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 年第二季財報電話會議。 （操作員指示）

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，此事件正在被記錄。現在，我想將會議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。女士們、先生們，下午好，感謝您參加 Carvana 2022 年第二季財報電話會議。請注意，本次電話會議將在公司網站 investors.carvana.com 的投資者關係部分同時進行網路直播。第二季股東信也發佈在 IR 網站上。此外，我們發布了第二季度的一組補充財務表，以幫助投資者了解本季 ADESA 合併的變化，並且我們更新了營運計劃以反映 ADESA 的加入。兩者都可以在我們的 IR 網站的「活動和演示」頁面上找到。

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

今天與我一起參加電話會議的還有執行長 Ernie Garcia；以及財務長馬克‧詹金斯 (Mark Jenkins)。

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.

在我們開始之前，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結果，這些陳述涉及風險和不確定性，可能導致實際結果與此處討論的結果存在重大差異。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，請參閱 Carvana 最新的 2022 年第一季 10-K 表和 10-Q 表的「風險因素」部分。本次電話會議中的前瞻性陳述和風險是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這些陳述和風險的義務。除非另有說明，所有比較均以同比計算。

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指標。我們報告結果的 GAAP 指標和非 GAAP 指標之間的對帳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?

現在說了這麼多，我想把電話轉給厄尼·加西亞 (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，麥克，也謝謝大家參加電話會議。第二季可能是 Carvana 最具活力的季度。為了適應市場和經濟情勢的變化，也為了能夠迅速適應導致支出與銷售量失衡的產業變化，我們在公司歷史上首次將重點轉向效率和現金流。我們也完成了對 ADESA 的收購，我們相信這項交易將隨著時間的推移帶來改變。

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，我想強調我們的優先事項的改變，以提高現金流的效率。我們從五月開始在公司內部進行最大的變革。這些變化意義重大。它們導致了企業中每個團隊的優先順序轉變。它們促成了新流程的創建，以增強對這些優先事項的關注並推動其進展。雖然我們的計劃執行還處於早期階段，但目前進展非常順利。

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，我們始終對自己有高標準。我認為這是我們迄今為止取得巨大成功的原因之一。從長遠來看，保持自我壓力的能力可能是群體表現的最大區別之一，但沒有什麼可以取代市場和經濟動盪所提供的專注力和動力。

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.

每個人都有這種感覺，困難能讓人看清事實。關於卡瓦納人民所揭示的事情是我已經知道的，我對他們表達了無限的感謝。 Carvana Care 的員工不會迴避挑戰。他們是戰士。 Carvana 人民致力於取得比我們歷史上任何時候都更快的進步。他們工作努力，但也從中找到了樂趣，並做出了令他們感到自豪的改變。因此，我們正在以驚人的速度推出新功能、新產品和新流程。我們的計劃是繼續下去，直到我們實現我們的目標。

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重大進展。我們的單位數量連續增加了 10% 以上，同時銷售、一般及行政費用總額減少了 5%，這導致我們本季每單位現金銷售、一般及行政費用下降 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 美元的現金銷售、一般及行政費用（SG&A），不包括 ADESA 的影響。這將是很難達到的目標，但到目前為止，我們已經在路上了。從那時起，我們將繼續實現每單位 3,000 美元的中期目標。我們將繼續努力。

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.

本季我們還將 GPU 價格提高了 500 美元，達到 3,400 美元。我們在致股東的信中提供了一些回到 4,500 美元及以上水平的橋樑。阻礙我們重回那個水準的最大因素就是執行力。我們也會在這裡努力。

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.

現在談談 ADESA 收購。當我們完成交易時，我們很高興能與 ADESA 聯手。現在我們已經開始與團隊合作，我們更加興奮。首先，我要對 ADESA 團隊表示讚賞。他們以我們無法預料的方式接納了我們。他們是一群有趣又熱情的人，熱衷於為客戶提供優質服務，並致力於尋找做得更好的方法。從個人角度來說，在公司內部認識這麼多人並向他們學習，以及看到他們對向我們學習的興趣，是很有趣的。

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.

我們的協調使我們的整合取得了極為快速的進展。我們從客戶那裡購買的汽車中已經有一半以上計劃透過批發管道在全國 46 個 ADESA 門市銷售。我們已經在 18 個 ADESA 站點嵌入了市場營運中心。 ADESA 目前已在補充我們現有 IRC 業務範圍的地點（主要在沿海地區）每週修復超過 500 輛汽車。

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，我們也已經深化了與赫茲的關係，如果沒有 ADESA，我們不可能實現這一點。隨著時間的推移，我們預計 ADESA 將大幅增加我們的檢查中心網路的規模和客戶親密度。我們希望它能夠加強和簡化我們的物流能力，並且我們希望找到成本節約和收入機會，而如果沒有我們的綜合能力，這些機會是不可能實現的。要完成整合我們還有很長的路要走，這是我們將繼續努力的另一個領域。

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考慮。在可預見的未來，我們將維持當前的優先事項，以提高效率，我們認為在這種環境下最能實現我們的短期和長期目標。雖然我們仍然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成長將比短期內慢。鑑於目前經濟情勢，我們也不知道短期內產業銷售情況究竟會如何。

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，全行業的需求水準再次下降，這也對我們產生了影響。我們擁有有意義的潛在需求和多種推動成長的槓桿，我們將隨著時間的推移開始利用這些槓桿，但我們利用這些槓桿的速度將取決於我們在更高優先事項上的進展。在更困難的時期，人們往往會變得更加近視。這是有充分理由的。在經濟較為景氣的時候，深入了解重要的成本基本面以減少受到的關注是有價值的。從我們的優先事項中您可以看到，我們也更加關注這種環境下的基本面。話雖如此，保持對我們正在攀登的高山的認識仍然很重要。

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，第二季有可能成為我們最偉大的季度之一。它起到了催化劑的作用，促使人們更加重視駕駛效率。無論如何，這是我們在某個時候要做的事情，環境也給我們提供了壓力，我們將利用這種壓力來取得比原本可能更快的進展。我們的可見度在高水準上要高得多。在需求方面，我們繼續在這種環境下佔據市場份額，我們在最成熟的群體中所擁有的市場份額為急劇增長的銷量提供了清晰的圖景。此外，先前的經濟緊張時期加速了我們產業的整合。

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?

從供應方面來看，收購 ADESA 將改變整個格局。簡而言之，執行力是我們與每年數百萬銷售額的唯一區別。從 GPU 的角度來看，我們回到 2021 年水準的橋樑很簡單，從那時起，機會仍然存在。銷售、一般及行政費用一直是我們最大的機會。我們有一個明確的計劃。該計劃正在公司各部門積極執行，並制定了具體的目標。我們有更成熟的群體的歷史表現作為證明。我們堅定地朝著改變人們購買汽車方式的使命前進，成為最大、最賺錢的汽車零售商。遊行仍在繼續。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，也謝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。我們設定了明確的營運重點，重點是降低銷售、一般和行政費用並推動實現正自由現金流。儘管面臨持續的宏觀壓力和克服內部限制，我們的關鍵指標仍然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，零售單位銷售總量為 117,564 套，成長 9%。儘管二手車價格高企、利率上升以及其他經濟因素對我們行業產生了影響，但我們在第二季度仍獲得了顯著的市場份額。第二季總營收為38.84億美元，成長16%。總收入包括我們收購 ADESA 批發市場所獲得的 1.08 億美元，該收購於 5 月 9 日完成。第二季每單位總毛利為 3,368 美元，年減 1,752 美元，較上季增加 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，我們將更詳細地評論連續的變化。第二季零售 GPU 價格為 1,131 美元，而第一季為 808 美元，季增 323 美元。零售毛利包括 Ernie 向 Carvana 員工贈送 100 萬輛里程碑產品所帶來的每輛 51 美元的影響，以及我們 5 月裁員所帶來的每輛 34 美元的影響。排除這些影響，第二季零售 GPU 的價格為 1,216 美元，而第一季為 884 美元。零售 GPU 的連續變化主要是由於零售價格和收購價格之間的價差擴大所致。由於我們在第二季度主要銷售在實施成本效率措施之前進行過翻新的車輛，因此第二季度的零售翻新和入境運輸成本與第一季相似。

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 GPU 批發價為 383 美元，而第一季為 219 美元，季增 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擴大的影響。

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.

第二季其他 GPU 的價格為 1,854 美元，而第一季為 1,806 美元。其他 GPU 的連續變化主要是由於客戶利率相對於基準利率的上升所致，但被信貸利差擴大和貸款銷售管道組合的變化所部分抵消。展望第三季度，我們預計將以整體貸款銷售形式出售貸款，但隨著季度的進展，我們將保持靈活性以優化我們的通路組合。

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.

我們在第二季度降低了每零售單位的銷售費用、一般及行政費用 (SG&A) 方面取得了重大進展，不包括折舊和攤銷、股權激勵和 ADESA 的每單位銷售費用、一般及行政費用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營運效率，我們預計未來幾季將在降低銷售、一般和行政費用方面繼續取得進展。

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.

第二季調整後 EBITDA 利潤率為負 6.2%，而第一季為負 10.2%，提高了 4 個百分點。調整後的 EBITDA 不包括 Ernie 贈送給 Carvana 員工的個人股票以及其他收入和支出的影響，主要包括證券公允價值的變動，但包括非贈與的股權薪酬和與我們 5 月份裁員相關的費用。

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 200 萬美元的負影響，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 萬美元毛利的重新分配。在季度結束後，我們開始實施變革，預計到今年晚些時候，這些變革將對 ADESA 的 EBITDA 貢獻產生積極影響，每季約為 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.

由於團隊的合作方式、我們對 ADESA 業務的持續了解、我們在整合方面取得的快速進展以及兩家公司之間存在的長期機會，我們對收購 ADESA 感到一如既往的興奮。截至 6 月 30 日，我們的總流動資金資源約為 47 億美元，其中包括 27 億美元的現金和循環可用資金以及 21 億美元的未抵押房地產和其他資產，其中包括與 ADESA 一起收購的價值約 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.

本季結束時，我們的檢查和修復中心年產能約為 120 萬台，已完全利用，為我們未來的成長提供了堅實的基礎設施。這種強大的流動性狀況、我們巨大的生產能力以及我們清晰而專注的營運計劃使我們在實現推動正現金流和成為最大、最賺錢的汽車零售商的目標的道路上處於有利地位。

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

感謝您的關注。我們現在來回答問題。

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

（操作員指示）我們的第一個問題來自富國銀行的紮克法德姆。

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?

厄尼，以目前每週 8,000 到 9,000 輛汽車的銷售水平來看，我們是否應該將此視為對您目前業務需求的合理描述，還是說這是您在將重點轉向盈利能力時有意達到的水平？假設是後者，您能否談談為了在第四季實現單位銷售、一般及行政費用的延伸目標，各單位需要重新提升到什麼水準？

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。那麼就讓我們從單位的位置開始吧。我認為，在第二季度，我們的銷量成長了 9%，而同期市場可能萎縮了 15% 左右。所以當你看到這一點時，我認為我們確實繼續佔據市場份額。它的速度肯定比歷史上要慢，但如果你停下來認真思考的話，它的速度仍然相當快。所以我認為，考慮到目前的情況，這是值得高興的事情。

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.

顯然，我們已經在很大程度上改變了我們的關注點，這產生了真正的影響。當你回想一年前的年成長率時，你會發現 Carvana 內部每個團隊的每個人都把推動成長當作首要任務。如今，首要任務是提高效率。這會產生各種影響。例如，我們在致股東的信中討論了物流網絡並給出了一些例子，但其他地方也有類似的例子。

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.

因此，我認為，如果從同比角度來考慮，肯定會產生一些影響。我認為，當你按順序看時，也會有一些影響，這些影響在焦點轉移方面採取相同的形式。我們的行銷預算比上一季減少了約 15%。這肯定是第一季的高水平，我們不想維持這種水平。但儘管如此，行銷支出仍比上一季減少了 15%。這將對其他一切事物產生一定的影響。

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.

我們也一直致力於減少庫存。因此，從高峰期和最近的情況來看，今天我們客戶可見的汽車數量可能比最近減少了約 20%。同樣，在其他所有條件不變的情況下，這將對成長造成一些阻力。

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所做的選擇使我們能夠盡快提高效率，我們認為這對業務來說是正確的做法，並且我們因此取得了很大進展。這就是我們確定事情優先順序的方式。

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，當我們考慮長期機會時，老實說，這與我們 6 個月前或 12 個月前的想法完全一樣。我認為並沒有什麼不同。我們擁有多年在數百個市場持續獲得市場滲透的歷史。我認為推斷起來這並不是太難。即使在焦點改變的環境下，我們仍繼續佔領市場份額。

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.

所以我認為從長遠角度來看，我們並不會以不同的眼光看待它。而且我認為，考慮到重點的轉移，我們肯定會降低今天的成長速度，但我們希望並相信，透過提高效率，未來更容易實現更快的成長，因為每次銷售要做的工作更少。因此我們希望隨著時間的推移，能夠恢復這種狀態。

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，當我們著眼於我們的目標時，我們——有兩種方法可以使我們朝著 4,000 美元現金銷售、一般及行政費用（不含 ADESA）邁進。我認為，一是業務的整體進步和效率的提高，二是肯定要獲得更多的單位，這樣我們就可以擁有更多的單位來轉移我們的固定成本。我認為兩者都非常有力。第一步可能就足以達到這個目標。在第四季度可能不足以實現這一目標。因此，如果沒有成長，你可能會認為這種情況會隨著時間的推移而進一步延長。

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，我們不想具體地談論我們對未來幾季的成長預期。但我認為，我們努力實現 4,000 美元的目標，在兩個方面確實都有所收穫，但主要重點是整個業務的效率。

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。這一切都是有道理的。就銷售、一般及行政費用 (SG&A) 的美元運行率而言，看起來主要的連續下降幾乎都是廣告費用。展望第三季和第四季度，您能否解釋裁員對薪資和福利線的影響，並具體指出銷售、一般和行政費用的下降趨勢，以及 ADESA 對物流或市場佔有率線的協同效應如何，這些又將如何發揮作用？

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。因此我認為，作為一個起點，我們確實看到第二季相對於第一季的銷售、一般及行政費用節省相當可觀。我確實認為這些影響涉及多個方面，包括我認為總薪資下降了——大約 2000 萬美元。廣告費用減少了約 2,500 萬美元，略少一些。其他銷售、一般及行政費用也有所下降。因此，我們確實看到從第一季到第二季多個領域都出現了下滑。我認為這是由於我們討論的所有關於提高效率的事情。當然，裁員對薪資數字產生了影響。

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。從銷售、一般及行政開支角度來看，第二季相較於第一季物流支出上升。我認為這項舉措很大程度上與我們在第二季度使用的第三方運輸服務有關，這些服務旨在清理物流網路中特別受限地區的某些積壓貨物。所以，這是我們在第二季承擔的費用，但預計在第三季不會承擔同等程度的費用。這是一個特殊的例子。

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.

展望今年剩餘時間，我們確實看到了業務各領域的機會。他們繼續推動銷售、一般及行政開支 (SG&A) 效率。因此，我們希望在整個業務範圍內實現這一目標。我確實認為，一些較大的項目繼續將人員配備水平與數量相匹配，我認為這將是其中較大的項目之一，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.

總體而言，我想說，我們對第二季度每單位銷售、一般及行政費用的進展感到非常滿意，與上一季相比，該數字下降了約 1,000 美元。我們對所取得的進展感到興奮，希望做好準備。

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?

關於修復和入境運輸的問題。我知道第二季的情況與第一季的情況有些相似。這裡顯然存在時間滯後。但是考慮到您所做的工作，現在進展如何？我估計今天修復並運輸的汽車的差價不再是 600 美元。其次，我只是想問，當你們將公司重點轉移到成本時，組織內部的激勵結構發生了什麼樣的變化？

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。我會盡力接受這些，然後如果你願意的話，你可以隨意加入，馬克。因此我認為，首先，對於 COGS 費用，我們確實在 5 月中旬開始做出許多這樣的改變。因此，這顯然需要一些時間才能完全進入銷售階段，屆時我們將在零售 GPU 中看到這一點。就像在銷售、一般和行政費用方面一樣，我們在這些基本費用方面也取得了很大進展。這些會隨著時間的推移而顯現出來。我們期望在那裡繼續取得進展。

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，當您獲得進度時，SG&A 會立即生效，而 COGS 則會使您獲得進度，然後您會有一段時間滯後，直到您賣掉汽車，然後它才會流過。因此存在某種延遲。而且，這類成本削減實際上是在過去 1.5 個月內才開始的。

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.

就組織內部的重點和激勵結構而言，我想說，在很多方面，它們是相似的。只是我們完成的項目有所不同，它們更注重成本，而不是成長。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確實非常有效率。我們不想談太多細節，但在公司的每個部門，我們都有非常明確的專案。我認為我們做得比過去更好，我們將重點放在最有可能以最快的速度產生最大影響的事情上。我們每個小組每週一都會開會，並每週報告預期進展。週二，我們將召集所有營運小組，並檢查每個小組相對於其他小組的內部表現。因此，我們確保能夠充分利用內部基準測試。顯然，本週剩餘時間也有很多工作要做。

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.

因此我認為，這實際上更多的是關於我們正在完成的項目。我們一直有很多想要努力的領域。這只是一個我們優先考慮什麼的問題。所以我認為我們的優先事項已經改變。但我認為我們也實施了一些流程，以推動額外的關注、責任和速度。我確實認為迄今為止的結果非常好。

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——很難將其放入模型中，但例如，我們在過去幾天推出了一個專案。就像和團隊一起坐在房間裡一樣，來自不同辦公室的 50 個人透過 Zoom 會議來回交流，即時討論這個新產品的運作情況的統計數據。看到它真的很酷。你可以從每個人的臉上看到，他們對自己所建造的東西感到非常自豪，因為他們建造得很快，而且很快就把它推出來了。

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，因為它會一遍又一遍地複合。我確實認為，隨著我們經歷這一重點轉變，Carvana 內部的人們做出了令人難以置信的工作，他們對此感到興奮，並努力推動這一轉變。我認為我們完成工作的熱情和速度令我感到非常興奮，並感謝團隊。

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，我只是希望您能對消費者的情況提供一些補充說明，例如您所看到的高收入與低收入消費者的需求趨勢。然後，如果信貸可用性和/或您銷售的車輛的平均銷售價格有任何影響，那麼高價位和低價位車輛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任何有趣的東西可以在這裡分享，與我們過去分享的內容或您可能期望的內容相比。但我認為，總體而言，趨勢正如你所期望的那樣，我認為，在這種環境下，我們看到收入普遍較高者的情況會更好一些，FICO 普遍較高者的情況會更好一些。在其他所有因素不變的情況下，這將導致購買價格上漲。這導致了金融和類似產品的組合和附加利率的差異。

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，我認為我們所看到的影響可能是你所預料到的。我認為從汽車信貸角度來看，總體而言，大多數金融公司繼續保持相當強勁的業績。我認為，2020 年和 2021 年的表現絕對非常出色，現在正在慢慢回落到 2019 年更正常的水平。所以我認為目前還沒有發生什麼太值得注意的事情。

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.

是的，我認為唯一值得注意的事情是這是一筆大額的購票。這是一項融資購買，是可自由支配的。我認為從歷史上看，購買往往引領經濟發展。而且，在這種環境下，它也具有獨特的特點，它受到 OEM 和全球供應鏈的複雜性的驅動。這可能是經濟體中所有其他產品中價格上漲幅度最大的產品之一。

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，這可能是迄今為止普遍感覺壓力相對較大的領域。事後看來，這並不是好事。但我認為，當你從長遠角度來看，這無疑是個好消息，因為很難確切地說出這裡的經濟將會發生什麼事。但如果我們從某個角度出發，相信汽車產業已經比其他經濟產業承受了更大的壓力，我認為這意味著從現在開始的任何額外壓力和預期應該會小於從現在開始的任何復甦，而預期可能會更多。

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.

所以我認為我們會看到這一切隨著時間的推移如何展開。我們確實處於一個獨特的時期，它顯然在許多方面影響著客戶。但正如我所說，我認為對於我們的客戶和其他客戶來說這並不出乎意料。

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，我很好奇你們是否都認為從現在起我們可能會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下半年下降，這是否會使您設定的 GPU 目標更難實現？還是你已經為此做好了計劃？

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市場出現貶值跡象。這就是正在發生的事情。接下來是某種心理模型。這與我們剛才討論的並不完全不同。但我認為，鑑於汽車價格比其他商品和服務的漲幅更大，未來汽車價格很可能會平均貶值得更快，以重新與與其他商品和服務的關係保持一致。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.

我認為這是否會對零售 GPU 產生影響並不像你想像的那麼清楚，因為這很大程度上取決於經銷商的期望。從歷史上看，當折舊率更高時，批發價和零售價之間的差價就會更大，因為經銷商實際上是將預期的折舊率計入了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，但零售 GPU 的數量並沒有顯著減少。

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，我認為在經歷這段時期後，你會看到 GPU 的減少。平均而言，你看到的是前者。隨著汽車價格下降，零售 GPU 銷量基本持平。我確實認為，從我們迄今為止所看到的早期貶值來看，有證據表明這種關係仍然存在。即使在本季的業績中，您也可以看到，我們支付的汽車價格與我們能夠收到的汽車價格之間的差價開始擴大。因此我確實認為有證據表明這種差距再次擴大。顯然，我們不知道事情究竟會如何發展，但從歷史上看，事情就是這樣發展的，而且有證據表明，現在的情況也是如此。

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

下一個問題來自法國巴黎銀行證券部的 Chris Bottiglieri。

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?

我想你肯定已經搶先回答了我的第一個問題了。但您能否讓我們感覺到，顯然，這 600 美元並沒有流向房間的物流和翻新工程。但坦白說，你確實看到零售 GPU 的連續改進相當不錯。您似乎強調了那裡的市場改善。這是否就是您剛才提到的關於批發定價的轉變？或者是否有其他因素促使您將零售 GPU 的價格連續提高至 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。我要那個。我認為我們對本季度零售 GPU 的進展感到非常滿意，坦白說，我認為在調整了 Ernie 禮物的減少量後，這是一個很好的進步，本季度減少了 1,216 美元，與第一季度相比有了有意義的進步。因此，考慮到我們仍然有這個數字，我認為我們對這個數字感到非常滿意——我認為這個數字包括非常高的修復和入境運輸成本。所以我認為我們認為這是一件非常正面的事情。

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.

我認為有一些連續的驅動因素。因此，一個簡單的例子就是連續收益約 100 美元。由於物流網路嚴重延誤導致的退款，我們第一季每單位運輸收入損失約 100 美元。我們基本上在第二季就恢復了這一水平。這就是順序橋的一部分。

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.

連續橋樑的第二部分是 2021 年第四季是購買汽車的最佳時機。因此，當我們離開 21 年第四季度時，我認為這對零售 GPU 產生了積極的影響，在第一季度，我們銷售的汽車數量在第四季度購買的量比在第二季度銷售的量多。第四季是採購價格非常高的時期。所以這對第一季到第二季也產生了正面的影響。

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.

所以我認為這些都是巨大的影響。我認為——是的，我認為這些是主要的影響，是的，在第二季度，我認為考慮到我們在 GPU 成本方面仍然看到的機會，這讓我們感覺處於相當有利的地位。

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?

明白了。這真的很有幫助。然後只是一個不相關的問題。如果我看一下 ADESA 的財務狀況，就我所能說的最好的情況而言，看起來我獲得了 700 萬美元的改善，並且是本季度迄今為止 ADESA 財務狀況的兩倍。看起來您每季在 ADESA 上的獲利可能為 1,300 萬美元，這可能略低於您設定的 1 億美元目標。我知道交易量連續下降。但是——所以我的問題是，在這麼長的序言之後，在銷量提高之前，這是否是一個良好的盈利運行率？或者是否有其他理由對 ADESA 近期獲利能力的提升持更積極的態度？

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。因此，我認為我們試圖在我們的簡報中提供一些指導，我們的營運計劃簡報約為 1 億美元，這是對 ADESA 規模的一個很好的大致估計。我認為我們今天顯然正處於拍賣業務的低谷。這是 — — 或者我不想說一定是低谷。相對於拍賣業的近期歷史而言，我們正處於低谷。

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 ADESA 來說，2019 年的產量約為每年 180 萬台，這顯然是一個非常大的數字。如今，這數字還差約 100 萬。我認為從現在起，業務還有很大改善空間。我認為思考如何從現在開始改善的一個合理方法是回顧 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，拍賣單位數量下降的幅度實際上較小，因為那一年的拍賣情況並不像過去幾年那麼糟糕。然後，由於原始設備製造商在破產和其他一切之後恢復了生產，大約花了 5 年時間，所有產量才恢復。

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.

我認為基本面並沒有那麼嚴重。這次拍賣業務的技術條件更加嚴峻。因此我認為復甦可能會更快，但我認為很難確切知道復甦的速度有多快。

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，一個很好的旅遊思維是思考該業務的流通情況，大概是每單位增量 EBITDA 為 250 美元左右，這可能是合理的思考方式。因此，我認為，當我們展望未來時，我們並不十分清楚我們是否正處於拍賣的低谷，但我認為有很多理由讓我們感到樂觀。有跡象表明，原始設備製造商 (OEM) 開始增加產量。汽車價格開始略有下降，這使得任何特許經銷商都不太可能像以前一樣保留所有類型的租賃到期汽車。原始設備製造商開始向租車公司銷售更多的汽車，而這些公司通常是銷售大戶。我認為金融公司也有空間開始銷售更多汽車。

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.

因此，我認為我們不知道具體結果會如何，但我認為隨著時間的推移，銷售肯定還有回升的空間，而且 ADESA 已經與許多優秀客戶建立了良好的業務關係。因此，當這種情況發生時，他們就處於有利地位。因此我認為它肯定有空間大幅超越我們在這份簡報中提出的 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.

因此，我們仍然認為，平均而言，這可能是思考企業獲利能力的合理方法。顯然，就我們的合作方式而言，有很多事情讓我們感到非常興奮。我們的整合確實進展非常順利。我知道我在準備好的發言中說過，但我們在 2.5 個月前就完成了那筆交易，而且我們的汽車已覆蓋 46 個地點。我們擁有一群積極工作的人員，負責將零售車輛送出，並從 18 個地點的客戶手中接收購買的車輛。這些數字正在快速成長。我們已經開始擴大沿海地區的產量。這也節省了很多成本。

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能夠將其送到附近的 ADESA 而不是透過我們的物流網絡時，我們可以在那裡每筆交易節省相當多的資金。它也大大簡化了我們的物流網絡。那裡有大量的收益。我談到了我們與一些合作夥伴合作所獲得的一些好處，我們能夠做一些原本無法做到的事情。

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.

因此，我確實認為，我們對 ADESA 交易了解得越深入，我們就會越興奮，不僅是因為圍繞修復和物流的極其令人興奮的長期機會，還因為圍繞短期機會，我們可以更有效率地合作。再次，我確實想讚揚這個團隊。你永遠不知道整合究竟會如何進行。我認為，當你進行收購時，你會走到交易完成的另一邊，去見所有人，進行最初的幾次對話。你不知道接待會是什麼樣的，但我真的要說，ADESA 團隊張開雙臂歡迎我們，這真的很棒。

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.

我認為，由於他們的思想開放以及他們已經教給我們很多東西，因此融合比原本可能的情況要好得多。因此我們對此仍然感到非常興奮。我們認為從長遠來看這是一件大事。我們也認為，我們在短期內也能取得很大的進步，但這需要努力，我們正在努力。

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.

我只是想問一下營運資金，特別是庫存，當然，庫存剛剛大幅下降，約為 4.66 億美元。我相信這個數字包括了 ADESA。如果我錯了，請糾正我。那麼，您覺得以這樣的水平結束這一學年是正常的嗎？您是否認為這與過去幾季相比有所改善——COVID 和 IRC 瓶頸之間的問題，現在已恢復正常水平？或者是——或者需要進行某種彌補，並且需要再次流出才能達到您想要的音量？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。所以我會選擇那個。因此，我們確實比上一季大幅減少了庫存。值得注意的是，這不包括沒有材料庫存的 ADESA 的影響。這與 Carvana 有關。我認為思考這個問題的主要方式是，我們在第一季電話會議上討論過這個問題，但我們確實在業務的各個領域進行了有意義的過度建設，有點像進入今年第一季一樣。其中包括基礎設施、人員配置。這也包括庫存。因此我們的庫存水準肯定高於正常水準。

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，我們在第二季以及第三季一直在穩步推進這一進程。我認為，我們確實預計第三季庫存餘額將繼續降低，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準在 20 億美元到 25 億美元之間。我認為我們會繼續下去——我們在第二季末就超過了這個數字。因此，我確實認為我們會繼續降低這一水平，以使庫存規模與我們的目標保持一致，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，隨著我們擺脫第三方修復，我們有很多機會從庫存中獲得更多收益。第三方修復的周期通常比第一方修復的周期長得多。因此，當我們擺脫第三方修復時，這將對偵察週期時間產生積極的影響。

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.

我們的許多成本舉措也是速度舉措，目的是加快從購買汽車到獲得 RC 之間的天數，加快從開始檢查汽車到對其進行全面修復之間的天數。因此，我們確實認為，隨著庫存恢復正常，我們可以從多個層面獲得更多收益。

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?

這非常清楚。那麼只是後續事宜，家務管理。就單位而言，第二季末您的庫存汽車數量是多少？與第一季相比如何？

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。因此，我們沒有具體報告這個數字，但我們確實看到庫存單位數量下降，這可以認為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 Securities 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?

如果可以的話，我想是 2。關於某些州與所有權和註冊相關的時間緩衝，這是否會是一個持續存在的結構性障礙？您能否提高效率並隨著時間的推移擺脫這種困境？您認為這會對美國的轉變產生什麼影響？然後第二個問題，有一條關於不轉嫁基金增加成本的問題。我想，我們應該如何考慮您何時開始傳遞這些訊息？

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。這兩個大問題需要很長的時間來回答。因此我們會盡力做到簡潔。首先，關於時間緩衝，我確實認為這與確保我們在註冊方面盡可能為客戶提供最乾淨、最快的體驗有關。我將對這個問題向媽媽們做一個解釋，我可以想像這是電話裡的人可能會有的疑問。不幸的是，在過去的 3 到 6 個月裡，我們的註冊問題確實受到了廣泛關注。

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.

我認為，不幸的是，這種說法可能既相當誇張，又落後──某種程度上落後於現實。所以我想談談我們在那裡取得的進展。因此，今天，我們收到延遲車牌的顧客比例大概只有一年前的三分之一。這使我們達到了公司歷史上最好的水平。

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.

儘管遺憾的是，我們很難獲得其他經銷商在註冊方面表現的真正清晰的數據，但對於整個行業來說，這是一個不完美的流程。不幸的是，我認為隨著時間的推移，事情會得到改善，但這是一個複雜的過程。因此，我們盡力收集盡可能多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。事實上，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普遍感到自豪的事情。我們認為我們對此特別自豪，因為為了給我們的客戶 7 天退貨政策和全國庫存，我們經常承擔更複雜的底層註冊任務。當你控制其複雜性時，我們會比大多數經銷商做得更好。

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.

因此，我再次認為，該團隊做得非常出色。我認為我們今天的執行方式比過去的任何時候都要好，我們對此感到自豪，但肯定不會滿足。我們將繼續努力，我們在流程上取得了很多改進，在推出的產品上也有很多額外的改進，以確保我們從客戶那裡獲得我們需要的所有文件，讓客戶清楚知道在交貨時需要上傳什麼、需要準備好什麼等等。

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.

因此，我們正在努力完成所有這些流程，我認為我們會繼續取得進展。我們也正在努力改進該系統。我們正在與多個州合作。我們將各州視為合作夥伴，許多州也將我們視為合作夥伴。其中許多州正在實施登記現代化措施。因此，我們積極與他們合作。我們參與了許多州的立法變革。由於我們的參與，我們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.

所以我確實認為這確實是一個不斷改進的事情。我確實認為，隨著時間的推移，這些緩衝將會消失。因此，我們認為很難準確預測何時會撤回這些資金，但我們絕對期望隨著時間的推移會撤回這些資金。當然，這確實會影響銷售轉換率。毫無疑問，更快的交貨時間會影響銷售轉換率。當我們添加這些時間緩衝時，客戶看到的只是更長的交貨時間。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，如果我們回顧去年下半年利率開始上升的時候，我們在過去幾個月經歷了一些利率變化。但總體而言，當利率開始上升時，我們往往會看到，包括我們自己在內的金融公司經歷基準或風險利差上升的速度比實際表現得慢一些。我想這就是「利率黏性」這個術語的由來。

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，利率總和－利率增加（基準利率和風險利差）尚未完全轉嫁給消費者。我認為很難確切地說出隨著時間的推移，實現這一目標的明智利率是多少。從許多方面來說，它都是其他金融公司所做事情的結果。顯然，我們沒有關於金融公司所做事情的完美數據，但我們確實擁有良好的數據。因此，當我們監控許多不同類型的大型銀行和金融機構時，我們發現許多機構實際上從 3 月和 4 月開始提高利率，比我們晚了幾個月。我們看到，在過去幾個月裡，他們每月都會將利率提高 25 到 50 個基點左右，這實際上可以很快產生很大的影響。

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究竟會如何反應。我們將繼續監測彈性並嘗試就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利差的增加，但尚未完全實現。然後我們嘗試提供一些數學知識，讓投資者能夠直接理解在其他所有因素不變的情況下，其影響是什麼。我們顯然希望隨著時間的推移，這種情況會恢復。

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?

感謝您提供的所有資訊。在回答完上一個問題之後，我還有一個後續問題。首先，就所有權登記挑戰而言，是否有哪個州因為這些挑戰而無法銷售車輛？其次，目前出售沒有清晰所有權的車輛是否有問題？

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，目前我們並沒有在哪個州無法銷售車輛，也沒有出現任何與車輛所有權問題有關的問題。我確實認為隨著時間的推移，這些事情會定期出現。我們最近遇到了伊利諾伊州的彈出。我們很高興法官能給我們時間，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遇到的一些溝通不良的分歧。因此我們期待與他們合作。我們和他們有著相同的目標。所有這些州的監管機構都只想確保客戶獲得盡可能最佳的註冊流程，這也是我們共同的目標。因此我們期待與他們合作。我們希望能夠與他們合作，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，有時候，在更困難的情況下也會出現一些好事，但在伊利諾伊州發生的一件好事是，當我們在那裡關閉了一段時間時，我們正在努力解決與州政府的一些誤解，我們確實聯繫了客戶並尋求支持。在 48 小時內，我們有 6,000 名客戶簽署了支援請願書。我們收到了數千則支持 Carvana 的評論。自那時起，又有數千人來到這裡。

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.

因此，我認為這是來自我們客戶的一種強有力的信息，當然，全國各地以及伊利諾伊州其他所有州的客戶都非常喜歡 Carvana 體驗​​。這些人非常熟悉我們的流程，他們立即向我們提供了幫助，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.

因此我認為，隨著時間的推移，我們肯定會面臨這些與國家有關的風險。但總體而言，我們與各州之間有著良好的關係，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，以便我們能夠看待所有最安全的合作夥伴，並且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問題，您能否談談第二季部分融資應收帳款的通路組合變化？你會賣給 Ally 多少錢？該協議的剩餘可用性是多少？那麼，您決定在第三季出售全部貸款，是什麼原因促使您這麼做的呢？

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，無論我們考慮在哪裡出售應收帳款，我們都在努力平衡收益最大化和跨時間波動最小化。我認為這一直是我們的目標。這就是我們建立這種平台以使我們能夠雙向發展的緣由。顯然，我認為，過去幾個月金融市場的噪音比相當長一段時間內要大得多。

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──其基本形式就是增加證券化等過程中的波動。因此，在這種環境下，我們選擇做的事情是，我認為我們更傾向於降低波動性，而不是最大化收益。我們選擇與 Ally 合作購買更多貸款，這也是我們在 COVID 期間出於非常相似的動機所做的事情。我認為，這種關係對我們非常有益，我們希望並相信他們也會認為這種關係對他們非常有益。

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會思考這個問題的方式。我們確保始終能夠存取所有不同的管道。我們正在監控每個管道的預期，同樣，在這兩個維度上，包括預期以及圍繞預期的波動性。

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，隨著我們度過今年剩餘的時間，很難確切知道事情將會如何發展。這是一種相當動態的宏觀經濟背景，這些市場對數據在這種背景下流動的方式非常敏感。我認為幾週前，ABS 市場狀況比較艱難。我認為過去幾週 ABS 市場表現實際上非常好。因此，我們將繼續監控這些市場並盡力做出最佳決策。但我們今天的基本預期是繼續傾向於集合貸款銷售。但同樣，我們希望確保我們能夠靈活地在今年剩餘時間內行使我們認為正確的選擇。

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 的協議最近在 3 月進行了擴大，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。感謝您回答這些問題以及迄今為止在電話中提供的所有詳細資訊。我剛剛對之前關於銷售、一般和行政費用 (SG&A) 的一個問題進行了跟進。那麼當你達到 4,000 美元的目標時會發生什麼？我們經常被問到的一個問題是，一旦達到 4,000 美元並且繼續進一步減少，我們應該如何看待增長，特別是在最近減少廣告支出的情況下，以及最近正在緩和一些其他增長舉措的情況下？什麼樣的成長演算法才能讓公司達到較低的銷售、一般和行政費用水準？我還有一個後續問題。

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，當我們繼續達到 4,000 美元時，我們該做什麼，這個問題的簡短答案就是計劃。首先，讓我們來談談從現在到 4,000 美元的歷程。在公司歷史上，我們已經多次達到這樣的水準。因此，我認為至少在我們心中，我們是否能夠達到 4,000 美元並不是一個大問題。我認為問題是，我們能多快以負責任的方式達到 4,000 美元？我們確實有數百個地點，並且在這些地點設有許多職能部門。因此，我們必須管理整個企業中的數百個團隊。我們必須確保以快速的速度降低我們的開支，因為我們希望盡快降低開支，但同時也不會影響不同地點、不同職能領域的不同團隊的工作，因為這樣做成本也會很高。

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.

因此，我認為今年年底籌集 4,000 美元的延伸目標基本上更多地取決於我們認為能夠負責任地實現目標的速度。但問題是，我們是否相信我們能夠實現這一目標。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額外的效率。我們有很多方法來了解這些效率在哪裡。我認為最簡單的方法可能就是看看我們的同伴。

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，說明我們一些較成熟群體的銷售、一般及行政費用 (SG&A) 情況。因此我認為這讓我們能夠看到我們能夠做的事情。在我們真正把重點放在優先考慮那些能讓我們更有效率的流程和產品之前，我們就已經做到了這一點。因此，當我們進入優先考慮流程改善和產品增強的時期時，我們認為我們比以往任何時候都更有能力超越這些。

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，可以實現每單位 3,000 美元的中期目標。我認為我們一直都有自下而上的模型來指導我們的長期財務模型。但現在，這正在轉化為我們所有不同團隊的實際產品和項目，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.

然後就其對成長的意義而言，我認為對成長的最大影響可能是基於關注點的轉變，以及我們優先考慮哪些項目以及我們在整個業務中將精力投入到哪裡的問題。因此，我認為，隨著銷售、一般和行政費用水平越來越低，這對我們預期的成長的影響至少可能是正面的。再說一次，我認為思考這個問題最簡單的方式，或者至少是我們思考這個問題的方式是，增加任何給定數量的銷售額所需的工作量，在很多方面，都與每單位的費用成比例，因為它們代表了公司內部為銷售一個單位所做的工作。當我們降低這些費用時，就意味著每個單位要做的工作更少。這意味著，透過同樣的工作量，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.

所以我認為我們對這些效率目標對於我們中期成長的意義感到興奮。但我認為，正如我所說，我們今天真正關注的是提高效率。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，團隊也意識到了這一點，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。也許只是對銷售、一般及行政費用 (SG&A) 的後續跟進。在薪資和福利方面，您能否幫助我們分析企業員工成本與參與交易實際買賣融資部分的員工相關的一些人員相關費用？您可以分享一些有關效率、銷售交易時間或每筆銷售的員工工作時間等指標嗎？那我們今天處於什麼位置？當您明年達到 4,000 美元或 3,500 美元的目標時，您預計會達到什麼程度？

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法來實現這一點。所以我確實認為我們——例如，我認為在薪酬方面，你可以看到我們過去所取得的成就是在零售單位銷售方面的薪酬和福利。我認為這是一個有用的基準，可以衡量它的發展方向。我認為我們已經制定了中期目標，這些目標可以在投資者關係網站上查閱，同時也讓我們了解了我們在過去已經取得的成就的基礎上還能取得哪些進步。我認為——所以我認為這些資源有望對您在這個問題上有所幫助。

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，從效率角度來看，我們確實看到整個業務的效率正在提高。我認為我們的團隊每天都在努力提高效率。我認為我們看到每次送貨的時間正在減少，每次銷售的客戶服務電話時間也在減少。這些只是一些例子。物流網路的利用率正在上升。還有——還有很多很多。這只是其中幾個。但我確實認為，我們在過去幾週或更長時間一直關注的一些效率指標呈現出非常積極的趨勢。因此，我認為所有團隊都關注的一些內部指標，我們對它們的趨勢感到非常滿意。

The next question comes from Colin Sebastian of Baird.

下一個問題來自貝爾德的科林·塞巴斯蒂安。

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?

我想我本來想問一下管理流程改進的整個過程，但我認為在這裡回答這個問題可能需要很長時間。因此，作為後續問題，我想，首先，就不使用 ABS 市場而言，這是否已計入 GPU 中？或者如果不進入ABS市場會對其他GPU產生什麼影響？

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，就擴大庫存範圍以獲取更多高性價比汽車而言，如果您這樣做，您是否會看到大眾市場部分的需求增加？這是你們所反對的行銷活動嗎？或者這種流量是自然而然地進入網站和應用程式的嗎？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。所以我認為關於第一個問題，我們一直以來的想法是，我們有一個雙通路策略來實現貸款貨幣化。我們使用證券化市場。然後我們透過整體貸款銷售或流量協議出售貸款。我認為我們對雙通路策略的看法是，它能夠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。這就是我們基本上的想法。

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，我認為我們的計劃是圍繞 ABS 或整個貸款銷售的預期進行的。正如我們在第三季所述，我們目前的預期是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.

我認為低價汽車肯定有需求。我認為這絕對是事實。目前，整個產業基本上都缺乏低價汽車。確實，那些尋求更高價格汽車的人可能受經濟的影響較小，至少就目前的情況來看是如此。

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，就汽車需求而言，我認為轉向廉價汽車的趨勢比你預期的要低，因為廉價汽車很受歡迎，但高收入消費者的相對實力也在一定程度上抵消了這一趨勢。但我認為我們會繼續朝這個方向努力。我們採取了一系列舉措，確保能夠為客戶提供多樣化的汽車，滿足他們在各個方面的需求，包括價格和不同的產品改進，以便客戶在價格高漲的困難環境中更容易買得起汽車。所以我認為這是我們將繼續關注的領域，也是我們迄今為止已經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.

最後一個問題來自奧本海默公司的布萊恩·納格爾。

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局面。所以我會問一個問題──我想一個問題分成兩個部分。但就 ADESA 而言，嗯，現在有很多傳言說 Carvana 已經收購了 ADESA，也許 ADESA 的一些歷史客戶或合作夥伴不再想與 ADESA 做生意，因為他們現在是 Carvana 的競爭對手。所以我的問題是，你看到了這種動態嗎？如果是這樣，那麼這是否已計入您為我們提供 ADESA 業務的參數？

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，當我們思考 ADESA 及其對整個 Carvana 模型的增強時，什麼時候或什麼時候會出現突破性的時刻，讓我們真正開始看到 ADESA 為 Carvana 帶來的真正好處？

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。我嘗試按照您說的去現場，但我們的時間很緊。首先，我認為我們肯定會看到 ADESA 的一些客戶最初對這一消息做出了負面反應。我們確實感覺到，在交易宣布後，我們的交易量立即受到了一定程度的損失。我確實認為從那時起，消息實際上相當不錯。顯然，我們不知道這種情況會隨著時間的推移如何發展，但我們已經看到許多顧客回來了。我們看到一些大型商業客戶開始將更多業務轉回 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.

因此我認為，至少到目前為止，ADESA 的團隊似乎很好地度過了交易帶來的動盪，這顯然會讓每個人都停下來重新評估一下，但感覺我們處於一個相當不錯的位置。然後我確實認為，展望未來，很難知道事情將如何發展。再次，ADESA 的銷量比 2019 年減少了約 100 萬台。因此，無論回歸的客戶數量有多少，銷售量仍有很大的成長空間。

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.

但我們會努力為 ADESA 的所有歷史客戶提供出色的體驗，並嘗試解釋為什麼我們認為 ADESA 仍然是他們的絕佳選擇。正如我所說，我認為到目前為止，那裡的消息都相當不錯。

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，就何時能看到 ADESA 帶來的好處而言，我希望它相對較快。我們今天已經在營運中看到了一些相當實質的好處。並且希望隨著時間的推移，這種成長能夠持續並不斷增加。並且希望它能夠長期持續成長。我認為有很多領域可以降低成本。有很多領域可以增加收入。我們可以在許多領域開展合作，為共同的客戶制定解決方案，從而從我們的共享能力中受益。顯然，我們還有很大的空間來修復更多距離客戶更近的汽車，並增強我們的物流網絡，以便更快地將汽車送到客戶手中。我認為，解鎖所有這些是一項多年的計劃，我們很高興能夠盡快完成這項計劃，我們也很高興能與 ADESA 團隊一起完成這項計劃。

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。我想將會議交還給管理階層，請他們發表結束語。

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.

好吧，謝謝大家參加電話會議。對於 Carvana 和 ADESA 內部的每個人，非常感謝你們所做的一切。我認為，過去幾個月是充滿活力的，這是我們在準備好的發言中使用的字眼。你們都感受到了這一點、看到了這一點。我認為人們總是必須決定如何應對任何逆境。我認為 Carvana 內部人員的反應令人難以置信。我想我們不能要求更多了。我們非常自豪能夠與你們並肩工作。我們所取得的進步是非凡的。我希望你對自己所做的事情感到自豪。如果我們堅持不懈，我們很快就會取得很大進步。看到這樣的情況真是太棒了，我們對未來也充滿期待。

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.

對於 ADESA 團隊來說，我們已經做過幾次了，但我真的非常感激你們以這樣的方式接納我們。我希望我們雙方都能從中獲益。我認為這已經在結果中體現出來了，我們對未來的發展充滿期待。因此我們期待繼續與您合作。

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

謝謝大家。我們下次再聊。

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。您現在可以斷開連線。