Copart Inc (CPRT) 2025 Q2 法說會逐字稿

Good day, everyone, and welcome to the Copart Incorporated second-quarter fiscal 2025 earnings call. Just a reminder, today's conference is being recorded.

大家好，歡迎參加 Copart Incorporated 2025 財年第二季財報電話會議。提醒一下，今天的會議正在錄音。

Before turning the call over to management, I will share Copart's Safe Harbor statement. The company's 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 the company's markets. These forward-looking statements involve substantial risks and uncertainties. For more detail on the risks associated with the company's business, we refer you to the section titled Risk Factors and the company's annual report on Form 10-K for the year ended July 31, 2024, and each of the company's subsequent quarterly reports on Form 10-Q. Any forward-looking statements are made as of today, and the company has no obligation to update or revise any forward-looking statements.

在將電話轉給管理層之前，我將分享 Copart 的安全港聲明。該公司今天的評論包括聯邦證券法含義內的前瞻性陳述，包括管理層對公司市場趨勢、機會和不確定性的當前看法。這些前瞻性陳述涉及重大風險和不確定性。有關公司業務相關風險的更多詳細信息，請參閱“風險因素”部分和公司截至 2024 年 7 月 31 日的 10-K 表年度報告，以及公司隨後的每個季度 10-Q 表報告。任何前瞻性陳述均截至今日作出，本公司沒有義務更新或修改任何前瞻性陳述。

I will now turn the call over to the company's CEO, Jeff Liaw.

現在我將把電話轉給公司執行長 Jeff Liaw。

Thank you, Owen, and welcome, everybody, to our second-quarter 2025 earnings call. On our recent calls, we discussed and addressed a range of long-term themes, including fundamental growth drivers for our insurance business, including macro forces such as total loss frequency, which we'll touch upon today, as well as the proactive levers that we control to drive our growth in that portion of our business. Those levers include, for example, our artificial intelligence-enabled image recognition tools, which can empower insurance companies to total cars more accurately and more effectively as well as our vertical extension into new service offerings, such as Title Express.

謝謝歐文，歡迎大家參加我們的 2025 年第二季財報電話會議。在我們最近的電話會議上，我們討論並解決了一系列長期主題，包括我們保險業務的基本增長動力，包括我們今天將談到的總損失頻率等宏觀力量，以及我們控制的推動該部分業務增長的主動槓桿。這些槓桿包括我們的人工智慧影像識別工具，它可以使保險公司更準確、更有效地對汽車進行全面保險，以及我們的垂直擴展到新的服務產品，例如 Title Express。

We've also talked about our response to major catastrophic events, including Hurricanes Helene and Milton from last year. And we, of course, have discussed as well our expansion -- the expansion of our business with sellers beyond the insurance industry to include financial institutions, rental car fleets, corporate fleets, among others.

我們也討論了對重大災難事件的應對措施，包括去年的颶風海倫和米爾頓。當然，我們也討論了我們的擴張——將我們的業務擴展到保險業以外的賣家，包括金融機構、租車車隊、企業車隊等。

We would encourage you to revisit those prior calls for deep dives on those subjects. I would summarize today simply by saying that those big picture trends continue. First, we continue to grow our insurance volume, our auction liquidity and the returns we're generating for our sellers. Our insurance carriers with each passing day are entrusting us with more of the workflow that they once handled in-house, both day-to-day and in certain events as well. As one very visible example, now that we are processing well over 1 million titles per year via our Title Express platform, no carrier who has started with Copart has taken it back in-house.

我們鼓勵您重新審視先前的呼籲，深入探討這些主題。今天我想簡單總結一下，這些大趨勢仍在持續。首先，我們繼續增加我們的保險量、拍賣流動性以及為賣家創造的回報。我們的保險公司每天都會將更多曾經由他們內部處理的工作流程委託給我們，包括日常工作以及某些活動中的工作。一個非常明顯的例子是，現在我們每年透過 Title Express 平台處理超過 100 萬個標題，沒有一家與 Copart 合作的承運商將其收回內部。

We also continue to grow our volume with our noninsurance sellers, benefiting, of course, from the flywheel effects of our auctions. And finally, we continue to invest proudly and aggressively in our business in the form of technology, real estate, and people to fuel our future growth.

我們與非保險銷售商的交易量也持續成長，這當然得益於我們拍賣的飛輪效應。最後，我們將繼續以科技、房地產和人才的形式對我們的業務進行自豪而積極的投資，以推動我們未來的成長。

I wanted to provide a few brief comments on our insurance business specifically before turning it over to Leah to review the financial results and to take a few of your questions.

在交給 Leah 審查財務結果並回答你們的一些問題之前，我想特別就我們的保險業務提供一些簡短的評論。

First, on our insurance business. Our global volume grew 8% for the quarter in comparison to the same quarter last year, a little over half of this was attributable to the catastrophic events in the second half of last year. As has been true since the dawn of our industry, we continue to experience increases in total loss frequency, of course, with the singular exception of the blip from 2021 to 2022 when ACVs or pre-accident values increased more than they ever had previously in Copart's history.

首先，關於我們的保險業務。與去年同期相比，本季我們的全球銷售量成長了 8％，其中一半多一點可歸因於去年下半年的災難性事件。自從我們這個行業誕生以來，情況一直如此，當然，我們的總損失頻率一直在增加，唯一的例外是 2021 年至 2022 年期間的短暫時期，當時 ACV 或事故前價值的增幅超過了 Copart 歷史上任何時候。

For the fourth quarter in the United States, total loss frequency hit 23.8%, an all-time high, though a portion of that is attributable to those storm events in the second half of last year, which tend to have very high total loss frequency rates. Nonetheless, the full-year trend of 22.2% represents an all-time annual high and the total loss frequency drivers certainly continue unabated.

美國第四季的總損失頻率達到 23.8%，創歷史新高，儘管其中一部分原因是去年下半年的風暴事件，這些事件的總損失頻率往往非常高。儘管如此，22.2%的全年趨勢代表了歷史最高水平，而總損失頻率驅動因素肯定將繼續有增無減。

Repairing cars becomes less attractive as time passes as labor cost increase, repair parts cost increase, and rental car rates do as well, while totaling vehicles becomes more attractive given the liquidity of our auctions, demand for our vehicles by international buyers and the salvage returns we're able to generate for our sellers.

隨著時間的推移，由於勞動力成本增加、維修零件成本增加以及租車費率上升，修理汽車變得越來越沒有吸引力，而考慮到我們拍賣的流動性、國際買家對我們汽車的需求以及我們能夠為賣家創造的殘值回報，報廢汽車變得更有吸引力。

A couple of inquiries we've received in recent days that I thought might be worth addressing today. First is the question about whether insurance coverage in general has changed. And I would note that over the past two years, the insurance industry has generally achieved rate relief through state regulatory bodies and consumers have certainly felt those changes in the form of higher rates for their auto policies. This has caused a modest increase in the uninsured population relative to pre-COVID levels, certainly.

最近幾天我們收到了一些詢問，我認為今天可能值得處理。首先是關於保險覆蓋範圍總體是否發生了變化的問題。我要指出的是，在過去兩年中，保險業普遍透過國家監管機構實現了費率減免，消費者也確實以汽車保險費率上漲的形式感受到了這些變化。這無疑導致無保險人口相對於新冠疫情之前的水平略有增加。

Over many years, we've observed this to be a cyclical trend, meaning the uninsured motorist rates tends to go up and down over the years. And given where we sit right now, it likely is a modest -- it represents a modest offset to the growth in our insurance business.

多年來，我們觀察到這是一個週期性趨勢，這意味著未投保機動車輛的費率往往會隨時間上升和下降。考慮到我們目前的情況，這可能是一個適度的——它代表著對我們保險業務成長的適度抵消。

The second topic I wanted to address briefly is the question of what potential tariffs mean for our business, and I'll take a US-centric view first to addressing this question. It's frankly similar to an inquiry that we get from time to time about whether high-used car prices or low-used car prices are better for our business. The reality is that we're somewhat ambivalent. And in this case, the bottom line of a potential tariff-oriented approach would be that it's largely neutral to our business, though with a complex tapestry of offsetting forces, some of which we'll briefly touch on today.

我想簡要談的第二個主題是潛在的關稅對我們的業務意味著什麼，我將首先從以美國為中心的角度來解決這個問題。坦白說，這類似於我們不時收到的詢問，即二手車高價或二手車低價是否對我們的業務更有利。事實是，我們有些矛盾。在這種情況下，潛在的以關稅為導向的方法的底線是，它對我們的業務基本上是中性的，儘管存在著複雜的抵消力量，其中一些我們今天將簡要討論。

As you know, in general, the effects of tariffs are largely inflationary for each of the factors that in turn affect our business with the corresponding downstream effects on our unit volume, our selling prices, and our operating profit. Here are a few such examples.

如您所知，一般而言，關稅的影響在很大程度上會導致通貨膨脹，進而影響我們的業務，並對我們的單位產量、銷售價格和營業利潤產生相應的下游影響。以下列舉幾個這樣的例子。

Inbound tariffs in isolation would increase the cost of repair parts for vehicles, which all else equal, would increase total loss frequency and drive increased volume to Copart. Inbound tariffs, however, would also increase pre-accident values or actual cash values to use the [American parlance], which in isolation would increase the cost of total losses to insurance carriers, reducing total loss frequency and suppressing volume to Copart. But those inbound tariffs would also increase the selling prices for the vehicles that we sell at auction for the very same reason, yet again, driving total loss frequency up and improving our unit economics as well. If the story is stopped there, I'd characterize the effect of tariffs as being modestly positive to Copart.

單獨的入境關稅將會增加車輛維修零件的成本，在其他條件相同的情況下，這將增加總損失頻率並增加 Copart 的交易量。然而，入境關稅也會提高事故前價值，或用（美國的說法）實際現金價值，這本身就會增加保險公司全損的成本，減少全損頻率，並抑制 Copart 的交易量。但出於同樣的原因，這些入境關稅也會提高我們在拍賣中出售的車輛的售價，從而再次推高總損失頻率並提高我們的單位經濟效益。如果故事到此結束，我會將關稅的影響描述為對 Copart 略微有利的。

The great unknown, however, is what inbound tariffs for shipments to the United States, whether those tariffs could precipitate retaliatory tariffs from the same countries against whom we are imposing them. On its space, those tariffs might appear to suppress selling prices for our vehicles at auction. However, for the automotive industries, the countries that would face the most substantial tariff burdens such as Germany, Japan, Mexico, and Canada are generally not the providers of critical high-value liquidity for our auctions. Those nations are typically in Eastern Europe, the Middle East, and Africa.

然而，最大的未知數是，對進入美國的貨物徵收什麼關稅，這些關稅是否會引發被徵收關稅的國家採取報復性關稅。從這個角度來看，這些關稅似乎會抑制我們汽車在拍賣會上的售價。然而，對於汽車產業而言，面臨最沉重關稅負擔的國家（例如德國、日本、墨西哥和加拿大）通常不是我們拍賣的關鍵高價值流動性提供者。這些國家通常位於東歐、中東和非洲。

As has been true now for many years, economic outcomes for our sellers and for Copart at our auctions are largely driven by the cars that we are selling as repairable drivable cars, not as parts to be harvested nor as metal to be scrapped. The countries who are hungriest for these types of cars generally do not have substantial domestic auto manufacturing capabilities and as such, are not likely to be subject to significant automotive tariffs against which to retaliate in the first place.

正如多年來的情況一樣，我們的拍賣會上賣家和 Copart 的經濟成果很大程度上取決於我們出售的可修復可駕駛的汽車，而不是要回收的零件或要報廢的金屬。最需要這類汽車的國家通常不具備強大的國內汽車製造能力，因此不太可能受到高額汽車關稅的製裁，也不太可能採取報復措施。

That's a bit of a long-winded answer. But in sum, I think we believe the tariffs would have a likely neutral to modestly positive effect on our business, and we based it on such inquiries that I thought it was worth exploring in greater detail.

這是一個有點冗長的答案。但總而言之，我認為我們相信關稅可能會對我們的業務產生中性到適度積極的影響，我們是基於這樣的調查得出這一結論的，我認為值得進行更詳細的探討。

We concluded our quarter and are pleased with the results, and I'll hand it to Leah to describe those more fully.

我們結束了本季的工作並對結果感到滿意，我將交給 Leah 進行更全面的描述。

Thank you, Jeff. I'll begin with our second-quarter sales trends. During the quarter, our global unit sales increased 8%, and inventory decreased nearly 3% from a year-ago period. Focusing on our US business, growth in units sold was about 8%, which reflects fee unit growth of nearly 8% and purchase unit growth of 29%.

謝謝你，傑夫。我將從第二季的銷售趨勢開始。本季度，我們的全球單位銷售額成長了 8%，庫存較去年同期下降了近 3%。重點關注我們的美國業務，銷售單位成長約 8%，其中費用單位成長近 8%，購買單位成長 29%。

Our US insurance unit volume increased about 9% year over year or approximately 2% when you exclude CAT units. Non-insurance unit volume increases continue to outpace our insurance volume growth, excluding CAT.

我們的美國保險單位數量年增約 9%，若不包括 CAT 單位，則增加約 2%。非保險單位數量增幅持續超過我們的保險數量增幅（不包括 CAT）。

Blue Car, which services our bank, rents, and fleet customers, continued its strong trend with year-over-year growth of over 27%. Dealer sales volume consisting of Copart Dealer Services and our National Powersports Auction business was flat year over year, with NPA increasing over 14% and CDS declining about 5%. Low-value units, including charities and municipalities, declined just over 4% as we continue to focus on higher margin per unit business lines.

為我們的銀行、租賃和車隊客戶提供服務的 Blue Car 繼續保持強勁增長勢頭，同比增長超過 27%。包括 Copart 經銷商服務部和國家動力運動拍賣業務在內的經銷商銷售量與去年同期持平，其中 NPA 成長超過 14%，CDS 下降約 5%。由於我們繼續專注於更高單位利潤率的業務線，包括慈善機構和市政當局在內的低價值單位的利潤下降了 4% 多一點。

On a final note, our partner in the equipment space, Purple Wave, has driven 8% GTV growth year over year for the trailing 12 months ended January 31. While we are observing the industry-wide trend of sellers taking a cautious wait-and-see approach due to uncertainties in the broader macro environment, Purple Wave's overall GTV continues to significantly outpace the industry from a growth perspective. Overall inventory levels in the US decreased about 4% and by about 5% when excluding low value in CAT units.

最後要說的是，我們在設備領域的合作夥伴 Purple Wave 在截至 1 月 31 日的過去 12 個月中實現了 8% 的 GTV 年成長。儘管我們觀察到，由於宏觀環境的不確定性，整個行業的賣家都採取了謹慎觀望的態度，但從成長角度來看，Purple Wave 的整體 GTV 繼續大幅領先於該行業。美國整體庫存水準下降約 4%，若排除 CAT 單位的低價值庫存，則下降約 5%。

Turning to our international business. Growth in units sold was over 8% in the quarter and about 7% when you exclude CAT units. International fee units increased 11%, and purchase units decreased 6% for the quarter.

談到我們的國際業務。本季銷售單位數成長超過 8%，若不包括 CAT 單位，則成長約 7%。本季國際費用單位增加了 11%，購買單位減少了 6%。

Our international business ended the quarter with inventory levels 2% ahead of the prior-year period. Global ASPs increased by approximately 2% for the quarter relative to the year ago.

本季末，我們國際業務的庫存水準比去年同期高出 2%。本季全球平均銷售價格較去年同期上漲約 2%。

Our US insurance ASPs increased by nearly 2% over the same period and increased just over 1% when you exclude the impact of CAT units. Our international ASPs decreased by less than 1% and international insurance ASPs increased 3%.

我們在美國保險的平均售價在同一時期上漲了近 2%，如果排除 CAT 單位的影響，則上漲幅度略高於 1%。我們的國際平均銷售價格下降不到 1%，國際保險平均銷售價格上漲 3%。

Turning to our financial performance. Global revenue in the quarter increased 14% to nearly $1.2 billion. Global service revenue increased nearly $130 million or 15% for the second quarter due to increased volume and higher revenue per unit. US service revenue grew by nearly 15% for the quarter, and 8% when excluding CAT units, and international service revenue grew by about 17%. Global purchased vehicle sales for the second quarter increased approximately 9%, while global purchased vehicle gross profit increased 110% in the second quarter.

談到我們的財務表現。本季全球營收成長 14%，達到近 12 億美元。由於銷量增加和每單位收入增加，第二季全球服務收入增加了近 1.3 億美元，增幅為 15%。本季美國服務收入成長近 15%，若不包括 CAT 單位則成長 8%，國際服務收入成長約 17%。第二季全球採購汽車銷售成長約9%，第二季全球採購汽車毛利成長110%。

In the US, purchased vehicle revenue was up about $32 million or 43%, while purchased vehicle gross profit increased over $9 million or about 205% in the quarter. Internationally, purchased vehicle revenue decreased by over $18 million or 22%, and gross profit increased by more than $3 million or about 48% in the second quarter.

在美國，本季購買汽車收入增加約 3,200 萬美元，增幅 43%，而購買汽車毛利增加超過 900 萬美元，增幅約 205%。在國際方面，第二季購買車輛收入減少 1,800 多萬美元，降幅 22%，毛利增加 300 多萬美元，增幅約 48%。

As a reminder, the reduction in international purchased vehicle revenue accompanied by an increase in gross margin continues to be driven by higher ASP insurance vehicles in Germany, which have transitioned from a purchase contract to a consignment model as well as stronger purchase unit margins in the UK.

提醒一下，國際購買汽車收入的減少伴隨著毛利率的上升，繼續受到德國保險車輛平均售價上漲的推動，這些車輛已經從購買合約轉變為寄售模式，以及英國購買單位利潤率更高。

Global facility-related costs, which include facility operations, depreciation and amortization, and stock-based compensation increased $81 million or about 20%. In the US, facility-related costs increased $75 million or nearly 22%. During the quarter, we recognized $27 million of incremental costs associated with the Hurricanes Helene and Milton. This reflects the recognition of expenses associated with CAT units sold during the period. There remains over $5 million in costs, which are incurred and are currently capitalized on our balance sheet, which will be recognized as the remaining CAT units are sold.

全球設施相關成本（包括設施營運、折舊和攤提以及股票薪酬）增加了 8,100 萬美元，約 20%。在美國，設施相關成本增加了 7,500 萬美元，增幅近 22%。在本季度，我們確認了與颶風海倫和米爾頓相關的 2700 萬美元增量成本。這反映了對期間內出售的 CAT 單位相關費用的確認。剩餘的成本超過 500 萬美元，這些成本已經發生並已在我們的資產負債表上資本化，將在剩餘 CAT 單位出售時確認。

Excluding the costs associated with the hurricanes, facility-related costs per unit increased about 12% from the prior-year period. This increase in per unit cost reflect our ongoing investments and expanded operational capacity to support our continued growth. International facility-related costs were up almost $6 million, which is an increase of nearly 9% or less than 1% on a gross -- on a per unit basis.

除去颶風相關的成本，每單位設施相關成本比去年同期增加了約 12%。單位成本的增加反映了我們持續的投資和擴大的營運能力，以支持我們的持續成長。國際設施相關成本上漲了近 600 萬美元，以單位計算，總額上漲了近 9%，或不到 1%。

During the quarter, global gross profit was approximately $526 million, an increase of over $61 million or about 13%, and our gross margin percentage was 45% in the quarter. In the US, our gross profit was approximately $463 million, an increase of about 11%, and gross margin was about 48% for the quarter. Our international gross profit was approximately $62 million, an increase of about 32%, and gross margin was about 33% in the quarter.

本季度，全球毛利約 5.26 億美元，增加 6,100 多萬美元，增幅約 13%，本季毛利率為 45%。在美國，本季我們的毛利約為 4.63 億美元，成長約 11%，毛利率約 48%。本季我們的國際毛利約 6,200 萬美元，成長約 32%，毛利率約 33%。

Second-quarter GAAP operating income increased about 12% to over $426 million, which reflects the growth in gross profit and our general and administrative expenditures of $99 million, which are up about $15 million over the prior year. And finally, second-quarter GAAP net income increased 19% to over $387 million or $0.40 per diluted common share.

第二季 GAAP 營業收入成長約 12%，至 4.26 億美元以上，這反映了毛利的成長以及我們的一般及行政支出 9,900 萬美元，較上年增加約 1,500 萬美元。最後，第二季 GAAP 淨收入成長 19%，達到 3.87 億美元以上，即每股攤薄普通股 0.40 美元。

During the quarter, we benefited from an increase of nearly $7 million of interest income as we have actively invested our cash into treasury securities. And for the quarter, our tax rate was approximately 17%.

在本季度，由於我們積極將現金投資於國庫證券，我們的利息收入增加了近 700 萬美元。本季度，我們的稅率約為 17%。

Turning to our capital structure. As of the end of January, we had over $5 billion of liquidity, which is comprised of nearly $3.8 billion in cash and our capacity under our revolving credit facility of over $1.2 billion.

轉向我們的資本結構。截至 1 月底，我們擁有超過 50 億美元的流動資金，其中包括近 38 億美元的現金和超過 12 億美元的循環信貸額度。

With that, Jeff and I would be happy to take some questions.

因此，傑夫和我很樂意回答一些問題。

(Operator Instructions) Bob Labick, CJS Securities.

（操作員指示）Bob Labick，CJS Securities。

Good afternoon. Thanks for taking our questions. So I want to start on the salvage side, you guys have advanced the industry for decades by serving your customers' needs. What are the biggest points of friction in the total loss process for the insurance customers you serve now? And what -- and how are you working to solve those?

午安.感謝您回答我們的問題。所以我想從打撈方面開始，幾十年來，你們透過滿足客戶的需求推動了產業的發展。對於您現在服務的保險客戶來說，在全損過程中最大的摩擦點是什麼？還有什麼——以及您如何努力解決這些問題？

Sure. It's a great question, Bob. I'd say the critical points of friction, some of which we can help with directly others of which are, at least for now, are not yet in our hands. We'd start from the moment of the accident forward. So from the moment of the accident forward in particular, in the United States, the direction of that initial tow often happens without the insurance company's knowledge at all. So costs are incurred, the cars are often towed to an impound facility, for example, where storage charges accumulate until the insurance carrier is even aware of the accident in the first place.

當然。這是一個很好的問題，鮑伯。我想說，在關鍵的摩擦點上，有些我們可以直接提供幫助，但其他一些，至少現在，我們還無法解決。我們從事故發生的那一刻開始。因此，特別是從事故發生的那一刻起，在美國，最初拖曳的方嚮往往是在保險公司完全不知情的情況下進行的。因此會產生費用，例如，汽車通常會被拖到扣押設施，在那裡儲存費用會不斷累積，直到保險公司意識到事故的發生。

So first notice of loss is a critical milestone in the claims process the insurance carriers manage. Once they're aware, we certainly can begin to assist them with a faster assessment of the total loss. The faster we can help them make that decision, and that requires upstream integration into their business processes into an aspect of claims that we had historically not been as plugged into, but the earlier we can assist them with that decision, the more we can arrest those advanced charges in the first place. So that remains a key point of friction in the industry more broadly. We have a number of initiatives with a number of carriers underway already to help them make that decision more quickly.

因此，首次損失通知是保險公司管理的索賠過程中的一個重要里程碑。一旦他們意識到這一點，我們當然可以開始協助他們更快地評估總損失。我們越快地幫助他們做出決定，這就需要將上游業務流程整合到我們過去較少涉足的索賠方面，但我們越早幫助他們做出決定，就越能在第一時間阻止這些預先指控。所以，這仍然是整個產業的關鍵摩擦點。我們已經與多家營運商合作實施了多項舉措，以幫助他們更快地做出決定。

At the other end of the spectrum, I think there's probably a couple of calls ago, we talked a great length about the Title Express platform or title procurement function that we now perform on behalf of insurance companies that is likewise a large administrative burden for anyone, especially when they're [lean's] outstanding on a total loss claim vehicle that requires interacting with lenders.

另一方面，我想可能在幾次通話之前，我們詳細討論了 Title Express 平台或產權採購功能，我們現在代表保險公司執行該功能，這對任何人來說都是一項沉重的行政負擔，尤其是當他們 [lean] 未償還全損索賠款項時，需要與貸方進行互動。

And if you study the space, you're aware that the fragmentation of the US lender base is vast, going from the big money center banks at the front end, the obvious Bank of America, Citibank, JPMorgan, and so forth, all the way to the very smallest regional credit unions, most of which you haven't heard of. It requires a sophistication on the part of an institution like us to absorb that burden, especially as we're beginning to see an uptick in underwater loans in the first place.

如果你研究這個領域，你就會意識到美國貸款機構基礎非常分散，從前端的大型貨幣中心銀行，顯而易見的美國銀行、花旗銀行、摩根大通等，一直到最小的區域信用合作社，其中大多數你都沒有聽說過。像我們這樣的機構需要有一定的專業知識來承擔這個負擔，特別是當我們開始看到負資產貸款增加的時候。

So that's an area where we have now -- you heard me mention during the call, taken on that burden for well over 1 million cars a year and counting and growing. And I'd say, the carriers who have signed up for that service by and large have been delighted with it. So those are a couple of points of friction. There are certainly others, Bob. But we're excited to help them with those two critical touch points in the claims process.

所以這就是我們現在所處的領域——你們聽到我在電話會議中提到過，我們每年承擔著超過 100 萬輛汽車的負擔，而且這個數字還在不斷增長。我想說，總體而言，簽約該項服務的業者都對此感到滿意。這些是一些摩擦點。當然還有其他人，鮑伯。但我們很高興能夠在索賠過程中的這兩個關鍵接觸點為他們提供幫助。

Okay. Great. I appreciate that color. And then one on the non-salvage, the whole car side. Can you just give us a sense of where you are in your sales force buildout to grow and your market share in the light damaged non-salvage cars? And how big of an opportunity is that segment for Copart?

好的。偉大的。我很欣賞那個顏色。然後是不可救援的整個車輛側面。您能否向我們介紹貴公司的銷售團隊建設以及在輕度損壞非報廢汽車領域的市場份額？那麼對於 Copart 來說這個領域有多大的機會呢？

Yeah. That's a fair question, Bob. I think the question you pose and the answer, frankly, is a dynamic one. And as we -- and the interplay of total loss frequency and the vehicles that we sell for sellers beyond insurance companies works in concert. But as total loss frequency rises and the cars we sell increasingly are almost not recognizable in total, so in some cases, you could not tell by the naked eye that the car had even been in an accident.

是的。這個問題問得很好，鮑伯。坦白說，我認為你提出的問題和答案都是動態的。而且我們 — — 以及總損失頻率和我們向保險公司以外的賣家銷售的車輛之間的相互作用是協同的。但隨著汽車全損頻率的上升，我們銷售的汽車越來越難以辨認，在某些情況下，你甚至無法用肉眼判斷汽車是否發生過事故。

The universe of buyers for those vehicles begins to very heavily resemble the buyers of cars at traditional auto auctions, wholesale auto auctions. So that trend continues in our favor. So the liquidity pool that Copart provides just organically extends into that space more and more.

這些車輛的買家群體開始與傳統汽車拍賣、汽車批發拍賣中的汽車買家非常相似。因此這種趨勢將會繼續對我們有利。因此，Copart 提供的流動性池就有機地越來越多地延伸到這個領域。

Broadly speaking, as you, I'm sure, are well aware, the wholesale auction intermediated market is no worth of 15 million cars a year, some of those cars, of course, sell for $30,000, $40,000-plus. Those aren't yet our sweet spot. But as for the cars that are in the insurance zone, so to speak, we are talking many, many, many cars. We should be in the early innings of our experience there. And we have invested in a sales force as you know, Bob. Our aspiration is to invest far more over the years to come. Both as our capabilities grow, the auction liquidity continues to move in that direction, and we've become a still more credible provider of those services to sellers in that universe.

從廣義上講，我相信您很清楚，批發拍賣中介市場每年的價值不達 1500 萬輛汽車，當然其中一些汽車的售價為 30,000 美元、40,000 美元以上。這些還不是我們的最佳選擇。但是對於處於保險範圍內的汽車，可以這麼說，我們談論的是很多很多的汽車。我們應該正處於那裡經驗的早期階段。正如鮑伯你所知，我們已經投資了銷售團隊。我們的目標是在未來幾年投入更多資金。隨著我們能力的不斷增強，拍賣流動性也不斷朝著這個方向發展，我們也成為該領域賣家更可靠的服務提供者。

Super. Thanks so much. I'll get back in the queue.

極好的。非常感謝。我會回到隊列中。

Chris Bottiglieri, BNP Paribas.

法國巴黎銀行的克里斯·波蒂格里耶 (Chris Bottiglieri)。

Yeah, thanks for the question. I just have two today. I guess the first one was on currency. I think it's been a number of years that I've asked this. But can you just remind us kind of how a strong USD, like how it plays throughout your business? Does it impact the fees buyers pay? Does it impact ASPs? Like historically, you've seen periods of strong dollar, I guess they're number of years. But what would the impact be from your perspective?

是的，謝謝你的提問。我今天就有兩個。我想第一個問題是關於貨幣的。我想我問過這個問題已經好幾年了。但是您能否提醒我們強勢美元對您的業務有何影響？這會影響買家支付的費用嗎？它會影響 ASP 嗎？就像歷史上一樣，你會看到美元走強的時期，我想這已經持續了好幾年了。但從您的角度來看，這會有什麼影響呢？

Yeah. I think we are in broad strokes, Chris, I'd say we're more short to dollar than we are long. A strong US dollar makes assets in the US more expensive for those outside US borders to purchase. So we can -- taken to the extremes, a super strong US dollar could suppress selling prices for vehicles at Copart auctions. That said, I'd say over the years, currency fluctuations tend not to be universal or unanimous.

是的。克里斯，我認為從總體上看，我們對美元的空頭部位比多頭部位更大。美元走強使得美國資產對美國境外的人來說更加昂貴。所以我們可以——從極端角度來說，超強的美元可能會抑制 Copart 拍賣會上車輛的售價。話雖如此，我想說，多年來，貨幣波動往往不是普遍的或一致的。

Invariably, there are some countries with stronger currencies relative to the dollar at any moment in time. And as a result then, our reach, our footprint, so to speak, in terms of the countries to which our auctions reach tend to be diversified enough that even if some countries suffer in the form of weaker currencies relative to the dollar, others step into the fold.

在任何時候，總是會有一些國家的貨幣相對於美元走強。因此，就我們的拍賣觸及的國家而言，我們的覆蓋範圍和足跡往往足夠多樣化，即使一些國家因貨幣兌美元走弱而受到影響，其他國家也會加入我們的行列。

And certainly, domestic buyers would be advantaged in that instance as well. So it's an organic enough supply. It's an organic enough demand curve, so to speak, that we haven't seen meaningful lifts in many years. So whatever headlines we read about the Mexican peso, the Canadian dollar, and elsewhere, we wouldn't, per se, see in the day-to-day selling prices in Copart auctions because our risk is sufficiently diversified.

當然，在這種情況下，國內買家也會受益。因此，這是一個足夠的有機供應。可以說，這是一條足夠有機的需求曲線，多年來我們都沒有看到有意義的上漲。因此，無論我們讀到有關墨西哥比索、加拿大元和其他貨幣的什麼頭條新聞，我們都不會在 Copart 拍賣的日常銷售價格中看到這些價格，因為我們的風險已經足夠分散。

Got you. Okay. That makes sense. And I kind of wanted to delve into the title a little bit more. It sounds like you've progressed well excess that 1 million now. You sell roughly 4 million units in North America today. What can you tell us, like are insurers moving all of the units they could sign with you? Are they kind of giving you like a sample at first? And then to what extent can you push this product out to even units you don't serve, like what does your competitors do, for example?

明白了。好的。這很有道理。我想更深入地探討一下這個標題。聽起來你現在已經遠遠超過 100 萬了。目前你們在北美的銷售量約為400萬台。您能告訴我們什麼嗎，例如，保險公司是否正在轉移所有可以與您簽約的單位？他們一開始會給你一些樣品嗎？那麼，您可以在多大程度上將該產品推廣到您沒有服務的單位，例如您的競爭對手是怎麼做的那樣？

And then lastly, what kind of knock-on effects are you seeing? Are you seeing them kind of engage with you in other services? Or are they thinking -- like I guess, besides just making life easier for them, in what other ways is this helping your business?

最後，您看到了什麼樣的連鎖反應？您是否看到他們在其他服務方面與您有合作？或者他們在想——我想，除了讓他們的生活更輕鬆之外，這還能以什麼方式幫助你的生意？

Yeah. To the second half or latter portion of your question, I think the knock-on effects that are most valuable to both us and to our insurance company clients is that we generally reduce cycle times for those vehicles because we are performing this function at scale across 50 states with the many thousands of lenders and the established traffic patterns, so to speak, as to when to call and how many titles you can negotiate with a given lender when you finally get through on hold or those we negotiate to participate actively in our portal and so forth, right? So there is a natural benefit of the scale that we have built on that side of the business, which ultimately manifests itself in moving the cars more quickly, which, generally speaking, generates higher returns and of course, makes better use of our storage capacity as well.

是的。對於您問題的後半部分，我認為對我們和我們的保險公司客戶來說最有價值的連鎖反應是，我們通常會減少這些車輛的周期時間，因為我們在 50 個州與成千上萬的貸方大規模執行此功能，並且已建立流量模式，可以這麼說，何時撥打電話以及當您最終接通等待時您可以與特定貸方協商多少，或者我們協商的所有權因此，我們在該業務上建立的規模具有自然優勢，最終體現在汽車運輸速度上，一般來說，這可以產生更高的回報，當然也可以更好地利用我們的儲存容量。

I think it is a critical point of trust with our insurance carriers, as you noted. If you -- if an insurance company entrusts Copart to navigate policyholder interactions at the moment of a pretty intense claim, right? By its nature, a total loss claim is a more serious claim than, say, glass breakage, windshield crack or what have you, that insurance companies have entrusted us with that pivotal moment.

正如您所說，我認為這是與我們的保險公司建立信任的關鍵點。如果您—如果保險公司委託 Copart 在索賠非常激烈的時候負責處理保單持有人的互動，對嗎？從本質上講，全損索賠比玻璃破損、擋風玻璃破裂等索賠更為嚴重，保險公司已將這一關鍵時刻委託給我們。

I think it's a sign that yes, they will, over the years to come, likely entrust us with still more the total loss decision tools that I mentioned at the outset, among other sub-services. And we're delighted to do it because I think we have the scale and the expertise and the interest to do a fantastic job.

我認為這是一個信號，表明在未來幾年裡，他們可能會委託我們提供更多我在一開始提到的總損失決策工具以及其他子服務。我們非常高興能做這件事，因為我認為我們有足夠的規模、專業知識和興趣來完成這項出色的工作。

We -- I think you posed the question as to how the progression naturally works. And yes, it tends to start with a pilot for a given state or given subset of states and then migrate its way to the entire company or all of their total loss claims. And barring any folks that are in a trial period now, I'd say virtually every Title Express client has virtually every title has been procured by us. It doesn't make sense to try to segment them in some way to keep X states and transfer Y states, it tends to be all or nothing.

我們——我認為你提出的問題是關於進程如何自然地進行。是的，它往往從針對特定州或特定子集州的試點開始，然後遷移到整個公司或所有公司的總損失索賠。除了現在處於試用期的用戶外，我想說幾乎每個 Title Express 客戶都已從我們這裡採購了幾乎所有書籍。嘗試以某種方式對它們進行分割以保留 X 狀態並傳輸 Y 狀態是沒有意義的，它往往是全有或全無。

Got you. That makes a lot of sense. Thank you.

明白了。這很有道理。謝謝。

Craig Kennison, Baird.

克雷格·肯尼森，貝爾德。

Hey, good afternoon. Thanks for taking my questions. I wanted to focus on Purple Wave, if I could. And maybe you could just help us understand your geographic expansion plans and whether it's important that you expand in geographically adjacent markets, so you can leverage network effects that you built up locally? And I have a few follow-ups.

嘿，下午好。感謝您回答我的問題。如果可以的話，我想專注於「紫色浪潮」。也許您可以幫助我們了解您的地理擴張計劃，以及在相鄰的地理市場進行擴張是否重要，以便您可以利用在當地建立的網路效應？我還有一些後續問題。

Hi, Craig. Thanks for the question. There are two components to our expansion of the Purple Wave sales force. One is densification of sales professionals in the existing territories that Purple Wave was operating in prior to our investment.

你好，克雷格。謝謝你的提問。我們對 Purple Wave 銷售隊伍的擴張有兩個組成部分。一是在我們投資之前 Purple Wave 營運的現有區域內增加銷售專業人員的密度。

And the second is to identify the markets where the highest volume of transactions occur and identify seasoned professionals to join the team to help expedite our ability to win share in those markets.

第二是確定交易量最大的市場，並確定經驗豐富的專業人士加入團隊，以幫助我們加快在這些市場贏得份額的能力。

So it's really been a two-pronged approach that we've taken, and it served us well. We're seeing that we're able to basically densify our sales force in some of our -- in some of Purple Wave legacy markets, and that's helping us win more share in those markets as well.

因此，我們實際上採取了雙管齊下的方法，而且效果很好。我們發現，我們能夠在一些 Purple Wave 傳統市場中基本上密集我們的銷售隊伍，這也有助於我們在這些市場贏得更多份額。

And Craig, to the credit, Aaron, Suzy McKee and the team have built a strong virtual auction business for the heavy equipment space. So they have, by and large, not relied on physical stores. So even as we expand into new geographic adjacencies, the investment is largely people and systems oriented as opposed to large storage facilities or large physical infrastructure. But that is certainly part of the playbook for [boys].

值得稱讚的是，克雷格、亞倫、蘇西·麥基和他的團隊為重型設備領域建立了強大的虛擬拍賣業務。所以總的來說，他們並不依賴實體店。因此，即使我們擴展到新的地理區域，投資主要是面向人員和系統，而不是大型儲存設施或大型實體基礎設施。但這肯定是[男孩們]。

And maybe you can help me, Jeff, understand the network effect in your buyer base. How often does equipment leave the local market and find its way around the world?

傑夫，也許你可以幫助我了解你的買家群體中的網路效應。設備離開當地市場並銷往世界各地的頻率是多少？

For Purple Wave, it definitely does. The equipment is often expensive enough to -- or high-value enough, so to speak, to justify transporting it to other places, in the attendees that are out of the town or out of the state are certainly substantial. And I think it's probably -- you probably already know this, Craig.

對於 Purple Wave 來說，確實如此。這些設備通常足夠昂貴，或者說價值足夠高，以至於有必要將其運送到其他地方，因為城外或州外的參與者人數肯定很多。我認為很可能——你可能已經知道這一點了，克雷格。

But even in Copart's core business because we serve insurance companies, even before the Purple Wave, the investment, the Purple Wave partnership, we were already a very significant purveyor of heavy equipment in the construction space, agricultural, et cetera, almost incidentally so because insurance carriers often have policies that cover these types of assets as well. So we are experiencing, we are leveraging the benefits in both directions and we'll do so in the future as well.

但即使在 Copart 的核心業務中，由於我們為保險公司提供服務，甚至在 Purple Wave、投資、Purple Wave 合作夥伴關係之前，我們就已經是建築、農業等領域重型設備的重要供應商，這幾乎是偶然的，因為保險公司通常也有涵蓋這些類型資產的政策。所以，我們正在經歷並利用兩個方向的優勢，而我們將來也會這樣做。

In terms of the crossover buyers that would be interested who are participants in Copart would be interested in Purple Wave and vice versa.

就跨界買家而言，參與 Copart 的買家會對 Purple Wave 感興趣，反之亦然。

Thank you. And just one more. I think, Leah, you mentioned that you do target veteran or seasoned professionals in that industry. I know you've said in the past, you've doubled the head count or the territory manager headcount. I'm sure it takes time to ramp. But is 8% GTV growth consistent with, I guess, increasing your sales force by that much?

謝謝。還剩一個。莉亞，我想你提到過，你的目標確實是該行業的資深人士或經驗豐富的專業人士。我知道您過去曾說過，您的員工人數或區域經理人數增加了一倍。我確信這需要時間來提升。但我想，8% 的 GTV 成長是否與銷售團隊大幅增加相符？

I would just say that there is a ramp-up period and that, I would say, doubling of the sales force has recently occurred. So I think of really the first two to three months as being coming in, getting trained, getting the full playbook for the Purple Wave platform, and then they begin to build up their book of business and their future visibility into their pipeline. And so yeah, I think we're pleased with where that new cohort is performing and would expect to see further growth from them come in over the next several quarters.

我想說的是，目前正處於一個增長期，而且最近銷售人員的數量已經翻了一番。因此，我認為實際上，最初的兩到三個月是他們加入、接受培訓、獲得 Purple Wave 平台的完整劇本，然後他們開始建立自己的業務簿和對未來管道的可見性。是的，我認為我們對新團隊的表現感到滿意，並期望在接下來的幾個季度中看到他們的進一步成長。

Thank you.

謝謝。

(Operator Instructions) Bret Jordan, Jefferies.

（操作員指示） 布雷特喬丹，傑富瑞。

Hey. Good evening, guys. On the CDS compare year over year, I guess, was there an abnormal spike in the prior year, or is it just tougher to get that volume since it's such sort of a one-off acquisition at the dealer level?

嘿。大家晚上好。我猜，與去年同期相比，CDS 的數量是否出現了異常激增，或者由於這是經銷商層面的一次性收購，因此獲得這樣的數量是否更加困難？

I'd say the CDS volume, we've seen be more volatile this year. I think the overall wholesale market is expected to be flat year on year. And so we've seen months where we've been well ahead of prior year, and we've seen months where we've just been behind. So I think it's been, all in, a bit weaker than we had expected. But net-net, the team continues to focus on adding additional accounts and that we're able to build out that base within our dealer business to have a strong platform to grow from.

我想說，今年我們看到的 CDS 交易量波動更大。我認為整體批發市場預計將比去年同期持平。因此，我們看到有幾個月我們的業績遠遠領先去年同期，也有幾個月我們的業績落後於去年同期。因此我認為，總體而言，它比我們預期的要弱一些。但總體而言，團隊繼續專注於增加更多帳戶，並且我們能夠在經銷商業務中建立該基礎，從而擁有強大的成長平台。

Okay. And then a follow-up. Germany, you mentioned, it has transitioned mostly to consignment. Could you talk about the German growth specifically within international? And as it goes to consignment, does that allow it to accelerate faster just because it's more efficient to get the unit?

好的。然後進行後續行動。您提到，德國已基本轉向代銷。能具體談談德國在國際範圍內的成長嗎？當它進入寄售階段時，是否會因為獲取單位的效率更高而使其加速更快？

Bret, I was going to add just one afterthought on your CDS inquiry as well. I think it's fair to say that the CDS business is, by its nature, not as entirely durable at the insurance businesses, but I wouldn't describe it as transactional either, meaning we build deep and lasting relationships with the sellers participating at Copart, and we certainly have to engage with them on a regular basis to continue that flow of vehicles. But I wouldn't describe it as the kind of business that if you just turned away for a day, it would go away either. I wouldn't characterize it that way.

布雷特，我還想對你的 CDS 查詢補充一點。我認為可以公平地說，CDS 業務從本質上來說不像保險業務那樣完全持久，但我也不會將其描述為交易性的，這意味著我們與參與 Copart 的賣家建立了深厚而持久的關係，我們當然必須定期與他們接觸以維持車輛的流動。但我並不認為這種生意是只要你離開一天，它就會消失的。我不會如此描述它。

As to your second question about Germany, I wouldn't describe the consignment versus purchase approach as, per se, the bottleneck in our penetration growth in Germany. That remains those things we've tackled, I think, on prior discussions with you and others about the historical practices in Germany. Some regulatory matters. I think it's frankly more habit culture in historical practices than it is (inaudible) the regulatory burdens. But because that, the total loss market has emerged very differently in Germany. We have to overcome that institutional inertia. We have to overcome the habits of both the claims team as well as the marketing team, the legal teams, the tax teams. There's inertia to overcome.

至於您關於德國的第二個問題，我不會將寄售與購買的方式本身描述為我們在德國滲透成長的瓶頸。我認為，這些仍然是我們之前與您和其他人討論過的問題，關於德國的歷史實踐。一些監管事項。坦白說，我認為它更多的是歷史實踐中的習慣文化，而不是（聽不清楚）監管負擔。但正因為如此，德國的全損市場表現得非常不同。我們必須克服這種制度惰性。我們必須克服索賠團隊、行銷團隊、法律團隊和稅務團隊的習慣。需要克服的是慣性。

So the consignment question is it's a helpful fact for us is, it better aligns our interest with the insurance companies. We've talked about that in the past, too, that we always prefer to sell on a consignment basis because it meets the insurance carrier, and we are rooting for the same outcome as opposed to the very naturally adversarial relationship when we buy cars from them.

因此，寄售問題對我們來說是一個有益的事實，它更好地使我們的利益與保險公司的利益保持一致。我們過去也談過這個問題，我們總是傾向於以寄售的方式銷售，因為這樣符合保險公司的要求，而且我們也支持同樣的結果，而不是從他們那裡購買汽車時自然而然的對抗關係。

And we are in turn now moving to the highest possible price that we sell the vehicle for and they're rooting to the lowest possible price because they want to make sure that they hadn't foregone value that belong to that. So it's a good fact, but it's not, per se, the enabler in isolation.

而我們現在盡可能以最高的價格出售車輛，而他們卻堅持以最低的價格出售，因為他們想確保沒有放棄屬於該價格的價值。因此，這是一個很好的事實，但是，從本質上來說，它並不是孤立的推動因素。

Okay. Can I work in a half a question, follow-up to Craig's. On Purple Wave, is there an export market through that equipment or is it just too large to logistically sell to the buyers who would be buying transportation from you in Africa or Eastern Europe?

好的。我可以回答半個問題嗎，跟進 Craig 的問題。在 Purple Wave 上，該設備是否有出口市場，或者它是否太大而無法從物流角度出售給非洲或東歐購買運輸設備的買家？

There can be less so today than there is at Copart, meaningfully less so. But the equipment, for the same reason, is value, we have had some cross-border movement from Europe and Canada, what have you assumed. I wouldn't say the answer is no, but not yet to the same degree that the Copart auctions experience.

今天的情況可能比 Copart 的情況要少，而且是有意義的少。但出於同樣的原因，設備很有價值，我們有一些來自歐洲和加拿大的跨境流動，你怎麼看。我不會說答案是否定的，但目前還沒有達到 Copart 拍賣會所經歷的程度。

Thank you.

謝謝。

Jash Patwa, JPMorgan.

摩根大通的賈什·帕特瓦 (Jash Patwa)。

Hi, good evening. And thanks for taking my questions. I just wanted to start off with a question on the trends in service and purchased vehicles, gross profit margin. You had called out a favorable environment in U.K. as a driver of the transitory uplift in purchase margins. But it looks like in Q2, it was another strong quarter of purchased vehicle gross margins. Could you talk about the trends you're seeing in the market? Is this primarily a function of market dynamics, or has there been an increase in focus by the company to better capitalize on any market and efficiencies? And I have a follow-up.

嗨，晚上好。感謝您回答我的問題。我只是想先問一下有關服務和購買車輛的趨勢以及毛利率的問題。您曾指出，英國的良好環境是購買利潤率暫時上升的一個推動因素。但看起來第二季的購買車輛毛利率又表現強勁。您能談談您在市場上看到的趨勢嗎？這主要是市場動態的作用嗎，還是公司已經更關注如何更好地利用市場和效率？我還有一個後續問題。

Sure. The specific trend in terms of purchased vehicles gross margin is attributable, one, primarily to the transition of a top customer in Germany to a consignment model, but also just the contract structure for certain sellers in the UK that were previously using more of a purchase contract there also, they've also moved to a consignment model.

當然。購買車輛毛利率的具體趨勢主要歸因於德國頂級客戶向寄售模式的轉變，但也只是英國某些賣家的合同結構，他們以前在那裡更多地使用購買合同，他們也已經轉向寄售模式。

And then in addition to that, there is some benefit from a margin perspective, purely on vehicles that we purchase and sell through the auction from consumers. So it's a combination of factors. It's not just one.

除此之外，從利潤角度來看，我們還可以透過拍賣從消費者那裡購買和銷售的車輛獲得一些收益。這是多種因素共同作用的結果。不只一個。

I think in the broadest -- through the broadest lens, I would view vehicles that Copart sells on a purchase basis, there's the consumer business, which you know about. That's our Cash For Cars platform because we aren't yet a meaningful household name, the Cash for Cars business is a more straightforward way of selling cars on behalf of the consumers. We take all the risk we bought the cars from them.

我認為，從最廣泛的角度來看，我會以購買為基礎來看待 Copart 銷售的車輛，其中有消費者業務，正如您所知道的。這就是我們的「Cash for Cars」平台，因為我們還不是一個家喻戶曉的名字，所以「Cash for Cars」業務是一種代表消費者銷售汽車的更直接的方式。我們承擔從他們那裡購買汽車的所有風險。

Virtually, every other corner of Copart in which we are buying and selling cars, I would view that as a transitional step over time to a consignment model. It is proving to the seller that we generate returns. We'll be happy to share those results with them to show them that we're in fact making money on the cars, put us together and migrate to consignment models so that we can sit on the same side of the table together.

實際上，在 Copart 我們買賣汽車的每個角落，我都將其視為向寄售模式過渡的一步。這向賣家證明我們能產生回報。我們很樂意與他們分享這些結果，向他們展示我們確實在從汽車上賺錢，將我們整合在一起並遷移到寄售模式，這樣我們就可以坐在同一張桌子邊。

Understood. That's super helpful. Just as a follow-up, could you talk about the drivers of sequential downtick in G&A spend despite seasonally higher revenue? Would it be reasonable to view the Q2 run rate as a normalized run rate going forward or are there any material investments in the pipeline as we go to 2025? Thank you.

明白了。這非常有幫助。作為後續問題，您能否談談儘管季節性收入較高，但 G&A 支出連續下降的原因是什麼？將第二季的運作率視為未來的正常運作率是否合理，或者在我們邁向 2025 年時是否有任何重大投資計畫？謝謝。

Yeah. The G&A question is a good one. And I think we'll say the same thing in quarters that are heavier quarters than are light. I think you -- we should all look at multiple quarters of historical results to -- from which to assess any meaningful trends. We manage our costs very thoughtfully. We want to invest in the business to grow it. I wouldn't read into any given quarter. And that goes for CapEx and G&A and so forth.

是的。G&A 問題是一個好問題。我認為，在重的季度中我們會說同樣的話，而在輕的季度中我們會說同樣的話。我認為我們都應該查看多個季度的歷史結果，以便評估任何有意義的趨勢。我們非常周到地管理我們的成本。我們希望投資該業務，使其發展。我不會深入解讀任何一個面向。這適用於資本支出 (CapEx) 和一般及行政費用 (G&A) 等等。

We're not managing for the smoothness of our earnings, we manage to grow the enterprise profitably for the benefit of our customers and our shareholders long term. So the quarterly blips, there's some seasonality in the business [indirectly] and yard expenses, there's some variability in G&A for projects or what have you. And we undertake no efforts to smooth them whatsoever, right? So they are what they are, look to multiple quarters to draw any conclusions.

我們的管理目的並不是為了平穩獲利，而是為了使企業獲利成長，為我們的客戶和股東帶來長期利益。因此，季度波動、業務（間接地）和場地費用存在一些季節性，專案的 G&A 存在一些變化或其他情況。而我們沒有採取任何努力來平息它們，對嗎？所以它們就是它們，需要從多個方面來得出結論。

Thank you.

謝謝。

Thank you. Ladies and gentlemen, we've reached the end of the question-and-answer session. I would like to turn the call back to Jeff Liaw for closing remarks.

謝謝。女士們、先生們，問答環節已經結束。我想請 Jeff Liaw 作最後發言。

Great. Thanks, everybody, for joining us, and we'll talk to you next quarter.

偉大的。感謝大家的加入，我們將在下個季度繼續討論。

This concludes today's conference. You may disconnect your lines at this time. Enjoy the rest of your day.

今天的會議到此結束。現在您可以斷開您的線路。祝你剩餘的時光愉快。