America's CAR-MART Inc (CRMT) 2025 Q4 法說會逐字稿

I'm Vicky Judy, the company's Chief Accounting Officer. Welcome to America's CAR-MART Inc fourth quarter fiscal year 2025 earnings call for the period ending April 30, 2025.

我是 Vicky Judy，公司的首席會計長。歡迎參加美國 CAR-MAR​​T Inc 2025 財年第四季財報電話會議，該期間截至 2025 年 4 月 30 日。

Joining me on the call today is Doug Campbell, our company's President and CEO, Jonathan Collins, our CFO, and Jamie Fisher, our COO. We issued our earnings release earlier this morning, and the supplemental materials are on our website.

今天與我一起參加電話會議的有我們公司的總裁兼執行長 Doug Campbell、我們的財務長 Jonathan Collins 和我們的營運長 Jamie Fisher。我們今天早上發布了收益報告，補充資料已發佈在我們的網站上。

We will post the transcript of our prepared remarks following this call, and the Q&A session will be available through the webcast.

我們將在本次電話會議結束後發布我們準備好的發言記錄，問答環節將透過網路直播進行。

During today's call, certain statements we make may be considered forward-looking and inherently involve risk and uncertainties that could cause actual results to differ materially from management's present view.

在今天的電話會議中，我們所做的某些陳述可能被視為前瞻性的，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。

These statements are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1,995. The company cannot guarantee the accuracy of any forecast or estimate, nor does it undertake any obligation to update such forward-looking statements.

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。本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。

For more information, including important cautionary notes, please see part one of the company's annual report on Form 10k for the fiscal year ended April 30, 2024, and our current and quarterly reports furnished to or filed with the Securities Exchange Commission on Forms 8K and 10Q.

欲了解更多信息，包括重要的警示說明，請參閱公司截至 2024 年 4 月 30 日的財政年度的 10k 表年度報告第一部分，以及我們向證券交易委員會提交或備案的 8K 表和 10Q 表當前和季度報告。

As a note, the comparisons that we will cover will be the 4th quarter of fiscal 2025 versus the 4th quarter of fiscal 2024 unless otherwise stated. Doug, I'll turn it over to you now.

需要注意的是，除非另有說明，我們將比較 2025 財年第 4 季與 2024 財年第 4 季。道格，現在我將把它交給你。

Thank you, Vicky, and thank you everyone for your interest in America's Kmart and for joining us to hear more about our 4th quarter and full year results.

謝謝你，維姬，也感謝大家對美國凱馬特的關注，並加入我們，了解我們第四季和全年的業績。

Before we get into the 4th quarter in full year performance, I want to take a moment to address a leadership transition that's important to the future of America's car mart.

在我們進入第四季度的全年業績之前，我想花點時間談談對美國汽車市場的未來至關重要的領導過渡。

After more than 15 years of dedicated service to our company, half of that time as our Chief Financial Officer, Vicky Judy has transitioned into a newly created Chief Accounting Officer role.

Vicky Judy 已為我們公司服務超過 15 年，其中一半時間擔任首席財務官，現已轉任新設立的首席會計官職位。

Vicky has played an integral part of Carmart's growth, helping us navigate through multiple market cycles, improve financial discipline, and build the foundation of a resilient and scalable finance organization.

Vicky 在 Carmart 的發展中發揮了不可或缺的作用，幫助我們度過多個市場週期，改善財務紀律，並建立一個有彈性和可擴展的金融機構的基礎。

Her deep institutional knowledge, operational grounding, and unwavering commitment to our mission have earned her the trust and respect of our board, leadership team, and investor community.

她深厚的機構知識、營運基礎以及對我們使命的堅定承諾為她贏得了董事會、領導團隊和投資者社群的信任和尊重。

We're fortunate that Vicky will remain with Carmart working closely with our new CFO.

我們很幸運 Vicky 將繼續留在 Carmart 並與我們的新任財務長密切合作。

This move reflects not only her commitment to a smooth and thoughtful transition, but also our intent to further strengthen our financial leadership.

此舉不僅體現了她對平穩、周到的過渡的承諾，也體現了我們進一步加強財務領導地位的意圖。

With that, I'm pleased to formally welcome Jonathan Collins as our new Chief Financial Officer.

我很高興正式歡迎喬納森·柯林斯擔任我們的新財務長。

Jonathan brings over two decades of global finance experience across large public companies, high growth digital platforms, and emerging markets.

喬納森擁有超過二十年的大型上市公司、高成長數位平台和新興市場的全球金融經驗。

He's a strategic and results-driven leader who has served in senior roles at Walmart, Flipkart Group, and KPMG.

他是一位注重策略和成果的領導者，曾在沃爾瑪、Flipkart 集團和畢馬威擔任高階職位。

His background in operational transformation, capital efficiency, and long term value creation will be critical as we sharpen our focus on disciplined execution and financial performance.

當我們更加重視嚴格執行和財務表現時，他在營運轉型、資本效率和長期價值創造方面的背景將至關重要。

With that, I'd like to turn it over to Jonathan Collins, our new CFO, to briefly introduce himself and share a bit about why he chose America's Carmart and what he sees in our future. Jonathan.

接下來，我想請我們的新任財務長喬納森·柯林斯 (Jonathan Collins) 簡單介紹一下自己，並分享他選擇美國 Carmart 的原因以及他對我們未來的看法。喬納森。

Thank you, Doug.

謝謝你，道格。

Today marks my official one month anniversary with the company, and I'm looking forward to spending more time with each of you in the investment community in the weeks and months ahead.

今天是我在公司工作一個月的紀念日，我期待在未來的幾週和幾個月裡與投資界的每位朋友共度更多時光。

I too want to acknowledge Vicky for her many years of dedicated service and the strong partnership we've quickly established.

我也要感謝 Vicky 多年來的忠誠服務和我們迅速建立的牢固的合作關係。

Doug and I both recognize that Carmart operates in a unique corner of the market, one where deep experience and subprime consumer finance and automotive lending is critical. To that end, I'm excited to announce a new addition to my team, Marie Percetti, our new senior Vice President of Capital Markets.

道格和我都認識到，Carmart 在市場中佔據著一個獨特的角落，豐富的經驗以及次級消費金融和汽車貸款至關重要。為此，我很高興地宣布我的團隊迎來新成員，她是我們的新任資本市場高級副總裁 Marie Percetti。

Marie is a seasoned finance executive with over 20 years of leadership in consumer auto finance. Marie will lead our capital markets activity, helping to diversify and improve our funding platforms.

瑪麗是一位經驗豐富的財務主管，在消費汽車金融領域擁有 20 多年的領導經驗。瑪麗將領導我們的資本市場活動，幫助我們實現融資平台的多元化和改善。

What originally drew me to America's Car Mart continues to energize me every day. We are a mission-driven company dedicated to keeping our customers on the road. Since my arrival, I've developed an even deeper appreciation for our mission, our unique business model, and our exceptional associates.

最初吸引我來到美國汽車市場的因素繼續每天激勵我。我們是一家以使命為導向的公司，致力於讓客戶安心出行。自從我來到這裡，我對我們的使命、我們獨特的商業模式以及我們傑出的同事有了更深的理解。

We recently held a company-wide field leadership meeting where I had the opportunity to connect with our dealership and field level management. It was energizing and inspiring to see the commitment and passion that our associates have for our customers.

我們最近召開了一次全公司現場領導會議，在那裡我有機會與我們的經銷商和現場管理層進行交流。看到我們的員工對客戶的承諾和熱情，我們感到振奮和鼓舞。

I also want to recognize our talented finance team who provide critical support to our shareholders, board, leadership team, and dealership associates. In fact, I got to engage with many of them within my first week as we successfully closed our 7th term securitization, issuing $216 million in asset-backed notes.

我還要表彰我們優秀的財務團隊，他們為我們的股東、董事會、領導團隊和經銷商提供了關鍵支援。事實上，在我們成功完成第七期證券化並發行 2.16 億美元資產支持票據後，我在第一周就與他們中的許多人進行了接觸。

The transaction was well received by the market, and we achieved a weighted average coupon of 6.27%. A 22 basis point improvement versus our January issuance, and 117 basis points tighter than our October 2024 issuance.

此交易獲得了市場的一致好評，我們的加權平均票面利率達到6.27%，較我們1月份發行的債券提高了22個基點，比我們2024年10月份發行的債券收緊了117個基點。

I was pleased with the depth of demand we saw and the favorable structure we achieved. This continued improvement and execution is a direct reflection of our growing investor confidence in the quality of our portfolio and the underlying credit performance.

我對我們所看到的需求深度和所實現的有利結構感到滿意。這種持續的改善和執行直接反映了投資者對我們的投資組合品質和基礎信貸表現日益增長的信心。

My enthusiasm for the company grows daily as I consider the opportunities ahead of us. I'm particularly excited about how we'll leverage our current investments, capitalize on the strength of our balance sheet, maximize our unique integrated sales and financing business model to capture additional market share, and continue building on our remarkable depth of talent.

當我考慮我們面前的機會時，我對公司的熱情與日俱增。我特別興奮的是我們將如何利用我們目前的投資，利用我們資產負債表的優勢，最大限度地發揮我們獨特的綜合銷售和融資業務模式來佔領更多的市場份額，並繼續鞏固我們卓越的人才實力。

We are establishing the foundation for significant future growth, and it is an exciting time to be at America's Carmart. Doug.

我們正在為未來的重大成長奠定基礎，這對美國 Carmart 來說是一個令人興奮的時刻。道格。

Back to you. Thanks, Jonathan.

回到你身邊。謝謝，喬納森。

I have great confidence in the team's ability to improve the cost of our capital structure, optimize our risk management capabilities, and execute against the priorities that matter most to our shareholders.

我對團隊改善資本結構成本、優化風險管理能力以及執行股東最關心的優先事項的能力充滿信心。

Fiscal year 2025 was a defining year for a company, one that marked a clear operational and financial turnaround.

2025 財年對一家公司來說是一個決定性的一年，標誌著公司營運和財務狀況的明顯改善。

The performance of sales, collections, resulting gross margins, underwriting were all evident. Moving from a net loss of $31.4 million in the prior year to generating $17.9 million in net income this year, an improvement of more than $49 million.

銷售、收款、產生的毛利率、承保的表現都很明顯。從前一年的淨虧損 3,140 萬美元變為今年的淨收入 1,790 萬美元，增幅超過 4,900 萬美元。

This performance reflects the strength of our strategy, our disciplined execution, and the unwavering commitment from our team.

這一業績體現了我們策略的強大、我們嚴謹的執行力以及我們團隊堅定不移的承諾。

As we advance key initiatives, we remain grounded in the values that guide and service our associates, customers, and communities.

在推動關鍵措施的同時，我們始終秉持指導和服務我們的員工、客戶和社區的價值觀。

Over the past year, we've successfully executed several strategic initiatives to elevate our platform and positioned Carmart as a compelling multi-year growth opportunity.

在過去的一年裡，我們成功實施了多項策略性舉措來提升我們的平台，並將 Carmart 定位為一個引人注目的多年成長機會。

On the last call, I mentioned I've been thinking about ways to improve our collections infrastructure. It's a critical piece of the business that is needed to support future growth.

在上次通話中，我提到我一直在思考如何改善我們的收藏基礎設施。這是支援未來成長所需的關鍵業務部分。

As a part of our commitment to evolve the customer experience, I want to highlight the relaunch of Pay Your Way, our expanded suite of payment options that reflect how our customers live and manage their finances.

作為我們致力於改善客戶體驗的一部分，我想強調重新推出的 Pay Your Way，這是我們擴展的支付選項套件，反映了客戶的生活和財務管理方式。

Many of our customers operate outside of the traditional banking system.

我們的許多客戶都在傳統銀行系統之外開展業務。

They often are underbanked, lacking consistent access to a checking account, a credit card, or even a stable banking relationship.

他們往往缺乏銀行服務，無法穩定地使用支票帳戶、信用卡，甚至無法建立穩定的銀行關係。

For years, we've supported them through in-person payments at our stores or with basic debit and ACH channels.

多年來，我們一直透過在店內親自付款或使用基本借記卡和 ACH 管道為他們提供支援。

But as digital financial tools have grown more accessible, so too have the expectations and the opportunities to serve this customer base in a smarter, more flexible ways.

但隨著數位金融工具變得越來越容易取得，以更聰明、更靈活的方式服務這群客戶的期望和機會也在增加。

Our updated pay your way platform will give customers more control and convenience than ever before.

我們更新的按您的方式付款平台將為客戶提供比以往更多的控制權和便利。

We've added widely used platforms like Apple Pay, Google Pay, Venmo, and PayPal, all tools that don't require a traditional bank account and are already familiar to many of our customers.

我們增加了廣泛使用的平台，如 Apple Pay、Google Pay、Venmo 和 PayPal，所有這些工具都不需要傳統的銀行帳戶，並且已經為我們的許多客戶所熟悉。

We've also made cash payments easier and far more accessible.

我們也讓現金支付變得更加簡單和方便。

Access to a cash payment network has grown from about 14,000 to over 80,000 locations, now including Dollar General, CVS, Walgreens, Walmart, and more.

現金支付網絡已從約 14,000 個地點發展到超過 80,000 個地點，現在包括 Dollar General、CVS、Walgreens、沃爾瑪等。

And thanks to a mobile pass that is stored directly in a digital wallet, customers can self-service by walking into these locations, scanning a barcode, and pay without ever needing to remember their account details. It's fast, secure, and tailored to their reality.

而且由於行動通行證直接儲存在數位錢包中，顧客可以走進這些地點，掃描條碼並付款，無需記住他們的帳戶詳細資訊。它快速、安全並且適合他們的實際情況。

In our stores we're launching a campaign that allows customers to sign up for autopay at the time of sale with different payment options that we've offered in the past. This helps reduce missed payments and gives customers more peace of mind, all while relieving some of the day to day account management burden on our store teams.

我們正在商店中推出一項活動，讓顧客在銷售時使用我們過去提供的不同付款方式註冊自動付款。這有助於減少錯過的付款並讓客戶更加安心，同時減輕我們商店團隊的日常帳戶管理負擔。

We believe these changes will strengthen payment performance, improve customer satisfaction, and ultimately deepen the relationship between our brand and the communities we serve.

我們相信這些變化將加強支付績效，提高客戶滿意度，並最終加深我們的品牌與我們服務的社群之間的關係。

This pilot is live now in a few of our stores and will scale nationwide during the current quarter.

該試點計畫目前已在我們的幾家商店進行，並將於本季在全國推廣。

Another important step that we've taken this year to strengthen credit performance is a transition to a more advanced underwriting and pricing model.

我們今年為加強信用表現所採取的另一個重要措施是轉型為更先進的核保和定價模式。

For years we've used a 6 by 6 scorecard to evaluate customer profiles and deal structures.

多年來，我們一直使用 6×6 記分卡來評估客戶資料和交易結構。

While effective, it limited our ability to finally segment risk and align pricing accordingly.

雖然有效，但它限制了我們最終細分風險並相應調整定價的能力。

About a year ago we began testing a new 7 by 7 scorecard in parallel with our existing model.

大約一年前，我們開始與現有模型並行測試新的 7 x 7 記分卡。

This gave us the opportunity to observe how customers would migrate between score bands and to analyze the impact with real world data before making a full transition.

這使我們有機會觀察客戶如何在分數段之間遷移，並在進行全面轉變之前用真實世界數據分析其影響。

The expanded scorecard provides greater granularity and accuracy in projecting loss ratios, and based on the data we've accumulated to date, we believe it will lead to an improvement in overall credit losses. It's still early, but we're optimistic about how this will translate into improved credit performance and more informed capital deployment.

擴展後的記分卡在預測損失率方面提供了更高的粒度和準確性，根據我們迄今為止累積的數據，我們相信它將改善整體信貸損失。雖然現在還為時過早，但我們對此將如何轉化為更好的信貸績效和更明智的資本配置感到樂觀。

In conjunction with the scorecard rollout, we also launched our first iteration of risk-based pricing.

結合記分卡的推出，我們也推出了基於風險的定價的首次迭代。

I shared in the last quarter. We began this pilot in December across a small group of stores.

我在上個季度分享過。我們於 12 月在一小部分商店開始了這項試點。

With 34 locations live at the time of our last earnings call.

截至我們上次召開收益電話會議時，已有 34 個營業地點。

Over the course of the 4th quarter, we collected valuable insights that are now shaping our go forward strategy.

在第四季度，我們收集了寶貴的見解，這些見解正在塑造我們的前進策略。

We started by testing rate increases in the riskiest segments, our 1 in 2 rated customers.

我們首先對風險最高的部分（即我們評級為 1/2 的客戶）的利率成長進行了測試。

We increased originating interest rates by a few 100 basis points and modestly increased the required down payments.

我們將原始利率提高了幾百個基點，並適度增加了所需的首付。

What's notable is that we saw new material drop in application conversion, indicating that we have pricing power even in our highest risk bands.

值得注意的是，我們看到新材料的應用轉換率下降，這表明即使在最高風險範圍內我們也擁有定價權。

Conversely, we tested modestly lower interest rates for our highest quality customers, those 7 rated.

相反，我們針對品質最高的客戶（評級為 7 的客戶）測試了略低的利率。

And saw meaningful improvement in sales volume.

且銷量也顯著提升。

The early reads suggest there's a real opportunity to grow share among better qualified consumers while enhancing the returns at the bottom of the credit spectrum.

早期數據顯示，確實存在著在更有資格的消費者中增加份額，同時提高信貸範圍底部回報的機會。

The strength of these results gave us the confidence to accelerate this rollout. And as of May 8th, risk-based pricing is now live nationwide across all of our stores, except for our acquisition dealerships.

這些結果的強勁表現給了我們加速這項推廣的信心。自 5 月 8 日起，基於風險的定價已在全國範圍內應用於我們所有的門市（收購的經銷商除外）。

This transition doesn't just impact underwriting.

這種轉變不僅影響承保。

It has broader implications for how we operate.

它對我們的運作方式有著更廣泛的影響。

A shift towards higher rated customers will influence the inventory mix we carry. Over time, it should lower reconditioning costs and reduce the claims on our warranty products, creating either margin leverage or financial relief for the consumer.

轉向評價較高的客戶將影響我們的庫存組合。隨著時間的推移，它應該會降低修復成本並減少我們保固產品的索賠，從而為消費者創造利潤槓桿或財務減輕。

Altogether, we see this evolution in underwriting and pricing as a major enabler of smarter growth, better risk adjusted returns, and ultimately a more resilient business model.

總而言之，我們認為承保和定價的這種演變是實現更智慧的成長、更好的風險調整回報以及最終更具彈性的商業模式的主要推動因素。

With this overview, I'll now turn a call over to Jamie to review our 4th quarter operating results.

有了這一概述，我現在將把電話轉給 Jamie 來回顧我們第四季度的經營業績。

Thanks, Doug, and good morning everyone.

謝謝，道格，大家早安。

Throughout the fiscal year, we've remained focused on improving affordability.

在整個財政年度，我們一直致力於提高負擔能力。

In the 3rd quarter, we made a strategic decision to increase inventory levels by approximately 28% compared to the prior year ahead of the tax season.

在第三季度，我們做出了一項策略決策，在納稅季節到來之前將庫存水準比去年同期提高約 28%。

Our intent was to steer around the normal tax season bump and procurement price, but this became especially important given the uncertainty around tariffs.

我們的目的是避開正常的稅收季節上漲和採購價格，但考慮到關稅的不確定性，這一點變得尤為重要。

The result was less pressure on procurement during what has been a very speculative wholesale environment, and ultimately reduced our reliance on the volume of cars we would normally procure during the season.

結果是，在批發市場投機性極強的環境下，採購壓力有所減輕，並最終減少了我們對旺季正常購買汽車數量的依賴。

It's why our customers enjoyed the benefit of a vehicle sales price decrease during the 4th quarter of $316 to $17,240.

這就是為什麼我們的客戶在第四季度享受了汽車銷售價格下降 316 美元至 17,240 美元的好處。

Despite the decrease in selling prices, we were still successful in driving incremental revenue of 1.5% in the fourth quarter compared to the prior year's quarter.

儘管銷售價格下降，我們仍成功推動第四季營收與去年同期相比成長 1.5%。

This was driven in two ways.

這是由兩種方式推動的。

The first by an increase of 2.6% in unit sales volume, and the second by a 4.2% increase in interest income.

一是單位銷售量成長2.6%，二是利息收入成長4.2%。

For the full year, we sold 57,022 units, down just 1.7% year over year.

全年銷量為 57,022 輛，年比僅下降 1.7%。

I would like to take a moment to recognize and thank our associates. Their improved execution and customer focused approach played a major role in the second half performance lift, where the company rebounded with a 7.2% unit growth after ending the first half of the year down 9.3%. Beyond operational execution, we took several decisive steps that fueled our 4th quarter performance.

我想花點時間認識並感謝我們的同事。他們提升的執行力和以客戶為中心的理念在下半年業績提升中發揮了重要作用，公司在上半年下滑9.3%之後，實現了7.2%的單位增長。除了營運執行力之外，我們還採取了一些關鍵舉措，進一步提升了第四季的業績。

Our Q3 decision to raise service contract pricing continues to contribute to incremental revenue growth, and to date we have not seen any negative impact on product penetration.

我們在第三季決定提高服務合約價格，這繼續促進了增量收入的成長，到目前為止，我們還沒有看到對產品滲透率的任何負面影響。

We launched our tax season marketing campaign earlier than last year, generating demand sooner, and we leveraged our CRM platform that was implemented last summer, which has meaningfully improved our efficiency as we engage with customers throughout their buying journey.

我們比去年更早啟動了納稅季行銷活動，更快地產生了需求，我們利用了去年夏天實施的 CRM 平台，這顯著提高了我們在整個購買過程中與客戶互動的效率。

When looking at the full year, revenue was relatively flat given the headwind we experienced in the first half of the year.

從全年來看，由於上半年遇到的不利因素，收入相對持平。

Looking ahead, as Doug mentioned, we launched the new 7 by 7 scorecard and risk-based pricing in early May.

展望未來，正如 Doug 所提到的，我們在 5 月初推出了新的 7 x 7 記分卡和基於風險的定價。

These tools give us greater insight into the buying power of our top customers and open the door to exploring adjustments to our inventory mix strategy.

這些工具讓我們更深入了解頂級客戶的購買力，並為探索調整庫存組合策略打開大門。

Over the coming year, we will be evaluating ways to balance our vehicle mix to the potential demand driven by our risk-based pricing.

在接下來的一年裡，我們將評估如何平衡我們的車輛組合以滿足基於風險的定價所驅動的潛在需求。

Finally, Q4 growth margin came in at 36.4%, up from 35.5% a year ago.

最後，第四季的成長率為 36.4%，高於去年同期的 35.5%。

A key driver of this improvement was stronger performance in our wholesale channel.

這項改善的關鍵驅動因素是我們批發管道的更強勁表現。

Due to market reactions to ongoing tariff uncertainty, prices are more elevated than a typical spring, allowing us to capitalize on recovery values in the wholesale environment to achieve stronger retention on units sold in Q4.

由於市場對持續的關稅不確定性的反應，價格比典型的春季更高，這使我們能夠利用批發環境中的復甦價值來實現第四季度銷售單位的更高保留。

As we shared in prior calls, our long term target for gross margin remains 37% to 38% on an annualized basis.

正如我們在先前的電話會議中所分享的，我們的長期毛利率目標仍然是年化 37% 至 38%。

For the full fiscal year, gross margin finished at 36.7%, a 200 basis point improvement.

整個財年毛利率達 36.7%，提高了 200 個基點。

Looking ahead, we will continue to pursue opportunities to leverage technology, enhance profitability within our protection plans, and deepen the impact of our cox partnership as we work toward our goal.

展望未來，我們將繼續尋求機會利用技術，提高保護計畫的獲利能力，並在努力實現目標的過程中深化我們與考克斯的合作夥伴關係的影響力。

I'll now turn it over to Vicky to cover the rest of our results.

現在我將把時間交給 Vicky 來介紹我們其餘的結果。

Thank you, Jamie.

謝謝你，傑米。

As mentioned in the press release, we improved net charge-offs as a percentage of average finance receivables for the quarter to 6.9% compared to 7.3% in the prior year quarter.

如新聞稿中所提到的，我們將本季淨沖銷額占平均財務應收款的百分比從去年同期的 7.3% 提高到 6.9%。

And an improvement of 130 basis points for the full year. On a relative basis, we saw overall improvements in both the frequency and severity of loss. Our average time to repossession improved by 14% compared to the same period in the prior year. Our customers are staying on the road longer.

全年改善130個基點。相對而言，我們看到損失的頻率和嚴重程度都有了整體改善。與去年同期相比，我們的平均回收時間縮短了 14%。我們的客戶在路上停留的時間更長。

With that backdrop, we made meaningful progress in how we address portfolio risk, and I want to briefly explain the change in our allowance for credit loss reserves.

在這樣的背景下，我們在應對投資組合風險方面取得了有意義的進展，我想簡要地解釋一下我們的信用損失準備金的變化。

In Q4, we implemented several enhancements to our Cecil allowance methodology, which when combined with our improved performance led to a $10.3 million dollar net reduction in our reserve balance. These changes are expected to improve the precision of the model.

在第四季度，我們對 Cecil 準備金方法實施了幾項改進，再加上我們業績的改善，導致我們的儲備餘額淨減少 1,030 萬美元。這些變化有望提高模型的精度。

As our data sets have matured, especially in connection with our LOS originations, we've been able to model the performance of our receivables at a more granular level.

隨著我們的資料集日趨成熟，特別是與 LOS 發起相關的資料集，我們已經能夠在更精細的層面上對應收帳款的表現進行建模。

We now have over 18 months of actual loss history related to the LOS originated receivables, which gives us confidence to weigh it more appropriately. And because performance in this portfolio has consistently outperformed our legacy book, particularly around loss severity.

我們現在有超過 18 個月與 LOS 產生的應收帳款相關的實際損失歷史，這使我們有信心更恰當地權衡它。而且因為該投資組合的表現一直優於我們的傳統投資組合，特別是在損失嚴重程度方面。

The result is a lower expected loss profile overall now that it accounts for 65.7% of our receivables, excluding our acquisition receivables. So while the headline number is a reserve reduction, the takeaway is stronger. We've reached a point in our underwriting and data maturity that allows us to reserve more precisely. These improvements will better align capital with risk, and we believe that's a positive development for both the business and our investors.

結果是，整體預期損失狀況較低，因為它占我們應收帳款的 65.7%（不包括收購應收帳款）。因此，雖然總體數字是準備金減少，但其實際意義更為重大。我們的核保和數據成熟度已達到一定水平，可以讓我們進行更精確的儲備。這些改進將使資本與風險更好地協調，我們相信這對企業和投資者來說都是積極的發展。

The allowance for credit losses as a percentage of finance receivables, net of deferred revenue, and accident protection plan claims was 23.25% at quarter end.

季度末，信貸損失準備金佔應收財務款項（扣除遞延收入和意外傷害保障計劃索賠）的百分比為 23.25%。

Our average originating term was 44.4 months, up from 44 months compared to the prior year quarter and down from 44.6 months sequentially. We continue to optimize the distribution of the term by customer score, shortening the term for our highest credit risk customers and allowing additional term length for our best credit scoring customers.

我們的平均發起期限為 44.4 個月，高於去年同期的 44 個月，低於上一季的 44.6 個月。我們繼續根據客戶評分優化期限分配，縮短信用風險最高的客戶的期限，並延長信用評分最高的客戶的期限。

At the end of the quarter, the weighted average total contract term for the portfolio was 48.3 months. The weighted average age was 12.4 months, a 5% improvement over the prior year's quarter.

本季末，該投資組合的加權平均總合約期限為 48.3 個月。加權平均年齡為 12.4 個月，比去年同期提高了 5%。

We continue to make progress on boosting overall collections, which are up 2.1% over last year.

我們在提高整體收藏量方面繼續取得進展，比去年增長了 2.1%。

Our teams executed well in collecting our seasonal tax payments and improved the monthly average total collected per active customer to $612 compared to $607 in the same period last fiscal year.

我們的團隊在收取季節性稅款方面表現出色，並將每位活躍客戶的每月平均收款總額提高到 612 美元，而上一財年同期為 607 美元。

SGNA expenses increased by $3.8 million or 8.6%, primarily driven by our continued investments in technology, talent, and strategic acquisitions. These acquisitions are part of our long term growth strategy, and while they temporarily impact SGNA leverage, they are instrumental in expanding customer portfolios and enhancing future revenue potential.

SGNA 費用增加了 380 萬美元，即 8.6%，主要由於我們對技術、人才和策略收購的持續投資。這些收購是我們長期成長策略的一部分，雖然它們會暫時影響 SGNA 槓桿率，但它們有助於擴大客戶組合併提高未來的收入潛力。

Importantly, we remain focused on improving cost efficiency on a per customer basis. In this regard, we made meaningful progress, achieving a 6.1% increase in SGNA per customer, which is notably lower than the overall dollar increase.

重要的是，我們仍然專注於提高每位客戶的成本效率。在這方面，我們取得了有意義的進展，每位客戶的 SGNA 成長了 6.1%，明顯低於整體美元增幅。

This reflects our commitment to scaling effectively while investing in growth.

這體現了我們在投資成長的同時有效擴大規模的承諾。

Interest expense decreased by $388,000 or 2.2% as we began to benefit from the improvement in benchmark rates, as well as the positive impacts from our recent improvements in securitization rates.

由於我們開始受益於基準利率的提高以及近期證券化利率提高帶來的正面影響，利息支出減少了 388,000 美元或 2.2%。

Finally, it has been a privilege to be part of Carmart's evolution and growth over the past 15 years. In my new role as CAO, I'm excited to continue supporting the company's success, expand our financial capabilities, and continue to help take Car Mart to the next level.

最後，我很榮幸能夠參與 Carmart 過去 15 年的發展與成長。在我擔任首席行政官的新職位上，我很高興能夠繼續支持公司的成功，擴大我們的財務能力，並繼續幫助 Car Mart 更上一層樓。

Thank you, and I'll turn it back to Doug to finish us off.

謝謝，我會把它交還給 Doug 來完成我們的任務。

Thanks, Vicky.

謝謝，維姬。

I am proud of the experienced leadership team we have built as we focus on our mission on delivering successful outcomes to our customers and creating long-term value for our shareholders.

我為我們建立的經驗豐富的領導團隊感到自豪，因為我們專注於為客戶取得成功的成果並為股東創造長期價值的使命。

As we look to the future, I want to provide some expectations for fiscal year 2026.

展望未來，我想對 2026 財年提出一些期望。

From a macro perspective, we believe the used car market will remain dynamic.

從宏觀角度來看，我們認為二手車市場仍將保持活躍。

We've done a nice job navigating the impact of tariffs on pricing thus far, and the impact on the vintage of vehicles we procure has been relatively muted at around an increase of $300 per unit.

到目前為止，我們在應對關稅對定價的影響方面做得很好，對我們購買的車輛年份的影響相對較小，每輛車的價格上漲了 300 美元左右。

Given the cost that we've taken out of procurement over the last year, this is very manageable.

考慮到我們去年從採購中節省的成本，這是非常容易管理的。

The tighter supply environment will be a challenge, but it has been for some time.

供應環境趨緊將是一個挑戰，但這種情況已經持續了一段時間。

As we think about diversifying our underwriting, it presents an opportunity on the procurement side as we can expand the base of assets we buy.

當我們考慮實現承保多元化時，這為採購方面帶來了機會，因為我們可以擴大購買資產的基礎。

We are very focused on helping our existing customers navigate the environment while creating competitive options for some of our strongest ranking applicants.

我們非常注重幫助現有客戶適應環境，同時為一些排名最靠前的申請人創造有競爭力的選擇。

This represents a growth opportunity for the company and a more thoughtful way to grow our receivables. We'll also continue to think about ways we can connect and manage our relationships with our customers that support growing and scaling this business. Also, the continued enhancements of our LOS and related risk basing pricing strategy are key initiatives that we expect will strengthen credit performance and grow the size of our portfolio in the fiscal year.

這對公司來說是一個成長機會，也是一種增加應收帳款的更周到的方式。我們也將繼續思考如何與客戶建立聯繫並管理我們與客戶的關係，以支持業務的成長和擴大。此外，我們持續加強貸款利率和相關基於風險的定價策略是關鍵舉措，我們預計這些舉措將在本財年加強信貸表現並擴大我們的投資組合規模。

While we remain mindful of the macroeconomic backdrop, we are confident in our strategy, our team, and our platform. So with this overview. We'll move on to Q&A. Operator, please provide instructions. To ask questions.

雖然我們仍然關注宏觀經濟背景，但我們對我們的策略、團隊和平台充滿信心。概述完畢，我們將進入問答環節。請接線生提供指示。如有疑問，請提問。

Thank you ladies and gentlemen. If you have a question or a comment at this time, please press 11 on your telephone. If your question has been answered or you wish to remove yourself from the queue, please press 11 again. We'll pause for a moment while we compile our Q&A roster.

謝謝各位女士、先生們。如果您此時有任何問題或意見，請在電話上按 11。如果您的問題已得到解答或您希望退出隊列，請再次按 11。我們將暫停一會兒，同時整理我們的問答名單。

Our first question comes from Vincent Kanick with BTIG. Your line is open.

我們的第一個問題來自 BTIG 的 Vincent Kanick。您的線路已開通。

Hi, good morning. Thanks for taking my questions. First, Jonathan, congratulations. Look forward to working with you and, Vicky as well. Congratulations and, well done. First wanted to focus on kind of the macro and consumer behavior. There's been so many things happening over the past quarter and, with tariffs and higher used car prices, just wondering. How that's affected the business if at all, like for instance, did you see a pull forward of of sales and has there been any difference in consumer behaviors for, spending and from a credit perspective and then, since the quarter in May and June any differences there as well thank you.

嗨，早安。感謝您回答我的問題。首先，恭喜喬納森。期待與您和 Vicky 合作。恭喜，做得好。首先要關注宏觀和消費者行為。過去一個季度發生了很多事情，包括關稅和二手車價格上漲，這讓人感到困惑。這對業務有何影響？例如，您是否看到銷售額提前成長？從信貸角度來看，消費者行為、支出行為是否有差異？自 5 月和 6 月季度以來，是否存在差異？謝謝。

Morning, Vincent's Doug.

早安，文森的道格。

On the sales standpoint, the real impact that we're seeing around the speculative nature in the wholesale environment really started to sort of rear its head in the April time period so it was towards the end of the quarter there for us. So I wouldn't say it had an impact on, actual pricing. For most of the quarter, so what we've seen thus far far where I articulated about a $300 increase on the procurement side per unit, we really started to see that in April and throughout May. And so to the extent that that persists, that piece is manageable, and that's sort of what I was referencing in my prepared remarks.

從銷售的角度來看，我們看到的批發環境中投機性質的真正影響在四月份開始顯現，所以對我們來說，這已經是季度末了。所以我不會說它對實際定價產生了影響。在本季度的大部分時間裡，到目前為止我們所看到的，我所說的每單位採購方面增加了 300 美元，我們實際上在 4 月和整個 5 月開始看到這種情況。因此，只要這種情況持續下去，這個問題就是可以解決的，這也是我在準備好的發言中提到的內容。

I don't think this is sort of more of a pull forward on the tax season. I know coming off Q3 we were talking about sort of lapping a weaker comp, and I think sort of the growth that we're seeing now is sort of more sustainable in nature. When I think about our Just activity, lead activity in general. We had double digit digit growth for the full year in terms of lead activity growth, and so we feel really confident about the consumers and the need for the service that we provide. It's just that we're being more selective and I think we have to be just given the supply environment, the industry on a whole. From a trend perspective is starting the year with less inventory on the ground from a used car supply perspective than it ever has in the last several years. And so it behooves us to make sure that we're doing the most with the capital that we're deploying and make sure we can get optimal returns. And that's why we're so focused on the credit piece.

我不認為這更像是一種稅收季節的提前。我知道，在第三季之後，我們正在討論如何應對較弱的競爭對手，我認為我們現在看到的成長本質上是更具可持續性的。當我想到我們的公正活動時，總體而言是領導活動。就主要活動成長而言，我們全年都實現了兩位數的成長，因此我們對消費者以及我們所提供服務的需求充滿信心。只是我們變得更加挑剔，我認為我們必須考慮供應環境和整個產業。從趨勢來看，今年年初二手車供應的庫存量比過去幾年都要少。因此，我們有責任確保我們能夠最大限度地利用所部署的資本，並確保我們能夠獲得最佳回報。這就是我們如此關注信貸部分的原因。

And so there's a lot that we can do, as I mentioned before. We've finished rolling out our risk-based pricing model throughout all our stores.

正如我之前提到的，我們可以做很多事情。我們已經在所有商店推行了基於風險的定價模型。

That wasn't the original plan. We were going to sort of test that throughout the balance of the calendar year, but given sort of the backdrop on tariffs, we thought it would be prudent to pull that forward, to have that as a lever in the business, and we're quickly learning sort of what some of those opportunities are and the early indicators. That in those upper bands, we can see, growth that are approaching double digit growth in the bands that we can get. So we're excited about that. It's still very early, but I would look at that as an opportunity to maybe navigate, additional headwinds that may come our way.

那不是最初的計劃。我們原本打算在整個日曆年的餘額中對此進行測試，但考慮到關稅的背景，我們認為將其提前是明智之舉，將其作為業務的槓桿，我們正在快速了解其中的一些機會和早期指標。在這些較高頻段，我們可以看到，成長率接近兩位數。所以我們對此感到很興奮。現在還為時過早，但我會將其視為一個機會，或許可以幫助我們克服可能遇到的更多阻力。

Okay, great, very helpful.

好的，非常好，非常有幫助。

Thank you. And then, second question and wanted to get an update on all the different, upgrades you're doing to your operations to procurement to your partnership with Coss Automotive and, how that process is, which in are we in in terms of getting all those processes done and then your view of how that's going to affect your gross profit margins and the sales per store per month.

謝謝。然後，第二個問題，我想了解一下你們對營運、採購、與 Coss Automotive 的合作關係所做的所有不同升級，以及這個過程是怎樣的，我們在完成所有這些流程方面處於什麼位置，然後您認為這將如何影響你們的毛利率和每家店每月的銷售額。

Thank you.

謝謝。

Yeah, sure thing.

是的，當然可以。

From the gross profit perspective, that has been a bright spot, obviously, we were up 90 basis points on the quarter, up 200 basis points year over year. We had articulated that, we had this target for this 37 to 38% range over several years.

從毛利的角度來看，這顯然是一個亮點，我們本季成長了 90 個基點，比去年同期成長了 200 個基點。我們已經明確表示，我們的目標是在未來幾年內將成長率保持在 37% 至 38% 之間。

As I said before, I think we can get there sooner, and I think that there's more that we can do just around the optimization of those products, and I think our work isn't done sort of with the partnership and what it can yield there. So we'll have to let that play out, but clearly we're thinking beyond this 37 38% margin, but there's got to be tactics to sort of get there. I think from the operational perspective we feel really good about where the partnership is at, what we need to deploy. Clearly we've turned our attention to how we're collecting for the consumer. So when I think about setting us up for growth, there were some fundamental things we needed to do there that included talent, leadership. Obviously we brought Jamie on board.

正如我之前所說，我認為我們可以更快地實現這一目標，而且我認為我們可以在優化這些產品方面做更多的事情，而且我認為我們的工作還沒有完成，還沒有涉及到合作夥伴關係及其所能產生的成果。所以我們必須讓它發揮作用，但顯然我們考慮的不僅僅是這個 37% 到 38% 的利潤率，而且必須有策略才能實現這一目標。我認為從營運角度來看，我們對合作夥伴關係的現狀以及我們需要部署的內容感到非常滿意。顯然，我們已將注意力轉向如何為消費者收集資訊。因此，當我考慮為我們的成長做好準備時，我們需要做一些基本的事情，包括人才和領導。顯然，我們讓傑米加入了我們。

We're very focused on gross margin and making sure that that's appropriate and more of a return to the norm that it has been over several years. But on the credit side, on the collection side in particular, the way that we interact with our consumers, there's so much opportunity.

我們非常關注毛利率，並確保毛利率合理，並恢復到過去幾年的正常水平。但在信貸方面，特別是在收款方面，我們與消費者互動的方式，有很多機會。

It's very manual today and there was not a lot of technology that supports that, but our first step towards that is the relaunch of our Pay Your way campaign. And when I think about the opportunity for these consumers, about half of households sort of use some of these mechanisms, non-traditional banking mechanisms, to pay bills, etc.

如今，一切都依賴手動，並且沒有太多技術支持，但我們朝著這一目標邁出的第一步是重新啟動我們的 Pay Your way 活動。當我想到這些消費者的機會時，大約有一半的家庭使用其中一些機制，非傳統的銀行機制來支付帳單等。

When we did a study with the Buy Here Pay Here segment in particular, roughly 25% of consumers used some of those digital methods which aren't in any of our collections practices today. I think that represents a tremendous opportunity to take the burden off some of the work that happens at the store level and the potential to collect better from our consumers and take the friction out of the process.

當我們針對「在此購買在此付款」細分市場進行研究時，大約 25% 的消費者使用了一些目前不在我們任何收款實踐中的數位方法。我認為這代表著一個巨大的機會，可以減輕商店層面的一些工作負擔，並有可能從消費者那裡獲得更好的收入，並消除流程中的摩擦。

That would be part one. The second part is really around how do we interact and interface with these consumers, the day to day phone calls, etc.

那將是第一部分。第二部分實際上是關於我們如何與這些消費者互動和交流，日常電話等。

And similar to how we did on the sales side, we're focused on how do we make sure that piece happens. It's one thing to diversify. The payment channels that they can operate in, it's another thing to have the communications and a build out of that experience on the backside to maintain the stickiness with these consumers that we've enjoyed over a long period of time. And the back half of that's already in flight, and we think we can get that done in the back half of the fiscal year. To me those are critical components before we sort of really get focused on unit growth. I do see a very clear path to continue to grow receivables just based on how we are underwriting, but I would consider us to be more focused on unit growth here as we wrap up these two projects.

與我們在銷售方面的做法類似，我們專注於如何確保這一目標的實現。多樣化是一回事。他們可以使用的支付管道，以及背後的溝通和經驗積累，是另一回事，這樣才能維持我們長期以來對這些消費者的黏性。其中後半部已在進行中，我們認為我們可以在本財政年度下半年完成。對我來說，在我們真正關注單位成長之前，這些都是關鍵組成部分。我確實看到了一條非常清晰的途徑，即僅根據我們的承保方式來繼續增加應收帳款，但我認為，在完成這兩個項目時，我們應該更加關注單位增長。

Okay, perfect, very helpful thank you.

好的，非常好，非常有幫助，謝謝。

One moment for our next question.

請稍等片刻，回答我們的下一個問題。

Our next question comes from Kyle Joseph with Stevens. Your line is open.

下一個問題來自史蒂文斯的凱爾約瑟夫。您的線路已開通。

Hey, good morning guys. Thanks for thanks for taking my questions. Doug, if you want, if you don't mind, just walk us through, we talked about rolling out, risk based pricing, just, how we can expect that to kinda impact the the P&L, specifically either on on yields or on margins.

嘿，大家早安。感謝您回答我的問題。道格，如果你願意，如果你不介意的話，請帶我們了解一下，我們討論了推出基於風險的定價，我們如何預期這會對損益表產生影響，特別是對收益率或利潤率的影響。

Sure thing, good morning. How are you? So we rolled out risk-based pricing, we're live throughout all our stores, through the 4th quarter we had about 20% of the organization on. It was version one of this risk-based underwriting. It included the scorecard, which gives us better accuracy to underwrite and project loss ratios, and it did obviously we get additional definition they're moving to a 7 by 7 scorecard and this creation of the 7 rank customer, which is like our super tier internally for us, the bottom side of the portfolio in sort of testing price elasticity.

當然可以，早安。你好嗎？因此，我們推出了基於風險的定價，並在所有商店中實施，到第四季度，我們的組織中大約有 20% 的人採用了這項定價。這是基於風險的承保的第一個版本。它包括記分卡，這使我們能夠更準確地承保和預測損失率，而且顯然我們得到了額外的定義，他們正在轉向 7 x 7 記分卡，並創建了 7 級客戶，這對我們來說就像我們內部的超級層級，投資組合的底層，用於測試價格彈性。

There is room to grow there. We've moved about 200 basis points up with no real breakage in conversion and also higher down payments. So what we're trying to do is get better returns on these lower ranked customers. There's a ton of opportunity that remains for the company, but we want to do that in a really smart, thoughtful way.

那裡還有成長的空間。我們已將利率上調了約 200 個基點，但轉換過程並未出現實質中斷，而且首付也增加了。因此，我們正在努力從這些排名較低的客戶那裡獲得更好的回報。公司仍有大量的機會，但我們希望以一種真正聰明、周到的方式來利用這些機會。

And so we're going to continue to test that. What I think throughout our organization that there's only one real limitation from a user recap standpoint, which would be Arkansas. I think we have 36 or 37 stores there. The rest of the organization can sustain a sort of more yield management, so we will look to do that in the coming quarters. We have our second pilot that's getting ready to go in flight this month, and so we'll continue to test that piece. On the upper end, we really focus on this 7 rank customer and so what we TRY to do for these consumers who present the very least risk to us is offer them slightly slightly lower down payment options and a slight rate break. And we did see some growth in overall volume within that customer segment. And so it got us thinking about what we could do with consumers who were similar in nature, 56, and 7 rank customers. It was our test was really limited to the 7 or 8 customers, but clearly there's an opportunity to drive more volume that way. That would be our preference to continue to grow that way, and our pilot for that rolls out. Our second iteration, I would say, rolls out here this month as well. The rest of the organization is on V1, and we've started to see some of those results in May as well. And so, we're really focused on trying to make sure we get higher quality customers. The portfolio, it obviously creates an opportunity, as I mentioned and Jamie mentioned as well, to diversify the stocking mix so the pressure around procuring sort of one type of asset. If we sort of moved upscale a little bit, obviously a little bit nicer car needs a little bit less repair prior to sale and post sale, and obviously that would take a burden off the consumer and help gross margin when we're not having to manage the repairs for those vehicles downstream. So that credit piece that you're referencing does have impacts both on the credit side and on the gross margin side potentially.

因此我們將繼續測試這一點。我認為，從使用者回顧的角度來看，我們整個組織只有一個真正的限制，那就是阿肯色州。我想我們在那裡有 36 或 37 家商店。該組織的其他部分可以維持某種程度的收益管理，因此我們將在未來幾季內實現這一目標。我們的第二名飛行員將於本月準備飛行，因此我們將繼續測試該部件。在高端市場，我們真正關注的是 7 級客戶，因此，我們試圖為這些對我們風險最小的消費者提供的是，為他們提供略低的首付選擇和略微的利率優惠。我們確實看到該客戶群的總體數量有所增長。因此，我們開始思考如何對待性質相似的消費者、56 和 7 級客戶。我們的測試實際上僅限於 7 或 8 位客戶，但顯然有機會透過這種方式來增加銷售量。我們希望繼續以這種方式發展，並且我們的試點計畫也將陸續推出。我想說，我們的第二次迭代也將在本月推出。組織的其他部分都處於 V1 階段，我們在 5 月也開始看到一些成果。因此，我們真正專注於確保獲得更高品質的客戶。正如我和傑米所提到的那樣，投資組合顯然創造了一個機會，使庫存組合多樣化，從而減輕了購買某種資產的壓力。如果我們稍微向高檔邁進，顯然更好的汽車在售前和售後需要的維修就會少一些，這顯然會減輕消費者的負擔，並且當我們不必管理下游車輛的維修時，有助於提高毛利率。因此，您所提到的信貸部分確實可能會對信貸方面和毛利率方面產生影響。

Great, thank you, Dad. And then just to just to follow up with, want to make sure I understand what's going on with, unit volumes, obviously you guys have really strong growth in in the third quarter and you guys talked about the comps, to a certain extent, was there, and I know you referenced there wasn't really like a pull forward in terms of of tariffs, but you know with any sort of 4th quarter volume moved into the 3rd quarter I think last call you guys referenced that you started.

太好了，謝謝你，爸爸。然後只是為了跟進，想確保我了解發生了什麼事情，單位數量，顯然你們在第三季度實現了非常強勁的增長，你們談到了比較，在一定程度上，我知道你提到在關稅方面並沒有真正的拉動，但你知道，任何第四季度的銷量都進入了第三季度，我想上次你們提到過你們開始了。

Maybe tax season incentives a little earlier and just trying to get to, piece out what the real underlying growth of units was between the two quarters.

也許稅收季節的激勵措施會提前一點，只是想弄清楚兩個季度之間單位的真正潛在增長是多少。

Yeah, I wouldn't say it was really a pull forward. We did see a little bit of impact in January right towards the tail end of the quarter. Our marketing campaign started mid December for that. The stocking campaign associated with that, we really, it was like a January sprint where we tried to make sure we were getting in front of the tax season and obviously it was reflected in our balance sheet when we were carrying heavier, a heavier amount of inventory going into the tax season.

是的，我不會說這真的是一種向前的拉動。我們確實在一月份即本季末看到了一點影響。為此，我們的行銷活動於 12 月中旬啟動。與此相關的備貨活動，實際上就像一月份的衝刺，我們試圖確保在納稅季節到來之前完成，顯然，當我們在納稅季節攜帶更重、更重的庫存時，這反映在我們的資產負債表中。

What I really think that did is allow us to enjoy not to have to participate in some of the tariff noise there, and that really showed up in average selling prices. Obviously you follow us very closely. Typically we see a bump in retail selling prices. We saw a reduction and that was based on the stocking strategy.

我真正認為的是，這讓我們不必參與那裡的一些關稅噪音，而這確實體現在平均售價上。顯然您非常密切地關注著我們。通常我們會看到零售價格上漲。我們看到了減少，這是基於庫存策略的。

That piece is gone and so you know we're in the market procuring vehicles and I think, to the extent that, we're out there and the tariff piece persists that piece is manageable. I focus on the supply piece as what would really be the driver for volume and it's a tight environment.

那部分已經消失了，所以你知道我們在市場上採購車輛，我認為，只要我們在那裡並且關稅部分持續存在，那部分就是可控的。我關注的是供應部分，因為這才是真正推動交易量的因素，而且這是一個緊張的環境。

Obviously everyone's sort of following consumers going after I would call a pre-tariff inventory on the new vehicle side that drove a ton of trade-ins. Those trade-ins dealers are capitalizing on. But that's a short-lived play, I think sort of going into the summer, people will be sort of really challenged with trying to find the right supply and balance the supply of inventory, and we're working on strategies to combat that. Clearly we're expanding the base of assets that we can stock and procure, and so we look at that as a potential way to mitigate some of that.

顯然，每個人都在關註消費者，我會稱之為新車方面的關稅前庫存，這推動了大量以舊換新。那些以舊換新經銷商正在從中獲利。但這只是短暫的舉措，我認為進入夏季，人們將面臨真正的挑戰，試圖找到合適的供應並平衡庫存供應，我們正在製定應對這一問題的策略。顯然，我們正在擴大我們可以儲存和採購的資產基礎，因此我們認為這是緩解部分問題的潛在方法。

That's great thanks very much for answering my questions.

非常好，非常感謝您回答我的問題。

You're very welcome.

不用客氣。

Again, ladies and gentlemen, if you have a question or a comment at this time, please press 1 to 1 on your telephone. One moment for our next question.

女士們、先生們，如果您現在有任何問題或意見，請在電話上按 1 到 1。請稍等片刻，回答我們的下一個問題。

Our next question comes from John Murphy with Bank of America. Your line is open.

我們的下一個問題來自美國銀行的約翰·墨菲。您的線路已開通。

Good morning everybody. Doug, just a first, question just on on the condition of your customer because they're kind of some cross currents here it seems like things are getting, a bit better with some of your low end customers, but I, other, data, and sources would indicate the subprime consumers under, a bit more stress. I, I'm just curious on a like for like basis.

大家早安。道格，首先我想問一下您的客戶的情況，因為這裡存在一些矛盾，看起來您的一些低端客戶的情況有所好轉，但是我、其他數據和來源都表明次級抵押貸款消費者面臨的壓力更大一些。我，我只是出於同樣的好奇心。

If you can talk about through the condition of your low end consumer because I mean if you're able to absorb higher rates it seems like they're probably doing it just a, probably better than people are fearing I just kind of on a life for life basis, maybe on a year to year and sequential basis, how are you seeing that your condition of your particularly your low end consumer.

如果您可以談論低端消費者的狀況，因為我的意思是，如果您能夠承受更高的利率，那麼他們可能做得更好，可能比人們擔心的要好，我只是以終身為基礎，也許是逐年和連續為基礎，您如何看待您的狀況，特別是您的低端消費者的狀況。

Good morning, John. How are you? Appreciate the question. Obviously, we've sort of articulated our consumers live sort of in a recessionary environment. I think I very much believe that that's the case. They're sort of used to navigating this. They come to us for a need. If I think about sort of the forward-looking indicators for us like delinquencies, look at contract modifications like payment arrangements that we make, and ultimately the resulting net charge offs, there's no sort of cracks in the foundation that we see yet with these consumers when I think externally. About the things that can impact our consumer, we myopically focus on fuel costs, consumables, what they're paying at the grocery store, rent and auto insurance. Those are huge drivers of defaults for us as a company, and we focus on those things. But those have been persistent for the last 2 years. And so there's no real change quarter to quarter on that. There certainly is this backdrop of there's more strain on the consumer. It doesn't mean that it can happen. It's just that we're not seeing it show up yet, especially when I start to think about the demand side, when we look at website visits and overall traffic, etc.

早安，約翰。你好嗎？感謝你的提問。顯然，我們已經明確表示我們的消費者生活在經濟衰退的環境中。我想我非常相信情況確​​實如此。他們已經習慣了這種導航方式。他們來找我們是出於需要。如果我考慮我們的前瞻性指標，例如拖欠情況，看看合約修改，例如我們所做的付款安排，以及最終產生的淨沖銷，從外部來看，我們還沒有看到這些消費者的基礎出現任何裂縫。對於可能影響我們消費者的事情，我們短視地關注燃料成本、消耗品、他們在雜貨店支付的費用、租金和汽車保險。這些都是我們公司違約的巨大驅動因素，我們會專注在這些因素上。但過去兩年來，這種情況一直持續存在。因此，季度與季度之間並沒有真正的變化。毫無疑問，這是消費者面臨更大壓力的背景。這並不意味著它會發生。只是我們還沒有看到它出現，特別是當我開始考慮需求方時，當我們查看網站訪問量和整體流量等時。

We're not seeing that as well.

我們也沒有看到這一點。

Also, when I think about our originating interest rate, which was the last part of your question, I don't think there are a lot of options out there for consumers to think about sort of the credit tightening out there and think about the originating interest rate that Carmart has versus its peer set. And so we had been originating interest rates two years ago with a 17 handle that had changed to about 18.25% in aggregate. When we're moving up a couple 100 basis points, I still think that's a really competitive option for the consumer at about 20% when compared to our peer set when we're looking at these consumers. And so the fact that we've seen no breakage to me just means that we're still a competitive option. And it's the lack of options for the consumer that that in its sort of on its face is the value that we sort of have in the marketplace, so hopefully that answers your question, John.

此外，當我考慮我們的起始利率（這是您問題的最後一部分）時，我認為消費者沒有太多選擇，可以考慮信貸緊縮，並考慮 Carmart 與同行相比的起始利率。因此，我們兩年前就開始使用 17 個句柄來制定利率，目前總計已變為約 18.25%。當我們提高幾百個基點時，我仍然認為，與我們的同行相比，這對消費者來說是一個非常有競爭力的選擇，大約是 20%。因此，對我來說，我們沒有看到任何破損，這意味著我們仍然是一個有競爭力的選擇。從表面上看，消費者缺乏選擇，而這正是我們在市場上所擁有的價值，所以希望這能回答你的問題，約翰。

No, that that's super helpful. Just a second question, when you think about these underwriting, your changes and what you're doing and sort of pushing towards the, your sort of your tier 7, customer sort of at the high end, it was a long history of, subprime auto financing companies, moving upmarket and being very successful at it seems like you're starting to do that. I'm just curious like how how far you think you're going to take this? I mean, is this the kind of thing where you know 3 to 5 years from now you could be still doing the subprime with your your your tier 1 and 2 customers but also all the way up to sort of a vintage of customer and vehicle that might compete with the likes of CarMax and Carvana.

不，那非常有幫助。第二個問題，當您考慮這些承保、您的變化以及您正在做的事情，以及推動您的第 7 層高端客戶時，次級汽車融資公司長期以來一直在向高端市場邁進，並且非常成功，看來您開始這樣做了。我只是好奇，您認為您會走多遠？我的意思是，你知道 3 到 5 年後，你可能仍在為你的一級和二級客戶提供次級貸款，但也可能一直為某種類型的客戶和車輛提供次級貸款，從而可能與 CarMax 和 Carvana 等公司競爭。

It's an interesting question. It reminds me of our conversation on the panel back in December about going upmarket and obviously I had an inside track on on what we were thinking about.

這是一個有趣的問題。這讓我想起了去年 12 月我們在小組討論中關於進軍高端市場的討論，顯然我對我們當時的想法有所了解。

I don't know the answer is it's very early, clearly it's been on our mind, and the direction that we can take, the business, I think also our core customer, there's a ton of opportunity there, especially when I think about. An environment that might be sort of degrading slightly where we would see additional inflow is for these consumers, and we're really focused on ensuring that they also have options as well.

我不知道答案，現在還為時過早，顯然我們一直在考慮這個問題，我們可以採取的方向，業務，我認為我們的核心客戶，那裡有很多機會，特別是當我考慮的時候。對於這些消費者來說，環境可能會略有惡化，我們會看到更多的流入，我們真正關注的是確保他們也有選擇。

From an environment that is also deteriorating, we do and are paying attention to the fact that there's going to be more consumers in the top of our funnel, and it creates a tremendous opportunity for the consumer to grow the brand with those with a newer consumer that we normally wouldn't see. And so we want to make sure we're positioned right there at that intersection where typically maybe they weren't thinking about a Carmart, but that's a marriage of both marketing, the right asset type, and these consumers which typically maybe we haven't seen before, and I don't know how far upstream it'll go, but there's enough.

從不斷惡化的環境來看，我們確實注意到，我們的漏斗頂端將會有更多的消費者，這為消費者創造了巨大的機會，讓我們能夠與那些我們通常不會看到的新消費者一起發展品牌。因此，我們希望確保我們的位置就在那個交叉路口，通常他們可能不會想到 Carmart，但這是行銷、正確的資產類型和這些我們以前可能從未見過的消費者的結合，我不知道它會走多遠，但已經足夠了。

Opportunity sort of at the very top and right to where we were as a 6 rated customer for us to do more just with that base and slightly just expanding. We'll have to see sort of what the business sort of evolves into over time, but it's been 3 months' worth of this underwriting style and we're on about I think 5 weeks sort of nationwide and so we're learning a lot and really quickly. But I think that is, one of the things that we wanted to do to make sure that we have leverage deployed to navigate whatever the environment is, so hopefully that answers your question there, John.

機會就在最頂端，對於我們作為 6 級客戶來說，我們可以在這個基礎上做更多的事情，並且稍微擴大規模。我們必須觀察業務隨著時間的推移會如何發展，但這種承保方式已經持續了 3 個月，我們在全國範圍內已經持續了大約 5 週，因此我們學到了很多東西，而且學得非常快。但我認為，這是我們想要做的事情之一，以確保我們能夠利用槓桿來應對任何環境，所以希望這能回答你的問題，約翰。

Yes, and if I could sneak 11 last one in, and highly correlated with all this stuff is, I mean the the changes in success you're having in cap markets in in the ABS, issuance, I'm just curious, how you think, that success, sort of set you apart from.

是的，如果我可以偷偷地把最後一個 11 放進去，並且與所有這些內容高度相關，我的意思是，您在 ABS 發行中的資本市場所取得的成功的變化，我只是好奇，您如何認為，這種成功讓您與眾不同。

Your competition out there and how much that might help fuel growth as well because I mean it seems like you know the LOS is really expanding you're getting tighter on the 7x7 box or better I should say, it just seems like you're what you're presenting to the market is getting more consistent, maybe slightly higher quality, so it'll be real opportunities out there. I mean, how do you think about sort of that flow through to the capital markets and then how that circles back with the growth in the business over time?

你的競爭對手在那裡，這可能對推動成長有多大幫助，因為我的意思是，你知道 LOS 確實在擴大，你在 7x7 盒子上做得越來越緊，或者我應該說得更好，你向市場展示的東西似乎越來越一致，品質可能略高，所以這將是真正的機會。我的意思是，您如何看待這種流入資本市場的方式，以及隨著時間的推移，這種流入如何隨著業務的成長而循環？

Yeah, let me let our new CFO give an opportunity to answer that one. Go ahead, John.

是的，讓我讓我們的新財務長有機會回答這個問題。繼續吧，約翰。

Hi John. Nice to nice to hear from you. Yeah, I think, I mean, first you can see in our press release, we're quite pleased with our most recent securitization. We continue to kind of expand spread or tighten spreads from from what we're seeing, as a reminder as a company, our history is managing this company through organic growth with an ABL and a revolver.

你好，約翰。很高興收到您的來信。是的，我想，首先您可以在我們的新聞稿中看到，我們對最近的證券化感到非常滿意。從我們所看到的情況來看，我們繼續擴大利差或縮小利差，提醒一下，作為一家公司，我們的歷史是透過 ABL 和循環信貸的有機成長來管理這家公司。

Then, a couple of years ago we started to mature our capital structure. We've entered into the securitization market and to date we've securitized over 2 billion in receivables. I mentioned in my prepared remarks, we've hired Murray.

幾年前，我們開始完善我們的資本結構。我們已經進入證券化市場，迄今為止我們已將超過 20 億美元的應收帳款證券化。我在準備好的發言中提到，我們已經聘請了莫瑞。

A who's a real thought leader from a capital markets and starting to help us think through what could a more mature capital structure look like that would match both the size of our company today but also the improving economics that we're trying to drive through the business. So one of the things both she and I are critically focused on is one of the other elements that we should be thinking about to expand kind of our tools in our toolkit.

他是資本市場的真正思想領袖，他開始幫助我們思考更成熟的資本結構是什麼樣的，既能與我們目前的公司規模相匹配，又能與我們試圖透過業務推動的經濟改善相匹配。因此，她和我都高度關注的事情之一是我們應該考慮擴展工具包中的工具的其他元素之一。

Things like warehouse loans, maybe longer tenure of type debts, facilities and structures. We're very early in our thinking, but we're working very hard and very quickly to TRY to come up with what should the future of that look like. I think we'll continue to utilize the securitization market.

諸如倉庫貸款之類的東西，也許是期限較長的債務、設施和結構。我們的思考還處於早期階段，但我們正在非常努力、非常迅速地嘗試想出未來應該是什麼樣子。我認為我們將繼續利用證券化市場。

I think we'll, our last few securitizations have been slightly smaller and slightly more frequent.

我認為，我們最近幾次的證券化規模會稍微小一些，但頻率會稍微高一些。

You would expect in the future we would get back to kind of that normal cadence of 2 to 3 times a year, a bit larger than we've done in the last couple, but I would expect, given the improving economic performance, that we should see, ultimately lower interest rates from an income statement as the market kind of continues to understand our business and get more comfortable with us.

您可能希望將來我們會恢復到每年 2 到 3 次的正常節奏，比過去幾年的次數要多一些，但鑑於經濟表現的改善，我預計隨著市場繼續了解我們的業務並對我們更加放心，我們最終應該會看到損益表中的利率降低。

I have just one or two things there. 2/3 of the portfolio now sits with this loS underwriting. I think as we've sort of approached the market sort of sequentially, people understand that, and they're getting sort of a different look at the the blend of percentage of receivables that are LOS underwritten. And so you're seeing that sort of reflect there in the coupon. It's also notable that like we still have a single A ratings cap. There are things that we need to do to optimize the structure, but absent none of those changes, I still think there's more to go get. And so that that is sort of the opportunity in addition to the things that John mentioned.

我那裡只有一兩樣東西。目前，2/3 的投資組合均由該 loS 承保。我認為，隨著我們逐步進入市場，人們會理解這一點，並且他們會以不同的眼光看待 LOS 承保的應收帳款百分比組合。因此，您會在優惠券中看到這種反映。值得注意的是，我們仍然只有一個 A 級評級上限。我們需要做一些事情來優化結構，但如果不進行這些改變，我仍然認為還有很多工作要做。所以，除了約翰提到的事情之外，這也是一種機會。

And forgive me for my ignorance, and I probably should know this at this point, but you don't have a standard warehouse facility right now to like to push ABS into the market. You're still working off an ABL and revolver, is that correct?

請原諒我的無知，我現在應該知道這一點，但您現在沒有標準的倉庫設施來將 ABS 推向市場。您仍在使用 ABL 和左輪手槍，對嗎？

We do have a warehouse facility in place.

我們確實有一個倉庫設施。

But it's 0 utilized and again like everything and as Doug mentioned, you can look across our entire balance sheet in P&L and there's room to improve, I'm always slightly dissatisfied and I want to improve further and So we're continuing to think about what that might look, how that might look differently, how our AB ABL might look differently. Are there changes to our securitization model and how we approach the market, how that might look differently, all to be able to improve, what comes on to our income statement and ultimately be able to kind of serve our customers better.

但它的利用率為 0，而且像所有東西一樣，正如 Doug 提到的那樣，您可以查看我們損益表中的整個資產負債表，還有改​​進的空間，我總是有點不滿意，我想進一步改進，所以我們會繼續思考它可能是什麼樣子，它可能看起來有什麼不同，我們的 AB ABL 可能看起來有什麼不同。我們的證券化模式以及我們對待市場的方式是否有變化，這可能會有何不同，所有這些都是為了改進，對我們的損益表有何影響，並最終能夠更好地為我們的客戶服務。

Great thank you very much guys.

太好了，非常感謝你們。

You got.

你得到了。

And I'm sorry, I'm not showing any further questions at this time and as such this does conclude today's presentation.

很抱歉，我現在沒有其他問題，今天的示範到此結束。

Thank you for your participation. You may now disconnect and have a wonderful day.

感謝您的參與。現在您可以斷開連接並享受美好的一天。