America's CAR-MART Inc (CRMT) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the America's Car-Mart's first quarter fiscal 2025, results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加美國 Car-Mart 2025 財年第一季業績電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Vickie Judy, Chief Financial Officer of America's Car-Mart. Please go ahead.

我現在想把會議交給今天的發言人，美國 Car-Mart 的財務長 Vickie Judy。請繼續。

Good morning, and welcome to America's Car-Mart's first quarter fiscal year 2025, earnings call for the period ending July 31, 2024. Joining me today is Doug Campbell, our company's President and CEO.

早安，歡迎參加美國Car-Mart 2025 財年第一季、截至2024 年7 月31 日的財報電話會議。 )。

We've issued our earnings release earlier this morning and it is available on our website along with a slide detailing our cash-on-cash returns. We will post the transcript of our prepared remarks following this call and the Q&A session will be available through the webcast after the call.

我們今天早上早些時候發布了收益報告，可在我們的網站上查看該報告以及詳細說明我們的現金回報的幻燈片。我們將在本次電話會議後發布準備好的發言稿，並在電話會議後透過網路廣播進行問答環節。

During today's call, certain statements we make may be considered forward-looking and inherently involve risks and uncertainties that could cause actual results to differ materially from management's present view. These statements are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995.

在今天的電話會議中，我們所做的某些陳述可能被認為是前瞻性的，並且本質上涉及風險和不確定性，可能導致實際結果與管理層目前的觀點有重大差異。這些聲明是根據 1995 年《私人證券訴訟改革法案》的安全港條款作出的。

The company cannot guarantee the accuracy of any forecast or estimate, nor does it undertake any obligation to update such forward-looking statements. For more information, including important cautionary notes, please see Part 1 of the company's annual report on Form 10-K for the fiscal year ended April 30, 2024, and our current and quarterly reports furnished to or filed with the Securities and Exchange Commission on Forms 8-K and 10-Q.

該公司不能保證任何預測或估計的準確性，也不承擔更新此類前瞻性陳述的任何義務。有關更多信息，包括重要的警示說明，請參閱公司截至2024 年4 月30 日的財年10-K 表格年度報告的第1 部分，以及我們向美國證券交易委員會提供或提交的當前報告和季度報告形式 8-K 和 10-Q。

Doug will start us off with his thoughts on the business and strategies for this fiscal year.

道格將首先向我們介紹他對本財年業務和策略的想法。

Thank you, Vickie. And thank you everyone for your interest in America's Car-Mart, and for joining us to hear more about our first quarter results.

謝謝你，維琪。感謝大家對美國 Car-Mart 的關注，並感謝大家加入我們，以了解有關我們第一季業績的更多資訊。

As I mentioned in the earnings release, I'm pleased about the improvement in sales volume versus the prior year when viewed sequentially. If you recall, we were down almost 20% in the third quarter. We then finished down 13.6% in the fourth quarter and have closed the gap to be just under 10% now.

正如我在財報中提到的那樣，我對按順序查看銷量與上一年相比有所改善感到高興。如果你還記得的話，我們第三季的業績下降了近 20%。然後我們在第四季下跌了 13.6%，目前差距已縮小到略低於 10%。

We're pleased that website traffic increased both year-over-year and sequentially, indicating strong consumer demand. However, application volumes were slightly softer, contributing to the decline in sales. We believe that part of this decline is the need for more affordable vehicles.

我們很高興看到網站流量較去年同期成長，顯示消費者需求強勁。然而，申請量略有下降，導致銷售額下降。我們認為，這種下降的部分原因是對更便宜的車輛的需求。

We've been working hard to bring down the average retail price during the quarter. When viewed sequentially, we had a reduction of approximately $100 in the average retail price when you exclude ancillary products. Vehicle procurement prices are a good leading indicator for our average retail prices, and with the progress we've made during the quarter, we expect these benefits to both improve and continue.

我們一直在努力降低本季的平均零售價格。按順序查看時，如果排除輔助產品，我們的平均零售價降低了約 100 美元。車輛採購價格是我們平均零售價格的良好領先指標，隨著我們在本季度取得的進展，我們預計這些效益將會改善並持續下去。

Gross margin continues to be a positive story, up 30 basis points for the quarter. We remain very focused on gross margin improvement through pricing discipline, reduced transportation costs and lower vehicle repair costs.

毛利率仍然樂觀，本季成長了 30 個基點。我們仍然非常注重透過定價紀律、降低運輸成本和降低車輛維修成本來提高毛利率。

The biggest challenge for our industry, and for us, is ensuring we match inventory levels and pricing to the demand and the type of consumer we're seeing in the marketplace. We've taken several actions in the value chain to lower vehicle acquisition costs, which means we can pass those savings on to our consumers.

對於我們行業和我們來說，最大的挑戰是確保我們的庫存水準和定價與市場上的需求和消費者類型相符。我們在價值鏈中採取了多項行動來降低車輛購買成本，這意味著我們可以將這些節省的成本轉嫁給我們的消費者。

Our partnership with Cox Automotive is a key component in our plan to address affordability for consumers and improve gross profit margins for the company. Recall that this partnership is centrally managed, removing the day-to-day burden from our location managers to oversee the complete process for the disposal of our assets.

我們與考克斯汽車的合作是我們解決消費者負擔能力和提高公司毛利率的計劃的關鍵組成部分。請記住，這種合作關係是集中管理的，消除了我們的地點經理監督資產處置整個過程的日常負擔。

We've been optimizing agreements with vehicle repair shops and consolidating suppliers to lower acquisition and transportation costs. We've set new expectations for vehicle quality, especially with preferred vendors, and continue to consolidate vehicle vendors. The vendor consolidation process is also improving title flow, which speeds up the time in getting inventory to the sales lot and then displayed online.

我們一直在優化與汽車維修廠的協議並整合供應商，以降低採購和運輸成本。我們對車輛品質設定了新的期望，特別是對首選供應商的期望，並繼續整合車輛供應商。供應商整合流程還改善了所有權流程，從而加快了將庫存運送到銷售批次並在線上顯示的時間。

For example, in fiscal year '23, we purchased an average of 10 vehicles from close to 400 vendors monthly. In fiscal year '24, we dropped that to roughly 270 vendors. And this year, we plan to bring that down to under 200 vendors. While we still need local relationships in many markets that we operate, the partnership with Cox Automotive is giving us additional options.

例如，在 23 財年，我們平均每月從近 400 家供應商購買 10 輛汽車。在 24 財年，我們將供應商數量減少到約 270 家。今年，我們計劃將供應商數量減少到 200 家以下。雖然我們仍然需要我們經營的許多市場的本地關係，但與考克斯汽車的合作夥伴關係為我們提供了更多選擇。

Like any transition, the onboarding process of a new partner for our business operations is not without its challenges; however, we believe those are mainly behind us now as it relates to procurement and remarketing vehicles.

與任何過渡一樣，我們業務運營的新合作夥伴的入職過程也並非沒有挑戰。然而，我們認為這些現在主要已經過去了，因為它涉及採購和再行銷車輛。

I'll switch now to the customer-facing aspects of our business. The LOS is fully in place at 147 of our 156 dealerships. The remaining nine dealerships, which were acquired, are still in their earn-out period or have yet to be integrated.

我現在將轉向我們業務中面向客戶的方面。我們 156 家經銷商中有 147 家已全面實施 LOS。被收購的其餘九家經銷商仍處於獲利期或尚未整合。

As of July 31, almost 40% of our total portfolio dollars originated within the LOS. The speed at accomplishing sales and financing process is at least one hour faster for each customer. Because more of these sales are starting online, it allows for a better overall customer experience, and we're pleased to see this kind of adoption, and it gives us additional data on consumer preferences and the prequalification trends we're seeing.

截至 7 月 31 日，我們投資組合總額的近 40% 源自 LOS。每位客戶完成銷售和融資流程的速度至少快一小時。由於更多的銷售是從網上開始的，因此可以提供更好的整體客戶體驗，我們很高興看到這種採用，並且它為我們提供了有關消費者偏好和我們所看到的資格預審趨勢的更多數據。

The benefits from LOS that we discussed last quarter, which include curtailing originating terms, generating better deal structures, and ultimately improving loss rates, continue to build momentum. Deals originated through the loan origination system versus our legacy system have a lower frequency and severity of loss, thus producing a lower overall cumulative net loss rate than loans originated during the same period.

我們在上季討論的 LOS 帶來的好處，包括減少原始條款、產生更好的交易結構以及最終改善損失率，繼續形成勢頭。與我們的遺留系統相比，透過貸款發放系統發起的交易的損失頻率和嚴重程度較低，因此產生的總體累積淨損失率低於同期貸款發起的交易。

This improvement is also very much in contrast with our back book of originations, which are now approximately 33% of our portfolio when looking at overall dollars from fiscal year '21, through fiscal year '23. I'll let Vickie get into more detail here in a moment on that.

這項改善也與我們的原始帳簿形成鮮明對比，從 21 財年到 23 財年的總美元來看，原始帳簿目前約占我們投資組合的 33%。稍後我將讓 Vickie 對此進行更詳細的介紹。

We're moving quickly to reshape our future without changing our core mission: keep customers on the road. Our initiatives are strengthening Car-Mart's competitive position, enhancing our ability to innovate, and increasing operational efficiency.

我們正在迅速行動，重塑我們的未來，同時不改變我們的核心使命：讓客戶繼續前進。我們的措施是加強 Car-Mart 的競爭地位、提高創新能力並提高營運效率。

I reported last quarter on the implementation of additional multi-year tech investments in our business, specifically an enterprise resource planning system, or ERP. This was a significant multi-year investment and it's weighing on our operating expense line.

上季我報告了我們業務中額外多年技術投資的實施情況，特別是企業資源規劃系統（ERP）。這是一項重大的多年投資，對我們的營運支出造成了壓力。

The benefits of this ERP conversion are designed to improve efficiency and operational flexibility within finance, accounting, and customer management functions, and provide capacity for growth. We went live on the system on May 1, and are confident that we can help provide leverage in SG&A.

此 ERP 轉換的好處旨在提高財務、會計和客戶管理職能的效率和營運靈活性，並提供成長能力。我們於 5 月 1 日上線了該系統，並且有信心幫助提供 SG&A 槓桿。

We also completed several important enhancements to our CRM during the quarter which are designed to assist us in credit application conversion. A better customer experience will drive higher conversions to sales.

我們也在本季完成了 CRM 的多項重要增強，旨在幫助我們進行信貸申請轉換。更好的客戶體驗將推動更高的銷售轉換。

We're very pleased with the recent addition of the two dealerships at Texas Auto Center, which delivered strong results as expected in the quarter, including a record month in July. We have ambitious plans to grow America's Car-Mart and become a more dominant company in our segment. This is evident in the turnaround we're beginning to see. Our teams will be a key component of our success.

我們對德州汽車中心最近新增的兩家經銷商感到非常滿意，這兩家經銷商在本季度取得了符合預期的強勁業績，其中 7 月創下了創紀錄的成績。我們有雄心勃勃的計劃，要發展美國的 Car-Mart，並成為我們細分市場中更具主導地位的公司。這在我們開始看到的轉變中顯而易見。我們的團隊將是我們成功的關鍵組成部分。

I'll now turn the discussion over to Vickie for more details on our financials. Vickie?

我現在將討論轉給 Vickie，以了解有關我們財務狀況的更多詳細資訊。維琪？

Thanks, Doug, and good morning, everyone. In my commentary, the comparison that I will cover will be the first quarter of fiscal 2025, versus the first quarter of fiscal 2024, unless otherwise noted.

謝謝，道格，大家早安。在我的評論中，除非另有說明，我將討論 2025 財年第一季與 2024 財年第一季的比較。

Total revenues decreased $19 million, or 5.2%, largely due to a decline in retail units sold. Interest income increased by 7.2%, primarily due to the increase in the consumer contract interest rate to 18.25%, which was increased from 18% in December of 2023. The weighted average interest rate was 17.4% at July 31, 2024, compared to 17% (inaudible) '23.

總收入減少 1,900 萬美元，即 5.2%，主要是由於零售銷售下降。利息收入成長7.2%，主要是由於消費合約利率由2023年12月的18%提高至18.25%。為17.4%。

As Doug pointed out earlier, our priority in both sourcing and sales is on vehicle affordability, as our customers are persistently squeezed by several economic factors affecting their paychecks.

正如道格之前指出的那樣，我們在採購和銷售方面的首要任務是車輛的承受能力，因為我們的客戶持續受到影響其工資的多種經濟因素的擠壓。

Average units sold per dealership per month were down from 34.2 to 30.9, or 9.6%. The average retail sales price was up 2.4%, primarily attributable to increases in ancillary products. We continue to balance the appropriate underwriting risk with sales volumes and have limited originations at a select number of dealerships to focus on collections and originating only the highest credit scoring applicants. This has contributed to lower productivity on average.

每個經銷商每月的平均銷售量從 34.2 輛下降到 30.9 輛，即 9.6%。平均零售價格上漲2.4%，主要是因為配套產品的成長。我們繼續平衡適當的承保風險與銷售量，並在選定數量的經銷商處進行有限的發放，以專注於收款並僅向信用評分最高的申請人發放。這導致平均生產力下降。

Earlier, Doug explained that the back book of originations from fiscal '21, through fiscal '23, accounts for 33% of the portfolio, and that 40% of the portfolio originated through our new underwriting system. We're pleased with the benefits we're seeing on downpayments and deal structures.

早些時候，Doug 解釋說，從 21 財年到 23 財年的背書，佔投資組合的 33%，而投資組合的 40% 源自我們新的承保系統。我們對在首付和交易結構方面看到的好處感到滿意。

Downpayments for the quarter were up 20 basis points to 5.2%. While this is not an enormous increase overall, the distribution of the downpayment by customer score is improved and is expected to be significant in terms of customer success. This also builds on last quarter's sequential increase of 40 basis points on downpayments.

該季度的首付增加了 20 個基點，達到 5.2%。雖然總體上這並不是一個巨大的增長，但按客戶評分分配首付的情況有所改善，預計對客戶成功而言將具有重大意義。這也是建立在上個季度首付連續增加 40 個基點的基礎上的。

Our average originating term was 44.3 months, down from the prior-year's quarter average of 44.7 months. Like the downpayment, we continue to fine-tune and optimize the distribution of the term by customer score.

我們的平均初始期限為 44.3 個月，低於去年同期的平均 44.7 個月。與首付一樣，我們繼續根據客戶評分微調和優化期限的分配。

At the end of the quarter, the weighted average total contract term for the portfolio is 48.1 months. The weighted average age is 12 months, or up 16%. This should have positive impacts on the portfolio losses going forward and has contributed positively to the increased collections per active customer.

截至本季末，投資組合的加權平均總合約期限為 48.1 個月。加權平均年齡為 12 個月，上升 16%。這應該會對未來的投資組合損失產生積極影響，並為增加每個活躍客戶的收款做出積極貢獻。

Our management and dealer teams have worked hard to improve total collections, which increased 4.3% over last year. The monthly average total collected per active customer rose to $562 from $535. More customers are paying via digital channels, but it is valuable to leverage our hybrid approach because the local face-to-face relationship is a difference maker when they need contract modifications or assistance.

我們的管理和經銷商團隊努力提高總收藏量，比去年增加了 4.3%。每位活躍客戶每月平均收取的總金額從 535 美元增加到 562 美元。越來越多的客戶透過數位管道付款，但利用我們的混合方法很有價值，因為當他們需要合約修改或幫助時，當地面對面的關係是一個重要因素。

Net charge-offs as a percentage of average finance receivables for the quarter were 6.4% compared to 5.8%. We experienced an increase in both the frequency and severity of losses, with severity accounting for approximately 65% of the increase.

淨沖銷佔本季平均財務應收帳款的百分比為 6.4%，而上一季為 5.8%。我們經歷了損失頻率和嚴重程度的增加，其中嚴重程度約佔增加的 65%。

The majority of this increase continues to be from the back book of the fiscal year '22, and '23, originations. These originations now have a weighted average age of approximately 22 months at the end of July and are expected to have less of an impact on net charge-offs as we move forward. The net charge-off percentage is trending back to pre-pandemic averages and is closer to the low end of our historical range of 5.9% to 8.7%.

這一增長的大部分仍然來自 22 財年和 23 財年的帳簿。截至 7 月底，這些起源的加權平均年齡約為 22 個月，隨著我們的進展，預計對淨沖銷的影響將較小。淨沖銷百分比正趨向於回到大流行前的平均水平，並接近我們歷史範圍 5.9% 至 8.7% 的低端。

Our priority is customer success and to work with them to resolve payment delinquencies before repossessing the vehicle. We're pleased that our delinquencies, or accounts over 30 days past due, dropped 90 basis points to 3.5% at quarter-end, and our recency was over 82% for the quarter.

我們的首要任務是客戶的成功，並在收回車輛之前與他們合作解決付款拖欠問題。我們很高興看到季度末我們的拖欠率或逾期超過 30 天的帳戶下降了 90 個基點至 3.5%，本季的新近率超過 82%。

The results we're seeing from our LOS originations were the primary driver in a 30 basis points improvement in our allowance for credit losses as a percentage of finance receivables, net of deferred revenue and accident protection plan claims. This puts the allowance at 25% at quarter-end, which resulted in a $4.3 million reduction in the provision for credit losses.

我們從 LOS 起源中看到的結果是我們的信用損失準備金佔財務應收帳款（扣除遞延收入和事故保護計劃索賠後的百分比）提高了 30 個基點的主要推動力。這使得季末備抵率為 25%，從而導致信貸損失準備金減少 430 萬美元。

Inventory levels at quarter-end were up $7.1 million compared to fiscal year-end, primarily due to the addition of our most recent acquisition, which added approximately $5.1 million to the inventory balance. Despite this addition, we reduced inventory by $2.6 million compared to the prior-year quarter-end.

與財年末相比，季度末的庫存水準增加了 710 萬美元，這主要是由於我們最近的收購增加了庫存餘額約 510 萬美元。儘管如此，與去年季度末相比，我們的庫存還是減少了 260 萬美元。

We've been sharing our cash-on-cash returns profile during this past fiscal year and are pleased that our originated contracts in the first quarter are expected to produce cash-on-cash returns of 72.4%. The supplemental material to the earnings release reflects our history of earning strong cash-on-cash returns in various market and macro-economic conditions. We're very focused on the quality of originations and deal structures to maximize these returns and profitability.

我們一直在分享我們在上一財年的現金回報率概況，並且很高興我們第一季的原始合約預計將產生 72.4% 的現金回報率。收益發布的補充資料反映了我們在各種市場和宏觀經濟條件下賺取強勁現金回報的歷史。我們非常關注起源和交易結構的質量，以最大限度地提高回報和獲利能力。

Moving to SG&A. SG&A expense was $46.7 million. This was a slight increase compared to last year's first quarter. As mentioned in the release, we had over $2 million in savings in payroll and related costs due to prior cost-cutting measures.

轉向 SG&A。 SG&A 費用為 4,670 萬美元。與去年第一季相比略有成長。正如新聞稿中所提到的，由於先前的成本削減措施，我們在工資和相關成本方面節省了超過 200 萬美元。

This was offset by increases in the licensing and expenses related to our technology implementations, along with the increased SG&A related to the acquisitions, which created some headwind in leveraging the SG&A on a per customer basis.

這被與我們的技術實施相關的許可和費用的增加以及與收購相關的SG&A增加所抵消，這在利用每個客戶的SG&A方面帶來了一些阻力。

As we move forward and gain efficiency from the new technology and build the customer base associated with the acquisitions, we expect to leverage the SG&A on a per customer account basis over the long term. We continue to focus on driving cost efficiencies and continue to execute on cost control measures.

隨著我們不斷前進並從新技術中獲得效率並建立與收購相關的客戶群，我們預計從長遠來看，將在每個客戶帳戶的基礎上利用SG&A。我們繼續專注於提高成本效率並繼續執行成本控制措施。

Interest expense increased by $4 million, or 28.3%, due to a rise in rates and secondarily an increase in debt. Our revolving credit facility and warehouse notes payable are floating rate debt, and we would benefit from lower rates if the prevailing thoughts on interest rate cuts come to fruition.

由於利率上升以及債務增加，利息支出增加了 400 萬美元，即 28.3%。我們的循環信貸安排和應付倉庫票據是浮動利率債務，如果降息的普遍想法成為現實，我們將從較低的利率中受益。

As of July 31, we have $4.7 million in unrestricted cash and approximately $33 million in additional availability under our revolving credit facilities calculated on our borrowing base of receivables and inventory. Access to capital, with our revolving credit facility and a successful securitization program, give us flexibility and a distinct advantage over many of our smaller competitors.

截至 7 月 31 日，我們擁有 470 萬美元的非限制性現金，以及根據我們的應收帳款和庫存借款基礎計算的循環信貸額度下約 3,300 萬美元的額外可用資金。憑藉我們的循環信貸額度和成功的證券化計劃，獲得資本為我們帶來了靈活性，並比許多規模較小的競爭對手具有明顯的優勢。

Now, let me turn things back to Doug.

現在，讓我把事情轉回道格身上。

Thanks, Vickie. We know that the economy is challenging for consumers, and we're undertaking many operational initiatives to improve certain aspects of our business. I'm proud of our associate value proposition and the dedication of our teams. Before we start the open Q&A, I'd like to reiterate our focus for the fiscal year:

謝謝，維琪。我們知道經濟狀況對消費者來說充滿挑戰，我們正在採取許多營運措施來改善我們業務的某些方面。我為我們員工的價值主張和團隊的奉獻精神感到自豪。在我們開始公開問答之前，我想先重申我們本財年的重點：

First, we want to continue to push for operational excellence on sales and collections as we leverage the technology recently installed and updated. This includes constantly looking at the return on invested capital at our stores and ensuring that we are focused on getting the best returns possible for our shareholders.

首先，我們希望利用最近安裝和更新的技術，繼續推動銷售和收款的卓越營運。這包括不斷關注我們商店的投資資本回報率，並確保我們專注於為股東獲得盡可能最佳的回報。

Two, to improve the affordability for our consumers by reducing the average retail price during the fiscal year. There are several components to this plan, but we're well under way and will continue to see benefits here.

第二，透過降低本財年的平均零售價格來提高消費者的負擔能力。該計劃有幾個組成部分，但我們進展順利，並將繼續看到這裡的好處。

Three, the continued optimization of our loan origination system. We're seeing its benefits, and I believe we're just scratching the surface. Our credit and underwriting teams are working to fully exploit the benefits of this system.

第三是貸款發放體系持續優化。我們已經看到了它的好處，而且我相信我們只是觸及了表面。我們的信貸和核保團隊正在努力充分利用該系統的優勢。

Four, to capitalize on our partnership with Cox Automotive. I believe this to be a long-term partnership, and we are just getting out of the gates. I'm excited about the benefits for our shareholders and collective companies here.

第四，利用我們與考克斯汽車公司的合作關係。我相信這是一種長期的合作關係，而且我們才剛走出大門。我對這裡為我們的股東和集體公司帶來的好處感到興奮。

Five, is to implement our strategic plan and focus on acquisitions. We're actively in the market looking at opportunities and believe this is still the best return for our shareholders.

五是落實策略部署，聚焦收購。我們正在市場上積極尋找機會，並相信這仍然是我們股東的最佳回報。

I'd be remiss if I didn't mention just how important people are to our success, both existing talent and new talent that will round out our leadership team.

如果我沒有提到人才對我們的成功有多重要，那就是我的失職，無論是現有人才還是將充實我們領導團隊的新人才。

Now, operator, please provide instructions to ask questions.

現在，操作員，請提供提問說明。

(Operator Instructions)

（操作員說明）

Operator, this is Vickie. We've gotten a couple of questions in from buy-side investors that I'd like to take.

接線員，我是維琪。我們收到了買方投資者提出的幾個問題，我想回答一下。

Please proceed.

請繼續。

The first one says, "Can you explain the headwind in SG&A that's coming from your acquisitions?"

第一個說：“您能解釋一下收購帶來的銷售管理、管理費用（SG&A）方面的不利因素嗎？”

Doug, I'll take this one. First of all, as we acquire these, day one, we acquire their SG&A, of course, with all of their dealership costs, their associates, but we're not acquiring their portfolio of customers. So, we're starting with the cost and no portfolio to go along with it. This last one we did with TAC was a little more impactful due to the size and we have visibility into leverage once this book is built out.

道格，我要這個。首先，當我們收購這些公司的第一天，我們收購了他們的銷售管理費用（SG&A），當然還有他們所有的經銷成本、他們的員工，但我們並不是收購他們的客戶組合。因此，我們從成本開始，但沒有相應的投資組合。我們與 TAC 合作的最後一項由於其規模而更具影響力，一旦本書完成，我們就可以了解槓桿作用。

The second question is regarding the back book. It says, "You've mentioned the back book and LOS origination several times. Can you explain how you think about the portfolio and how it sits today?"

第二個問題是關於背書的。它說：“您多次提到了背書和 LOS 的起源。您能解釋一下您如何看待該投資組合以及它今天的情況嗎？”

Doug, I'll let you take that one.

道格，我讓你拿走那個。

Okay. Good morning, everybody. I think if I had to break it up, I think if you go back to the second quarter of last year, we noted the back book. I don't think we used the words back book, but we spoke in detail about the losses that we were seeing from some of the pools originated in fiscal years '21, '22 and '23, and the effects on those and the severity that they had on the portfolio, and then the overall current environment, which was driving a frequency of loss at that time.

好的。大家早安。我想如果我必須把它分解，我想如果你回到去年第二季度，我們注意到了後面的書。我認為我們沒有使用「回帳」這個詞，但我們詳細討論了我們從 21、22 和 23 財年的一些資金池中看到的損失，以及對這些損失的影響和嚴重程度他們在投資組合上的投資，然後是當前的整體環境，這導致了當時的損失頻率。

And so we still see that, but to a lesser effect. Back then, those loans represented greater than 50% of the portfolio. Today, as we sit, they're less than 33% of the portfolio. And so, as time goes on, they represent a smaller and smaller portion of the book. And so, that's a really positive story.

所以我們仍然看到這種情況，但影響較小。當時，這些貸款佔投資組合的 50% 以上。今天，當我們坐下來時，它們只佔投資組合的不到 33%。因此，隨著時間的推移，它們在書中所佔的比例越來越小。所以，這是一個非常積極的故事。

And at the time, in the second quarter of last year, our LOS only accounted for about 10% of the portfolio. Today, that's about 40% of the portfolio. So I'd like to sort of like look at those two chunks of businesses, call it the 73% of the book.

而當時，去年第二季度，我們的LOS只佔投資組合的10%左右。如今，這約佔投資組合的 40%。所以我想看看這兩個業務區塊，稱之為本書的 73%。

The remaining portion of the book is really fiscal year '24, originations. And so, those have a really interesting story, because they're a combination of originations out of our legacy system and a combination of LOS originations towards the end of the year.

本書的其餘部分實際上是 24 財年的起源。所以，這些有一個非常有趣的故事，因為它們是我們遺留系統的起源和年底的 LOS 起源的組合。

What was interesting about fiscal year '24, is we had started tightening our underwriting standards at that time on our legacy system. And so the original projections for those, if you go back four quarters ago, they had cash-on-cash returns projected at 59%, the subsequent quarter produced projections at 61.3%, then 62.9%, and the most recent projection is now at 64.4%. So we continue to see favorability in that remainder of the 27% of the portfolio.

24 財年的有趣之處在於，我們當時開始收緊遺留系統的承保標準。因此，如果你回顧四個季度前，這些公司的最初預測是，他們的現金回報率預計為 59%，下一季的預測為 61.3%，然後是 62.9%，最近的預測是64.4%。因此，我們繼續看到投資組合中 27% 的剩餘部分受到青睞。

So I'd like to sort of think about fiscal year '24, and fiscal year '25, as sort of being really positive and a return to the norm. And the fiscal year '21, through '23, which accounts for just a third, as sort of the back book and a much lesser extent. And as we move forward here into the next quarter, we project those will account for an even smaller portion and LOS will account for greater than half of the portfolio. And we see those showing up both in the cash-on-cash returns and the favorability that we get in the provision adjustment.

因此，我想將 24 財年和 25 財年視為真正積極的、回歸常態的。而從 21 財年到 23 財年，僅佔三分之一，相當於背書，範圍也小得多。當我們進入下一個季度時，我們預計這些將佔投資組合的較小部分，而 LOS 將佔投資組合的一半以上。我們看到這些都體現在現金回報率和準備金調整中。

Now, I guess, I'll turn it back over to the operator to see if there's any more live questions.

現在，我想，我會將其轉回給接線員，看看是否還有其他即時問題。

John Hecht, Jefferies.

約翰‧赫克特，傑弗里斯。

Hey, guys. Thanks very much. Good to meet you, Doug, and Vickie, good to chat. So appreciate you guys taking my questions and all the details on the call.

嘿，夥計們。非常感謝。很高興見到你們，道格和維姬，很高興聊天。感謝你們在電話中回答我的問題和所有細節。

I have a couple of questions. Number one is, you guys cited affordability as a key factor in the business now. And I think we've heard that elsewhere in the market too. And you guys have implemented a lot of strategies to reduce the cost, the cost of car acquisition and refurbishment and so forth.

我有幾個問題。第一是，你們現在將負擔能力視為業務的關鍵因素。我想我們在市場的其他地方也聽說過這種情況。你們已經實施了很多策略來降低成本，汽車購買和翻新的成本等等。

I'm wondering how much can that help affordability, just in things you can execute. And then, the second question that would be related to that is, what do you guys expect with used car prices and how might that impact the affordability issue?

我想知道這對負擔能力有多大幫助，就你可以執行的事情而言。然後，與此相關的第二個問題是，你們對二手車價格有何期望？

Yeah, great question. Good to be with you, John. So, if I think about the affordability, we sort of started sketching out our fiscal year '25, business plan and affordability being a key component sort of last year December, January, and the actions that we would take to sort of accelerate that.

是的，很好的問題。很高興和你在一起，約翰。因此，如果我考慮負擔能力，我們就開始勾勒我們的 25 財年，商業計劃和負擔能力是去年 12 月、1 月的關鍵組成部分，以及我們將採取的加速行動。

One of those things is the Cox partnership on how we could repurchase some of the vehicles that are entering the marketplace, have Cox do those repairs and then produce units on our front lines that are going to help drive down the overall average in price.

其中之一是考克斯的合作關係，我們如何回購一些進入市場的車輛，讓考克斯進行這些維修，然後在我們的前線生產單位，這將有助於降低整體平均價格。

The affordability, why we sort of believe in that thesis that that's a bigger component and the biggest driver is that also we see that in the applicant side of the business. So when we look at credit applicants, we've seen some softness in both the applicant income.

負擔能力，為什麼我們相信這是一個更大的組成部分和最大的驅動力，因為我們也在業務的申請人方面看到了這一點。因此，當我們觀察信貸申請人時，我們發現申請人的收入都有些疲軟。

And so, we want to address that we're trying to target getting where we have our loan origination system set and the PTI thresholds match to vehicles that would fit the consumers that are applying to us. And it's a moving target.

因此，我們想要解決的問題是，我們正在努力實現貸款發放系統設定的目標，並且 PTI 閾值與適合向我們申請的消費者的車輛相符。這是一個移動的目標。

And we do believe that they'll continue to be softest in the back half of the year in terms of pricing. August is sort of a little bit of a stalling, and I think that's a combination of a couple of different things, from the CDK outage and having dealers sort of pullback and get back in the market that it's creating a little bit of a blip on the radar, but we do believe that prices will continue to fall at a normalized rate for the balance of the year, John.

我們確實相信，今年下半年它們的定價將繼續保持最疲軟。八月有點停滯，我認為這是幾個不同因素的結合，從 CDK 中斷到經銷商有所撤退並重返市場，這對市場造成了一點影響。以正常速度下降，約翰。

Great. That's very helpful. Thank you. And then, on credit, Vickie, I think you mentioned that you guys can identify a 30 basis points improvement tied to the LOS system. How much of the portfolio is that touching? Is there more to go on that perspective of executing better credit?

偉大的。這非常有幫助。謝謝。然後，順便說一句，Vickie，我想你提到你們可以確定與 LOS 系統相關的 30 個基點的改進。投資組合中有多少內容是令人感動的？從執行更好的信貸的角度來看，還有更多的事情要做嗎？

Yeah, there's certainly more room there. So, as of the end of July, 40% of our portfolio had been originated on LOS and all of our dealerships except for nine of our acquisition lots are being originated -- their deals are being originated on our new system. So that's going to continue to have positive impacts and grow as we move forward each month.

是的，那裡肯定還有更多空間。因此，截至 7 月底，我們的投資組合中有 40% 源自 LOS，並且除了我們的 9 個收購批次之外，我們所有的經銷商都源自——他們的交易源自於我們的新系統。因此，隨著我們每個月的進步，這將繼續產生積極的影響並不斷增長。

Yeah. I'd add Vickie one other thing, the -- that 30 basis points benefit, the result of that being the LOS, it's a combination of different factors, right, both qualitative and quantitative in that CECL analysis that are driving that, and the LOS had a more positive effect in that, but the net effect was the 30 basis points. And so, absent other factors, the increase would have been larger, but it's not how it works. We have to sort of look at all the factors there, but I hope that helps add some color to that as well.

是的。我想補充 Vickie 的另一件事，即 30 個基點的好處，其結果是 LOS，它是不同因素的組合，對吧，CECL 分析中的定性和定量因素推動了這一點，並且LOS 在這方面有較正面的影響，但淨效應是30 個基點。因此，如果沒有其他因素，增幅會更大，但事實並非如此。我們必須考慮那裡的所有因素，但我希望這也有助於為其增添一些色彩。

Thank you very much. And my final question is just sort of on the competitive market, I mean, we've heard that a lot of the kind of smaller channels or smaller networks have been having tough times getting financing. So I'm wondering if that's impacting kind of the competitive environment at all. Similarly, is there more acquisition opportunities because of some of the stress in the market?

非常感謝。我的最後一個問題是關於競爭市場的，我的意思是，我們聽說很多較小的管道或較小的網路在獲得融資方面都遇到了困難。所以我想知道這是否會影響競爭環境。同樣，是否因為市場的一些壓力而有更多的收購機會？

Yeah, we continue to see that stress out there with some of the smaller competitors where they're just holding less inventory or financing less because of their ability to access credit. So that's certainly playing a role in this market.

是的，我們繼續看到一些規模較小的競爭對手面臨壓力，他們只是因為獲得信貸的能力而持有較少的庫存或減少融資。所以這肯定在這個市場中發揮作用。

And yeah, we have visibility to several acquisition opportunities. We always want to ensure that we're able to integrate them and digest them at the appropriate method and not disrupt their business and that they're going to fit in well culturally with us and be accretive on day one.

是的，我們看到了一些收購機會。我們始終希望確保能夠以適當的方式整合他們並消化他們，而不是擾亂他們的業務，並且他們將在文化上與我們很好地契合，並在第一天就實現增值。

But we do have visibility into several -- fitting into our footprint is important as well so that we can ensure that we can service them and take care of them, but we continue to analyze those.

但我們確實了解一些——適應我們的足跡也很重要，這樣我們就可以確保我們能夠為他們提供服務並照顧他們，但我們會繼續分析這些。

Wonderful, guys. Thank you so much.

太棒了，夥計們。太感謝了。

(Operator Instructions) Vincent Caintic, BTIG.

（操作員說明）Vincent Caintic，BTIG。

Hi, good morning. Thanks for taking my questions. First question is kind of a maybe broad industry question, but, on the affordability point, is there a price or sort of like how much does used car prices have to come down in order to get the demand to show up? We've talked about affordability for a while.

嗨，早安。感謝您回答我的問題。第一個問題可能是一個廣泛的行業問題，但是，就負擔能力而言，是否有一個價格或類似二手車價格必須下降多少才能使需求出現？我們已經談論負擔能力有一段時間了。

So I'm just trying to get a sense for what's maybe the limiting factor or how much prices have to come down for the demand to really ramp back up again. And then, the visibility on your sales volume. So we have been seeing quarterly improvements in the year-over-year trajectory, but just wondering if you have that visibility into when we can expect growth again. Thanks.

因此，我只是想了解什麼可能是限制因素，或者價格必須下降多少才能使需求真正回升。然後，銷售量的可見度。因此，我們已經看到同比軌蹟的季度改善，但只是想知道您是否了解我們何時可以再次實現成長。謝謝。

Vickie, I'll take that one.

維琪，我要那個。

Okay.

好的。

Good morning, Vincent. How are you doing? So in terms of visibility into sales, there's like -there's a ton there. We look at website traffic as a leading indicator. And so we feel really confident about that. We have probably five or six months in a row now where website traffic is in excess of 25% growth year-over-year. And so that's certainly a leading indicator that expresses demand for the service in our offering.

早上好，文森。你好嗎？因此，就銷售可見性而言，有很多。我們將網站流量視為領先指標。所以我們對此非常有信心。我們現在可能已經連續五、六個月網站流量年增超過 25%。因此，這無疑是一個領先指標，表明了對我們產品中的服務的需求。

And we've seen credit applications sort of dovetail into that, but not the same level of strength. And those continue to bubble around a little bit. We see stronger online applications and then weaker applications at the lot level. In the aggregate, the total application volume might be 5% or 8% off year-over-year.

我們已經看到信貸申請與此相吻合，但力度卻不盡相同。這些還在繼續冒泡。我們看到線上申請更強，然後批量申請更弱。總體而言，總申請量可能比去年同期減少 5% 或 8%。

From the sales side, we continue to convert at a better rate on those applications. And so we're really pleased with that, but we'd like to see conversion stronger. And when we look at website activity and analytics around that, a lot of this is -- you can see the customer searching for vehicles and clicking through vehicles, and we might not just have the right vehicles to serve them. And so that sort of ties into our thesis on affordability.

從銷售方面來看，我們繼續以更高的速度轉換這些應用程式。因此，我們對此感到非常滿意，但我們希望看到更強勁的轉換。當我們查看網站活動和相關分析時，您可以看到客戶搜尋車輛並點擊車輛，而我們可能不僅僅擁有合適的車輛來為他們提供服務。因此，這與我們關於負擔能力的論文有關。

For us, given where we see application volumes, if we could take out $500 to $800 out of the procurement costs of the vehicle, that would put us in a really good spot and increase our addressable market. And so that's sort of what we're really focused on and thinking how quickly can we get that done in the balance of the calendar year. That is sort of like really where the teams are pushing hard and focused on.

對我們來說，考慮到我們所看到的應用量，如果我們能夠從車輛的採購成本中節省 500 至 800 美元，這將使我們處於一個非常有利的位置，並增加我們的潛在市場。因此，這就是我們真正關注的問題，並思考我們如何在日曆年的剩餘時間裡完成這項工作。這有點像是團隊正在努力推動和專注的地方。

We started to see some of that price benefit show up here in the quarter when you look at just price by itself. Keep in mind, our average retail selling price are a combination of both our ancillary products and the sales price of the vehicle. So we were able to take $100 out. And from a procurement standpoint, we should be able to see more benefits here in the upcoming quarters as well.

當你只看價格本身時，我們開始看到一些價格優勢在本季顯現出來。請記住，我們的平均零售價是我們的輔助產品和車輛銷售價格的組合。這樣我們就可以取出100美元了。從採購的角度來看，我們應該能夠在接下來的幾季看到更多的好處。

Aside from that, when -- I guess it's sort of -- Vincent, if I'm new and I'm looking at this, the sales volume piece is a really tough question to answer in terms of like what does normal look like and how do we get back there.

除此之外，當——我想這有點——文森特，如果我是新人並且我正在研究這個，那麼銷量部分是一個非常難以回答的問題，就像正常情況是什麼樣子以及我們如何回到那裡。

I don't think we've spoken as much on it, but like we've talked about performance managing locations. And to us, that's the restriction of capital when we see losses trending up and we get really sensitive about around that because we want to get the best return on invested capital.

我認為我們對此談得不多，但就像我們談論過績效管理地點一樣。對我們來說，當我們看到損失呈上升趨勢時，這就是資本的限制，我們對此非常敏感，因為我們希望獲得最佳的投資資本回報。

And so, we have -- if I look back at fiscal year '24, we had a 9% or 10% disconnect on sales from a year-over-year standpoint, Vickie, if I'm remembering correctly, a third of that was due to us performance managing locations and restricting capital.

因此，如果我回顧 24 財年，我們的銷售額與去年同期相比有 9% 或 10% 的脫節，Vickie，如果我沒記錯的話，其中三分之一這是由於美國績效管理地點和限制資本造成的。

So call that, that's probably somewhere just north of 2,000 units just from us performance managing locations. And so when you're looking at this sort of year-over-year comparison, it's both a combination of what we see in the marketplace and actions we're taking internally to restrict capital to our highest performing stores. And I think that's the best thing for our shareholders and for us.

這麼說吧，我們的績效管理地點可能有 2,000 個單位以上。因此，當您查看這種同比比較時，它既是我們在市場上看到的情況，也是我們內部採取的限制資本流向表現最好的商店的行動的結合。我認為這對我們的股東和我們來說都是最好的事情。

And then, of course, if you layer in the fact that we've been more selective on the underwriting side, we've talked about that extensively and that's got to be a piece of it, right? There's certainly more customers we can take, but given the backdrop and the context of higher loan delinquency rates and default rates in the industry, we're trying to make sure that we take care of the customers that we do have and that is sort of front and center.

當然，如果你考慮到我們在承保方面更具選擇性這一事實，我們已經廣泛討論過這一點，這一定是其中的一部分，對嗎？我們當然可以接納更多的客戶，但考慮到行業貸款拖欠率和違約率較高的背景和背景，我們正在努力確保我們照顧到我們現有的客戶，這有點前面和中心。

And I think there's some positive tailwinds, right? We made an upgrade to our CRM during the quarter, which should also aid in conversion. We're working on sales price, which should help overall sales volume. And then, I touched on the addition of our Head of Underwriting last quarter.

我認為有一些正面的推動因素，對嗎？我們在本季度對 CRM 進行了升級，這也有助於轉換。我們正在研究銷售價格，這應該有助於整體銷售。然後，我談到上個季度我們增加了承保主管。

And so the underwriting team is working on ways we can grow sales volume, which look like risk-based pricing, right? And so, that would be another functionality of the LOS tool that we really haven't spoken about, but we expect to deploy that during the calendar year.

因此，核保團隊正在研究增加銷售的方法，這看起來像是基於風險的定價，對嗎？因此，這將是 LOS 工具的另一個功能，我們確實還沒有談論過，但我們希望在今年內部署它。

And that would allow us to do a lot of things that allow us to go deeper and price loans differently if we needed to go deeper down the funnel or to go up funnel to keep more of our repeat customers who might be defecting and looking at other competitors. And so we're excited about the levers that we have in the business now.

如果我們需要深入漏斗或向上漏斗以留住更多可能會背叛並尋找其他客戶的回頭客，這將使我們能夠做很多事情，使我們能夠更深入地對貸款進行不同的定價。因此，我們對我們現在在業務中擁有的槓桿感到興奮。

Doug, I would just add, these should pay dividends as we move forward, particularly as we are a little more cautious on our underwriting. And then, we're still taking charge-offs on this back book due to the pricing from the prior two years. But as we move forward, this will really be a benefit in terms of net charge-offs, especially if we can build back retail units as well.

道格，我想補充一點，隨著我們的前進，這些應該會帶來紅利，特別是當我們對承保更加謹慎時。然後，由於前兩年的定價，我們仍然對這本書進行沖銷。但隨著我們的前進，這在淨沖銷方面確實是一個好處，特別是如果我們也能重建零售單位的話。

Great. That's super helpful detail. Thank you for that. So that $500 to $800 cost per vehicle, if you can take that out, that puts you in a good spot. And then, actually, if you could talk a little bit more about that performance managing location?

偉大的。這是超有用的細節。謝謝你。因此，每輛車的成本為 500 至 800 美元，如果你能把它去掉，那你就處於有利地位。然後，實際上，您是否可以多談談績效管理位置？

So, restricting capital to that underperforming stores, that would have been 2,000 units by your math. If you can talk about what you're doing there to get those underperforming stores to be better, or otherwise, using that capital -- allocating that capital better that would be helpful to understand. Thank you.

因此，如果將資本限制在業績不佳的商店，根據您的計算，這將是 2,000 單位。如果你能談談你正在做什麼來讓那些表現不佳的商店變得更好，或以其他方式使用這些資本——更好地分配這些資本，這將有助於理解。謝謝。

Yeah, sure, Vincent. That part is not that complicated. We sort of restrict the amount of inventory and get really selective on the underwriting standpoint on what we're allowing them to put on the road, because we're seeing default rates at those stores that are unacceptable.

是的，當然，文森。那部分並不複雜。我們限制了庫存量，並從承保的角度對允許他們上路的產品進行了嚴格的選擇，因為我們看到那些商店的違約率是不可接受的。

And so we were trying to figure out is that a function of the environment or what's going on in the town or is that a lack of operational execution. And so once they sort of get added to the list, we become hyper-focused on what that looks like, which has an impact on sales, right? And so that's that portion of it.

因此，我們試圖弄清楚這是環境的作用還是城鎮中正在發生的事情，或者是缺乏營運執行力。因此，一旦它們被添加到清單中，我們就會過度關注它們的外觀，這會對銷售產生影響，對吧？這就是其中的一部分。

When we see a turnaround in that, we will sort of take off the restriction in capital and then start to feather in underwriting standards that are a little bit looser. For the ones that we don't see turning around, then we'll wind down locations. And so we have a couple of those that are in that state.

當我們看到情況出現改善時，我們將取消資本限制，然後開始放鬆一些承保標準。對於那些我們看不到好轉的地方，我們將逐漸減少地點。所以我們有幾個處於這種狀態的人。

If you look just over the last year, we closed three locations, and that's got to be sort of a more active piece of our repertoire on how we manage the business going forward as far as I'm concerned. We need to be making sure we're looking out at that and more closely at that, especially that all the tailwinds of the pandemic are gone. You really have to sort of stay very close and attuned to that. So that's a piece of our business on the operational side for sure.

如果你看看去年，我們關閉了三個地點，就我而言，這一定是我們如何管理未來業務的一個更活躍的部分。我們需要確保我們正在關注這一點，並且更加密切地關注這一點，特別是大流行的所有有利因素都已經消失。你確實必須對此保持非常密切和協調。所以這肯定是我們營運方面的一部分業務。

Okay, great. And then, two final questions and these are both just numbers questions. But if you could -- so in terms of your loss expectations between the fiscal 2022, and 2023, vintages, so the "back book" versus what you're underwriting to now in the 2024, and 2025, vintages, if you could maybe help us bifurcate like what your expectations are for what your underwriting to losses there?

好的，太好了。然後是最後兩個問題，這些都只是數字問題。但是，如果可以的話，就 2022 財年和 2023 財年之間的損失預期而言，「回帳」與您現在在 2024 年和 2025 年承保的金額相比，如果可以的話幫助我們區分一下您對承保損失的期望是什麼？

And then, the second last question is the -- if you're able to separate out the SG&A expense by your normal operating expense versus the technology investments versus -- and then the new store acquisitions? If you could maybe see what the normalized expenses would have been, that would be helpful to understand the SG&A? Thank you.

然後，最後一個問題是——如果你能夠透過正常營運費用與科技投資以及新店收購來區分SG&A費用？如果您能看到標準化費用是多少，這將有助於理解 SG&A？謝謝。

Sure. Maybe I'll start with the question you had on the back book, as we're calling it. If you look at our cash-on-cash returns table, I would point to the difference in our projected cash-on-cash returns there for the book of '23, going from 49% now to 64% in '24, and 72% in '25.

當然。也許我會從你在封底（我們稱之為）上提出的問題開始。如果你看一下我們的現金現金報酬率表，我會指出我們預期的 23 年現金現金報酬率的差異，從現在的 49% 到 24 年的 64%，以及 72 年的 64%。

And then, as we mentioned, 33% or so of the portfolio relates to that back book and that they're now 22 months aged. So we're getting more than halfway through those contracts and they become a smaller and smaller portion of the business. And so certainly as we move forward, that becomes a smaller piece of those net charge-offs each quarter.

然後，正如我們所提到的，大約 33% 的投資組合與舊書相關，而且它們現在已經存在 22 個月了。因此，我們已經完成了這些合約的一半以上，它們在業務中所佔的比例越來越小。因此，隨著我們繼續前進，這肯定會成為每季淨沖銷的一小部分。

On the SG&A piece, that is -- so if you look in just absolute dollars here, Vincent, we were fairly flat during the quarter, might have been a $200,000 difference in SG&A cost. And it might not look that impressive, but if you consider any other year, a five-year running average would normally have us up 10%-plus in SG&A.

在 SG&A 部分，也就是說，如果你只看絕對美元，文森特，我們在本季度的表現相當平穩，SG&A 成本可能存在 200,000 美元的差異。它可能看起來沒有那麼令人印象深刻，但如果你考慮任何其他年份，五年的運行平均值通常會讓我們的 SG&A 增加 10% 以上。

So the fact that we're relatively flat, I call that a win. That's largely driven by some of the actions that we took last December in terms of cost cutting, which we anticipated to drive $4 million or $5 million worth of benefit on an annualized basis. And so we're seeing that materialize now more meaningfully.

事實上，我們相對持平，我稱之為勝利。這主要是由我們去年 12 月在成本削減方面採取的一些行動推動的，我們預計這些行動將帶來年化價值 400 萬或 500 萬美元的效益。因此，我們現在看到這一點變得更有意義。

And so as an example, I think just on the payroll and payroll related costs, Vickie, for the quarter, we were down over $2 million in the quarter just -- so on that metric by itself.

舉個例子，我認為僅就本季度的工資和工資相關成本而言，我們在本季度就減少了超過 200 萬美元——所以就該指標本身而言。

The technology piece that you mentioned, so all this technology now that is now stood up, that does have an impact and it shows up in SG&A. And so for us, I think, that's probably $1 million quarterly in terms of new expense that we're realizing, but that's been offset by some of the payroll cuts that we've taken in the past.

你提到的技術部分，所有這些技術現在都已經站起來了，確實產生了影響，它出現在 SG&A 中。因此，我認為，對於我們來說，就我們正在實現的新支出而言，每季可能會增加 100 萬美元，但這已被我們過去採取的一些工資削減所抵消。

I think there's more that we can do. We're hyper-focused on the management of SG&A. And the acquisitions don't sort of help that story early, because when you're just adding all the cost of new employees and you're buying multi-unit and multi-rooftop operations, you get all of their costs today with none of the benefit of the accounts that they would have.

我認為我們可以做的還有更多。我們非常關注 SG&A 的管理。收購對早期的故事沒有什麼幫助，因為當你只是添加新員工的所有成本並且你正在購買多單元和多屋頂業務時，你今天就得到了他們的所有成本，而沒有任何成本。帳戶的利益。

And so this more recent acquisition should be able to take SG&A on a per account basis down fairly significantly, but we have to let their book build out, right? And so there's a lot going on there sort of in the complexion of the SG&A. I appreciate your question. It's a thoughtful one. And I'm glad you asked.

因此，最近的收購應該能夠使每個帳戶的SG&A 顯著下降，但我們必須讓他們的帳簿增加，對嗎？因此，SG&A 的情況發生了很多變化。我很欣賞你的問題。這是一個深思熟慮的。我很高興你問了。

That is -- those are all super helpful. Thanks so much.

也就是說——這些都非常有幫助。非常感謝。

You got it, man.

你明白了，夥計。

Thank you. This concludes the question-and-answer session. I would now like to turn it back to Doug Campbell, President and CEO, for closing remarks.

謝謝。問答環節到此結束。現在我想請總裁兼執行長 Doug Campbell 致閉幕詞。

Yeah. We remain focused on our strategic priorities and improving our operational financial performance with all the technology and innovation updates that we've made, including streamlining our cost structure and delivering affordability to our customers and looking forward to more acquisitions.

是的。我們仍然專注於我們的策略重點，並透過我們所做的所有技術和創新更新來提高我們的營運財務業績，包括簡化我們的成本結構和為客戶提供負擔能力，並期待更多收購。

Our management team is really committed to implementing these initiatives and to deliver additional value for our shareholders. And I want to thank you guys for joining the call today and your interest in America's Car-Mart. Thank you.

我們的管理團隊真正致力於實施這些措施並為我們的股東創造額外價值。我要感謝你們今天參加電話會議以及你們對 America's Car-Mart 的興趣。謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。