Carvana Co (CVNA) 2022 Q2 法說會逐字稿

Hello, and welcome to the Carvana Second Quarter 2022 Earnings Conference Call. (Operator Instructions)

您好，歡迎參加 Carvana 2022 年第二季度收益電話會議。 （操作員說明）

Please note, this event is being recorded. I would now like to turn the conference over to Mike Levin, Vice President of Investor Relations. Please go ahead.

請注意，此事件正在記錄中。我現在想將會議轉交給投資者關係副總裁 Mike Levin。請繼續。

Thank you, MJ. Good afternoon, ladies and gentlemen, and thank you for joining us on Carvana's Second Quarter 2022 Earnings Conference Call. Please note that this call will be simultaneously webcast on the Investor Relations section of the company's corporate website at investors.carvana.com. The second quarter shareholder letter is also posted on the IR website. Also, we posted a set of supplemental financial tables for Q2 to assist investors in understanding the moving pieces this quarter with the consolidation of ADESA, and we've updated our operating plan deck to reflect the addition of ADESA. Both can be found on the Events & Presentations page of our IR website.

謝謝你，MJ。下午好，女士們，先生們，感謝您參加 Carvana 的 2022 年第二季度收益電話會議。請注意，本次電話會議將同時在公司網站investors.carvana.com 的投資者關係部分進行網絡直播。第二季度股東信也發佈在 IR 網站上。此外，我們發布了一組第二季度的補充財務表格，以幫助投資者了解本季度隨著 ADESA 的整合而發生的變化，我們更新了我們的運營計劃以反映 ADESA 的加入。兩者都可以在我們的 IR 網站的 Events & Presentations 頁面上找到。

Joining me on the call today are Ernie Garcia, Chief Executive Officer; and Mark Jenkins, Chief Financial Officer.

今天和我一起參加電話會議的是首席執行官 Ernie Garcia；和首席財務官馬克詹金斯。

Before we start, I would like to remind you that the following discussion contains forward-looking statements within the meaning of the federal securities laws, including, but not limited to, Carvana's market opportunities and future financial results that involve risks and uncertainties that may cause actual results to differ materially from those discussed here. A detailed discussion of the material factors that cause actual results to differ from forward-looking statements can be found in the Risk Factors section of Carvana's most recent Form 10-K and Form 10-Q for the first quarter of 2022. The forward-looking statements and risks in this conference call are based on current expectations as of today, and Carvana assumes no obligation to update or revise them whether as a result of new developments or otherwise. Unless otherwise noted on call, all comparisons are on a year-over-year basis.

在開始之前，我想提醒您，以下討論包含聯邦證券法含義內的前瞻性陳述，包括但不限於 Carvana 的市場機會和未來財務業績，其中涉及可能導致的風險和不確定性實際結果與此處討論的結果大不相同。有關導致實際結果與前瞻性陳述不同的重大因素的詳細討論，請參見 Carvana 2022 年第一季度最新的 10-K 表和 10-Q 表的風險因素部分。本次電話會議中的陳述和風險基於截至今天的當前預期，Carvana 不承擔因新發展或其他原因而更新或修改它們的義務。除非在電話中另有說明，否則所有比較都是按年進行的。

Our commentary today will include non-GAAP financial measures. Reconciliations between GAAP and non-GAAP metrics for our reported results can be found in our shareholder letter issued today, a copy of which can be found on our Investor Relations website.

我們今天的評論將包括非公認會計準則財務措施。我們報告結果的 GAAP 和非 GAAP 指標之間的調節可以在我們今天發布的股東信中找到，其副本可以在我們的投資者關係網站上找到。

And now with that said, I'd like to turn the call over to Ernie Garcia. Ernie?

話雖如此，我想把電話轉給 Ernie Garcia。厄尼？

Thanks, Mike, and thanks all for joining the call. The second quarter was probably the most dynamic quarter we've had at Carvana. We shifted our priorities for the first time in company history to favor efficiency and cash flow in recognition of the changes to the market and the economic landscape as well as to enable us to quickly adjust to changes in our industry that had caused our expenses to be out of balance with sales volumes. We also completed our acquisition of ADESA in a transaction that we believe will be transformative over time.

謝謝，邁克，感謝大家加入電話會議。第二季度可能是我們在 Carvana 經歷過的最具活力的一個季度。我們在公司歷史上第一次將優先事項轉移到提高效率和現金流，以認識到市場和經濟格局的變化，並使我們能夠迅速適應導致我們的開支下降的行業變化與銷量不平衡。我們還完成了對 ADESA 的收購，我們相信隨著時間的推移，該交易將具有變革性。

First, I want to hit our change in priorities to favor efficiency in cash flow. We began to make the biggest changes inside the company in May. These changes have been significant. They've resulted in prioritization shifts across every group in the business. They've resulted in the creation of new processes to increase focus and drive progress on these priorities. While it is early in the execution of our plan, this is going very well so far.

首先，我想改變我們的優先事項，以提高現金流的效率。我們在五月份開始在公司內部進行最大的改變。這些變化是顯著的。它們導致業務中每個組的優先級發生變化。它們促成了新流程的創建，以增加對這些優先事項的關注並推動進展。雖然這是我們計劃執行的早期階段，但到目前為止進展順利。

At Carvana, we've always said high standards for ourselves. And I think it's one of the reasons we've been pretty successful so far. In the long run, the ability to keep pressure on ourselves is probably one of the greatest differentiators in how groups of people perform, but there's no substitute for the focus and motivation provided by market and economic disruption.

在 Carvana，我們一直對自己說高標準。我認為這是我們迄今為止非常成功的原因之一。從長遠來看，對自己保持壓力的能力可能是不同群體表現的最大差異化因素之一，但市場和經濟混亂所提供的關注和動力是無可替代的。

Everyone feels it and difficulty reveals people. What is revealing about the people of Carvana is something I already knew and something I can't thank them all enough for. The people of Carvana Care and they don't shy away from a challenge. They are fighters. The people of Carvana are focused in making faster progress than we have made at any point in our history. They're working hard, but they're finding the fun in it, and they're making change they're proud of. And as a result, we are rolling out new capabilities, products and processes at an incredible rate. Our plan is to continue until we reach our goals.

每個人都感覺到它，困難揭示了人們。 Carvana 的人們所揭示的是我已經知道的事情，而且我無法完全感謝他們。 Carvana Care 的人們從不迴避挑戰。他們是戰士。 Carvana 的人們專注於取得比我們歷史上任何時候都更快的進步。他們正在努力工作，但他們從中找到了樂趣，他們正在做出他們引以為豪的改變。因此，我們正在以令人難以置信的速度推出新的能力、產品和流程。我們的計劃是繼續下去，直到我們達到我們的目標。

This drove a lot of progress in the quarter in a short period of time. We grew units sequentially by over 10% and reduced total SG&A by 5% at the same time, causing us to drive cash SG&A down per unit by $850 in the quarter to $5,400. We've set a stretch goal to hit $4,000 cash SG&A per unit in the fourth quarter, excluding impacts from ADESA. This is going to be a hard mark to hit, but so far, we're on the path. From there, we will continue to our midterm goal of $3,000 per unit. We will keep pushing.

這在短時間內推動了本季度的許多進展。我們的單位連續增長超過 10%，同時總 SG&A 減少了 5%，導致我們在本季度將每單位的現金 SG&A 降低了 850 美元，至 5,400 美元。我們設定了一個延伸目標，即在第四季度達到每單位 4,000 美元的現金 SG&A，不包括 ADESA 的影響。這將是一個很難達到的目標，但到目前為止，我們正在路上。從那裡開始，我們將繼續實現每單位 3,000 美元的中期目標。我們將繼續推動。

We also drove up GPU by $500 in the quarter to $3,400. We provided some bridges back to $4,500 and beyond in our shareholder letter. The biggest thing separating us from climbing back to that level is execution. We'll be pushing here as well.

我們還在本季度將 GPU 提高了 500 美元，達到 3,400 美元。我們在股東信中提供了一些回饋 4,500 美元及以上的橋樑。使我們無法重新回到那個水平的最大因素是執行力。我們也會在這裡推動。

Now turning to the ADESA acquisition. We are excited about joining forces with ADESA when we completed the deal. Now that we've begun working with the team, we are more excited. First, I want to give credit to the ADESA team. They've embraced us in a way that we couldn't have reasonably expected. They're a fun group of warm people who are enthusiastic about doing right by their customers and about finding ways to do even better. On a personal level, it has been fun to meet so many people inside the company to learn from them and to see how interested they are in learning from us.

現在轉向ADESA收購。當我們完成交易時，我們很高興與 ADESA 聯手。現在我們已經開始與團隊合作，我們更加興奮。首先，我要感謝 ADESA 團隊。他們以一種我們無法合理預期的方式擁抱我們。他們是一群有趣的熱情的人，他們熱衷於為客戶做正確的事，並熱衷於尋找做得更好的方法。在個人層面上，很高興能在公司內見到這麼多人向他們學習，看看他們對向我們學習有多麼感興趣。

Our alignment is leading to extremely fast progress on our integration. We already have over half the cars we buy from our customers that we plan to sell through the wholesale channel landing at 46 ADESA locations nationwide. We've already embedded market operations hubs at 18 ADESA sites. ADESA is already reconditioning over 500 cars a week in locations that complement our existing IRC footprint, primarily on the coast.

我們的一致性正在導致我們的整合取得極快的進展。我們已經有超過一半的汽車從客戶那裡購買，我們計劃通過批發渠道在全國 46 個 ADESA 地點銷售。我們已經在 18 個 ADESA 站點嵌入了市場運營中心。 ADESA 已經每週在補充我們現有 IRC 足蹟的地點（主要在海岸）對 500 多輛汽車進行翻新。

In addition, we have also already deepened our relationship with Hertz in ways we couldn't have without ADESA. Over time, we expect ADESA to dramatically increase the scale and customer proximity of our inspection center network. We expect it to strengthen and simplify our logistics capabilities and we expect to find cost savings and revenue opportunities that wouldn't be possible without our combined capabilities. We still have a long way to go to complete our integration, and this is another area where we will continue to push.

此外，我們還以沒有 ADESA 的情況下無法實現的方式加深了與 Hertz 的關係。隨著時間的推移，我們預計 ADESA 將顯著增加我們檢測中心網絡的規模和客戶接近度。我們希望它能夠加強和簡化我們的物流能力，我們希望找到如果沒有我們的綜合能力就不可能實現的成本節約和創收機會。我們要完成整合還有很長的路要走，這是我們將繼續推進的另一個領域。

Now I'd like to turn to what we're thinking about the near term. We are going to maintain our current priorities for the foreseeable future to drive efficiencies that we believe serve our short- and long-term goals best in this environment. While we continue to expect to rapidly gain market share, our shift in focus means growth in units and revenue will be slower than it otherwise would be in the short term. We also don't know exactly what to expect from industry level sales in the near term in light of everything going on in the economy.

現在我想談談我們對近期的看法。在可預見的未來，我們將保持當前的優先事項，以提高我們認為在這種環境下最能實現我們的短期和長期目標的效率。雖然我們繼續期望快速獲得市場份額，但我們的重點轉移意味著單位和收入的增長將比短期內慢。鑑於經濟中正在發生的一切，我們也不確切知道短期內對行業銷售的預期。

In July, for example, there was another industry-wide reduction in demand levels, which has impacted us as well. We have meaningful latent demand and several levers to drive growth, which we will begin to pull over time, but the speed that we pull those levers will be driven by the progress we are making in our higher priorities. In more difficult times, people tend to get more nearsighted. There are good reasons for this. There's value in dialing into important cost fundamentals to get less attention at easier times. And as you can see from our priorities, we are focusing more on fundamentals in this environment as well. That said, it's still important to maintain awareness of the mountain we are climbing.

例如，7 月份，整個行業的需求水平再次下降，這也對我們產生了影響。我們有有意義的潛在需求和幾個推動增長的槓桿，隨著時間的推移，我們將開始拉動這些槓桿，但我們拉動這些槓桿的速度將取決於我們在更高優先事項上取得的進展。在更困難的時期，人們往往會變得更加近視。這有充分的理由。撥入重要的成本基本面以在更輕鬆的時間獲得更少的關注是有價值的。正如您從我們的優先事項中看到的那樣，我們也更加關注這種環境中的基本面。也就是說，保持對我們正在攀登的山峰的認識仍然很重要。

Through a long-term lens, Q2 has the potential to be one of our greatest quarters. It serves as a catalyst to put more focus on driving efficiency. This was something we were going to do at some point anyway and the environment has provided pressure that we will use to make progress faster than we likely would have otherwise. Our visibility to much higher volumes in high. On the demand side of the equation, we continue to take market share in this environment, and the market shares we have in our most mature cohorts provide a clear map to growing volume dramatically. In addition, previous periods of economic strain have accelerated consolidation in our industry.

從長遠來看，第二季度有可能成為我們最偉大的季度之一。它可以作為催化劑，使人們更加關注駕駛效率。無論如何，這是我們將在某個時候做的事情，環境提供了壓力，我們將利用這些壓力來比我們可能擁有的更快地取得進展。我們對高交易量的可見性很高。在等式的需求方面，我們繼續在這種環境中佔據市場份額，而我們在最成熟的群體中擁有的市場份額為銷量的急劇增長提供了清晰的地圖。此外，之前的經濟緊張時期加速了我們行業的整合。

On the supply side, the acquisition of ADESA is a game changer. Simply put, execution is all that separates us from millions of sales per year. From a GPU perspective, our bridge back to 2021 level is straightforward, and from there, opportunity remains. SG&A has been and remains our biggest opportunity. We have a clear plan. That plan is being aggressively executed against with concrete goals in every group of the company. And we have the historical performance we have seen in our more mature cohorts as proof points. We remain firmly on the path to achieving our mission of changing the way people buy cars and are becoming the largest and most profitable automotive retailer. The march continues. Mark?

在供應方面，對 ADESA 的收購改變了遊戲規則。簡而言之，執行是將我們與每年數百萬銷售額區分開來的唯一因素。從 GPU 的角度來看，我們回到 2021 年水平的橋樑很簡單，從那裡開始，機會依然存在。 SG&A 一直是並且仍然是我們最大的機會。我們有一個明確的計劃。該計劃正在公司各個部門積極執行，並製定了具體目標。我們有我們在更成熟的隊列中看到的歷史表現作為證明點。我們將堅定不移地實現改變人們購買汽車方式的使命，並正在成為最大、最賺錢的汽車零售商。遊行繼續。標記？

Thank you, Ernie, and thank you all for joining us today. We made significant progress in Q2 on many fronts. We closed our acquisition of ADESA. We set clear operating priorities focused on reducing SG&A expense and driving toward positive free cash flow. And we made significant sequential progress on our key metrics despite facing continued macro-related pressures and working through internal constraints.

謝謝你，厄尼，感謝大家今天加入我們。我們在第二季度在許多方面取得了重大進展。我們完成了對 ADESA 的收購。我們設定了明確的運營重點，重點是減少 SG&A 費用並推動實現正的自由現金流。儘管面臨持續的宏觀相關壓力並克服內部限制，但我們在關鍵指標上取得了顯著的連續進展。

In Q2, retail units sold totaled 117,564, an increase of 9%. We gained significant market share in Q2 despite the impact of high used vehicle prices, rising interest rates, and other economy-wide factors on our industry. Total revenue in Q2 was $3.884 billion, an increase of 16%. Total revenue included $108 million from our acquisition of ADESA's wholesale marketplace, which closed on May 9. Total gross profit per unit in Q2 was $3,368, a decrease of $1,752 a year and an increase of $535 sequentially.

第二季度，零售單位共售出 117,564 個，增長 9%。儘管二手車價格上漲、利率上升和其他經濟因素對我們的行業產生影響，但我們在第二季度獲得了顯著的市場份額。第二季度總收入為 38.84 億美元，增長 16%。總收入包括我們收購 ADESA 批發市場的 1.08 億美元，該批發市場於 5 月 9 日結束。第二季度每單位的總毛利潤為 3,368 美元，每年減少 1,752 美元，環比增加 535 美元。

Due to the dynamic nature of the current environment, we will focus our more detailed commentary on sequential changes. Retail GPU was $1,131 in Q2 compared to $808 in Q1, a sequential increase of $323. Retail gross profit included a $51 per unit impact from Ernie's 1 million unit milestone gift to Carvana employees and a $34 per unit impact from our May reduction in force. Excluding these impacts, retail GPU in Q2 was $1,216 compared to $884 in Q1. Sequential changes in retail GPU were primarily driven by higher spreads between retail sales prices and acquisition prices. Retail reconditioning and inbound transport costs were similar in Q2 and Q1 as we primarily sold vehicles in Q2 that were reconditioned prior to our cost efficiency initiatives.

由於當前環境的動態特性，我們將把更詳細的評論集中在順序變化上。第二季度零售 GPU 為 1,131 美元，而第一季度為 808 美元，環比增長 323 美元。零售毛利包括 Ernie 向 Carvana 員工贈送 100 萬件里程碑式禮物帶來的每單位 51 美元的影響，以及我們 5 月裁員帶來的每單位 34 美元的影響。排除這些影響，第二季度零售 GPU 為 1,216 美元，而第一季度為 884 美元。零售 GPU 的連續變化主要是由零售價格和收購價格之間的更高價差推動的。第二季度和第一季度的零售翻新和入境運輸成本相似，因為我們主要在第二季度銷售在我們的成本效益計劃之前翻新的車輛。

Wholesale GPU was $383 in Q2 compared to $219 in Q1, a sequential increase of $164. Sequential changes in wholesale GPU were primarily driven by a $43 impact from the ADESA wholesale marketplace, net of $128 of depreciation and amortization expense, as well as increased spreads between wholesale sales prices and acquisition prices.

第二季度批發 GPU 為 383 美元，而第一季度為 219 美元，環比增長 164 美元。批發 GPU 的連續變化主要受到 ADESA 批發市場 43 美元的影響，扣除 128 美元的折舊和攤銷費用，以及批發銷售價格和收購價格之間的價差增加。

Other GPU was $1,854 in Q2 compared to $1,806 in Q1. Sequential changes in other GPU were primarily driven by higher customer rates relative to benchmark interest rates, partially offset by wider credit spreads and a change in loan sales channel mix. Looking toward Q3, we expect to sell loans in the whole loan sales format, but will maintain flexibility to optimize our channel mix as the quarter progresses.

第二季度其他 GPU 為 1,854 美元，而第一季度為 1,806 美元。其他 GPU 的連續變化主要是由相對於基準利率更高的客戶利率驅動的，部分被更大的信用利差和貸款銷售渠道組合的變化所抵消。展望第三季度，我們預計將以整個貸款銷售形式銷售貸款，但隨著季度的進展將保持靈活性以優化我們的渠道組合。

We made significant progress reducing SG&A per retail units sold in Q2 with SG&A per unit, excluding depreciation and amortization, share-based compensation and ADESA, declining by $942 compared to Q1. We expect to make continued progress on reducing SG&A expense in the coming quarters as we continue to focus on operating efficiency across all areas of the business.

我們在減少第二季度銷售的每個零售單位的 SG&A 方面取得了重大進展，其中不包括折舊和攤銷、基於股票的薪酬和 ADESA 的每單位 SG&A，與第一季度相比下降了 942 美元。隨著我們繼續關注所有業務領域的運營效率，我們預計在未來幾個季度將在減少 SG&A 費用方面取得持續進展。

Adjusted EBITDA margin in Q2 was minus 6.2% compared to minus 10.2% in Q1, an improvement of 4 percentage points. Adjusted EBITDA excludes impacts from Ernie's gift to personal stock to Carvana employees as well as other income and expense, which primarily includes changes in the fair value of securities, but it includes non-gift share-based compensation and expenses related to our May reduction in force.

第二季度調整後的 EBITDA 利潤率為負 6.2%，而第一季度為負 10.2%，提高了 4 個百分點。調整後的 EBITDA 不包括 Ernie 向 Carvana 員工贈送個人股票以及其他收入和費用的影響，這主要包括證券公允價值的變化，但它包括與我們 5 月減少力量。

Adjusted EBITDA also included a minus $2 million impact from the acquisition of ADESA, inclusive of $3 million of onetime expenses and the reallocation of $2 million of gross profit generated from Carvana business that was internalized following the acquisition. Following quarter end, we began implementing changes that we expect to positively impact EBITDA contribution from ADESA by approximately $7 million per quarter by later this year.

調整後的 EBITDA 還包括收購 ADESA 帶來的負 200 萬美元影響，其中包括 300 萬美元的一次性費用以及收購後內部化的 Carvana 業務產生的 200 萬美元毛利潤的重新分配。季度末之後，我們開始實施變革，預計到今年晚些時候，ADESA 每季度的 EBITDA 貢獻將增加約 700 萬美元。

As a result of the way the teams have come together, all we have continued to learn about the ADESA business, the rapid progress we are making in integration and the long-term opportunity that exists between our 2 companies, we are as excited as ever about our acquisition of ADESA. On June 30, we had approximately $4.7 billion in total liquidity resources, including $2.7 billion in cash and revolving availability and $2.1 billion of unpledged real estate and other assets, including approximately $1 billion of real estate acquired with ADESA.

由於團隊聚集在一起的方式，我們繼續了解 ADESA 業務，我們在整合方面取得的快速進展以及我們兩家公司之間存在的長期機會，我們一如既往地興奮關於我們收購 ADESA。 6 月 30 日，我們擁有約 47 億美元的總流動資金資源，包括 27 億美元的現金和循環可用性以及 21 億美元的未質押房地產和其他資產，其中包括通過 ADESA 收購的約 10 億美元的房地產。

We also ended the quarter with approximately 1.2 million annual units of inspection and reconditioning center capacity at full utilization, giving us substantial infrastructure for future growth. This strong liquidity position, our significant production capacity runway and our clear and focused operating plan positions us well on our path to achieve our goals of driving positive cash flow and becoming the largest and most profitable auto retailer.

在本季度末，我們還以每年大約 120 萬台的檢驗和修復中心產能處於充分利用狀態，為我們未來的增長提供了充足的基礎設施。這種強大的流動性狀況、我們顯著的生產能力跑道以及我們清晰而專注的運營計劃使我們能夠很好地實現我們的目標，即推動正現金流並成為最大和最賺錢的汽車零售商。

Thank you for your attention. We'll now take questions.

感謝您的關注。我們現在來提問。

(Operator Instructions) Our first question comes from Zack Fadem of Wells Fargo.

（操作員說明）我們的第一個問題來自富國銀行的 Zack Fadem。

Ernie, at the current level of 8,000 to 9,000 cars per week, should we view this as a fair characterization of demand for your business today or more so a level that you're intentionally managing to as you shift the focus to profitability? And assuming it's the latter, can you talk about the level that units need to restep up to in order to achieve the stretch SG&A per unit goal in Q4?

Ernie，在目前每週 8,000 到 9,000 輛汽車的水平上，我們應該將其視為對您今天業務需求的公平表徵，還是您在將重點轉移到盈利能力時有意管理的水平？假設是後者，你能談談單位需要重新達到的水平，以實現第四季度的單位 SG&A 延伸目標嗎？

Sure. So let's start with where units are. I think in the second quarter, we grew units by 9% at a time when the market was probably shrinking by around 15%, give or take. So when you look at that, I think we did continue to take market share. It's certainly at a slower rate than we historically have, but still at a pretty fast rate when you kind of really stop and take in. So I think that something to be happy with in light of the circumstances.

當然。所以讓我們從單位的位置開始。我認為在第二季度，我們的單位數量增長了 9%，而當時市場可能萎縮了 15% 左右，不管是給予還是接受。因此，當您看到這一點時，我認為我們確實繼續佔據市場份額。它的速度肯定比我們歷史上的速度要慢，但當你真正停下來並接受時，速度仍然相當快。所以我認為根據當時的情況，這是一件值得高興的事情。

We have obviously changed our focus quite a bit, and that has real impacts. When you think about year-over-year growth rates a year ago, everyone across every group inside Carvana had their #1 priority just driving growth. Today, the #1 priority is driving efficiency. And that has all kinds of impacts. We talked about the logistics network, for example, in the shareholder letter that gives some examples, but there are examples like that everywhere else.

我們顯然已經改變了很多關注點，這產生了真正的影響。當您考慮一年前的同比增長率時，Carvana 內部每個團隊的每個人的第一要務就是推動增長。今天，第一要務是提高效率。這會產生各種影響。我們談到了物流網絡，例如，在股東信中給出了一些例子，但其他地方都有這樣的例子。

And so I think there's certainly some impacts that are happening when you think about it from a year-over-year basis. I think when you look at it sequentially, I think there's some impact there as well that take the same form in terms of the shift to focus. We decreased our marketing budget by about 15% quarter-over-quarter. That was certainly from elevated levels in Q1 that we're not interested in sustaining. But nonetheless, it's a 15% reduction in marketing spend quarter-over-quarter. That's going to have something impact all else constant.

所以我認為當你從年復一年的基礎上考慮它時，肯定會發生一些影響。我認為當您按順序查看它時，我認為那裡也有一些影響，在轉移焦點方面採取相同的形式。我們將營銷預算環比減少了約 15%。這肯定來自我們對維持不感興趣的第一季度的高水平。但儘管如此，營銷支出環比減少了 15%。這將對其他所有因素產生影響。

We've also been purpose about managing our inventory down. So from peaks and more recent, we probably have around 20% fewer cars that are visible for our customers today than we had recently. Again, all else constant, that would put a bit of a headwind on growth.

我們也一直致力於降低庫存管理。因此，從高峰期和最近的情況來看，我們今天對客戶可見的汽車可能比最近少了大約 20%。同樣，所有其他條件都保持不變，這會給增長帶來一點阻力。

So I think we're making the choice today that we think enable us to drive efficiency as quickly as we possibly can, and we think that's the right thing to do with the business, and we're making a lot of progress as a result. And that's the way that we're prioritizing things.

所以我認為我們今天做出的選擇是我們認為能夠盡可能快地提高效率，我們認為這對業務來說是正確的，因此我們取得了很大進展.這就是我們優先處理事情的方式。

I think when we think about kind of what the opportunity is long term, I think, honestly, it's the exact same way we would have thought about it 6 months ago or 12 months ago. I don't think there's really anything different. We have years and years of history across hundreds of markets of continually gaining market penetration. I think extrapolating off, that's not super hard. And then even in this environment with a focus change, we continue to take market share.

我認為當我們考慮長期的機會時，我認為，老實說，這與我們在 6 個月或 12 個月前的想法完全相同。我不認為真的有什麼不同。我們在數百個市場中擁有多年的歷史，不斷獲得市場滲透。我認為外推，這不是特別難。然後，即使在這種焦點發生變化的環境中，我們也會繼續佔據市場份額。

So I think from a long-term perspective, we don't really look at it differently. And I think we're certainly reducing the speed at which we're growing today, given the shift in focus, but our hope and belief is that by getting more efficient, it makes it easier to grow faster in the future because you have kind of less work to do per sale. And so we'll hope to get that back over time at some point.

所以我認為從長期的角度來看，我們並沒有真正以不同的方式看待它。而且我認為，鑑於焦點的轉移，我們肯定會降低我們今天的增長速度，但我們的希望和信念是，通過提高效率，它可以讓未來更快地增長，因為你有善良減少每次銷售的工作量。因此，我們希望隨著時間的推移將其恢復。

I think when we look to our goals, we -- there's kind of 2 ways that we can make progress toward $4,000 cash SG&A ex ADESA. I think one is just general progress in the business and driving more efficiency and one is certainly getting more units so we can kind of have more units to have our fixed cost flow over. And I think both are very powerful. The first is probably sufficient to get to that goal. It's probably insufficient to get to that goal in the fourth quarter. So without growth, you'd probably expect that to push out further in time.

我認為，當我們展望我們的目標時，我們有兩種方法可以在 ADESA 前實現 4,000 美元現金 SG&A 方面取得進展。我認為一個只是業務的普遍進步和提高效率，一個肯定是獲得更多的單位，所以我們可以有更多的單位來讓我們的固定成本流過。而且我認為兩者都非常強大。第一個可能足以實現該目標。在第四季度達到這個目標可能還不夠。因此，如果沒有增長，您可能會期望它會及時進一步推出。

We don't want to, I think, specifically give thoughts on exactly what we expect the growth to be as we head through the next couple of quarters. But I think our expectation of stretching to get that $4,000 goal, it does have gains in both areas, but the primary focus is efficiency throughout the business.

我認為，我們不想具體考慮我們在接下來幾個季度中預期的增長情況。但我認為我們期望達到 4,000 美元的目標，它確實在這兩個領域都有收益，但主要關注的是整個業務的效率。

Got it. That all makes sense. And in terms of your SG&A run rate in dollars, it looks like the primary step-down sequentially was pretty much all advertising. And as you look to Q3 and Q4, can you walk through how the reduction in force impacts the comp and benefits line and maybe pinpoint specifically how the SG&A dollar decline should trend from here, and then what the synergies from ADESA for the logistics or market occupancy lines, how those flow in as well?

知道了。這一切都說得通。就您以美元計的 SG&A 運行率而言，看起來主要的降級順序幾乎都是廣告。當您查看第三季度和第四季度時，您能否了解力量的減少如何影響薪酬和福利線，並可能從這裡具體指出 SG&A 美元下跌的趨勢，然後是 ADESA 對物流或市場的協同作用佔用線，它們是如何流入的？

Sure. So I'll hit that one. So I think our -- just as a starting point, we did see pretty meaningful SG&A dollar savings in Q2 relative to Q1. I do think those came across multiple buckets, including I think total payroll declined by -- on the order of $20 million. Advertising came down by on the order of $25 million, slightly less. Other SG&A also declined. So we did see declines across multiple buckets looking from Q1 to Q2. And I think that's due to all the things that we've talked about around looking to drive efficiencies. Certainly, the reduction in force impacted the payroll number.

當然。所以我會打那個。所以我認為我們 - 作為一個起點，我們確實看到第二季度相對於第一季度節省了相當有意義的 SG&A 美元。我確實認為這些涉及多個方面，包括我認為總工資下降了 - 大約 2000 萬美元。廣告下降了大約 2500 萬美元，略少一些。其他 SG&A 也有所下降。因此，從第一季度到第二季度，我們確實看到多個桶的下降。我認為這是由於我們討論過的所有關於提高效率的事情。當然，部隊的減少影響了工資單數量。

And so -- but I do think we're seeing gains across multiple areas of the business. One number that stepped up from an SG&A spend perspective was logistics in Q2 relative to Q1. I think a big portion of that step-up was related to third-party transport services that we used in Q2 to work to clear certain backlogs out of the logistics network in areas that were particularly constrained. And so that's something -- that's an expense that we bore in Q2, but don't expect to bear to nearly the same degree in Q3. So that's one particular example.

所以 - 但我確實認為我們在業務的多個領域都看到了收益。從 SG&A 支出的角度來看，一個上升的數字是第二季度相對於第一季度的物流。我認為這一提升的很大一部分與我們在第二季度使用的第三方運輸服務有關，這些服務用於在特別受限的地區清除物流網絡中的某些積壓。這就是我們在第二季度承擔的費用，但不要指望在第三季度承擔幾乎相同的程度。這是一個特別的例子。

As we're looking out over the rest of the year, we really do see opportunities across all areas of the business. They continue to drive SG&A efficiency. And so we will be looking to do that across the business. Some of the bigger buckets, I do think, continuing to match staffing levels to volume, I think would be one of the bigger ones there, but we do see many opportunities.

在我們展望今年餘下的時間時，我們確實看到了所有業務領域的機會。他們繼續推動 SG&A 效率。因此，我們將尋求在整個業務中做到這一點。我確實認為，一些更大的水桶會繼續使人員配備水平與數量相匹配，我認為這將是其中更大的水桶之一，但我們確實看到了很多機會。

Overall, I would say, obviously, we're very pleased with our progress on SG&A per unit in Q2, bringing it down by on the order of $1,000 quarter-over-quarter. We're excited about the progress that we hope to be prepared.

總的來說，我想說，顯然，我們對第二季度每單位 SG&A 的進展感到非常滿意，環比下降了 1,000 美元。我們對我們希望準備的進展感到興奮。

The next question comes from Sharon Zackfia of William Blair.

下一個問題來自 William Blair 的 Sharon Zackfia。

A question on reconditioning and inbound transport. I know it was kind of similar in the second quarter to the first quarter. And there's obviously a timing lag here. But given the work you've done, where is that running now in terms of improvement? I'm assuming on cars reconditioned today and transported today is no longer a $600 delta. And then secondarily, I just wanted to, as you shifted focus as a company to cost, how have you changed like the incentive structure within the organization?

關於翻新和入境運輸的問題。我知道第二季度和第一季度有點相似。這裡顯然存在時間滯後。但是考慮到你所做的工作，現在在改進方面進展如何？我假設今天翻新和運輸的汽車不再是 600 美元的三角洲。其次，我只是想，當你把公司的重心轉移到成本上時，你是如何改變組織內部的激勵結構的？

Sure. I'll try to take those and then feel free to jump in if you'd like, Mark. So I think, first, with kind of COGS expenses, we really started to make a lot of these changes in the middle of May. And so that's obviously going to take some time to then flow all the way through to sales, which is when we'll see that in retail GPU. We're making a lot of progress in those underlying expenses just like we are in SG&A. And so those will show up over time. We expect to continue to make progress there.

當然。我會嘗試接受這些，然後如果你願意，可以隨時加入，馬克。所以我認為，首先，在 COGS 費用方面，我們真的在 5 月中旬開始做出很多這些改變。所以這顯然需要一些時間才能一直流到銷售，這就是我們將在零售 GPU 中看到的時候。就像我們在 SG&A 中一樣，我們在這些基本費用方面取得了很大進展。所以這些會隨著時間的推移而出現。我們希望繼續在那裡取得進展。

And then the SG&A immediately as you get the progress, whereas the COGS benefit you make the progress and then you have kind of the time lag until you sell the car and then it flows through. So there's kind of is a delay there. And again, those kind of cost reductions really just started over the last 1.5 months.

然後是 SG&A 在您取得進展時立即進行，而 COGS 使您取得進展，然後您有一定的時間滯後，直到您賣掉汽車，然後它才能通過。所以那裡有點延遲。再說一次，這種成本降低實際上是在過去 1.5 個月才開始的。

In terms of focus inside the organization and kind of incentive structure, I would say, in many ways, it's similar. It's just the projects that we're kind of pulling off the wall are different, and they're cost-focused instead of being growth-focused. I think we have implemented a number of different processes that we're finding really efficient inside the company. not to dive into too much detail, but across every group in the company, we've got very clear projects. We're doing I think a better job than we have in the past narrowing our focus on those that are most likely to make the biggest impact the fastest. We've got every group meeting together on Monday and reporting the progress against expectations every single week. On Tuesday, we're getting all of our operational groups together and we go through how each group is performing relative to other groups internally. So we make sure that we can take full advantage of internal benchmarking. And then obviously, a lot of work is happening in the rest of the week as well.

就組織內部的關注點和激勵結構的種類而言，我想說，在很多方面，它是相似的。只是我們要完成的項目有所不同，它們以成本為中心，而不是以增長為中心。我認為我們已經實施了許多不同的流程，我們發現這些流程在公司內部非常有效。不要深入研究太多細節，但在公司的每個團隊中，我們都有非常明確的項目。我認為我們做得比過去做得更好，我們將注意力集中在那些最有可能以最快的速度產生最大影響的領域。我們讓每個小組都在周一開會，每週都會報告不符合預期的進展情況。週二，我們將所有運營團隊召集在一起，我們將了解每個團隊在內部相對於其他團隊的表現。因此，我們確保我們可以充分利用內部基準測試。很明顯，本週剩下的時間裡也有很多工作要做。

And so I think really, it's more about the projects that we're pulling off the board. We've always had a lot of areas that we wanted to work on. It was just a question of what we prioritized. And so I think our priorities have changed. But I think we've also implemented some processes that have driven additional focus and attention and accountability and speed. And I really do think the results of that so far has been pretty great.

所以我真的認為，這更多的是關於我們正在從董事會上撤下的項目。我們一直有很多我們想要工作的領域。這只是我們優先考慮的問題。所以我認為我們的優先事項已經改變。但我認為我們還實施了一些流程，這些流程推動了更多的關注和關注以及問責制和速度。我真的認為到目前為止的結果非常好。

Yes, I think just -- it's hard to put this in a model, but we have a project that we rolled out, for example, in the last couple of days. And just kind of sitting in the room with the team is that was rolled out and there were people across many different offices on a Zoom call with 50 people going back and forth, talking about the statistics in real time of how this new product was working. It was really cool to see. And you could see on everyone's faces, there was just a lot of pride in what they had built that they had built it fast and rolled it out quickly.

是的，我認為只是 - 很難將其放入模型中，但我們有一個項目，例如，在過去幾天推出的。只是和團隊一起坐在房間裡，這是推出的，許多不同辦公室的人都在進行 Zoom 通話，有 50 人來回交流，實時討論這個新產品如何工作的統計數據.看到真的很酷。你可以從每個人的臉上看到，他們為自己建造的東西感到自豪，因為他們建造得很快，而且很快推出。

And like I said, that's a hard thing to put in a model, but it's probably the most valuable thing over time because that just compounds over and over again. And I do think that, as we've gone through this change of focus, the people inside Carvana have done an unbelievable job embracing that, getting excited about it and then pushing very hard. And I think that the enthusiasm and speed of which we're getting things done is something that I'm extremely excited about and grateful to the team for.

就像我說的，這很難放入模型中，但隨著時間的推移，它可能是最有價值的東西，因為它只會一遍又一遍地複合。而且我確實認為，當我們經歷了這種關注點的變化時，Carvana 內部的人們已經完成了令人難以置信的工作，接受了這一點，對此感到興奮，然後非常努力地推動。我認為我們完成工作的熱情和速度讓我感到非常興奮和感謝團隊。

The next question comes from Michael Montani of Evercore ISI.

下一個問題來自 Evercore ISI 的 Michael Montani。

So first, I was just hoping if you could give some incremental color around the consumer in terms of maybe what you're seeing in demand trends for high income versus lower income. And then also if there's any impact in terms of credit availability and/or ASPs of the vehicles that you're selling, if there's kind of a noteworthy divergence in trend there for high versus low price tag units.

因此，首先，我只是希望您能否根據您在高收入與低收入的需求趨勢中看到的情況，為消費者提供一些增量色彩。然後，如果您所銷售的車輛的信貸可用性和/或平均售價有任何影響，那麼高價和低價單位的趨勢是否存在顯著差異。

Sure. I don't know if we have anything too interesting to share here versus what we've shared in the past or what you might expect. But I think in general, the trends are as you'd expect, that I think we're seeing higher incomes in general kind of fare a little bit better in this environment, higher FICOs in general fare a little bit better in this environment. All else constant, that's leading to higher purchase prices. It's leading to differences in mix and attach rates for finance and products like that.

當然。我不知道我們是否有什麼太有趣的東西可以在這里分享，而不是我們過去分享的內容或您可能期望的內容。但我認為總的來說，趨勢如你所料，我認為在這種環境下，我們看到總體上收入較高的情況會好一些，而 FICO 在這種環境下的情況一般會好一些。在其他條件不變的情況下，這會導致更高的購買價格。這導致金融和類似產品的混合和附加費率存在差異。

So I mean I think the impacts that we're seeing are probably those that you'd expect. I think from a credit perspective across automotive, I think in general, most finance companies continue to see pretty strong performance. I think there's been a slow drift back to more normalized 2019 levels off of kind of what was absolutely exceptional performance in 2020 and 2021. So I don't think there's anything too notable happening there just yet.

所以我的意思是我認為我們看到的影響可能是你所期望的。我認為從汽車信貸的角度來看，我認為總的來說，大多數金融公司的表現仍然相當強勁。我認為，從 2020 年和 2021 年絕對出色的表現來看，2019 年的水平已經緩慢回落到更加正常化的水平。所以我認為目前還沒有發生任何值得注意的事情。

And so yes, I think the only other notable thing is this is a large ticket purchase. It's a purchase that is financed, it's discretionary. I think historically, it has oftentimes been a purchase that leads the economy. And then it also kind of uniquely, in this environment, it's driven by kind of the complexity of OEMs, global supply chains. This is probably one of the products that has inflated the most in terms of price relative to all other products in the economy.

所以是的，我認為唯一值得注意的是這是一筆大額門票。這是一種有資金的購買，它是自由裁量的。我認為從歷史上看，它經常是引領經濟的購買。然後它也有點獨特，在這種環境下，它是由 OEM 和全球供應鏈的複雜性驅動的。相對於經濟中的所有其他產品，這可能是價格上漲最多的產品之一。

And so it's probably an area that is felt relatively more stressed so far broadly. That's not great when you're looking at it in hindsight. But I think when you look at it from a forward lens, it's debatably good news because it's hard to say exactly what's going to come from the economy here. But if we start from a place to believing that the kind of auto industry has already taken a deeper stress than the rest of the economy, I think it means kind of any additional stresses from here and expectations should probably be less than any recovery from here and expectations should probably be more.

因此，到目前為止，這可能是一個相對壓力更大的領域。事後看來，這並不是很好。但我認為，如果你從前瞻的角度來看，這無疑是個好消息，因為很難準確地說出這裡的經濟會帶來什麼。但是，如果我們從一個地方開始相信汽車行業已經承受了比其他經濟體更大的壓力，我認為這意味著來自這裡的任何額外壓力，並且預期可能應該小於這裡的任何復蘇期望可能會更多。

So I think we'll see how that all unfolds over time. We're certainly in a unique time where it's obviously impacting customers in lots of ways. But as I said, I don't think that it's anything unexpected for our customer versus other customers out there.

所以我想我們會看到隨著時間的推移這一切會如何發展。我們當然處於一個獨特的時代，它顯然會以多種方式影響客戶。但正如我所說，我不認為我們的客戶與其他客戶相比有什麼意外。

And then just in terms of pricing, just curious if you all have a view that we may see a flat or even decreasing retail pricing from here. And if we do see retail prices decrease into the back half of the year, does that make it harder to reach the GPU goals that you've set out? Or have you already kind of planned for that?

然後就定價而言，只是好奇你們是否都認為我們可能會從這裡看到零售價格持平甚至下降。如果我們確實看到零售價格在今年下半年下降，這是否會讓您更難以實現您設定的 GPU 目標？或者你已經計劃好了？

So I think that's hard to say, but I do think -- let me give you first just a fact. I think we have seen depreciation kind of return to the market so far this year. So that is something that is occurring. Next is something of a mental model. It's not totally dissimilar to what we just discussed. But I think given that car prices have inflated more than other goods and services, it is probably likely that on average, they will depreciate faster in the future to kind of get back into alignment with their relationship with other goods and services. So I think that's a reasonable expectation.

所以我認為這很難說，但我確實認為——讓我先告訴你一個事實。我認為今年到目前為止，我們已經看到貶值回歸市場。這就是正在發生的事情。接下來是某種心理模型。這與我們剛剛討論的內容並不完全不同。但我認為，鑑於汽車價格比其他商品和服務上漲得更多，平均而言，它們很可能在未來貶值得更快，以恢復與其他商品和服務的關係。所以我認為這是一個合理的期望。

I think whether or not that has an impact on retail GPU is a little bit less clear than you might because it's largely a function of what are dealer expectations. Historically, when there's more depreciation, you see a bigger spread between wholesale prices and retail prices because dealers are, in effect, kind of building in the expected depreciation into the price they pay for a car at the wholesale market. To the extent that occurs, you could see decreasing prices without noticeably decreasing retail GPUs.

我認為這是否對零售 GPU 有影響並不像你想像的那麼清楚，因為它很大程度上取決於經銷商的期望。從歷史上看，當貶值幅度更大時，您會看到批發價和零售價之間的價差更大，因為經銷商實際上是在將預期貶值計入他們在批發市場購買汽車的價格中。在這種情況下，您可能會看到價格下降而零售 GPU 沒有明顯減少。

To the extent the depreciation is unexpected, I think you could see decrease in GPUs as you go through that period. On average, you have seen kind of the former. You've seen basically flattish retail GPUs as car prices have decreased. And I do think that in the early depreciation we've seen so far, there's evidence that, that relationship remains. Even in our results from this quarter, you can see that we began to see higher spreads between the price that we paid for cars and the price we were able to receive for cars. And so I do think there's some evidence of that spread widening again. Obviously, that's -- we don't know exactly how that will play out, but that's how it's historically played out, and there is some evidence that's playing out that way now as well.

如果貶值是出乎意料的，我認為你可能會看到 GPU 在這段時間內有所減少。平均而言，您已經看到了前者。隨著汽車價格的下降，您已經看到零售 GPU 基本持平。而且我確實認為，在我們迄今為止看到的早期貶值中，有證據表明，這種關係仍然存在。即使在本季度的結果中，您也可以看到我們開始看到我們為汽車支付的價格與我們能夠收到的汽車價格之間的價差更大。所以我確實認為有一些證據表明這種傳播再次擴大。顯然，那是 - 我們不知道這將如何發展，但這就是歷史上的發展方式，並且有一些證據表明現在也是如此。

The next question is from Chris Bottiglieri of Exane BNP Paribas.

下一個問題來自 Exane BNP Paribas 的 Chris Bottigieri。

I think you got to beat me to my first question a little bit there. But can you give us a sense like, obviously, the $600 didn't flow the room from the logistics and reconditioning. But you did see like, frankly, pretty good improvement sequentially in a retail GPU. And you seem to highlight market improvements there. Is that all just kind of would you cited a second ago on kind of move in to wholesale pricing? Or are there other factors that led you to kind of expand that retail GPU $400 sequentially?

我認為你必須在我的第一個問題上打敗我。但是你能給我們一種感覺嗎，很明顯，這 600 美元並沒有從物流和翻新中流過房間。但坦率地說，你確實看到了零售 GPU 的連續改進。你似乎強調了那裡的市場改善。您是否會在一秒鐘前引用批發定價的所有內容？還是有其他因素導致您連續增加零售 GPU 400 美元？

Sure. I'll take that one. I think we were very pleased with our retail GPU progress in the quarter, frankly, I think it was a nice step-up once adjusting for our reduction in force in Ernie's gift, $1,216 in the quarter, a meaningful step-up from Q1. And so I think we feel really good about that number in light of the fact that we still have -- I think that number includes very elevated reconditioning and inbound transport costs. And so I think we view that as a real positive.

當然。我會拿那個。我認為我們對本季度零售 GPU 的進展非常滿意，坦率地說，我認為這是一個很好的進步，一旦調整了我們在 Ernie 的禮物中減少的力量，本季度為 1,216 美元，與第一季度相比，這是一個有意義的進步。所以我認為我們對這個數字感覺非常好，因為我們仍然擁有 - 我認為這個數字包括非常高的翻新和入境運輸成本。所以我認為我們認為這是一個真正的積極因素。

I think what were some of the sequential drivers. So one simple one is about $100 of the sequential gain. We had lost about $100 of shipping revenue per unit in Q1 due to refunds driven by significant logistics network delays. We basically got that back in the second quarter. So that was part of the sequential bridge.

我認為一些順序驅動因素是什麼。所以一個簡單的就是大約 100 美元的連續收益。由於物流網絡嚴重延誤導致的退款，我們在第一季度每單位損失了約 100 美元的運輸收入。我們基本上在第二季度就恢復了。所以這是順序橋的一部分。

A second part of the sequential bridge is Q4 2021 was a really high time to be purchasing cars. And so as we moved away from Q4 '21, I think that had a positive impact on retail GPU, where in Q1, we were just selling more cars that were purchased in Q4 than we sold in Q2. And Q4 was a very high price time to be purchasing. So that was a favorable impact going from Q1 to Q2 as well.

順序橋的第二部分是 2021 年第四季度，這是購買汽車的好時機。因此，當我們離開 21 年第四季度時，我認為這對零售 GPU 產生了積極影響，在第一季度，我們銷售的汽車在第四季度購買的汽車數量超過了第二季度的銷售量。第四季度是購買價格非常高的時期。因此，從第一季度到第二季度，這也是一個有利的影響。

And so I think those are the big impacts. I think -- yes, I think those were the primary impacts, yes, in Q2, and I think leaves us feeling in a pretty strong position in light of the opportunities that we still see on the cost side of GPU.

所以我認為這些是很大的影響。我認為 - 是的，我認為這些是主要影響，是的，在第二季度，鑑於我們在 GPU 成本方面仍然看到的機會，我認為讓我們感覺處於非常有利的地位。

Got you. That's really helpful. And then just an unrelated question. If I look at the ADESA financials, like the best I can tell, it looks like I take kind of like the $7 million improvement and kind of like double the quarter-to-date ADESA financials. It seems like you're probably running $13 million a quarter on ADESA profitability, which may be a tad below the $100 million you were targeting. And I know volumes declined sequentially. But -- so I guess my question is, with that long preamble is like, is this a good run rate for profitability until volumes improve? Or is there other reasons to be more positive on kind of profitability ramping ADESA near term?

得到你。這真的很有幫助。然後只是一個不相關的問題。如果我看看 ADESA 的財務數據，就像我能說的最好的那樣，看起來我接受了 700 萬美元的改進，並且有點像本季度迄今為止的 ADESA 財務數據的兩倍。看起來您可能每季度在 ADESA 的盈利能力上運行 1300 萬美元，這可能略低於您的目標 1 億美元。而且我知道交易量依次下降。但是——所以我想我的問題是，有那麼長的序言，在銷量提高之前，這是一個良好的盈利運行率嗎？還是有其他理由對短期內提高 ADESA 的盈利能力更加樂觀？

Sure. So I think we try to provide some guidance in our deck, our operating plan deck of kind of around $100 million as being a good kind of ballpark estimate for where ADESA would be. I think we're clearly at a trough for kind of the auction business today. It's -- or I don't want to say necessarily precisely the trough. We're at a low point relative to recent history for the auction business.

當然。所以我認為我們試圖在我們的甲板上提供一些指導，我們的運營計劃甲板大約 1 億美元，作為對 ADESA 所在位置的一個很好的大致估計。我認為我們今天顯然處於拍賣業務的低谷。它是——或者我不想準確地說是低谷。相對於拍賣業務的近期歷史，我們處於低谷。

For ADESA in 2019, they were at approximately 1.8 million units per year, which is obviously a very large number. They're on the order of 1 million shy of that today. I think there's plenty of room for the business to continue to improve from here. I think a reasonable way to think about how it might improve from here is to kind of look back to 2008 and what occurred back then.

對於 2019 年的 ADESA，他們每年大約有 180 萬台，這顯然是一個非常大的數字。他們今天比這少了 100 萬。我認為業務有很大的空間可以從這裡繼續改進。我認為從這裡開始思考如何改進的合理方法是回顧 2008 年以及當時發生的事情。

In 2008, the units dropped by actually a lesser amount because it wasn't really kind of a perfect storm for auctions like the last couple of years has been. And then it took about 5 years for all the volume to come back as the OEMs got their production back up after bankruptcy and everything else.

2008 年，這些單位實際上下降的幅度較小，因為這並不是像過去幾年那樣對拍賣來說是一場完美的風暴。然後，隨著原始設備製造商在破產和其他一切之後恢復生產，所有的產量都花了大約 5 年的時間。

I think the fundamentals were not as severe. The technicals were more severe in the auction business kind of this time around. And so I think there's potential that the recovery could be faster, but I think it's hard to know exactly how quickly that will occur.

我認為基本面沒有那麼嚴重。這次拍賣業務中的技術更加嚴格。因此，我認為複蘇可能會更快，但我認為很難確切知道這會發生多快。

I think a good touristic for thinking about what flow-through looks like in that business is probably something on the order of $250 of kind of incremental EBITDA per unit is probably a reasonable way to think about it. And so I think when we look forward, we don't quite know if we're exactly at the trough for auctions, but I think there's lots of reasons to be somewhat optimistic. There are some indications that OEMs are starting to increase their production. Car prices are starting to dip a little bit, which makes it a little bit less likely that any given franchise dealer is going to keep every kind of off-lease car like they have been. OEMs are starting to sell more cars to rental car companies, which ran our companies are normally big sellers. I think there's room for finance companies to start selling more cars as well.

我認為一個很好的旅遊方式來思考該業務中的流通情況可能是每單位 250 美元的增量 EBITDA 可能是一種合理的思考方式。所以我認為，當我們展望未來時，我們不太清楚我們是否正處於拍賣的低谷，但我認為有很多理由保持樂觀。有跡象表明原始設備製造商開始增加產量。汽車價格開始略有下降，這使得任何給定的特許經銷商都不太可能像以往一樣保留所有類型的租賃汽車。原始設備製造商開始向租車公司出售更多汽車，而這些公司通常都是大賣家。我認為金融公司也有開始銷售更多汽車的空間。

So I don't think we know exactly how that will play out, but I think over time, there's certainly room for volume to continue to come back and ADESA's built a great business with a lot of great customers. So they're well positioned when it does. And so I think there's room for it to certainly move materially beyond kind of what our kind of medium-term average expectation of $100 million that we put in that deck is.

所以我認為我們並不確切知道這將如何發展，但我認為隨著時間的推移，銷量肯定有空間繼續回升，ADESA 與許多優秀客戶建立了一個偉大的業務。因此，當它出現時，它們處於有利位置。因此，我認為它肯定有很大的空間超出我們在該套牌中投入的 1 億美元的中期平均預期。

So we still think that kind of on average, that's probably a reasonable way to think about what the earnings power of the business is. And then obviously, there's a ton of things that we're extremely excited about in terms of the way that we're working together. Our integration really is going very well. I know I said it in my prepared remarks, but we closed that transaction 2.5 months ago, and we have cars on the ground in 46 locations. We have people that are actively working, dropping off retail cars, picking up cars we're buying from customers out of 18 locations. Those numbers are growing quickly. We've already started to ramp up production in coastal locations. There's a lot of cost savings there as well.

所以我們仍然認為平均而言，這可能是一種合理的方式來思考企業的盈利能力是什麼。然後很明顯，就我們合作的方式而言，有很多事情讓我們感到非常興奮。我們的整合確實進展順利。我知道我在準備好的評論中說過，但我們在 2.5 個月前完成了該交易，我們在 46 個地點有汽車。我們有積極工作的人，他們從 18 個地點送走零售汽車，提貨我們從客戶那裡購買的汽車。這些數字正在迅速增長。我們已經開始在沿海地區增加產量。那裡也可以節省很多成本。

When we buy a car from a customer and we're able to drop it off at a nearby ADESA instead of running through our logistics network, we can save pretty material dollars per transaction there. And it also dramatically simplifies our logistics network. There's a ton of gains there. I talked about some benefits that we've had with some partners where we've been able to do things that we couldn't have otherwise done.

當我們從客戶那裡購買汽車並且我們能夠將它放在附近的 ADESA 而不是通過我們的物流網絡運行時，我們可以在那裡的每筆交易中節省相當可觀的金錢。它還極大地簡化了我們的物流網絡。那裡有很多收穫。我談到了我們與一些合作夥伴一起獲得的一些好處，我們已經能夠做我們無法做的事情。

So I do think that just the deeper we get into the ADESA transaction, the more excited we get, not just about the extremely exciting long-term opportunities around reconditioning and logistics, but also around the near-term opportunities just ways that we can be more efficient together. And again, I do want to give the team credit there. You never know exactly how integration is going to go. I think when you do an acquisition, then you kind of walk over to other side of the deal closes and you get to go meet all the people and have your first couple of conversations. You don't quite know what the reception is going to be, and I really will say the ADESA team has just greeted us with completely open arms, and it has been really great.

所以我確實認為，我們越深入 ADESA 交易，我們就越興奮，不僅是關於翻新和物流方面極其令人興奮的長期機會，而且是關於我們可以成為的短期機會的方式一起更有效率。再說一次，我確實想在那兒給團隊榮譽。你永遠不知道集成將如何進行。我認為當你進行收購時，你會走到交易完成的另一邊，然後去見所有的人並進行最初的幾次對話。你不太清楚招待會是什麼，我真的會說 ADESA 團隊剛剛完全張開雙臂迎接我們，真的很棒。

And I think the integration has gone a lot better than it might have otherwise because of how open-minded they've been and how much they've already been able to teach us. So we remain extremely excited about it. We think it's a huge deal in the long term. And we also think that there's very big gains that we can make in the near term as well, but it's going to require work and we're hard at it.

而且我認為由於他們的思想開放程度以及他們已經能夠教給我們多少東西，因此整合比其他方式要好得多。所以我們仍然對此感到非常興奮。從長遠來看，我們認為這是一筆巨大的交易。而且我們還認為，我們在短期內也可以獲得非常大的收益，但這需要工作，而且我們很努力。

The next question comes from Adam Jonas of Morgan Stanley.

下一個問題來自摩根士丹利的亞當喬納斯。

I just had a question about working capital, specifically inventory, which, of course, just declined very substantially, about $466 million. I believe that number includes ADESA in there. So correct me if I'm wrong. So is that a level that you feel is kind of normal to finish the year with? Was it -- do you see it as kind of more correcting from what was the last couple of quarters of just your -- the issues between COVID and IRC bottlenecks and now you're at a normal level? Or is that -- or is there some kind of making up to do and you need to have like a flow out again in order to achieve the volume that you want? My first question.

我剛問了一個關於營運資金的問題，特別是庫存，當然，它只是大幅下降，大約 4.66 億美元。我相信這個數字包括ADESA。如果我錯了，請糾正我。那麼，你覺得完成這一年的水平是正常的嗎？是不是——你認為它比你最近幾個季度的情況更正——COVID和IRC瓶頸之間的問題，現在你處於正常水平？或者是 - 或者是否有某種彌補，你需要再次流出以達到你想要的音量？我的第一個問題。

Sure. So I'll take that one. So we did reduce inventory meaningfully quarter-over-quarter. As a note, that doesn't include any impacts from ADESA who doesn't have material inventory. So that's just related to Carvana. I think the main way to think about that is we talked a bit about this on the Q1 call, but we did meaningfully overbuild in various areas of the business, kind of moving into Q1 of this year. That included infrastructure, that included staffing. That also included inventory. So we definitely have been at an above normalized level of inventory.

當然。所以我會拿那個。因此，我們確實環比大幅減少了庫存。請注意，這不包括來自沒有材料庫存的 ADESA 的任何影響。所以這只是與Carvana有關。我認為考慮這一點的主要方式是我們在第一季度的電話會議上談了一點，但我們確實在業務的各個領域進行了有意義的過度建設，有點像今年第一季度。這包括基礎設施，包括人員配備。這也包括庫存。因此，我們肯定處於高於正常水平的庫存水平。

And so we've been sort of steadily marching it down like over the course of Q2 and also so far in Q3. I think we do expect to continue to lower inventory balance here in the third quarter just as we sort of normalize the size of inventory to get to our target level. I sort of think of our target level as somewhere in the $2 billion to $2.5 billion range. And I think we'll continue -- we were above that at the end of Q2. And so I do think we'll continue to lower that just to get inventory size in line with our targets, aligned with the rest of the business.

因此，我們一直在穩步推進，就像在第二季度和第三季度到目前為止一樣。我認為我們確實希望在第三季度繼續降低庫存餘額，就像我們將庫存規模正常化以達到我們的目標水平一樣。我認為我們的目標水平在 20 億美元到 25 億美元之間。而且我認為我們會繼續 - 我們在第二季度末超過了這個數字。因此，我確實認為我們將繼續降低庫存規模，以使庫存規模符合我們的目標，並與其他業務保持一致。

So I think that's one point. I do think we've got lots of opportunities to get more out of our inventory as we move away from third-party reconditioning. The third-party reconditioning typically has much longer cycle times than first-party reconditioning. And so as we move away from third-party reconditioning, that will have a positive impact on recon cycle time.

所以我認為這是一點。我確實認為，隨著我們遠離第三方翻新，我們有很多機會從庫存中獲得更多收益。第三方修復通常比第一方修復具有更長的周期時間。因此，當我們遠離第三方修復時，這將對偵察週期時間產生積極影響。

Many of our cost initiatives are also speed initiatives that have the goals of speeding up the number of days between when we acquire a car and get it the RC, speeding up the number of days between when we start -- inspect the car and get it fully reconditioned. And so we do think we've got a number of levels to get more out of our inventory as it normalizes.

我們的許多成本計劃也是速度計劃，其目標是加快從我們購買汽車到拿到 RC 的天數，加快從我們開始檢查汽車和拿到它之間的天數完全翻新。因此，我們確實認為我們有許多級別可以在庫存正常化時從我們的庫存中獲得更多收益。

That's very clear. Just a follow-up then, housekeeping. How many cars did you have in inventory at the end of 2Q in terms of units and how that compared to 1Q?

這很清楚。只是後續行動，家政服務。就單位而言，您在第二季度末的庫存中有多少輛汽車，與第一季度相比如何？

Sure. So the -- so we don't report that number specifically, but we did see a unit decline in inventory as well that was -- think of it as approximately in line with the balance decline.

當然。所以 - 所以我們沒有具體報告這個數字，但我們確實看到庫存下降了 - 認為它與餘額下降大致一致。

The next question comes from Nick Jones with JMP Securities.

下一個問題來自 JMP 證券公司的 Nick Jones。

I guess 2, if I could. On the time buffers in certain states related to title and registration, is that a structural hurdle that's going to persist? Can you drive more efficiency there and kind of get rid of that over time? And how do you expect that to impact, I guess, conversion in the States? And then the second question, there was a bullet about not passing through the cost of fund increases. How should we think about, I guess, when you might start passing this through?

我猜2，如果可以的話。關於某些州與所有權和註冊相關的時間緩衝，這是一個會持續存在的結構性障礙嗎？你能在那裡提高效率並隨著時間的推移擺脫它嗎？你認為這會如何影響美國的轉變？然後是第二個問題，關於不通過增加資金成本的問題。我想，我們應該如何考慮，你什麼時候可以開始通過這個？

Sure. Those are 2 big questions they'll lend themselves to long answer. So we'll try to be as concise as we can. So first, on the time buffers, I do think that's been associated with just ensuring that we're delivering the cleanest and fastest experience to our customers on the registration front that we possibly can. I'm going to kind of jump into just an explanation on that as well for moms I can imagine that's a question people on the call may have. We definitely unfortunately gotten a lot of attention for registration over the last maybe 3 to 6 months.

當然。這是兩個大問題，他們會很長地回答。所以我們會盡量簡潔。因此，首先，在時間緩衝方面，我確實認為這與確保我們在註冊方面為客戶提供盡可能乾淨和最快的體驗有關。對於媽媽們，我也將對此進行解釋，我可以想像這是電話中的人們可能會提出的問題。不幸的是，在過去的 3 到 6 個月裡，我們的註冊受到了很多關注。

And I think, unfortunately, that narrative is probably both pretty exaggerated and then also lagging -- kind of lagging where reality is. So I think I want to talk a little bit about kind of the progress we've made there. So today, we probably have about kind of 1/3 the rate of customers that are getting the delayed plates that we had even a year ago. That puts us at kind of the best levels we've ever been in our company history.

而且我認為，不幸的是，這種敘述可能既誇張又落後——有點落後於現實。所以我想我想談談我們在那裡取得的進展。所以今天，我們收到延遲車牌的客戶比例可能是一年前的 1/3。這使我們處於公司歷史上的最佳水平。

And while it's unfortunately kind of hard to get really clear data around how other dealers perform in registration, that is an imperfect process across the entire industry. Unfortunately, I think over time, it's something that things want to improve, but it is a complicated process. And so we do our best to try to pull down what data we can to look at various parts of the flow, whether it's title processes or registration processes. And it is the case that in the majority of states, we're performing better than the majority of dealers.

雖然不幸的是，很難獲得關於其他經銷商在註冊方面的表現的真正清晰的數據，但這是整個行業的一個不完善的過程。不幸的是，我認為隨著時間的推移，事情需要改進，但這是一個複雜的過程。因此，我們盡最大努力嘗試提取我們可以查看的數據來查看流程的各個部分，無論是所有權流程還是註冊流程。在大多數州，我們的表現都比大多數經銷商好。

And so I think that's something that we're generally pretty proud of. We think we're especially proud of that in light of the fact that in order to give our customers a 7-day return policy and a nationwide inventory, we often to take on more complicated underlying registration tasks. And when you control for the complexity of that, we're sort of better again than most dealers out there.

所以我認為這是我們通常非常自豪的事情。我們認為我們對此感到特別自豪，因為為了給我們的客戶提供 7 天退貨政策和全國庫存，我們經常承擔更複雜的基礎註冊任務。當您控制其複雜性時，我們再次比大多數經銷商更好。

So I think, again, the team has done a great job. I think the way that we're executing today is better than we've ever executed in the past, and it's a level that we're proud of, but certainly not satisfied with. We're going to continue to push, and we've got a lot of improvements in process, a lot of additional improvements in product that we're rolling out to make sure that we're getting all the paperwork that we need to from customers, that is clear to customers what to upload and what to have ready at the time of delivery, et cetera.

所以我認為，再一次，團隊做得很好。我認為我們今天的執行方式比我們過去的執行方式更好，這是我們引以為豪的水平，但肯定不滿意。我們將繼續推動，我們在流程中進行了很多改進，我們正在推出的產品中進行了很多額外的改進，以確保我們獲得所有需要的文書工作客戶，這對客戶來說很清楚要上傳什麼以及在交付時要準備什麼等等。

And so we're working on all those process and I think continually getting better all the time. We're also working to improve the system. We're working with several states as partners. We view the states as partners, and many states view us as partners as well. Many of these states have registration modernization initiatives underway. And so we proactively work with them on those. We've been part of legislative change in a number of states. We've seen policy changes in a number of other states as a result of our involvement.

所以我們正在研究所有這些過程，我認為一直在不斷變得更好。我們也在努力改進這個系統。我們正在與多個州合作作為合作夥伴。我們將各州視為合作夥伴，許多州也將我們視為合作夥伴。其中許多州正在進行註冊現代化計劃。因此，我們在這些方面積極與他們合作。我們參與了許多州的立法改革。由於我們的參與，我們已經看到許多其他州的政策發生了變化。

And so I do think this is something that's actually continually improving. And I do think it's something where we do expect those buffers to go away over time. So we think it's hard to predict exactly when we'll be pulling those back, but the expectation is absolutely that we will pull those back over time. And then certainly, that does impact sales conversion. There's no question that faster delivery times impact sales conversion. And when we add these time buffers, the form it takes to a customer is just they see a longer delivery time. And so that does impact conversion. And we expect to continue to make progress there over time.

所以我確實認為這實際上是在不斷改進的東西。我確實認為，我們確實希望這些緩衝區會隨著時間的推移而消失。所以我們認為很難準確預測我們什麼時候會撤回這些，但我們絕對期望隨著時間的推移我們會撤回這些。當然，這確實會影響銷售轉化。毫無疑問，更快的交貨時間會影響銷售轉化。當我們添加這些時間緩衝區時，客戶所看到的只是他們看到更長的交貨時間。所以這確實會影響轉換。我們希望隨著時間的推移繼續取得進展。

On the interest rate changes, what I would say, we have passed through some interest rate changes over the last many months if we go back to when interest rates started to increase in the back half of last year. But in general, when interest rates start to increase, we tend to see finance companies, ourselves included, pass through those increases in benchmarks or risk spreads a little more slowly than they show up. And I think that's where kind of the term interest rates are sticky comes from.

關於利率變化，我想說的是，如果我們回到去年下半年利率開始上升的時候，我們在過去的幾個月裡已經經歷了一些利率變化。但總的來說，當利率開始上升時，我們傾向於看到包括我們自己在內的金融公司通過基准或風險擴散的速度比它們顯示的要慢一些。我認為這就是利率粘性一詞的來源。

And so the sum of interest rates -- interest rate increases, both benchmarks and risk spreads has not yet been passed all the way to consumers. I think it's hard to say exactly what will be the smart rate for that to be passed through over time. In many ways, it's a function of what other finance companies are doing. We obviously don't have perfect data on what the finance companies are doing, but we do have good data there. And so when we kind of monitor many different kind of larger banks and financial institutions, we've seen a lot of those institutions start to raise interest rates really starting in March and April, kind of a couple of months after we did. And we tend to see them over the last several months raising interest rates by something between 25 and 50 basis points, give or take, a month, which actually can make a pretty big difference pretty fast.

因此，利率的總和——利率上升、基準利率和風險利差還沒有一直傳遞給消費者。我認為很難確切地說隨著時間的推移通過的智能費率是多少。在許多方面，它是其他金融公司正在做的事情的一個功能。我們顯然沒有關於金融公司在做什麼的完美數據，但我們確實有很好的數據。因此，當我們監控許多不同類型的大型銀行和金融機構時，我們已經看到很多這些機構實際上從 3 月和 4 月開始加息，比我們晚了幾個月。在過去的幾個月裡，我們傾向於看到他們將利率提高了 25 到 50 個基點，一個月或一個月，這實際上可以很快產生相當大的變化。

So we don't know exactly how other finance companies are going to react. We'll continue to monitor elasticities and try to make smart decisions about how we're handling interest rates on our side. But certainly, we've seen an increase in benchmarks and spreads that has not been passed all the way through. And then we try to provide some math to make it straightforward for investors to understand what the impact of that is holding all else constant. And we're obviously hopeful that over time, that comes back.

所以我們不知道其他金融公司會如何反應。我們將繼續監控彈性，並嘗試就我們如何處理利率做出明智的決定。但可以肯定的是，我們已經看到基準和價差的增加，但尚未完全通過。然後我們嘗試提供一些數學計算，讓投資者更容易理解在保持其他所有因素不變的情況下產生的影響。我們顯然希望隨著時間的推移，這種情況會回來。

The next question is from Seth Basham of Wedbush Securities.

下一個問題來自 Wedbush Securities 的 Seth Basham。

Thanks for all the information. I have a follow-up question after the last question that was asked. First, as it relates to the titling registration challenges, are there any states where you are not able to currently sell vehicles because of those challenges? And then secondly, are there any issues currently with selling vehicles that don't have clean titles?

感謝您所提供的所有信息。在提出的最後一個問題之後，我有一個後續問題。首先，由於涉及到所有權登記挑戰，是否有任何州因為這些挑戰而無法銷售車輛？其次，目前銷售沒有乾淨標題的車輛是否存在任何問題？

Sure. So there are no states where we're not able to sell vehicles today and no issues with the clean title issue as well. I do think over time, these things can periodically pop up. We recently had Illinois pop up. We were excited to have a judge kind of give us time to make sure that we were able to work with the state and make sure we could resolve some of the maybe miscommunication disagreements that we've had. So we look forward to working with them. We kind of share the same goals that they've got. The regulators in all these states just want to make sure the customers get the best registration process they possibly can, and that's the goal that we share. So we look forward to working with them. And our hope is that we can partner with them in the same way that we've partnered with many other regulators in many other states.

當然。因此，沒有任何州我們今天無法銷售車輛，而且清潔產權問題也沒有問題。我確實認為隨著時間的推移，這些東西會定期彈出。我們最近有伊利諾伊州彈出。我們很高興有一位法官給我們時間來確保我們能夠與州政府合作，並確保我們能夠解決我們可能存在的一些溝通不暢的分歧。因此，我們期待與他們合作。我們有點和他們的目標相同。所有這些州的監管機構只是想確保客戶獲得盡可能好的註冊流程，這就是我們共同的目標。因此，我們期待與他們合作。我們希望我們可以與他們合作，就像我們與許多其他州的許多其他監管機構合作一樣。

I also say that as part of that, something -- sometimes good things can come out of a more difficult situation, but something that's great that came out of Illinois is when we were shut down for a period of time there, as we were kind of working to resolve some of these misunderstandings with the state, we did reach out to customers and asked for support. In 48 hours, we had 6,000 customers sign a petition of support. We have thousands of comments that came in supporting Carvana. Since then, we've had thousands more come in as well.

我還說，作為其中的一部分，有些事情——有時好事可以從更困難的情況中產生，但伊利諾伊州產生的一件很棒的事情是當我們在那裡被關閉一段時間時，因為我們很友善為了解決與州政府之間的一些誤解，我們確實聯繫了客戶並尋求支持。在 48 小時內，我們有 6,000 名客戶簽署了支持請願書。我們收到了成千上萬條支持 Carvana 的評論。從那時起，我們也有成千上萬的人進來。

And so I think that was a powerful kind of message from our customers that certainly, customers across the country and in the state of Illinois all other states as well are really loving the Carvana experience. And those are people that are intimately familiar with our process that kind of instantly came to our aid there, which I think was a great sign.

所以我認為這是來自我們客戶的一種強有力的信息，當然，全國各地的客戶以及伊利諾伊州所有其他州的客戶都非常喜歡 Carvana 的體驗。那些對我們的流程非常熟悉的人會立即在那里為我們提供幫助，我認為這是一個很好的跡象。

And so I think periodically, over time, there is certainly risk that we'll run into these -- with the state here or there. But in general, we've got a great relationship across states, and we view the states as partners. And our goal is to make sure that we continue to evolve all those relationships so that we can view all the safest partners, and they can view us the same way.

所以我認為，隨著時間的推移，我們肯定會定期遇到這些問題——這里或那裡的狀態。但總的來說，我們在各州之間建立了良好的關係，我們將各州視為合作夥伴。我們的目標是確保我們繼續發展所有這些關係，以便我們可以看到所有最安全的合作夥伴，他們也可以以同樣的方式看待我們。

Great. And as a follow-up on the financing business, can you talk about the channel mix shift for some your finance receivables in the second quarter? How much would you sell to Ally? What's the remaining availability with that agreement? And then your decision to potentially sell whole loans in the third quarter, what's driving that?

偉大的。作為融資業務的後續，您能否談談您在第二季度的一些融資應收賬款的渠道組合轉變？你會賣多少錢給Ally？該協議的剩餘可用性是多少？然後你決定在第三季度出售全部貸款，是什麼推動了這一點？

Sure. So what I would say is, I think whatever we thought about where we're going to sell our receivables, we're trying to balance maximizing proceeds and minimizing kind of cross time volatility. I think that's always been our goal. That's been the reason we've set up kind of a platform that enabled us to move in both directions. And obviously, there's been a lot more noise, I think, across financial markets over the last many months than there has been in quite some time.

當然。所以我想說的是，我認為無論我們考慮在哪裡出售應收賬款，我們都在努力平衡收益最大化和跨時間波動性最小化。我認為這一直是我們的目標。這就是我們建立一種平台的原因，它使我們能夠雙向移動。很明顯，我認為，在過去的幾個月裡，整個金融市場的噪音比相當長一段時間內都要多。

And so I think -- and a form that basically takes is that increases volatility in a process like a securitization. And so what we elected to do is kind of in this environment, I think we're kind of leaning more in the direction of reduced volatility than we are in the direction of maximized proceeds. And we elected to work with Ally to purchase more of our loans, which is something that we did in COVID as well with very similar motivations. And I think that, that's a relationship that we feel has worked out great for us and that we hope and believe that they believe it worked out great for them as well.

所以我認為——基本上採取的一種形式是增加證券化等過程的波動性。所以我們選擇做的是在這種環境下，我認為我們更傾向於減少波動性，而不是最大化收益的方向。我們選擇與 Ally 合作購買更多貸款，這也是我們在 COVID 中所做的事情，動機非常相似。我認為，我們認為這種關係對我們來說效果很好，我們希望並相信他們相信這對他們也很有效。

So I think that's the way that we generally think about it. We make sure that we always have access to all the different channels. And we're monitoring what our expectations would be in each channel, again, in both of those dimensions, both the expectation and kind of volatility around that expectation.

所以我認為這就是我們通常認為的方式。我們確保我們始終可以訪問所有不同的渠道。我們正在監控我們在每個渠道中的預期，再次，在這兩個方面，包括預期和圍繞該預期的波動性。

I think as we head through the rest of the year, it's hard to know exactly where things are going to go. It is a pretty dynamic kind of macroeconomic backdrop and these markets can be sensitive to the way the data flows in across that backdrop. I think several weeks ago, the ABS markets were in rougher shape. I think the last couple of weeks have actually been very good in the ABS market. So we'll continue to monitor those markets and try to make the best decision that we possibly can. But our baseline expectation today is to continue to lean more in the direction of pooled loan sales. But again, we want to ensure that we have flexibility to exercise whatever freedom we think is the right choice to make as we move through the rest of the year.

我認為，隨著我們度過今年餘下的時間，很難確切知道事情的發展方向。這是一種非常動態的宏觀經濟背景，這些市場可能對數據在該背景下的流動方式很敏感。我認為幾週前，ABS 市場的狀況更加糟糕。我認為過去幾週的 ABS 市場實際上非常好。因此，我們將繼續監控這些市場，並儘可能做出最好的決定。但我們今天的基本預期是繼續更傾向於集中貸款銷售。但同樣，我們希望確保我們能夠靈活地行使我們認為在今年剩餘時間裡做出的正確選擇的任何自由。

And then on the question about capacity. So our agreement with Ally was most recently upsized in March and has $3.2 billion of capacity remaining.

然後是關於容量的問題。因此，我們與 Ally 的協議最近一次是在 3 月份擴大規模，剩餘容量為 32 億美元。

The next question comes from Rajat Gupta with JPMorgan.

下一個問題來自摩根大通的 Rajat Gupta。

Great. Thanks for taking the questions and for all the color provided on the call so far. I just had a follow-up on one of the earlier questions on SG&A. So what happens when you get to the $4,000 target? One of the questions we get a lot is trying to address is once you get to the $4,000 and you continue to reduce that even further, how should we think about growth, particularly in the context of some reduced ad spending recently, some of the other growth initiatives that you had that you're tempering recently? What kind of like -- what's the growth algorithm for the company will get to that lower SG&A level? And I have a follow-up.

偉大的。感謝您提出問題以及迄今為止在電話中提供的所有顏色。我剛剛跟進了有關 SG&A 的早期問題之一。那麼當你達到 4,000 美元的目標時會發生什麼？我們經常要解決的一個問題是，一旦您達到 4,000 美元並且您繼續進一步減少，我們應該如何考慮增長，特別是在最近廣告支出減少的情況下，其他一些您最近正在緩和的增長計劃？是什麼樣的——公司的增長算法將達到較低的 SG&A 水平嗎？我有一個後續行動。

Sure. So I think the short answer on what do we do when we get to $4,000 as we keep going, I think, is kind of the plan. So first, let's talk about the walk from where we are to $4,000. That's a level that we've hit many times before in the company's history. And so I don't think in our minds at least, there's a big question about whether or not we can get to $4,000. I think the question is, how quickly can we responsibly get to $4,000? We do have hundreds of locations and many functions across those locations. So there's many hundreds of groups that we have to manage across the business. And we have to make sure that we're managing our expenses down at a rate that is both fast because we want to get it down as quickly as we can, but also that doesn't derail these different groups in different locations in different functional areas because that's costly as well.

當然。所以我認為，當我們繼續前進時，當我們達到 4,000 美元時我們會做什麼的簡短回答，我認為，是一種計劃。所以首先，讓我們談談從我們現在的位置到 4,000 美元的步行路程。這是我們在公司歷史上多次達到的水平。因此，至少在我們的腦海中，我不認為我們是否能達到 4,000 美元是個大問題。我認為問題是，我們能多快負責任地達到 4,000 美元？我們確實有數百個地點和這些地點的許多功能。因此，我們必須在整個業務中管理數百個組。我們必須確保我們以快速的速度管理我們的開支，因為我們希望盡可能快地減少開支，而且這不會使這些在不同地點、不同職能部門的不同群體脫軌地區，因為這也很昂貴。

And so I think the goal -- the stretch goal of $4,000 at the end of this year is basically more a function of the pace at which we think we can responsibly get there. But then a question about whether or not we believe that we can get there. I think as we look from $4,000 down to kind of the midterm goal of $3,000 and beyond that to our long-term model, I think it's just about driving additional efficiencies. We have many ways to look at where those efficiencies are. I think probably the easiest is to just look at our cohorts.

所以我認為目標 - 今年年底 4,000 美元的延伸目標基本上更多地取決於我們認為我們可以負責任地實現目標的速度。但接下來是一個關於我們是否相信我們可以到達那裡的問題。我認為，當我們從 4,000 美元降至 3,000 美元的中期目標，再到我們的長期模型時，我認為這只是為了提高效率。我們有很多方法可以查看這些效率在哪裡。我認為可能最簡單的方法就是看看我們的同夥。

We provided some data in the past about what our SG&A expenses are in some of our more mature cohorts. And so I think that provides visibility into what we've been able to do. And we were able to do that before we really put focus on prioritizing processes and products that make us more efficient. So as we kind of move through this period where we've prioritized those process improvements and product enhancements, we think that we're positioning ourselves better to outperform that than ever before.

我們過去提供了一些數據，說明我們在一些更成熟的群體中的 SG&A 費用是多少。所以我認為這可以讓我們了解我們已經能夠做的事情。在我們真正將重點放在優先處理使我們更有效率的流程和產品上之前，我們能夠做到這一點。因此，當我們經歷了優先考慮這些流程改進和產品改進的時期時，我們認為我們正在更好地定位自己以超越以往任何時候。

We think across every group inside the company, we now have concrete goals that build up to our midterm goal of $3,000 per unit. I think we've always had bottoms-up models to inform our long-term financial model. But now that's converting into actual kind of products and projects that we have across all these different teams to get us there.

我們認為，在公司內部的每個團隊中，我們現在都有具體的目標，可以達到我們每單位 3,000 美元的中期目標。我認為我們一直有自下而上的模型來為我們的長期財務模型提供信息。但現在這正在轉化為我們在所有這些不同團隊中擁有的實際產品和項目，以幫助我們實現目標。

And then in terms of what it means for growth, I think the biggest impact to growth are probably based on the kind of shift in focus and just a question of which projects we prioritize, and where we put our effort across the business. And so I think as we get to lower and lower SG&A levels, I think the impact there to growth in our expectation at least are probably positive. And again, I think the simplest way to think about that or at least the way that we think about that is that the amount of work it takes to increase sales by any given amount is, in many ways, kind of proportionate to your expenses per unit because they kind of represent the work that's being done inside the company to sell a unit. And as we drive those expenses down, it means there's less work to do per unit. It means with the same amount of work, we can grow units by more.

然後就增長的意義而言，我認為對增長的最大影響可能是基於焦點的轉移，以及我們優先考慮哪些項目，以及我們在整個業務中的努力方向。因此，我認為隨著我們越來越低的 SG&A 水平，我認為這對我們預期增長的影響至少可能是積極的。再一次，我認為考慮這一點的最簡單方法，或者至少我們考慮的方式是，將銷售額增加任何給定數量所需的工作量在很多方面都與您的每人費用成正比單位，因為它們代表了公司內部為出售單位所做的工作。隨著我們降低這些費用，這意味著每單位要做的工作更少。這意味著在相同的工作量下，我們可以增加更多的單位。

So I think we're excited about what kind of these efficiency goals are going to mean for our growth in kind of the medium term. But I think, as I said, we're really focused on gaining efficiency today. And I think we're making a lot of progress. We undoubtedly have a lot more progress to make, and the team recognizes that and is extremely focused. But we're on a very good path, and we're excited about it.

因此，我認為我們對這些效率目標對我們的中期增長意味著什麼感到興奮。但我認為，正如我所說，我們今天真正專注於提高效率。我認為我們正在取得很大進展。毫無疑問，我們還有很多進步要做，團隊認識到這一點並且非常專注。但我們正走在一條非常好的道路上，我們對此感到興奮。

Got it. And maybe just a follow-up on the SG&A. Within the comp and benefits line, is there a way that you can help dissect for us what the corporate employee costs are versus some of the more personnel-related expenses in terms of employees who are involved in the actual buy-sell financing part of the transaction? Any metrics you can share around efficiency there, transaction time for sale or employee hours per sale or something of that sort? And so where are we today? And where do you expect to get to as you get to your $4,000 or the $3,500 target next year?

知道了。也許只是 SG&A 的後續行動。在薪酬和福利方面，有沒有一種方法可以幫助我們剖析公司員工成本與參與實際買賣融資部分的員工的一些更多人事相關費用交易？您可以在那里分享有關效率、銷售交易時間或每次銷售的員工小時數或類似的任何指標？那麼我們今天在哪裡？當你明年達到 4,000 美元或 3,500 美元的目標時，你預計會達到什麼水平？

Sure. I can hit that one in a couple of different ways. So I do think we've -- I think on comp, for example, you can see what we've achieved in the past is on sort of compensation and benefits for retail units sold. I think that's a useful benchmark for where it can go. I think we've laid out midterm goals that are available on the Investor Relations website that also give a sense of where it can go sort of beyond what we've already achieved in the past. I think -- and so I think those are hopefully helpful resources for you on that question.

當然。我可以用幾種不同的方式擊中那個。所以我確實認為我們已經 - 例如，我認為在補償方面，你可以看到我們過去取得的成就是對所售零售單位的補償和福利。我認為這是一個有用的基準。我認為我們已經制定了投資者關係網站上提供的中期目標，這些目標也讓人們了解它可以超越我們過去已經實現的目標。我認為——所以我認為這些資源對您在這個問題上很有幫助。

I think in terms of what we're seeing from an efficiency perspective, we're absolutely seeing efficiency gains throughout the business. I think our teams are working every day on those efficiency gains. And I think we're seeing things like hours per delivery is coming down and sort of the customer care phone time per sale is coming down. Those are a few examples. Utilization in the logistics network is going up. There's -- there are many, many more. That's just a few. But I do think we're seeing very positive trends in some of these efficiency metrics that we've been focused on over the last several weeks or slightly longer. And so I think some of those internal metrics that all of the teams are focused on, we're feeling really good about the way they're -- those are trending.

我認為，就我們從效率的角度來看，我們絕對看到了整個業務的效率提升。我認為我們的團隊每天都在努力提高效率。而且我認為我們看到諸如每次交付的小時數正在下降，並且每次銷售的客戶服務電話時間正在下降。這些只是幾個例子。物流網絡的利用率正在上升。有——還有很多很多。這只是幾個。但我確實認為我們在過去幾週或更長時間內一直關注的一些效率指標中看到了非常積極的趨勢。所以我認為所有團隊都關注的一些內部指標，我們對它們的方式感覺非常好——這些都是趨勢。

The next question comes from Colin Sebastian of Baird.

下一個問題來自 Baird 的 Colin Sebastian。

I guess I was going to ask about sort of the whole process of managing the process improvements, but I think that maybe takes a little too long to answer here. So instead, as follow-ups, I guess, first off, what -- in terms of not using the ABS market, is that factored into the GPU? Or what's the impact on other GPU if you do not access the ABS market?

我想我要問的是管理流程改進的整個過程，但我認為在這裡回答可能需要一點時間。因此，作為後續行動，我想，首先，就不使用 ABS 市場而言，GPU 是否考慮了這一點？或者不進入ABS市場對其他GPU有什麼影響？

And then secondly, in terms of widening the scope of inventory to capture more value-priced cars, if that -- if you are doing that, are you seeing more demand through the mass market part of the funnel? Is that something that you're marketing against? Or does that sort of -- that traffic sort of naturally come to the website and the app? How does that work?

其次，在擴大庫存範圍以捕獲更多物有所值的汽車方面，如果你這樣做，你是否通過漏斗的大眾市場部分看到更多需求？這是你在營銷的東西嗎？還是那種——那種流量自然而然地來到網站和應用程序？這是如何運作的？

Sure. So I think on the first question, so the way we've always thought about this is we have a 2-channel strategy for monetizing our loans. We use the securitization market. And then we sell loans through whole loan sales or for flow agreement. And I think the way we think about that 2-channel strategy is that it balances economics and stability. And what I mean by that is, typically, in the securitization market, you see better monetization, but the securitization market involves more variability. And so the forward flow and whole loan sales typically have lower monetization but add a degree of stability. So that's basically the way we thought about it.

當然。所以我想關於第一個問題，所以我們一直認為的方式是我們有一個 2 渠道戰略來貨幣化我們的貸款。我們使用證券化市場。然後我們通過整體貸款銷售或流量協議銷售貸款。我認為我們對 2 渠道戰略的思考方式是平衡經濟性和穩定性。我的意思是，通常在證券化市場中，你會看到更好的貨幣化，但證券化市場涉及更多的可變性。因此，遠期流動和整體貸款銷售通常具有較低的貨幣化，但增加了一定程度的穩定性。所以這基本上就是我們的想法。

In terms of our forward-looking expectations, I think we plan around expectations for ABS or for whole loan sales. As we laid out in Q3, our current expectation is we'll be selling loans in a whole loan sale format, but we'll continue to evaluate as the quarter progresses.

就我們的前瞻性預期而言，我認為我們計劃圍繞對 ABS 或整個貸款銷售的預期。正如我們在第三季度所述，我們目前的預期是我們將以整體貸款銷售形式出售貸款，但隨著季度的進展我們將繼續評估。

And then I think there's certainly demand for lower-priced cars. I think that's definitely something that's true. There's basically just a dearth of lower-priced cars out there industry-wide today. It is also true that those that are seeking higher-priced cars are probably less impacted by the economy, at least so far in kind of the form that this thing has taken so far.

然後我認為肯定有對低價汽車的需求。我認為這絕對是真的。今天，整個行業基本上都缺乏低價汽車。同樣真實的是，那些尋求更高價格汽車的人可能受經濟影響較小，至少到目前為止，這件事已經採取了這種形式。

So in terms of like demand across cars, I would say it shifted to cheaper cars less than you might expect in light of kind of the desirability of those inexpensive cars, but then also kind of the relative strength of the higher income consumer, which offsets that to a degree. But I think we're continuing to push in that direction. We've got a number of initiatives to make sure that we're able to provide our customers with a diverse set of cars that fit their needs across all different dimensions that matter, including price and working on different product enhancements to make it easier for customers to afford cars in this difficult environment when prices are high. So I think that's an area that will continue to get focused from us, and it's an area where we've made progress so far and plan to make more progress going forward.

因此，就汽車的類似需求而言，我會說它轉向更便宜的汽車比你預期的要少，因為這些廉價汽車的需求，但也有高收入消費者的相對實力，這抵消了在某種程度上。但我認為我們正在繼續朝著這個方向努力。我們採取了許多舉措，以確保我們能夠為客戶提供多樣化的汽車，以滿足他們在所有重要方面的需求，包括價格和致力於不同的產品增強功能，以使其更容易在價格高昂的這種困難環境中，客戶買得起汽車。所以我認為這是一個我們將繼續關注的領域，這是我們迄今為止取得進展併計劃在未來取得更多進展的領域。

The last question will come from Brian Nagel of Oppenheimer.

最後一個問題將來自奧本海默的布賴恩·內格爾。

So I know we're trying to rein down here. So I'll ask one -- I guess one question with 2 parts. But with regard to ADESA, well, there's a lot of -- there's been chatter out there about now that Carvana owns ADESA, maybe some historic customers or partners with ADESA would no longer want to do business with ADESA because they're now competitors to Carvana. So the question I have, are you seeing that dynamic? If so, is that factored into kind of the parameters you've given us for the ADESA business?

所以我知道我們正在努力控制這裡。所以我會問一個——我猜一個問題分為兩部分。但是關於 ADESA，嗯，有很多 - 現在有傳言說 Carvana 擁有 ADESA，也許一些 ADESA 的歷史客戶或合作夥伴不再想與 ADESA 做生意，因為他們現在是競爭對手卡瓦納。所以我的問題是，你看到這種動態了嗎？如果是這樣，那是否考慮到您為 ADESA 業務提供給我們的參數類型？

And then secondly, just as we think about ADESA and its enhancement to the overall Carvana model, at what point or at what point would there kind of be that breakout moment where we really start to see the true benefits that ADESA is bringing to Carvana?

其次，正如我們考慮 ADESA 及其對整個 Carvana 模型的增強一樣，在什麼時候或什麼時候，我們會真正開始看到 ADESA 為 Carvana 帶來的真正好處的突破時刻？

Sure. I try to go on site as you said, we are tight on time. Let me start with I think, for sure, we saw some customers of ADESA initially react negatively to the news. And we do feel like we lost some volume as a result of that immediately as the transaction was announced. I do think since then, the news is actually pretty good. Obviously, we don't know how this will play out over time, but we've seen a number of those customers already come back. We've seen some big commercial accounts start to shift more business back to ADESA.

當然。我試著按照你說的去現場，我們時間很緊。讓我首先說一下，我們確實看到 ADESA 的一些客戶最初對這個消息反應消極。我們確實覺得我們在交易宣布後立即損失了一些交易量。我確實認為從那時起，這個消息實際上是相當不錯的。顯然，我們不知道隨著時間的推移這將如何發展，但我們已經看到其中一些客戶已經回來了。我們已經看到一些大型商業客戶開始將更多業務轉移回 ADESA。

And so I think that so far, at least, it feels like the team at ADESA has done a good job weathering the turbulence of that transaction, which obviously causes everyone to kind of stop and reevaluate for a moment, but it feels like we're in a pretty good spot. And then I do think looking forward, it's hard to know that's going to unfold. Again, ADESA is approximately 1 million units back of where it was in 2019. So there's a lot of room for volume increases from here kind of regardless of the number of customers that come back.

所以我認為，至少到目前為止，感覺 ADESA 的團隊在經受住那筆交易的動盪方面做得很好，這顯然會讓每個人都停下來重新評估一下，但感覺就像我們'重新處於一個很好的位置。然後我確實認為展望未來，很難知道這會展開。同樣，ADESA 比 2019 年的數量減少了大約 100 萬台。因此，無論有多少客戶回來，銷量都有很大的增長空間。

But we'll be fighting and shooting to provide great experiences to all the historical customers of ADESA and trying to explain why we think that ADESA is still a great option for them. And as I said, I think so far, the news there is pretty good.

但我們將竭盡全力為 ADESA 的所有歷史客戶提供出色的體驗，並試圖解釋為什麼我們認為 ADESA 對他們來說仍然是一個不錯的選擇。正如我所說，我認為到目前為止，那裡的消息非常好。

I think in terms of when to see what you expect to see the benefits of ADESA, I think, hopefully, it's relatively quick. We're already seeing operationally some benefits today that are pretty material. And hopefully, it's kind of continual over time and continually increasing. And hopefully, it's continue increasing for a long time. I think that there are many areas to reduce costs. There are many areas to drive revenue. There are many areas to collaborate on solutions for our shared customers that kind of benefit from our shared capabilities. And then there's obviously a lot of room to recondition more cars closer to our customers and to enhance our logistics network to get cars to customers faster. And I think unlocking all of that is many, many year plan that we're excited about running at as quickly as we can, and we're excited to do it with the team at ADESA.

我認為就何時看到您期望看到 ADESA 的好處而言，我認為希望它相對較快。我們今天已經在運營上看到了一些非常重要的好處。希望它會隨著時間的推移而持續不斷地增加。希望它會在很長一段時間內繼續增加。我認為有很多地方可以降低成本。有許多領域可以推動收入。有許多領域可以合作，為我們的共享客戶提供從我們的共享能力中受益的解決方案。然後顯然還有很大的空間可以翻新更多靠近我們客戶的汽車，並增強我們的物流網絡以更快地將汽車送到客戶手中。而且我認為解鎖所有這些是很多很多年的計劃，我們很高興能盡快運行，我們很高興能與 ADESA 的團隊一起做這件事。

This concludes our question-and-answer session. I would like to turn the conference back over to management for any closing remarks.

我們的問答環節到此結束。我想把會議交還給管理層，以便發表任何結束語。

Well, thank you everyone, for joining the call. To everyone inside Carvana and ADESA, thank you so much for everything that you guys have done. The last several months have been dynamic, I believe, it was the word that we used in the prepared remarks. You all have felt that and seen that. And I think that people always have to decide how they respond to any kind of adversity. And I think the way that people inside Carvana have responded has been unbelievable. I think we could not ask for more. We couldn't be prouder to be working side by side with you guys. The progress that we're making is exceptional. I hope you're proud of what you're doing. If we keep our heads down, we're going to continue to make a lot of progress really quickly. And that has been awesome to see and is exciting for the future.

好的，謝謝大家加入電話會議。對於 Carvana 和 ADESA 內部的每個人，非常感謝你們所做的一切。我相信，過去幾個月是動態的，這是我們在準備好的評論中使用的詞。你們都感受到了，也看到了。我認為人們總是必須決定他們如何應對任何逆境。我認為 Carvana 內部人員的反應方式令人難以置信。我想我們不能要求更多。與你們並肩工作，我們感到無比自豪。我們正在取得的進展是非凡的。我希望你為自己所做的事情感到自豪。如果我們保持低調，我們將繼續非常迅速地取得很大進展。看到這真是太棒了，對未來來說也是令人興奮的。

And then for the ADESA team, we've done this a couple of times now, but I really do just feel extremely grateful that you have embraced us in the way that you have. And I think that hopefully, we're both seeing the gains from that. I think it's showing up in the results already, and we're excited about where we can go from here. So we look forward to continuing to work with you.

然後對於 ADESA 團隊，我們現在已經這樣做了幾次，但我真的非常感謝您以您的方式擁抱我們。我認為，希望我們都能從中受益。我認為它已經出現在結果中，我們對我們可以從這裡去哪裡感到興奮。因此，我們期待繼續與您合作。

Thanks, everyone. We'll talk to you next time.

感謝大家。我們下次再談。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。