Copart Inc (CPRT) 2022 Q2 法說會逐字稿

Good day, everyone, and welcome to the Copart, Inc. Second Quarter Fiscal 2022 Earnings Call. Just a reminder, today's conference is being recorded.

各位好，歡迎參加 Copart, Inc. 2022 會計年度第二季財報電話會議。提醒各位，今天的會議將會錄音。

For opening remarks, I would like to turn the call over to Mr. John North, Chief Financial Officer of Copart, Inc. Please go ahead, sir.

接下來進行開場致詞，我想把電話交給 Copart, Inc. 財務長 John North 先生。先生，請開始。

During today's call, we'll discuss certain non-GAAP measures, which include adjustments to reverse payroll tax benefits related to accounting for stock option exercises and certain discrete tax items. We provided a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures on our Investor Relations website and in our press release issued yesterday. We believe these non-GAAP measures, together with our corresponding GAAP measures, are relevant in analyzing our results and assessing our business trends and performance.

在今天的電話會議中，我們將討論若干非 GAAP 指標，其中包括為反映股票選擇權行使之會計處理而沖回薪資稅優惠的調整，以及若干一次性稅務項目。我們已在投資人關係網站以及昨日發布的新聞稿中，提供這些非 GAAP 財務衡量指標與最直接可比的 GAAP 指標之調節表。我們相信，這些非 GAAP 指標與相對應的 GAAP 指標一併使用，有助於分析我們的業績並評估我們的業務趨勢與表現。

In addition, our comments today include forward-looking statements within the meaning of federal securities laws, including management's current views with respect to trends, opportunities and uncertainties in our markets, including the COVID-19 pandemic. These forward-looking statements involve substantial risks and uncertainties. For more detail on the risks associated with our business, we refer you to the section titled Risk Factors in our annual report on Form 10-K for the year ended July 31, 2021, and each of our subsequent quarterly reports on Form 10-Q. Any forward-looking statements are made as of today, and we have no obligation to update or revise any forward-looking statements.

此外，我們今天的發言包含聯邦證券法所定義的前瞻性陳述，包括管理層目前對我們市場中之趨勢、機會與不確定性的看法（包含 COVID-19 疫情）。這些前瞻性陳述涉及重大風險與不確定性。關於與我們業務相關風險的更多細節，請參閱我們截至 2021 年 7 月 31 日止年度之 Form 10-K 年報中「Risk Factors（風險因素）」章節，以及其後各期 Form 10-Q 季報。任何前瞻性陳述均以今日為準，我們不負有更新或修訂任何前瞻性陳述之義務。

And so with that out of the way, I'd like to turn the call over to our President, Jeff Liaw.

那麼在說明完以上事項後，我想把電話交給我們的總裁 Jeff Liaw。

Thanks, John. Good morning, everyone. We're pleased to report a strong second quarter for fiscal 2022. I know that over the course of our discussion today, we'll naturally migrate to a discussion of near-term trends, such as driving patterns, new vehicle production, total loss frequency, cost inflation, market share trends and the like, but I'll start by observing that the long-term fundamentals of our business are as strong as they've ever been, auction liquidity and returns, member recruitment and participation, our collaborative engagement with our clients day to day and in catastrophic situations. And certainly, our aggressive reinvestment in capacity, technology and people that make all of the above a reality. A quick thank you to the Copart team worldwide for their efforts in making these true.

謝謝你，John。各位早安。我們很高興報告 2022 會計年度第二季表現強勁。我知道在今天的討論過程中，我們自然會轉向討論近期趨勢，例如駕駛行為模式、新車生產、全損頻率、成本通膨、市占率趨勢等等；但我先指出，我們業務的長期基本面一如既往地強勁：拍賣流動性與回收價值、會員招募與參與度、我們與客戶在日常及重大災害情境下的協作互動；以及我們在產能、科技與人才上的積極再投資，讓上述一切得以實現。也在此快速感謝全球 Copart 團隊的努力，讓這些成果成真。

Our results in the second quarter financially were largely a continuation of what we experienced in the first quarter as we observe commerce and mobility continuing to trend back to the "new normal," which we'll elaborate on in greater detail, accident and assignment volumes beginning and continuing to recover and ASPs remaining elevated as well.

我們第二季的財務結果大致延續第一季的情況：我們觀察到商業活動與移動性持續朝「新常態」回歸（稍後會更詳細說明），事故與委託量開始並持續復甦，而平均售價（ASP）也仍維持在高檔。

As I've done previously, I'll elaborate on a handful of key themes for the quarter, and John will provide additional detail and perspective as well. Starting with our unit trends for the quarter. Our unit sales globally increased 19% year-over-year, with the U.S. increase of 21% and an international increase of 9%. Our insurance business in the U.S., in particular, grew over the second quarter of 2021 by 21.5% and was also up on a 2-year comparison versus fiscal 2020 due to the recovery I described a moment ago as well as share gains.

如同以往，我將就本季幾個關鍵主題做進一步說明，John 也會補充更多細節與觀點。先從本季的單位量趨勢談起：我們全球單位銷量年增 19%，其中美國年增 21%，國際年增 9%。尤其在美國的保險業務方面，相較 2021 年第二季成長 21.5%；與 2020 會計年度做兩年期比較也呈現成長，原因包括我剛才提到的復甦，以及市占率提升。

Notably, our unit volume has been reduced by increasing used car prices, which I'll describe in greater detail momentarily. As we noted a moment ago, driving activity continues to rebound as measured across a number of different dimensions, including simply vehicle miles driven as measured by the U.S. Department of Transportation and the U.K. Department of Transport Statistics and gasoline consumption and a host of other statistics as well. We note, however, that the character of driving has evolved as well. With downtown office occupancy remaining quite low, driving is less focused at rush hour and more distributed over the course of the day. There are a number of other phenomenon that have emerged with COVID-19 with nuanced outcomes like that one.

值得注意的是，我們的單位量受到二手車價格上漲的影響而有所降低，稍後我會更詳細說明。如同剛才所提，駕駛活動持續反彈，可從多個面向衡量，包括美國交通部與英國交通統計所衡量的行駛里程、汽油消耗量，以及其他多項統計指標。不過我們也注意到，駕駛型態本身也有所演變。由於市中心辦公室入駐率仍相當低，駕駛不再那麼集中於尖峰時段，而是更分散在一天之中。COVID-19 也帶來許多其他現象，並產生像上述這類較為細緻的結果。

The next theme I'd tackle is total loss frequency, which for the first time in our memory, we have noted has declined sequentially from the third quarter -- calendar quarter of 2021 to the fourth quarter from 19.3% to 19%. That's, of course, a very fine measure in that case. But in any case, it's the first time we have seen a decline as opposed to the long-standing increases we've observed over the course of our 40-year history.

下一個主題是全損頻率。就我們記憶所及，這是第一次我們注意到全損頻率出現連續季下降：從 2021 年曆年第三季到第四季，由 19.3% 降至 19%。當然，這在數值上是非常細微的變化。但無論如何，這是我們在 40 年歷史中首次看到下降，而不是長期以來持續上升的趨勢。

This is a reflection of the very strong used car price environment and vehicle availability, used car availability, reducing assignment volume relative to what it otherwise would be. As most of you already well know, insurance companies typically compare the cost to repair a vehicle to the difference between the pre-accident value and what they can recover at an auction through Copart for the damaged vehicle. While our auction returns are at or near all-time highs and have kept pace with used car appreciation on a percentage basis, higher pre-accident values certainly do reduce our volume relative to what they otherwise would have been.

這反映出二手車價格環境非常強勁，以及車輛供給（包含二手車供給）狀況，導致委託量相較於原本可能的水準有所降低。各位多半已經很清楚，保險公司通常會將修復一輛車的成本，與事故前價值減去其可透過 Copart 拍賣回收的受損車輛價值之差額進行比較。雖然我們的拍賣回收價值處於或接近歷史高點，且以百分比計也跟上二手車升值幅度，但較高的事故前價值確實會使我們的量體低於原本可能的水準。

As those who are following us and the industry in general would well know, there are a host of countervailing forces also working in our favor, which have been incorporated into our clients' total loss decision process to varying degrees. Accident severity and repair costs are up. We are facing, and our clients are facing larger repair supplements, repair cycle times are up, parts are delayed and rentals are both longer and at higher rates than they ever have been.

如同持續關注我們及整體產業的人所熟知，仍有許多相互抵銷的力量也在對我們有利，且已在不同程度上被納入客戶的全損判定流程中。事故嚴重程度與維修成本上升。我們與客戶都面臨更高的追加維修費用（repair supplements）；維修週期時間拉長；零件延遲；租車時間更長且費率也比以往更高。

We certainly look to the 40-year trend in the 40-year history of total loss frequency as the right long-term perspective. Total loss frequency, as a reminder, was 4% in 1980 and effectively 20% today, a fivefold increase over the company's history. We take that to mean that we're likely experiencing a temporary dislocation as a function of used car prices.

我們仍然認為，從 40 年全損頻率的長期趨勢來看，才是正確的長期視角。提醒各位，全損頻率在 1980 年約為 4%，而今天約為 20%，在公司歷史中增加了五倍。我們據此判斷，我們很可能正因二手車價格而經歷一段暫時性的錯位。

The secular trends we have discussed previously remain true. Vehicle complexity rises, vehicle composition becomes less repairable substrates like composites and aluminum, making cars more expensive to repair. And our auction liquidity and international member base make them ever more efficient to total instead. We believe that as used vehicle values potentially peak and trend back to historical norms in the future, we may see some moderation in our ASPs will certainly benefit from volume increases as well.

我們先前討論過的結構性趨勢依然成立：車輛複雜度提高；車體材料組成轉向較不易修復的基材，例如複合材料與鋁材，使得汽車維修成本更高。而我們的拍賣流動性與國際會員基礎，讓將車輛判定為全損在效率上更具吸引力。我們相信，若未來二手車價可能見頂並回歸歷史常態，我們的 ASP 可能會出現一定程度的趨緩，但也將確實受惠於量體增加。

Moving to our noninsurance business. We've continued to expand our market share there. Excluding cars as we customarily do, from sources such as wholesalers and charities, our U.S. noninsurance business grew on a unit basis by 4.5%, driven in part by growth in our Copart Direct business as well as consignments from rental fleets and financial institutions. Across our various noninsurance channels, we believe our growth is a reflection of market share capture as a function in turn of our auction liquidity and returns combined with our own proactive selling efforts.

接著談我們的非保險業務。我們持續擴大該領域的市占率。依我們一貫作法排除乘用車後，來自批發商與慈善機構等來源的美國非保險業務，以單位量計成長 4.5%，部分動能來自 Copart Direct 業務成長，以及租賃車隊與金融機構的委託量。在我們各個非保險通路中，我們認為成長反映了市占率的取得，而這又源自我們的拍賣流動性與回收價值，再加上我們主動的銷售努力。

The cars we earn the right to sell on behalf of insurance companies through our online auction platform, no doubt, enables to -- enable us to achieve superior returns for progressively more noninsurance cars as well. And, in turn, these dealer, rental, bank and consumer cars further contribute to our auction liquidity, spinning the flywheel to benefit our insurance sellers as well.

我們透過線上拍賣平台，取得代表保險公司銷售車輛的權利，毫無疑問也使我們能夠為愈來愈多的非保險車輛取得更佳回收價值。反過來，這些經銷商、租賃、銀行與消費者車源也進一步提升我們的拍賣流動性，形成飛輪效應，同樣讓我們的保險賣方受益。

Turning then to our average selling prices. We continue to experience ASP strength as previously noted. Worldwide, our selling prices grew 20% year-over-year for the quarter. The Manheim used car vehicle index is currently at record levels in January at 236.3, an increase of 45% year-over-year. Since the beginning of the pandemic, our selling prices, frankly, increased earlier, but have kept pace in the aggregate with the Manheim used car index.

接著談我們的平均售價（ASP）。如先前所述，我們持續經歷 ASP 的強勢表現。本季全球售價年增 20%。Manheim 二手車指數目前在 1 月達到創紀錄水準 236.3，年增 45%。自疫情開始以來，我們的售價坦白說更早開始上升，但整體而言與 Manheim 二手車指數的走勢保持一致。

When we look forward prospectively, we note that a variety of industry sources indicate that chip shortages will persist for 2022 and potentially well into 2023. We've seen a variety of forecasts. We are, from a business perspective, certainly prepared for the influx of volume that may come with softening in used car prices.

展望未來，我們注意到多個產業來源指出，晶片短缺將延續至 2022 年，並可能一路持續到 2023 年相當長一段時間。我們看過各式各樣的預測。就業務角度而言，我們已為二手車價格走軟可能帶來的量體湧入做好準備。

With that, I will hand the call to John North.

那麼，我將把電話交給 John North。

Thanks, Jeff. I'll make a few comments on our operational results, and then we'll take a few questions. For the second quarter, global revenue increased $250 million or 40.6%, including a $3 million loss due to currency. Global service revenue increased $178.5 million or 33.5%, primarily due to higher average selling prices and increased volume. U.S. service revenue grew 35.5% and international experienced an increase of 20%.

謝謝，Jeff。我會先就我們的營運成果做幾點評論，接著我們會回答幾個問題。第二季，全球營收增加 2.5 億美元，或 40.6%，其中包含因匯率造成的 300 萬美元損失。全球服務營收增加 1.785 億美元，或 33.5%，主要由於平均售價提高以及銷量增加。美國服務營收成長 35.5%，國際業務增加 20%。

Purchased vehicle sales increased 71.9% or 85.2% -- sorry, purchased vehicle sales increased $71.9 million or 85.2% due to higher ASPs and increased volumes. U.S. purchased vehicle revenue was up 84% over the prior year, and international grew 87%. As a result, purchased vehicle gross profit, defined as vehicle sales less cost of vehicle sales, increased by $5 million overall.

採購車輛銷售增加 71.9% 或 85.2%——抱歉，採購車輛銷售因 ASP 較高及銷量增加而增加 7,190 萬美元，或 85.2%。美國採購車輛營收較去年同期成長 84%，國際業務成長 87%。因此，採購車輛毛利（定義為車輛銷售減去車輛銷售成本）整體增加 500 萬美元。

Global gross profit in the second quarter increased by $95.8 million or 31%, and our gross margin percentage decreased by approximately 350 basis points to 46.5%. U.S. margins declined from 52.2% to 49.4% and international margins decreased from 37.6% to 31.6%.

第二季全球毛利增加 9,580 萬美元，或 31%，而我們的毛利率下降約 350 個基點至 46.5%。美國毛利率由 52.2% 降至 49.4%，國際毛利率由 37.6% 降至 31.6%。

The margin decline was primarily attributable to 2 factors: approximately 150 basis points of decline is due to the mix shift from a greater proportion of purchased vehicles, which have a lower gross margin but a similar profit per vehicle. The balance of our margin contraction is attributable to cost inflation, offset partially by higher revenue per unit. There was a very modest impact to margin rate due to Hurricane Ida as we continue to incur expenses due to the sale of vehicles consigned to us from that event, although we have now sold through approximately 85% of our assignment volume from the storm. We remain excited by the opportunity to increase margin over time as we add additional scale and find further operational efficiencies through technology and innovation.

毛利率下滑主要歸因於兩個因素：約 150 個基點的下滑來自組合轉移——採購車輛占比提高，該類車輛毛利率較低，但單車利潤相近。其餘的毛利率收縮則歸因於成本通膨，部分被單位營收提高所抵銷。由於我們仍在處理因颶風 Ida 事件而寄售給我們的車輛銷售所產生的費用，毛利率也受到非常輕微的影響；不過，我們目前已售出約 85% 的該次風暴所分派的車源量。隨著我們擴大規模，並透過科技與創新進一步提升營運效率，我們仍對隨時間推進提升毛利率的機會感到振奮。

I will now move to a discussion of G&A expenditures, excluding stock compensation and depreciation. G&A spend in the quarter increased $7 million from $35.8 million a year ago to $42.7 million this year and increased slightly on a sequential basis from $41.1 million last quarter. However, as a percentage of revenue, it's down 88 basis points to 4.9% compared to 5.8% last year. While G&A can be volatile from period to period, we anticipate G&A to continue to decline as a percentage of revenue as we grow our business and create additional leverage.

接下來我將討論不含股票薪酬與折舊的 G&A 費用。本季 G&A 支出由去年同期的 3,580 萬美元增加 700 萬美元至今年的 4,270 萬美元，且較上一季的 4,110 萬美元略有增加。然而，以營收百分比計，較去年 5.8% 下降 88 個基點至 4.9%。雖然 G&A 可能在各期之間波動，但隨著我們擴大業務並創造更多槓桿，我們預期 G&A 占營收比重將持續下降。

As a result, our GAAP operating income increased by 34.5% from $258.2 million to $347.3 million. Second quarter income tax expense was $54.6 million, had a 16% effective tax rate, reflecting a $4 million tax benefit on the exercise of employee stock options and a $17.5 million benefit associated with the discrete tax item, both of which have been adjusted for purposes of the non-GAAP earnings included in our earnings release. On a non-GAAP basis, our effective tax rate would have been 22.2%.

因此，我們的 GAAP 營業利益由 2.582 億美元增加 34.5% 至 3.473 億美元。第二季所得稅費用為 5,460 萬美元，有效稅率為 16%，反映員工股票選擇權行使帶來 400 萬美元稅務利益，以及與一次性稅務項目相關的 1,750 萬美元利益；這兩項均已為了我們新聞稿中所列的非 GAAP 盈利而進行調整。以非 GAAP 基礎計算，我們的有效稅率本應為 22.2%。

Second quarter GAAP net income increased 49% from $193 million last year to $287 million this year. Adjusted to remove the tax benefits I described a moment ago, non-GAAP net income increased 39% from $191 million last year to $266 million in the second quarter of this year.

第二季 GAAP 淨利由去年 1.93 億美元增加 49% 至今年 2.87 億美元。若調整剔除我剛才描述的稅務利益，非 GAAP 淨利由去年 1.91 億美元增加 39% 至今年第二季的 2.66 億美元。

Our global inventory at the end of January increased 8.4% from the last year. This is comprised of a year-over-year increase of 7.7% in the U.S. and 13.2% internationally. The increase in inventory is largely a function of accident frequency and miles driven or turning to normal, as Jeff mentioned previously, along with growth in our noninsurance business.

截至 1 月底，我們的全球庫存較去年增加 8.4%。其中，美國年增 7.7%，國際年增 13.2%。庫存增加主要是因事故發生頻率與行駛里程回歸正常（如 Jeff 先前提到），以及我們非保險業務的成長。

Now to briefly update our liquidity and cash flow highlights. As of January 31, 2022, we had $2.4 billion of liquidity comprised of $1.3 billion of cash and cash equivalents and an undrawn revolving credit facility with a capacity of over $1 billion. We amended our credit facility in December of last year, increasing the size to $1.25 billion, while lowering certain fees.

接著簡要更新我們的流動性與現金流重點。截至 2022 年 1 月 31 日，我們的流動性為 24 億美元，包括 13 億美元的現金及約當現金，以及一項未動用的循環信用額度，額度超過 10 億美元。我們在去年 12 月修訂了信用額度，將規模提高至 12.5 億美元，同時降低了部分費用。

Operating cash flow for the quarter increased by $53.5 million year-over-year to $446.5 million, driven by stronger earnings. We invested $91.5 million in capital expenditures in the quarter and approximately 2/3 of this amount was attributable to capacity expansion. We are continuing to prioritize investments in physical infrastructure in our technology platform and believe this continued investment creates a durable value in enabling us to serve our current and future customers more effectively.

本季營運現金流年增 5,350 萬美元至 4.465 億美元，主要由更強勁的獲利所帶動。我們本季資本支出投資 9,150 萬美元，其中約 2/3 用於產能擴張。我們持續優先投資於實體基礎設施與技術平台，並相信這項持續投資能形成持久價值，使我們能更有效地服務現有與未來客戶。

And with that, we'll conclude our prepared remarks and take a few questions.

那麼，我們將結束事先準備的發言並回答幾個問題。

(Operator Instructions) Our first question comes from the line of Bob Labick with CJS Securities.

（接線員指示）我們的第一個問題來自 CJS Securities 的 Bob Labick。

Wanted to start with cost inflation, as you guys talked about it a bit in the prepared remarks. Obviously, it's not unique to Copart, the inflationary environment we're in. So maybe just help us understand the primary drivers of the cost inflation for you? Is it towing, labor, other? Where is it coming from? And really what remedies you're looking at and the opportunity to bring back kind of cost per unit to prior levels? Or how long do you think that might take?

我想先從成本通膨談起，你們在事先準備的發言中也提到了一些。顯然這不僅是 Copart 獨有的，而是我們所處的通膨環境所致。所以能否請你們協助我們理解，對你們而言成本通膨的主要驅動因素是什麼？是拖吊、人工，還是其他？主要來自哪裡？以及你們正在尋找哪些補救措施、有哪些機會把單位成本拉回到先前水準？或者你們認為這可能需要多久？

Got it. Thanks, Bob. I think you may be astute preamble there that like all enterprises, frankly, across all industries, we experience inflation, we consume a mix of third-party goods and services and certainly employ a large number of team members worldwide. And so we've always been subject to inflationary pressures. I'd say, historically, on a more selective basis, whether it's health care or commodity cycles and the like.

了解。謝謝你，Bob。我想你前面的鋪陳很敏銳：坦白說，像所有企業一樣，跨各行各業我們都會面臨通膨；我們會消耗各種第三方商品與服務，當然也在全球雇用大量團隊成員。因此我們一直都承受通膨壓力。過去我會說較偏向選擇性地出現，例如醫療保健或商品循環等。

Today, there is more widespread inflation across our cost base overall. I think you are already aware of the major costs in our business, but they do include the towing, the personnel, certainly, our technology platform as well. We have some structural protection in that, as you know, we own the vast majority of our land. And so that cost is -- we already own the land outright and therefore, don't face the inflationary pressures when it comes to rental expense to the extent that we otherwise might.

而今天，通膨在我們整體成本結構上更為普遍。我想你已經知道我們業務的主要成本，但確實包括拖吊、人員成本，當然也包括我們的技術平台。我們在結構上有一些保護，因為如你所知，我們擁有絕大多數的土地。因此這項成本——我們已完全持有土地所有權，所以在租金費用方面，不會像其他情況那樣面臨通膨壓力。

Historically speaking, over any intermediate term, Bob, we've always demonstrated the ability to recover or more than recover inflation in the marketplace. And I don't think the expectation in this case would be any different long term.

從歷史來看，在任何中期期間，Bob，我們一向展現出在市場上回收通膨、甚至超過回收通膨的能力。我認為在這個案例中，長期的預期也不會有任何不同。

Now most importantly, we also strive for productivity enhancements and improvements over time to help absorb those same inflationary pressures, both before this wave courtesy of COVID-19 and otherwise.

同樣重要的是，我們也會隨時間推進，努力提升生產力並持續改善，以協助吸收這些通膨壓力——不論是在 COVID-19 這波之前或之後皆然。

Okay. Got it. Great. And then you've obviously had a lot of success in growing not just the salvage and insurance cars, but beyond that to nonsalvage, dealer cars and whatnot. Can you talk about, I know not in specific numbers per se, but the relative credibility of the gross profit per unit of the salvaged vehicles versus the, say, dealer or rental or repos?

好的，了解。很好。接著，你們顯然在成長方面非常成功，不僅是報廢與保險車輛，還包括非報廢、經銷商車源等等。你能否談談——我知道不一定能提供具體數字——報廢車輛的單位毛利相較於例如經銷商、租賃或回收車（repos）的單位毛利，其相對可比性如何？

I think it's tough to provide a sweeping answer that covers all such noninsurance categories. It's a little bit of a contrived catchall basket for us. There are certainly groups of those sellers, as you noted a moment ago, for whom the average selling price is higher than our typical insurance car. And therefore, the contribution may be higher as well. There are other categories included in that noninsurance portion that are lower average selling price than our typical insurance car. So on a -- tough to answer so on a blended basis, probably on average, higher, but distributed.

我認為要給出一個能涵蓋所有這些非保險類別的概括性答案很困難。對我們而言，那有點像是刻意拼湊的「大雜燴」分類。確實如你剛才提到的，其中有一些賣方群體，其平均售價高於我們典型的保險車，因此貢獻度也可能更高。非保險部分也包含其他類別，其平均售價低於我們典型的保險車。所以——很難回答；若以混合口徑來看，平均可能較高，但分布不一。

Okay. Great. And then last one for me. And I don't know if you guys are ready to answer this, not yet or not if it's too early, but I'll give it a shot. Obviously, you've recently launched Copart Select and it's an attractive kind of less damaged noninsurance car, clean title, less damaged car auction. And so I was just curious if you could give your initial thoughts on the launch, if there's any surprises from the launch and how you think about Cohort Select going forward?

好的，很好。最後一個問題。我不確定你們是否已準備好回答——如果還太早或不方便也沒關係，但我想試著問一下。顯然你們最近推出了 Copart Select，這是一種更具吸引力的、損傷較輕的非保險車源，屬於乾淨車籍（clean title）、損傷較輕的車輛拍賣。因此我想請教你們對這次上線的初步看法，是否有任何出乎意料之處，以及你們未來如何看待 Cohort Select 的發展？

Bob, you're always observant. On Copart Select, it is, as with many things we do at our action, we are innovating and experimenting and attempting new ways to position our auctions and the product that our sellers can sign though us. We think this kind of offering holds real promise. So we're not yet ready to share substantive results, but it's the -- in keeping with the themes we've addressed in the past, right, you and I have been talking about these kinds of pursuing this market in these kinds of cars for years now, and this is one more arrow in the quiver to tackle that marketplace.

Bob，你一向很敏銳。關於 Copart Select，這就像我們在拍賣業務中做的許多事情一樣，我們正在創新、實驗，並嘗試以新的方式來定位我們的拍賣，以及讓賣方能透過我們上架的產品。我們認為這類產品確實很有潛力。因此我們目前還沒準備好分享具體成果，但這——也符合我們過去談到的主題，對吧，你和我多年來一直在談以這類車型切入這個市場，而這只是我們用來攻克該市場的又一支箭。

Our next question comes from the line of Daniel Imbro with Stephens Inc.

下一個問題來自 Stephens Inc. 的 Daniel Imbro。

I wanted to ask one on the pricing backdrop. Maybe first, Jeff, you made the comment, the salvage market moved faster, but in aggregate, has kind of kept up with Manheim. Are you still confident now that we have the benefit of hindsight, that some of the more secular drivers, less damaged total loss vehicles, more improved auction liquidity were as big of ARPU drivers as we thought at the time? Or has hindsight proven that maybe that was more used car price driven than you initially thought? Just trying to understand that comment.

我想問一個關於定價環境的問題。也許先從 Jeff 開始，你提到報廢車市場走得更快，但整體而言大致跟上了 Manheim。現在我們有了事後回顧的角度，你是否仍然有信心認為，一些較長期的驅動因素——例如受損較輕的全損車增加、拍賣流動性改善——當時確實像我們以為的那樣，是 ARPU 的重要推動力？還是事後看來，可能比你最初想的更偏向二手車價格所驅動？我只是想理解你那段評論。

You were saying since March of '20 or you were saying before that?

你是指從 2020 年 3 月之後，還是指更早之前？

Yes, I feel like during 2020, some of the comments on the earnings calls discussed that you guys thought a lot of the maybe company-specific drivers, auction liquidity, things like that, were a larger contributor than used car pricing. The used car pricing was one of the inputs. Just trying to understand as we move further from it and gotten more data points, if your understanding is the same or if it's changed at all?

是的，我覺得在 2020 年期間，你們在財報電話會議上的一些評論提到，你們認為很多可能屬於公司自身的驅動因素——拍賣流動性之類——對貢獻的比重比二手車定價更大。二手車定價是其中一個輸入因素。我只是想了解，隨著我們離那段時間越來越遠、也有更多數據點之後，你們的理解是否仍然相同，或有任何改變？

I don't think it's changed. I think it's been imprecise the whole time. When we look over the very long-term history, I think those secular drivers are unequivocally true, that they are newer cars that are totaled, less damaged cars that are totaled. I think the auction liquidity is when we say that, those are objective measures, right? Those are the number of bids that are being submitted for a unit, the number of participants in a given auction, et cetera, et cetera. So those aren't -- that's much more science than art in that regard.

我不認為有改變。我認為一直以來都很難精準拆分。當我們回顧非常長期的歷史時，我認為那些長期驅動因素是毫無疑問成立的：被判定全損的車輛更新、受損程度更輕。我認為所謂拍賣流動性，我們講的是客觀指標，對吧？例如每台車收到的出價數、某場拍賣的參與者數量，等等。所以在這方面，這些不是——這更偏科學而非藝術。

Now as to precisely the trend for pricing for our cars in the pandemic and frankly, even the first year depending on it, was very different from the second in terms of the supply chain and used car availability and such. I think both were -- both were factors, for sure, both our proactive efforts both the character of the cars we're selling as well as the used car marketplace.

至於疫情期間、坦白說甚至第一年左右，我們車輛價格的具體走勢，因供應鏈、二手車可得性等因素，第一年與第二年其實差異很大。我認為兩者——兩者都是因素，確實如此：既包括我們主動的努力、我們所銷售車輛的特性，也包括二手車市場本身。

That's helpful. I wanted to ask one on the business mix. You've always been growing revenue much faster into purchased vehicles, but part of that is just the way you reflect revenue. Has the unit -- have units also been shifting towards the purchase side in a similar way to the revenue we're seeing? And if so, why would that be? Is that a change in the U.S. insurance market? Or is there something else going on there?

這很有幫助。我想問一個關於業務組合的問題。你們的營收一直在「購入車輛」這一塊成長得更快，但其中一部分只是因為你們的營收呈現方式。那麼在單位數量上——車輛台數是否也以類似於我們看到的營收那樣，正在往「購入」端轉移？如果是，原因會是什麼？是美國保險市場的變化嗎？還是有其他因素在發生？

Not a change in the U.S. insurance market. There are some portions of our business, including, for example, Copart Direct, the channel through which we purchase cars directly from consumers that yes, consumers will consign cars to Copart from time to time. But often, they prefer to deal on a principal basis for a price certain from us instead. So as we grow that business, that is "principal volume" that drives growth in purchased car sales and purchased car costs. So that's an example of what would cause it, but it is not by and large U.S. insurance carriers shifting back to principal. They understand the merits of the consignment model in which they and we share in the upside of the highest possible returns on cars. Generally speaking, nobody moves back to principal, they move from principal to consignment over time.

不是美國保險市場的變化。我們業務中有一些部分——例如 Copart Direct，也就是我們直接向消費者收購車輛的渠道——是的，消費者有時也會把車輛寄售給 Copart。但很多時候，他們更傾向於以「主體交易（principal）」的方式，向我們以確定價格成交。因此，當我們擴大這項業務時，就會產生「主體交易量」，帶動購入車輛銷售與購入車輛成本的成長。這就是一個會造成該現象的例子，但整體而言並不是美國保險公司又轉回主體交易。他們理解寄售模式的優點：他們與我們共享車輛拍出最高可能回收價的上行空間。一般來說，沒有人會從寄售回到主體交易；長期趨勢是從主體交易轉向寄售。

Perfect. And then maybe last one for me. Thinking about ancillary services, Puryear last week talked more about maybe offering transportation. I'm just curious if you guys have looked at that. I think you guys connect your buyers with transportation partners but don't actually provide that service. Have you looked at that? Would it be ROIC accretive for you guys? And maybe anywhere else you see an opportunity to add ancillary services for either buyers or sellers to your platform today?

很好。那最後一個問題。談到附加服務（ancillary services），Puryear 上週更多提到可能提供運輸服務。我很好奇你們是否也研究過這件事。我理解你們會把買家與運輸合作夥伴串接，但你們本身並不提供該服務。你們有評估過嗎？這對你們而言會提升 ROIC 嗎？另外，今天在你們的平台上，還有哪些你們看到可為買家或賣家增加附加服務的機會？

That's a perceptive question, in general, which is to say that the -- as the leading marketplace online, global online marketplace for cars and the type that we sell, there may well be untapped potential when it comes to additional services that we offer the member base. I think, to be fair, there is a robust ecosystem of those service providers that has emerged around Copart as you might imagine, selling millions of cars a year to buyers worldwide. There certainly are transportation service providers. There are secondary storage providers and the like that have emerged, proximate to Copart yards and certainly who know many of our buyers firsthand as well.

這是個很有洞察力的問題。一般而言，也就是說，作為線上領先的市場——全球性的線上汽車交易市場，且是我們所銷售的這類車——在我們為會員提供更多服務方面，確實可能還有尚未被充分開發的潛力。公平地說，圍繞 Copart 已經形成了一個相當健全的服務供應商生態系，這也不難想像，因為我們每年向全球買家銷售數百萬台車。當然有運輸服務供應商，也有二次倉儲等供應商，這些業者多半就在 Copart 場站附近，並且也確實與我們許多買家有直接往來。

So the answer is we are always evaluating those opportunities, experimenting with them, trialing them. And from time to time, they stick and we expand them, so it is always on our radar.

所以答案是：我們一直在評估這些機會、做實驗、進行試點。有時候效果好，我們就會擴大推行，因此這一直都在我們的關注範圍內。

Our next question comes from the line of Ryan Brinkman with JPMorgan.

下一個問題來自 JPMorgan 的 Ryan Brinkman。

I think you are maybe reticent to discuss individual contract wins or customer relationships, et cetera. But I wanted to check in on the potential market share shift in the salvage auction industry. What you think your market share may now be, how much share you might have gained? And whether there are any practical or potential regulatory limits to your share in the U.S.? Or how much more room your share could run?

我想你們可能不太願意討論單一合約得標或客戶關係等細節。但我想確認一下報廢車拍賣產業可能出現的市占率轉移。你們認為目前市占率大概是多少、可能增加了多少？以及在美國，你們的市占率是否存在任何實務上或潛在的監管限制？或者你們的市占率還有多大的上升空間？

And then on a related note, it would be great to get your thoughts on what has been the driver of your higher share, whether you may be competing on price or winning contracts based upon superior service level or greater ancillary services or just the net yield that sellers can realize as a result of your bigger buyer base, et cetera?

另外相關的一點，也希望聽聽你們對於市占率提高的驅動因素的看法：你們是否在價格上競爭？或是因為更好的服務水準、更多附加服務而贏得合約？又或者只是因為你們更大的買家基礎，使賣方能實現更高的淨回收（net yield）等等？

Got it. And as you might imagine, Ryan, I probably can't answer the first half of your question at all, and we don't we don't discuss individual accounts, but certainly happy to comment on the second half of your question, which is what is it that has driven our market share capture as a general theme, which I would say has been true for the past 40 years, and not just the past few.

了解。Ryan，如你所料，我大概完全無法回答你問題的前半段，我們也不討論個別客戶帳戶。不過我很樂意評論你問題的後半段，也就是：從整體主題來看，是什麼驅動了我們的市占率提升？我會說，這在過去 40 年一直都成立，不只是最近幾年。

And as for why we would win an individual account, I think the answer is often unsatisfying we have a variety of things. It's not one singular theme, which I think our brains would prefer. But certainly, to articulate a few. Our auction returns are critical, and that is literally how much money we put in the pockets of our sellers after we auction the cars, which is a function of our VB3 online auction technology, which we believe is the best in the industry.

至於我們為什麼會贏得某個特定客戶帳戶，我想答案往往不太令人滿意：原因很多，並不是單一主題——雖然我們的大腦可能更喜歡單一解釋。不過我可以列舉幾點。我們的拍賣回收價（auction returns）至關重要，這指的就是我們在拍賣完車輛後，實際能為賣方帶來多少收入，這與我們的 VB3 線上拍賣技術有關，我們相信它是業界最佳。

It's a function of our ability to recruit new members and to engage them. It's a function of how quickly we can pick up cars and reduce the advanced charges experienced by our insurance company sellers. It is a function of our streamlining the purchase experience and making it ever easier for third parties to buy cars at Copart. It's also a function of the auction liquidity we've talked about a few times on this call, which is that the growth of our insurance business has helped to affect the further growth of our insurance business, ditto noninsurance and vice versa.

這也取決於我們招募新會員並讓他們保持活躍的能力；取決於我們能多快把車輛拖運回場，從而降低保險公司賣方所承擔的預墊費用（advance charges）；取決於我們簡化購買流程，讓第三方在 Copart 買車變得越來越容易。這也取決於我們在本次電話會議中多次提到的拍賣流動性：我們保險業務的成長有助於進一步推動保險業務的成長，非保險業務亦然，反之亦然。

The second theme I'd touch on is our approach to customer service, and we think a long-term horizon, take a long-term approach to problem solving on behalf of our customers. We believe that we re-earn the right to sell cars for our customers with every assignment that we get in that mindset started with our founder, Willis Johnson, Jay Adair and to me and to the new hire who starts in Yard 12 tomorrow morning. And that sounds like a throwaway cultural comment, but I think it absolutely rings true to us day-to-day here. And you would see it perhaps most pronounced in a catastrophic event when it is all hands on deck. And literally, all of us are physically or many even the executive leadership are on the ground, making sure that our teams are serving our clients capably.

第二個我想談的主題是我們的客戶服務方式。我們以長期視角看待問題，並以長期方式為客戶解決問題。我們相信，每一次接到委託，我們都必須重新贏得為客戶銷售車輛的權利。這種心態從我們的創辦人 Willis Johnson、Jay Adair、到我本人，以及明天早上在 12 號場站（Yard 12）報到的新進同仁，都是如此。這聽起來像是一句隨口的文化宣示，但我認為它在我們日常運作中確實完全成立。你可能會在重大災害事件中看到最明顯的體現：那時是全員投入。真的，我們所有人——甚至許多高階管理團隊——都會到第一線，確保我們的團隊能夠勝任地服務客戶。

As one other example, we have acquired our physical land, nonstop in every instance we can for the past 40 years to ensure that we have the long-term ability to serve our customers that were never prisoners to third parties who may prefer to do something else with the facility or otherwise. So it is a combination of those two. It is auction returns and the customer service mindset and having the long-term horizon that we think has yielded those benefits over the long haul.

再舉一個例子，過去 40 年來，我們在每一個可行的情況下都持續收購我們的實體土地，以確保我們具備長期服務客戶的能力，而不會受制於第三方——那些第三方可能更偏好將該設施用於其他用途或另作安排。因此，這是兩者的結合：拍賣回報、以客戶服務為核心的思維，以及我們認為帶來長期效益的長期視野。

Okay. That's very helpful. And then just lastly for me. It was discussed some already the degree to which your surging revenue per unit during the pandemic may have been attributable to various different factors, including increased prices for used vehicles, metals, et cetera, versus your proactive efforts, including relative to mix, et cetera. But I think fee increases have not really been a driver, right? My understanding is you've had more or less the same fee structure over this time that has just been applied to much more expensive vehicle.

好的。這非常有幫助。最後一點。先前已經討論過一些：疫情期間你們每單位收入大幅上升，在多大程度上可歸因於多種因素，包括二手車、金屬等價格上漲，相對於你們主動的作為（例如產品組合等）。但我認為費用上調其實並不是主要驅動因素，對吧？我的理解是，這段期間你們的費用結構大致維持不變，只是套用在價格更昂貴的車輛上。

So if that is the case, do you think that there might be potential scope to increase the fee structure, particularly if we see some cooling off in used vehicle prices? I saw the mid-month Manheim finally ticked down today or some of the metal prices, which seem to have sort of peaked in kind of October-type time frame after surging every single month in order to help offset some of these inflationary cost increases that you talked about?

如果確實如此，那麼你是否認為費用結構有可能存在上調空間，特別是在我們看到二手車價格可能降溫的情況下？我看到 Manheim 的月中數據今天終於開始下滑，或是一些金屬價格似乎在 10 月左右的時間點見頂——在此前每個月都一路飆升——是否可以用來協助抵消你剛才提到的部分通膨性成本上升？

We don't comment on our fee structures, unfortunately, but I would direct you back to the overall comment that over the -- any intermediate horizon, we've shown the ability to recover and more than recover inflation via both productivity and other measures we might take in the marketplace overall. So the -- and the second point I'd add is that if and when we see a moderation in used car prices, we'll almost certainly see a rebound or an increase in volume relative to where it otherwise would be as well.

很遺憾，我們不評論我們的費用結構；但我會請你回到我們整體的說法：在任何中期期間內，我們已展現出透過生產力提升以及我們在市場上可能採取的其他措施，來回收通膨、甚至超過通膨的能力。第二點我想補充的是：如果且當我們看到二手車價格趨於溫和，我們幾乎可以確定，成交量相較於原本的水準也會出現反彈或增加。

Our next question comes from the line of Chris Bottiglieri with BNP Paribas.

下一個問題來自 BNP Paribas 的 Chris Bottiglieri。

It was a good attempt. So yes, first question is more gentle topic, but can you give me a sense of your exposure to like Russia, Ukraine, the neighboring Soviet blocks, and I would think they're probably 5%, 10% of sales, but maybe just give us some sense of that? And have you seen activity tighten up yet there? Or is it like generally pretty healthy still?

這是個不錯的嘗試。所以是的，第一個問題比較溫和：你能否讓我了解一下你們對俄羅斯、烏克蘭以及周邊前蘇聯區塊的曝險程度？我猜可能占銷售額的 5%、10%，但請給我們一些概念。你們是否已經看到那邊的活動開始收緊？還是整體仍然相當健康？

Healthy, less than that and healthy.

很健康，占比低於你說的，而且很健康。

Yes. Okay. Good to hear. And then the other question is, to the extent you can comment on it, can I reframe the question on used car pricing? I would think a lot of your fees are fixed to the buy side. I would guess they're probably fixed on the sell side on average. And then your price bands have a beta of less than 1. So I know mix varies. But I guess my question is, is there like a rule of thumb you can give us for the ASP growth? Like what's the contribution to ARPU growth? Like is there any kind of like -- I don't know, any way you could frame -- that would help ease the discussion on used car pricing sensitivity and there was some kind of rule of thumb or sensitivity factor we could apply?

好的。很高興聽到。另一個問題是，在你能評論的範圍內，我能否換個方式問二手車定價的問題？我認為你們很多費用在買方端是固定的；我猜在賣方端平均而言也可能是固定的。然後你們的價格區間（price bands）對價格的敏感度（beta）小於 1。我知道組合會變動。但我的問題是：你們是否有某種經驗法則可以提供，關於 ASP（平均售價）成長對 ARPU（每用戶平均收入）成長的貢獻？有沒有任何方式可以幫助我們更容易討論對二手車價格敏感度——例如某種經驗法則或敏感度係數可以套用？

We haven't shared those rules of thumb, Chris, in the past. We certainly do have a publicly published fee schedule for our members. So some of that math, you can literally do by hand based on our -- based on what's publicly available, but we don't elaborate on fees.

Chris，我們過去沒有分享過這些經驗法則。我們確實有對會員公開發布的費率表。因此，其中一些計算你其實可以依據我們——依據公開資訊——手動算出來，但我們不會進一步闡述費用。

Our next question comes from the line of Bret Jordan with Jefferies.

下一個問題來自 Jefferies 的 Bret Jordan。

Just to keep flogging that dead horse, given that your fee structure does vary by transaction value, have you done the math to sort of explain from a correlation standpoint, what the relationship to Manheim is? You talked about some moderation in ASP in the prepared remarks, but do you have a feeling for maybe what the what the actual statistical correlation of Manheim is to ASP?

再繼續鞭打那匹死馬一下：鑑於你們的費用結構會隨交易價值而變動，你們是否做過一些數學分析，從相關性的角度解釋與 Manheim 的關係？你在準備好的發言中提到 ASP 有所趨緩，但你是否對 Manheim 與 ASP 的實際統計相關性有一些感覺？

Over the -- I think it'd be tough to -- I think over the long haul, our ASPs have outpaced the Manheim. Let's stop the clock, March 2020. Our growth in ASPs have generally outpaced the Manheim used vehicle index, which is not a surprise given total loss frequency because lesser damaged cars and newer cars are totaled. So our mix naturally evolves over time. Manheim's mix naturally does not evolve over time. So I would say that has been true for many years pre-pandemic.

在——我認為這會很難——我想從長期來看，我們的 ASP 一直跑贏 Manheim。先把時間停在 2020 年 3 月：我們的 ASP 成長通常都超過 Manheim 二手車指數，這並不令人意外，因為全損頻率（total loss frequency）的因素使得損傷較輕的車與較新的車也會被判定為全損。因此，我們的組合會隨時間自然演變；Manheim 的組合則不會隨時間自然演變。所以我會說，在疫情前很多年一直都是如此。

During the pandemic for -- as you heard us describe today, our growth in the quarter on ASPs was a little north of 20%, while Manheim, I think for the quarter is up 40%, 45% or thereabouts. And I think that reflects a lag in their index, I suppose, is the best way to describe it because from, say, pre-pandemic levels to today, both they and we have experienced the percentage increases in our selling prices that are plus or minus comparable.

在疫情期間——如同你今天聽到我們的描述——我們本季 ASP 的成長略高於 20%，而 Manheim 我認為本季上升了 40%、45% 左右。我想那反映了他們指數的滯後性，這大概是最好的描述方式；因為從例如疫情前的水準到今天，他們和我們的售價百分比增幅大致相當（正負差不多）。

And therefore, I'd argue that our prices increased earlier. And today, we are plus or minus at parity relative to pre-pandemic levels. Over the long haul, I continue to believe we'll our ASP growth will outpace theirs by virtue of the mix shift in total loss frequency before accounting for noninsurance business.

因此，我會主張我們的價格更早上升。而在今天，相對於疫情前水準，我們大致上（正負）已與其持平。從長期來看，我仍然相信，在不考慮非保險業務之前，憑藉全損頻率帶來的組合轉移，我們的 ASP 成長將會超過他們。

Okay. And the other mix driver, I guess, in your favor is noninsurance, could you give us a little bit of an update as far as the dealer cars and maybe what the dealer relationship count is or however, whatever metric you want to be using to measure the success in the dealer strategy?

好的。另一個對你們有利的組合驅動因素，我想是非保險業務。你能否就經銷商車源（dealer cars）提供一些更新，例如經銷商合作關係的數量，或任何你想用來衡量經銷商策略成功的指標？

Yes. I think it's -- our noninsurance business, I think you know, Bret, is a mix of dealer cars, rental car companies, financial institutions, our Copart Direct business in which we buy cars directly from consumers, all of the above. And all of the above are experiencing some of the same disruptions that we just talked about for purposes of Manheim and our insurance cars as well, meaning there is used -- there are used car availability challenges. There's ample demand for cars, automotive dealers, literally putting up billboards to buy cars, not to sell them.

好的。我認為——Bret，你也知道——我們的非保險業務是由多個部分組成：經銷商車源、租車公司、金融機構、我們的 Copart Direct 業務（我們直接向消費者收購車輛），以及以上所有類別。而以上所有類別也正經歷我們剛才談到、就 Manheim 與我們保險車源而言的相同干擾，也就是二手車供給可得性面臨挑戰。市場對車輛的需求很充足，汽車經銷商甚至在立牌廣告上寫的是「收車」而不是「賣車」。

So we're experiencing an unusual dislocation in that regard, but have nonetheless grown our noninsurance business year-over-year for the quarter by 4.5%. But individually, I think there's good traction there, which is a function again of returns and liquidity.

因此，我們在這方面正經歷一種不尋常的錯位（dislocation），但本季我們的非保險業務仍較去年同期成長 4.5%。不過就各個項目而言，我認為那裡的動能不錯，而這同樣再次是回報與流動性的結果。

Our next question comes from the line of John Healy with Northcoast Research.

下一個問題來自 Northcoast Research 的 John Healy。

I wanted to ask about that tick down in total loss rates. When you look at that and see that, where do you see the total loss rate changing within your own business? Is it at lower dollar value cars? Or is it in the middle or is it the high end? And how do you think that change in total loss rate actually impacted your ASPs this year? Was it helpful? Or was it hurting you guys depending on where it fell?

我想問一下全損率（total loss rates）小幅下滑的情況。當你看到這個變化時，你認為在你們自身業務中，全損率的變化主要出現在哪裡？是在低價車？中價位？還是高端？你認為全損率的變化今年實際上如何影響你們的 ASP？是有幫助？還是會傷害你們——取決於它發生在哪個區間？

Tough question because I think it's a base we're mixing X and Y variables a little bit, but total loss frequency in general, the marginal car would be higher-end vehicle with an insurance that is fixed instead of being repaired. If you're driving a 2008 car with any kind of meaningful impact, that's certainly an automatic total without much consideration.

這是個難題，因為我認為我們有點把 X 與 Y 兩個變數混在一起了。但一般而言，全損頻率的邊際車款會是較高端的車輛：保險公司會選擇固定賠付（全損）而不是修復。如果你開的是一台 2008 年的車，任何有意義的撞擊幾乎都會自動判定為全損，不太需要多加考量。

The newer cars are going to be the somewhat more marginal ones. Now the reason that -- and this is what I mean by X and Y variables, the reason why total loss frequency has tapered somewhat is because used car prices are as high as they are, meaning the cars are difficult to replace. Availability is a problem outright. And certainly when you can replace it, it's at higher prices, which makes the total loss decision, all else equal, more expensive than it otherwise would be. But those very same high used car prices then increase the selling prices for cars at Copart auctions as well.

較新的車會是相對更接近臨界點的那些。現在，之所以——這就是我所說的 X 與 Y 變數——全損頻率會有所收斂，原因在於二手車價格高到這種程度，意味著車輛很難替換；供給可得性本身就是問題。而且即使能替換，也是在更高的價格下，這使得在其他條件相同下，全損決策比原本更昂貴。但同樣的高二手車價格，也會推升 Copart 拍賣車輛的成交價格。

And that's what I meant by the X and Y variables is that the underlying cause, strong -- an unusually strong used car price environment has helped our ASPs. Overall, it perhaps as "hurt" our ASPs by cutting off a slice of the cars that otherwise would have been totaled.

這就是我所說的 X 與 Y 變數的意思：其根本原因在於，二手車價格環境異常強勁，已經支撐了我們的 ASP。整體而言，它或許也在某種程度上「傷害」了我們的 ASP，因為它切掉了一部分原本可能會被判定為全損的車輛。

Understood. And then I might have missed it, but did you guys quantify what volumes were for the U.S. and the international business in the quarter in terms of just how those improved?

了解。然後我可能漏聽了，但你們是否量化了本季美國與國際業務的量（volume）各是多少，以及改善幅度到底如何？

Sure. Growth numbers, John, do you have them?

當然可以。成長數字，John，你有嗎？

Yes. Global unit sales are up 19%. U.S. was up 20.8%, International was up 9.3%.

有。全球單位銷量（unit sales）成長 19%。美國成長 20.8%，國際成長 9.3%。

(Operator Instructions) Our next question comes from the line of Gary Prestopino with Barrington Research.

（接線員指示）下一個問題來自 Barrington Research 的 Gary Prestopino。

Could you just -- I didn't quite get the growth in U.S. purchase and international purchase sales for the quarter. Could you just give me that, please?

你能不能——我沒有完全聽清楚本季美國採購（purchase）與國際採購銷售的成長。可以再提供一次嗎？

U.S. purchase was up 50.7% and international was up 20 units.

美國採購成長 50.7%，國際增加 20 個單位。

What about sales? Did you give that number?

那銷售額呢？你們有提供那個數字嗎？

Gary, let me get it for you offline. We can go over the specific number.

Gary，我私下再把數字給你。我們可以再針對具體數字逐一確認。

Okay. That's fine. And then Jeff, just kind of rhetorical question here, as used car prices come down, which they are going to eventually, is there a pretty much a quick correlation with total loss ratios going up because these prices are going down?

好，沒問題。然後 Jeff，這有點像反問：當二手車價格下來（它們終究會下來）時，是否幾乎會很快就與全損比率上升呈現相關性，因為價格正在下跌？

In short, yes, there are other variables at play as well, which is there's a lot of confounding forces here that make it hard to give you a clean answer. But yes, certainly, if nothing else in the world changed, except the used car prices came down, we would see volume increase very meaningfully. And that's the same answer by the way I would have given you in December of 2019, right? This is a non-pandemic observation when we've been asked in the past, do we want high used car prices or low used car prices? The response has generally been that high used car prices yield better unit economics for Copart, meaning we'll make more money on the cars we sell, but also fewer units because of the total loss equation.

簡而言之，是的。不過也還有其他變數在起作用，這裡有很多相互干擾的力量，使得很難給你一個乾淨俐落的答案。但沒錯，當然，如果世界上其他條件都不變，只有二手車價格下跌，我們會看到量非常顯著地增加。順帶一提，這也是我在 2019 年 12 月會給你的同樣答案，對吧？這是非疫情情境下的觀察；過去有人問我們希望二手車價格高還是低？一般的回應是：二手車價格高會帶來 Copart 更好的單位經濟（unit economics），也就是我們賣車能賺更多錢，但因為全損判定的方程式，單位數會更少。

Lower used car prices means we will face less attractive per unit economics, but we would sell many more units. So we've always been ambivalent about used car prices and what it means for our business. And I suppose to characterize it more favorably, I'd say we have a hedged position when it comes to used car prices. As for today's circumstances, I think we're facing a more extreme set of variables than we've ever seen, at least in my own professional career, when it comes to used car availability and prices. If those prices do come down, I think we, absolutely, we see an increase, all else equal, in consignments to us from insurance carriers.

二手車價格較低則意味著我們每單位的經濟性會比較不吸引人，但我們會賣出更多單位。因此，我們一直對二手車價格及其對我們業務的意涵抱持矛盾的態度。我想若要更正面地描述，我會說：在二手車價格方面，我們的部位是有對沖的。至於今天的情況，我認為在二手車供給與價格方面，我們正面臨一組比以往更極端的變數——至少在我自己的職涯中從未見過。如果那些價格真的下來，我認為在其他條件不變下，我們絕對會看到來自保險公司的寄售量（consignments）增加。

Okay. And then lastly, I don't know if you made this public, but could you give us an idea of what percentage of your cars are processed on a noninsurance basis this quarter versus, say, a year ago?

好。最後一個問題，我不知道你們是否已公開，但能否讓我們了解一下：本季你們以非保險（noninsurance）基礎處理的車輛占比大概是多少？相較於例如一年前呢？

That's reasonably stable. I mean it's approximately 25% in the U.S., Gary.

那相當穩定。我的意思是，在美國大約是 25%，Gary。

Our next question comes from the line of Stephanie Moore with Truist Securities.

下一個問題來自 Truist Securities 的 Stephanie Moore。

I wanted to touch on -- or turn to this inflation discussion that we had earlier. I'm curious, you kind of talked about remedies in terms of trying to overcome the inflation that I think running much every company and business is dealing with this environment. I know that in the past, there's been flexibility to adjust fee structures on the buy side, but what is the -- your appetite and/or ability to have conversations with your insurance customers on the sell side to have them help offset some of this truly probably historical inflationary environment, especially with regards to some aspects like towing and others that they're directly benefiting from?

我想談一下——或轉到我們先前提到的通膨討論。我很好奇，你提到一些補救措施，試圖克服我想幾乎每家公司與企業在這個環境下都面臨的通膨。我知道過去在買方（buy side）調整費率結構方面有彈性，但在賣方（sell side）這邊，你們與保險客戶進行對話、讓他們協助抵消這種可能堪稱歷史性的通膨環境（尤其是拖吊等他們直接受益的項目）方面，你們的意願和／或能力如何？

Got it. Thanks, Stephanie. Pricing, it's -- I'm sure you can tell from this call on a couple of occasions, is a delicate subject for us that we tend not to discuss on earnings calls and public forums like this. Suffice it to say that our agreements with our sellers tend to run multiple years at a time because we make long-term commitments to them in the form of our land and technology and people and so forth, and they do in turn, with us.

了解。謝謝你，Stephanie。定價——我想你從這通電話中幾次也能聽得出來——對我們而言是個敏感議題，我們通常不會在法說會或這類公開場合討論。簡單說，我們與賣方的協議通常一次會涵蓋多年，因為我們以土地、技術、人員等形式對他們做出長期承諾，而他們也同樣對我們做出承諾。

So we take those commitments to certainly very seriously, and the contracts are what they are. This is our responsibility to manage our costs, and as I noted a moment ago, over any intermediate period of time, we have been able to recover and more than recover the inflation in the marketplace and throughput activity enhancements. So unfortunately, we can't say much more about the pricing on either the seller or buyer side.

因此我們非常嚴肅地看待這些承諾，而合約就是合約。管理成本是我們的責任；正如我剛才提到的，在任何中期期間內，我們一直能夠透過市場中的通膨回收，以及提升處理量（throughput）活動的效率來回收成本，而且不只是回收而已。所以很遺憾，我們無法就賣方或買方的定價再多說。

That's fair. And then just as a follow-up, can you maybe discuss your towing process, i.e., the use of maybe company-owned trucks, the use of third-party brokers? Just kind of what has been the normal practice? And maybe expanding on that, what might be an opportunity?

這很合理。接著追問一下，你能否談談你們的拖吊流程，例如使用自有卡車、使用第三方經紀商等？一般的做法是什麼？再延伸一下，可能的機會在哪裡？

Got it. You mean the inbound retrieval of the cars to Copart facilities?

了解。你指的是把車輛運入、取回到 Copart 場站的那段流程嗎？

Yes, exactly.

是的，沒錯。

So we use a mix of third parties as well as our own trucks with the strong majority being the former, not the latter. We have the latter in terms of our own captive fleet, which has grown meaningfully over the past few years, and we'll likely do so in the future as well to have additional capacity in the event of catastrophic events, for example. But we largely rely on third-party sub-haulers who we dispatch directly. So we don't use intermediaries by and large, in our local markets circa 200 across the U.S. We know the local companies and the local towers and build long-standing relationships with them so that they come effectively retrieve cars for us on a near daily basis once they're on board.

我們同時使用第三方以及自有卡車，但絕大多數是前者而非後者。我們確實有自有的專屬車隊，而且過去幾年規模顯著成長；未來也可能會繼續擴大，例如在災難性事件發生時提供額外運能。但我們主要依賴第三方的分包拖運商（sub-haulers），由我們直接派遣。因此大致上我們不使用中間商；在美國約 200 個在地市場，我們熟悉當地公司與拖吊業者，並與他們建立長期關係，讓他們一旦加入後，幾乎每天都能有效地為我們取車。

Great. And then just -- did you give, John, the U.S. ASP number? I know you gave the worldwide one. So just wondering on that.

很好。然後——John，你有提供美國的 ASP 數字嗎？我知道你提供了全球的，所以想確認一下。

U.S., we're up 20.3%.

美國方面，我們成長 20.3%。

And we have reached the end of the question-and-answer session. And I'll now turn the call back over to Jeff Liaw for closing remarks.

我們已到達問答環節的尾聲。現在我將把電話交回給 Jeff Liaw 作結語。

Great. Thanks for joining us today. We look forward to talking again after the third quarter. Take care.

很好。感謝各位今天加入我們。我們期待在第三季之後再次交流。保重。

And ladies and gentlemen, thank you for your participation. This does conclude today's conference. Have a great rest of your day.

各位女士、先生，感謝您的參與。今天的電話會議到此結束。祝您今天剩餘時間愉快。