Carvana Co (CVNA) 2024 Q2 法說會逐字稿

Good day, and welcome to the Carvana second quarter 2024 earnings call.

美好的一天，歡迎參加 Carvana 2024 年第二季財報電話會議。

(Operator Instructions) Please note, this event is being recorded.

（操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Meg Kehan, Investor Relations.

我現在想將會議交給投資者關係部門的梅格·科漢 (Meg Kehan)。

Please go ahead.

請繼續。

Thank you, Brenda.

謝謝你，布倫達。

Good afternoon, ladies and gentlemen and thank you for joining us on Carvana's second quarter 2024 earnings conference call.

女士們、先生們，下午好，感謝您參加 Carvana 2024 年第二季財報電話會議。

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.

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。第二季股東信函也發佈在投資人關係網站上。

Additionally, we posted a set of supplemental financial tables for Q2, which can be found on the Events and Presentations page of our IR website.

此外，我們還發布了第二季的一組補充財務表格，您可以在我們的 IR 網站的活動和演示頁面上找到這些表格。

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 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.

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 Form 10-Q.

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。

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.

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 不承擔因新的發展或其他原因而更新或修改這些陳述和風險的義務。

Our commentary today will include non-GAAP financial metrics.

我們今天的評論將包括非公認會計準則財務指標。

Unless otherwise specified, all references to GPU and SG&A will be to non-GAAP metrics, and all references to EBITDA will be to adjusted EBITDA.

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。

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 IR website.

我們報告的業績的 GAAP 和非 GAAP 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.

話雖如此，我想把電話轉給厄尼·加西亞。

Ernie?

厄尼？

Thanks, Meg, and thanks, everyone, for joining the call.

謝謝梅格，也謝謝大家加入這通通話。

The second quarter was another landmark quarter for Carvana.

第二季是 Carvana 另一個具有里程碑意義的季度。

In the first quarter of this year, we were both the fastest-growing and most profitable public automotive retailer for the first time.

今年第一季度，我們首次成為成長最快、利潤最高的巴士零售商。

In the second quarter, we did it again.

第二季度，我們又做到了。

And this time, we extended our separation in each category.

這一次，我們擴大了每個類別的分離範圍。

Historically, when those two things are true at the same time, it bodes very well for an extremely successful future.

從歷史上看，當這兩件事同時成立時，這預示著一個極其成功的未來。

We have every intention of working hard to validate that pattern.

我們有意努力驗證這一模式。

And in this case, a promising pattern is paired with tremendous room to run.

在這種情況下，有希望的模式與巨大的運行空間相結合。

We are a company with just a 1% market share in a $1 trillion industry with highly fragmented competition and barriers to entry that have recently been proven to be extremely hard to overcome.

我們是一家在價值 1 兆美元的行業中只佔 1% 市場份額的公司，該行業的競爭高度分散，進入壁壘最近被證明極其難以克服。

Our position is unique.

我們的地位是獨一無二的。

And it is important to remember why.

記住原因很重要。

We are in this position today because 10 years and $10 billion ago, we set out to build an entirely new way to buy and sell cars.

我們今天處於這個位置，是因為 10 年前，我們投入 100 億美元，開始建立一種全新的汽車買賣方式。

We thought through everything from scratch, starting with what our customers wanted, and then pairing that with what we believe was possible with new technology and new operations.

我們從頭開始思考一切，從客戶的需求開始，然後將其與我們認為新技術和新營運可能實現的目標結合。

We also discarded what others told us was impossible and all the reasons they provided us.

我們也拋棄了別人告訴我們不可能的事情以及他們為我們提供的所有理由。

We were stubborn and ambitious.

我們既固執又雄心勃勃。

I'm grateful for both.

我對兩者都很感激。

And I'm also grateful that we had no idea how hard it would be to get to this point.

我也很感激我們不知道走到這一步有多難。

Being right about outcome and wrong about the path may be the most productive combination there is.

對結果的正確認識和對路徑的錯誤認識可能是最有成效的組合。

From here, we believe the outcome is clear and exciting.

從這裡開始，我們相信結果是明確且令人興奮的。

And we are weather-worn enough to know the path will be harder than we think, but we are still ambitious and stubborn enough to keep pushing and to never accept anything is good enough.

我們已經飽經風霜，知道這條路會比我們想像的更艱難，但我們仍然雄心勃勃、頑固地繼續前進，從不接受任何事情就足夠好了。

We are a team of fighters, and we're going to keep fighting on the good days and on the hard days just as we have in the past.

我們是一支戰士隊伍，無論順境或逆境，我們都會像過去一樣繼續戰鬥。

As a result, our visibility into additional scale and further improvements in unit economics is also very clear.

因此，我們對擴大規模和進一步提高單位經濟效益的了解也非常清晰。

We are currently carrying the physical capacity and associated fixed expense of being built for approximately three times our current volume.

我們目前擁有的實體容量和相關固定費用約為目前容量的三倍。

In addition, through our ADESA acquisition, we have the real estate to handle vehicle reconditioning at a scale approximately eight times our current run rate.

此外，透過收購 ADESA，我們擁有足夠的空間來處理車輛翻新，其規模約為我們目前運行速度的八倍。

Importantly, we also have very clear plans and high confidence in achieving further fundamental gains across each area of variable costs and gross profit.

重要的是，我們對於在可變成本和毛利的各個領域實現進一步的基本收益也有非常明確的計劃和高度信心。

In the last year, we improved in these areas to the tune of approximately $2,000 per unit.

去年，我們在這些領域的改進達到了每單位約 2,000 美元。

Given that we improved that much that fast, it is obvious that significant gains remain.

鑑於我們進步得那麼快，顯然仍然有顯著的進步。

Our team is using the same operational processes we have for the last two years and is currently working on a very clear set of well-defined specific enhancements to each part of our offering that we believe have potential to materially impact the customer offering and the business as a whole.

我們的團隊正在使用過去兩年所使用的相同操作流程，目前正在對我們產品的每個部分進行一套非常明確、定義明確的具體增強功能，我們相信這些增強功能有可能對客戶產品和業務產生重大影響作為一個整體。

We will work hard to unlock them as quickly as we can, and we will do the same each year thereafter.

我們將努力盡快解鎖它們，此後我們每年都會這樣做。

As we unlock these gains over time, we anticipate passing more and more of the value we create back to our customers, further differentiating our offering and driving additional growth.

隨著時間的推移，隨著我們釋放這些收益，我們預計將越來越多的我們創造的價值回饋給客戶，進一步使我們的產品脫穎而出並推動額外成長。

The combined benefits of constantly improving customer experiences, incremental sales with our strong unit economics, additional fundamental gains, and the leverage that comes with filling in our footprint, paint a clear picture of the company we aim to become, a company that is the largest and most profitable automotive retailer, and a company that achieves its mission of changing the way people buy and sell cars.

不斷改善的客戶體驗、我們強大的單位經濟效益帶來的增量銷售、額外的基本收益以及填補我們的足跡所帶來的影響力的綜合效益，為我們目標成為最大的公司描繪了一幅清晰的圖景。

Now we have to keep our heads down and keep doing the hard work that will turn this picture into reality.

現在我們必須埋頭苦幹，繼續努力，將這個願景變成現實。

We are up to the challenge.

我們已準備好迎接挑戰。

The march continues.

遊行仍在繼續。

Mark?

標記？

Thank you, Ernie, and thank you all for joining us today.

謝謝你，厄尼，也謝謝大家今天加入我們。

The second quarter was an exceptional quarter for Carvana and reinforced the significant and sustainable progress we have made and continue to make in our current multiyear phase of driving profitable growth.

第二季度對 Carvana 來說是一個特殊的季度，鞏固了我們在當前推動獲利成長的多年階段中已經取得並將繼續取得的重大和可持續進展。

For the second consecutive quarter, we generated positive net income and we set new company records for adjusted EBITDA, adjusted EBITDA margin, and GAAP operating income.

我們連續第二季實現正淨利潤，並創下了調整後 EBITDA、調整後 EBITDA 利潤率和 GAAP 營業收入的新公司記錄。

For the first time, quarterly adjusted EBITDA margin approached the midpoint of our long-term financial model EBITDA margin range of 8% to 13.5%, and we see meaningful opportunities for fundamental gains to drive towards the higher end of that range over time.

季度調整後 EBITDA 利潤率首次接近我們長期財務模型 EBITDA 利潤率範圍 8% 至 13.5% 的中點，而且我們看到了基本收益的重大機會，隨著時間的推移，將推動該範圍的高端。

Moving to our second quarter results.

轉向我們的第二季業績。

Unless otherwise noted, all comparisons will be on a year-over-year basis.

除非另有說明，所有比較均以同比為基礎。

Q2 again demonstrated the strength of our differentiated business model.

第二季再次證明了我們差異化業務模式的實力。

Retail units sold increased 33% despite continued focus on unit economics and profitability initiatives as the strong demand we experienced in Q1 continued into Q2.

儘管我們繼續關注單位經濟效益和盈利計劃，但由於第一季的強勁需求持續到第二季​​度，零售單位銷售仍增長了 33%。

Revenue increased by 15%.

收入增長了 15%。

Revenue grew less than retail units, primarily due to industry-wide declines in retail and wholesale vehicle average selling prices.

收入增幅低於零售單位，主要是由於全行業零售和批發車輛平均售價下降。

In Q2, our operational teams focused on increasing production capacity to increase selection to more optimal levels for our customers.

在第二季度，我們的營運團隊專注於提高產能，為客戶增加選擇，達到更好的水平。

The teams met their production targets in the quarter, but we still remain below our target available website inventory due to continued strong demand.

這些團隊在本季實現了生產目標，但由於需求持續強勁，我們的可用網站庫存仍低於目標。

In the near term, we will continue to increase production across the country.

近期，我們將繼續在全國範圍內增產。

Our strong profitability results in Q2 were driven by meaningful fundamental improvements in GPU and SG&A expenses.

我們第二季強勁的獲利業績得益於 GPU 和 SG&A 費用的顯著根本性改善。

In the second quarter, non-GAAP total GPU was $7,344, an increase of $314 and a new company record.

第二季度，非 GAAP GPU 總額為 7,344 美元，增加了 314 美元，創下公司新紀錄。

Non-GAAP retail GPU was $3,539, an increase of $677 and a new company record.

非 GAAP 零售 GPU 價格為 3,539 美元，增加了 677 美元，創下了公司新紀錄。

Our strength in retail GPU continues to be driven by fundamental gains and consistent performance in several areas, including [non-vehicle] cost of sales, customer sourcing, inventory turn times, and revenues from additional sources.

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性能的推動，包括[非車輛]銷售成本、客戶採購、庫存週轉時間以及來自其他來源的收入。

Year-over-year changes were also driven by higher spreads between wholesale and retail market prices, partially offset by higher retail depreciation rates and a lower retail inventory allowance adjustment.

批發和零售市場價格之間的價差擴大也推動了同比變化，但部分被零售折舊率上升和零售庫存準備金調整減少所抵消。

Non-GAAP wholesale GPU was $1,104, a decrease of $124.

非 GAAP GPU 批發價為 1,104 美元，減少了 124 美元。

Year-over-year changes were primarily driven by growth in both wholesale vehicle and wholesale marketplace gross profit, offset by growth in retail units sold.

同比變化主要是由批發車輛和批發市場毛利潤的成長所推動的，但被零售銷售的成長所抵消。

Non-GAAP other GPU was $2,701, a decrease of $239.

非 GAAP 其他 GPU 為 2,701 美元，減少了 239 美元。

Year-over-year changes in other GPU were primarily driven by holding and selling a greater volume of loans relative to originations in Q2 2023 compared to Q2 2024, which increased Q2 2023 other GPU by approximately $650, partially offset by the continued impact of credit scoring improvements, pricing optimizations, and credit tightening begun in Q4 2023.

其他GPU 的同比變化主要是由於與2024 年第二季度相比，2023 年第二季度持有和出售的貸款數量相對於原始貸款數量增加，這使得2023 年第二季度其他GPU 增加了約650 美元，部分被信貸的持續影響所抵消評分改進、定價優化和信貸緊縮於 2023 年第四季度開始。

Non-GAAP SG&A expense was $390 million, an increase of 2%.

非 GAAP SG&A 費用為 3.9 億美元，成長 2%。

Q2 was an exceptional quarter for demonstrating the power of our model to leverage SG&A expenses.

第二季度是一個特殊的季度，展示了我們的模型利用 SG&A 費用的力量。

Retail units sold increased by 33%, leading to an $1,160 reduction in SG&A expense per retail units sold.

零售單位銷售量增加了 33%，每售出零售單位的 SG&A 費用減少了 1,160 美元。

Sequentially, SG&A expense per retail units sold declined $400, of which $150 was driven by continued improvement in Carvana operations expense, demonstrating that we continue to drive operating cost efficiencies while growing.

隨後，每售出零售單位的 SG&A 費用下降了 400 美元，其中 150 美元是由 Carvana 營運費用的持續改善所推動的，這表明我們在成長的同時繼續提高營運成本效率。

We continue to see opportunities for significant SG&A expense leverage over time and as we scale, driven by both continued improvement in operational expenses as well as leverage in the fixed component of our cost structure.

隨著時間的推移和我們規模的擴大，在營運費用的持續改善以及成本結構固定部分的槓桿作用的推動下，我們繼續看到顯著的SG&A費用槓桿的機會。

Adjusted EBITDA was $355 million in Q2, an increase of $200 million and a new company record.

第二季調整後 EBITDA 為 3.55 億美元，增加了 2 億美元，創下公司新紀錄。

Adjusted EBITDA margin was 10.4% in Q2, a 5.2 percentage point increase and a new company record.

第二季調整後 EBITDA 利潤率為 10.4%，成長 5.2 個百分點，創下公司新紀錄。

It is worth noting that our adjusted EBITDA is very high quality compared to many rapidly growing companies due to our relatively low noncash expenses.

值得注意的是，由於我們的非現金支出相對較低，與許多快速成長的公司相比，我們的調整後 EBITDA 品質非常高。

Our GAAP operating income was $259 million in Q2, leading to GAAP operating margin of 7.6%, leading the public auto retail industry.

第二季我們的 GAAP 營業收入為 2.59 億美元，GAAP 營業利潤率為 7.6%，領先巴士零售業。

As previously noted, we are currently carrying capacity for approximately 3x retail unit sales and expect our GAAP operating income to grow faster than adjusted EBITDA over time.

如前所述，我們目前的承載能力約為零售單位銷售額的 3 倍，並預計隨著時間的推移，我們的 GAAP 營業收入成長速度將快於調整後的 EBITDA。

Our results in Q1 and Q2 position us well for a strong Q3 and Q4.

我們在第一季和第二季的業績為我們在第三季和第四季的強勁表現做好了準備。

Looking forward, we expect the following as long as the environment remains stable.

展望未來，只要環境保持穩定，我們預期會出現以下情況。

First, a sequential increase in retail units sold in Q3 compared to Q2.

首先，與第二季相比，第三季零售單位銷售量較上季增加。

And second, adjusted EBITDA of $1 billion to $1.2 billion for the full year 2024, an increase from $339 million last year.

其次，2024 年全年調整後 EBITDA 為 10 億美元至 12 億美元，較去年的 3.39 億美元增加。

We are pairing our continued strong financial results with a disciplined financial policy that positions us well to thoughtfully delever over time.

我們將持續強勁的財務表現與嚴格的財務政策相結合，使我們能夠隨著時間的推移進行深思熟慮的去槓桿化。

This includes, first, in May, we announced our intention to pay cash interest on our 2028 and 2030 senior secured notes beginning in 2025 to reduce long-term cash interest expense.

首先，我們在 5 月宣布打算從 2025 年開始為 2028 年和 2030 年優先擔保票據支付現金利息，以減少長期現金利息支出。

Second, we repurchased $250 million of our 2028 senior secured notes in Q2 and, over the same time period, raised $350 million of equity capital.

其次，我們在第二季回購了 2.5 億美元的 2028 年優先擔保票據，並在同一時期籌集了 3.5 億美元的股本。

Third, we intend to further delever over time, with our primary focus on adjusted EBITDA growth, which both generates cash and reduces leverage ratios.

第三，我們打算隨著時間的推移進一步去槓桿化，主要關注調整後的 EBITDA 成長，這既能產生現金，又能降低槓桿率。

In conclusion, Q2 was an exceptional quarter for Carvana.

總之，第二季對於 Carvana 來說是一個特別的季度。

We're excited about progressing in our long-term phase of driving profitable growth and pursuing our goal of becoming the largest and most profitable auto retailer and buying and selling millions of cars.

我們很高興在推動獲利成長的長期階段取得進展，並追求成為最大、獲利能力最強的汽車零售商並買賣數百萬輛汽車的目標。

Thank you for your attention.

感謝您的關注。

We'll now take questions.

我們現在開始提問。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員說明）

Chris Pierce, Needham.

克里斯皮爾斯，李約瑟。

Chris, you there?

克里斯，你在嗎？

Michael Montani, Evercore ISI.

邁克爾·蒙塔尼，Evercore ISI。

Hey.

嘿。

Congrats on the quarter.

恭喜本季。

And thanks for taking the question.

感謝您提出問題。

Just wanted to ask if I could.

只是想問我是否可以。

Can you discuss a little bit the trends that you're seeing for the $100,000 plus income consumer versus those who are below?

您能否稍微討論一下您所看到的收入 100,000 美元以上的消費者與收入低於 100,000 美元的消費者的趨勢？

And then also, Ernie, can you give us some insight into thoughts around credit tightening from here?

然後，厄尼，您能否從這裡給我們一些關於信貸緊縮的想法的見解？

Or do you feel like you're at an appropriate level now?

或者你覺得你現在處於合適的水平嗎？

Sure.

當然。

From a demographics perspective, I think, clearly, affordability was impacted pretty heavily over the last couple of years.

從人口統計的角度來看，我認為，在過去幾年中，負擔能力顯然受到了相當大的影響。

I think there's good news there, though.

不過，我認為那裡有好消息。

We have seen kind of higher levels of depreciation over the last 1.5 years.

在過去 1.5 年裡，我們看到了較高水準的折舊。

I think relative to CPI, car prices are now only probably about 3% higher than they were pre-pandemic.

我認為相對於CPI，現在的汽車價格可能只比疫情前高出3%左右。

So I think we've closed a lot of that gap.

所以我認為我們已經縮小了很多差距。

Rates are obviously higher.

利率顯然更高。

So if you look at payments, payments are still about 10% higher than they were pre-pandemic for a similar car.

因此，如果你看一下付款情況，你會發現類似汽車的付款金額仍比大流行前高出 10% 左右。

So there's probably a little bit of room for that to continue to improve.

因此，可能還有一些繼續改進的空間。

And that, of course, is impacting the lower end of the demographic spectrum probably more than the higher income end.

當然，這對低端人口的影響可能比對高收入端的影響更大。

But I don't think there's anything too notable to call out there.

但我認為沒有什麼值得注意的地方。

I think we're just focused on continuing to buy the cars that our customers are demanding on our site, getting those up, getting those reconditioned, delivering them to customers, and giving them great experiences.

我認為我們只是專注於繼續在我們的網站上購買客戶需要的汽車，安裝這些汽車，進行翻新，將它們交付給客戶，並為他們提供良好的體驗。

And I think that's what's driving our success right now without too much specific focus on one group or another.

我認為這就是我們目前成功的動力，而無需過度具體關注某一群體。

From a credit perspective, I think credit, clearly, was kind of slowly moving back toward pre-pandemic normal after being very good in '20 and '21, and then probably crossover was a little bit worse in '22 and parts of '23.

從信貸角度來看，我認為信貸在 20 年和 21 年非常好之後，顯然正在慢慢恢復到大流行前的正常狀態，然後交叉在 22 年和 23 年部分時間可能會更糟。

And I think many lenders ourselves included, started to tighten credit in the fourth quarter of '23.

我認為包括我們自己在內的許多貸方在 23 年第四季開始收緊信貸。

What we've seen so far from that is performance that's definitely in line with what we would have hoped to see.

到目前為止，我們所看到的性能絕對符合我們希望看到的效果。

So I think at this time, it doesn't feel like there are other moves that would be super material.

所以我認為目前，感覺沒有其他措施是超級物質的。

But obviously, we're paying attention and we may adjust that over time.

但顯然，我們正在關注，並且可能會隨著時間的推移進行調整。

Thank you.

謝謝。

Adam Jonas, Morgan Stanley.

亞當‧喬納斯，摩根士丹利。

Thanks.

謝謝。

Ernie, I never say congratulations on a quarterly call.

厄尼，我從來沒有在季度電話會議上表示祝賀。

And believe me, you don't want me to.

相信我，你不希望我這樣做。

But I mean

但我的意思是

--

--

I think we do want you to actually, if we get to pick.

我想如果我們可以選擇的話，我們確實希望你這麼做。

No.

不。

Believe me, you don't.

相信我，你不會。

Wow, dude.

哇，夥計。

It's a hard wow.

太難了哇。

All right.

好的。

So Carvana grew retail units 33%, with mostly flat SG&A, right?

那麼 Carvana 零售單位成長了 33%，SG&A 基本持平，對嗎？

Correct.

正確的。

CarMax units fell 3% and had SG&A rise 13% year-on-year.

CarMax 銷量年減 3%，SG&A 年增 13%。

I don't want -- schadenfreude aside, what's the forward view on SG&A dollars on a per unit basis or gross dollars on a per unit like how much longer can Carvana (technical difficulty) while keeping SG&A flat?

我不想——除了幸災樂禍之外，對每單位的 SG&A 美元或每單位的總美元的前瞻性看法是什麼，比如 Carvana（技術難度）在保持 SG&A 持平的情況下還能維持多久？

Because the facts that you're mentioning, the capacity that you're burdened with, it might give the impression that you can keep SG&A really relatively unchanged to the dollar amount, but I don't think you want us to actually believe that. or do you?

因為你提到的事實，你所承受的能力，可能會給人這樣的印象：你可以讓 SG&A 相對於美元金額保持相對不變，但我認為你不希望我們真正相信這一點。或者你呢？

That's my first question.

這是我的第一個問題。

Sure.

當然。

We've broken down SG&A in the past into three categories: overhead, marketing. and operations expense.

過去，我們將 SG&A 分為三類：管理費用、行銷。和營運費用。

And I think it's probably useful to hit them all separately.

我認為單獨打擊它們可能會很有用。

On overhead, we've held that pretty flat for the last five or six quarters.

在管理費用方面，我們在過去五、六個季度中保持相當穩定。

And I think that's largely our plan for the immediate future, is to continue to hold that flat.

我認為這很大程度上是我們近期的計劃，就是繼續保持這一水平。

On marketing expense, we've moved down from a kind of long-term average just over $1,000 to $542 this quarter.

在行銷費用方面，本季我們的長期平均費用已從剛超過 1,000 美元降至 542 美元。

That's something that we're extremely excited about, obviously, and that reflects a lot of gains across, I think, many different parts of the system.

顯然，這是我們非常興奮的事情，我認為這反映了系統許多不同部分的大量收益。

I think from a long-term fundamental perspective, I think debatably the most exciting part of that is what's going on with operations expense.

我認為，從長期基本面的角度來看，我認為其中最令人興奮的部分無疑是營運費用的變化。

We, this quarter, we're at $1,696.

本季我們的價格為 1,696 美元。

That's a number that we're extremely excited about.

這是一個令我們非常興奮的數字。

It's a number that's several hundred dollars less than our kind of pre-pandemic numbers that were pretty good at the time.

這個數字比我們當時相當不錯的大流行前的數字少了幾百美元。

But that's happened at a time when the average of other automotive retailers have probably seen their SG&A go up by about $1,000 with inflation and everything else.

但發生這種情況的時候，其他汽車零售商的 SG&A 平均水平可能因通貨膨脹和其他因素而增加了約 1,000 美元。

So I think the gains look like a couple of hundred dollars there, but I think inflation-adjusted and, most importantly, I think, relative to what else is out there, I think those gains are likely over $1,000.

因此，我認為那裡的收益看起來像是幾百美元，但我認為經過通貨膨脹調整後，最重要的是，我認為，相對於其他地方，我認為這些收益可能超過 1,000 美元。

And then further, I think that inside of that operation expense, there's a warranty line item that today is around $350 and was kind of closer to $150 to $200 pre-pandemic when inflation rates were quite a bit lower.

此外，我認為在營運費用中，有一項保固項目目前約為 350 美元，在疫情前通貨膨脹率相當低時接近 150 至 200 美元。

And so I think when you look at kind of the operations expense ex-warranty, the gains versus pre-pandemic are more like $400 per unit, again, at a time when costs across the industry have gone up very significantly.

因此，我認為，當你查看保固期外的營運費用時，會發現與大流行前相比，每單位的收益更像是 400 美元，而此時整個行業的成本已經大幅上升。

So we're really excited about that because that's a deep fundamental -- I think the deep fundamentals are basically how does your customer experience stack up relative to what's available elsewhere.

所以我們對此感到非常興奮，因為這是一個深刻的基礎——我認為深層的基礎基本上是你的客戶體驗相對於其他地方的可用體驗如何疊加。

And I think the most objective measure of that is the growth that you see at any point in time, especially relative to your offering at a time like this when we've got inventory flat and marketing dollars flat.

我認為最客觀的衡量標準是你在任何時間點看到的成長，特別是相對於你的產品在這樣的時候，當我們的庫存持平和行銷費用持平時。

I think that it's clear that customers are responding very well to our offering.

我認為很明顯，客戶對我們的產品反應非常好。

I think number two is how are you able to monetize the transaction, and I think through our vertical integration and building everything that we've built from scratch to serve an e-commerce experience, I think that we're faring very well there.

我認為第二個問題是如何透過交易貨幣化，我認為透過我們的垂直整​​合和建立我們從頭開始建立的一切來提供電子商務體驗，我認為我們在這方面做得很好。

And then the third is, what are your variable expenses?

第三個問題是，您的變動費用是多少？

And just kind of walk through that, but I think that that's a number that we're extremely excited about.

簡單介紹一下，但我認為這是一個讓我們非常興奮的數字。

And we think relative to what else is out there, we've made a lot of gains.

我們認為，相對於其他領域，我們已經取得了許多收穫。

So overall, we're excited.

總的來說，我們很興奮。

We use this term fundamental gains.

我們使用這個術語「基本收益」。

We said we made about $2,000 of fundamental gains over the last year.

我們說去年我們獲得了大約 2,000 美元的基本收益。

Largely what we mean by that is either gains that we believe are sustainable in gross profit or variable expenses per unit, which would be in that operation expense.

我們的意思主要是指我們認為在毛利中可持續的收益或每單位的可變費用（這將包含在營運費用中）。

We think there are still significant gains left to be had.

我們認為仍有顯著的成果有待實現。

We're working hard at going in unlocking them.

我們正在努力解鎖它們。

But we think the business model is not done being fully flexed.

但我們認為商業模式還沒有完全靈活。

And I think we're excited about going and attacking that and also what that means for the future.

我認為我們很高興能夠解決這個問題，以及這對未來意味著什麼。

Thanks, Ernie.

謝謝，厄尼。

Just a follow-up.

只是後續行動。

If I take the midpoint of your guide, that would imply the second half quarterly run rate EBITDA of maybe $100 million -- I'm rounding here, Ernie, bear with me, about $100 million less than what you did, kind of a mid-$200 million number rather than a $355 million number.

如果我取你的指南的中點，這意味著下半年的季度 EBITDA 可能為 1 億美元——我在這裡四捨五入，厄尼，請耐心等待，比你做的少大約 1 億美元，有點中間- 2 億美元，而不是3.55 億美元。

So what would you say is kind of baked in there, including seasonality and then other stuff beyond seasonality that might have maybe made the $355 million a little on -- and again, maybe I'm stupid for using the midpoint of your guide, and you're being very conservative.

所以你想說的是，其中包括季節性因素，以及季節性因素之外的其他因素，這些因素可能會讓3.55 億美元的成本稍微增加一些——再說一次，也許我很愚蠢，因為使用了你指南的中點，並且你太保守了。

But just if it was a genuine guide, what's embedded and why is $100 million lower run rate?

但如果它是一本真正的指南，那麼它嵌入了什麼內容？

Thanks.

謝謝。

Yes, sure.

是的，當然。

So I think first and most importantly, we see gains in front of us, in growth and in the various fundamental areas we just discussed, and we're going to go out and try to get them.

因此，我認為首先也是最重要的是，我們在成長和我們剛才討論的各個基本領域中看到了眼前的收穫，我們將走出去並努力獲得這些成果。

And I think that that's going to be something that we're going to continually do over the next several years.

我認為這將是我們在未來幾年中不斷做的事情。

So I think that's probably the most important thing.

所以我認為這可能是最重要的事情。

I think as it relates to the guide, I think you're bringing up all the appropriate points and doing all the math correctly.

我認為，由於它與指南相關，我認為您提出了所有適當的觀點並正確地進行了所有數學計算。

We did sell a little bit more in loan production this quarter than we originated.

本季我們銷售的貸款確實比最初銷售的多一些。

So we provided a bridge in the Shareholder Letter that that was probably about 0.4%.

因此，我們在股東信中提供了一個橋樑，該比例可能約為 0.4%。

So probably a more normalized number would have been about 10%.

因此，更標準化的數字可能約為 10%。

In dollars, that would have been about $12 million, give or take.

如果以美元計算，則大約為 1200 萬美元。

So that positively impacted the quarter.

這對本季度產生了積極影響。

And then there is seasonality heading into the back half of the year.

然後是下半年的季節性。

But obviously, we're extremely excited with the results we just had.

但顯然，我們對剛剛獲得的結果感到非常興奮。

We're extremely excited about the outlook for the rest of this year.

我們對今年剩餘時間的前景感到非常興奮。

And I think most importantly, we're just extremely excited about the opportunity that we've got, because I think part of the goal of building out this dream is to take something that was very nonobvious and slowly but surely turn into something that's obvious.

我認為最重要的是，我們對我們所擁有的機會感到非常興奮，因為我認為實現這個夢想的目標之一就是將一些非常不明顯的東西慢慢但肯定地變成一些顯而易見的東西。

And we think this quarter is probably the biggest discontinuous step in making what we're trying to achieve, obviously, we've ever taken.

我們認為，本季度可能是實現我們想要實現的目標的最大的不連續的一步，顯然，我們已經採取了這一步驟。

So we're very excited about it.

所以我們對此感到非常興奮。

Thanks, Ernie.

謝謝，厄尼。

It's Impressive.

令人印象深刻。

Thank you.

謝謝。

Chris Pierce, Needham.

克里斯皮爾斯，李約瑟。

Hi.

你好。

Can you guys hear me this time?

這次你們聽得到我說話嗎？

We can.

我們可以。

All right.

好的。

Perfect.

完美的。

I just wanted to kind of -- can you talk about where the upper bound of retail GPU might be?

我只是想——您能談談零售 GPU 的上限在哪裡嗎？

And can you kind of touch based on the standalone reconditioning?

您能基於獨立修復進行觸摸嗎？

I guess, CarMax was just mentioned the previous question.

我想，CarMax 剛剛提到了上一個問題。

We were kind of told that $2,200 in retail GPU was the efficient frontier as far as units.

我們被告知，就單位而言，零售 GPU 的有效邊界是 2,200 美元。

But that was in a, hey, the conditioning centers in the store type of model.

但這是在商店類型的模型中的調節中心。

So like what's the right way to think about where retail GPU can go?

那麼，思考零售 GPU 的發展方向的正確方法是什麼？

And how excited are you as far as pushing retail GPU even higher from here?

對於將零售 GPU 推向更高水平，您有多興奮？

Sure.

當然。

Well, so first, I would say we believe there are significant fundamental gains to be had in every GPU line item, retail GPU included.

好吧，首先，我想說的是，我們相信每個 GPU 產品系列（包括零售 GPU）都將獲得顯著的基本收益。

And so we think that we can deliver to customers the same quality of offering and cause retail GPU to go up.

因此，我們認為我們可以為客戶提供相同品質的產品，並導致零售 GPU 的成長。

I think it's important to reevaluate what GPU might mean in this environment versus pre-pandemic.

我認為重新評估 GPU 在這種環境下與疫情前的意義非常重要。

And I think a lot of heuristics over time have been established pre-pandemic that maybe warrant some revisiting now.

我認為，隨著時間的推移，在疫情大流行前已經建立了許多啟發式方法，現在也許值得重新審視。

And so for perspective on that, I spoke in the last question about how most dealers have seen SG&A per unit go up by about $1,000.

因此，為了對此的看法，我在上一個問題中談到了大多數經銷商如何看待每單位的 SG&A 上漲約 1,000 美元。

I think the right kind of first order mental model for how the automotive industry works is that, generally speaking, it's cost plus.

我認為汽車產業運作方式的正確一階心理模型是，一般來說，它是成本加成。

Many dealers share a cost structure and they kind of -- they're at auction, holding up their hand to buy a car at a certain price, and they're pricing it with a profit in mind, and many are acting in similar ways.

許多經銷商都有一個共同的成本結構，他們在拍賣會上舉手以一定的價格購買汽車，他們在定價時考慮到了利潤，而且許多經銷商都以類似的方式行事。

So if you look at the average retail GPU across many automotive retailers now versus pre-pandemic, it's also up around $1,000, as like a good first order estimate.

因此，如果你看看現在許多汽車零售商的平均零售 GPU 與大流行前相比，它也上漲了 1,000 美元左右，就像一個好的一階估計一樣。

And so I think debatably, kind of all the heuristics from before, you could kind of move up by $1,000.

因此，我認為，根據之前的所有啟發法，你可能會上漲 1,000 美元，這是有爭議的。

And I think that that's also buttressed by just looking at wholesale retail spreads today, which is basically kind of you're just looking at the aggregate market that is impacted by the sum of dealers.

我認為，今天的批發零售價差也支持了這一點，基本上就是你只專注於受經銷商總和影響的整體市場。

It probably is supporting about $1,000 more in retail GPU than it was pre-pandemic.

它對零售 GPU 的支援可能比大流行前多了約 1,000 美元。

So I think all the heuristics -- first order, I think you kind of moved them by roughly $1,000.

所以我認為所有的啟發法——首先，我認為你將它們移動了大約 1,000 美元。

And I think that's helpful in explaining the significant changes that you've seen from us.

我認為這有助於解釋您從我們身上看到的重大變化。

Now I think a lot of the gains that we've made have been fundamental.

現在我認為我們所取得的許多成果都是根本性的。

And they've been in every part of the business -- every part of the kind of business of acquiring cars and getting cars to our inspection centers and doing that inexpensively and reconditioning them as efficiently as we possibly can.

他們參與了業務的各個部分——購買汽車並將汽車運送至我們的檢查中心，以低廉的成本完成這些業務，並盡可能有效地對其進行翻新。

And we believe we have gains in all those same areas.

我們相信我們在所有這些相同領域都取得了進展。

So all the same teams are largely -- they've got new projects, but they're all pointing at the same areas and they're all running in the same directions to continue making gains from here.

因此，所有相同的團隊在很大程度上都有新的項目，但他們都指向相同的領域，並且都朝著相同的方向運行，以繼續從這裡獲得收益。

So we do think it can go up.

所以我們確實認為它可以上漲。

We also think that as we kind of stated in the Shareholder Letter and in prepared remarks, we think that we're likely now getting to a place where it's more likely than not that it will make more sense to pass additional gains back to customers, or more of the additional gains that we make from here, back to customers.

我們還認為，正如我們在股東信中和準備好的評論中所說的那樣，我們認為我們現在可能會達到這樣一個地步：將額外收益返還給客戶將更有意義，或者更多我們從這裡獲得的額外收益，回饋給客戶。

And we're excited about what that means as well, because we've got a business model now that is capable of turning out quite a bit of cash and also responds very well to scale.

我們也對這意味著什麼感到興奮，因為我們現在有了一種商業模式，能夠產生大量現金，而且對規模的反應也很好。

So we're going to keep trying to make those gains.

因此，我們將繼續努力取得這些成果。

We'll try to invest them intelligently.

我們將嘗試明智地投資它們。

But I think overall, we're pretty excited.

但我認為總的來說，我們非常興奮。

We think there's room everywhere.

我們認為到處都有空間。

Okay.

好的。

And then on adding production, Mark's comments.

然後是關於增加產量，馬克的評論。

Should we think about that as adding a second shift in facilities?

我們是否應該將其視為增加設施的第二班次？

Or based on kind of what you talked about in Rocklin, you have production capacity that can increase as you increase the vehicles flowing through the one shift that you have now?

或者根據您在 Rocklin 中談到的情況，隨著您現在一班的車輛數量的增加，您的生產能力也會增加？

Or like what's the right way to think about what could happen to the IRC staffing?

或者就像思考 IRC 人員配置可能發生的情況的正確方法是什麼？

Sure.

當然。

Yeah.

是的。

I think there -- I think we have a lot of flexibility to increase production.

我認為我們有很大的靈活性來增加產量。

I think that takes three primary forms.

我認為這需要三種主要形式。

So first, adding -- continue to add lines in existing Carvana facilities that have excess capacity to add lines.

因此，首先，增加——繼續在現有的 Carvana 設施中增加生產線，這些設施有多餘的能力來增加生產線。

I would say it's category number one, and we definitely have capacities to continue to do that.

我想說這是第一類，我們絕對有能力繼續這樣做。

Category number two would be more what you suggested, which is also a slightly different form of adding lines, which is adding shifts to IRCs where all the production lines during the day shift are full, you can add a second shift to increase production capacity.

第二類更符合您的建議，這也是添加生產線的一種稍微不同的形式，即向IRC添加班次，其中白班期間所有生產線都已滿，您可以添加第二班以提高產能。

And then the third that I would layer in is increasing production at ADESA locations.

我要講的第三點是增加 ADESA 工廠的產量。

So we've had a lot of success adding Carvana reconditioning software and processes, in two locations so far, in Buffalo and Portland.

因此，到目前為止，我們在布法羅和波特蘭的兩個地點添加了 Carvana 修復軟體和流程，並取得了巨大的成功。

We plan to integrate Carvana auto production into a third location in Kansas City that we call the Megasite, which is a site where we are continuing to serve very effectively, physical auction customers at the site, while also implementing Carvana reconditioning processes and systems.

我們計劃將 Carvana 汽車生產整合到堪薩斯城的第三個地點，我們稱之為 Megasite，我們將繼續為該地點的實體拍賣客戶提供非常有效的服務，同時也實施 Carvana 翻新流程和系統。

And so integrating more ADESA sites with the ongoing physical auction services, combined with Carvana reconditioning, is the third avenue for production growth that we're excited about.

因此，將更多 ADESA 場地與正在進行的實體拍賣服務相結合，再加上 Carvana 翻新，是我們感到興奮的第三個產量成長途徑。

So all of those together give us a lot of flexibility.

因此，所有這些加在一起給我們帶來了極大的靈活性。

I think one of the things we're excited about in this next phase of growth is we do have more flexibility than we've ever had before for growing production efficiently, at the right cost, at the right level of quality over time.

我認為，在下一階段的成長中，我們感到興奮的一件事是，我們確實擁有比以往任何時候都更大的靈活性，可以隨著時間的推移以適當的成本、適當的品質水平有效地提高產量。

Okay, thank you, both.

好的，謝謝兩位。

Thank you.

謝謝。

Brian Nagel, Oppenheimer.

布萊恩·內格爾，奧本海默。

Hi.

你好。

Good afternoon.

午安.

I want to add my congratulations.

我想補充我的祝賀。

Nice quarter here.

這裡不錯。

Thank you.

謝謝。

Appreciate it.

欣賞它。

So the question I have, I guess my first question, maybe to understand better the demand dynamic and the sales trajectory for Carvana.

所以我的問題，我想我的第一個問題，也許是為了更了解 Carvana 的需求動態和銷售軌跡。

You've talked about still, I guess, a lack of a reconditioned -- a limited supply of reconditioned cars holding back sales.

我想，您仍然談到了缺乏翻新車的問題——翻新車供應有限，阻礙了銷售。

So the question I have, as you look at the business, I mean -- how much is that number?

所以我的問題是，當你審視這項業務時，我的意思是——這個數字是多少？

If your reconditioning were operating where you wanted to, what would sales be running at?

如果您的翻新工作以您希望的方式進行，銷售額會達到多少？

Sure.

當然。

So I think we talked last quarter about kind of moving into this transition to growth.

因此，我認為我們在上個季度討論了向成長轉型的方式。

And I think that's where we remain.

我認為這就是我們的立場。

I think in the first quarter we sold more cars than we anticipated.

我認為第一季我們售出的汽車比我們預期的要多。

That caused our inventory to be a little lighter than we expected.

這導致我們的庫存比我們預期的要少一些。

We turned up our production plans, and the operating teams did a great job, and we're able to achieve that.

我們提出了生產計劃，營運團隊做得很好，我們能夠實現這一目標。

That enabled us to sell more cars than we expected again in the second quarter.

這使我們在第二季度銷售的汽車再次超出了預期。

But we did build our inventory much less than we would have liked to.

但我們的庫存確實比我們希望的要少得多。

So I think we're continuing to lean in that direction.

所以我認為我們將繼續朝這個方向傾斜。

We haven't invested in marketing yet.

我們還沒有在行銷方面進行投資。

There's -- our marketing expense relative to our gross profits leaves a lot of room.

相對於我們的毛利，我們的行銷費用還有很大的空間。

And so I think we kind of put this outline in the Shareholder Letter of the things that we believe have driven our growth since the beginning, which we think have been consistent but have just shown up in kind of different weights across time.

因此，我認為我們在股東信中概述了我們認為從一開始就推動我們成長的事情，我們認為這些事情是一致的，但隨著時間的推移以不同的權重出現。

And that's continuously improving customer experience, that's highly differentiated.

這就是不斷改善客戶體驗，這是高度差異化的。

Increasing awareness, understanding, and trust, I think those are three different steps to brand, but every step matters there.

提高意識、理解和信任，我認為這是品牌塑造的三個不同步驟，但每一步都很重要。

And then increasing inventory selection and other scale benefits.

然後增加庫存選擇和其他規模效益。

And I think that so far, we've kind of gotten to a place where we've gone from negative effects in the second and third area over the last couple of years as we were shrinking inventory and as we were investing less in marketing and as we were getting beat up a little bit in the press, to more like still wins.

我認為到目前為止，我們已經擺脫了過去幾年第二和第三領域的負面影響，因為我們正在縮減庫存，並且在營銷和營銷方面的投資減少。像是仍然獲勝。

But those still wins still have enabled pretty exciting levels of growth.

但這些勝利仍然帶來了相當令人興奮的成長水準。

So I think this transition period is about figuring out where exactly that healthy balance of growth is where we can grow significantly and get all the clear benefits that come with that, but also continue to make fundamental gains because we do still believe there are significant fundamental gains to be had.

因此，我認為這個過渡期的目的是弄清楚健康的成長平衡到底在哪裡，我們可以顯著增長並獲得隨之而來的所有明顯好處，但也可以繼續取得根本性收益，因為我們仍然相信存在重大的基本面應有的收穫。

And we've been saying that for the last year, and I think the way the team's executed has really proven that to be extremely true.

去年我們一直這麼說，我認為團隊的執行方式確實證明了這一點是非常正確的。

And so I think we're still feeling that out as we go.

所以我認為我們仍在不斷地感受這一點。

But I think if we take a step a little further back, I just think the position that we're in relative to this industry is very, very exciting, right?

但我認為，如果我們退一步，我只是認為我們相對於這個行業所處的位置是非常非常令人興奮的，對吧？

We've gone from a company that grew at 85% compounded for the five years prior to 2021, we grew very, very fast, to a company that went through a difficult time.

我們從一家在 2021 年之前五年複合成長率為 85%、成長非常非常快的公司，變成了一家經歷了困難時期的公司。

And during that difficult time, found a way to get a lot more efficient and, frankly, to serve our customers better and to just be a better business.

在那段困難時期，我們找到了一種提高效率的方法，坦白說，可以更好地為我們的客戶服務，並成為更好的企業。

And I think now we're in a position where we're starting to kind of turn the engines back on and we're moving in that direction.

我認為現在我們正開始重新啟動引擎，並且正在朝著這個方向前進。

We're a 1% market shareholder.

我們是 1% 的市場股東。

We see a lot of room to run.

我們看到了很大的運行空間。

And the most important thing is that we make good decisions, we prioritize, we stay focused, and we just keep marching because there's a big prize in front of us.

最重要的是，我們做出正確的決定，我們分清輕重緩急，我們保持專注，我們繼續前進，因為我們面前有一個大獎。

And so we're going to go out and try to be as intelligent as we can be as we go tackle it.

因此，我們將走出去，在解決這個問題時盡力發揮我們的聰明才智。

That's very helpful.

這非常有幫助。

My follow-up question, just with respect to ADESA, I mean one of the questions we get a lot is you talk to clients about carbon, just how should we think about the timing of the conversion or the, I guess, reconfigurations, if you will, some of these ADESA facilities to be reconditioning type centers for you?

我的後續問題，就 ADESA 而言，我的意思是我們收到的許多問題之一是您與客戶談論碳，我們應該如何考慮轉換的時間，或者我猜重新配置的時間，如果您願意將ADESA設施中的一些設施改造為您的中心嗎？

So I think that's also something that we're figuring out in this transition period.

所以我認為這也是我們在這個過渡時期正在解決的問題。

I think Mark spoke about our next site in Kansas City, which is going to be a site where we're calling it a Megasite.

我想馬克談到了我們在堪薩斯城的下一個站點，我們稱之為“巨型站點”。

It's going to have all the capabilities it wants.

它將擁有它想要的所有功能。

We've done it very efficiently so far with almost no CapEx.

到目前為止，我們的工作非常有效率，幾乎沒有資本支出。

I think the more of these sites that we choose to open, there are many more that we could integrate and not have a huge CapEx investment.

我認為我們選擇開設的網站越多，我們可以整合的網站就越多，而無需巨額資本支出投資。

But I think the more of them that we choose to open, the more that that will lean a little bit in the direction of CapEx.

但我認為我們選擇開放的項目越多，就越會向資本支出方向傾斜。

But a lot of other offsetting benefits.

但還有很多其他的抵消好處。

You get access to a lot more inventory pools, you get closer to your customers, your inbound transport costs are less, your outbound transport costs are less, your transport times are faster, which leads to higher conversion.

您可以存取更多的庫存池，更接近客戶，入庫運輸成本更低，出庫運輸成本更低，運輸時間更快，從而提高轉換率。

And so, I think we're trying to find the balance right now between adding inventory pools and logistics capabilities to those sites and being really efficient.

因此，我認為我們現在正在努力在這些站點添加庫存池和物流能力與真正高效之間找到平衡。

And so far, that's led to of adding reconditioning capabilities in Buffalo and Portland and Kansas City.

到目前為止，這導致布法羅、波特蘭和堪薩斯城的修復能力增加。

I think over time, we will certainly do more.

我想隨著時間的推移，我們肯定會做得更多。

And I think the speed at which we do that is something that we're figuring out as we go right now.

我認為我們目前正在研究實現這一目標的速度。

Got it.

知道了。

Right.

正確的。

Appreciate the color.

欣賞顏色。

Thank you.

謝謝。

Thank you.

謝謝。

Michael Baker, D.A. Davidson.

麥可貝克，D.A.戴維森。

Okay.

好的。

Thanks.

謝謝。

Two questions.

兩個問題。

One, you talked about giving back to customers, giving some of the profit back to customers.

一，您談到回饋客戶，將部分利潤回饋給客戶。

That show up in sharper pricing, more choice, faster speed of service, all of the above?

這體現在更清晰的定價、更多的選擇、更快的服務速度，所有這些？

And then second question, do you think you gained any share this quarter from some of your competitors being impacted by CDK Global cyberattack?

第二個問題，您認為本季您是否從受到 CDK Global 網路攻擊影響的一些競爭對手那裡獲得了任何份額？

And if so, how much?

如果是的話，多少錢？

And does that mean share gain would be a little bit less going forward?

這是否意味著未來的份額成長會減少？

Thanks.

謝謝。

Sure.

當然。

So I think, we provided in the bridge, we put in the Shareholder Letter, it gives you a walk from kind of where we are to where we expect leverage to be and how we're doing from a marketing perspective in some of our more mature markets.

所以我認為，我們在橋樑中提供了，我們在股東信中提供了，它可以讓您了解我們目前的狀況到我們期望的槓桿水平，以及我們從營銷角度來看我們在一些更多領域的表現。

And I think that gives a pretty clear walk, to the very high-end of our long-term financial model from an EBITDA perspective without the need for fundamental gains.

我認為，從 EBITDA 的角度來看，這為我們的長期財務模型的高端提供了非常清晰的路徑，而無需基本收益。

And then we do believe there are very significant fundamental gains to be had.

然後我們確實相信可以取得非常顯著的基本效益。

And I think the areas where we could invest them were all of the areas that you suggested, and a couple more.

我認為我們可以投資的領域是您建議的所有領域，以及更多領域。

And I think as we move forward, we will try to do that as intelligently as we can.

我認為，隨著我們的前進，我們將盡可能明智地做到這一點。

I'm not sure we want to tip our hat too much on that, because I think -- we've got some creative ideas.

我不確定我們是否想對此表示太多敬意，因為我認為——我們有一些創造性的想法。

And I think there's also some lessons that we've got to learn between here and there as we start to give that back to see where it's most efficient.

我認為，當我們開始回饋以了解哪裡最有效時，我們還必須從各處學到一些教訓。

But as long as we execute, we anticipate having gains to give back.

但只要我們執行，我們就有望獲得回報。

And then, we'll try to do that very intelligently.

然後，我們將嘗試非常明智地做到這一點。

As it relates to CDK, I think there's no question that that was an impact in the industry broadly.

由於它與 CDK 相關，我認為毫無疑問這對整個行業產生了廣泛的影響。

I think there were significant impacts on many automotive retailers.

我認為這對許多汽車零售商產生了重大影響。

The impact to us, I think our best guess at that is that it was pretty muted.

我認為我們最好的猜測是它對我們的影響相當小。

We didn't see huge impacts either when it started, when it was ongoing, or as it was alleviated.

無論是在它開始時、正在發生時還是在它緩解時，我們都沒有看到巨大的影響。

Maybe there were a little directional things that you could have picked out, but nothing that I think warrants mentioned.

也許你可以挑出一些有方向性的東西，但我認為沒有任何值得提及的東西。

So I'm not sure there was a huge impact there.

所以我不確定那裡有巨大的影響。

Okay.

好的。

Thank you.

謝謝。

Appreciate the color.

欣賞顏色。

Thank you.

謝謝。

Sharon Zackfia, William Blair.

莎朗·扎克菲亞，威廉·布萊爾。

Hi.

你好。

Good afternoon, sir.

先生，下午好。

Hi Sharon.

嗨莎倫。

Hi, I think one of the underlying questions is you're kind of balancing profitability with growth, is just kind of how much unmet demand you're leaving on the table.

你好，我認為根本問題之一是你要在獲利能力和成長之間取得平衡，也就是你留下了多少未滿足的需求。

So when we think about kind of inventory and being under-inventoried, obviously, when you're selling non-commodity items, that's constraining sales, right?

因此，當我們考慮庫存類型和庫存不足時，顯然，當您銷售非商品時，這會限制銷售，對嗎？

So I'd assume conversion is a bit below, where you would like it to be.

所以我假設轉換率略低於您想要的值。

It sounds like there's going to be investments in things like recon.

聽起來好像將會在偵察等方面進行投資。

And at some point, I expect marketing to kick up again.

在某個時候，我預計行銷會再次啟動。

Can you talk about kind of where underlying demand is relative to your sales?

您能談談潛在需求與您的銷售額之間的關係嗎？

And it does feel like you are in growth mode now, just given the sales metrics that you're putting up, what kind of testing and iteration are you doing to think about things like turning back on marketing to a greater extent?

感覺你現在確實處於成長模式，考慮到你提出的銷售指標，你正在做什麼樣的測試和迭代來考慮更大程度地回歸行銷之類的事情？

Sure.

當然。

So I think -- I'm not sure my answer is going to be as satisfying as you would like.

所以我想——我不確定我的答案是否會像你希望的那樣令人滿意。

I think all of your observations are correct.

我認為你所有的觀察都是正確的。

I think we're in this transition period and I think we're moving in that direction.

我認為我們正處於這個過渡時期，我認為我們正在朝這個方向前進。

As discussed, we're trying to balance growth and its benefits with the benefits of being able to keep things a little more stable and continue to make gains.

正如所討論的，我們正在努力平衡成長及其帶來的好處，以及能夠保持事情更加穩定並繼續取得收益的好處。

I think there's no question that we are very, very small compared to what we want to be.

我認為毫無疑問，與我們想要的目標相比，我們非常非常小。

At any point in time, measuring the exact amount of latent demand is complicated because I think you even have to frame what that means kind of carefully.

在任何時候，衡量潛在需求的確切數量都很複雜，因為我認為你甚至必須仔細地界定這意味著什麼。

If you believe you have a business model with positive feedback, then as you unlock more demand, kind of that more demand showing up leads to things like faster delivery time and broader selection and unlocks more demand again.

如果您相信自己擁有一個具有正面回饋的商業模式，那麼當您釋放更多需求時，更多需求的出現會導致更快的交貨時間和更廣泛的選擇，並再次釋放更多需求。

So I think our eyes are on selling millions of cars and being the largest, most profitable automotive retailer, and doing it as quickly and intelligently as we possibly can.

因此，我認為我們的目標是銷售數百萬輛汽車，成為最大、利潤最高的汽車零售商，並盡可能快速、明智地做到這一點。

We think things look very, very good right now, and it's very, very exciting.

我們認為現在的情況看起來非常非常好，而且非常非常令人興奮。

But we always remain aware that there's always bumps along the way as well.

但我們始終意識到，一路上也總會有坎坷。

And so, I don't know.

所以，我不知道。

Things feel very good.

事情感覺非常好。

They feel very good, and I think we just got to keep moving forward, and we'll see where it takes us.

他們感覺非常好，我認為我們必須繼續前進，我們會看到它會把我們帶到哪裡。

You're right, Ernie, it was unsatisfying as an answer.

你是對的，厄尼，這個答案並不令人滿意。

So I will ask something maybe

所以我也許會問一些事情

--

--

Nice that you called me out on that.

很高興你在這件事上叫我出來。

Maybe for Mark instead.

也許是馬克。

Seasonality was mentioned earlier, and I just want to level set kind of GPU expectations.

前面提到了季節性，我只是想設定 GPU 的期望水準。

I mean typically, we would expect lower sequential GPU in the third quarter.

我的意思是，通常情況下，我們預計第三季的 GPU 序列會降低。

Is that in keeping with what you're thinking?

這符合你的想法嗎？

Thanks.

謝謝。

So on the question about seasonality, I think where we typically think of seasonality as being most prominent is really in the fourth quarter, first and foremost, and then maybe to an extent in the early first quarter as well.

因此，關於季節性問題，我認為我們通常認為季節性最突出的地方確實是在第四季度，首先是，然後在某種程度上也可能是在第一季初。

I think the form that that seasonality takes is typically softer overall used-car market demand as well as higher depreciation rates.

我認為季節性所採取的形式通常是整體二手車市場需求疲軟以及折舊率上升。

And so that's industry seasonality that we see year after year.

這就是我們年復一年看到的行業季節性。

And I think where we see that most acutely is in the fourth quarter. and sort of the early part of the first quarter.

我認為我們看到最明顯的是第四季。大概是第一季的早期。

Thank you.

謝謝。

Seth Basham, Wedbush Securities.

塞思‧巴沙姆 (Seth Basham)，韋德布希證券公司。

Thanks a lot and good afternoon.

非常感謝，下午好。

My question is around other GPU.

我的問題是關於其他 GPU 的。

If you could give us some sense of where you are today relative to where do you need to be in a couple of years, and the key drivers to get there, that would be helpful.

如果您能讓我們了解您現在所處的位置以及幾年後需要達到的位置，以及實現這一目標的關鍵驅動因素，那將會有所幫助。

Sure.

當然。

I can take that one.

我可以接受那個。

So I do think we've had a strong quarter -- we've had a strong first half on other GPU.

所以我確實認為我們有一個強勁的季度——我們在其他 GPU 上也有強勁的上半年。

I think there are many drivers of that, including all the work that the teams do internally to optimize our platform, scoring, pricing, monetization, as well as we've, I think, over time, had some nice gains in the ancillary products part of that as well.

我認為這有很多驅動因素，包括團隊內部為優化我們的平台、評分、定價、貨幣化所做的所有工作，以及我認為，隨著時間的推移，我們在輔助產品方面取得了一些不錯的成果也是其中的一部分。

I think as we look forward for opportunities, we do see opportunities to make fundamental gains in other GPU.

我認為，當我們期待機會時，我們確實看到了在其他 GPU 領域取得根本性收益的機會。

I think some of the areas where we see opportunities are really the areas that I just listed.

我認為我們看到機會的一些領域確實是我剛才列出的領域。

So we're always seeking to take in more data and improve our scoring and pricing algorithms.

因此，我們一直在尋求獲取更多數據並改進我們的評分和定價演算法。

We're always seeking to prove and streamline the customer experience, to make using Carvana financing as easy as possible.

我們始終致力於證明和簡化客戶體驗，盡可能輕鬆地使用 Carvana 融資。

We're always working to develop the most efficient funding sources for our loans.

我們始終致力於為我們的貸款開發最有效的資金來源。

We're always looking to continue to improve attach rates on our ancillary products.

我們一直在尋求繼續提高我們的輔助產品的附加率。

And so, those are areas where we've made gains historically, but absolutely areas where the teams are focused on continuing to make fundamental gains over time.

因此，這些是我們歷史上取得成果的領域，但絕對是團隊專注於隨著時間的推移繼續取得根本性成果的領域。

That's helpful. direction from here, could we see a step back, because of some of the timing elements associated with the strength you recently experienced, before you get to this much higher level that you expect in a couple of years?

這很有幫助。從這裡開始的方向，在你達到你期望的幾年內更高的水平之前，我們是否可以看到後退一步，因為與你最近經歷的力量相關的一些時間因素？

The callout that we had on Q2, I think Ernie mentioned as well, we saw about a $12 million favorable impact just due to timing effect -- loan sale timing effects that rounded up to 0.4% of revenue.

我想 Ernie 也提到過，我們在第二季度的標註中，我們看到了大約 1200 萬美元的有利影響，這只是由於時間效應——貸款銷售時間效應四捨五入到收入的 0.4%。

So that would be the primary thing that I would call out as it relates to Q2.

因此，這將是我要指出的與第二季相關的首要問題。

Fair enough.

很公平。

Thank you.

謝謝。

Nick Jones, Citizens JMP.

尼克瓊斯，公民 JMP。

Thanks for taking the questions.

感謝您提出問題。

You've delivered a lot of efficiency gains over the last year.

去年，您的效率得到了很大提高。

You're still talking a lot about a bunch more to be made as you try to deliver a much larger number of units than you're doing today.

當你試圖交付比現在更多的產品時，你仍然在談論更多的產品。

How are you balancing kind of this relentless focus on efficiency gains, given the progress you've made versus, I guess, potentially new revenue opportunities that it sounds like you maybe had ambitions if we go back to the Analyst Day years ago?

考慮到您所取得的進步和潛在的新收入機會（如果我們回到幾年前的分析師日，聽起來您可能有雄心壯志），您如何平衡這種對效率提升的不懈關注？

As Carvana gets bigger, delivers this kind of new consumer experience that's differentiated, our consumer's going to kind of increasingly look to Carvana for additional services or solutions?

隨著 Carvana 變得越來越大，提供這種差異化的新消費者體驗，我們的消費者是否會越來越多地向 Carvana 尋求額外的服務或解決方案？

And is that a factor to unlock kind of the volume you aim to get long term?

這是解鎖您長期目標銷售的因素嗎？

Thanks.

謝謝。

Sure.

當然。

So I mean I think one of the lessons that we learned over the last couple of years is that focus is very valuable.

所以我的意思是，我認為我們在過去幾年中學到的教訓之一是，專注是非常有價值的。

And I think one of the things we learned about ourselves, I think we've assembled a team that is very ambitious and seeks to take on a lot of things.

我認為我們對自己了解的一件事是，我認為我們已經組建了一支非常雄心勃勃並致力於承擔很多事情的團隊。

And I think that one of the battles that we constantly face internally, I think, is trying to make sure that we tackle the right number of things and we prioritize them properly.

我認為，我們在內部經常面臨的戰鬥之一是努力確保我們處理正確數量的事情，並正確確定它們的優先順序。

I think given the creativity that we have inside of the walls of Carvana, I think we're never short ideas.

我認為考慮到我們在 Carvana 內部所擁有的創造力，我認為我們從來不缺乏想法。

That's never the case.

事實並非如此。

And I think just trying to make sure that we're focusing on the right things in the right order to make the most progress that we can as quickly as possible is what we focus on.

我認為，我們所關注的只是努力確保我們以正確的順序專注於正確的事情，以盡快取得最大進展。

I think that extends to efficiencies, growth, and other opportunities where we believe they are exciting areas.

我認為這延伸到效率、成長和其他我們認為令人興奮的領域的機會。

All three of those are very exciting areas.

所有這三個領域都是非常令人興奮的領域。

So, I think we're trying to be as smart as we can there.

所以，我認為我們正在努力變得盡可能聰明。

Half of saying this out loud is a reminder to ourselves to try to stay focused, because I think we remain in a place where there are more opportunities than we should intelligently take on, and we're trying to be as thoughtful as we can about which we take on and how.

大聲說出這句話的一半是在提醒我們自己要努力保持專注，因為我認為我們仍然處於一個機會比我們應該明智地接受的更多的地方，我們正在努力盡可能深思熟慮我們承擔哪些以及如何承擔。

And maybe a follow-up, thanks for that.

也許還有後續行動，謝謝。

And I guess on CarMax, has come up a couple of times on the call.

我想在 CarMax 的電話會議上已經出現過幾次了。

I think historically, competitors have maybe not been believers in Carvana's capabilities.

我認為從歷史上看，競爭對手可能不相信 Carvana 的能力。

Do you say there might be a different urgency and a competitive reaction given your kind of recent sustainable results?

您是否認為考慮到您最近的可持續成果，可能會出現不同的緊迫性和競爭反應？

Thanks.

謝謝。

Sure.

當然。

So I mean I'll respond to that maybe just generally.

所以我的意思是我會對此做出一般性的回應。

I mean I think the view that we've always had and we've tried to continually share is that, as it relates to ourselves, we try to not be too focused on competition.

我的意思是，我認為我們一直持有的觀點以及我們一直試圖不斷分享的觀點是，因為這與我們自己有關，所以我們盡量不要過於關注競爭。

We try to be focused on our customers.

我們努力專注於我們的客戶。

I think it gets very easy for companies to follow each other in circles and believe that what the other company is doing is smart.

我認為公司很容易互相跟隨並相信對方公司所做的事情是明智的。

And then just kind of continually chase each other instead of listening to their customers.

然後就是不斷地互相追逐而不是傾聽客戶的意見。

So what we try to do is listen to our customers.

因此，我們嘗試做的就是傾聽客戶的聲音。

That's our continual goal, and we will continue to do that.

這是我們持續的目標，我們將繼續這樣做。

I think that there's no question that whenever results are being put up that are high quality, people are going to take notice.

我認為毫無疑問，只要提出高品質的結果，人們就會注意到。

And I think that will be true of probably many in the industry.

我認為業內許多人可能都是如此。

And that's fine.

那很好。

I think we never expected to be alone or be handed anything.

我想我們從來沒有想過會孤單一人或被交給任何東西。

We expected to come out here and compete for it and try to build something differentiated for our customers.

我們希望來到這裡競爭並嘗試為我們的客戶打造差異化的產品。

And I think that's what we intend to continue to do.

我認為這就是我們打算繼續做的事情。

I think something that -- putting on our very biased Carvana hats, something that we're just extremely excited about is we think that the things that we've built are really differentiated and take a long time and a lot of effort and are associated with a lot of risk.

我認為，戴上我們非常有偏見的 Carvana 帽子，我們非常興奮的是，我們認為我們建造的東西確實與眾不同，需要很長時間和大量的努力，並且是相關的有很大的風險。

I think there are many examples, 10 to a dozen international examples of companies that have sought to do something very similar to us and put big dollars behind it.

我認為有很多例子，十到十幾家國際公司試圖做與我們非常相似的事情，並投入了大量資金。

And I think it's pretty clear at this point that we are, by far and away, the most successful of those big swings, and success in the middle looked like down 99%.

我認為目前很明顯，我們是這些大波動中最成功的，而中間的成功率看起來下降了 99%。

And so I think it's -- this takes a lot to build.

所以我認為這需要付出很多努力才能實現。

And I think that you're never competitively alone.

我認為你永遠不會孤軍奮戰。

But I think the degree to which you are competitively differentiated is a function of time, money, effort and difficulty.

但我認為你在競爭中的差異化程度是時間、金錢、努力和難度的函數。

And we think there's a lot that separates us there.

我們認為我們之間有很多不同之處。

And so we're excited by that.

所以我們對此感到興奮。

But we will, in no way, shape or form be complacent.

但我們絕不會自滿。

We're going to keep trying to put more space between us and everyone else, and keep delivering for our customers.

我們將繼續努力在我們和其他人之間留出更多空間，並繼續為我們的客戶提供服務。

Thank you.

謝謝。

John Colantuoni, Jefferies.

約翰·科蘭托尼，杰弗里斯。

Great.

偉大的。

Thanks for taking my questions.

感謝您回答我的問題。

Just wanted to go back to Ernie's comment about passing additional gains on to the consumer.

只是想回到厄尼關於將額外收益轉嫁給消費者的評論。

Can you just detail what you mean by that comment?

能詳細說明一下您的評論的意思嗎？

I'm probably thinking about this wrong, but it sounded to me like you might -- maybe you expect GPUs to be more consistent with what they are today, and over time, and then you can use any additional efficiency gains to drive faster growth.

我的想法可能是錯誤的，但在我看來，您可能希望 GPU 能夠與當前的狀態更加一致，並且隨著時間的推移，您可以使用任何額外的效率提升來推動更快的成長。

But please help clarify that for me.

但請幫我澄清這一點。

And then second question, the comment about the industry supporting, I think it was -- the comment was the industry can now support $1,000 higher GPU.

然後是第二個問題，關於行業支持的評論，我認為是——評論是行業現在可以支援更高 1,000 美元的 GPU。

Can you just talk about what specifically is driving that and whether those underlying drivers are transitory or sustainable?

您能否談談具體是什麼推動了這一趨勢，以及這些潛在的驅動因素是暫時的還是可持續的？

Thanks.

謝謝。

Sure.

當然。

So on your first question, I think you interpreted it correctly.

所以關於你的第一個問題，我認為你的解釋是正確的。

I think what we define as a fundamental gain is getting $1 more efficient in any given function.

我認為我們定義的基本收益是在任何給定功能中提高 1 美元的效率。

And that means then you have this question of do you keep profitability the same and pass the dollar back to customers in the form of lower price or lower rate, or higher bids on their car, or more investment in their experience in whatever form you want to do?

這意味著你會遇到這樣的問題：你是否保持盈利能力不變，並以更低的價格或更低的費率，或者更高的汽車出價，或者以你想要的任何形式對他們的體驗進行更多投資的形式將美元轉回給客戶去做？

And I think -- or you can obviously have that to show up as higher profits.

我認為——或者你顯然可以將其表現為更高的利潤。

We anticipate in light of the scale of the additional fundamental gains that we see opportunity for from here.

我們根據我們從這裡看到的機會獲得的額外基本收益的規模進行預測。

We anticipate that a significant portion of that will be passed back to customers.

我們預計其中很大一部分將回饋給客戶。

And we'll seek to do that as intelligently as we can.

我們將盡可能明智地做到這一點。

On the GPU comment, I think the point that we're just simply trying to make there is I think the mental model that would have predicted the way things have turned out over the last four or five very volatile years the best, would have been that automotive retail is largely a cost-plus business.

關於 GPU 的評論，我認為我們只是想表達的一點是，我認為能夠預測過去四五年非常不穩定的幾年中事情發展方式的最佳心智模型應該是汽車零售在很大程度上是一項成本加成業務。

And the costs are what do cars cost at wholesale plus what are all the operating cost to deliver to a customer an experience where they get a car at the end of it.

成本是汽車的批發成本加上為客戶提供最終獲得汽車的體驗的所有營運成本。

And given that we've seen a lot of inflation in many areas of automotive retail, and many of the different automotive retailers out there have expenses that are on the order of $1,000 higher today, it would stand to reason with that mental model that you would expect $1,000 higher retail GPUs.

考慮到我們在汽車零售的許多領域都看到了嚴重的通貨膨脹，並且許多不同的汽車零售商的費用比今天高出 1,000 美元左右，根據您的心理模型，您認為是合理的預計零售GPU 價格會高出1,000 美元。

And that is approximately what we observed, if you look at the average of many public retailers or if you look at the wholesale retail spreads.

如果您查看許多公共零售商的平均值或批發零售價差，這大致就是我們觀察到的情況。

And so, it seems as if there has been inflating costs over the last several years, and then those inflating costs are being passed through to higher gross margins that are leading to somewhat similar EBITDA or operating, or like EPS margins.

因此，過去幾年似乎成本不斷上漲，然後這些上漲的成本被轉嫁給更高的毛利率，導致類似的 EBITDA 或營業利潤率或每股盈餘利潤率。

And so I think that was the point that we're trying to make there.

所以我認為這就是我們想要表達的重點。

Marvin Fong, BTIG.

馬文·方，BTIG。

Good evening.

晚安.

Thanks for taking my questions.

感謝您回答我的問題。

Congratulations on the results.

祝賀結果。

So apologies if this was asked before, I joined the call late.

如果之前有人問過這個問題，我深感抱歉，因為我遲到了。

But in talking to some investors, I think last quarter, you highlighted how quickly vehicles were selling on the site, and that kind of limited depreciation and helped GPUs that way.

但在與一些投資者交談時，我認為上個季度，您強調了網站上車輛銷售的速度，以及有限的折舊，並以這種方式幫助了 GPU。

I just thought I'd ask about do cars continue to sell ahead of the low 60-day kind of days to sale that you're targeting?

我只是想問一下，在您設定的 60 天低銷售天數之前，汽車是否會繼續銷售？

Or how has that normalized?

或者說這是如何正常化的？

And then second question, just thinking about your ability to grow volumes

然後是第二個問題，想想你增加銷售的能力

--.

--.

Well aware that you have the capacity, but are there any gating factors, whether it's hiring, personnel, or just getting the reconditioning throughput that would limit you from kind of achieving sequential unit growth better than what you achieved in the second quarter?

很清楚您有能力，但是否有任何限制因素，無論是招聘、人員還是只是獲得翻修吞吐量，都會限制您實現比第二季度更好的連續單位增長？

I mean could we see unit sales go up?

我的意思是我們能看到銷量上升嗎？

Or is there any limiting factor that's preventing you from selling 15,000 units a quarter or more quarter-over-quarter or along those lines?

或者是否有任何限制因素阻止您每季銷售 15,000 件或更多，或以類似方式銷售？

Thanks.

謝謝。

Sure.

當然。

I can take the first one.

我可以拿第一個。

So average days to sale was again below sort of our typical target range in Q2.

因此，平均銷售天數再次低於我們第二季的典型目標範圍。

It was also below that range in Q1.

第一季也低於該範圍。

I do think we'll -- over time, as we onboard production capacity, I think our goal continues to be in our target range versus tracking below that.

我確實認為，隨著時間的推移，隨著我們提高產能，我們的目標將繼續保持在目標範圍內，而不是低於該目標範圍。

And I think the reason for that is we prefer to make a bit more selection available to customers on the site than what we had in Q1 and Q2.

我認為原因是我們更願意在網站上為客戶提供比第一季和第二季更多的選擇。

And then on your second question, I mean, I think you listed many of the gating factors.

關於你的第二個問題，我的意思是，我認為你列出了許多限制因素。

I think we buy cars from customers, from auction, from partners.

我認為我們從客戶、拍賣、合作夥伴那裡購買汽車。

We transport them to our reconditioning centers.

我們將它們運送到我們的翻新中心。

We recondition them through our reconditioning process there.

我們透過那裡​​的翻新流程對它們進行翻新。

Customers go on our website.

客戶造訪我們的網站。

We answer the questions that they've got.

我們回答他們提出的問題。

That means that we're answering phone calls.

這意味著我們正在接聽電話。

We're handling different digital tools to resolve their questions.

我們正在使用不同的數位工具來解決他們的問題。

We attach financing.

我們附上融資。

That means we have a verification function that we go through to make sure that everything associated with the loan is taken care of.

這意味著我們有一個驗證功能，可以確保與貸款相關的一切都得到處理。

We've got title and registration.

我們已經獲得了所有權和註冊。

We've got a delivery, long leg, and last mile.

我們有送貨、長距離和最後一英里。

Those are the various operating groups.

這些是不同的操作組。

And I think every one of those groups, we scale up together as we grow.

我認為這些群體中的每一個，隨著我們的成長，我們都會一起擴大規模。

I think, made the point earlier that, in Q1 we grew more than we anticipated.

我認為，早些時候曾指出，第一季我們的成長超出了我們的預期。

That means that all of the groups were not positioned for the level of sales that we saw, but we started to see the demand, we started leaning in that direction.

這意味著所有的群體都沒有達到我們所看到的銷售水平，但我們開始看到需求，我們開始朝這個方向傾斜。

And all those groups simultaneously scaled up.

所有這些團體同時擴大規模。

And they did so in a way that was very efficient, and allowed not only our fixed expenses delever, but also our variable expenses to go down.

他們以一種非常有效的方式做到了這一點，不僅使我們的固定費用減少，而且使我們的可變費用下降。

The same thing was true again in the second quarter.

同樣的情況在第二季再次出現。

We sold more cars than we expected.

我們售出的汽車比我們預期的要多。

That means that all those same operating teams were given higher targets, and they went out and they got that done.

這意味著所有這些營運團隊都被賦予了更高的目標，他們出去完成了任務。

So, I think that that's exciting.

所以，我認為這很令人興奮。

I think that, that's the continual march of building a complex machine that has lots of people and moving pieces and physical space associated with it.

我認為，這是建造一台複雜機器的持續過程，該機器有很多人、移動部件以及與之相關的物理空間。

But I think that's something that we've demonstrated that we know how to do over a pretty long period of time.

但我認為我們已經證明我們知道如何在相當長的一段時間內做到這一點。

Took a little break there for 18 months.

在那裡休息了 18 個月。

But I think for most of our company's life, that's something that we've really demonstrated we know how to do.

但我認為，在我們公司的大部分時間裡，我們已經真正證明了我們知道如何做。

So, I think, we'll continue to do that as we continue this transition period.

因此，我認為，在過渡期繼續的過程中，我們將繼續這樣做。

That's great color.

那顏色真棒。

Thanks, guys.

多謝你們。

Thank you.

謝謝。

Doug Arthur, Huber Research Partners.

道格‧阿瑟 (Doug Arthur)，Huber 研究合作夥伴。

Yes, thanks.

對了謝謝。

I just wanted to go back to the really strong retail GPU number.

我只是想回到真正強勁的零售 GPU 數字。

You list 4 or 5 factors that are pushing that up.

您列出了 4 或 5 個推動這項因素的因素。

And I would assume that the -- I guess, question 1 is, how significant are the higher spreads between wholesale and retail market prices currently in that equation?

我認為，我想，問題 1 是，目前該等式中批發和零售市場價格之間的較高價差有多大？

And I know you're buying a lot from your customers, how much can you determine that over time as the market moves around price-wise?

我知道您從客戶那裡購買了很多東西，隨著時間的推移，隨著市場價格的變化，您能確定多少？

Sure.

當然。

So I think I would start with kind of the same figure that we discussed earlier, which is I do think that the market is supporting today approximately $1,000 more spread between wholesale and retail.

因此，我認為我會從我們之前討論過的相同數字開始，我確實認為市場今天支持批發和零售之間的價差增加約 1,000 美元。

And that's defined specifically as auction prices relative to average prices offered at -- across many dealers.

這具體定義為拍賣價格相對於許多經銷商提供的平均價格。

So I think our explanation for that is that dealer costs have gone up, and it's a cost-plus business.

所以我認為我們對此的解釋是經銷商成本上升了，這是一項成本加成業務。

Now I think as we grow our business, I think we have many different avenues that we buy cars from.

現在，我認為隨著我們業務的發展，我們有很多不同的管道購買汽車。

From a channel perspective, we buy them directly from customers; that's the majority.

從通路角度來說，我們直接從客戶那裡購買；這是大多數。

We buy many from auction.

我們從拍賣會上購買了很多。

And then we do have partner inventory as well with partners like Hertz where we're getting inventory.

然後，我們也有合作夥伴庫存，以及像赫茲這樣的合作夥伴，我們在那裡獲得庫存。

And I think then we also kind of, in geography, we buy those cars in different places.

我認為，從地理角度來看，我們也在不同的地方購買這些汽車。

And we try to be intelligent about the way that we mix across channel and across location, to go buy those cars as efficiently as possible.

我們嘗試明智地了解跨渠道和跨地點的混合方式，以盡可能高效地購買這些汽車。

That's another area where we think that there are gains to be had.

這是我們認為可以有所收穫的另一個領域。

We think there are many benefits that are sort of inherent, to our business model of having a very large nationally available inventory.

我們認為，擁有大量全國可用庫存的業務模式有許多固有的好處。

And we think those show up in many ways.

我們認為這些表現在很多方面。

They show up in the breadth of cars that we can buy.

它們出現在我們可以購買的各種汽車中。

They show up in the ways that we can intelligently price those cars given the data that we see.

它們以我們可以根據所看到的數據聰明地為這些汽車定價的方式出現。

They show up in the ways that we can buy those cars across channel and space.

它們以我們跨渠道和跨空間購買這些汽車的方式出現。

And so I think we're trying to continually get better in all those different areas.

所以我認為我們正在努力在所有這些不同的領域中不斷變得更好。

But I think our -- as far as prediction goes, we think that, generally speaking, the idea that automotive retailers Cost Plus has been very predictive over a very long period of time with a lot of volatility, it also just kind of makes sense.

但我認為，就預測而言，我們認為，一般來說，汽車零售商的成本加成在很長一段時間內具有很強的預測性，而且波動很大，這也是有道理的。

And so absent big changes in average dealer expenses, I think our expectation would be that profit margins available on vehicles would be pretty similar over time.

因此，如果平均經銷商費用沒有發生重大變化，我認為我們的預期是，隨著時間的推移，車輛的可用利潤率將非常相似。

Okay, great.

好的，太好了。

Thank you. very much.

謝謝。非常。

Thank you.

謝謝。

Rajat Gupta, JPMorgan.

拉賈古普塔，摩根大通。

Great.

偉大的。

Thanks for taking my questions.

感謝您回答我的問題。

I just had one question, one follow-up.

我只有一個問題，一個後續問題。

Firstly, on seasonality, there have been a couple of questions earlier.

首先，關於季節性，之前有幾個問題。

If you look at the business from here, excluding 2022, 2023 when you were going through a period of restructuring, you've always grown units, 2Q to 3Q, 3Q to 4Q.

如果你從這裡看業務，不包括2022年、2023年，當你經歷重組時期時，你總是在增長單位，從第二季度到第三季度，從第三季度到第四季度。

So I'm curious, like, given you're adding production now, you're hiring a lot of technicians, you're hiring market ops, fulfillment standard employees, why would the business -- and given where your share is in the market, why should we still expect seasonality, at least on the units?

所以我很好奇，考慮到你現在正在增加產量，你正在僱用很多技術人員，你正在僱用市場操作人員，履行標準員工，那麼業務為什麼要這樣做 - 並考慮到你在市場中的份額市場，為什麼我們仍然應該預期季節性，至少在單位上？

I mean we understand the GPU seasonality, but why should there be seasonality in the units from here for Carvana.

我的意思是我們了解 GPU 的季節性，但為什麼 Carvana 的單位應該有季節性。

And I have a follow-up?

我有後續行動嗎？

Thanks.

謝謝。

Sure.

當然。

Well, I think we provide our outlook, so we're going to stick with that.

嗯，我認為我們提供了我們的前景，所以我們將堅持下去。

I think seasonality, is definitely an industry-wide thing.

我認為季節性絕對是整個行業的事情。

And then I think we're obviously focused on continually leaning through this transition to growth into more growth, and I think we'll try to be thoughtful on how we do that and the speed at which we do it.

然後我認為我們顯然專注於不斷地從成長過渡到更多成長，我認為我們將努力思考我們如何做到這一點以及我們做到這一點的速度。

But I think we have to stick with our guidance on that one.

但我認為我們必須堅持我們對此的指導。

So apologies for not being more helpful on that question.

因此，很抱歉在這個問題上沒有提供更多幫助。

No worries.

不用擔心。

Another one, just on the long-term target.

另一項，只是關於長期目標。

Obviously, a lot of discussion around the Cost Plus nature, around the GPUs, the $1,000.

顯然，圍繞著成本加成本質、GPU、1000 美元進行了許多討論。

We fully understand that.

我們完全理解這一點。

But curious with the experience over the last two years within the business, are there other areas where you think in the equation of pre-pandemic that informed your long-term targets are no longer relevant?

但對過去兩年的業務經驗感到好奇，您認為在疫情大流行前的方程式中是否還有其他領域告知您的長期目標不再相關？

Maybe areas within SG&A, like advertising, or other areas that you might want to call out that might have changed?

也許 SG&A 內的領域（例如廣告）或您可能想要指出的其他領域可能已發生變化？

Thanks.

謝謝。

I think first order -- I think the simplest thing is just that I think the whole business model is kind of inflated, with inflation, is like a reasonable way to think about it.

我認為第一順序 - 我認為最簡單的事情就是我認為整個商業模式有點膨脹，通貨膨脹，就像一個合理的思考方式。

I think we've put out that long-term model five or six years ago.

我認為我們五、六年前就已經推出了長期模型。

The reason that we were able to put that out and it's been fairly accurate is because this is a very mature industry.

我們之所以能夠將其發布並且相當準確，是因為這是一個非常成熟的行業。

And so there's a lot of data that we could look at to see where were the various pockets of profitability.

因此，我們可以查看大量數據來了解各個獲利領域的情況。

And we were able to reasonably accurately build up what we thought expenses would be.

我們能夠相當精確地計算出我們認為的費用。

And so I think from a long-term perspective, I'm not sure that the model has changed all that much.

因此，我認為從長遠角度來看，我不確定模型是否發生瞭如此大的變化。

It's certainly inflated and I think, most specifically, it's inflated in retail GPU.

它肯定被誇大了，我認為，最具體地說，它在零售 GPU 中被誇大了。

I think the next thing that I would say is we acquired ADESA.

我想我接下來要說的是我們收購了 ADESA。

And we vertically integrated versus what was anticipated at that time.

我們垂直整合了當時的預期。

So that's another change.

這是另一個變化。

But otherwise, I think the fundamentals of the market are pretty similar, right?

但除此之外，我認為市場的基本面非常相似，對嗎？

Competitive dynamics are still pretty similar.

競爭動態仍然非常相似。

Consumer options are still pretty similar.

消費者的選擇仍然非常相似。

So we think that that remains a reasonable way to think about it.

所以我們認為這仍然是一個合理的思考方式。

I think in terms of our own execution, I think this last year has been -- well, the last two years really, have just been very, I think, exciting in terms of the speed at which we've been able to execute.

我認為就我們自己的執行而言，我認為去年——嗯，過去兩年確實，就我們執行的速度而言，我認為非常令人興奮。

And I think also the additional opportunities you see.

我認為還有你看到的額外機會。

Every time you take a step forward, you tend to see a couple of more opportunities.

每次你向前邁出一步，你往往會看到更多的機會。

And so, I think that there's a lot of exciting opportunities in front of us, but I'm not sure that we're at a place where that should change our view on kind of like what we think is an attainable long-term EBITDA margin too much for the future.

因此，我認為我們面前有很多令人興奮的機會，但我不確定我們是否會改變我們對可實現的長期 EBITDA 的看法。

We'll keep you updated if that changes.

如果情況發生變化，我們會及時通知您。

But I think high level, we remain in a similar spot, and we expect now to be at the high end of our long-term model.

但我認為，在高水準上，我們仍然處於類似的位置，我們預計現在將處於長期模型的高端。

But I think we don't have a ton more updates than that to provide.

但我認為我們沒有更多的更新可以提供。

Understood.

明白了。

Great.

偉大的。

Thanks for the color and good luck.

謝謝你的顏色，祝你好運。

Thank you.

謝謝。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Ernie Garcia for any closing remarks.

我想將會議轉回厄尼·加西亞（Ernie Garcia）發表閉幕詞。

Great.

偉大的。

Well, thanks, everyone, for taking the time to be on the call.

好的，謝謝大家抽空接聽電話。

Thank you to all of our shareholders out there.

感謝我們所有的股東。

This is -- you don't get to have that many quarters that are this fun and meaningful.

這是——你不可能擁有那麼多如此有趣和有意義的宿舍。

And I think this is a pretty fun one for the team internally, and I hope it's a fun one for many of the shareholders that have stuck with us over the last couple of years.

我認為這對團隊內部來說是一件非常有趣的事情，我希望這對過去幾年一直支持我們的許多股東來說也是一件有趣的事情。

I know there's been some ups and downs.

我知道有些起起落落。

But we're excited from here.

但我們從這裡開始感到興奮。

We hope that you're excited about these results and about the prospects that we have going forward.

我們希望您對這些結果以及我們未來的前景感到興奮。

To everyone inside Carvana, I just cannot thank you guys enough.

對於 Carvana 內部的每一個人，我對你們的感激之情無以言表。

I hope that you are incredibly proud of the results that we've been able to put forward here.

我希望您對我們在這裡所取得的成果感到無比自豪。

I think it's the coolest thing that I've ever been associated with is, is getting beat up that bad by the whole world and then just coming together and fighting all the way back to this spot.

我認為這是我經歷過的最酷的事情，就是被全世界打敗，然後團結起來，一路戰鬥回到這個地方。

And I hope we always remember that.

我希望我們永遠記住這一點。

I hope we always stay in that fighting stance.

我希望我們始終保持這種戰鬥姿態。

And I hope we keep proving people wrong, because it's been really fun.

我希望我們不斷證明人們是錯的，因為這真的很有趣。

And I think that we can and I think that we should.

我認為我們可以而且應該這樣做。

So thank you to all of you.

謝謝大家。

Take a moment to be proud.

花點時間感到自豪。

We'll see you tomorrow, we'll be back at it.

我們明天見，我們會回來的。

Thanks, everyone.

感謝大家。

This conference has now concluded.

本次會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may disconnect.

您可以斷開連線。