Carvana Co (CVNA) 2024 Q4 法說會逐字稿

Good day, and welcome to Carvana's fourth quarter 2024 earnings conference call.

大家好，歡迎參加 Carvana 2024 年第四季財報電話會議。

(Operator Instructions) Note, this event is being recorded.

（操作員指示）注意，該事件正在記錄中。

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

現在，我想將會議交給投資者關係部梅格凱漢 (Meg Kehan)。

Please go ahead.

請繼續。

Thank you, Asha.

謝謝你，阿莎。

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

女士們、先生們，下午好，感謝您參加 Carvana 2024 年第四季和全年收益電話會議。

Please note that this call will be simultaneously webcast on our Investor Relations section of the company's corporate website at investors.carvana.com.

請注意，本次電話會議將在公司網站 investors.carvana.com 的投資者關係部門同時進行網路直播。

The fourth quarter shareholder letter is also posted to the IR website.

第四季的股東信也發佈在 IR 網站上。

Additionally, we posted a set of supplemental financial tables for Q4, which can be found on the Events and Presentations page of our IR website.

此外，我們發布了第四季度的補充財務表，可以在我們的 IR 網站的活動和演示頁面上找到。

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

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

Before we start, I would like to remind you that the following discussion contains forward-looking statements within the meaning of the federal securities laws, including, but not limited to, Carvana's market opportunities and future financial results that involve risks and uncertainties that may cause actual results to differ materially from those discussed here.

在我們開始之前，我想提醒您，以下討論包含聯邦證券法含義內的前瞻性陳述，包括但不限於 Carvana 的市場機會和未來財務結果，這些結果涉及風險和不確定性，可能導致實際結果與此處討論的結果存在重大差異。

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.

有關導致實際結果與前瞻性陳述不同的重大因素的詳細討論，請參閱 Carvana 最新的 10-K 表格中的風險因素部分。

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 不承擔更新或修改這些陳述和風險的義務，無論是否出現了新的進展。

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 the 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 的引用均為非 GAAP 指標，所有對 EBITDA 的引用均為調整後的 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.

我們報告的結果的 GAAP 指標和非 GAAP 指標之間的對帳可以在我們今天發布的股東信中找到，該信的副本可以在我們的 IR 網站上找到。

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

說完這些，我想把電話轉給厄尼·加西亞 (Ernie Garcia)。

Ernie?

厄尼？

Thanks, Meg, and thanks, everyone, for joining the call. 2024 will always be a defining year in the Carvana story.

謝謝梅格，也謝謝大家參加電話會議。 2024 年永遠是 Carvana 故事中決定性的一年。

In 2024, we became the most profitable public automotive retailer in US history as measured by adjusted EBITDA margin while simultaneously being the fastest growing.

2024年，以調整後的EBITDA利潤率衡量，我們成為美國史上最賺錢的上市汽車零售商，同時也是成長最快的公司。

There are many quarterly and annual numbers that support and punctuate this point, but the simple reduction is the most important.

有許多季度和年度數據支持並強調這一點，但簡單的減少是最重要的。

The most profitable ever and fastest growing is very powerful.

有史以來最賺錢、成長最快的公司非常強大。

We also did this with 1% nationwide market share.

我們也憑藉著1%的全國市佔率做到了這一點。

This is a very unique long-term growth opportunity, and we are built for scale.

這是一個非常獨特的長期成長機會，我們的目標是擴大規模。

Our inspection centers that were in operation before we began integrating our ADESA mega sites had capacity for over 1 million retail units, about 3 times our current volume.

在我們開始整合 ADESA 大型站點之前，我們營運的檢測中心擁有超過 100 萬個零售單位的容量，約為我們目前容量的 3 倍。

Fully integrating all ADESA mega sites will give us capacity for approximately 3 million retail units or 8 times our current volume.

在全面整合所有 ADESA 大型站點後，我們的零售容量將達到約 300 萬個零售單位，相當於目前容量的 8 倍。

And this isn't conceptual.

這並不是概念性的。

In 2024, we integrated 6 of the 56 ADESA sites.

2024 年，我們整合了 56 個 ADESA 站點中的 6 個。

We expect to open approximately another 10 mega sites this year, two of which we have already announced.

我們預計今年將再開放約 10 個大型站點，其中兩個我們已經宣布開放。

This reduces the execution risk of achieving significantly more scale and that extra scale will come with the positive feedback inherent in our model.

這降低了實現更大規模的執行風險，額外的規模將帶來我們模型固有的正向回饋。

Our business model took us $10 billion, tens of millions of hours of effort, and over 10 years to build.

我們的商業模式耗費了 100 億美元、數千萬小時的努力以及超過 10 年的時間來建立。

It is hard, and the difficulty of building it is very clear through the simple exercise of looking at the outcomes and difficulties of the many companies around the world, including ourselves, that have attempted to build something similar over the last 10 to 15 years.

這是很難的，只要簡單回顧一下世界各地許多公司（包括我們自己）在過去10到15年間嘗試建立類似體系的成果和困難，就能清楚地看出建立該體系的難度。

In addition, our market enjoys unique competitive dynamics.

此外，我們的市場擁有獨特的競爭態勢。

We compete in a highly fragmented market.

我們在一個高度分散的市場中競爭。

Our largest direct competitor has about a 2% market share.

我們最大的直接競爭對手擁有約2％的市佔率。

The largest 100 direct competitors combined have about 10% market share.

最大的 100 個直接競爭對手合計佔有約 10% 的市佔率。

We are a team of builders that have stuck together through thick and thin and accumulated the lessons that have been learned at every step of our journey.

我們是一支建造者團隊，同舟共濟，共同前行，在每一步旅程中累積經驗教訓。

We imagine the business, we designed the customer experience, we built the technology and operational apparatus that was necessary to deliver it.

我們設想業務，設計客戶體驗，打造實現該目標所需的技術和營運設備。

In just eight years, we had scaled that complex system quickly enough to be tied to the third fastest company to make the Fortune 500 in history.

僅用八年時間，我們就迅速擴展了這個複雜的系統，並成為歷史上躋身財富 500 強速度第三快的公司。

We faced hardship together.

我們共同面對困難。

And most recently, we did all the hard, detailed work that is necessary to prove that the machine that we imagine is the most efficient machine in our industry for buying and selling cars.

最近，我們做了所有必要的艱苦、細緻的工作，以證明我們想像中的機器是我們這個行業中購買和銷售汽車最高效的機器。

The team that did all of this is still here, and we are still hungry.

完成這一切的團隊仍然在這裡，我們仍然渴望成功。

And importantly, we deliver an experience our customers love.

重要的是，我們提供客戶喜愛的體驗。

It is faster, simpler, more confidence inspiring, offers greater selection, and better value that is available elsewhere in the market, and we aren't even close to done.

它更快，更簡單，更令人放心，提供更多選擇，並且比市場上其他地方提供的更有價值，而且我們甚至還沒有接近完成。

There are fundamental gains left to be harvested, we will go get them.

還有一些根本性的成果尚待收穫，我們會去收穫它們。

There are many opportunities to make our machine more efficient and add new foundational capabilities to serve our customers and partners better, we will build them.

有很多機會可以使我們的機器更加高效，並增加新的基礎功能，以更好地服務我們的客戶和合作夥伴，我們將建立它們。

There is room to make our customer experience simpler, more efficient, and more delightful for our customers, we'll make that happen too.

我們可以讓客戶體驗變得更簡單、更有效率、更愉快，我們也會實現這一點。

We are at an exciting moment in our history.

我們正處於歷史上一個令人興奮的時刻。

We are firmly on the path to buying and selling millions of cars to becoming the largest and most profitable automotive retailer, and to fulfilling our mission to change the way people buy and sell cars.

我們堅定地走在買賣數百萬輛汽車的道路上，成為最大、最賺錢的汽車零售商，並實現改變人們買賣汽車方式的使命。

There's no where we'd rather be.

沒有比這裡更讓我們想去的地方了。

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，也謝謝大家今天的到來。

2024 was a monumental year for Carvana and solidified the long-term earnings power of our vertically integrated business model.

2024 年對 Carvana 來說是具有里程碑意義的一年，鞏固了我們垂直整合業務模式的長期獲利能力。

We entered the year focused on driving fundamental gains and enhancing customer experiences while also beginning to layer in certain growth initiatives.

新的一年，我們專注於推動根本效益和提升客戶體驗，同時也開始分層實施某些成長計畫。

Throughout the year, we maintained that mindset and achieved additional fundamental gains, which resulted in significant improvements in unit economics and meaningful enhancements to our customer offering.

在這一年中，我們始終保持這種心態，並取得了額外的根本性收益，從而顯著提高了單位經濟效益並為我們的客戶提供了有意義的改進。

This enabled us to once again leverage the three fundamental drivers of growth that we have benefited from in the past and expect to continue to benefit from in the future.

這使我們能夠再次利用過去受益並期望未來繼續受益的三大基本成長動力。

One, continuously improving our customer offering; two, increasing awareness, understanding and trust of our brand; and three, increasing inventory selection and other benefits of scale.

一、不斷改善我們的客戶服務；二、提高我們品牌的知名度、理解力和信任度；三是增加庫存選擇等規模效益。

Positive feedback created by these drivers resulted in a 33% year-over-year growth rate in FY 2024 retail units sold, significantly outpacing the industry, while simultaneously driving material operating leverage and industry-leading margins.

這些驅動因素產生的正面回饋導致 2024 財年零售單位銷售量年增 33%，大大超過行業水平，同時推動了材料經營槓桿和行業領先的利潤率。

We set new company records and numerous financial metrics, including adjusted EBITDA of $1.38 billion, adjusted EBITDA margin of 10.1%, GAAP operating income of $990 million, GAAP operating margin of 7.2%, net income of $404 million, and net income margin of 3.1%.

我們創下了新的公司記錄和許多財務指標，包括調整後的 EBITDA 為 13.8 億美元，調整後的 EBITDA 利潤率為 10.1%，GAAP 營業收入為 9.9 億美元，GAAP 營業利潤率為 7.2%，淨收入為 4.04 億美元，淨收入率為 3.1%。

Moving to our fourth quarter results.

轉向我們第四季的業績。

Where 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。

The fourth quarter was again an exceptional quarter for Carvana that was driven by our team's ability to achieve further fundamental gains and operating efficiencies while also pursuing significant year-over-year growth.

第四季對 Carvana 來說再次是一個非凡的季度，這得益於我們團隊能夠進一步實現基本收益和營運效率，同時追求顯著的同比增長。

Fourth consecutive quarter, we earned positive net income, and we set new fourth quarter records for retail units sold, adjusted EBITDA, adjusted EBITDA margin, GAAP operating income, GAAP operating margin, net income, and net income margin.

我們連續第四個季度實現正淨收入，並在第四季度零售單位銷售、調整後 EBITDA、調整後 EBITDA 利潤率、GAAP 營業收入、GAAP 營業利潤率、淨收入和淨收入利潤率等方面創下新高。

The strong demand we experienced in the first three quarters of the year continued into the fourth quarter.

我們在今年前三個季度經歷的強勁需求延續到了第四季。

Retail units sold totaled 114,379 in Q4, an increase of 50%, a significant acceleration from Q3, leading to the second highest quarterly retail unit sales in our history, despite Q4 being a seasonally lower demand period.

第四季零售單位銷售量總計 114,379 套，成長 50%，較第三季大幅加速，儘管第四季屬於季節性需求低迷期，但仍創下了我們歷史上第二高的季度零售單位銷量。

Revenue was $3.547 billion, an increase of 46%.

營收為35.47億美元，成長46%。

Like the full year, our growth in the fourth quarter was driven by our three long-term growth drivers.

與全年一樣，我們第四季的成長是由三大長期成長動力所推動的。

We believe as we continue on our path of profitable growth, each driver will improve, creating more positive feedback in the model.

我們相信，隨著我們繼續走在獲利成長的道路上，每個驅動因素都會得到改善，從而在模型中創造更多正面的回饋。

Our strong profitability results in Q4 were again driven by sustained and fundamental improvements across all GPU components and operations expenses as well as levering our overhead expenses.

我們第四季強勁的獲利業績再次得益於所有 GPU 組件和營運費用的持續和根本性改善以及管理費用的利用。

Non-GAAP retail GPU was $3,331, an increase of $361.

非 GAAP 零售 GPU 為 3,331 美元，增加 361 美元。

Year-over-year changes were driven primarily by lower retail depreciation rates, reductions, and reconditioning and inbound transport costs and lower average days of sale, partially offset by lower spreads between wholesale and retail market prices.

與去年同期相比，變化的主要原因是零售折舊率下降、修復和入境運輸成本減少以及平均銷售天數減少，但批發和零售市場價格之間的價差縮小部分抵消了這一影響。

Non-GAAP wholesale GPU was $857 a decrease of $24.

非公認會計準則 GPU 批發價格為 857 美元，下降 24 美元。

Year-over-year changes were primarily driven by faster growth in retail units than wholesale vehicle and wholesale marketplace units, partially offset by lower vehicle depreciation rates.

與去年同期相比，零售單位的成長速度快於汽車批發和批發市場單位的成長速度，但汽車折舊率的下降部分抵消了這項變化。

Non-GAAP other GPU was $2,728, an increase of $849.

非公認會計準則其他 GPU 為 2,728 美元，增加 849 美元。

The increase in other GPU was primarily driven by higher spreads between origination interest rates and benchmark rates, lower credit spreads on securitization transactions, changes in loan sale channel mix and selling a greater volume of loans relative to originations in Q4 '24 compared to Q4 '23.

其他 GPU 的成長主要是由於發起利率與基準利率之間的利差擴大、證券化交易的信用利差下降、貸款銷售管道組合的變化以及 24 年第四季與 23 年第四季相比，貸款銷售量相對於發起量增加。

Non-GAAP SG&A expense was $432 million, an increase of 15%.

非公認會計準則銷售、一般及行政開支為 4.32 億美元，成長 15%。

Q4 was another strong quarter for demonstrating the power of our model to lever SG&A expenses.

第四季又一個強勁季度，證明了我們的模型能夠控制銷售、一般及行政費用 (SG&A) 的強大能力。

Our 50% growth in retail units sold led to a $1,165 reduction in non-GAAP SG&A expenses for retail units sold.

我們的零售單位銷售量成長了 50%，導致零售單位銷售的非 GAAP 銷售、一般及行政支出減少了 1,165 美元。

Carvana operations portion of SG&A expense totaled $1,696 per retail unit sold, a decrease of $328 driven by our operational efficiency initiatives.

Carvana 營運部分的銷售、一般及行政開支總計為每售出一個零售單位 1,696 美元，由於我們的營運效率措施而減少了 328 美元。

The overhead portion of SG&A expense totaled $159 million in Q4, an increase of $9 million, primarily driven by nonrecurring items.

第四季銷售、一般及行政開支的間接費用部分總計 1.59 億美元，增加 900 萬美元，主要由於非經常性項目的影響。

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

我們繼續看到，隨著時間的推移和規模的擴大，單位銷售、一般及行政開支有顯著改善的機會，這得益於營運開支的持續效率以及成本結構固定部分的槓桿率。

Adjusted EBITDA was $359 million in Q4, an increase of $299 million.

第四季調整後 EBITDA 為 3.59 億美元，增加 2.99 億美元。

Adjusted EBITDA margin was 10.1% in Q4, a 7.6-percentage-point increase.

第四季調整後 EBITDA 利潤率為 10.1%，成長 7.6 個百分點。

Our adjusted EBITDA margin of 10.1% was industry-leading and is well within our long-term financial model EBITDA margin range of 8% to 13.5%.

我們的調整後 EBITDA 利潤率為 10.1%，處於行業領先地位，並且完全符合我們長期財務模型 EBITDA 利潤率範圍 8% 至 13.5%。

We continue to see meaningful opportunities for fundamental gains to continue driving towards the higher end of that range over time.

我們繼續看到根本收益的重大機會，隨著時間的推移，繼續推動收益達到該範圍的更高水準。

Our adjusted EBITDA is very high quality compared to many rapidly growing companies due to our relatively low noncash expenses.

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

GAAP operating income was $260 million in Q4, leading to GAAP operating margin of 7.3%, leading the public auto retail industry.

Q4 GAAP 營業收入 2.6 億美元，GAAP 營業利潤率 7.3%，領先大眾汽車零售業。

As previously noted, we currently carry many expenses that support retail unit sales capacity of over 1 million units and expect our GAAP operating income to grow faster than adjusted EBITDA over time.

如前所述，我們目前承擔著許多支持超過 100 萬台零售單位銷售能力的費用，並預計我們的 GAAP 營業收入將隨著時間的推移比調整後的 EBITDA 增長更快。

As discussed in prior quarters, we believe that pairing our strong financial results with the measured actions we have taken position us well to continue delivering our balance sheet over time.

正如前幾季所討論的那樣，我們相信，強勁的財務業績與我們採取的審慎行動相結合，使我們能夠隨著時間的推移繼續實現資產負債表目標。

As a company that we believe has the opportunity to be a many-year compounder, we believe in having a strong balance sheet with substantial liquidity and a strong credit rating.

作為一家有機會成為多年複合成長公司的公司，我們相信公司擁有強勁的資產負債表、充足的流動性和強勁的信用評級。

In the fourth quarter, we took additional steps to further bolster our balance sheet, retiring $120 million of our 2028 senior secured notes and raising $924 million of equity through our ATM program.

在第四季度，我們採取了額外措施進一步增強我們的資產負債表，贖回了 1.2 億美元的 2028 年優先擔保票據，並透過我們的 ATM 計畫籌集了 9.24 億美元的股本。

At the end of 2024, we had more than $1.7 billion of cash and $3.6 billion of committed liquidity resources, a $2 billion increase year-over-year.

截至 2024 年底，我們擁有超過 17 億美元的現金和 36 億美元的承諾流動資金資源，年增 20 億美元。

In addition, our ratio of net debt to adjusted EBITDA was 2.8 times and our ratio of adjusted EBITDA to interest expense was more than 2 times, demonstrating significant progress toward our deleveraging goals.

此外，我們的淨負債與調整後 EBITDA 的比率為 2.8 倍，調整後 EBITDA 與利息支出的比率為 2 倍以上，顯示我們在去槓桿目標方面取得了重大進展。

We remain committed to further deleveraging through growth in adjusted EBITDA and plan to drive toward investment-grade quality credit ratios over time.

我們仍致力於透過提高調整後的 EBITDA 來進一步降低槓桿率，並計劃逐步實現投資級優質信用比率。

Our results in 2024 position us well for a strong 2025.

我們在 2024 年取得的成績為我們在 2025 年取得強勁成績奠定了基礎。

Assuming the environment remains stable, looking forward, we expect significant growth in both retail units sold and adjusted EBITDA in full year 2025, including a sequential increase in both retail units sold and adjusted EBITDA in Q1 2025.

假設環境保持穩定，展望未來，我們預計 2025 年全年零售銷售單位數和調整後 EBITDA 都將大幅成長，其中 2025 年第一季零售銷售單位數和調整後 EBITDA 都將持續成長。

In conclusion, 2024 was an extremely exciting year for Team Carvana.

總而言之，2024 年對 Team Carvana 來說是極為令人興奮的一年。

We achieved two very significant milestones of becoming the fastest-growing and most profitable automotive retailer.

我們實現了兩個非常重要的里程碑：成為成長最快、獲利能力最強的汽車零售商。

The strength of our financial results and the strength of our customer offering position us well to continue to take market share as we progress in our long-term phase of driving profitable growth.

我們強勁的財務表現和強大的客戶服務能力使我們在長期推動獲利成長的過程中繼續佔據市場份額。

Thank you for your attention.

感謝您的關注。

We will now take questions.

我們現在開始回答問題。

(Operator Instructions)

（操作員指令）

Ron Josey, Citi.

花旗銀行的 Ron Josey。

Ernie, Mark, I had a question on inventory and the overall experience.

厄尼，馬克，我對庫存和整體體驗有疑問。

And so on inventory.

等等庫存。

I think the letter talked about production throughput improvement.

我認為這封信談論的是生產能力的提升。

And I wanted to understand as inventory grows, is how you philosophically manage balancing inventories, a lever to drive demand versus greater overall depreciation?

我想了解的是，隨著庫存的增長，您如何從哲學上管理平衡庫存，以推動需求而不是整體折舊？

And then having recently gone through the purchase and trade process at Carvana, with inventory growing, I just want to hear your thoughts on just how search and merchandising is improving overall, how you might use AI to maybe include natural language search and things along those lines as the user experience improves.

然後，最近我經歷了 Carvana 的購買和交易流程，隨著庫存的增長，我只想聽聽您對搜尋和商品銷售整體如何改善的看法，隨著用戶體驗的改善，您如何使用人工智慧來包括自然語言搜尋和類似的內容。

Sure.

當然。

So first, I think we talked about a bit in the letter.

首先，我想我們在信中討論了一些事情。

I think we're big believers that selection is one of the simplest, clearest and most obvious to our customer benefits that we provide.

我認為我們堅信選擇是我們為客戶提供的最簡單、最清晰、最明顯的利益之一。

And so we're big believers that offering them that selection is very powerful.

因此，我們堅信為他們提供這樣的選擇非常有用。

We think that our business model is uniquely positioned to do that, not just because all the cars can be delivered to customers so they can see everything nationwide, but also because it changes the cars that we can buy because we're optimizing a very large pool instead of many small pools.

我們認為，我們的商業模式具有獨特的優勢，不僅因為所有的汽車都可以交付給客戶，讓他們可以看到全國各地的所有汽車，還因為它改變了我們可以購買的汽車，因為我們正在優化一個非常大的汽車池，而不是許多小的汽車池。

And the math of that is meaningful.

其數學意義重大。

It means that we can kind of cover more demand space per unit than many other automotive retailers would be able to.

這意味著我們每單位產品能夠覆蓋比其他許多汽車零售商更多的需求空間。

So we think that's really valuable.

所以我們認為這非常有價值。

I think there's many ways for us to think about what the right inventory size is.

我認為我們可以透過多種方式來思考合適的庫存規模。

I think you framed up the trade-offs.

我認為你已經權衡了利弊。

I think very clearly, as we have more inventory, we have greater conversion.

我很清楚地認為，我們的庫存越多，轉換率就越高。

And then when you have more inventory, if conversion goes up by less than the increase in your inventory, then you have greater expected depreciation.

然後，當您有更多庫存時，如果轉換率的上升幅度小於庫存的上升幅度，則預期折舊就會更大。

And you can kind of convert that extra depreciation into a customer acquisition cost and compare it to other ways to acquire customers with the knowledge that not only is it a way to acquire customers, but it's also a way to acquire customers that makes them happier, making it kind of all else constant, a more efficient customer acquisition channel.

您可以將額外的折舊轉換為客戶獲取成本，並將其與其他客戶獲取方式進行比較，同時要知道這不僅是一種客戶獲取方式，而且還是一種讓客戶更滿意的方式，在其他所有變數不變的情況下，這是一種更有效的客戶獲取管道。

So I think our general view is we want to keep leaning into inventory.

因此我認為我們的總體觀點是我們希望繼續依賴庫存。

I think the team has done an absolutely incredible job. '24 was a year where our expectations for the units we would sell continually went up and that meant that the plan that the inspection center team and all the operating teams were kind of needing to level up to was constantly increasing.

我認為該團隊做出了絕對出色的工作。 '24 年是我們對銷售單位的期望不斷上升的一年，這意味著檢查中心團隊和所有營運團隊需要升級的計劃也在增加。

They did a great job doing that.

他們在這方面做得非常好。

They did a great job doing that very efficiently.

他們非常有效率地完成了這項工作，做得非常好。

And we're at a spot now we're very happy with the inventory that we're producing, but we absolutely have big eyes and think that more cars is better, and we're heading into very -- in very short order tax season, where we expect sales to go up again.

現在，我們對所生產的庫存感到非常滿意，但我們也非常重視汽車，認為汽車數量越多越好，而且我們即將進入納稅季節，我們預計銷售額將再次上升。

So I think we'll continue to invest in inventory, and we think that's great for our business and great for our customers.

因此我認為我們將繼續投資庫存，我們認為這對我們的業務和我們的客戶都有好處。

You posed the AI question as number two.

您提出的人工智慧問題是第二個問題。

I think there's so much to say there that we'll try to stay a little bit high level.

我認為有太多話要說，我們會嘗試保持較高的水平。

I think we'll start with this.

我想我們就從這個開始。

First and foremost, we're enormous believers in the power of the technology.

首先，我們非常相信科技的力量。

I think our view is it is unlikely that we will see another technology in our lifetimes that's this powerful.

我認為我們不太可能在有生之年再見到如此強大的技術。

It's -- for those of you that are using it all the time, I'm sure you feel similarly, it's just absolutely unbelievable.

對於那些經常使用它的人來說，我相信你們也會有類似的感受，這簡直令人難以置信。

And the quality of technology exists today is so far in front of what virtually any company is actually already implementing.

當今技術的品質遠遠領先於幾乎所有公司實際上已經在實施的技術。

And so there's a long road map in front of us to catch up to the horizon where that technology is and the speed at which it's improving is pretty unbelievable, and I think there's clear visibility it's going to keep improving.

因此，我們面前還有很長的路要走，才能趕上這項技術的水平，而它進步的速度是相當令人難以置信的，我認為它將繼續進步是顯而易見的。

And I think the number of applications are hard to imagine today, but there are undoubtedly many.

我認為申請的數量在今天是難以想像的，但毫無疑問地有很多。

So we think that's extremely exciting.

因此我們認為這非常令人興奮。

I think the foundation of Carvana was a belief that by reimagining customer experience using modern technology, we could give customers an experience they love.

我認為 Carvana 的基礎是一種信念：透過使用現代技術重新構想客戶體驗，我們可以為客戶提供他們喜愛的體驗。

And I think a new technology revolution is an opportunity to continue to do that.

我認為新的科技革命是一個繼續這樣做的機會。

And so I think we're very excited by that.

所以我認為我們對此感到非常興奮。

I think our business has a number of unique advantages that put us in a position to leverage these technologies in a more fulsome way than many of our competitors are likely to be able to.

我認為我們的業務具有許多獨特的優勢，這些優勢使我們能夠比許多競爭對手更充分地利用這些技術。

One that's very obvious is scale.

一個非常明顯的原因就是規模。

We've now sold over 4 million cars or excuse me, bought and sold over 4 million cars, that's a lot of transactions that we're able to learn from and we have very deep data on every one of those transactions because of the fact that we're vertically integrated and capturing all those clicks throughout the entire process.

我們現在已經銷售了超過 400 萬輛汽車，或者對不起，買賣了超過 400 萬輛汽車，我們可以從這麼多的交易中學習，並且我們對每筆交易都有非常深入的數據，因為我們是垂直整合的，並在整個過程中捕獲了所有的點擊。

Our business is built around making customer experience is simple.

我們的業務致力於讓客戶體驗變得簡單。

And that means that the whole process is deterministic.

這意味著整個過程是確定性的。

There's not a negotiation in between, and that makes all the calculations easier and something that can be done ahead of time as long as your data is well organized, which makes the power of any of these AI agents greater or AI applications greater.

中間不需要協商，這使得所有的計算變得更容易，只要你的數據組織良好，就可以提前完成計算，這使得任何人工智慧代理或人工智慧應用程式的功能更強大。

Vertically integrated, which means that the entirety of the transaction.

垂直整合，意味著交易的整體性。

To a customer feels like one thing.

對顧客來說感覺就像一回事。

When a customer buys a car, they feel like they're doing one thing.

當顧客買車時，他們感覺自己正在做一件事。

When we think about it from a business perspective, oftentimes, there's a number of horizontal businesses stacked on top of each other that are providing that single experience, but that creates friction to implementing the most optimal technological solutions that are available.

當我們從商業角度考慮這個問題時，通常會有許多水平業務堆疊在一起，提供單一的體驗，但這會給實施現有的最優技術解決方案帶來摩擦。

We're vertically integrated.

我們是垂直整合的。

We think it means that we can give customers a simpler experience and we think that's accentuated by these stronger technologies.

我們認為這意味著我們可以為客戶提供更簡單的體驗，我們認為這些更強大的技術進一步增強了這一點。

And then I think importantly, we have a tech center team that pays attention to this and is really invested and believes.

然後我認為重要的是，我們有一個技術中心團隊關注這一點並且真正投入並相信。

And so you can see our first and currently most developed application is Sebastian, which is our chatbot online.

所以您可以看到我們的第一個也是目前開發得最快的應用程式是 Sebastian，它是我們的線上聊天機器人。

I think that, that represents the brain that we're building, and it's us skin on top of that brain but there's opportunity for us to put that throughout the entirety of the customer experience, and I think we plan to be very aggressive there.

我認為，這代表了我們正在建立的大腦，它是我們大腦之上的皮膚，但我們有機會將其貫穿整個客戶體驗，我認為我們計劃在這方面非常積極。

So that's something we're certainly excited about.

所以這確實是我們感到興奮的事情。

Sharon Zackfia, William Blair.

莎朗·扎克菲亞、威廉·布萊爾。

Congratulations on a good 2024.

恭喜 2024 年一切順利。

Sharon, is that the first time you've done that and it was a full year, Sharon.

莎倫，這是你第一次這樣做嗎？

Thank you.

謝謝。

Would you do us the favor let the stock market know?

你能幫我們一下忙，讓股市知道這一點嗎？

I won't ask you to find significant growth in 2025, so I'll let you pass on that.

我不會要求你們在 2025 年實現顯著成長，所以我不會讓你們放棄這個夢想。

I do have a question on a GPU.

我確實對 GPU 有疑問。

Obviously, very impressive numbers in 2024 at $7,200.

顯然，2024 年 7,200 美元的數字非常令人印象深刻。

From here, what are the pushes and pulls on GPU?

從這裡來看，對 GPU 的推拉作用是什麼？

Or should we really expect kind of leverage on that Carvana operations part of SG&A to really be the driver of margin from here?

或者我們真的應該期望 Carvana 營運部分的銷售、一般和行政費用 (SG&A) 的槓桿作用真正成為利潤率的驅動因素嗎？

So I think our general view is that there are still meaningful fundamental gains to be had throughout the transaction.

因此我認為，我們的總體觀點是，在整個交易過程中仍然可以獲得有意義的根本收益。

And I think to define that again, that's kind of -- generally speaking, we're talking about kind of variable functions there.

我認為再次定義這一點，有點——一般來說，我們談論的是那裡的變數函數。

So those are variable costs, which would be the operations expense or it would be the different GPU line items.

所以這些都是變動成本，也就是營運費用或不同的 GPU 項目。

I think every one of those line items, we've got plans that we're pretty excited about that we think will drive additional fundamental gains.

我認為，對於每一項，我們都制定了計劃，我們對此感到非常興奮，我們認為這些計劃將帶來額外的根本性利益。

Now I think when you get those fundamental gains, you have to decide what to do.

現在我認為，當你獲得這些根本收益時，你必須決定要做什麼。

And I think if you look at where our financial model is today, it's obviously in a very good spot.

我認為，如果你看看我們今天的財務模型，它顯然處於非常好的狀態。

10.1% EBITDA margin for the year is extremely exciting.

今年 10.1% 的 EBITDA 利潤率非常令人興奮。

And then I think even if you just take that and apply reasonable leverage expectations over the next several years to just overhead expense, I think the path to the high end of our long-term financial model, which was 8% to 13.5% EBITDA margin, I think, becomes very straightforward.

然後我認為，即使你只是採取這一點並在未來幾年將合理的槓桿預期應用於間接費用，我認為實現我們長期財務模型高端的道路，即 8％ 至 13.5％ 的 EBITDA 利潤率，我認為，變得非常簡單。

And so I think we feel like we can see that very clearly.

所以我想我們可以非常清楚地看到這一點。

We're obviously paying attention to as we get these gains, what's best for the long term, is it best to share those with our customers and benefit in conversion, is it best for us to use those dollars and invest in additional foundational capabilities that make our experience even better for our customers and further differentiate us and further vertically integrate us.

在獲得這些收益的同時，我們顯然會關注什麼對長期最有利，是否最好與我們的客戶分享這些收益並在轉化中獲益，是否最好使用這些資金並投資於額外的基礎能力，從而讓我們的客戶體驗更好，進一步使我們與眾不同，進一步垂直整合我們。

Or is it best to have it show up on the bottom line.

或者最好讓它顯示在底線。

And I think that we're going to continue to march down the path of trying to unlock those gains.

我認為，我們將繼續努力，釋放這些成果。

And then we'll try to make intelligent decisions as we go about where those gains go, but we do expect the majority of those from here to be passed on to customers.

然後，我們會嘗試做出明智的決定，決定這些收益的去向，但我們確實希望其中的大部分能夠傳遞給客戶。

And we'll update you along the way. if that changes, but certainly something that we're excited about.

我們將隨時向您通報最新情況。如果情況發生變化，這肯定會是一件讓我們興奮的事情。

I think you called out our operations expense back down to 1,700 in the fourth quarter where we're building capacity for tax season.

我認為您在第四季度將我們的營運費用降至 1,700 美元，因為我們正在為納稅季節建立產能。

I think we're extremely excited about that number.

我想我們對這個數字感到非常興奮。

We called out in the shareholder letter we're around $1,400 to provide all the core functions of getting a car to a customer, managing the return policy, finance, verifications delivery, the machine really is getting very efficient, and then the 300 delta, give or take, is our expected warranty expense.

我們在致股東信中提到，我們大約花費 1,400 美元來提供將汽車送到客戶手中、管理退貨政策、財務、驗證交付等所有核心功能，機器確實變得非常高效，然後大約 300 美元的增量是我們預計的保固費用。

But I think we're excited where the machine is, and we think we can make it more efficient from here, and we just got to keep to work.

但我認為我們對這台機器感到很興奮，我們認為我們可以從這裡使它更有效率，我們只需要繼續工作。

And then I noted in your shareholder letter that delivery times were down more than 20% last year.

然後我在你的致股東信中註意到，去年交貨時間下降了 20% 以上。

Is there any way to quantify what a faster delivery time means to you and conversion?

有什麼方法可以量化更快的交貨時間對您和轉換的意義？

Forgive us, I think we'll stay away from quantifying that, but we do think it matters to conversion, and we think it's material.

請原諒，我想我們不會對此進行量化，但我們確實認為這對轉換很重要，而且我們認為它很重要。

And I think that, that's another example of a team that's done a great job.

我認為，這是團隊表現出色的另一個例子。

And I think excitingly, a team that has a lot of room left.

令人興奮的是，我認為球隊還有很大的發展空間。

I think we've talked a bit about rolling out our same-day delivery capabilities that remain in its very early stages.

我想我們已經討論過推出當日送達服務，但它仍處於早期階段。

That's an incredibly complex capability to scale.

這是一種極其複雜的可擴展能力。

We've rolled it out to a number of markets.

我們已將其推廣到多個市場。

But so far, we haven't staffed for maximizing the number of customers that can get that benefit.

但到目前為止，我們還沒有配備人員來最大限度地增加能夠享受這項福利的顧客數量。

We've more leaned into having that be more of an efficiency benefit where we can fill in any underutilized slots.

我們更傾向於將其轉化為效率優勢，以便我們能夠填補任何未充分利用的空缺。

I think there's certainly the opportunity for us to lean into that further.

我認為我們確實有機會進一步發展這一領域。

There's a number of kind of technology enhancements that we can lean into to make same-day delivery available to a larger portion of the credit spectrum.

我們可以利用多種技術改進，讓更多的信用用戶能夠享受當日送達服務。

And then we're working hard to make sure that we can always add more cars to kind of be available there.

然後我們正在努力確保隨時能夠增加更多的汽車可供使用。

And then really, that's all framed in same day, but the same is true of kind of next-day, two-day, three-day deliveries.

實際上，這些都是在同一天完成的，但隔天、兩天、三天送達的情況也是如此。

All of those kind of faster deliveries were just kind of shifting volume into those quicker deliveries, and we've got I think long-term plans to keep shifting into those faster deliveries.

所有這些更快的交付方式都只是將數量轉移到更快的交付方式中，我認為我們有長期計劃繼續轉向這些更快的交付方式。

That includes efficiency and logistics.

其中包括效率和物流。

And then it also includes kind of all these integrations with these ADESA mega sites that get cars closer to customers and reduce miles.

然後它還包括與這些 ADESA 大型站點的集成，使汽車更貼近客戶並減少行駛里程。

So I think that's also a long road map, but I think it's a road map that we believe will enable us to continue to materially reduce delivery time over time.

所以我認為這也是一個漫長的路線圖，但我認為我們相信這個路線圖將使我們能夠隨著時間的推移繼續大幅縮短交貨時間。

Chris Bottiglieri, BNP Paribas.

法國巴黎銀行的克里斯·波蒂格里耶 (Chris Bottiglieri)。

One overarching question, one kind of clarification.

一個總體問題，一種澄清。

But the overarching, just hoping you give us a sense for like what the go-forward strategy is on loan sales.

但總體而言，只是希望您能讓我們了解貸款銷售的未來策略。

It looks like the fixed loan car sales stepped up to $700 million this quarter, and the non-ABS fell off this quarter.

本季固定貸款汽車銷售額似乎增至 7 億美元，而非 ABS 銷售額則有所下降。

Just want to get a sense for like how do you think of this moving forward?

只是想了解您對未來發展有什麼看法？

Do you prefer to do fixed loan sales?

您喜歡做固定貸款銷售嗎？

Do you prefer ABS?

您喜歡 ABS 嗎？

Like what does that world look like?

那個世界是什麼樣子的？

And are there any liquidity challenges today like in the market itself that maybe temporarily pauses that.

目前市場本身是否有流動性挑戰，可能會暫時暫停這項進程。

And then the follow-up was just the $9 million, it looks like there was a onetime item in other SG&A.

然後後續只有 900 萬美元，看起來就像是其他銷售、一般和行政費用中的一次性項目。

It looks like you adjusted out to add it back to EBITDA.

看起來您已進行調整並將其添加回 EBITDA。

So just hoping you could elaborate on that.

所以只是希望您能詳細說明這一點。

Yeah, sure.

是的，當然。

I can take both of those.

我都可以接受這兩件事。

So I think we've had a very strong year for the finance platform, delivered very robust other GPU throughout the year, especially the latter three quarters of the year.

因此，我認為今年我們的金融平台表現非常強勁，全年都交付了非常強勁的其他 GPU，尤其是今年後三個季度。

I think we feel great about that.

我想我們對此感覺很好。

From a loan monetization perspective, we expect to continue to use a diversified funding strategy.

從貸款貨幣化的角度來看，我們希望繼續採用多元化的融資策略。

I think that's been our strategy since very early on at Carvana plus to use multiple channels for loan sales, a combination of whole loan sales and securitization market transactions.

我認為這是我們在 Carvana 很早就採取的策略，即使用多種管道進行貸款銷售，將整體貸款銷售和證券化市場交易相結合。

.

。

And to maintain those diversified funding sources.

並維持多元化的資金來源。

I think that's our expectation going forward.

我認為這是我們未來的期望。

I think we feel really great about the way that the finance platform is performing today.

我認為我們對金融平台目前的表現感到非常滿意。

I think we're seeing very strong results and strong demand for our loans.

我認為我們看到了非常強勁的業績以及對我們貸款的強勁需求。

And so I think -- yes, I think business as usual is the name of the game there.

所以我認為——是的，我認為一切照舊是那裡遊戲規則的名稱。

We feel great about the way things are going and expect to keep executing the same strategy.

我們對目前的進展感到很滿意，並希望繼續執行同樣的策略。

I think on your question about SG&A expense and the nonrecurring items, the -- I guess, a couple of things to call out there.

關於您提到的銷售、一般和行政費用以及非經常性項目的問題，我想有幾點需要說明。

One, we did do this.

第一，我們確實這樣做了。

Thank you. bonus in Q4 2024 was a truly special year for Carvana.

謝謝。 2024 年第四季的獎金對 Carvana 來說確實是特別的一年。

And we want to say thank you to employees across the company.

我們要向公司全體員工表達感謝。

And so we did thank you bonus in Q4 in total, it was just shy of $9 million across the company as a whole.

因此，我們確實在第四季度發放了總感謝獎金，整個公司的感謝獎金略低於 900 萬美元。

Now that did not all go to overhead expense, only a fraction of that went to overhead expense, but it did get spread out across cost of sales, operations expense as well as overhead expense.

現在，這些錢並不是全部用於間接費用，只有一小部分用於間接費用，但它確實分攤到了銷售成本、營運費用以及間接費用。

But the overhead expense portion was one of the small nonrecurring items.

但管理費用部分是小額非經常性項目之一。

There are a few others as well that added up to that $9 million, but that just gives you a sense.

還有其他一些錢，加起來也達到了 900 萬美元，但這只能讓你大概了解一下。

And then in terms of backing it out of adjusted EBITDA, we have not historically backed out sort of small miscellaneous nonrecurring items out of adjusted EBITDA.

然後，就從調整後的 EBITDA 中撤回這一點而言，我們歷來並沒有從調整後的 EBITDA 中撤回一些小額雜項非經常性項目。

[Daniela Haigian, Morgan Stanley].

[摩根士丹利的丹妮拉·海吉安]

Mark, you mentioned your goal in achieving a strong credit rating.

馬克，你提到了獲得良好信用評級的目標。

How are conversations going with the credit rating agencies to help improve from current levels?

與信用評等機構的對話進展如何，以幫助改善當前水準？

What do you feel is important to demonstrate in terms of leverage, consistency of free cash flow or something else?

您認為在槓桿率、自由現金流的一致性或其他方面，證明什麼很重要？

Sure.

當然。

Yes.

是的。

So I mean, I think our view is the most important thing that we can deliver from a credit perspective is very strong metrics.

所以我的意思是，我認為我們的觀點是，從信貸角度來看，我們所能提供的最重要的東西就是非常強大的指標。

And I think we did that overwhelmingly so in 2024 and then obviously expect significant growth in retail units sold and significant growth in adjusted EBITDA looking to 2025 as well.

我認為我們在 2024 年實現了壓倒性增長，並且顯然預計到 2025 年零售單位銷售將顯著增長，調整後 EBITDA 也將顯著增長。

I think some of the metrics that we're focused on, our net debt to adjusted EBITDA is all the way down to 2.8 times.

我認為我們關注的一些指標，我們的淨債務與調整後 EBITDA 的比率已降至 2.8 倍。

And I think that's a strong ratio.

我認為這是一個很高的比例。

We think there's lots of room to improve on that over time.

我們認為隨著時間的推移，還有很大的改進空間。

But I think that reflects a meaningful improvement from where we were one or two years ago.

但我認為這反映出我們與一兩年前相比有了有意義的進步。

Similarly, our interest coverage is now above 2 times.

同樣，我們的利息覆蓋率現在也在2倍以上。

We think there's lots of room to improve on that as well.

我們認為這方面還有很大的進步空間。

And that is our intent.

這正是我們的意圖。

And so I think the most important thing we can do is deliver on metrics, and I think the ratings will take care of themselves over time.

因此，我認為我們能做的最重要的事情就是實現指標，而且我認為隨著時間的推移，評級將自行得到保障。

And then you've also mentioned reconditioning capacity for 1 million units, shareholder letter says real estate capacity for 3 million units what are the biggest gating factors near term limiting potential growth in units?

然後您也提到了 100 萬台的修復產能，股東信中說房地產產能為 300 萬台，那麼短期內限制單位潛在成長的最大限制因素是什麼？

Is it rooftops, physical labor, [logistics trade] combination?

它是屋頂、體力勞動、（物流貿易）的結合嗎？

I think it's the entire operational chain.

我認為這是整個營運鏈。

But I think what we've called out in the past is the kind of most operationally intensive part of that chain is reconditioning.

但我認為，我們過去曾指出，該鏈中操作最密集的部分是修復。

And historically, that included acquiring real estate, doing the CapEx to get that real estate ready, hiring, training and then executing.

從歷史上看，這包括收購房地產、進行資本支出以準備房地產、招聘、培訓，然後執行。

And I think given where we are today and given the real estate footprint that we have, we can scale to about 3 times our current scale with just hiring, training and executing.

我認為，考慮到我們目前的狀況和所擁有的房地產足跡，僅透過招募、培訓和執行，我們就可以擴大到目前規模的 3 倍左右。

And then I think we can get to about 8 times our current capacity with the opening of these mega sites, CapEx hiring and executing, hiring, training and executing.

然後我認為，透過這些大型站點的開放、資本支出的招募和執行、招募、培訓和執行，我們可以達到目前產能的 8 倍左右。

And so I think it's a simpler path than it was in the past.

因此我認為這是一條比過去更簡單的道路。

I think there are obviously other parts of the business that are very complex as well.

我認為業務的其他部分顯然也非常複雜。

Logistics, last mile delivery, customer care, verifications, title registration.

物流、最後一哩交付、客戶服務、驗證、所有權登記。

But those are areas that I think we've made a tremendous amount of progress in.

但我認為我們在這些領域已經取得了巨大進展。

I think we've built the system to be scalable I think we've demonstrated that we can scale it.

我認為我們已經建立了可擴展的系統，我認為我們已經證明我們可以擴展它。

And so we feel like our job is to just keep executing and the rest will take care of itself

所以我們覺得我們的工作就是繼續執行，剩下的事就會水到渠成了

Michael Montani, Evercore ISI.

邁克爾·蒙塔尼（Michael Montani），Evercore ISI。

Just wanted to ask, first off, when you look at the number of markets that you all are in, I think it was pretty steady at 316.

首先我想問一下，當你查看你們所處的市場數量時，我認為它相當穩定地保持在 316 個。

Just wanted to think about the potential cadence to expand across the country effectively for the remaining markets?

只是想思考一下對於剩餘的市場來說，在全國範圍內有效擴張的潛在節奏？

Is that kind of a multiyear journey?

這是一次多年的旅程嗎？

Or could you do that in the next year or two?

或者你能在未來一兩年內做到這一點嗎？

And then I had a follow-up.

然後我進行了後續行動。

Sure.

當然。

So I would say, at this point, we're in the continuous steer delivering to the vast majority of the country.

因此我想說，目前我們正處於持續向全國絕大多數地區提供服務的過程中。

And I think that the most important things that we can do from here are continue to improve our delivery speed and continue to grow our inventory and grow selection as it relates to kind of giving more people more options.

我認為我們現在能做的最重要的事情就是繼續提高我們的送貨速度，繼續增加我們的庫存和選擇，因為這可以為更多的人提供更多的選擇。

And then I think from there, it's just continuing to scale the business.

然後我認為從那時起，業務規模就會繼續擴大。

I think most of our growth story from here will be about taking market share in all these markets.

我認為，今後我們大部分的成長故事將是關於在所有這些市場中搶佔市場份額。

We've -- historically, for those of you that have been around for a long time, we shared our cohorts that we had in all of our different markets.

從歷史上看，對於那些已經存在很長時間的人來說，我們在所有不同的市場中分享了我們的同伴。

I think in Q4, we got back just shy, I think a couple of thousand units shy of our peak unit volume in '22.

我認為在第四季度，我們的銷量略有回落，比 22 年的峰值銷量少了幾千台。

And I think we're back to a place where those cohorts clearly light the path to significantly more scale and are back on the path to growing very quickly.

我認為我們又回到了這樣一個位置，這些群體清楚地照亮了通往更大規模的道路，並回到了快速增長的道路上。

They're generally speaking, showing all the same patterns that they showed back then and kind of at similar places where they were back then in terms of market share.

總體而言，它們表現出的模式與當時相同，而且市場份額也與當時相似。

So I think it's -- at this point it's more about just continually improving the offering, giving customers more selection, executing really well, and taking market share, and we think that that lights the path to a much larger business.

所以我認為——目前更重要的是不斷改進產品，為客戶提供更多選擇，執行得非常好，並佔領市場份額，我們認為這將為更大的業務照亮道路。

Got it.

知道了。

And then just to follow up on the earlier question related to GPU.

然後只是為了跟進之前與 GPU 相關的問題。

Just wondering if you could describe a little bit the operating environment now.

只是想知道您是否可以稍微描述一下現在的操作環境。

Do you feel that there's any constraints in terms of the availability of inventory out there?

您是否覺得那裡的庫存供應方面有任何限制？

What do you see competitively?

您認為競爭力如何？

Would you say fairly rational?

您認為相當合理嗎？

How are you guys thinking about that for the remainder of this year?

你們對於今年剩餘時間的安排有什麼想法？

And then basically, is there any benefit, I guess, to pushing incremental units right now versus trying to kind of maximize profit in a constrained inventory backdrop.

那麼基本上，我想，現在推動增量單位與在受限庫存背景下試圖最大化利潤相比有什麼好處嗎？

So I mean, I think we try to take a long-term view on these sorts of questions.

所以我的意思是，我認為我們會嘗試從長遠角度來看待這些問題。

And I think -- generally speaking, the most important fundamental things about this market have been true for a long time.

我認為——一般來說，這個市場最重要的基本面長期以來都是正確的。

There's been about 270 million cars in the car park in the US for a long time.

美國停車場長期以來停放約2.7億輛汽車。

There's been about 40 million transactions per year for a long time.

長期以來，每年的交易量都在4000萬筆左右。

That can fluctuate 10% or 15%, but there's been about that many.

這個數字可能會波動 10% 或 15%，但大概是這麼多。

Generally speaking, the supply is all there, right?

一般來說，供應都是有的，對嗎？

Customers are effectively just trading cars with one another or other owners of those cars or getting those cars to a customer.

實際上，客戶只是在與彼此或其他車主交易汽車，或將汽車交給客戶。

And we kind of exist inside of that machine.

我們就好像存在於這台機器裡面一樣。

So we don't think that there's a fundamental impact that we have on inventory.

因此我們認為這對庫存不會產生根本性影響。

We think it's about getting market share of customer demand, and then that leads to market share of supply very mechanically.

我們認為這是為了獲得客戶需求的市場份額，然後這會非常機械地導致供應的市場份額。

I think that we also believe that the market has pretty stable profits.

我想我們也相信市場利潤是相當穩定的。

I think if you look at the various public automotive retailers out there today, generally speaking, their EBITDA margins, for example, are still a touch above where they were in 2019.

我認為，如果您看看當今的各種公共汽車零售商，總體而言，他們的 EBITDA 利潤率仍略高於 2019 年的水平。

But they're getting very similar that they're in a similar spot to where they were in 2019.

但它們的情況變得非常相似，與 2019 年的情況相似。

And our best guess is that they'll probably hang out about that level.

我們最好的猜測是他們可能會在那個層面附近徘徊。

I think there are deep structural reasons why that's about the profitability of these businesses.

我認為這些企業的獲利能力存在著深層的結構性原因。

And we think that that's great news because it just provides more of a proof point in ballast that these are the economics of the business.

我們認為這是個好消息，因為它提供了更多的證據來證明這些都是企業的經濟學。

And then I think you didn't ask this question, but I think we oftentimes get a similar question about financing, how we'd be able to scale financing.

然後我想你沒有問這個問題，但我認為我們經常會遇到關於融資的類似問題，即我們如何能夠擴大融資。

And I think the same thing is true of financing.

我認為融資也存在同樣的情況。

We exist in a mature market, The various finance providers are out there, providing loans to customers through different channels. if you have the customer demand, market share, then there is demand to make loans.

我們存在於一個成熟的市場中，各種各樣的融資提供者都透過不同的管道向客戶提供貸款。如果你有客戶需求、市場份額，那就有貸款需求。

And we are not creating new demand.

我們並沒有創造新的需求。

We are simply kind of displacing those that were previously providing those loans to loan buyers.

我們只是取代了那些之前向貸款買家提供貸款的人。

So I think to us, this is -- it's the advantage of being in a very large, very mature market.

所以我認為對我們來說，這就是處於一個非常龐大、非常成熟的市場的優勢。

You have very clear visibility of what the unit economics are.

您對單位經濟學有非常清晰的認識。

You know the fundamentals of the business.

您了解業務的基本原理。

And then your job becomes just make sure that you're delivering an experience the customer loves that you're taking market share and that you execute well.

然後你的工作變成了確保你提供的客戶喜歡的體驗、你佔據了市場份額並且執行得很好。

And I think that, that -- that remains the name of the game for us, and that's the path that we're on.

我認為這——這仍然是我們的遊戲名稱，這就是我們所走的道路。

Rajat Gupta, JPMorgan.

摩根大通的拉賈特古普塔 (Rajat Gupta)。

Great.

偉大的。

I just had one first one on the fourth quarter retail GPU.

我剛剛在第四季度的零售 GPU 上獲得了第一個。

It was in line with the guidance or commentary you provided.

這與您提供的指導或評論一致。

I was curious if you could elaborate a bit more on the sequential move.

我很好奇您是否可以更詳細地闡述連續移動。

How much was it driven by just the pickup in the commercial retail marketplace?

其中有多少是受到商業零售市場回升的推動？

Just how much influence that might have had on that number?

這對這個數字到底有多少影響？

Or was it just the core business that have the typical seasonal like the non-marketplace business that have the typical seasonal drop off?

或者僅僅是核心業務具有典型的季節性，就像非市場業務一樣具有典型的季節性下降？

And I had a quick follow-up on the guide.

我對這個指南進行了快速的跟進。

Sure.

當然。

Yes, I'll hit that one.

是的，我會打那個。

You hit it the -- I think our retail GPU in Q4 came in exactly in line with our expectations and our outlook.

你說對了——我認為我們第四季的零售 GPU 完全符合我們的預期和展望。

I think the sequential move from Q3 to Q4 in retail GPU is nearly exactly what we saw on average in the pre-COVID years.

我認為零售 GPU 從第三季到第四季的連續走勢幾乎與 COVID 之前幾年的平均值完全相同。

Obviously, it can bounce around from year to year.

顯然，它可能會逐年波動。

But if you just kind of look at an average across multiple years, it's right in line with those historical averages.

但如果你只是看多年的平均值，它與歷史平均值是一致的。

So I think that -- and that indeed informed our outlook to a degree.

所以我認為——這確實在某種程度上影響了我們的觀點。

So I think we saw what for us has been typical seasonality in Q4.

所以我認為我們看到了第四季的典型季節性。

On a year-over-year basis, I think we had some good wins in particular, we did see reconditioning and inbound transport costs come down on a year-over-year basis as a result of those operational efficiency initiatives that we've been so focused on.

與去年同期相比，我認為我們取得了一些特別好的成績，由於我們一直非常關注的營運效率舉措，我們確實看到修復和入境運輸成本同比下降。

But nothing tied to the commercial marketplace ramp that would have influenced the number from 3Q to 4Q?

但是，與商業市場成長無關的因素會不會對第三季到第四季的數字產生影響呢？

Or was it not material enough to call out?

還是說它還不夠重要，不值得大聲呼籲？

.

。

The way I think about it is we have seen a normal seasonal pattern in retail GPU over a period of many years, and we saw exactly that pattern this year as well.

我的想法是，多年來，我們已經看到零售 GPU 呈現出正常的季節性模式，今年我們也看到了相同的模式。

And then just maybe you answered the guide just on like the equity offering.

然後也許你回答的只是有關股票發行的指南。

I mean just the $900 million that you raised in the fourth quarter.

我指的是你在第四季籌集的 9 億美元。

It seems like you've hinted in the letter at a potential like refi opportunity.

看起來你在信中暗示了潛在的再融資機會。

Anything you could elaborate on that, the timing of that?

能詳細說明一下這件事嗎，時間是怎麼樣的？

Is this the right time to do it?

現在是做這件事的正確時機嗎？

And obviously running your balance sheet with a lot of cash right now.

顯然現在你的資產負債表上有大量現金。

Just curious what you needed to use as you think would be best for that cash.

只是好奇您需要使用什麼，因為您認為這筆現金最適合用來做什麼。

Sure.

當然。

Yeah.

是的。

So let me hit that from a couple of different perspectives.

讓我從幾個不同的角度來討論這個問題。

I think one of the things we called out in the letter is that our credit ratios are improving rapidly for multiple reasons.

我認為我們在信中指出的一件事是，由於多種原因，我們的信用比率正在迅速提高。

One is we're very quickly growing adjusted EBITDA.

一是我們的調整後 EBITDA 成長非常快。

But a second is we expect a meaningful step down in GAAP net interest expense in 2025 relative to 2024.

其次，我們預期 2025 年 GAAP 淨利息支出將較 2024 年大幅下降。

.

。

And so that just mechanically improve some of your credit ratios even without EBITDA growth, we expect a significant EBITDA growth.

因此，即使沒有 EBITDA 成長，這也只是機械地提高您的一些信用比率，我們預計 EBITDA 會大幅成長。

So that was one thing we called out in the letter.

這是我們在信中提到的一件事。

I think the other thing we called out in the letter, we don't have any near-term expectations of refinancing of our secured notes.

我認為我們在信中提到的另一件事是，我們近期不期望對我們的擔保票據進行任何再融資。

However, the secured notes are now trading at about a 7 yield, meaningfully below the coupon on the notes.

然而，目前擔保票據的交易收益率約為 7%，遠低於票據的票面利率。

And I think that just provides a way to think about longer-term opportunities to reduce interest expense even below what we currently expect from in terms of like our expectation for 2025.

我認為這只是提供了一種思考長期機會的方法，將利息支出降低到甚至低於我們目前的預期，例如我們對 2025 年的預期。

And all that says is, hey, we've got a really straightforward path to, in our opinion, to materially better credit ratios across the board versus where we are today.

所有這些都表明，嘿，我們認為，我們有一條非常直接的道路可以全面提高信貸比率，而現在的水平則不會如此。

And we think that's just I think a nice feature of the business.

我們認為這只是我們業務的一個優點。

Why is that important to us?

這對我們為什麼重要？

I think where we sit today, industry-leading margins, industry-leading growth, 1% market share, 3 times built capacity to grow into we just feel like we're in a position that is really unique, and we're very, very excited about.

我認為我們今天所處的位置，行業領先的利潤率，行業領先的增長率，1％的市場份額，3倍的建設產能增長，我們只是覺得我們處於一個真正獨特的地位，我們對此感到非常非常興奮。

And so we want to be completely focused on that growth opportunity.

因此，我們希望全心全意專注於此成長機會。

We think it's a historically unique growth opportunity.

我們認為這是歷史上獨一無二的成長機會。

We don't want to be spending a lot of time talking about the balance sheet, and that's why we're focused on just driving very strong credit metrics so that we're just focused on the growth opportunity and our customer offering as opposed to the balance sheet.

我們不想花太多時間談論資產負債表，這就是為什麼我們專注於推動非常強勁的信貸指標，以便我們只專注於成長機會和客戶服務，而不是資產負債表。

Seth Basham, Wedbush Securities.

韋德布希證券公司的塞思·巴沙姆（Seth Basham）。

I know you don't want to talk much about the balance sheet, but just following up on the last question.

我知道您不想談論太多有關資產負債表的事情，但我只是想跟進最後一個問題。

With the step-up in the use of the ATM program this quarter and the shelf registration that you made today, is there increased appetite to issue more equity?

隨著本季 ATM 計畫使用量的增加以及您今天進行的擱置登記，是否有增加發行更多股票的興趣？

Are you targeting a certain capital structure down the line that we should be thinking about?

您是否瞄準了我們應該考慮的某種資本結構？

So our view on the ATM registrations is we just think it's good corporate housekeeping to have an active ATM program.

因此，我們對 ATM 註冊的看法是，我們認為擁有一個活躍的 ATM 程序是一種良好的企業管理。

We generally view that opportunistically.

我們大體上將此視為機會主義行為。

In terms of specific goals or targets, we don't have any specific near-term goals or targets.

就具體目標或指標而言，我們沒有任何具體的近期目標或指標。

I think if you take a longer-term view, we would like to drive the business to investment-grade credit ratios.

我認為，如果從長遠角度來看，我們希望推動業務達到投資等級信用比率。

That's our goal.

這就是我們的目標。

One of the reasons for that goal is like I was saying before, we just see an enormous opportunity in front of us, and we want to have a very strong balance sheet that is paired with that significant, long-term opportunity.

實現這一目標的原因之一就像我之前說過的，我們看到了眼前的巨大機遇，我們希望擁有非常強勁的資產負債表，以配合這一重大的長期機會。

That will take time, but I think that is our goal.

這需要時間，但我認為這是我們的目標。

Got it.

知道了。

And my follow-up question is on retail GPU, just thinking about the seasonality of that metric.

我的後續問題是關於零售 GPU，只是考慮該指標的季節性。

And we consider the fourth quarter to the first quarter, there's usually a material improvement through tax refund season.

我們認為，從第四季到第一季度，退稅季節通常會出現實質的改善。

Is that the right way to think about it this year?

這是今年思考這個問題的正確方式嗎？

Or are there any other dynamics such as higher inventory that you're carrying to think about here?

或者您需要考慮其他動態因素，例如更高的庫存？

So I think the way we sort of think about the seasonality in retail GPU and our history on retail GPU, I think we typically think of Q4 and Q1 being the lowest quarters of the year and Q2 and Q3 being the higher quarters of the year.

因此，我認為我們對零售 GPU 的季節性以及我們零售 GPU 的歷史的看法是，我們通常認為第四季度和第一季是一年中最低的季度，而第二季度和第三季度是一年中較高的季度。

That's exactly correlated with industry depreciation trends where typically depreciation rates are highest late in the year and they're lowest in the middle of the year, corresponds to that seasonal pattern that I just described.

這與行業折舊趨勢完全相關，通常折舊率在年底最高，而在年中最低，與我剛才描述的季節性模式相對應。

That obviously can vary from quarter-to-quarter, but that's the broad seasonal pattern that we have in mind on retail GPU.

顯然，這可能因季度而異，但這是我們考慮的零售 GPU 的廣泛季節性模式。

Mike Baker, DA Davidson.

麥克貝克、DA 戴維森。

Maybe a strange question, but I wanted to ask about tariffs.

這可能是個奇怪的問題，但我想問關稅問題。

I understand you don't import anything, but -- to the extent that tariffs likely drive up new car pricing, can you remind us how do you think about how that impacts used car pricing.

我知道您不進口任何東西，但是——如果關稅可能推高新車價格，您能否提醒我們一下，您認為這會對二手車價格產生什麼影響？

And then how does that impact your pricing and your margins, et cetera, just a lot going on with new car costs, et cetera.

那麼這會對您的定價和利潤率等產生什麼影響？

And I'm just curious how you think that impacts your business, if at all?

我只是好奇，您認為這會對您的業務產生什麼影響？

I think the most important answer to that question is we certainly don't know what's going to happen with tariffs and wouldn't want to take a strong stand there.

我認為這個問題最重要的答案是，我們當然不知道關稅會發生什麼，也不想在那裡採取強硬立場。

I think the smartest thing to do is probably wait and let's see.

我認為最明智的做法可能是等待並觀察。

There's likely to be a lot of iterations and all this before we really figure out where this all ends up.

在我們真正弄清楚這一切最終結果之前，可能會有很多次迭代等等。

But I think if the premis is, new car prices go up, what does that do to used car prices, I think generally speaking, indirectly, that would probably lead to dampened price increases as well.

但我認為，如果前提是新車價格上漲，這對二手車價格會有什麼影響？

But I think it depends so much on the mechanics of so many things that are not specified there.

但我認為這很大程度上取決於許多未具體說明的事物的機制。

So I think as a general matter, we're running the business with the kind of idea of operating like it's any other year.

因此我認為，總體而言，我們經營業務的理念與其他任何一年一樣。

And we think that's the smartest thing to do because there's a lot of uncertainty around exactly how those things will play out.

我們認為這是最明智的做法，因為這些事情究竟會如何發展存在著許多不確定性。

Fair enough.

很公平。

All right.

好的。

If I could ask one more, I won't call it a follow-up because it's unrelated.

如果我可以再問一個問題，我不會稱之為後續問題，因為它無關緊要。

But just thinking about, you've talked about it a couple of different ways.

但想想看，您已經用幾種不同的方式談論過這個問題。

But do you reinvest to drive more units?

但你會再投資來推動更多單位的增加嗎？

Do you get to go to the bottom line to generate higher EBITDA margins?

您是否要盡量降低成本以獲得更高的 EBITDA 利潤率？

You haven't changed your long-term margin outlook at all still in that -- what was it

你還沒有改變你的長期利潤前景——那是什麼？

[8% to 13.5%].

[8%至13.5%]。

I think you said something about targeting the higher end now.

我覺得您剛才談到了現在瞄準更高端的目標。

But I guess, what do you need to see to take that number -- that margin outlook higher?

但我想，您需要看到什麼才能提高這個數字——提高利潤率前景？

Sure.

當然。

Well, I think first, just for clarity, we definitely are targeting the high end.

嗯，首先我想清楚一點，我們的目標是高端市場。

And I think as discussed earlier, I think if you take the performance of even this full year, we were improving throughout the year and just apply reasonable leverage assumptions, you can get to the high end.

我認為，正如之前所討論的，如果您考慮今年全年的表現，我們全年都在不斷改進，並且只要應用合理的槓桿假設，您就可以達到高端。

And so I think the path there is very clear.

所以我認為那裡的路徑非常清晰。

I think what's important to keep in mind is, I think -- the thing that we will be optimizing over time is basically the sum of the dollars that the business generates and the size of the business we can build and the long-term value that we think comes from that.

我認為需要牢記的重要一點是——我們將隨著時間的推移進行優化，基本上是業務產生的收入的總和、我們可以建立的業務規模以及我們認為由此產生的長期價值。

And that obviously includes a conversion element as well.

顯然這也包括轉換元素。

And so that's something where I think the optimal amount of fundamental gains that should be shared with customers and should be showing up in our income statement.

因此，我認為這是應該與客戶分享的最佳基本收益，並且應該反映在我們的損益表中。

It is a function of your belief around some of those things.

它是您對某些事物的信念的功能。

And I think given our measures of the different inputs into that equation and our best guess is today where that will end up, we think aiming for the high end of our long-term financial model is a very reasonable thing to do, and we think that, that suggests that many of the fundamental gains that we'll make from here will be shared with our customers in various ways, which I think some will be obvious and some will be more creative and we'll seek to do that in the ways that are most efficient.

我認為，考慮到我們對該等式中不同輸入的衡量標準以及我們今天對最終結果的最佳猜測，我們認為瞄準長期財務模型的高端是非常合理的事情，我們認為，這表明我們從現在獲得的許多根本收益將以各種方式與我們的客戶分享，我認為有些方式是顯而易見的，有些方式則更有創意，我們將以最有效的方式尋求這一點。

But I think that's generally how we're thinking about it today.

但我認為這基本上就是我們今天對這個問題的看法。

And in general, as long as we keep making the business better, we have a lot of great options, and we'll see where that takes us.

總的來說，只要我們繼續改善業務，我們就有很多很好的選擇，我們會看看這會把我們帶到哪裡。

Jeff Flick, Stevens.

傑夫·弗利克、史蒂文斯。

Congrats on a great quarter, guys.

大家，恭喜你們度過了一個美好的季度。

So Ernie, I was wondering if you could maybe just opine a little bit on the acceleration in unit growth going from 34 in Q3 to 50 on a 2-year basis from 6 to 31.

所以 Ernie，我想知道您是否可以對單位成長加速發表一點看法，即從第三季的 34 台增加到兩年內從 6 台增加到 31 台的 50 台。

On our fireside chat we had earlier in Q3, we talked about inventory kind of being the gating factor of growing units.

在第三季早些時候的爐邊談話中，我們談到庫存是成長單位的限制。

I was wondering if retail marketplace had any effect on the acceleration, where do you see the acceleration coming from?

我想知道零售市場是否對加速度有任何影響，您認為加速度來自哪裡？

Do you still think inventory is the gating factor?

您還認為庫存是決定因素嗎？

Because I did notice you guys didn't wholesale quite as much where you kind of reaching from that pool, a little bit to get marginal units.

因為我確實注意到你們並沒有批發那麼多，而是從那個池子裡拿了一點來獲得邊際單位。

So anything you could add there?

還有什麼您可以添加嗎？

Sure.

當然。

There's a lot there.

那裡有很多東西。

So I think we spoke earlier about the success that we've had in building inventory because of all the hard work by the various members of the various teams.

所以我認為我們之前談過，我們在建立庫存方面取得的成功是因為各個團隊的各個成員的辛勤工作。

And I think that, that clearly all else constant, is undoubtedly helping.

我認為，在所有其他因素保持不變的情況下，這無疑是有幫助的。

You made a reference at the end of the question to wholesale units I think the move that we saw in wholesale units was pretty similar to historical moves in absolute units that we've seen from Q3 to Q4.

您在問題末尾提到了批發單位，我認為我們看到的批發單位的變動與我們從第三季到第四季看到的絕對單位的歷史變動非常相似。

I think that's also related a bit to depreciation, generally speaking, on units that we plan to wholesale pricing mills with the knowledge that we're going to take them to market very shortly after buying them and sell them in market.

我認為這也與折舊有點相關，一般來說，我們計劃以批發價向工廠銷售的產品，我們知道我們會在購買後很快將它們推向市場並在市場上銷售。

And so when there's higher depreciation that impacts customer offers.

因此，當折舊率上升時，就會影響客戶報價。

And so it's generally a time of year where there are fewer wholesale units.

通常，每年的這個時候批發單位數量都會比較少。

And I think the kind of moves that we saw there were very much in line with previous years.

我認為我們在那裡看到的舉措與前幾年非常一致。

I think when you think about partner retail, I think -- the first order way that we are thinking about that is it's a replacement source of inventory that we think is highly scalable, and we think has the opportunity for us to leverage our unique assets in a couple of forms, but I think one that is very concrete is just these mega sites and our inspection centers to partner more efficiently with natural sellers of cars and to gain additional fundamental gains by basically making sure that cars are moved less often and faster and at lower cost.

我認為，當您考慮合作夥伴零售時，我們首先想到的方式是，它是一種我們認為具有高度可擴展性的替代庫存來源，並且我們認為有機會以幾種形式利用我們的獨特資產，但我認為非常具體的一種就是這些大型站點和我們的檢查中心，以便與自然的汽車賣家更有效地合作，並通過確保汽車以更少的頻率、成本更快的速度和成本更低的成本移動。

I think most of those fundamental gains that we believe are achievable in those partnerships are not yet achieved.

我認為，我們認為可以透過這些夥伴關係實現的大多數根本性利益尚未實現。

And so I think today, it's best to just think about that as a substitute vehicle acquisition source, but not one that necessarily changes the customer offering all that much.

因此我認為，今天最好只是將其視為替代車輛採購來源，但不一定會徹底改變客戶服務。

I think what we believe has driven our growth has been most importantly, the fact that customers love our offering.

我認為，我們認為推動我們成長最重要的因素是顧客喜愛我們的產品。

And then I think importantly, the fact that there is positive feedback in our model.

然後我認為重要的是，我們的模型中存在著正面的回饋。

So as we grow inventory, there is higher conversion, which allows us to grow more inventory.

因此，隨著庫存的增加，轉換率也會更高，這使我們能夠增加庫存。

You're seeing some of the other positive feedback show up in things like faster delivery times.

您會看到其他一些正面的回饋，例如更快的交貨時間。

And I think our goal is just to kind of keep leaning into that and keep growing.

我認為我們的目標是繼續堅持這一點並不斷發展。

And we think the limiting factor is our ability to execute effectively and make sure that we are delivering very high-quality and ideally ever improving customer experiences.

我們認為限制因素是我們有效執行的能力，並確保我們提供高品質且理想地不斷改善的客戶體驗。

And I think that, that's what we'll continue to monitor and make sure that we're balancing carefully.

我認為，我們將繼續監控這一點，並確保我們謹慎地保持平衡。

Sorry, one more thing I'd just throw in there, a quick shout out to the wholesale team.

抱歉，我只是想再說一件事，快速地向批發團隊說一聲。

They did grow units, 43% year-over-year, gross profit, non-GAAP up 50% year-over-year.

他們的銷量確實成長了，比去年同期成長了 43%，非 GAAP 毛利也比去年同期成長了 50%。

That was an all-time fourth quarter record on units.

這是第四季單位數的最高紀錄。

So I think it was a great quarter for those guys.

所以我認為這對這些人來說是一個很棒的季度。

What was your next question?

您的下一個問題是什麼？

Mark, on the -- if you take other gross profit and strip out gain on sale, which pretty much leaves you with BSCs and some gap that on a per unit basis was $901 in Q4, which was a sequential downtick from $939 and year-over-year $973.

馬克，如果你拿其他毛利並扣除銷售收益，那麼基本上就只剩下 BSC 和一些差距了，按單位計算，第四季度的差距為 901 美元，比去年同期的 939 美元和 973 美元有所下降。

Just any color as to what's driving the decline there?

關於造成那裡衰退的原因，您有什麼看法嗎？

I don't know if there's anything particular that I would call out.

我不知道是否有任何特別的事情需要我指出。

I do think that can fluctuate around quarter-to-quarter.

我確實認為這可能會在各個季度之間發生波動。

I think overall, I think we see opportunities in those -- the ancillary product component of other GPU.

我認為總的來說，我們在這些其他 GPU 的輔助產品組件中看到了機會。

I think we have teams that are constantly focused on thinking about the customer experience related to those products, thinking about getting the right product offerings that are going to be the most desirable to customers in front of those customers.

我認為我們的團隊始終專注於思考與這些產品相關的客戶體驗，思考如何在客戶面前提供最受客戶歡迎的正確產品。

I think they're always doing testing to try to make things as simple as possible.

我認為他們一直在進行測試，試圖讓事情盡可能簡單。

So I think that's a number that can bounce around from quarter to quarter for sure, but that's one of the areas in the business where we see continued opportunity for fundamental gains.

因此，我認為這個數字肯定會在各個季度之間波動，但這是我們看到持續實現根本性收益機會的業務領域之一。

John Colantoni, Jeffrey.

約翰·科蘭托尼，傑弗裡。

So you ramped the marketplace, retail marketplace unit sequentially in the fourth quarter.

因此，你們在第四季連續擴大了市場、零售市場部門的規模。

Talk a little bit about any learnings from that expansion?

您能談談從這次擴張中得到的什麼經驗嗎？

And if you see an opportunity to make the offering a more meaningful portion of units sold over time.

如果您看到了機會，可以讓產品在一段時間內成為銷售單位中更有意義的一部分。

Sure.

當然。

Well, I would point again to -- we think that the fundamental role that we play is to get a car from the previous owner or user to the next owner as efficiently as we possibly can.

好吧，我想再次指出——我們認為我們扮演的基本角色是盡可能有效地將汽車從前車主或用戶轉移到下一位車主手中。

And we think that having the joint distribution channels of retail and wholesale, and having the ability to convert a car from its previous state to retail ready at the same location where you can wholesale it is a fundamental capability that enables partnerships and reduction of time and cost that we think is meaningful.

我們認為，擁有零售和批發的聯合分銷管道，並有能力在批發地點將汽車從之前的狀態轉換為零售狀態，這是建立合作夥伴關係、減少時間和成本的基本能力，我們認為這是有意義的。

And so that's the fundamental gain.

這就是根本的收穫。

Those cars are part of that 270 million car park that rotate around and turn into car sales.

這些汽車是 2.7 億個停車場的一部分，它們輪流使用並轉化為汽車銷售。

And so if we can build a system that is more efficient for those cars.

如果我們能夠為這些汽車建立一個更有效率的系統。

We believe that we can disproportionately get those cars and deliver them to our customers and deliver them a great experience along the way.

我們相信，我們可以以極高的價格獲得這些汽車，並將它們交付給我們的客戶，並在此過程中為他們帶來極佳的體驗。

And we believe it's part of just deepening kind of our foundational capabilities and our vertical integration.

我們相信這只是深化我們的基礎能力和垂直整合的一部分。

So I think that's the most important thing that we're working on.

所以我認為這是我們正在努力的最重要的事情。

And I think that you're seeing as late foundations for that.

我認為，您認為這方面的基礎已經較晚了。

Generally speaking, something of enduring value takes time to build.

一般來說，具有持久價值的東西需要時間來建立。

And so it requires the joint capabilities of reconditioning and wholesale at these different locations, something that we're working on now quite a bit is working with our teammates at ADESA to build a very high-quality digital auction tool that's going very well and also feeds into that system.

因此，它需要在這些不同地點進行修復和批發的聯合能力，我們現在正在與 ADESA 的隊友合作，建立一個非常高品質的數位拍賣工具，該工具運作良好，並能融入該系統。

And then we've got a couple of partnerships where we're working on getting those cars and leveraging those tools and trying to make sure that it works out great for both us and for our partners.

然後，我們與一些合作夥伴建立了合作夥伴關係，致力於獲得這些汽車並利用這些工具，並努力確保它對我們和我們的合作夥伴都有利。

And we think that there's no reason why that can't scale meaningfully from here.

我們認為，從現在起沒有理由不能實現有意義的擴展。

I think the portion of the market that could be served in a similar way is very large.

我認為可以用類似方式服務的市場佔有率非常大。

But like anything, it will take work.

但就像任何事情一樣，這需要努力。

And so I think we've got plans and we have work to do, and we're going to keep doing it.

所以我認為我們有計劃、有工作要做，而且我們會繼續做下去。

But it's -- I think it's another one of the exciting vectors in our story that we're going to keep pursuing.

但我認為這是我們故事中另一個令人興奮的方向，我們會繼續追求。

Marvin Fong, BTIG.

BTIG 的 Marvin Fong。

Great.

偉大的。

And during this session.

在本次會議期間。

Congratulations on the results.

恭喜你所取得的成果。

A question, I think last quarter, you had indicated you expected the retail average selling price to come in at $21,000.

一個問題，我想上個季度您曾表示預計零售平均售價將達到 21,000 美元。

I think you guys came in about $1,000 above that.

我認為你們的收入比這個高出了約 1,000 美元。

And I was just curious what in the quarter might have developed that cause, the ASP to come in above expectations?

我只是好奇，本季可能發生了什麼變化，導致 ASP 超出預期？

Was the pricing environment stronger than you expected?

定價環境是否比您預期的強勁？

Or was the drag from retail marketplace units lower than you expected?

或者零售市場單位的拖累是否低於您的預期？

Just some insight there would be great.

只要有一些見解就很好了。

And then on the OpEx spend per unit, the 6096 this quarter, what -- how would you advise us to kind of think about your ability to leverage this going forward?

然後，就本季每單位的營運支出 6096 而言，您建議我們如何思考您未來利用這項優勢的能力？

Is there a dollar target we should have in mind or a percentage decline every year?

我們是否應該考慮一個美元目標或每年的百分比下降幅度？

What would be the best way you would advise us to kind of think about your ability to drive that number?

您建議我們如何看待您實現這一數字的能力？

Sure.

當然。

I would say on the first one, I think there's always a bit of room in those secondary numbers.

我想說，關於第一個問題，我認為這些次要數字總是有一點空間。

We're trying to do our best to estimate those, but I wouldn't read too much into delta on that particular number.

我們正在盡力估計這些，但我不會過度解讀這個特定數字的差異。

On OpEx, I think This, again, is a number that we're incredibly proud of.

關於營運支出，我認為這又是一個令我們感到無比自豪的數字。

I think when you think through the work being done and the offer that is being made to our customers and the variable expenses that we are incurring in order to deliver that experience to customers, it's something that's really exciting.

我認為，當你考慮到我們正在做的工作、向我們的客戶提供的服務以及我們為了給客戶提供這種體驗而產生的各種費用時，這是一件非常令人興奮的事情。

But we also definitely think that there's room for improvement in every part of that there are many elements of our operational chain that we've discussed on this on this call.

但我們也確實認為，我們營運鏈的每個部分都還有改進的空間，我們在這次電話會議上已經討論了這個問題。

Obviously, logistics is a big part of that.

顯然，物流是其中很重要的一環。

Customer care is a big part of that, verifications title work, last mile delivery handling the return policy when that occurs, every element of that chain of completing a transaction with the customer is an area where we think there is room for improvement and where we have projects that we've mapped out where we believe there's room for improvement.

客戶服務是其中很重要的一部分，驗證所有權工作、最後一英里交付以及處理退貨政策（如有），與客戶完成交易的鏈條上的每一個元素都是我們認為有改進空間的領域，並且我們已經規劃了我們認為有改進空間的項目。

And now we need to go execute against that.

現在我們需要去執行這個目標。

I think you can see that we've made a tremendous amount of progress over the last several years.

我想您已經看到我們在過去幾年中取得了巨大的進步。

As those numbers get smaller, the dollar progress, it gets tougher.

隨著這些數字變得越來越小，美元不斷上漲，情況變得越來越艱難。

But we improved another $150 year-over-year -- or excuse me, $330 year-over-year, which is very meaningful there.

但我們比去年同期又增加了 150 美元——或者對不起，比去年同期增加了 330 美元，這是非常有意義的。

And I think we still think that there's definitely room to continue improving.

我認為我們仍然認為還有繼續改進的空間。

That's all the time we have for questions today.

今天我們回答問題的時間就到此為止。

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

現在，我想將會議交還給 Ernie Garcia 並請他作最後發言。

Please go ahead.

請繼續。

Well, thanks, everyone, for joining the call.

好吧，感謝大家參加電話會議。

Carvana team, awesome job.

Carvana 團隊，做得很好。

I cannot say this enough.

我不能說夠多。

I think the last year is a year that absolutely nobody saw coming.

我認為去年是絕對沒有人會預見的一年。

It's a year that may be just us inside this company saw coming, but I think to execute at the level that we did is something that we should be forever proud of.

也許只有我們公司內部的人才能預見這一年的到來，但我認為，我們能夠達到這樣的水平是我們應該永遠感到自豪的事情。

Please keep working just as hard as we have.

請繼續像我們一樣努力工作。

Please stay proud of the effort, not just the outcome.

請為所付出的努力感到自豪，而不僅僅是結果。

I think we have a ton of stuff that is left to do and our path is extremely bright.

我認為我們還有大量的事情要做，而且我們的道路非常光明。

We are just getting started.

我們才剛開始。

So let's keep it going.

所以讓我們繼續下去。

Thanks, everyone.

謝謝大家。

The conference has now concluded.

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 now disconnect.

您現在可以斷開連線。