Carvana Co (CVNA) 2024 Q1 法說會逐字稿

Hello, and welcome to the Carvana First Quarter 2024 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to hand the call to Meg Kehan, Investor Relations. Please go ahead.

您好，歡迎參加 Carvana 2024 年第一季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我想將電話轉給投資者關係部門的梅格·科漢 (Meg Kehan)。請繼續。

Thank you, MJ. Good afternoon, ladies and gentlemen, and thank you for joining us on Carvana's First Quarter 2024 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 first quarter shareholder letter is also posted to the IR website. Additionally, we posted a set of supplemental financial tables for Q1, which can be found on the Events & Presentations page of our IR website.

謝謝你，喬丹。女士們、先生們，下午好，感謝您參加 Carvana 2024 年第一季財報電話會議。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路直播。第一季股東信函也發佈在 IR 網站上。此外，我們發布了一組第一季的補充財務表格，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.

今天和我一起參加電話會議的是執行長厄尼·加西亞 (Ernie Garcia)；和財務長馬克·詹金斯。

Before we start, I would like to remind you that the following discussion contains forward-looking statements within the meaning of 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.

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業績，其中涉及可能導致實際情況的風險和不確定性。與此處討論的結果大不相同。

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 Forms 10-Q. 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.

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 最新表格 10-K 和表格 10-Q 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 不承擔更新或修改這些陳述的義務，無論是由於新的發展還是其他原因。

Our commentary today will include non-GAAP financial metrics. Unless otherwise specified, all references to GPU and SG&A will be to the non-GAAP metrics and all references to EBITDA will be to adjusted EBITDA. Reconciliations between our GAAP and non-GAAP financial metrics for our reported results can be found in our shareholder letter issued today, a copy of which can be found on our IR website.

我們今天的評論將包括非公認會計準則財務指標。除非另有說明，所有對 GPU 和 SG&A 的引用均指非 GAAP 指標，所有對 EBITDA 的引用均指調整後的 EBITDA。我們報告的業績的 GAAP 和非 GAAP 財務指標之間的調整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 IR 網站上找到。

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

話雖如此，我想把電話轉給厄尼·加西亞。厄尼？

Thanks, Meg, and thanks, everyone, for joining the call. Q1 was an incredible quarter for Carvana and one that is worthy of reflection. My plan is to first share some of the highlights from the quarter and then to discuss the long-term implications of our recent performance. First, the highlights in the quarter.

謝謝梅格，也謝謝大家加入這通通話。第一季對 Carvana 來說是一個令人難以置信的季度，也是一個值得反思的季度。我的計劃是先分享本季的一些亮點，然後討論我們近期業績的長期影響。一是季度亮點。

In the quarter, we achieved adjusted EBITDA margin of 7.7%. By this measure, in Q1, we not only set new all-time company records, but we also became the most profitable public automotive retailer in the U.S. for the first time. We returned to growth, growing retail units 16% year-over-year despite decreasing marketing dollars by 4% and having constrained inventory. We completed our first quarter with adjusted EBITDA exceeding CapEx and interest expense, achieving this milestone by a significant margin.

本季度，我們的調整後 EBITDA 利潤率為 7.7%。按照這個標準，我們在第一季不僅創造了新的公司歷史記錄，而且還首次成為美國最賺錢的巴士零售商。儘管行銷費用減少了 4% 並且庫存受到限制，但我們恢復了成長，零售單位年增了 16%。我們第一季的調整後 EBITDA 超過了資本支出和利息支出，大幅實現了這一里程碑。

We achieved GPU that exceeds our previous record from Q2 2023 after normalizing for last Q2's excess loan sale volume, achieving a GAAP gross profit margin of 19.3% above the high end of our long-term financial model. We significantly levered marketing spend, operations expenses and overhead expenses, the last of which were held flat in absolute dollars despite 21% sequential growth.

在對上一季的超額貸款銷售量進行正常化後，我們的 GPU 超過了 2023 年第二季度的先前記錄，實現了 GAAP 毛利率 19.3%，高於我們長期財務模型的高端。我們大幅槓桿化了行銷支出、營運支出和管理費用，儘管環比增加了 21%，但最後一項支出的絕對值保持持平。

In combining our GPU and expense leverage, we also validated our long-term financial model that we put out 6 years ago and clearly lit a path to significant additional financial gains from here. These gains will be driven by both leverage on our fixed overhead costs and additional fundamental gains in both operational expenses and GPU. We see opportunity for large improvements in our adjusted EBITDA margin from here.

透過將 GPU 和費用槓桿相結合，我們還驗證了 6 年前推出的長期財務模型，並明確指出了從此獲得顯著額外財務收益的道路。這些收益將由固定管理費用的槓桿作用以及營運費用和 GPU 的額外基本收益所推動。我們從這裡看到了調整後 EBITDA 利潤率大幅提高的機會。

We achieved all of this in a difficult automotive environment at a time when most in the industry are moving backward on both unit economics and volume. The long-term implications of this quarter are significant. We continue to deliver experiences that our customers love. The strength of our customer offering has always been apparent in our growth, which even with the last 2-year hiatus, has earned us the honor of being the fastest-growing automotive retailer in U.S. history.

我們在困難的汽車環境中實現了這一切，而當時大多數行業在單位經濟性和銷售方面都在倒退。本季的長期影響是重大的。我們持續提供顧客喜愛的體驗。我們的客戶服務的實力在我們的成長中始終是顯而易見的，即使在過去兩年的中斷中，我們也為我們贏得了成為美國歷史上成長最快的汽車零售商的榮譽。

As we get bigger and more efficient, the experiences we deliver get even better and simpler. Constantly improving customer experiences has always been centrally important to us, and it will remain centrally important to us in the future. It is one of our most important feedback loops. We are positioned to grow significantly from here. The part of our business that is most difficult to scale is reconditioning because it requires significant physical space, construction and zoning approvals.

隨著我們變得更大、更有效率，我們提供的體驗也變得更好、更簡單。不斷改善客戶體驗一直對我們至關重要，未來也將繼續如此。這是我們最重要的回饋循環之一。我們準備從這裡開始顯著成長。我們業務中最難擴展的部分是整修，因為它需要大量的實體空間、建設和分區批准。

Across our current inspection and reconditioning center infrastructure, we have capacity for 1.3 million units per year, over 3x our current volume. Beyond that, our ADESA locations, we have the ability to increase our production capacity to a total of approximately 3 million units annually. To unlock this opportunity, we are developing a playbook to bring our full suite of retail reconditioning and logistics technology and processes to ADESA locations.

在我們目前的檢查和翻新中心基礎設施中，我們每年的產能為 130 萬台，是目前產量的 3 倍以上。除此之外，我們的 ADESA 工廠每年有能力將產能提高到約 300 萬台。為了抓住這一機遇，我們正在開發一本手冊，將我們全套的零售翻新和物流技術及流程引入 ADESA 地點。

We recently completed our first conversion of an ADESA site in Buffalo, New York to a Carvana Reconditioning Center, and now this site is leveraging Carli, our proprietary reconditioning software and our proprietary processes to recondition retail units. We believe we have a model that gets better as it gets bigger, and ADESA is a key part of that story. Reconditioning cars at more ADESA locations over time reduces inbound transportation, which positively impacts cost of sales and retail GPU and decreases outbound transportation, reducing SG&A per unit and decreasing delivery times for our customers, increasing conversion and decreasing marketing costs.

我們最近完成了將紐約州布法羅的 ADESA 場地首次改建為 Carvana 翻新中心，現在場地正在利用 Carli、我們的專有翻新軟體和專有流程來翻新零售單位。我們相信我們的模型會隨著規模的擴大而變得更好，而 ADESA 是這個故事的關鍵部分。隨著時間的推移，在更多ADESA 地點翻新汽車可以減少入庫運輸，從而對銷售和零售GPU 成本產生積極影響，並減少出庫運輸，減少每輛汽車的SG&A 並縮短客戶的交貨時間，從而提高轉換率並降低行銷成本。

This is also a good feedback loop. Competitively, we sit in a better position than we have at any point in our history. Through our own experiences and those of the various companies who have sought to do something similar to us, the last few years have resoundingly proven just how difficult it is to build a business this complex to drive it to scale, to achieve strong unit economics and to deliver high-quality customer experiences.

這也是一個很好的回饋循環。從競爭角度來看，我們的處境比歷史上任何時候都更好。透過我們自己的經驗以及試圖做與我們類似的事情的各種公司的經驗，過去幾年充分證明了建立如此複雜的業務以推動其規模化、實現強大的單位經濟效益和提供高品質的客戶體驗。

Building a business like Carvana is very hard and hard is the ultimate competitive moat. Our addressable market remains an enormous opportunity. 40 million used cars are bought and sold on average each year. There are tens of thousands of car dealers offering customers similar experiences to one another with similar business models. Carvana offers a differentiated experience, supported by a differentiated cost structure and driving a differentiated business model. That differentiated model just delivered approximately $1 billion in annualized adjusted EBITDA, and we are still a long way from the full financial potential of our business model and its scale.

建立像 Carvana 這樣的企業非常困難，而困難正是最終的競爭護城河。我們的目標市場仍然是一個巨大的機會。每年平均買賣 4000 萬輛二手車。有數以萬計的汽車經銷商透過相似的商業模式為客戶提供相似的體驗。 Carvana 提供差異化的體驗，並以差異化的成本結構為支持，並推動差異化的業務模式。這種差異化模式剛剛帶來了約 10 億美元的年度調整後 EBITDA，而我們距離充分發揮我們的業務模式及其規模的財務潛力還有很長的路要走。

With just 1% market share in this enormous, fragmented market, we are extremely well positioned. Today is an exciting day for Carvana. The size of our opportunity and the strength of our positioning are clear. Now it's our job to make sure we make the most of it. Our team is ready, the march continues. Mark?

在這個龐大而分散的市場中，我們僅佔 1% 的市場份額，但我們處於非常有利的地位。今天對卡瓦納來說是激動人心的一天。我們機會的大小和我們定位的優勢是顯而易見的。現在我們的工作就是確保充分利用它。我們的隊伍已準備就緒，行軍仍在繼續。標記？

Thank you, Ernie, and thank you all for joining us today. The first quarter was a milestone quarter for proving the long-term earnings power of our online retail model. We set company records on adjusted EBITDA and adjusted EBITDA margin. We achieved industry-leading adjusted EBITDA margin for the first time. We drove significant GAAP operating income, and we generated adjusted EBITDA that significantly exceeded capital expenditures and interest expense.

謝謝你，厄尼，也謝謝大家今天加入我們。第一季是一個里程碑式的季度，證明了我們線上零售模式的長期獲利能力。我們在調整後 EBITDA 和調整後 EBITDA 利潤率方面創下了公司記錄。我們首次實現了業界領先的調整後 EBITDA 利潤率。我們實現了可觀的 GAAP 營業收入，調整後的 EBITDA 大大超過了資本支出和利息支出。

Our results in Q1 were exceptional, but we also see significant opportunities to improve margins with scale and continued efficiency gains over time. We provide additional details on these opportunities in our shareholder letter.

我們第一季的業績非常出色，但我們也看到了透過規模擴大利潤率和隨著時間的推移持續提高效率的巨大機會。我們在股東信中提供了有關這些機會的更多詳細資訊。

Turning to our first quarter results. We entered Q1 squarely focused on unit economics and profitability initiatives. Despite this focus, we saw strong customer demand in part due to several fundamental gains in conversion and customer experience that we made over the preceding quarters.

轉向我們第一季的業績。我們進入第一季時，重點關注單位經濟效益和盈利計劃。儘管有這樣的重點，我們還是看到了強勁的客戶需求，部分原因是我們在前幾個季度在轉換和客戶體驗方面取得了一些根本性的進步。

Retail units sold increased by 16% year-over-year and 21% sequentially, reflecting significant market share gains on both a year-over-year and sequential basis. Revenue increased by 17% year-over-year and 26% sequentially. This unit and revenue growth was more than we targeted, given our continued focus on profitability initiatives entering the year. That said, our teams have handled it well and responded to increased sales while also demonstrating leverage on operations expenses.

零售單位銷量較去年同期成長 16%，較上季成長 21%，反映出市佔率年比均大幅成長。營收年增 17%，季增 26%。鑑於我們在今年繼續專注於盈利計劃，這一單位和收入的增長超出了我們的目標。也就是說，我們的團隊處理得很好，對銷售額的成長做出了反應，同時也展現了對營運費用的影響力。

We are excited by this and believe there is more to come. Our growth in Q1 has had multiple impacts on our inventory. First, our results in Q1 demonstrated how efficient our nationally pooled inventory can be. In March, the average car we sold was only visible to customers on our website for 13 days before being purchased, nearing our all-time monthly low on this metric. Second, our inventory is currently smaller than we would like, resulting in less selection available to our customers.

我們對此感到興奮，並相信還會有更多的事情發生。我們第一季的成長對我們的庫存產生了多重影響。首先，我們第一季的結果證明了我們的全國集中庫存的效率。 3 月份，我們銷售的汽車平均在購買前僅在我們的網站上對客戶可見 13 天，接近該指標的歷史月度最低點。其次，我們目前的庫存比我們希望的要少，導致客戶的選擇較少。

All else constant, we believe this is negatively impacting our sales volumes today. To respond, our teams have begun increasing production across the country. In the near term, our focus will remain on growing production to increase selection to more optimal levels for our customers. Our strong profitability results in Q1 were driven by meaningful fundamental improvements in GPU and SG&A expenses.

在其他條件不變的情況下，我們認為這對我們今天的銷售產生了負面影響。為了應對這一情況，我們的團隊已開始在全國範圍內增加產量。短期內，我們的重點仍將是增加產量，為客戶增加選擇，達到更佳的水平。我們第一季強勁的獲利業績得益於 GPU 和 SG&A 支出的重大根本性改善。

In the first quarter, non-GAAP total GPU was $6,802, a sequential increase of $1,072 and a new first quarter record. Non-GAAP retail GPU was $3,211 versus $2,970 in Q4, a new company record. Our strength in retail GPU continues to be driven by fundamental gains and consistent performance in several areas, including nonvehicle cost of sales, customer sourcing, inventory turn times and revenues from additional services. Non-GAAP wholesale GPU was $1,153 versus $881 in Q4.

第一季度，非 GAAP GPU 總額為 6,802 美元，季增 1,072 美元，創下第一季新紀錄。非 GAAP 零售 GPU 價格為 3,211 美元，而第四季為 2,970 美元，創下公司新紀錄。我們在零售 GPU 領域的優勢持續受到多個領域的基本收益和一致表現的推動，包括非車輛銷售成本、客戶採購、庫存週轉時間和附加服務收入。非 GAAP GPU 批發價格為 1,153 美元，而第四季為 881 美元。

Sequential changes in wholesale GPU were primarily driven by more favorable depreciation rates and first quarter seasonality. Non-GAAP other GPU was $2,438 versus $1,879 in Q4. Sequential changes in other GPU were primarily driven by more normalized loan sale volume relative to originations, lower securitization credit spreads and credit scoring and pricing optimizations, including credit tightening in Q4.

批發 GPU 的連續變化主要是由更有利的折舊率和第一季的季節性因素所推動的。非 GAAP 其他 GPU 的價格為 2,438 美元，而第四季為 1,879 美元。其他 GPU 的連續變化主要是由於相對於發放貸款的銷售量更加正常化、證券化信用利差降低以及信用評分和定價優化（包括第四季度的信貸緊縮）推動的。

Non-GAAP SG&A expense was $390 million versus $376 million in Q4. Q1 was an exceptional quarter for demonstrating the power of our model to leverage SG&A expenses. Retail units sold increased by 21% sequentially while non-GAAP SG&A expenses increased by less than 4%, leading to a nearly $700 reduction in SG&A expense per retail units sold. We continue to see opportunities for significant SG&A expense leverage over time and as we scale.

非 GAAP SG&A 費用為 3.9 億美元，而第四季為 3.76 億美元。第一季是一個特殊的季度，展示了我們的模型利用 SG&A 費用的力量。零售單位銷售量較上季成長了 21%，而非 GAAP SG&A 費用成長不到 4%，導致每售出零售單位的 SG&A 費用減少了近 700 美元。隨著時間的推移和規模的擴大，我們繼續看到巨大的 SG&A 費用槓桿的機會。

Adjusted EBITDA was $235 million in Q1, a new company record. This result included small, onetime headwinds that were larger than any onetime tailwinds. It is important to note that the change in fair value of our Root Warrants does not impact adjusted EBITDA. Demonstrating the quality of our adjusted EBITDA, we also generated $134 million of GAAP operating income in Q1, a new company record. As mentioned previously, in Q1, we generated adjusted EBITDA that significantly exceeded capital expenditures and interest expense.

第一季調整後 EBITDA 為 2.35 億美元，創下公司新紀錄。這一結果包括了比任何一次順風都要大的小型一次性逆風。值得注意的是，我們的根權證公允價值的變動不會影響調整後的 EBITDA。我們在第一季也創造了 1.34 億美元的 GAAP 營業收入，創下公司新紀錄，這證明了我們調整後 EBITDA 的品質。如前所述，在第一季度，我們產生的調整後 EBITDA 大大超過了資本支出和利息支出。

This milestone means that in Q1, we officially achieved the goal we set out in May 2022 to drive significant positive cash flow after interest expense. Moreover, we achieved this goal at 360,000 units of annualized volume, in line with our expectations. Given our strong liquidity position and operating results, we currently plan to pay cash interest on our 2028 and 2030 senior secured notes on both semiannual payment dates in 2025, reducing long-term cash interest expense and supporting our plan to delever over time.

這一里程碑意味著，在第一季度，我們正式實現了 2022 年 5 月制定的目標，即在扣除利息支出後推動顯著的正現金流。此外，我們以年化銷量 36 萬輛的成績實現了這一目標，符合我們的預期。鑑於我們強勁的流動性狀況和經營業績，我們目前計劃在2025 年的兩個半年度付款日對2028 年和2030 年高級擔保票據支付現金利息，從而減少長期現金利息支出並支持我們逐步去槓桿化的計劃。

Turning now to our second quarter outlook. We expect the following as long as the environment remains stable, a sequential increase in our year-over-year growth rate of retail units sold and a sequential increase in adjusted EBITDA. This outlook does not anticipate any material onetime benefits or costs. With our strong results in Q1 and outlook for Q2, we expect to comfortably deliver on our outlook of year-over-year growth in retail units sold and adjusted EBITDA for full year 2024.

現在轉向我們的第二季展望。只要環境保持穩定，我們預期零售單位銷售量年增率將持續成長，調整後的 EBITDA 將持續成長。這項展望並未預期任何重大的一次性效益或成本。憑藉第一季的強勁業績和第二季的前景，我們預計將輕鬆實現 2024 年全年零售銷售和調整後 EBITDA 年成長的預期。

To conclude, our team's strong execution has positioned us well to pursue our financial goals. When we focused our growth, we joined Amazon, Google and Meta as one of the 4 fastest companies to join the Fortune 500. When we focused on profitability, we increased quarterly adjusted EBITDA by more than $500 million in under 2 years and catapulted to industry-leading margins. We are now focused on our long-term phase of driving profitable growth and pursuing our goal of becoming the largest and most profitable auto retailer and selling and buying millions of cars.

總而言之，我們團隊強大的執行力使我們能夠很好地實現我們的財務目標。當我們專注於成長時，我們與亞馬遜、谷歌和Meta 一起成為最快躋身《財富500 強》的4 家公司之一。調整後EBITDA 增加了5 億多美元，躍居行業前列。我們現在專注於推動獲利成長的長期階段，並追求成為最大、最盈利的汽車零售商並銷售和購買數百萬輛汽車的目標。

We are excited about what's ahead. Thank you for your attention. We'll now take questions.

我們對未來感到興奮。感謝您的關注。我們現在開始提問。

(Operator Instructions) Today's first question comes from Rajat Gupta with JPMorgan.

（操作員指示）今天的第一個問題來自摩根大通的 Rajat Gupta。

Congrats on a great quarter and improving a lot of (inaudible) so kudos on that. So I had one question, just looking at the first quarter results and comparing it to the fourth quarter. Unit, almost like 15% sequential growth -- or 20% sequential growth.

恭喜這個季度的出色表現並取得了許多進步（聽不清），對此表示讚賞。所以我有一個問題，看看第一季的業績並將其與第四季度進行比較。單位，幾乎是 15% 的環比增長——或者 20% 的環比增長。

I'm curious, was that all primarily driven by just better selection, faster deliveries? Was there anything that you saw changing in the used car market itself that supported that greater-than-seasonal pickup? I mean, just curious if you can characterize that growth in the first quarter a little more relative to what you're seeing in industry trends. And I have a quick follow-up.

我很好奇，這一切主要是因為更好的選擇、更快的交付嗎？您認為二手車市場本身有什麼變化支持了高於季節性的提貨嗎？我的意思是，我只是好奇您是否可以將第一季的成長描述得更貼近您在行業趨勢中看到的情況。我有一個快速的跟進。

Sure. So let me start with this. I mean, I think we're still moving down in marketing dollars. Our inventory is clearly constrained. We put a stat in our shareholder letter that for cars to make it up on our website, they're being picked up by a customer in 13 days on average right now. So we're definitely constrained. And so I don't believe the best explanation of growth is one of these levers that's being pulled.

當然。那麼就讓我從這個開始吧。我的意思是，我認為我們的行銷費用仍在下降。我們的庫存明顯受到限制。我們在股東信中列出了一項統計數據，對於在我們網站上補足的汽車，目前客戶平均需要 13 天才能提車。所以我們肯定受到限制。因此，我不認為對成長的最佳解釋是被拉動的這些槓桿之一。

I think potentially, a better explanation of growth is that it's a return back to the kinds of things that drove our growth for many years prior. We grew extremely fast from 2013 to 2021. There were probably many things going on there, but I think the 2 most important because they're most sustainable were, one, we deliver to customers the experience they love. It's highly differentiated and hard to replicate and one for which I think consumer preferences are constantly migrating toward.

我認為，對成長的更好解釋可能是，它是對多年前推動我們成長的事物的回歸。從 2013 年到 2021 年，我們發展得非常快。它具有高度差異化且難以複製，我認為消費者的偏好正在不斷朝著這個方向轉變。

And I think, two, there's positive feedback in our business inherently. And I think over the last 2 years, through '22 and '23, that positive feedback was going the wrong way on us because we were shrinking inventory, and we were shrinking marketing dollars, and we are pulling in, and we are really focusing on profitability. And I think over the last several quarters, that's -- at least kind of the wins have gotten still.

我認為，第二，我們的業務本質上有正面的回饋。我認為在過去的兩年裡，從22年到23年，積極的回饋對我們來說是錯誤的，因為我們在縮減庫存，我們正在縮減行銷資金，但我們正在拉進，我們真的很專注關於盈利能力。我認為在過去的幾個季度裡，至少勝利已經停止了。

And so I think that's probably our best explanation. In addition to that, there have been countless improvements across the business. You're seeing many of those in the financial numbers. You can see our operating expenses going down, you can see our GPU going up. That's the result of a lot of work from a lot of teams where they focus on customer experiences and efficiency gains and just made little improvements over and over again for the last several years. And I think that drives better customer experience, it drives higher conversion and it drives better economics. And we think all of that is playing into what we're seeing today.

所以我認為這可能是我們最好的解釋。除此之外，整個業務還有無數的改進。您可以在財務數據中看到其中的許多內容。你可以看到我們的營運費用正在下降，你可以看到我們的 GPU 在上升。這是許多團隊大量工作的結果，他們專注於客戶體驗和效率提升，但在過去幾年裡卻一次又一次地做出了很少的改進。我認為這會帶來更好的客戶體驗、更高的轉換率和更好的經濟效益。我們認為所有這些都正在影響我們今天所看到的情況。

Got it. Got it. That's clear. And then I think in your prepared remarks, you mentioned that you plan to grow EBITDA margins from here. So is it fair to assume the 7.7% is the whole point even on a quarterly basis? Or was that more of like an annualized comment?

知道了。知道了。很清楚。然後我認為在您準備好的發言中，您提到您計劃從這裡開始增加 EBITDA 利潤率。那麼，即使按季度計算，假設 7.7% 就是全部數據是否公平？或者這更像是年度評論？

I mean, just curious how should we think about -- you've obviously given us like some guidance in the second quarter. But curious, does that also mean margins are also naturally up sequentially, and it's just not EBITDA that's up.

我的意思是，只是好奇我們應該如何思考——你顯然在第二季度給了我們一些指導。但令人好奇的是，這是否也意味著利潤率也會自然地連續上升，而上升的並不是 EBITDA。

Sure. Well, so I think we're going to stick with the guidance we provided. The guidance we provided for Q2 is in EBITDA dollars, and we expect it to go up. But then I think we can also provide some color. We provided a table in the shareholder letter that we hope is useful that quantifies 3 relatively straightforward extrapolations, we believe, relatively straightforward extrapolations, from our Q1 results to give kind of some visibility into where we think things can go.

當然。嗯，所以我認為我們將堅持我們提供的指導。我們為第二季度提供的指導是以 EBITDA 美元計算的，我們預計它會上升。但我想我們還可以提供一些顏色。我們在股東信中提供了一個表格，我們希望該表格有用，它可以根據第一季的結果量化3 個相對簡單的推斷，我們認為，相對簡單的推斷可以讓我們對事情的發展方向有一定的了解。

And so those 3 changes were, one, we started with 7.7% adjusted EBITDA margin. We did actually undersell loans in the quarter versus what we originated. And if we assume that we would have sold those loans at a similar premium, which would be our expectation to loans we sold in the quarter that would have gotten us up to 8%. And then number two, we kind of provided a data point where our average marketing dollars divided by revenue was 1.8% in the quarter. That's -- that already compares pretty great to our long-term model that we put out 6 years ago where we expected to be between 1% and 1.5%.

因此，這 3 個變化是，第一，我們從 7.7% 的調整後 EBITDA 利潤率開始。實際上，本季我們確實低於我們最初發放的貸款。如果我們假設我們會以類似的溢價出售這些貸款，這將是我們對本季出售的貸款的預期，這將使我們達到 8%。第二，我們提供了一個數據點，本季我們的平均行銷費用除以收入為 1.8%。這與我們 6 年前推出的長期模型相比已經相當不錯了，我們預計在 1% 到 1.5% 之間。

But if we look at our 4 oldest cohorts where we tend to have higher market shares and lower marketing spend, it was down to 1%. And we think that clearly lights the way to getting down to the low end of our financial model over time. And so that's 0.8%. And then you also saw in the quarter that we held our overhead expenses flat in dollar terms at approximately $150 million. And that led to significant leverage on a per unit basis, given the 21% sequential growth.

但如果我們看看 4 個最古老的群體，我們往往擁有較高的市場份額和較低的行銷支出，則下降至 1%。我們認為，隨著時間的推移，這顯然為我們的財務模型降到低端指明了道路。所以這是 0.8%。然後您還看到，在本季度，我們將按美元計算的間接費用保持在約 1.5 億美元。鑑於 21% 的環比增長，這導致單位槓桿率顯著提高。

And so if we assume that we grow into the infrastructure that we have across the business, we have inspection centers that we're ready to grow into. We have excess multicar haulers as a result of our path over the last couple of years. We've got the market operations hubs to support significantly more growth. We think there's over 3 points of possible leverage there.

因此，如果我們假設我們發展成為整個企業擁有的基礎設施，那麼我們就有準備發展的檢查中心。由於過去幾年的發展，我們擁有過多的多車運輸車。我們擁有市場營運中心來支持顯著的成長。我們認為那裡有超過 3 個點的可能槓桿。

And then that also leaves out the fundamental gains that we're continuing to work very hard on across the business in driving down operations expenses and driving up GPU where all the teams that have done all this incredible work over the last 2 years to make all these gains have exciting projects that they're still working on today. So I think we look at all that, and we're extremely optimistic and extremely excited, frankly, about the medium term. I think we got a lot of work to do to make sure that we unlock all that value, but we're working hard to do it.

然後，這也忽略了我們在整個業務中繼續努力降低營運費用和提高 GPU 的基本收益，所有團隊在過去 2 年中完成了所有這些令人難以置信的工作，以實現所有目標這些成果有令人興奮的項目，他們至今仍在進行中。所以我認為我們看到了這一切，坦白說，我們對中期非常樂觀和非常興奮。我認為我們還有很多工作要做，以確保我們釋放所有這些價值，但我們正在努力做到這一點。

The next question is from Chris Bottiglieri with BNP Paribas.

下一個問題來自法國巴黎銀行的 Chris Bottiglieri。

So obviously, really impressive unit economics, I think amongst the highest in retail that we've ever seen. Curious how you think about sustaining this versus reinvestment. Is there a level -- like when you have this 3,000-plus retail GPU, why is that the right level versus, say, taking it lower? And have you looked at elasticity and what it could mean if you sacrifice some of the GPU to drive higher units? Curious how you think of that balance.

顯然，單位經濟效益確實令人印象深刻，我認為這是我們所見過的零售業中最高的。很好奇你如何看待維持這種狀態與再投資。是否存在一個等級——例如當您擁有 3,000 多個零售 GPU 時，為什麼這個等級是正確的，而不是降低它？您是否考慮過彈性以及如果犧牲一些 GPU 來驅動更高的單元可能意味著什麼？很好奇你如何看待這種平衡。

Sure. Well, first, this is our 29th call that we've done as a company after being public. And I think now after Rajat, we've got 5 great quarters. Your first comment was ambiguous. So would we qualify that as a great quarter or no?

當然。嗯，首先，這是我們作為一家公司在上市後進行的第 29 次電話會議。我認為在 Rajat 之後，我們已經度過了 5 個精彩的季度。你的第一則評論含糊不清。那麼我們是否認為這是一個偉大的季度？

You could add me on that list.

你可以將我加入該清單。

Thank you. Appreciate it. Okay. I think is -- what I would say, I think we're very excited. We're in a great spot. I do think that today, we are a bit constrained, most notably in inventory, but also as we've spoken about for the last several quarters, we have not been positioning for growth just yet, right? We've been focused on driving the economic gains that we're seeing today.

謝謝。欣賞它。好的。我認為——我想說的是，我認為我們非常興奮。我們處於一個很好的位置。我確實認為，今天我們有點受到限制，尤其是在庫存方面，但正如我們在過去幾個季度中所說的那樣，我們還沒有為增長做好準備，對嗎？我們一直致力於推動今天所看到的經濟利益。

And that's been part of a plan that kind of has an annual cycle that is up in June. So most of our operating teams really have not been focused on growth at all. They've been focused on kind of staying in a similar spot and then basically responding to the demand that has kind of been -- has just been showing up kind of absent us pulling it forward from customers. And so I think where we are today is we have to start to position the business for growth over time. We've been working on trying to catch up on inventory.

這是每年六月結束的計劃的一部分。所以我們大多數營運團隊其實根本沒有關注成長。他們一直專注於保持在類似的位置，然後基本上響應剛剛出現的需求，而我們卻沒有將其從客戶那裡拉出來。因此，我認為我們今天所處的位置是，我們必須開始對業務進行定位，以便隨著時間的推移實現成長。我們一直在努力彌補庫存。

I think an interesting somewhat hidden stat in the business is because we were shrinking inventory so much a year ago, even though our inventory is roughly flat and our sales were up year-over-year 16%, the cars that we have reconditioned year-over-year are up closer to 50%, and that's because last year, we were really pulling down on that capability because we were trying to shrink our inventory and get back in line. So that part of the business has begun to flex that muscle and you're seeing the results in retail GPU that you see today, that's happening while they're working hard to grow and support that 50% growth year-over-year.

我認為這個行業中一個有趣的、有點隱藏的統計數據是，因為我們一年前大幅削減了庫存，儘管我們的庫存大致持平，而且我們的銷量同比增長了 16%，但我們去年翻新的汽車-年比成長接近50%，那是因為去年我們確實降低了這一能力，因為我們試圖縮減庫存並恢復正常。因此，這部分業務已經開始展示這種力量，您可以看到今天看到的零售 GPU 的成果，這是在他們努力增長並支持 50% 的同比增長的同時發生的。

The rest of the business has a little bit of work to do, and we're also behind on inventory. I think until we catch up, I think it's pretty clear what our move is supposed to be. We're supposed to work hard to catch up, and we're supposed to kind of make normal adjustments with the market as we go. I think once we catch up, there may be other moves that we can make, but we'll have to make that call at that time. We clearly think we're constrained, and we clearly think that if we had more cars to sell and we're -- build more capacity, we would be selling more cars than it would be leading to additional EBITDA.

其餘業務還有一些工作要做，而且我們的庫存也落後了。我認為在我們趕上之前，我認為我們的行動應該是什麼是非常清楚的。我們應該努力追趕，並且隨著市場的發展，我們應該做出正常的調整。我認為一旦我們趕上了，我們可能可以採取其他行動，但我們必須在那時做出決定。我們清楚地認為我們受到了限制，而且我們清楚地認為，如果我們有更多的汽車可供銷售，並且我們——建立更多的產能，我們將銷售更多的汽車，而不是帶來額外的EBITDA。

The next question comes from Sharon Zackfia with William Blair.

下一個問題來自莎朗·扎克菲亞和威廉·布萊爾。

I'm not going to keep showering you with complements, so that's going to just end here. So I guess, 2 questions. On the GPU, it's obviously very, very good. And I know you've done a lot of work on reconditioning, you mentioned Carli, in your prepared comments. Can you give us kind of any insight on where recon per car is all in today relative to maybe several years ago and how much more you think you can harvest in terms of efficiencies there? And then I have a follow-up.

我不會繼續向你提供補充，所以就到此為止。所以我想，有兩個問題。在 GPU 上，它顯然非常非常好。我知道你在修復方面做了很多工作，你在準備好的評論中提到了卡莉。您能否告訴我們，與幾年前相比，今天每輛車的偵察情況如何？然後我有一個後續行動。

Yes. I can hit that. So I think recon is one of the places where we've made very significant gains. I think we've talked a bit before about some of the gains relative to 2021. And there, we are down hundreds of dollars relative to where we were in full year 2021. So there's been some meaningful gains there. That is -- I would note, that's a significant reduction in per unit cost, while overall cost inflation and wage inflation around the industry and economy has generally led to higher costs.

是的。我可以打那個。所以我認為偵察是我們非常重大成果的領域之一。我想我們之前已經討論過相對於 2021 年的一些收益。也就是說，我要指出的是，單位成本顯著降低，而產業和經濟的總體成本通膨和薪資通膨通常導致成本上升。

And so that's really just a technology-driven efficiency gains, process-driven efficiency gains and the result of a lot of the efforts that we've made over the last couple of years. So I think we feel really great about that, and that's absolutely part of the strength in retail GPU. Ernie also hit on, I think, a stat that we're feeling really good about, which is we are ramping production now to respond to demand. And we're not seeing those costs tick up.

因此，這實際上只是技術驅動的效率提升、流程驅動的效率提升以及我們在過去幾年中所做的大量努力的結果。所以我認為我們對此感覺非常好，這絕對是零售 GPU 優勢的一部分。我認為厄尼也提到了一個讓我們感覺非常好的統計數據，那就是我們現在正在提高產量以應對需求。而且我們沒有看到這些成本上升。

And so I think that's something that also speaks to the quality of the technology, the quality of the management and the teams out in those inspection and reconditioning centers. And so I think that some commentary on where we are and where we've been. In terms of where we can go, we absolutely see opportunities to further drive down per unit reconditioning costs. I think that takes a couple of forms.

所以我認為這也說明了這些檢查和修復中心的技術品質、管理品質和團隊的品質。所以我想對我們現在的處境和過去的處境做一些評論。就我們的發展方向而言，我們絕對看到了進一步降低單位翻新成本的機會。我認為這有幾種形式。

One is simply continue to pursue further efficiencies through technology and process improvements. And I think we see opportunities there. I think we also see some opportunities as we start to scale into this infrastructure to get some fixed cost leverage on the cost of sales side as well. That's not nearly as large as the fixed cost leverage that we hope to achieve in the SG&A part of the business, but we see some opportunities there as well as it relates to recon.

一是繼續透過技術和流程改善來追求更高的效率。我認為我們在那裡看到了機會。我認為，當我們開始擴展到這個基礎設施時，我們也看到了一些機會，以便在銷售成本方面也獲得一些固定成本槓桿。這遠不如我們希望在業務的銷售、管理和行政費用部分實現的固定成本槓桿那麼大，但我們看到了一些機會，以及與偵察相關的機會。

I guess the follow-up is in the shareholder letter, there was a lot of commentary around ADESA and your original vision there, which obviously was maybe deferred a bit, just given the cash reality that you faced for the last 18 to 24 months. So how do we think about kind of that vision coming to fruition in terms of timing? I mean when will we start to see ADESA sites start to convert to something more meaningful where you can harvest efficiencies from them?

我想後續內容是在股東信中，關於 ADESA 和您最初的願景有很多評論，考慮到您過去 18 到 24 個月面臨的現金現實，這顯然可能會被推遲一點。那麼，我們該如何看待實現這願景的時機呢？我的意思是，我們什麼時候才能開始看到 ADESA 網站開始轉變為更有意義的東西，您可以從中提高效率？

Sure. Well, let me take that one. And I want to start with this. I think something that's very important to the success of the business today and to us achieving kind of best-in-industry EBITDA margins this quarter is that we do have a large network kind of underneath all the things that we do. That's the network of reconditioning centers, it's a network of long-haul logistics, it's a network of last mile logistics to deliver cars to customers and pick them up.

當然。好吧，讓我拿那個。我想從這個開始。我認為，對於當今業務的成功以及我們在本季度實現行業最佳 EBITDA 利潤率而言，非常重要的一點是，我們確實在我們所做的所有事情的基礎上擁有一個龐大的網絡。這是一個修復中心網絡，一個長途物流網絡，一個將汽車交付給客戶並提貨的最後一英里物流網絡。

And so ADESA is already playing a very important role there. We've got 30 of the 56 ADESA locations where we have last-mile logistics, including buying cars from customers going and picking them up. Sometimes customers dropping them off, delivering cars to customers. And then we've got 9 of these locations where we have multicar haulers that are able to kind of run their logistics routes through those locations, making us more efficient across the country as a business.

因此 ADESA 已經在那裡發揮著非常重要的作用。我們在 ADESA 的 56 個地點中的 30 個地點提供最後一英里的物流服務，包括從客戶那裡購買汽車並提貨。有時，客戶會將汽車交給客戶。然後，我們在其中 9 個地點配備了多車運輸車，能夠通過這些地點運行物流路線，從而使我們在全國範圍內的業務更加高效。

And then we've also now begun to develop this playbook of adding Carvana reconditioning at the Buffalo site, which we're very excited about because that's something that we think unlocks approximately 2 million units of reconditioning capacity across those ADESA sites as we roll that out nationwide. And so I think that's very foundational, right? It is very difficult to get many sites that are large enough to run our business at scale and to get them zoned and appropriately located across the country. That maybe doesn't sound from a distance like it's hard, but it's something that's very hard and takes a lot of time.

然後，我們現在也開始製定在布法羅站點添加 Carvana 修復的劇本，我們對此感到非常興奮，因為我們認為，隨著我們的推進，這將在這些 ADESA 站點釋放大約 200 萬台的修復能力。出全國。所以我認為這是非常基礎的，對吧？要獲得足夠大的站點來大規模運營我們的業務並在全國範圍內對它們進行分區和適當定位是非常困難的。從遠處看，這可能聽起來並不難，但這是非常困難的事情，並且需要花費很多時間。

And so I think it's already showing up in the Carvana results. And then I think the ADESA team is also doing a great job. And that core business of ADESA, the wholesale business is also going very well. And then I think we're also mutually benefiting from kind of the vertical integration of us being able to buy more cars from customers and then sell them at their locations which has positive feedback for the auction business and removes auction fees for us.

所以我認為它已經出現在 Carvana 的結果中。我認為 ADESA 團隊也做得很好。而ADESA的核心業務－批發業務也進展得非常順利。然後我認為我們也從垂直整合中互惠互利，我們能夠從客戶那裡購買更多的汽車，然後在他們的地點出售它們，這對拍賣業務有積極的反饋，並為我們免除了拍賣費用。

So I think there's a lot of great stuff that's happening there. And I do think it's a big part of our story as we move forward in time because it is very hard to build a business like this that delivers this kind of financial results without a very large network underneath it that powers it.

所以我認為那裡正在發生很多偉大的事情。我確實認為，隨著時間的推移，這是我們故事的重要組成部分，因為如果沒有一個非常龐大的網絡為其提供動力，就很難建立這樣的企業來提供這種財務業績。

The next question comes from Chris Pierce with Needham.

下一個問題來自克里斯·皮爾斯和李約瑟。

Just following up on that. Is there anything specific about the ADESA Buffalo site that allowed you to pick that one first? Like how repeatable is that playbook with the other 56 sites that are out there? Like how many of these mini IRCs could you pop up to kind of strengthen the network that you spoke to?

只是跟進此事。 ADESA Buffalo 網站有什麼特別之處可以讓您首先選擇該網站嗎？該手冊與其他 56 個網站的可重複性如何？例如，您可以彈出多少個迷你 IRC 來加強您所交談的網路？

There's a number of reasons we picked that side. I don't know if we want to dive into all those in detail. But I think the absolute belief is that it is repeatable across the majority of ADESA sites. And we felt like that was a good place to start for a number of reasons relating to both ADESA and to Carvana's needs.

我們選擇這一方有很多原因。我不知道我們是否想深入探討所有這些細節。但我認為絕對相信它在大多數 ADESA 網站上都是可重複的。出於與 ADESA 和 Carvana 需求相關的多種原因，我們認為這是一個很好的起點。

Okay. And then just as a follow-up, what does growth look like from here? I know you're talking about increasing production, which means you're buying more cars from customers to get more cars on the site. But like do you need more technicians? Do you need more -- like, is there anything you need more of? Or like what kind of -- or you're just literally just using excess capacity that you already have or adding a second shift? Like what does growth really look like from here?

好的。作為後續行動，這裡的成長是什麼樣的？我知道您正在談論增加產量，這意味著您要從客戶那裡購買更多汽車，以便在網站上獲得更多汽車。但是你需要更多的技術人員嗎？你還需要更多嗎──比如，還有什麼你需要更多的嗎？或者像什麼樣的——或者你只是字面上只是使用你已經擁有的過剩產能或增加第二個班次？從這裡開始，成長到底是什麼樣子的？

Well, I think growth -- so I think maybe it's helpful to make that as concrete as possible, let's kind of overlay it with the growth that we have from 2013 to 2021. during that period, we were growing very, very quickly, even in kind of like the last normal year, we grew at 100% in units year-over-year in 2019. Obviously, as you get to a large and larger scale, that gets very hard but we were able to grow very quickly.

嗯，我認為增長 - 所以我認為盡可能具體地說明這一點可能會有所幫助，讓我們將其與 2013 年至 2021 年的增長相疊加。就像去年正常的一年一樣，2019 年我們的單位數量年增了100%。

And what we were doing that entire time is, we were building each of our operational capabilities and scaling them out. And so at that time, that meant that we were going out and we were finding reconditioning centers, we are purchasing the land, we were getting it zoned, we are doing construction on the land, we're getting all the improvements done. And then we were going out and we were hiring teams. We were training teams, and we're doing the reconditioning. We're doing the same logistics and customer care to answer customer questions and verifications and registration. All these different operating groups, we had to do all this work, and we were able to grow at pretty fast rates doing all that.

我們一直在做的是，我們正在建立我們的每項營運能力並擴展它們。所以當時，這意味著我們要出去尋找修復中心，我們正在購買土地，我們正在對其進行分區，我們正在土地上進行建設，我們正在完成所有的改進。然後我們就出去招募團隊。我們正在訓練團隊，我們正在進行整修。我們正在做同樣的物流和客戶服務來回答客戶的問題以及驗證和註冊。所有這些不同的營運團隊，我們必須完成所有這些工作，並且我們能夠以相當快的速度成長。

I think where we sit today, to first speak kind of medium and long term, and then we'll speak in the near term. I think there's reasons to be pretty optimistic about what's possible. I think from an effort per sale perspective, the business is just materially more efficient than it was when we were driving that growth back through 2021. A couple of stats that are useful. And this also speaks to the fundamental gains we made as a business. In market operations, we now have 50% roughly of our activities are paired, which means when a customer advocate loads up a car to drive to a customer, before they come back, they stop somewhere else, they pick up a car that we bought from a customer and drive it back. That's a relatively complicated capability to build out that requires a bunch of different teams, but it's a valuable capability.

我認為我們今天的立場是，先討論中長期問題，然後我們再討論近期問題。我認為我們有理由對可能發生的事情感到非常樂觀。我認為，從每筆銷售的努力角度來看，與我們在 2021 年推動成長時相比，業務效率實質上更高。這也說明了我們作為企業所取得的根本效益。在市場運營中，我們現在大約有50% 的活動是配對的，這意味著當客戶代言人裝載一輛車開給客戶時，在他們回來之前，他們在其他地方停下來，他們拿起我們購買的汽車從客戶那裡把它開回來。這是一個相對複雜的能力，需要一群不同的團隊來構建，但它是一個有價值的能力。

And even a year ago, that was less than 30%. So that gives you a sense of each of these people in market ops are more efficient than they've been in the past. If we look at total miles driven in our logistics network for a number of reasons, we're down about 30% versus a year ago. So that's less logistics work to drive a transaction. Our sales per advocate are up 61% year-over-year. That's a big number. That means that we're more efficient there as a business. In title registration, we're more than twice as efficient as we were per person a year ago.

即使在一年前，這個比例還不到 30%。因此，這讓你感覺到市場運作中的每個人都比過去更有效率。如果我們考慮一下我們的物流網絡因多種原因行駛的總里程，就會發現我們比一年前下降了約 30%。因此，推動交易的物流工作就更少了。我們每位倡導者的銷售額年增 61%。這是一個很大的數字。這意味著我們的業務效率更高。在產權登記方面，我們的人均效率是一年前的兩倍多。

So I think from just a work required to grow perspective, we're in the best place we've ever been. From an infrastructure perspective, we're clearly in the best place we've ever been. In the past, we had to build infrastructure as we went. Today, we have infrastructure sitting on the shelf. So that's great. I think the financial impacts of growth are better than they've ever been. We're sitting here with more overhead expense per unit than we had back in the growth years by a significant margin.

因此，我認為僅從成長所需的工作來看，我們正處於有史以來最好的位置。從基礎設施的角度來看，我們顯然處於有史以來最好的位置。過去，我們必須邊走邊建設基礎建設。如今，我們的基礎設施已經閒置。那太好了。我認為成長對財務的影響比以往任何時候都要好。我們現在的每單位管理費用都比成長時期高得多。

And with larger GPUs and very low variable costs, that means contribution margins are high and leverage into fixed cost is also high. So I think from a finance perspective, it's good. And then I think risk is sort of a combination of all of those things. I think we all together saw very clearly the risk of growth at fast rates at large scale when 2022 showed up and car prices went up and interest rates went up, and we were not well positioned and that was tough. That put us in a tough spot, but I think when all is said and done is going to end up being a great part of our story, and it's going to be a positive part of our story.

憑藉更大的 GPU 和非常低的變動成本，這意味著邊際貢獻率很高，固定成本的槓桿率也很高。所以我認為從財務角度來看，這是好的。然後我認為風險是所有這些因素的組合。我認為，當 2022 年到來、汽車價格上漲、利率上升時，我們都非常清楚地看到了大規模快速成長的風險，而我們的定位並不好，這很艱難。這讓我們陷入了困境，但我認為當一切塵埃落定之後，這將成為我們故事的重要組成部分，也將成為我們故事的正面部分。

And so I think we're extremely proud of the team for making the most of it, but we saw what risk looks like there. Given where we are in the kind of financial position of the business and our unit economics, it's likely the risk is less. So I think growth from here, like I said, there's reasons to be optimistic. We also kind of coined this term of a transition period. I think we've had a lot of success over the last 2 years, focusing on driving efficiency. And when we go through each part of the business with every operating group and talk about what can we do in the next year, there are still meaningful gains to be had in every group, and they're still exciting projects to work on. And so we want to make sure that we continue to take advantage of that and make progress there because we think in the long run, that's going to serve our purpose by making this even more efficient. But we also see the very obvious payoff in growth.

因此，我認為我們對團隊充分利用這一點感到非常自豪，但我們也看到了其中的風險。考慮到我們所處的企業財務狀況和單位經濟效益，風險可能較小。所以我認為，正如我所說，從這裡開始的成長有理由保持樂觀。我們也創造了過渡期這個術語。我認為過去兩年我們在專注於提高效率方面取得了巨大的成功。當我們與每個營運團隊討論業務的每個部分並討論明年我們可以做什麼時，每個團隊仍然可以獲得有意義的收益，並且它們仍然是令人興奮的項目。因此，我們希望確保我們繼續利用這一點並取得進展，因為我們認為從長遠來看，這將透過提高效率來實現我們的目的。但我們也看到了成長帶來的非常明顯的回報。

And so we want to start to lean into that. And so we're going to have to start balancing those considerations. And the transition period, I think, is about us finding that right balance. So we've always been an ambitious group of people. We remain an ambitious group people. We're going to push that. But we also recognize that moving through this transition period purposefully and observing different levels of growth as we move will enable us to make the highest quality decision we can about exactly what the right speed is.

所以我們想開始關注這一點。因此，我們必須開始平衡這些考慮因素。我認為，過渡期就是我們找到適當的平衡。所以我們一直是一群雄心勃勃的人。我們仍然是一支雄心勃勃的團隊。我們將推動這一點。但我們也認識到，有目的地度過這個過渡期並觀察不同的成長水平將使我們能夠就正確的速度做出最高品質的決策。

So I think we had to figure that out over the next several quarters, but we're excited about what it can look like.

所以我認為我們必須在接下來的幾個季度解決這個問題，但我們對它的外觀感到興奮。

The next question is from Seth Basham with Wedbush Securities.

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

Congrats on the outstanding results. The conversion is just popping here. Is there 1 or 2 things that you can point to that's really driving this increased conversion over the last quarter or so?

恭喜取得優異成績。轉換只是在這裡彈出。您可以指出是否有 1 或 2 件事真正推動了上個季度左右轉換率的提高？

I think the simplest explanation for that, and I think that this is kind of the first of the feedback loops that we tried to point to in the prepared remarks is just that as we get better, our customer experiences get simpler and faster. One way to say it from a cost perspective is we have 60% more sales per advocate than we had a year ago. What also means is the customer has fewer touch points, right? When they call in -- well, they're less likely to call in. If they call in, they get a better experience where they get more information faster and things in the background are moving more quickly so that we don't need as many back and forth.

我認為對此最簡單的解釋，我認為這是我們在準備好的評論中試圖指出的第一個回饋循環，就是隨著我們變得更好，我們的客戶體驗變得更簡單、更快。從成本角度來看，我們每位倡議者的銷售額比一年前增加了 60%。這也意味著客戶的接觸點更少，對嗎？當他們打電話過來時——嗯，他們不太可能打電話過來。我們就不需要許多來回。

And so I think that is just the business getting simpler. And so I think a lot of these expense improvements that we've had over the last 2 years have also driven simplicity in customer experience. We've seen NPS go up pretty linearly for the last 18 months, which is pretty exciting. And so we're going to continue to push on that. But I think it's that. And then again, going back to the answer we gave in the first question, I do think that we were dealing with some negative feedback for a 2-year period as we were shrinking inventory and shrinking marketing. And I think even just that stabilizing has been helpful.

所以我認為這只是業務變得更簡單了。因此，我認為過去兩年我們在費用方面的許多改進也推動了客戶體驗的簡化。我們看到 NPS 在過去 18 個月中呈線性增長，這非常令人興奮。因此，我們將繼續推動這一目標。但我認為就是這樣。再說一次，回到我們在第一個問題中給出的答案，我確實認為我們在兩年內處理了一些負面反饋，因為我們正在縮減庫存和收縮行銷。我認為即使只是穩定也是有幫助的。

That's helpful perspective. And then my follow-up, just on gross margins. You talked to them being at 19.1% about the long-term range. And obviously, there's some seasonality, but do you think that you can sustain or even drive gross margins higher than that long-term goal over time?

這是很有幫助的觀點。然後是我的後續行動，只是毛利率。您與他們討論了 19.1% 的長期範圍。顯然，存在一些季節性，但您認為隨著時間的推移，您可以維持甚至推動毛利率高於長期目標嗎？

Sure, I'll take that one. So in the shareholder letter, we lay out a number of places where we see opportunities for fundamental gains in gross profit per unit or gross margin. I think those gains take a number of different forms. One is, we definitely don't think we're done on costs. So I -- in response to Sharon's question earlier, see meaningful opportunities for reductions in reconditioning costs from here, both due to technology and process driven efficiency gains as well as due to some scale components.

當然，我會接受那個。因此，在致股東的信中，我們列出了許多我們認為可以實現單位毛利或毛利率根本性成長的機會。我認為這些收益有多種不同的形式。一是，我們絕對不認為我們在成本問題上已經完成了。因此，我——在回答莎倫之前的問題時，看到了降低翻新成本的有意義的機會，這既歸功於技術和流程驅動的效率提升，也歸功於一些規模組件。

I think in addition to that, we see opportunities to make further gains on inbound transport costs over time. Ernie touched on this with some of his commentary about adding more reconditioning centers, including at ADESA. That gives you more production locations, which reduces your inbound shipping miles and therefore, your inbound shipping costs. So those are on the cost side. In some of the other areas, we absolutely see opportunities to continue to drive our wholesale vehicle business. We have teams that are working on fundamental gains there. We see opportunities in finance and ancillary products as well that are outlined in the shareholder letter. I won't talk through every single one of them here.

我認為除此之外，我們也看到了隨著時間的推移進一步降低入境運輸成本的機會。厄尼（Ernie）在他關於增加更多修復中心（包括 ADESA）的評論中談到了這一點。這為您提供了更多的生產地點，從而減少了您的入境運輸里程，從而降低了您的入境運輸成本。所以這些都是在成本方面。在其他一些領域，我們絕對看到了繼續推動我們的批發汽車業務的機會。我們的團隊正在那裡努力取得根本性成果。我們也看到了股東信中概述的金融和輔助產品的機會。我不會在這裡逐一討論它們。

But those have been areas where we've had success over the years, with teams really focused on just grinding out fundamental gains in those areas. And those same teams see more and more opportunities as we look forward from where we are today. So even though we're experiencing exceptional results, we still see opportunities for fundamental gains across all of those different areas that the teams are going to be working to pursue.

但這些都是我們多年來成功的領域，團隊真正專注於在這些領域取得根本成果。當我們展望今天的情況時，這些團隊看到了越來越多的機會。因此，儘管我們取得了非凡的成果，但我們仍然看到了團隊將努力追求的所有不同領域取得根本成果的機會。

With that response, does that mean you'll address your long-term margin expectations at a later point in time?

有了這樣的回應，這是否意味著您將在稍後的時間點解決您的長期利潤預期？

So it's been almost 6 years since we had the Analyst Day, obviously, we're making great progress toward the long-term model we laid out at that time with our 7.7% adjusted EBITDA margin in Q1. We haven't given any plans for an Analyst Day in the future, but I think that's something that we could pursue at some point in time in the future.

自我們舉辦分析師日以來已經過去了近 6 年，顯然，我們在當時制定的長期模型方面取得了巨大進展，第一季調整後 EBITDA 利潤率為 7.7%。我們還沒有給出任何未來分析師日的計劃，但我認為這是我們可以在未來某個時間追求的目標。

The next question comes from Michael Montani with Evercore ISI.

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

Just wanted to ask, if I could, around 2 things. One was just around the capital stack. If we should be surprised if there's an equity raise here coming down the pipe? Or if you think at this stage, it's more about improving EBITDA and delevering the balance sheet gradually in that way? And then I had a separate question on the vehicle pricing.

只是想問一下，如果可以的話，大約有兩件事。其中之一就在資本堆疊周圍。如果這裡即將進行股權融資，我們是否應該感到驚訝？或者，如果您認為現階段更多的是提高 EBITDA 並以這種方式逐漸去槓桿化資產負債表？然後我有一個關於車輛定價的單獨問題。

Sure. Yes. So I'd say for the last couple of years, in response to questions about capital structure, we've been focused on operating results. And talking about how first driving the positive adjusted EBITDA and then driving significant adjusted EBITDA from there was our key focus. That focus has obviously paid very significant dividends here with record adjusted EBITDA in Q1 and a very big adjusted EBITDA number in Q1 that meaningfully exceeds our capital expenditures and interest expense.

當然。是的。因此，我想說，在過去幾年中，在回答有關資本結構的問題時，我們一直在關注營運績效。我們的重點是討論如何先推動調整後的 EBITDA 為正數，然後再推動調整後的 EBITDA 大幅成長。這種關注顯然已經帶來了非常可觀的紅利，第一季調整後 EBITDA 創歷史新高，第一季調整後 EBITDA 數字非常大，大大超過了我們的資本支出和利息支出。

And so absolutely a goal for the business will be to continue to drive adjusted EBITDA. And as you drive more and more adjusted EBITDA, your -- all of your capital structure metrics look better and better over time as you continue to drive those operating results. So that's certainly going to be our #1 focus. In terms of more financial aspects of the capital structure, we did call out in my prepared remarks that we do plan to pay cash interest on our 2028 and 2030 senior secured notes. Those are the 2 sets of notes that are eligible for cash interest in 2025. So we plan to pay cash interest on both of those notes in 2025. That reduces overall debt outstanding and also reduces long-term cash interest expense. And so we did call that out earlier in this call.

因此，該業務的絕對目標將是繼續推動調整後的 EBITDA。隨著您推動越來越多的調整後 EBITDA，您的所有資本結構指標隨著時間的推移，隨著您繼續推動這些營運業績，看起來會越來越好。所以這肯定是我們的第一個重點。就資本結構的更多財務方面而言，我們確實在準備好的發言中指出，我們確實計劃為 2028 年和 2030 年的優先擔保票據支付現金利息。這些是 2025 年有資格獲得現金利息的 2 套票據。所以我們在這次電話會議的早些時候就指出了這一點。

Okay. Got you. And then just on the pricing front. I just wanted to see how you guys think about the potential opportunity with respect to unit growth in the sense that when I look at the website and do my own pricing surveys, at times, I'm noticing you guys above KBB fair pricing. And I'm just wondering, with GPUs above your target, if you would consider potentially flexing a little bit on GPU, either with more aggressive offers to bid up cars when you're buying or potentially to push more units to get to 2 million-plus units more quickly?

好的。明白你了。然後就是定價方面。我只是想看看你們如何看待單位成長的潛在機會，因為當我查看網站並進行自己的定價調查時，有時我注意到你們的定價高於 KBB 的公平定價。我只是想知道，當 GPU 超出您的目標時，您是否會考慮在 GPU 上稍微靈活一點，要么在購買時提供更積極的報價來抬高汽車，要么可能推動更多單位達到 200 萬輛- 更快地增加單位？

Sure. What I would -- let's start with this. I think we keep track of millions of cars that are listed across many different websites all the time to make sure that we have a good sense of the pricing of our vehicles and how it compares. And I think over the last several years, our offering versus both some of our larger competitors. And then also just across -- against the market generally have been very stable over time. So we've generally held that pretty consistent. I think that's the right first order assumption from here as well, especially given the constraints. Over time, I think as we continue to make gains, there's no question that there's opportunities there. But that's not something that we're planning on right now.

當然。我想要的——讓我們從這個開始。我認為我們一直在追蹤許多不同網站上列出的數百萬輛汽車，以確保我們對車輛的定價及其比較有很好的了解。我認為在過去的幾年裡，我們的產品與一些較大的競爭對手相比。然後，隨著時間的推移，市場總體上非常穩定。所以我們通常認為這一點非常一致。我認為這也是正確的一階假設，特別是考慮到限制。隨著時間的推移，我認為隨著我們不斷取得進展，毫無疑問地存在著機會。但這不是我們現在計劃的事情。

The next question comes from Adam Jonas with Morgan Stanley.

下一個問題來自摩根士丹利的亞當喬納斯。

We see Ernie, I told you everything would work out.

我們見到厄尼了，我告訴你一切都會好起來的。

You did. From the very beginning, you never doubted us and we appreciate it.

你做到了。從一開始，您就從未懷疑過我們，我們對此表示讚賞。

Never, never for a minute. I mean your margins are like twice CarMax and you're doing like 1/3 their volume. So it's a good start. It's a good start. So I'm going to ask Michael Montani's question a little different way. There's still a lot of economic uncertainty. It seems like the Fed might have overplayed their hand and talk of stagflation and just an uncertain time. So I'm just wondering, do you feel that you have enough equity in the business right now? And remind us maybe how you think about longer-term leverage targets for the business.

從來沒有，從來沒有一分鐘。我的意思是，你們的利潤大約是 CarMax 的兩倍，而你們的銷量卻只有它們的 1/3。所以這是一個好的開始。這是一個好的開始。所以我將以稍微不同的方式問邁克爾·蒙塔尼的問題。經濟方面仍存在著許多不確定性。聯準會似乎誇大其詞，談論滯脹和不確定的時期。所以我只是想知道，您覺得您現在在該業務中擁有足夠的股權嗎？並提醒我們您如何看待企業的長期槓桿目標。

Sure. I can take that one. So I think the simple answer to the first part of that question is, I think we have ample liquidity and the business is generating very strong EBITDA and cash flow today. So I think we feel great about that structure. As I talked about earlier, we do intend to delever over time. I think a component of that, that we talked about on the call earlier is we do plan to pay cash interest expense on both eligible sets of notes in 2025. And that reduces overall debt outstanding relative to paying in kind and also reduces long-term cash interest expense.

當然。我可以接受那個。因此，我認為該問題第一部分的簡單答案是，我認為我們擁有充足的流動性，而該業務目前正在產生非常強勁的 EBITDA 和現金流。所以我認為我們對這種結構感覺很好。正如我之前談到的，我們確實打算隨著時間的推移而去槓桿化。我認為，我們之前在電話會議上談到的一個組成部分是，我們確實計劃在2025 年為兩組符合條件的票據支付現金利息費用。減少了長期債務現金利息支出。

So I think there's been so many questions about our capital structure over the past couple of years, including pretty serious ones that people were asking at earlier points in time. But I think this quarter resoundingly repositions us as it relates to those questions. I mean, $235 million of adjusted EBITDA, an outlook for an increase in that adjusted EBITDA dollars looking towards Q2. And as we talked about meaningfully exceeding CapEx and interest. And then as we've talked about throughout the call, we see big opportunities ahead now that where we're positioned from an excess capacity perspective, from a customer offering and customer demand for our product perspective, I think we see a lot of opportunity ahead. And so I think that we feel really great about where we are today.

因此，我認為過去幾年我們的資本結構存在著許多問題，其中包括人們早些時候提出的非常嚴重的問題。但我認為本季我們對這些問題進行了徹底的重新定位。我的意思是，調整後 EBITDA 為 2.35 億美元，第二季調整後 EBITDA 美元的成長前景。正如我們討論的那樣，有意義地超過資本支出和利息。然後，正如我們在整個電話會議中所討論的那樣，我們現在看到了巨大的機會，從產能過剩的角度來看，從客戶提供和客戶對我們產品的需求的角度來看，我認為我們看到了很多機會先。所以我認為我們對今天的處境感覺非常好。

And then as a follow-up, they say, what doesn't kill you makes you stronger. And I think this quarter seems to be -- goes a long way of some evidence of that. But what also doesn't kill you maybe makes you wiser. And now that you're returning to growth, tell us, Ernie, what are you -- now that you're in a more humble after that near-death experience, but growing and stable and things are looking good, what are you keeping an eye out for? What does keep you up at night in terms of things that you don't want to get complacent on, whether it's things that you can control or the things that you can't?

接下來，他們說，那些殺不死你的東西會讓你變得更強大。我認為本季似乎在這方面取得了很大的進展。但那些殺不死你的東西也許會讓你變得更聰明。現在你正在恢復成長，告訴我們，厄尼，你是什麼——現在你在經歷了瀕死體驗後變得更加謙虛，但成長和穩定，一切看起來都很好，你在保留什麼留意什麼？是什麼讓您在無法控制的事情上徹夜難眠，無論是您可以控制的事情還是您無法控制的事情？

Well, first of all, you made an assumption in that question, which is not obviously true, but we'll assume that it is. I would say, listen, we're extremely excited, right? If we go back to the very beginning, what do we want to do? We wanted to build a business that we thought was going to require a ton of work, to deliver great customer experiences, give them a better, simpler experience and drive industry-leading economics.

好吧，首先，您在該問題中做出了一個假設，這顯然不正確，但我們假設它是正確的。我想說，聽著，我們非常興奮，對吧？如果我們回到最初，我們想做什麼？我們希望建立一家我們認為需要大量工作的業務，以提供出色的客戶體驗，為他們提供更好、更簡單的體驗，並推動領先業界的經濟效益。

And I think it feels really good to be in a spot where we feel like there's a very strong argument to be made that those boxes are checked, and now our job is to get from here to the promise land and build this thing to be as big as we possibly can. And I do think, going back to the growth answer, we are incredibly well positioned to do that. I think it's -- the last couple of years have been absolutely brutal, but they have really cleared the competitive field quite a bit and also as a result of us getting it wrong in terms of what was going to happen in '22 and '23, we're very well positioned from an infrastructure perspective, and so forward growth looks good.

我認為，我們覺得有一個非常有力的論點需要對這些盒子進行檢查，現在我們的工作是從這裡到達應許之地，並將這個東西建造成這樣，這感覺真的很好。我確實認為，回到成長的答案，我們完全有能力做到這一點。我認為過去幾年絕對是殘酷的，但他們確實已經清除了相當多的競爭領域，也是因為我們在 22 和 23 年將要發生的事情方面犯了錯誤，從基礎設施的角度來看，我們處於非常有利的位置，因此未來的成長看起來不錯。

I think that transition period is about us figuring out the balance between that enormous opportunity and making sure that we continue to execute extremely well. And I think that will be something that we'll be debating internally over the next several quarters. I think it's something that we'll figure out. And I think it will be different voices in the room trying to make sure that we get that right. But I think that we're picking between I think different versions of pretty good outcomes as long as we execute. And so I think we're excited about that. In terms of fear, I think -- I do think -- I would like to give our team credit for being a team that places a lot of internal pressure on ourselves. I think that hopefully, that's apparent in the sum of the work that we've done together over the last 11 years. But I think that there's no question that there is no substitute for a bunch of external pressure.

我認為過渡期是我們在巨大機會和確保我們繼續出色執行之間找到平衡。我認為這將是我們在接下來的幾個季度內部討論的問題。我認為這是我們會解決的問題。我認為房間裡會有不同的聲音試圖確保我們做對了。但我認為，只要我們執行，我們就會在不同版本之間進行選擇，我認為這些版本都會帶來相當好的結果。所以我認為我們對此感到興奮。就恐懼而言，我認為——我確實認為——我想讚揚我們的團隊，因為我們是一支給自己施加很大內部壓力的團隊。我認為，希望這在我們過去 11 年裡共同完成的工作的總和中是顯而易見的。但我認為，毫無疑問，外在壓力是無可取代的。

It is -- it can put pressure on you in a way that you just cannot pressure yourself. And I think something that we're working on internally is just trying to make sure that we remember the value of that pressure we were under and that we try to keep as much of that on ourselves as we possibly can, even if the world decides that we're maybe a little less dumb than the world might have thought we were a couple of years ago. And I think that's not an easy thing to do. That's a very easy thing to say. But to come in every day and put your head down and grind over and over again, even when things feel pretty good, is much easier said than done.

它可以給你壓力，而你卻無法給自己壓力。我認為我們內部正在做的事情只是試圖確保我們記住我們所承受的壓力的價值，並且我們盡力將壓力保留在自己身上，即使世界決定我們可能比幾年前世界認為的我們要愚蠢一些。我認為這不是一件容易的事。這是一件很容易說出來的事。但每天進來，低下頭，一遍又一遍地磨練，即使事情感覺很好，說起來容易做起來難。

So I think internally, we're working hard to try to cement that culture as best we can. I think we have the right people to do it. I think we're on a good path. I think acknowledging that, that's important is the first step. But I think that to me is the biggest fear because it made us better, and we want to stay in the position we're in right now.

因此，我認為在內部，我們正在努力盡力鞏固這種文化。我認為我們有合適的人來做這件事。我認為我們正走在一條好的道路上。我認為承認這一點很重要，這是第一步。但我認為這對我來說是最大的恐懼，因為它讓我們變得更好，我們希望保持現在的位置。

The next question is from Doug Arthur with Huber Research Partners.

下一個問題來自 Doug Arthur 和 Huber Research Partners。

Ernie, you sort of answered this in a lot of different ways, but you guys guided to units being slightly up in the quarter. Your marketing expense was very well contained. So what drove -- you talked about better conversion, but what sort of drove the upside in units, which were a big upside surprise? And I've got a follow-up.

厄尼，你用很多不同的方式回答了這個問題，但你們指導本季的單位略有上升。您的行銷費用得到了很好的控制。那麼是什麼推動了——你談到了更好的轉換，但是什麼推動了單位的上漲，這是一個巨大的上行驚喜？我還有後續行動。

So I think there's a series of things. I do think that the units came in stronger than we anticipated. And I think that, that starts with demand moving in our direction. And then I think it's completed with the team executing very well despite not anticipating it. And so that -- there's no getting around inventory shrinking when demand comes in a little hotter than expected because there's long lead time there to kind of the number of cars you're buying and you're reconditioning.

所以我認為有一系列的事情。我確實認為這些單位的表現比我們預期的還要強。我認為，這始於需求朝著我們的方向發展。然後我認為儘管沒有預料到，但團隊執行得很好，一切都完成了。因此，當需求比預期稍高時，庫存就會減少，因為需要很長的準備時間才能確定要購買和翻新的汽車數量。

And so we saw inventory shrink a bit, but we saw even that team made quick adjustments and started to kind of get in a better position relatively quickly. And then I think the rest of the operating teams also handle the volume very, very well. And so I think that, that enabled us, despite not being super well positioned for growth to handle growth pretty well anyway. And so I think -- we're excited about that. We think that, that bodes well. But we think we have work to do to really get the business into a position for sustained growth at high levels, and that's what the transition period is all about.

因此，我們看到庫存有所減少，但我們甚至看到團隊也做出了快速調整，並開始相對較快地處於更好的位置。然後我認為其他營運團隊也非常非常好地處理數量。所以我認為，這使我們能夠很好地應對成長，儘管我們並沒有為成長做好準備。所以我認為——我們對此感到興奮。我們認為，這是個好兆頭。但我們認為，要真正讓業務處於高水準持續成長的位置，我們還有很多工作要做，這就是過渡期的意義所在。

Excellent. And then, Mark, just to be super clear here in terms of your guidance, you're seeing a sequential increase in our year-over-year growth rate in the retail units. So I mean seasonally, I don't know, you generally have flat to slightly down units Q2 over Q1. I mean it's jumped around a lot over time. But -- so you're saying the growth rate will be up from the first quarter.

出色的。然後，馬克，在您的指導方面要非常清楚，您會看到我們零售單位的同比增長率連續上升。所以我的意思是，從季節性來看，我不知道，第二季的單位數量通常比第一季持平或略有下降。我的意思是，隨著時間的推移，它已經跳躍了很多。但是——所以你說成長率將比第一季有所上升。

That's correct. The year-over-year growth rate will be up in the second quarter compared to the first, and we'll also do more adjusted EBITDA sequentially.

這是正確的。與第一季相比，第二季的年成長率將會上升，我們也將依序進行更多調整後的 EBITDA。

The next question is from Ron Josey with Citi.

下一個問題來自花旗銀行的 Ron Josey。

Ernie, I wanted to ask a little bit more about sources of leverage and advertising specifically because I thought the commentary in the letter around the 4 oldest cohorts achieving 1% of advertising expense as a percentage of revenue was pretty telling, especially as you're just seeing pretty good growth come back here. So I just wanted to get your thoughts as you think about sort of go forward and sort of the brand recognition and awareness of Carvana, just how do you think about advertising spend going forward strategically? That's question one. I've got another one, which might be a little bit easier, I might have missed earlier.

厄尼，我想多問一些關於槓桿和廣告來源的問題，因為我認為信中圍繞 4 個最古老的群體實現廣告費用佔收入百分比的 1% 的評論非常有說服力，尤其是當你只是看到這裡恢復了良好的增長。因此，我只是想了解您在考慮 Carvana 的未來發展以及品牌認知度和知名度時的想法，您如何看待策略性的廣告支出？這是問題一。我還有另一個，可能會更容易一些，我可能早些時候錯過了。

But I think I heard capacity for 1.3 million units per year across the IRCs and ADESA about 3 million units annually. Mark, I go back to the Analyst Day, however many years ago about that 5% share goal. We have enough capacity now. Or did I hear that maybe more IRCs might be on their way or just more efficient ones?

但我想我聽說 IRC 每年產能為 130 萬台，ADESA 每年產能約 300 萬台。馬克，我回到分析師日，無論多少年前關於 5% 份額的目標。我們現在有足夠的能力。或者我聽說可能會有更多的 IRC 即將上線，或者只是更有效率的 IRC？

Sure. So let's start with marketing spend. I think from here, there are 2 forces on marketing spend that point in different directions. I think as we continue to make fundamental gains, we think there's reasons why we can continue to drive that down as our newer cohorts of markets age and act more like older cohorts of markets, we think that, that can be driven down. And then we also do believe that in inventory specifically we're constrained today. And if we were not constrained, we'd likely see higher conversion of the customers we already see on the website, and that would likely drive marketing dollars down as well.

當然。讓我們從行銷支出開始。我認為從這裡開始，行銷支出有兩種不同方向的力量。我認為，隨著我們繼續取得根本性收益，我們認為，隨著我們的新市場群體逐漸老化，並且表現得更像舊市場群體，我們有理由繼續壓低這一點，我們認為，這是可以壓低的。然後我們也確實相信，特別是在庫存方面，我們今天受到了限制。如果我們不受限制，我們可能會看到我們在網站上看到的客戶的轉換率更高，這也可能會降低行銷費用。

So I think that there's a number of forces that we're going to be actively working on to push advertising spend down. I also think it is clearly true that we believe we could acquire incremental customers today at incremental customer acquisition costs that would be much lower than the gross profit minus variable costs and therefore, would be additive. And it is also likely that much of those incremental customers that would be positive EBITDA additive would come at higher CAC than our average CAC today.

因此，我認為我們將積極利用多種力量來降低廣告支出。我還認為，我們相信今天我們可以以增量客戶獲取成本來獲取增量客戶，這顯然是正確的，增量客戶獲取成本將遠低於毛利潤減去可變成本，因此將是可加性的。而且，許多能夠獲得正 EBITDA 附加價值的增量客戶的 CAC 也可能高於我們今天的平均 CAC。

And so as we kind of march up that incremental customer acquisition cost curve, that would be a force that would push it up. I think going forward is a balancing of those 2 forces, and I don't think that we want to call our shot just yet. I think that's also something that we'll be figuring out as we go through the transition period.

因此，當我們沿著增量客戶獲取成本曲線前進時，這將成為推動其上升的力量。我認為未來需要平衡這兩種力量，而且我認為我們現在還不想下決定。我認為這也是我們在過渡時期需要解決的問題。

On the footprint side, just to make sure that's clear. At our existing inspection centers, we have capacity for 1.3 million units, and then we add the ADESA sites, you get to approximately $3 million in sum total. Those ADESA sites do still need CapEx on top of the land to unlock that potential. We size that CapEx at the time of the acquisition at approximately $1.2 billion, which is probably still a good way to think about it. But that would be on the order of what would be required to unlock that additional reconditioning capacity.

在足跡方面，只是為了確保這一點清晰。我們現有的檢測中心可容納 130 萬台設備，再加上 ADESA 站點，總金額約 300 萬美元。這些 ADESA 場地仍然需要土地上的資本支出來釋放這種潛力。我們在收購時的資本支出規模約為 12 億美元，這可能仍然是一個很好的考慮方式。但這將相當於釋放額外的修復能力所需的量。

The next question is from Nick Jones with Citizens JMP.

下一個問題來自 Citizens JMP 的 Nick Jones。

Sorry if I missed this. But in the past, and you were kind of growing really rapidly. On occasion, you might hit some choke points that you would need to work through, which you tend to always be able to do that. As growth accelerates here, and Ernie, I think you mentioned you're kind of feel good about where the infrastructure is. I mean are those choke points potentially still out there as growth accelerates? Or how should we think about some things that may be out there that still need to get worked through that we have kind of seen in the past?

抱歉，如果我錯過了這個。但在過去，你的成長速度非常快。有時，您可能會遇到一些需要解決的瓶頸，而您往往總是能夠做到這一點。隨著這裡的成長加速，厄尼，我想你提到你對基礎設施的位置感覺很好。我的意思是，隨著成長加速，這些瓶頸是否仍然存在？或者我們應該如何思考我們過去見過的一些可能仍然需要解決的事情？

I think the short answer is yes. I think growing is always hard. We tried to give an outline for why we think we're very well positioned for growth in the future from here and in many ways, better position than we were in the past. So hopefully, that's somewhat helpful. But of course, there will be difficulty as we head back into growth, and there will be growing pains. There always are. And then hopefully, we execute well and we push through those pains. And we have a lot of fundamental gains to offset them.

我認為簡短的答案是肯定的。我覺得成長總是很難的。我們試圖概述為什麼我們認為我們在未來的成長中處於有利地位，並且在許多方面比過去處於更好的位置。希望這會有所幫助。但當然，當我們恢復成長的時候，就會遇到困難，也會有成長的煩惱。總是有的。希望我們能夠好好地執行並克服這些痛苦。我們有很多基本收益可以抵消它們。

But I think that's the work that we have in front of us. And I think in terms of real-world opportunity in front of us, we feel extremely good about it. But of course, there's going to be work to do. And of course, over the years, there will be a version of these calls where we'll be explaining what we're dealing with at any point in time because running a business is hard.

但我認為這就是我們面前的工作。我認為，就我們面前的現實世界機會而言，我們對此感覺非常好。但當然，還有很多工作要做。當然，多年來，這些電話會有一個版本，我們將隨時解釋我們正在處理的事情，因為經營企業很困難。

This concludes our question-and-answer session. I would now like to turn the call back over to Ernie Garcia for closing remarks.

我們的問答環節到此結束。現在我想將電話轉回給厄尼·加西亞（Ernie Garcia），讓其致閉幕詞。

Great. Well, thank you, everyone, for joining the call. We really appreciate it. And to the Carvana team, we say this at the end of every 1 of these calls, but thank you guys so much. You've done an absolutely incredible job. This was virtually impossible to foresee. And I think really this quarter is probably the hardest one to foresee from the perspective a couple of years ago. I think we've been through tough times together, and I think there will undoubtedly be a lot of good days in front of us and a couple of bad days. I think if we keep grinding the way that we have grinded over the last couple of years, there's going to be a lot more good days and bad days. And when we see those bad days, we know how to face them. And I just cannot thank you guys enough. You've done an incredible job. Please be proud and then please put your head down and keep fighting like it's 2022 because that's what got us here. Thanks, everyone.

偉大的。好的，謝謝大家加入我們的電話會議。我們真的很感激。對於 Carvana 團隊，我們在每次通話結束時都會說這句話，但非常感謝你們。你做了一件絕對令人難以置信的工作。這幾乎是無法預見的。我認為，從幾年前的角度來看，這個季度可能是最難預測的季度。我認為我們一起度過了艱難的時期，而且我認為我們面前無疑會有很多美好的日子，也有一些糟糕的日子。我認為，如果我們繼續像過去幾年那樣努力，將會有更多的好日子和壞日子。當我們看到那些糟糕的日子時，我們知道如何面對它們。我對你們感激不盡。你做了一件令人難以置信的工作。請感到自豪，然後低下頭，像 2022 年一樣繼續奮鬥，因為這就是我們走到今天的原因。感謝大家。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your line, and have a great evening.

會議現已結束。感謝您參加今天的演講。您現在可以斷開線路，度過一個愉快的夜晚。