America's CAR-MART Inc (CRMT) 2026 Q1 法說會逐字稿

Good morning, and welcome to America's Car-Mart's first-quarter fiscal year 2026 earnings conference call for the period ending July 31, 2025. (Operator Instructions) Please be advised that today's conference is being recorded.

早安，歡迎參加美國汽車超市（America's Car-Mart）2026財年第一季（截至2025年7月31日）收益電話會議。 （操作說明）請注意，本次會議正在錄音。

I would now like to hand the conference over to Jonathan Collins, Chief Financial Officer. Jonathan, please go ahead.

現在我將會議交給財務長喬納森·柯林斯先生。喬納森，請開始。

Good morning. I'm Jonathan Collins, the company's Chief Financial Officer. Welcome to America's Car-Mart's first-quarter fiscal year 2026 earnings call for the period ending July 31, 2025. Joining me on the call today is Doug Campbell, our company's President and CEO; and Jamie Fischer, our COO.

早安.我是公司財務長喬納森·柯林斯。歡迎參加美國汽車超市2026財年第一季（截至2025年7月31日）的業績電話會議。今天與我一同參加會議的還有公司總裁兼執行長道格·坎貝爾和營運長傑米·費雪。

We issued our earnings release earlier this morning and the supplemental materials are on our website. We will post a transcript of our prepared remarks following this call and the Q&A session will be available through the webcast.

我們今天早些時候發布了盈利報告，補充資料已發佈在我們的網站上。電話會議結束後，我們將發布準備好的演講稿，問答環節將透過網路直播提供。

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. The company cannot guarantee the accuracy of any forecast or estimate nor does it undertake any obligation to update such forward-looking statements.

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陳述，這些陳述本身就涉及風險和不確定性，可能導致實際結果與管理階層目前的預期有重大差異。這些陳述是根據1995年《私人證券訴訟改革法案》的安全港條款作出的。本公司無法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 1 of the company's annual report on Form 10-K for the fiscal year ended April 30, 2025, and our current and quarterly reports first to or filed with the Securities and Exchange Commission on Forms 8-K and 10-Q. As a note, the comparisons that we will cover will be for the first quarter of fiscal 2026 versus the first quarter of fiscal 2025, unless otherwise noted.

更多信息，包括重要的注意事項，請參閱公司截至2025年4月30日止財政年度的10-K表格年度報告第一部分，以及我們首次向美國證券交易委員會提交或已提交的8-K表格和10-Q表格的當前和季度報告。需要注意的是，除非另有說明，我們將進行的比較均指2026財年第一季與2025財年第一季的比較。

Doug, I'll turn it over to you now.

道格，現在交給你了。

Thanks, Jonathan, and good morning, everyone. As outlined in our release this morning, the quarter reflects steady progress on the fundamentals we control. Gross margin expanded to 36.6%, interest income increased 7.5% and total collections rose by 6.2%, while we stay disciplined on volume to protect returns and affordability.

謝謝喬納森，大家早安。正如我們今天早上發布的公告所述，本季我們所掌控的基本面穩步提升。毛利率成長至36.6%，利息收入成長7.5%，總收款金額成長6.2%，同時我們嚴格控制銷量，以保障收益和價格可負擔性。

Demand remains solid. Credit applications were up about 10% year over year. The website traffic was flat year over year, but we are seeing a higher conversion rate from consumers completing applications, indicating there's a higher level of intent. This dynamic really started to play out in July and has continued since. I'll allow Jamie to provide more color on this in a moment.

需求依然強勁。信貸申請量較去年同期成長約10%。網站流量與去年同期持平，但我們看到消費者完成申請的轉換率更高，這表明他們的購買意願更強。這種趨勢從7月開始顯現，並持續至今。稍後我會請Jamie對此進行更詳細的闡述。

Although demand was solid, we paced volume as tariffs and wholesale pricing created temporary constraints. We saw a knock-on effect from tariffs which drove a $500 per unit increase in the procurement cost during the quarter. This is incremental to the $300 I called out last quarter but the increases we are seeing have since smoothed out. This has ultimately put downward pressure on the inventory capacity under our current capital facility. We're actively evaluating actions to expand that capacity so it's not a limiting factor to sales going forward.

儘管需求穩健，但由於關稅和批發價格造成了暫時的限制，我們控制了銷售量。關稅的連鎖反應導致本季採購成本每單位增加了 500 美元。這比我上個季度提到的 300 美元有所增加，但目前我們看到的增幅已經趨於平緩。這最終對我們現有資本安排下的庫存容量造成了下行壓力。我們正在積極評估擴大庫存容量的措施，以確保庫存容量不會成為未來銷售的限制因素。

There are a few themes driving the momentum we're seeing on some of the aforementioned items. First, underwriting and pricing quality with LOS V2 now live across our entire footprint, embedded risk-based pricing is now better aligning expected returns with customer profiles. The new scorecard is delivering exactly what we designed it to do, shifting mix towards our highest ranked customers and away from lowest tiers.

上述部分專案取得進展主要受以下幾個因素驅動。首先，LOS V2 的核保和定價品質已全面上線，涵蓋我們所有業務區域，嵌入式風險定價機制能夠更好地將預期收益與客戶畫像相匹配。新的評分卡也正按預期發揮作用，有效提升了客戶組合，使高等級客戶比例上升，而低等級客戶比例下降。

During the quarter, 15% more of our volume came from ranks five through seven, while bookings in some of our lowest ranks were reduced by nearly 50%. This higher quality mix historically drives lower loss frequency and severity, faster breakeven, stronger returns on invested capital, and lower downstream costs, all of which improved expected unit economics over the life of the loan. As a result, we expect originations from the quarter to generate stronger returns even on lower overall volumes, given the concentration of customers with stronger credit profiles and better unit economics.

本季度，來自信用評級為5至7級客戶的貸款量增加了15%，而來自部分低評級客戶的貸款量則下降了近50%。這種更高品質的客戶組合歷來能夠降低損失頻率和損失程度，加快損益平衡，提高投資回報率，並降低後續成本，所有這些都有助於改善貸款生命週期內的預期單位經濟效益。因此，鑑於本季新增貸款主要集中在信用狀況良好且單位經濟效益更高的客戶群體，即使整體貸款量有所下降，我們預計本季新增貸款仍將帶來更高的回報。

Second, payment experience and portfolio health. Our upgraded Pay Your Way platform is resonating with our consumers. Since the late June launch, we've already seen a shift from in-store to online payments. and recurring payment enrollments have nearly doubled, enhancing the convenience for our customers and supporting a more consistent payment behavior and collections efficiency.

其次，是支付體驗和投資組合健康狀況。我們升級的「Pay Your Way」平台受到了消費者的歡迎。自從六月下旬上線以來，我們已經看到支付方式從線下轉向線上，定期付款的註冊量幾乎翻了一番，這不僅提升了客戶的便利性，還有助於養成更穩定的支付習慣，並提高收款效率。

Both LOS V2 and Pay Your Way were originally scheduled to be implemented throughout the fiscal year. We pulled these initiatives forward which will enable us to unlock SG&A savings, I'll have Jonathan expand upon in a minute.

LOS V2 和 Pay Your Way 兩項計畫原定於本財年內分階段實施。我們提前啟動了這些項目，這將有助於我們節省銷售、管理及行政費用，稍後我會請 Jonathan 詳細介紹。

Third, capital efficiency and funding. We continue to strengthen our securitization platform. On August 29, we closed our 2025-3 securitization, a $172 million issuance at an overall weighted average coupon of 5.46%, an 81-basis point improvement when compared to our May 2025 deal and our fourth consecutive improvement in the overall weighted average coupon.

第三，資本效率和融資。我們持續加強證券化平台。 8月29日，我們完成了2025-3期證券化發行，發行規模為1.72億美元，加權平均票面利率為5.46%，較2025年5月的交易提高了81個基點，這也是我們連續第四次提高加權平均票面利率。

Since our 2024-1 issuance, the team has improved on the overall coupon by over 400 basis points, 75% of which is related to tightening spreads. Strong capital markets receptivity to our new collections platform is paving the way for more incremental reductions in the cost of our capital and lowering financing costs associated with our securitization platform.

自2024-1債券發行以來，團隊已將整體票息降低了400多個基點，其中75%的降低與利差收窄有關。資本市場對我們新催收平台的正面回應，正為我們進一步降低資本成本和證券化平台相關的融資成本鋪路。

At this point, I'd like to turn the call over to Jamie to review our operational performance for the quarter. Jamie?

現在，我想把電話交給傑米，讓他回顧我們本季的營運表現。傑米？

Thanks, Doug, and good morning, everyone. Total revenue for the quarter was $341.3 million, a decrease of 1.9% from the prior year, primarily resulting from fewer retail units sold. This was partially offset by a 7.5% increase in interest income, supported by a larger portfolio and more payments collected year over year. Growth in the receivables base reflects disciplined originations as well as the benefit of our expanding footprint from acquisition locations.

謝謝Doug，大家早安。本季總營收為3.413億美元，較上年同期下降1.9%，主要原因是零售銷售減少。利息收入成長7.5%，部分抵銷了這一降幅，這得益於更大的投資組合和同比更高的應收帳款回收率。應收帳款基數的成長反映了我們審慎的業務拓展策略以及收購帶來的業務擴張效益。

As highlighted on our last call, wholesale pricing pressures began to emerge late in the prior quarter. That trend continued into Q1 with procurement costs rising an incremental $500 per unit. At the same time, we were deliberately focused on quality vehicles and a stronger mix to better serve the needs of our higher rent customers. The combination of these two factors created additional strain on our ability to expand sales volumes. And as a result, volumes declined 5.7% to 13,568 units compared to 14,391 units a year ago.

正如我們在上次電話會議中所強調的，批發價格壓力在上一季末開始顯現。這一趨勢延續到第一季度，採購成本每輛車增加了500美元。同時，我們著重提升車輛品質，並優化產品組合，以更好地滿足高租金客戶的需求。這兩個因素疊加，進一步限制了我們擴大銷量的能力。因此，銷量較去年同期下降5.7%，至13,568輛，去年同期為14,391輛。

The average selling price of vehicles, excluding ancillary products decreased by $144 year over year, reflecting that much of the inventory sold in the quarter had been acquired before the most recent procurement cost increases. We also realized margin benefits from the ancillary product price increases taken in Q3 of last fiscal year which continue to flow through as favorable year-over-year variance.

不包含配件的車輛平均售價年減 144 美元，這反映出本季售出的大部分庫存是在最近一次採購成本上漲之前購入的。此外，上財年第三季配件價格上漲帶來的利潤率提升也持續體現在年增幅上。

Combined with strong attachment rates and disciplined vehicle pricing, these actions contributed to gross margin improvement to 36.6%, a 160-basis point increase over the prior year quarter. Gross margin also benefited from improved wholesale retention as well as favorable trends in post-sale vehicle repairs, both in frequency and severity. Looking ahead, we expect average selling prices, excluding ancillary products, to have a positive effect on revenue and the company will remain disciplined on its approach to gross margin rate.

憑藉強勁的附加銷售率和穩健的車輛定價策略，這些措施推動毛利率提升至36.6%，較上年同期成長160個基點。批發客戶留存率的提高以及售後車輛維修頻率和嚴重程度的改善也對毛利率起到了積極作用。展望未來，我們預計不包含附加產品的平均售價將對營收產生正面影響，公司將繼續堅持穩健的毛利率策略。

Turning to demand. As Doug previously mentioned, credit applications were up 10% year over year for the quarter, underscoring the strength of customer need for our offering. We saw a sharp uptick in duly with a 26.5% increase in applications year over year. That growth spanned all customer rings from our strongest profiles to those with more challenged credit with an overall average FICO score slightly up from prior year averages and was driven by strategic marketing and customer outreach strategy.

再來看需求方面。正如Doug先前提到的，本季信貸申請量年增10%，凸顯了客戶對我們產品的強勁需求。我們看到實際申請量出現了顯著成長，年增26.5%。這一成長涵蓋了所有客戶群體，從信用狀況最佳的客戶到信用狀況較為緊張的客戶，整體平均FICO信用評分略高於去年同期水平，這主要得益於我們戰略性的市場營銷和客戶拓展策略。

The month of August maintain that same level of elevated application flow and we are pleased to see September has started just as strong. As we've said before, when the macro environment tightens and traditional credit access becomes more constrained, our business is positioned to grow. The past 60 days have been a positive indication of that dynamic.

8月的申請量依然維持在高位，我們很高興看到9月的開局同樣強勁。正如我們先前所說，當宏觀環境趨緊、傳統信貸管道受限時，我們的業務反而會迎來成長。過去60天的業績也印證了這一點。

Because of the aforementioned surge in applications and constraints on inventory available for sale, our LOS V2 played a critical role in actively steering our field teams towards booking the best rate customers. As a result, we ensure that the vehicles we did have were placed into the healthiest part of the portfolio.

由於上述申請量激增和可供出售庫存的限制，我們的 LOS V2 系統發揮了至關重要的作用，它積極引導我們的現場團隊為價格最優的客戶預訂車輛。因此，我們確保現有車輛被安排在車輛組合中最有利的位置。

I'll now turn it over to Jonathan to cover the remainder of our results.

現在我將把發言權交給喬納森，讓他來介紹剩餘的比賽結果。

Thank you, Jamie. Operating expenses for SG&A totaled $51.4 million, a 10.1% increase from $46.7 million in the prior year. Roughly two-thirds of this increase was related to payroll growth, including strategic hires in areas like finance and accounting, and one-third was driven by technology investments such as the rollout of LOS V2 and Pay Your Way. We expect to unwind approximately half of total SG&A growth in the back half of the year.

謝謝Jamie。銷售、管理及行政費用（SG&A）總計5,140萬美元，較上年同期的4,670萬美元成長10.1%。其中約三分之二的成長與薪資成長有關，包括財務和會計等領域的策略性招聘；三分之一的成長則源自於技術投資，例如LOS V2和Pay Your Way的推出。我們預計下半年將回落約一半的SG&A成長。

Notably, the implementation of the upgraded Pay Your Way technology is expected to guide a shift towards a more modernized collection infrastructure, which will deliver approximately 5% annual cost savings over time. These efforts are expected to drive SG&A efficiency, improve operational performance and move us closer to our target of mid-16% SG&A as a percentage of retail sales.

值得注意的是，升級後的「按需付費」技術的實施預計將推動收款基礎設施朝更現代化的方向發展，長期來看，這將每年節省約5%的成本。這些措施可望提高銷售、管理及行政費用（SG&A）的效率，改善營運績效，並使我們更接近將SG&A佔零售額的比例控制在16%左右的目標。

On the collection side, performance remained robust with total collections rising 6.2% to $183.6 million. This improvement highlights the effectiveness of the Pay Your Way platform and the expanding adoption of digital payment channels, resulting in a higher average collection per active customer, $585 this quarter compared to $562 in the same period last year.

在收款方面，業績依然強勁，總收款金額成長6.2%，達到1.836億美元。這項成長凸顯了「Pay Your Way」平台的有效性以及數位支付管道的日益普及，使得每位活躍客戶的平均收款額有所提高，本季為585美元，而去年同期為562美元。

The strength in collections underscores the quality of the portfolio and the success of recent operational enhancements. On the credit side, net charge-offs as a percentage of average finance receivables rose slightly to 6.6% from 6.4% last year. Approximately 50% of this increase was due to softer sales, which muted the growth in the denominator and 50% due to higher loss frequency and some severity in legacy pools, which affected the numerator.

強勁的收款表現凸顯了資產組合的品質以及近期營運改善措施的成功。信貸方面，淨核銷額佔平均應收帳款的比例略有上升，從去年的6.4%上升至6.6%。其中約50%的成長是由於銷售疲軟，抑制了分母（應收帳款）的成長；另外50%的成長是由於損失頻率增加以及部分遺留資產池的損失更為嚴重，影響了分子（應收帳款）。

Delinquencies greater than 30 days were 3.8% at the end of the quarter, representing a 30-basis point increase. Our allowance for credit losses improved to 23.35% compared to 25% at July 31, 2024. Sequentially, the allowance increased slightly from 23.25% at April 30, 2025, resulting in a $3 million increase to the allowance which was driven equally by portfolio growth as well as by the frequency and severity of loss.

截至本季末，逾期超過30天的貸款比例為3.8%，較上季末上升30個基點。信貸損失準備金率從2024年7月31日的25%改善至23.35%。與上一季相比，準備金率略有上升，從2025年4月30日的23.25%增至300萬美元，主要得益於投資組合的成長以及損失發生的頻率和嚴重程度。

Our portfolio quality continues to strengthen with nearly 72% of the portfolio dollars originated under enhanced underwriting standards and our top three customer ranks increasing by 790 basis points during the quarter versus fiscal 2025 average. The average originating term for new contracts was 44.9 months, up 0.6 months from last year.

我們的投資組合品質持續提升，近72%的投資組合資金是在更高的承保標準下發放的，前三大客戶的排名在本季度較2025財年平均水平提升了790個基點。新合約的平均期限為44.9個月，比去年同期成長了0.6個月。

And our weighted average total contract term for the portfolio stood at 48.3 months, a modest increase of 0.2 months compared to last year. The weighted average age was 12.6 months a 5% improvement over the prior year's quarter. Importantly, our active customer account grew by 1.4% to almost 104,700 customers, reflecting the resilience and ongoing strength of our portfolio.

我們投資組合的加權平均總合約期限為 48.3 個月，較去年略微增長 0.2 個月。加權平均合約年齡為 12.6 個月，較上年同期改善 5%。值得注意的是，我們的活躍客戶帳戶數量成長了 1.4%，達到近 104,700 個，這反映了我們投資組合的韌性和持續強勁的勢頭。

Debt to finance receivables and debt net of cash to finance receivables were 51.1% and 43.1%, respectively, both improved from last year. Interest expense decreased by 6.9% to $17 million as we continue to benefit from the improvement in our securitization platform.

債務融資應收帳款比率及扣除現金後的債務融資應收帳款比率分別為51.1%及43.1%，均較去年有所改善。由於我們持續受益於證券化平台的改進，利息支出下降6.9%至1700萬美元。

During the quarter, we successfully completed a $216 million term securitization at a weighted average interest rate of 6.27%. After the quarter ended, we also finalized our 2025-3 securitization, raising $172 million at a weighted average interest rate of 5.46%. While there is still room for further improvement, we are encouraged by the progress our platform has made so far.

本季度，我們成功完成了一筆2.16億美元的定期證券化交易，加權平均利率為6.27%。季度結束後，我們也完成了2025-2023年證券化交易，籌集了1.72億美元，加權平均利率為5.46%。儘管仍有提升空間，但我們對平台迄今為止的進展感到鼓舞。

Market interest in our securitizations remains high with the Class A notes almost 8 times oversubscribed and the Class B notes nearly 16 times oversubscribed on our most recent transaction. Strong demand, combined with favorable operating performance within our portfolio, has significantly improved the pricing of our notes. Notably, our most recent transaction marks the fourth consecutive improvement in our overall weighted average coupon, and we have reduced our weighted average spread by 308 basis points since our 2024-1 transaction.

市場對我們證券化產品的興趣依然濃厚，在最近一次交易中，A級票據認購倍數接近8倍，B級票據認購倍數接近16倍。強勁的需求，加上我們投資組合中良好的營運表現，顯著提升了票據的定價。值得注意的是，最近一次交易標誌著我們整體加權平均票息連續第四次提升，並且自2024-1期交易以來，我們的加權平均利差已降低了308個基點。

In our last transaction, 21 out of 26 investors who had previously participated in our securitization chose to invest again, which demonstrates the continued confidence they have on our platform. As Doug highlighted earlier, I'm also very encouraged by the impact that our upgraded Pay Your Way platform and our broader collections modernization will have on our ABS platform and future cost of capital as enhanced payment consistency and less of a reliance on field operations should support a stronger outlook from our rating agencies and unlock more favorable terms on upcoming securitizations.

在我們最近一次交易中，26位曾參與我們證券化項目的投資者中有21位選擇再次投資，這充分體現了他們對我們平台的持續信心。正如Doug先前強調的，我也非常欣慰地看到，我們升級後的「按需付費」平台以及更廣泛的收款現代化改造將對我們的資產支持證券（ABS）平台和未來資本成本產生積極影響。更高的支付穩定性以及對現場營運依賴性的降低，將有助於提升評級機構對我們的評級預期，並為即將進行的證券化專案爭取到更有利的條款。

I'd also like to address several important operational disclosures. First, as previously communicated, our annual report on Form 10-K was filed after a brief delay. The delay was related to the prior adoption of enhanced contract modification disclosures. These disclosures provide additional detail on the frequency and nature of modifications, their impact on our portfolio performance and our approach to managing risk in this area.

我還想就幾項重要的營運揭露事項進行說明。首先，正如之前所溝通的，我們的10-K表格年度報告在短暫延遲後已提交。延遲的原因在於我們先前採用了更完善的合約變更揭露規定。這些揭露規定提供了關於合約變更的頻率和性質、變更對我們投資組合績效的影響以及我們在此領域管理風險的方法的更多細節。

We believe these enhanced disclosures will provide greater transparency and help investors better understand the dynamics of our receivables and credit performance. Further, we have taken significant steps to remediate the associated material weakness including enhanced oversight, additional training and the implementation of new review procedures. We are committed to maintaining strong controls and transparency, and we will continue to update stakeholders on our progress.

我們相信，這些強化揭露將提高透明度，並幫助投資人更了解我們應收帳款和信貸表現的動態。此外，我們已採取重要措施彌補相關的重大缺陷，包括加強監督、增加培訓以及實施新的審查程序。我們致力於維持嚴格的控制和透明度，並將繼續向利害關係人通報我們的進展。

Second, I want to highlight the capital constraint impacting our working capital and inventory management. Currently, we faced both a low advance rate of 30% and a cap of $30 million on our inventory advances under our revolving credit facility. While these limits have existed in the past, the significant rise in vehicle prices since COVID has amplified their impact, putting ongoing pressure on our ability to expand retail sales and manage working capital efficiently.

其次，我想重點強調資金限制對我們營運資金和庫存管理的影響。目前，我們的循環信用額度下，庫存預付款比例僅30%，且上限為3000萬美元。雖然這些限制先前也存在，但自新冠疫情以來，車輛價格的大幅上漲加劇了這些限制的影響，持續限制我們擴大零售銷售和有效管理營運資金的能力。

We are actively exploring alternative financing solutions to address these constraints and unlock additional capacity to serve our qualified customer demand. Looking ahead, our focus remains on disciplined execution, portfolio quality and capital efficiency.

我們正積極探索其他融資方案，以應對這些限制，並釋放更多產能來滿足合格客戶的需求。展望未來，我們將繼續專注於嚴謹的執行、優質的投資組合和高效的資本運作。

The successful rollout of LOS V2 and risk-based pricing is already driving measurable improvements in deal quality and cash flow predictability. As we continue to diversify our funding sources and optimize our balance sheet, I'm confident that we are well positioned to support both near-term performance and long-term growth.

LOS V2 和基於風險的定價機制的成功推出，已顯著提升了交易品質和現金流量的可預測性。隨著我們不斷擴大融資管道並優化資產負債表，我相信我們已做好充分準備，支持公司近期業績的提升和長期發展的實現。

Finally, I want to thank our finance and operations teams for their commitment and agility in a dynamic environment. Their dedication is critical to our success. With that, I'll turn the call back over to Doug for closing remarks before we move to Q&A.

最後，我要感謝我們的財務和營運團隊，感謝他們在瞬息萬變的環境中展現出的敬業精神和敏捷性。他們的奉獻精神對我們的成功至關重要。接下來，我將把電話交還給道格，請他作總結發言，之後我們將進入問答環節。

Thank you, Jonathan. To summarize, this quarter, we kept our focus on the fundamentals we control. We expanded gross margin, increased interest income and improved collections while being disciplined on volume as tariffs and wholesale pricing temporarily pressurized inventory capacity under our current facility.

謝謝喬納森。總而言之，本季我們始終專注於我們可控的基本面。我們提高了毛利率，增加了利息收入，改善了收款情況，同時由於關稅和批發價格暫時限制了我們現有工廠的庫存能力，我們嚴格控制了產量。

LOS V2 and the new scorecard are doing the work we intended, shifting mix towards our highest rent customers under better pricing structures powered by risk-based pricing. And Pay Your Way is an upgrade that's laying the groundwork for more consistent payment behavior, operational efficiency and a lower cost of capital.

LOS V2 和新的評分卡正在按預期發揮作用，透過基於風險的定價機制，將客戶結構向租金最高的客戶傾斜，從而建立更合理的定價結構。 「按需付費」升級版則為更穩定的付款行為、更高的營運效率和更低的資本成本奠定了基礎。

Looking ahead, our priorities are clear: quality, growth with affordability, serving more customers and protecting returns. Payment and collections modernization, continuing to scale digital adoption; and third, our capital structure and capacity evaluating actions to expand inventory capacity, so demand, not financing mechanics determines our sales trajectory. I'm proud of the team's execution and grateful to our associates for keeping our customers on the road every day.

展望未來，我們的工作重點很明確：品質、在保證價格合理的前提下實現成長、服務更多客戶並保障退貨。我們將推動支付和收款流程的現代化，持續擴大數位化應用；第三，我們將評估資本結構和產能，採取措施擴大庫存能力，確保銷售績效由需求而非融資機制決定。我為團隊的執行力感到自豪，並感謝所有員工每天為保障客戶出遊所做的努力。

Operator, let's open the line for questions. Thank you.

接線員，現在開始接受提問。謝謝。

(Operator Instructions) Kyle Joseph, Stephens.

（操作說明）Kyle Joseph，Stephens。

Just on the unit volume decline. I know you guys talked about applications being really strong, particularly in July. But Doug, I think you highlighted some increased procurement costs in the quarter. Just wondering what you've seen kind of subsequent to the quarter end in terms of procurement cost, and I recognize that you guys are doing what you can in terms of financing solutions in order to manage working capital as well.

僅就銷量下滑這一點而言。我知道你們之前說過申請量非常強勁，尤其是在7月。但是Doug，我記得你提到過本季採購成本有所增加。我想了解一下季度末之後，你們在採購成本方面觀察到的情況。我也知道你們正在盡力提供融資方案來管理營運資金。

Yeah, thanks for the question. So I think subsequent to the quarter, we've seen the pricing smooth out. It's been sort of in that same exact range. In fact, it's come down a couple of bucks, but that's nominal. And on a positive note, we've seen the same sort of demand we saw in July sort of flow through August.

是的，謝謝你的提問。我認為本季之後，價格走勢趨於平穩，一直維持在先前的區間。實際上，價格略微下降了幾美元，但幅度很小。另外值得一提的是，我們看到8月的需求量與7月的情況大致相同。

And as Jamie mentioned, September is off to a great start. I think this sort of goes towards -- we speak about our business where when things tighten, another people tighten consumers come to us from the top. And we've certainly seen that based on the overall volume of applications and the quality of applications coming to us.

正如傑米所提到的，九月開局良好。我認為這印證了我們業務的特徵——當市場收緊時，其他行業的企業也會收緊政策，而消費者則會從高端市場轉向我們。從申請總量和申請品質來看，我們確實看到了這一點。

Got it. And then shifting to credit. I appreciate that the new loans under the new LOS are over 70% of the portfolio. But as that back book wanes, you kind of expect some credit tailwinds but we've seen increases in [DQs] and NCOs. So I appreciate the color you gave on charge-offs in terms of frequency and severity and portfolio size. But just given DQs are up, give us your sense for how quickly you would expect that to stabilize with the new LOS systems?

明白了。接下來我們來談談信貸方面。我了解到，在新貸款發起系統（LOS）下發放的新貸款佔比超過70%。但隨著現有貸款規模的縮減，我們原本預期信貸市場會有一些利多因素，但實際上，我們看到核銷資格（DQ）和壞帳核銷（NCO）的數量都在增加。我很欣賞您就核銷的頻率、嚴重程度和貸款組合規模所做的分析。鑑於核銷資格的增加，您認為在新貸款發起系統上線後，這種情況需要多久才能趨於穩定？

Yeah. The portfolio is weighted with mostly this new underwriting in place. And so I would expect, like now we sort of have like our normal cadence and normal seasonality as it relates to NCOs. And so we would typically see a couple of basis points change as we sort of go in and through the year. So to me, this is just sort of more normal.

是的。目前投資組合主要以這種新的承保方式為主。因此，我預計，現在我們的新核保業務（NCO）的節奏和季節性波動已經恢復正常。通常情況下，我們會看到一年中各基點出現幾個基點的變化。所以對我來說，這才是比較正常的狀況。

Over the last several quarters, we've obviously experienced the benefit of LOS sort of building the portfolio up. Now it represents the majority of the portfolio. And I think we should expect sort of the normal seasonal fluctuations within NCOs. And certainly, where we're at today is well within our operating range.

過去幾個季度，我們顯然受益於LOS業務的穩定成長，其投資組合已佔據主導地位。我認為我們應該預料到NCO業務會出現正常的季節性波動。當然，我們目前的狀況完全在我們的營運範圍內。

Got it. Last question, probably, Jonathan. But just on the G&A, was up in the quarter. It sounds like there is a pull forward of investments, but just kind of expectations for the cadence of G&A, it sounds like should the second quarter be kind of in line with the first quarter and then we really start to see some of the benefits of the investments you've been making. Is that kind of the right cadence of expenses?

明白了。喬納森，這可能是最後一個問題了。關於一般及行政費用，本季有所成長。聽起來像是提前投入了一些投資，但對於一般及行政費用的支出節奏，我預期第二季度應該與第一季基本持平，這樣我們才能真正開始看到你們投資的成效。這樣的支出節奏是否合理？

Yeah, that's right. I think in the second half, we'll see roughly half of the increase from this quarter unwind as we start to kind of finish the implementation of some of the technologies that we've pulled forward. I think there's also a broader story around some of the technologies that we're rolling out will modernize, for example, Pay Your Way that will modernize our collections infrastructure that will generate an additional tailwind and we put that about 5% of SG&A costs.

是的，沒錯。我認為下半年，隨著我們逐步完成一些提前實施的技術，本季約一半的成長將會回落。此外，我們正在推出的一些技術也將帶來更廣泛的影響，例如「Pay Your Way」系統將使我們的收款基礎設施現代化，這將帶來額外的成長動力，我們預計這部分成長將佔銷售、管理及行政成本的5%左右。

And as we continue to roll out the system and test the system we should start seeing that benefit in the next fiscal year. And then finally, all of those pieces combined will help us get towards our ultimate goal, which is about mid-16% SG&A as a percentage of sales.

隨著我們不斷推廣和測試該系統，我們應該會在下一個財政年度開始看到成效。最終，所有這些措施結合起來將有助於我們實現最終目標，即銷售、管理及行政費用佔銷售額的比例控制在16%左右。

Got it. That's it for me. Thanks for taking my questions.

明白了。我的問題就這些了。謝謝你回答我的問題。

(Operator Instructions) John Hecht, Jefferies.

（操作說明）約翰‧赫克特，傑富瑞。

Thanks very much for taking my question. Some of it's related to what Kyle was just asking, But the -- you have the temporary impact from tariffs. So we look at this as just sort of a one-time step function change in inventory pricing? Or will this be a spike up and then the cost will go down? I guess the -- this question is what are you guys anticipating in terms of used car pricing? And like to call it, the duration of how long that will affect the system?

非常感謝您回答我的問題。其中一些內容與凱爾剛才問的有關，但關稅的影響是暫時的。所以我們應該把這看成是庫存價格的一次階躍式變化嗎？還是說價格會先飆升，再回落？我想問的是，你們預計二手車價格會如何變動？以及，這種影響會持續多久？

Sure. I would say that the wholesale pricing, obviously, post-tax season, we should have had some sort of normal seasonality fall in pricing. We didn't experience that. I think the industry is contending with what is today represents a 5% or 6% increase relative to the prior year. I would expect that through the balance of the year now that the effects of tariffs are sort of known that we get some seasonality and pricing decline in the back half, all other things being equal, if you procure the same asset, et cetera.

當然。我認為，在稅季過後，批發價格理應會出現一些正常的季節性下降。但我們並沒有看到這種情況。我認為，目前整個產業面臨的價格漲幅相當於去年同期的5%到6%。鑑於關稅的影響已經基本顯現，我預計在今年剩餘的時間裡，如果其他條件不變，採購相同的資產，價格會在下半年出現一些季節性下降。

So this is really just a period of sort of managing through what that is today, but it does sort of lend itself to this other question around our capital structure with which we highlighted there. And really, I'll let Jonathan sort of unpack a little bit about how we think about that and how we can leverage and create opportunity there.

所以，目前我們正處於應對當前狀況的過渡階段，但這確實引出了我們之前提到的關於資本結構的另一個問題。接下來，就讓喬納森來詳細說明我們是如何看待這個問題，以及如何利用這一點來創造機會。

Yeah. If I just unpack. We currently, as you're aware, John, we have a revolving line of credit. We manage that -- we leverage that to manage our working capital. But really, the way we think about it is from a seasoning of AR and timing of entering into the ABS market, and if I just unpack that logic a little bit, we have two components within our ABL, one is an inventory borrowing base, the other one is an AR borrowing base.

是的。我簡單解釋一下。約翰，你也知道，我們目前有一條循環信用額度。我們利用這條額度來管理我們的營運資金。但實際上，我們考慮的是應收帳款的累積以及進入資產支持證券市場的時機。如果我稍微解釋一下這個邏輯，我們的資產抵押貸款包含兩個部分：一是存貨借款，二是應收帳款借款。

And I shared some metrics in the prepared remarks, 30% advance rate and $30 million cap that doesn't cover our full inventory. And to the degree that we see continued pressure on pricing, that chews up the desired cushion that we would want to have in ABL that allows us to season our receivables, which in turn allows us to go into the ABS market, achieve better rates, achieve better structures, et cetera.

我在事先準備好的發言稿中分享了一些指標，例如30%的預付款率和3000萬美元的上限，但這並不能涵蓋我們全部的庫存。如果我們持續面臨價格壓力，就會蠶食我們在資產抵押貸款（ABL）領域所需的緩衝資金，而這筆資金本可以幫助我們累積應收帳款，進而使我們能夠進入資產支持證券（ABS）市場，獲得更優惠的利率和結構等等。

So what we're trying to do during the quarter is really just navigate that and what we're laser-focused on is a financial solution to unlock capacity there.

因此，我們本季要努力解決的問題，以及我們目前重點關注的釋放產能的財務解決方案。

Okay. And then a follow-up question, that's very helpful by the way. Thank you very much. Follow-up question is the -- sorry, my phone was cutting out. You guys -- there's still very high demand from the consumer, but I guess it's tough to complete the transactions given supply constraints and macro factors and so forth. I guess, you guys are positioning yourself to be very like resourced and strong during a recovery period. So what factors should we look for in terms of seeing green shoots maybe for the dissipation of some of these headwinds?

好的。還有一個後續問題，這個問題很有幫助，非常感謝。後續問題是——抱歉，我的手機訊號有點斷斷續續的。你們——消費者需求依然非常旺盛，但考慮到供應限制、宏觀經濟因素等等，完成交易可能比較困難。我想，你們正在努力確保在復甦期擁有充足的資源和強大的實力。那麼，我們該關注哪些因素，才能看到一些不利因素消散的跡象呢？

Sure. I think with the release of LOS V2, which went live on May 8 that's like our second iteration for the LOS. If you go back in time, you remember, when we first launched LOS, it was around deal structures on our customer ranks one through four and tightening the credit box. The second iteration is more about identifying and properly identifying risk and more accurately identifying risk and with more granularity than we've had in the past. LOS V2 has a new scorecard embedded.

當然。我認為5月8日上線的LOS V2算是我們LOS系統的第二次迭代。回顧過去，我們最初推出LOS時，主要針對客戶等級1到4的交易結構，並收緊信用審查。第二次迭代則更著重於辨識和正確辨識風險，比以往版本更精準細化。 LOS V2也內建了新的評分卡。

And so I would expect us to continue to sort of continue to get favorability. My hope would be that similar to what we had in terms of a step change in the credit quality that we've had over the last 1.5 years that it's another step in that right direction.

因此，我預期我們會繼續獲得一定的優惠待遇。我希望，就像過去一年半以來信貸品質的顯著提升一樣，這能成為我們朝著正確方向邁出的又一步。

As an example, if you look year over year from Q1 '25 to Q1 '26, the average FICO score change was about 20 points in origination quarter over quarter. And you can see that distribution, there was a new chart we included in the presentation in our supplemental slide pack that shows us more heavily weighting these five to seven rank customers. And typically, we talked about the volume of applications that Jamie mentioned earlier, we're really pleased with what we're seeing there.

例如，如果您查看2025年第一季到2026年第一季的年比數據，平均FICO信用評分較上季變化約為20分。您可以看到，我們在補充幻燈片中新增了一張圖表，顯示我們對信用評分排名前五到第七的客戶給予了更高的權重。此外，正如Jamie之前提到的，我們討論過申請量，我們對目前的情況非常滿意。

It's really important given that we're seeing more growth at the top of the funnel and equal growth at the bottom, but more growth with these better qualified customers that we maintain the asset quality. We're not going to be able to capitalize on that opportunity unless we have the right asset to match what the consumers' needs are.

鑑於我們看到漏斗頂端客戶成長更快，漏斗底端客戶成長持平，但高素質客戶的成長更為顯著，因此維持資產品質至關重要。如果我們沒有合適的資產來滿足消費者的需求，就無法把握這項機會。

All right. Great. I'll get back in queue. Thank you, guys.

好的，太好了。我這就重新排隊。謝謝大家。

Thank you. And I'm showing no further questions on the phone lines and you guys can move to your Q&A queue from the web questions.

謝謝。電話線上的問題已經全部解答完畢，你們可以從網頁提問環節轉到你們的問答隊列。

Thank you. We do have a couple of questions. One is related to the deal structures that rolled out with LOS V2.

謝謝。我們還有幾個問題。其中一個與LOS V2所推出的交易結構有關。

So what we did on deal structures while with LOS V2, we took our seven rank consumers, they're getting a slight rate break and a slight down payment break. So you can see overall average down payments came down a little bit during the quarter in the aggregate. That is because we gave the most flexibility to these customers who present the least amount of risk.

因此，在 LOS V2 版本中，我們對交易結構進行了調整，針對排名前七的客戶，給予他們一定的利率優惠和首付減免。因此，您可以看到，本季整體平均首付金額略有下降。這是因為我們給予了這些風險最低的客戶提供最大的靈活性。

If I look at sort of the bottom two or three ranks of customers, they actually put 13% more down on average. They had $2,000 less financed. They had overall higher average originating rates because our one and two rank customers saw 200 and 100 basis point increases in the originating rates and those terms that we've originated for those consumers were four months shorter.

如果我看一下排名墊底的兩三位客戶，他們的平均首付實際上高出13%。他們的貸款金額少了2000美元。他們的平均初始利率總體更高，因為排名第一和第二的客戶初始利率分別上漲了200和100個基點，而且我們為這些客戶提供的貸款期限也縮短了四個月。

So the return profile on those consumers are going to be much stronger. That does not show up in the distribution of how those consumers appeared in the chart. That's the risk-based pricing factor on top of that. And so that's obviously going to drive more positive returns.

因此，這些消費者的回報潛力會更大。這一點並未從圖表中這些消費者的分佈反映出來。這是基於風險的定價因素疊加的結果。顯然，這將帶來更高的正回報。

There's another question here on consumer health. How would you characterize the existing health of the consumer. Jamie, if you want to take that one?

這裡還有一個關於消費者健康的問題。您如何描述消費者目前的健康狀況？傑米，你願意回答這個問題嗎？

Yeah, I'll take that one. I'd certainly say with credit tightens, people come to us, and we are the place where credit challenge of the landing spot for our credit challenge customers. And as we've seen that demand increase, I think it's an indication that our consumer base is strained. However, it's generally our mission, keeping our customers on the road, I think our customer base is always in a spot of being challenged with what's happening in the macro environment.

是的，我同意。信貸緊縮確實會促使人們來找我們，而我們正是那些面臨信貸挑戰的客戶的避風港。隨著需求的增長，我認為這表明我們的客戶群正承受著壓力。然而，我們的使命始終是保障客戶的出行，我認為我們的客戶群始終面臨著宏觀環境變化所帶來的挑戰。

And so that's part of the reason why we pulled our LOS V2 forward was our ability to not only tighten on the bottom end but be able to attract more of those higher customers with a stronger credit profile in the tightened environment externally.

因此，我們提前推出 LOS V2 的部分原因在於，我們不僅能夠收緊低端貸款門檻，還能在外部環境收緊的情況下吸引更多信用狀況更好的高端客戶。

What also gives us comfort is that although they are probably more constrained today than they were a year ago, our structures with the rollout of LOS, our structures are much better today than they were a year ago with, as Jonathan mentioned, 72% of the portfolio now made up of LOS, tighter underwritten customers.

令我們感到欣慰的是，雖然他們現在可能比一年前受到更多限制，但隨著 LOS 的推出，我們的結構比一年前好得多，正如 Jonathan 所提到的，現在 72% 的投資組合由 LOS 組成，承保客戶更加嚴格。

There's another one here. The 30-day delinquencies were up 30 basis points. Is that a sign that the consumer is strained?

還有一點。 30天逾期率上升了30個基點。這是否表示消費者面臨壓力？

Listen, I think, as Jamie mentioned, our consumer base is always strained that's sort of our specialty, but it is a leading indicator on how we think about delinquencies. When I think about maybe the impact that happened during the quarter, take for a moment and consider the fact that we did roll out our new payment system.

聽著，我覺得，就像傑米提到的那樣，我們的客戶群一直都很緊張，這算是我們的“專長”，但這確實是我們如何看待拖欠款項的一個重要指標。想想本季可能產生的影響，請稍作考慮，我們確實推出了新的支付系統。

And so that did a couple of things. Like any technology that sort of had its first bumps over the first couple of weeks but more importantly, there was a certain subset of customers who had automatic recurring payments structured and set up. To the extent that like they need to reenroll in our new system that obviously would cause some timing delays there.

因此，這造成了一些問題。任何新技術在最初幾週都會遇到一些小問題，但更重要的是，有一部分客戶已經設定了自動定期付款。如果他們需要重新註冊我們的新系統，這顯然會造成一些時間上的延遲。

And so we certainly had our challenge is getting them reenrolled but that happened in very, very short order. And we highlighted in the release there that not only did that cured, we actually now have doubled the amount of customers enrolled in recurring payments. And so that is going to be a key unlock for how we manage and how much work it takes to manage the portfolio.

因此，我們面臨的挑戰是如何讓客戶重新註冊，但這個問題很快就解決了。我們在新聞稿中強調，不僅如此，我們現在註冊定期付款的客戶數量實際上翻了一番。這將為我們管理投資組合的方式以及管理投資組合所需的工作量帶來關鍵性的突破。

I'd add, sort of since then, delinquencies have come back into sort of a more daily normalized range of between 3.4%, 3.6%. We actually ended August at 2.8%. So we feel really good about where that sits both from a [recency] and 30-day delinquency standpoint. And that 30-day delinquency measurement is a point in time. So there is a little bit of to unpack there. So I appreciate the question.

我想補充一點，從那以後，逾期率已經回落到3.4%到3.6%的比較正常的日常波動範圍內。實際上，8月底的逾期率為2.8%。所以，無論從近期逾期率或是過去30天的逾期率來看，我們都對目前的狀況感到非常滿意。要注意的是，過去30天的逾期率只是一個時間點的指標，所以這其中還有一些細節需要分析。感謝您的提問。

I don't think we have anything more in the queue. Yeah, I don't think (inaudible) have anything more in queue, anything else?

我想我們應該沒有其他任務了。是的，我想（聽不清楚）應該沒有其他任務了，還有其他的嗎？

No.

不。

All right. Again, I want to thank all of our associates for their hard work during the quarter. Thank you to our shareholders and Board for their support and to the field. Our customers are always counting on you. Let's get after it in the quarter.

好的。再次感謝所有同事在本季付出的辛勤努力。感謝股東和董事會的支持，也感謝第一線員工。我們的客戶始終信賴你們。讓我們在本季繼續努力！

Thank you very much and thank you for joining the call and believing in America's Car-Mart.

非常感謝，也感謝您參與此電話會議並相信美國汽車市場。

This concludes today's conference call. Thank you for participating, and you may now disconnect. Everyone, have a great day.

今天的電話會議到此結束。感謝各位的參與，現在可以掛斷電話了。祝大家今天過得愉快。