command center in the hands of marketplace dealers. Early features include AI-generated summaries of performance metrics, lead follow-up alerts, and pricing intelligence.

最後，Cars.com 經銷商 App 已於 4 月正式上線，將行動指揮中心交到市場平台經銷商手中。初期功能包括由 AI 生成的績效指標摘要、線索跟進提醒，以及定價情報。

We believe our app has the broadest analytics set among our competitors, translating to the best ROI on every sales appointment and wholesale transaction.

我們相信，我們的 App 在競爭對手中提供最廣泛的分析功能，能轉化為每一次銷售約訪與批發交易的最佳 ROI。

We expect greater product development velocity will continue to deliver a steady and diverse cadence of future releases.

我們預期更高的產品開發速度將持續帶來穩定且多元的未來發布節奏。

Cross-pollination, such as bringing AccuTrade data into marketplace listings, will be an increasing focus in the second-half of the year.

跨產品導入（例如將 AccuTrade 數據帶入市場平台刊登資訊）將在今年下半年成為更重要的重點。

Turning to the remaining initiatives, Sonia will offer more cost detail in her remarks.

至於其餘倡議，Sonia 將在她的談話中提供更多成本細節。

The actions we took in April support our stated intention to grow adjusted EBITDA at a faster rate than revenue.

我們在 4 月採取的行動，支持我們先前所述：調整後 EBITDA 的成長速度要快於營收。

We have also been clear that we must operate with better processes and organizational structure to successfully execute our marketplace strategy and grow LTV.

我們也已明確表示，必須以更好的流程與組織架構來營運，才能成功執行市場策略並提升 LTV（客戶終身價值）。

From a go-to-market perspective, new product bundles will help clearly articulate platform value.

從市場推廣（go-to-market）的角度，新產品組合將有助於更清楚傳達平台價值。

Our products will be packaged according to integrated value delivery, which we expect to drive faster adoption than selling individual point solutions. For example, our data shows that customers with both Accu-Trade and the Cars.com marketplace see inventory terms speed up by an average of six days.

我們將依據整合式價值交付來進行產品打包，預期這將比銷售單一點狀解決方案帶來更快的採用速度。例如，我們的數據顯示，同時使用 Accu-Trade 與 Cars.com 市場平台的客戶，其庫存周轉天數平均加快 6 天。

A combined marketplace and appraisal offering would not only drive dealership gross profits, but also eliminate the paradox of choice for a customer facing too many a la carte options.

結合市場平台與估價的方案，不僅能提升經銷商的毛利，也能消除面對過多單點選配（a la carte）選項時的「選擇悖論」。

We have reorganized the sales team accordingly to break down product-based silos, eliminate duplication and make the sales process simpler for dealers.

我們也已相應重整銷售團隊，以打破以產品為基礎的孤島、消除重複，並讓經銷商的銷售流程更簡化。

Combined with our ongoing localization efforts, we feel front-footed in our ability to increase overall sales productivity.

結合我們持續推進的在地化工作，我們對於提升整體銷售生產力的能力更具主動優勢。

For our current customers, we are fully focused on enhanced value delivery.

對於我們現有客戶，我們將全力聚焦於強化價值交付。

Our leads and connections already influence more than 30% of our customers' vehicle sales.

我們的潛在客戶名單與連結已經影響了客戶超過30%的車輛銷售。

We will keep pressing this advantage with a balanced approach to top and lower funnel activities that maximizes ROI on our platform.

我們將以兼顧漏斗上層與下層活動的平衡方式持續強化這項優勢，並在我們的平台上最大化投資報酬率（ROI）。

We are committed to operating a scaled platform, though metrics like traffic and UVs may move depending on the quarterly marketing mix.

我們致力於營運一個具規模的平台，儘管流量與UV等指標可能會隨季度行銷組合而波動。

Most recently, Q1 traffic and UVs.

最近，第一季的流量與UV。

Were pressured by a tough year-over-year comp from pull-forward tariff demand in the broader industry in 2025.

受到2025年整體產業因關稅需求提前拉貨所造成的嚴峻年對年比較基期影響而承壓。

Setting aside this one-time impact, our underlying direct traffic remains strong.

撇除這項一次性影響，我們的基礎直接流量仍然強勁。

Organic traffic was close to 60% of total mix in Q1, which is similar to our historical average, even with the advent of LLMs.

第一季自然流量接近總組合的60%，與我們的歷史平均相近，即使在LLM興起的情況下亦然。

Accelerated traffic conversion was also up meaningfully year-over-year and reflected in robust lead volume growth. Longer-term, we have confidence that our strong brand, improving user experience and listings inventory will fuel continued marketplace strength.

流量轉換率的加速也在年對年顯著提升，並反映在強勁的潛在客戶量成長上。從長期來看，我們有信心，憑藉強大的品牌、持續改善的使用者體驗以及刊登庫存，將推動市集持續保持強勢。

To recap, we delivered against revenue expectations and outperformed on adjusted EBITDA.

總結來說，我們達成了營收預期，並在調整後EBITDA方面優於表現。

We are changing the way we operate to drive stronger financial results in operating metrics. We are executing to transform into the leading trusted automotive marketplace, connecting consumers, dealers, and OEMs.

我們正在改變營運方式，以在營運指標上帶來更強的財務成果。我們正執行轉型，成為領先且值得信賴的汽車市集，連結消費者、經銷商與OEM。

And in the process, we will create meaningful and sustainable shareholder value.

並在此過程中，創造具意義且可持續的股東價值。

Now Sonia will discuss our financial results and outlook. Sonia.

接下來由Sonia說明我們的財務結果與展望。Sonia。

Thank you, Toby. The first quarter was another positive step in improving our growth trajectory and profitability. Revenue was in line with expectations, while adjusted EBITDA beat our guidance range by over a full point.

謝謝你，Toby。第一季是我們改善成長軌跡與獲利能力的又一個正向進展。營收符合預期，而調整後EBITDA較我們的指引區間高出超過整整一個百分點。

As Toby stated, we are focused on our marketplace-centric strategy and are pleased with the performance of this core piece of our business. And as you read in our April announcement, we are focused on more product integration and innovation while working diligently to enable operational efficiencies. These cost benefits are beginning to manifest in our results, while the revenue-driving measures will compound and support accelerated growth as we move through the year.

如Toby所述，我們聚焦於以市集為核心的策略，並對這項核心業務的表現感到滿意。同時，如各位在我們4月的公告中所見，我們正專注於更多產品整合與創新，並努力推動營運效率。這些成本效益已開始在我們的結果中顯現，而帶動營收的措施將隨著時間累積效應，並在今年接下來的期間支持加速成長。

Now to discuss the quarter. First quarter revenue of $180.2 million was up 1% year-over-year, above the midpoint of our guidance range. Dealer revenue growth was driven by enhanced value delivery across websites and marketplace, as well as dealer account growth, which was up 140 customers year-over-year based on core marketplace strength.

接著說明本季表現。第一季營收為1.802億美元，年增1%，高於我們指引區間的中點。經銷商營收成長來自於我們在網站與市集上的強化價值交付，以及經銷商帳戶成長；在核心市集強勁帶動下，客戶數年對年增加140家。

We're encouraged by steady marketplace improvement, given its criticality to our strategy and importance to our revenue, profitability, and cash flow profile.

鑑於市集對我們策略的關鍵性，以及其對營收、獲利與現金流結構的重要性，我們對市集穩健改善感到鼓舞。

ARPD of $2,473 was consistent on both a year-over-year and sequential basis. Over the medium to long-term, we expect this metric to continue growing based on underlying value delivery and increased product adoption. More immediately, we've made good progress in aligning Marketplace and Website packaging to our value proposition. For example, in Marketplace, Premium Plus, our top-tier offering, has grown to nearly 7% of subscribers, and we anticipate. Reaching 15% adoption across Marketplace customers before year-end.

ARPD為2,473美元，無論年對年或季對季皆保持一致。在中長期，我們預期該指標將基於底層價值交付與產品採用率提升而持續成長。就短期而言，我們在使市集與網站的方案包裝更貼近我們的價值主張方面已取得良好進展。例如，在市集中，我們的最高階方案Premium Plus的訂閱占比已成長至接近7%，我們預期。在年底前於市集客戶中達到15%的採用率。

For new and renewing website customers, subscription demand for our top website packages remains steady. Our work on Core Web Vitals has improved site speed for many of our customers by nearly 30%.

對於新簽與續約的網站客戶，我們頂級網站方案的訂閱需求仍維持穩定。我們在Core Web Vitals上的工作，已使許多客戶的網站速度提升近30%。

We have also released timely features, like improved EV data, which is particularly important as dealers are now selling a growing supply of used EVs without the benefit of government incentives.

我們也推出了即時的功能，例如更完善的電動車（EV）資料；這點尤其重要，因為經銷商目前在沒有政府補貼的情況下，正銷售日益增加的二手電動車供給。

Though dealer media performance continues to temper otherwise favorable ARPD drivers, the planned refresh of our media suite, including AI VIN videos, should set us up for better traction in the second-half of the year.

儘管經銷商媒體表現持續抑制原本有利的ARPD驅動因素，但我們規劃中的媒體套件更新（包含AI VIN影片）應可讓我們在下半年取得更好的進展。

In addition to these product-specific refinements, our new marketplace-first approach requires our distinct product pillars to evolve into more integrated subscription offerings. With these integrated offerings, we are entering a new phase of our cross-selling strategy, which we expect will deliver a distinct lever for ARPD growth. We'll share more updates on our work here in the coming months.

除了這些針對產品的精進之外，我們新的「市集優先」方法也要求各個獨立的產品支柱演進為更整合的訂閱式方案。透過這些整合方案，我們正進入交叉銷售策略的新階段，預期將成為推動ARPD成長的明確槓桿。未來幾個月我們將分享更多相關進展。

Turning to dealer count, while our customer base was up year-over-year from marketplace net adds, on a quarter-over-quarter basis, we experienced some pressure in solutions that resulted in overall dealer count decline.

談到經銷商數量，雖然我們的客戶基礎因市集淨新增而年對年成長，但就季對季而言，我們在解決方案業務上承受一些壓力，導致整體經銷商數量下滑。

Recall, the website business has grown significantly over the last few years as we became a preferred OEM vendor and gained share.

回顧過去幾年，隨著我們成為OEM偏好的供應商並取得市占，網站業務已顯著成長。

We're now in a different phase of growth that is more oriented around innovation and package value versus pure market share gains, and recent investments that we've made to improve technical performance on site speed, security, and other metrics are garnering favorable customer feedback.

我們現在處於不同的成長階段，更著重於創新與方案價值，而非單純的市占提升；而我們近期為改善網站速度、安全性及其他指標所做的技術效能投資，正獲得客戶正面回饋。

Rounding out the solutions discussion, AcuTrade subscribers were down sequentially. As you heard Toby mention, we expect AcuTrade sales to improve as it becomes more fully integrated with our marketplace.

在解決方案的討論最後補充，AcuTrade訂閱戶數季對季下滑。如同你聽到Toby提到的，我們預期隨著AcuTrade更完整地與市集整合，其銷售將有所改善。

The strength of dealer revenue and more specifically marketplace is encouraging, and we expect this momentum to drive total revenue growth in 2026 and balance softness in OEM advertising. In the first quarter, OEM and national revenue was down $2 million year-over-year.

經銷商營收、尤其是市集的強勁表現令人鼓舞；我們預期這股動能將推動2026年總營收成長，並平衡OEM廣告的疲弱。第一季OEM與全國性營收年對年減少200萬美元。

There have been ongoing signals that OEM budgets are in flux. As an example, some manufacturers are opting to invest in vehicle incentives to offset the impact of tariffs rather than advertising in Q1. Based on proactive and positive conversations with our partners, we are cautiously optimistic that Q2 represents a trough for OEM media and that we will begin to grow on a sequential basis in the latter half of the year.

我們持續看到OEM預算仍在變動的訊號。例如，部分製造商選擇投入車輛購車優惠以抵銷關稅影響，而非在第一季投放廣告。基於我們與合作夥伴主動且正向的對話，我們審慎樂觀地認為第二季將是OEM媒體的谷底，並且在今年下半年開始出現季對季成長。

Moving on to cost. First quarter operating expenses were $163.6 million, down 5% year-over-year. The decrease was primarily due to lower depreciation and amortization expense, specifically the amortization of customer lists associated with our 2017 spin-off, as well as more efficient marketing spend.

接著談成本。第一季營業費用為1.636億美元，年減5%。下降主要來自折舊與攤銷費用降低，特別是與我們2017年分拆相關的客戶名單攤銷，以及更有效率的行銷支出。

Q1 adjusted operating expenses were $145.9 million, down 6% year-over-year from lower depreciation and amortization and strong cost controls across the organization.

第一季調整後營業費用為1.459億美元，年減6%，主要受益於折舊與攤銷降低，以及全公司範圍內強而有力的成本控管。

For the following line item detail, all comparisons are on a year-over-year basis unless otherwise noted.

以下各項明細，除非另有說明，所有比較皆為年對年。

Product and technology expense increased $900,000 on a reported basis and decreased $300,000 on an adjusted basis.

產品與技術費用在報表口徑下增加90萬美元，在調整後口徑下則減少30萬美元。

Higher severance costs and licensing and hardware expenses were the primary drivers of the reported increase.

資遣費用上升，以及授權、硬體費用，是報表口徑增加的主要驅動因素。

For adjusted expenses, lower compensation more than offset the aforementioned technology spend.

就調整後費用而言，較低的薪酬支出已足以抵銷前述技術支出。

Marketing and sales decreased roughly $700,000 on both the reported and adjusted basis, benefiting from a more efficient marketing mix.

行銷與銷售費用在報表與調整後口徑下皆約減少70萬美元，受益於更有效率的行銷組合。

General and administrative expense was up nearly $1 million on a reported basis and up $2 million on an adjusted basis.

一般及行政費用在報表口徑下增加近100萬美元，在調整後口徑下增加200萬美元。

The reported increase was primarily due to severance, compensation, and third-party costs, which were partially offset by the elimination of the D2C earn-out expense accrual.

報表口徑的增加主要來自資遣、薪酬與第三方成本，部分被取消D2C或有對價（earn-out）費用準備所抵銷。

On an adjusted basis, compensation and third-party costs combined to push total adjusted G&A higher for the quarter.

在調整後口徑下，薪酬與第三方成本合計推升本季調整後G&A總額。

Several of these were discrete items that, while individually insignificant, aggregated into slightly elevated total expense.

其中有數項屬於一次性（離散）項目，雖然單項金額不大，但加總後使總費用略為偏高。

Over the medium to long-term, we still expect to realize operating leverage in this line.

在中長期，我們仍預期在此費用項目上實現營運槓桿。

First quarter net income was $5 million or $0.08 per diluted share, compared to a net loss of $2 million or $0.03 per diluted share a year ago.

第一季淨利為500萬美元，或每股稀釋後盈餘0.08美元，相較於去年同期淨損200萬美元，或每股稀釋後虧損0.03美元。

Net income was primarily driven by lower depreciation and amortization.

淨利主要受較低的折舊與攤銷所帶動。

Adjusted net income for the first quarter was $26.7 million or $0.45 per diluted share, compared to $24 million or $0.37 per diluted share a year ago.

第一季調整後淨利為2,670萬美元，或每股稀釋後盈餘0.45美元，相較於去年同期2,400萬美元，或每股稀釋後盈餘0.37美元。

Adjusted EBITDA of $51 million in the first quarter was up slightly year-over-year, while adjusted EBITDA margin of 28.3% was consistent year-over-year and more than 1 percentage point above our guidance range.

第一季調整後EBITDA為5,100萬美元，年增小幅上升；調整後EBITDA利潤率為28.3%，與去年同期一致，且較我們的指引區間高出逾1個百分點。

On to the cash flow statement and balance sheet. Net cash provided by operating activities totaled $39.8 million for the quarter, compared to $29.5 million last year. Free cash flow was $33.5 million for the quarter, up from $23.7 million a year ago, primarily due to favorable working capital changes from compensation accruals and the 2024 federal tax refund.

接著看現金流量表與資產負債表。本季營業活動提供之淨現金合計3,980萬美元，較去年2,950萬美元增加。本季自由現金流為3,350萬美元，高於去年同期的2,370萬美元，主要因薪酬應計帶來的有利營運資金變動以及2024年聯邦退稅。

In the first quarter, we bought back 2.5 million shares for $20 million, returning approximately 60% of in-period free cash flow to shareholders.

第一季我們以2,000萬美元回購250萬股，約將當期自由現金流的60%回饋給股東。

Through April 30, 2026, we have bought back 3.8 million shares of common stock for $32.9 million, an efficient use of capital at current valuation levels that reduced shares outstanding by 5% since the beginning of the year.

截至2026年4月30日，我們已以3,290萬美元回購380萬股普通股；在目前估值水準下，這是有效的資本運用，並使年初至今流通在外股數減少5%。

Driving shareholder value remains a priority and was reflected in our recent decision to increase our 2026 share repurchase target by 50% from $60 million to $90 million.

提升股東價值仍是優先事項，並反映在我們近期決定將2026年股票回購目標上調50%，由6,000萬美元提高至9,000萬美元。

Based on year-to-date activity, we are pacing solidly towards this target and will continue to opportunistically leverage strong free cash flow conversion for capital returns and debt paydown.

依據年初至今的執行情況，我們正穩健朝此目標推進，並將持續把握機會，運用強勁的自由現金流轉換率進行資本回饋與償還債務。

Lastly, debt outstanding was $455 million as of March 31, 2026, for a total net leverage ratio of 1.8 times.

最後，截至2026年3月31日，未償債務為4.55億美元，淨槓桿比率合計為1.8倍。

Total liquidity was $359.6 million as of March 31, 2026, providing the capacity and flexibility to meet our capital allocation priorities.

截至2026年3月31日，總流動性為3.596億美元，提供足夠的能力與彈性以滿足我們的資本配置優先事項。

And now, we'll conclude with Outlook.

接下來，我們將以展望作結。

Second-quarter revenue growth is expected to be flat to up 2% year-over-year.

預期第二季營收年增率持平至成長2%。

Dealer revenue should continue to be a growth driver based on better value delivery and product upgrades and adoption.

在更佳的價值交付以及產品升級與採用的帶動下，經銷商營收應可持續成為成長動能。

Based on year-to-date performance, we expect second-quarter OEM and national revenue to face similar year-over-year pressures as Q1.

基於年初至今的表現，我們預期第二季OEM與全國性客戶營收將面臨與第一季類似的年比壓力。

The episodic nature of advertising and media investments is also driving our slightly wider-than-usual quarterly guidance range to account for possible timing variances in customer spending.

廣告與媒體投資的間歇性特質，也使我們的季度指引區間較平常略寬，以反映客戶支出時點可能出現的差異。

Second-quarter adjusted EBITDA margin is expected to be between 28% and 29%, and our priority is to grow adjusted EBITDA dollars year-over-year at a faster rate than revenue.

預期第二季調整後EBITDA利潤率介於28%至29%之間；我們的優先事項是讓調整後EBITDA金額的年增率快於營收。

Embedded within our guidance range is also a partial quarter of savings from the cost reduction program that was initiated in April.

我們的指引區間亦包含4月啟動之成本削減計畫所帶來的部分季度節省效益。

We are also reaffirming full-year 2026 guidance of flat to 2% revenue growth and adjusted EBITDA margin of 29% to 30%.

我們也重申2026年全年指引：營收成長持平至2%，調整後EBITDA利潤率為29%至30%。

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

接著，我想開放進入問答環節。

(Operator Instructions) Tom White, D.A. Davidson.

(接線員指示) Tom White，D.A. Davidson。

Great. Good morning. Thanks for taking my questions.

很好。早安。謝謝讓我提問。

One on AI, and then I have a follow-up.

先問一題AI，然後我有一個追問。

But, Toby, I was hoping maybe you could share your latest thoughts on, how you feel about.

不過，Toby，我希望你或許可以分享你最新的想法，談談你對於……的看法。

You know the prospect of consumers increasingly relying on the horizontal LLMs and increasingly maybe sort of personal agents to help you know them shop for for cars and what does that mean for Cars.com's ability to kind of interface directly with consumers and are there ways that you guys can maybe make your business more resilient or sort of. Better positioned for that sort of future, maybe by making some of your data sort of more proprietary or protected or anything else? Thanks.

你知道，消費者愈來愈依賴通用型（horizontal）的LLM，甚至愈來愈多使用某種個人代理來協助他們購車，這對Cars.com直接與消費者互動的能力意味著什麼？你們是否有方法讓業務更具韌性或更能因應這樣的未來，例如讓部分資料更具專有性或受到保護，或其他作法？

Hey, good morning. Thanks for your question.

嗨，早安。謝謝你的提問。

Yes, we do think that we are in a highly relevant space because car purchasing is very complex and.

是的，我們確實認為我們所處的領域高度相關，因為購車非常複雜，而且……

We have data accumulated over the past 20-plus years.

我們累積了過去20多年來的資料。

As we talked over during this call, we make that data more discoverable, which we're in the midst of that. We've made some great progress there.

如同我們在本次電話會議中提到的，我們正讓這些資料更容易被發現，而我們也正在進行中。我們在這方面已取得很大進展。

And then we have a great brand, which is also something that we see increasingly become more important that people start initially at a high level searching, but then once they're getting down into deeper funnel metrics, they do rely on. The branded context and the branded information that comes from Cars.com.

此外，我們擁有很強的品牌；我們也看到，當人們一開始以較高層次進行搜尋時，品牌的重要性正變得愈來愈高，但當他們進入更深的漏斗指標時，確實會依賴……來自Cars.com的品牌情境與品牌資訊。

Big picture, automotive is obviously a complex industry and it requires deep vertical expertise.

從大方向來看，汽車產業顯然很複雜，並且需要深厚的垂直領域專業。

A car is the second largest purchase for consumers and obviously the vast majority of consumers spend time researching in-depth, actually on average eight to nine hours.

汽車是消費者第二大的購買項目，而且顯然絕大多數消費者會花時間深入研究，平均實際上約8到9小時。

We have a great brand and we are in the process of making it more discoverable and bringing it upfront to the site and the site experience, so that will be a major focus for our future product development. That let me just add is also in the spirit of I talked about the interconnectivity, so that's why it's so important to interconnect everything as opposed to driving in siloed subsidiaries.

我們有很強的品牌，而我們也正在讓它更容易被發現，並把它更前置到網站與網站體驗中，因此這將成為我們未來產品開發的主要重點。另外補充一點，這也呼應我提到的互聯互通精神，因此把所有內容互相連結起來非常重要，而不是在各自獨立的子公司中各自推動。

So that's actually what we're doing underneath the platform and across different data silos.

所以這正是我們在平台底層以及不同資料孤島之間所做的事情。

Thank you.

謝謝。

Just a quick follow-up on AccuTrade and hoping maybe we just get a bit more color on kind of what's happening there. I think you mentioned subscribers down sequentially.

再快速追問一下AccuTrade，希望能多一些說明目前那邊的情況。我想你提到訂閱戶較前一季下降。

So is there maybe any seasonality happening there? Is what's happening with subscribers sort of a function of just the automotive backdrop more generally? Or is this sort of more of a product market fit thing that you guys sort of plan to work through maybe via bundling it with kind of core marketplace, just a little bit more color on what's happening at AccuTrade, and then I'll get back in a few things.

所以那邊是否有一些季節性因素？訂閱戶的變化是否只是整體汽車市場環境的反映？或者這比較像是產品與市場契合度（product-market fit）方面的問題，你們打算透過與核心市集產品打包等方式來解決？希望能多一些AccuTrade目前狀況的細節，然後我再回來問幾個問題。

Yeah, I want to be very transparent.

是的，我想非常坦率地說。

We're in the midst of rearranging and refocusing towards a more interconnected experience and more interconnected product. And that means that we are de-emphasizing the stand-alone solution as opposed to really bundling it up and making this part of an integrated marketplace experience.

我們正在重新調整並把重心放在更互聯互通的體驗與更互聯互通的產品上。這意味著，相較於單獨販售的解決方案，我們正在降低對獨立方案的著墨，轉而把它打包，讓它成為整合式市集體驗的一部分。

So we have a pretty exciting product roadmap. You'll hear more over the next couple of months and quarters. There's a... Lot in the making. And that's why you see temporarily maybe the numbers going down a little bit because we're de-emphasizing again on just selling stand-alone solutions as opposed to making this an integrated part. So I wouldn't call this like a trend in the industry or anything. It's more the result of what we're doing internally and I would say it's according to plans.

因此我們有相當令人期待的產品藍圖。接下來幾個月與幾季你會聽到更多。有一個……很多事情正在醞釀中。這也是為什麼你會看到數字可能暫時下滑一些，因為我們再次強調，我們正在弱化單獨販售解決方案，轉而把它做成整合的一部分。所以我不會把這稱為產業趨勢或類似情況。這更多是我們內部正在做的事情所帶來的結果，而且我會說這是按計畫進行。

Rajat Gupta, JPMorgan.

Rajat Gupta，摩根大通（JPMorgan）。

Sorry, I was on mute.

抱歉，我剛剛在靜音。

Thanks for taking the questions.

謝謝讓我提問。

Could you quantify the MCP integration opportunity?

您能量化一下 MCP 整合的機會有多大嗎？

How many Gentic AI platforms have connected?

目前有多少個 Gentic AI 平台已經完成連接？

What does that usage funnel look like in terms of lead quality for dealers? I have a quick follow-up. Thanks.

就經銷商的潛在客戶品質而言，那個使用漏斗看起來是什麼樣子？我有個簡短的追問。謝謝。

Right now, it's just one.

目前只有一個。

We're working towards other opportunities and channel integrations, but not just with the ChatGPT, but again, we also mentioned the traffic is well below 1%. Got it. And.

我們正在推進其他機會與通路整合，不僅僅是與 ChatGPT；而且如同我們提到的，流量占比仍遠低於 1%。了解。還有。

The, it looks like OEM and National is coming in weaker than expected, both in 1Q, including the 2Q guidance that Sonia had mentioned.

看起來 OEM 與 National 的表現都比預期疲弱，1Q 如此，也包括 Sonia 提到的 2Q 指引。

But it seems like you feel comfortable reiterating the margin guidance. Is it just the cost outs that are offsetting some of the drop-through from the OEM national weakness? I'm curious if any other call you could give, and also an update on the OEM and national four-year guidance. I think the previous outlook was for flat year-over-year.

但你們似乎仍有信心重申毛利率指引。是否主要是成本削減在抵消 OEM 與 National 疲弱所帶來的部分利潤下滑？我想知道你們是否還能提供其他說法，並且也請更新一下 OEM 與 National 的四年期指引。我記得先前的展望是年對年持平。

So I think in terms of the margin guidance, certainly some of the actions that we took in April were helpful.

我想就毛利率指引而言，我們在 4 月採取的一些行動確實有所幫助。

And in addition to that, we continue to be focused on driving efficiencies in the business. I think you heard Toby talk a little bit about the shifts that we're making in terms of marketing and focusing on lead generation.

此外，我們也持續專注於推動營運效率。我想你們也聽到 Toby 稍微談到我們在行銷上的調整，並把重點放在名單開發（lead generation）。

Versus solely kind of these top-of-funnel metrics. At the end of the day, that's what dealers really value from us. And so those are some of the levers we have at our disposal to deliver on margins in addition to, overtime, the interconnected nature of the platform will naturally lend itself to more efficiencies. And marketplace in and of itself is also a fairly high-margin business.

而不是只看這些偏向漏斗上層的指標。歸根究柢，這才是經銷商真正從我們這裡看重的價值。因此，除了隨著時間推移平台互聯的特性自然會帶來更多效率之外，這些也是我們手上可運用、用以達成毛利率目標的槓桿。而 Marketplace 本身也是一個毛利率相當高的業務。

Great.

很好。

I'll jump back in queue. Thanks for the call. Good luck.

我回到隊列後面。謝謝這通電話。祝順利。

Marvin Fong, BTIG.

BTIG 的 Marvin Fong。

Hi, great. Good morning. Thanks for taking my questions.

嗨，很好。早安。謝謝回答我的問題。

I guess I'd like to start just to dive a little deeper into the solutions business. I think you did describe. Entering a new phase of growth there. Just any commentary on should we expect the count of Solutions customers to continue to decline for a few more quarters here? I think last call, we talked about how some dealers are striking out on their own, developing their own kind of solutions.

我想先從 Solutions 業務再深入一點開始。我想你們確實有描述到。那邊正進入一個新的成長階段。想請教一下，我們是否應該預期 Solutions 客戶數在接下來幾季仍會持續下滑？我記得上次電話會議我們談到，有些經銷商正在自行開發他們自己的解決方案。

Is that dynamic still at play here? Just some additional commentary would be great.

這個動態現在仍在發生嗎？如果能再多補充一些評論就太好了。

Yes, I do think we are entering a slightly different phase of growth. We've talked about it a little bit over the last several quarters, which is initially on websites in particular, as we got on to OEM programs, we have the opportunity for rapid market share gains and the business is really switching to a mode where it's not just about unit count growth. It is, in fact, even more important to think about the packages that we're putting forward to dealers. And how we integrate some of what we're doing from an innovation perspective and improvements and enhancements perspective into these packages. So, it becomes a little bit more basically of an ARPD game. I think we certainly would like to see that unit count number stay stable over a longer period of time with maybe some modest upward improvement, but we feel pretty good about.

是的，我確實認為我們正進入一個稍微不同的成長階段。過去幾季我們也稍微談過：一開始特別是在網站方面，當我們加入 OEM 專案後，就有機會快速提升市占，而這項業務也正轉換到一種模式——不再只是看單位數量（unit count）的成長。事實上，更重要的是思考我們提供給經銷商的方案組合（packages）。以及我們如何把創新、改進與強化等面向所做的事情整合進這些方案中。因此，基本上會更像是一場 ARPD 的競賽。我們當然希望單位數量能在較長時間內維持穩定，並可能有些許向上改善，但我們對此相當有信心。

Some of what we're some of the steps we've taken over the last several quarters, improvements we're making in site speed, enhancements that we think we're somewhat uniquely bringing to market on the security side of things to improve the technical performance of websites, not to mention...

我們在過去幾季採取的一些措施，包括提升網站速度、以及我們認為在資安面向上相對具差異化、可帶到市場的強化，以改善網站的技術表現，更不用說……

Being able to integrate some of what we've done for marketplace with solutions. So a good example of that are how we can leverage Carson, the marketplace AI assistant, to enable experiences on DI websites in a more intuitive way. How we can take AI videos, which we launched as part of our IMV product, and bring that also over to the dealer website experience.

也能把我們在 Marketplace 上做的一些成果與 Solutions 整合。一個很好的例子是，我們如何運用 Marketplace 的 AI 助理 Carson，讓 DI 網站上的體驗更直覺。以及我們如何把作為 IMV 產品一部分推出的 AI 影片，也帶到經銷商網站的體驗中。

So I think, things don't always move as linearly as you would like them to, but we believe that we're making the right steps or taking the right steps to continue to grow websites.

所以我想，事情不一定總是如你所希望的那樣線性推進，但我們相信我們正在做出正確的步驟、或採取正確的步驟，來持續推動網站業務成長。

Got it.

了解。

Thank you, Sonia. And then my follow-up question, just on the repackaging, I just wanted to more fully understand like how that's going to roll out, for the last time the repackaging.

謝謝你，Sonia。接著我的追問是關於重新打包（repackaging）。我想更完整地理解這將如何推行；上一次重新打包。

A major repackaging, there was some dealer churn. Now granted, I believe that there's also an embedded price increase. But just how you're thinking about or how we should think about dealer counts as you roll out the new set of packages, do you expect that there will be a period of some choppiness or do you think you can just start growing at the dealer base right out of the gate as you roll out the new packages?

那次大幅重新打包時，出現了一些經銷商流失。當然，我相信其中也包含了內嵌的漲價。但就你們在推出新一套方案組合時，如何看待或我們應該如何看待經銷商數量？你們是否預期會有一段波動期，還是你們認為在推出新方案後就能立刻開始擴大經銷商基礎？

Yeah, I think in terms of what we saw in dealer count this quarter, the decline that we saw was largely related to solutions. And as I sort of alluded to, we do believe we have a pretty robust plan on how to tackle that. The goal is to grow dealer count.

是的，我想就本季我們看到的經銷商數量而言，這次的下滑主要與 Solutions 有關。如同我稍早提到的，我們確實相信我們有一個相當扎實的計畫來因應。目標是提升經銷商數量。

It is critical to how we think about continuing to grow our marketplace business, growing dealer count is one of those things that brings more inventory to us. It's one of the things that then brings more consumers to us. And so it's naturally just important to how we think about marketplace.

這對我們如何持續成長 Marketplace 業務至關重要；提升經銷商數量會為我們帶來更多庫存。也會進一步為我們帶來更多消費者。因此，這自然是我們思考 Marketplace 時非常重要的一環。

Flywheel dynamics. I think critical to our ability to grow dealer counts is how we go to market with more interconnected solutions. There's a lot on the product roadmap that we're excited about. Toby alluded to it earlier, which is the integration of Accu-Trade and Marketplace is something that puts really powerful data tools in the hands of dealers and allows them to manage one of their biggest. Assets more effectively, which is inventory.

飛輪效應（flywheel dynamics）。我認為，能否成長經銷商數量的關鍵，在於我們如何以更互聯的解決方案推向市場。產品路線圖上有很多讓我們感到興奮的內容。Toby 先前也提到，Accu-Trade 與 Marketplace 的整合能把非常強大的數據工具交到經銷商手中，並讓他們能更有效地管理他們最大的資產之一，也就是庫存。

And maybe let me just add what Sonia mentioned.

另外我也補充一下 Sonia 剛才提到的。

Historically, this has been not the center of gravity for the company. So by just looking at the market and in terms of what the different segments are and the customer penetration we have and dealership penetrations in those segments, we just feel there's a lot of room for us to grow.

從歷史上看，這並不是公司業務的重心。因此，單就市場來看——不同的細分領域、我們在各領域的客戶滲透率，以及在那些領域的經銷商滲透率——我們覺得我們還有很大的成長空間。

But we need to treat the product. We need to have the right product fit to really cater towards the needs of the dealers. And it's not just a two or three different product type, it's more like six to eight different product types going forward. So that's what we're working behind the scenes. So to sum it all up, we do believe there's significant headroom for us to grow. At the same time, we do not want to.

但我們需要把產品做好。我們需要有正確的產品契合度，才能真正滿足經銷商的需求。而且未來不會只是兩到三種不同的產品類型，而更像是六到八種不同的產品類型。這就是我們在幕後努力推進的方向。總結來說，我們確實相信我們有顯著的成長餘裕。同時，我們也不希望。

The impression that all of a sudden, overnight, the number of dealers will jump through the roof.

讓人以為經銷商數量會在一夕之間暴增。

This is a concentrated effort that will take a couple of quarters, but it's going to be product-led and product-first and data-first and AI-first, and that's what we're working on.

這是一項需要投入、且會花上幾季的集中性努力，但它將以產品為導向、產品優先、數據優先、AI 優先——這就是我們正在做的事情。

Sounds good.

聽起來不錯。

Thank you.

謝謝。

Gary Prestopino, Barrington Research.

Gary Prestopino，Barrington Research。

Hi. Good morning, everyone.

嗨。各位早安。

Two questions. One dealing with the cost savings, Sonia.

兩個問題。第一個是關於成本節省，Sonia。

You're saying you annualized the $25 to $30 million for 2027.

你是說你把 2027 年的 2,500 萬到 3,000 萬美元做了年化。

Is that an absolute number that we should expect to capture as we model?

這是一個我們在建模時應該預期能夠實現的絕對數字嗎？

And where are those costs coming out of? Is it SG&A, cost of goods sold? Can you help us out there?

另外，這些成本是從哪裡省下來的？是 SG&A、銷貨成本嗎？你能幫我們釐清一下嗎？

So I think that is the 25 to 30 is kind of the discrete value on an annualized basis of the changes that we announced in April. It doesn't necessarily mean a $25 to $30 million year-over-year stock down.

我想 2,500 萬到 3,000 萬美元，是我們在 4 月宣布的變更所帶來、以年化計算的離散價值。它不一定代表每年年比年會下降 2,500 萬到 3,000 萬美元。

If that's kind of your question, but what it does enable us to do is be more thoughtful about reallocation in the business as we work to build out more of the interconnected nature, the market, the interconnections to marketplace.

如果你的問題是這個意思的話；但它確實讓我們能更審慎地在業務中重新配置資源，因為我們正致力於打造更強的互聯特性、以及與 marketplace 的互聯。

In terms of where the costs are coming out of, they're distributed across the lines of our P&L. We took a hard look across the business, whether it's operations, product and technology, marketing and sales, GMA, those were all important areas for us to look at how can we simplify our go-to-market process, how can we foster from a product. And tech perspective, more of the interconnectivity tools have obviously improved also really materially over the last couple of years that allows us to work more efficiently. And then reducing layers in the organization is also really important as a way to speed decision-making.

至於成本從哪裡省下來，這些節省分散在我們損益表的各個科目。我們全面檢視了整個業務，不論是營運、產品與技術、行銷與銷售、GMA，這些都是我們重點檢視的領域：我們如何簡化 go-to-market 流程、如何從產品與技術的角度促進更多互聯。顯然，過去幾年互聯工具也有非常顯著的改善，讓我們能更有效率地運作。此外，減少組織層級也很重要，有助於加快決策。

So those are some of the changes that we made.

以上是我們做出的一些調整。

Okay, that's helpful. And then just a question, Toby, on as you're going out to market with an integrated sales product offering, you're going to bundle it, right?

好的，這很有幫助。接著想問 Toby，當你們以整合式的銷售產品方案推向市場時，你們會把它打包，對吧？

I would assume that that will drive an increase in average revenue per dealer.

我猜這會帶動每家經銷商的平均收入上升。

Just from bundling, but at the same time, does that preclude a salesperson from going into a dealership and also selling a single point solution? I guess, are they still going to have the autonomy to sell a single point solution or you have to bundle in order to get, the full ball of wax from cars.com?

單就打包而言是如此，但同時，這是否會讓業務人員無法走進經銷商、只賣單點解決方案？也就是說，他們是否仍有自主權去賣單點解決方案，還是必須打包，才能從 cars.com 取得「全套」？

It's a great question. It's the trade-off, but by and large, we would say.

這是個很好的問題。這確實是一種取捨，但整體而言，我們會說。

Coin solutions will be de-emphasized and not because they're not important, but just because you need to understand the holistic nature of a dealership infrastructure. And there's many systems that are in process and replacing one by one is a much harder sell and it's much less convenient for dealers than coming in with the core, which is we are a marketplace partner.

單點解決方案會被弱化，不是因為它們不重要，而是因為你需要理解經銷商基礎設施的整體性。有許多系統正在運作中，一個一個替換更難推動，對經銷商而言也不如以核心方案切入來得方便；核心在於：我們是 marketplace 的合作夥伴。

It's very easy to interact with us.

與我們互動非常容易。

It's very simple to get activities going, i.e. Listings.

啟動各項活動也很簡單，例如刊登（Listings）。

It's very easy then to just activate or deactivate certain features that come as an embedded function with that marketplace integration. So that's the way how we're thinking about it. We want to make it as easy as possible for the dealers to use.

接著，只要透過這個 marketplace 整合所內嵌的功能，就能很容易地啟用或停用某些特性。這就是我們的思考方式。我們希望讓經銷商使用起來越容易越好。

Different features dependent on what their needs are, as opposed to you gotta use this one solution only and we are competing with two or three other legacy systems that are in place. So that's our high level strategy. So in a nutshell, is it allowed to still sell point solutions? Will we still sell point solutions? Yes. If it makes sense and if there's a very specific need by a dealer. But the broad stroke strategy will be we are leading with marketplace and will provide an interconnected experience.

依照他們的需求使用不同功能，而不是你只能用這一個解決方案，然後我們還要跟已經在用的兩三套傳統系統競爭。這是我們的高層策略。所以簡單說，還能賣單點解決方案嗎？我們還會賣單點解決方案嗎？會。如果合理、且經銷商有非常特定的需求。但大方向的策略會是：我們以 marketplace 為主軸，並提供互聯的體驗。

Okay, thank you.

好的，謝謝。

Naved Khan, B. Riley Securities.

Naved Khan，B. Riley Securities。

Thanks a lot.

非常感謝。

Just a couple of questions from me.

我這邊有兩個問題。

One, maybe just on the website business, it saw a decline in dealer customers.

第一個，可能是關於網站業務，你們的經銷商客戶數出現下滑。

And I think last time around, Q4, I think you said it may be a passing trend or just more noise than anything else.

我記得上次在 Q4，你們提到這可能只是短暫趨勢，或只是雜訊多於其他因素。

Is there a change in the competitive dynamics, or is there something else going on that's causing this sequential decline again in the website customer account? And what are the things you can do to kind of correct it? And then the second question I had is just around the organic traffic, around 60% where it has been historically, but as.

這次網站客戶帳戶又出現連續下滑，是競爭態勢有變化，還是有其他因素在發生？你們可以做哪些事情來加以修正？第二個問題是關於自然流量，目前約 60%，與歷史水準相當，但隨著。

As more and more traffic goes to AI overviews, AI mode and things like that, what are the things that you can do on your end to stay in that organic result mix that the technology, the top of the funnel providers are kind of unleashing for everyone?

隨著越來越多流量轉向 AI overviews、AI mode 等等，你們端能做哪些事情，讓自己仍能維持在自然搜尋結果的組合中？因為這些技術正由漏斗頂端的供應商向所有人釋出。

Thank you.

謝謝。

Thanks, Navid.

謝謝你，Navid。

I'll start with the website question.

我先回答網站的問題。

So, I do still think some of this is a little bit of noise.

所以，我仍然認為其中一部分確實只是雜訊。

We are entering, and we've talked about it for the last couple of quarters, a slightly different phase of growth for websites. We initially grew through pretty significant market share gains as we got onto OEM programs and had the ability to bring in.

我們正在進入一個稍微不同的網站成長階段，這點我們過去幾季也談過。一開始我們的成長主要來自相當顯著的市占提升，因為我們加入 OEM 專案後，能夠一次導入。

A significant number of dealers at a time. That dynamic has shifted a little bit since we're basically on program with everybody. The dealer acquisition side is coming in smaller pieces. It's still there in terms of a very active launch pipeline. But what we're focused on more.

大量經銷商。但由於我們基本上已經與所有人都在同一個專案計畫中，這種動能有些改變。經銷商獲取會以較小的批次進來。就非常活躍的上線（launch）管線而言，仍然存在。但我們更聚焦的是。

Is not necessarily unit growth, it is how do we think about the packages that we're putting forward to market, how do we think about more interconnectivity between marketplace and websites, specifically leveraging innovation happening in the marketplace side of our business and putting it on to dealer websites to make those tools available. Parson is a good example, Chris and Conversational Search for dealer websites, bringing AI videos to dealer websites, not. Having it solely be a marketplace product. Those are some of the things that we're excited about.

不一定是單位數成長，而是我們如何思考推向市場的方案組合、如何思考 marketplace 與網站之間更高的互聯性；特別是把 marketplace 端正在發生的創新導入經銷商網站，讓這些工具可用。Parson 是個很好的例子，還有 Chris 與經銷商網站的對話式搜尋（Conversational Search），把 AI 影片帶到經銷商網站，而不是。只把它當作 marketplace 產品。這些都是我們很期待的方向。

And there is a real opportunity for us to continue to push website customers into higher tier packages since 50% of them are still in the base package.

而且我們確實有機會持續把網站客戶推升到更高階的方案，因為其中仍有 50% 還在基礎方案。

So we feel good about this business. We have a solid foundation. Sometimes there are going to be flips.

所以我們對這個業務感覺良好。我們有穩固的基礎。有時候會出現一些波動。

When it comes to the trade-off of volume and ARP.

在量與 ARP 之間取捨時尤其如此。

But I think it's largely noise at this point.

但我認為目前大致上仍是雜訊。

Regarding your second question about the traffic, let's just put things in context.

至於你第二個關於流量的問題，我們先把事情放在脈絡中看。

We love the discoverability with LLMs, but the traffic is well below 1%.

我們喜歡透過 LLM 的可被發現性（discoverability），但目前帶來的流量遠低於 1%。

And. We do know what people are searching for, and we do know that it's a really great tool and a really great entry point for very high-level searches. But again, we got the advantage, we are in a highly complex industry where it really matters on the purchasing intent and decision journey to go deep into the specificities of a particular vehicle, and that's where our strengths comes into play.

而且。我們知道人們在搜尋什麼，也知道這是一個很棒的工具、也是非常高層次搜尋的良好入口。但同樣地，我們的優勢在於：我們所處的是高度複雜的產業，在購買意圖與決策旅程中，深入到特定車款的各種細節非常重要，而這正是我們優勢能發揮的地方。

So you will see us.

所以你們會看到我們。

Being focused more on leads and the right leads and investments and reallocation towards generating those leads in the future than pure traffic. So I guess the punchline is, whereas in the past, we were chasing traffic and visitors only as a key metric, we will now focus more on the right leads because if we think this through as part of an interconnected. Marketplace experience, it means that we need to get the lead allocation and lead generation right because smaller dealers have a completely different need for specific leads than larger dealerships, which are driven by the value they propose and the vehicles they can. So that's to summarize our opportunity also in context of AI.

相較於純粹的流量，我們會更聚焦於潛在客戶（leads）、正確的潛在客戶，以及為了在未來產生這些潛在客戶而進行的投資與資源重新配置。所以我想重點是：過去我們把追逐流量與訪客作為關鍵指標，但現在我們會更專注於正確的潛在客戶，因為如果把這件事放在一個相互連結的市集體驗（Marketplace experience）中來思考，就代表我們必須把潛在客戶分配與潛在客戶生成做對，因為小型經銷商對特定潛在客戶的需求，與大型經銷商完全不同；大型經銷商的需求則取決於他們提出的價值主張以及他們能提供的車輛。以上也總結了我們在 AI 脈絡下的機會。

Thank you.

謝謝。

Joe Spak, UBS.

Joe Spak，瑞銀（UBS）。

Thanks. Good morning, everyone.

謝謝。各位早安。

Sonya, I just want to go back to some of the OpEx comments and maybe get a better understanding for the trends, because I know.

Sonya，我想回到一些關於營運費用（OpEx）的評論，並更了解趨勢，因為我知道。

You mentioned OpEx was down a lot year-over-year, but really it was DNA, right, which I think was sort of a result of some of the actions in the fourth quarter, so that's just sort of the lower trend. And you still had like G&A up year-over-year. So maybe back to the earlier questions, like how should we expect maybe some of the individual line items between. Product, marketing, G&A to sort of really trend here over the balance of the year.

你提到 OpEx 年對年大幅下降，但其實主要是 DNA，對吧？我認為那有點是第四季一些行動的結果，所以那只是較低的趨勢。而你們的 G&A 仍然是年對年上升。所以回到先前的問題，我們應該如何預期今年剩餘期間各個單項費用在產品、行銷、G&A 之間的走勢？

So you're right to point out that a lot of what we saw on a year-over-year basis in operating costs was really tied to DNA. I think there are two pieces there. One is just some customer lists.

你指出得沒錯，我們在營運成本年對年看到的很多變化，確實主要與 DNA 有關。我認為這裡有兩個部分。其中一個是一些客戶名單。

That were part of the SPIN, we fully amortize those. So that's kind of like a permanent step down. And then there's some of the reduction is also due to the accounting for our office leases.

那是 SPIN 的一部分，我們已將其完全攤銷。所以那有點像是永久性的階梯式下降。另外，一部分的下降也來自我們辦公室租賃的會計處理。

You won't see the benefit of the April actions in our Q1 numbers.

你不會在我們第一季（Q1）的數字中看到 4 月行動帶來的效益。

So that's going to start trickling through and flowing through our numbers in Q2. The majority of the actions took place in April, some of them are in May. So even in Q2, you don't see necessarily the full.

所以這會在第二季（Q2）開始逐步反映並流入我們的數字。大多數行動發生在 4 月，有些在 5 月。因此即使在 Q2，你也不一定會看到完整的。

The full benefit of what we're doing, but it is reflected in the guidance numbers that we've put out both for Q2 and on a full-year basis. With regards to G&A, I do recognize it looks a little bit maybe wonky, the G&A trend for Q1, but at the end of the day, we're talking about like pretty small delta on a year-over-year basis. Basis, most of this was tied to some like, again, a couple of different discrete items, third-party costs, things like that had a blip. We would ultimately, on a longer-term basis, expect to get leverage out of the G&A line. And transparently, we would expect to get leverage across our P&L. So that's the goal in terms of driving expanded margins in the business.

我們所做事情的完整效益，但這已反映在我們對 Q2 以及全年所提供的財測指引數字中。至於 G&A，我確實理解第一季的 G&A 趨勢看起來可能有點不太尋常，但歸根結底，我們談的是年對年差異其實相當小。大部分與一些離散項目有關，例如第三方成本之類的項目出現短暫波動。從更長期來看，我們最終預期能在 G&A 這一行取得槓桿效益（leverage）。坦白說，我們也預期能在整個損益表（P&L）上取得槓桿效益。因此，這就是推動公司擴大利潤率的目標。

Okay, thank you for that.

好的，謝謝你的說明。

Second question is, I was going through the NADA annual book that they put out every year over the weekend, and it mentioned that dealer advertising in 2025 was up like high single-digits, and then they sort of break down where that's spent and third-party listings.

第二個問題是，我週末在看 NADA 每年出版的年度手冊，裡面提到 2025 年經銷商廣告支出年增大約高個位數，然後他們也拆解了支出流向以及第三方刊登（third-party listings）。

20%, so one of the larger buckets, but it was actually down a point versus 24, so overall grow, third-party list can share down a little bit. And I'm not exactly sure, to be H1st, how they're bucketing it and how I should sort of compare that to your business, whether it's sort of that display advertising and other line that is sort of most relevant. But if it is, like you grew pretty nicely within that.

占 20%，算是較大的類別之一，但相較於 24 年其實下降了 1 個百分點，所以整體成長、第三方刊登的占比略降。老實說（to be H1st），我不太確定他們是怎麼分類的，以及我應該如何把那和你們的業務做比較，是否是展示型廣告（display advertising）和其他那一行最相關。但如果是的話，你們在那裡成長得相當不錯。

That sub-revenue line in, I guess, what was implying there's sort of, I guess, decent share again. So I don't know if you could just help me put into context like how you think you're performing within some of those high-level dealership spending metrics and which line really should we be looking at?

在那個子營收項目上，我想這暗示你們的市占又有不錯的提升。所以我想請你幫我把它放到脈絡中：你們如何看待自己在這些高層次的經銷商支出指標中的表現？以及我們應該看哪一個項目？

This is Toby. Thanks for your question.

我是 Toby。謝謝你的問題。

A more generic response to your question.

我先用比較概括的方式回覆你的問題。

We think we should do better and we think that the market is attractive. We don't see any major headwinds from a dealership perspective or massive changes in behavior.

我們認為我們應該做得更好，也認為市場很有吸引力。從經銷商的角度來看，我們沒有看到任何重大逆風或行為上的巨大改變。

But we do see the opportunity for cars to grow by.

但我們確實看到 Cars 有成長的機會，透過。

Having a better product fit and tailoring it towards the needs of the dealers. Again, going back to getting five different point solutions as opposed to, hey, here's what we can do. And by the way, here's how we are combining those assets.

提供更好的產品契合度，並針對經銷商的需求進行客製化。再說一次，回到提供五個不同的點狀解決方案（point solutions），而不是說：嘿，這是我們能做的。順帶一提，這是我們如何把那些資產結合起來。

The dealer websites and the inventory that's listed on that and the subscription that they have on marketplaces. And imagine just that there was some sort of a connection, which by the way, in the past we didn't have. Those were siloed solutions. So from a dealer's perspective, you look at this from a budget and you're like, okay, I got a dealer website that cost me, I got listings there, I got my own listings, I got listings on third parties, but I look at this entire bucket of expenses. And you're like, oh, okay, great. Now I have a partner who can actually drive efficiency and bring synergies to the table. So that's why we think we have headroom.

經銷商網站、其上刊登的庫存，以及他們在市集上的訂閱。想像一下，如果這之間存在某種連結；順帶一提，過去我們並沒有。那些都是各自為政的孤島式解決方案。所以從經銷商的角度，你會從預算來看：好，我有一個經銷商網站要花錢，我在那裡有刊登，我也有自己的刊登，我也在第三方有刊登，但我看的是這整個費用桶（bucket of expenses）。然後你會想：喔，好，太好了。現在我有一個合作夥伴，能真正提升效率並帶來協同效益。所以這就是為什麼我們認為還有成長空間（headroom）。

So we actually don't think that there's a major change that's more in our hands to make this work and grow.

所以我們其實不認為有什麼重大的外部變化；更多是在我們自己手上，去把這件事做好並推動成長。

Doug Arthur, Huber Research.

Doug Arthur，Huber Research。

Yeah, thanks. Sonia, you might have covered this. I was sort of throwing out a lot of numbers. Did website management grow in the quarter? And I realized in the integrated strategy you've got, it might not be as relevant a number, but was that up your quarter-over-quarter number of desktops?

是的，謝謝。Sonia，你可能已經提過這點。我剛剛丟了很多數字。本季網站管理（website management）有成長嗎？我也理解在你們的整合策略下，這個數字可能沒那麼重要，但那個桌面端（desktops）的季對季數字有上升嗎？

I think if you're asking about website units, we did see some volatility in that number. So they were down a little bit on a year-over-year and quarter-over-quarter basis.

如果你問的是網站單位數（website units），我們確實看到那個數字有些波動。所以年對年與季對季都小幅下降。

Okay.

好的。

Thank you.

謝謝。

There are no questions at this time. This concludes today's conference call.

目前沒有問題。今天的電話會議到此結束。

Thank you for your participation. You may now disconnect.

感謝各位的參與。您現在可以斷線。