Carvana Co (CVNA) 2025 Q1 法說會逐字稿

Good day, and welcome to Carvana's first quarter 2025 earnings conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Meg Kehan, Investor Relations. Please go ahead.

大家好，歡迎參加 Carvana 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。現在我想將會議交給投資者關係部的 Meg Kehan。請繼續。

Thank you. Good afternoon, ladies, and gentlemen, and thank you for joining us on Carvana's first quarter 2025 earnings conference call. Please note that this call will be simultaneously webcast on the Investor Relations section of the company's corporate website at investors.carvana.com. The first quarter shareholder letter is also posted on the IR website. Additionally, we posted a set of supplemental financial tables for Q1, which can be found in the Events & Presentations page of our IR website.

謝謝。女士們、先生們，下午好，謝謝你們參加 Carvana 2025 年第一季財報電話會議。請注意，本次電話會議將在公司網站 investors.carvana.com 的投資者關係部分同時進行網路直播。第一季股東信函也發佈在 IR 網站上。此外，我們還發布了第一季的補充財務表，您可以在我們的 IR 網站的「活動和演示」頁面上找到。

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

今天與我一起參加電話會議的還有執行長 Ernest Garcia；以及財務長馬克‧詹金斯 (Mark Jenkins)。在我們開始之前，我想提醒您，以下討論包含聯邦證券法含義內的前瞻性陳述，包括但不限於 Carvana 的市場機會和未來財務結果，這些陳述涉及風險和不確定性，可能導致實際結果與此處討論的結果存在重大差異。

A detailed discussion of the material factors that cause actual results to differ from forward-looking statements can be found in the Risk Factors section of Carvana's most recent Form 10-K and Forms 10-Q. The forward-looking statements and risks in this conference call are based on current expectations as of today and Carvana assumes no obligation to update or revise them whether as a result of new developments or otherwise. Our commentary today will include non-GAAP financial metrics.

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 表格和 10-Q 表格中的風險因素部分。本次電話會議中的前瞻性陳述和風險是基於截至今天的當前預期，Carvana 不承擔因新發展或其他原因而更新或修改這些陳述和風險的義務。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. 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. And with that said, I'd like to turn the call over to Ernie Garcia. Ernie?

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。我們今天發布的股東信函中可以找到我們報告結果的 GAAP 和非 GAAP 指標之間的對賬，其副本可以在我們的 IR 網站上找到。說完這些，我想把電話轉給 Ernie Garcia。厄尼？

Thanks, Meg, and thanks, everyone, for joining the call. In 2018, we held an Analyst Day where we walked through the long-term economics we believe our business model could deliver. That analysis resulted in us projecting a long-term EBITDA margin range of 8% to 13.5% at a time when our actual adjusted EBITDA margin was negative 9%, for the last four consecutive quarters, we have been in that range. And in Q1, in a seasonally weaker quarter, we were reporting 11.5%. This achievement is worth reflecting on, and it begs an important question.

謝謝梅格，也謝謝大家參加電話會議。2018 年，我們舉辦了分析師日，在會上我們詳細闡述了我們認為我們的商業模式所能實現的長期經濟效益。該分析使我們預測長期 EBITDA 利潤率範圍為 8% 至 13.5%，而當時我們的實際調整後 EBITDA 利潤率為-9%，並​​且在過去連續四個季度中，我們一直處於該範圍內。而在第一季度，由於季節性疲軟，我們的報告成長率為 11.5%。這項成就值得反思，也引出了一個重要的問題。

Why were we able to accurately forecast how our model would perform as a five-year-old newly public company that was significantly subscale and 20% of revenue away from our margin target. The answer is that the automotive industry is simpler when you zoom out than it looks when you zoom in.

為什麼我們能夠準確預測我們的模型作為一家成立五年、規模嚴重不足、收入距離利潤目標還有 20% 的公司的表現？答案是，當你縮小汽車產業時，它看起來比當你放大時更簡單。

It is a mature industry with mature unit economics. It is highly fragmented with many industry players using similar processes with similar goals and similar underlying economics. This reality provides a lot of stability and makes the key to understanding any given player about understanding where they are different from the rest of the industry.

這是一個成熟的行業，具有成熟的單位經濟學。該行業高度分散，許多行業參與者採用類似的流程，具有類似的目標和類似的基本經濟效益。這一現實提供了很大的穩定性，並使得了解任何特定參與者的關鍵在於了解他們與行業其他參與者的不同之處。

This is the method we use to determine our own long-term financial model in 2018. We went line by line using automotive retail history simple mental models for the way our industry works and a bottom-up analysis of the differences in cost and revenues of our business given our novel approach. Zooming out has been predictive over the last seven years, and we expect it to be predictive in the future as well.

這是我們2018年確定自己的長期財務模型的方法。我們逐行利用汽車零售歷史簡單的思維模型來了解我們的行業運作方式，並根據我們的新方法自下而上地分析我們業務的成本和收入差異。在過去七年中，縮小趨勢一直具有預測性，我們預計未來它仍將具有預測性。

When we went public in 2017, we opened our S1 with the statement of our mission to change the way people buy cars. What we meant by this is that we wanted to build a business so differentiated in selection, experience, and value that it just became the way people buy cars.

當我們在 2017 年上市時，我們在 S1 的開頭就聲明了我們的使命是改變人們的購車方式。我們的意思是，我們希望建立一種在選擇、體驗和價值方面差異化的業務，使其成為人們購買汽車的方式。

We wouldn't have said that then if we didn't believe it. We've always believed it. But today, it is much more apparent externally that our mission is achievable. What happens when we continue growing selection and benefiting from the other positive feedback in our business? What happens when we continue unlocking and sharing value with our customers, further separating our offering speed, experience, and value?

如果我們不相信的話，我們當時就不會這麼說。我們一直相信這一點。但今天，從外部來看，我們的使命是可以實現的，這一點更加明顯。當我們繼續增加選擇並從業務中的其他正面回饋中受益時會發生什麼？當我們繼續釋放並與客戶分享價值，進一步區分我們提供的速度、體驗和價值時會發生什麼？

What happens when more people hear from their friends and family that buying a car from Carvana was fast, fun, and fair. What we think happens is that Carvana becomes the way people buy and sell cars. We are in an incredible position with an incredible business and an incredible team in order to continue our rapid march toward fulfilling this mission, we are setting our next objective.

當越來越多的人從朋友和家人那裡聽說從 Carvana 購買汽車既快速、有趣又公平時會發生什麼？我們認為 Carvana 將成為人們購買和銷售汽車的方式。我們處於一個令人難以置信的地位，擁有令人難以置信的業務和令人難以置信的團隊，為了繼續快速完成這項使命，我們正在設定下一個目標。

To grow to 3 million annual retail sales with 13.5% adjusted EBITDA margins in the next 5 to 10 years. Given the position we're in and the fundamental gains we see in front of us, the path to that goal, which we currently view as both very exciting and very achievable is that we continue marching straight to 13.5% EBITDA margin and rapidly grow to 3 million units while sharing significant additional value with our customers along the way.

在未來 5 到 10 年內，年零售額成長至 300 萬，調整後 EBITDA 利潤率達到 13.5%。考慮到我們所處的地位和我們看到的眼前的根本收益，實現這一目標的途徑是，我們目前認為這非常令人興奮且非常可行，那就是我們繼續直奔 13.5% 的 EBITDA 利潤率，並迅速增長到 300 萬台，同時與我們的客戶分享顯著的附加價值。

While we believe this is a likely path, we are too young a company that is too early and taking advantage of our opportunity and 5 to 10 years is too long of a time to have flexibility available to us. Accordingly, it is important to communicate our priorities. Over the next 5 to 10 years, we plan to prioritize growth over margin within reasonable margin ranges and plan to manage the speed of our growth to ensure we continue to deliver exceptional customer experiences and that we maintain high-quality efficient operations. There are 40 million used cars sold every year in the US. There are an additional 16 million new cars sold every year.

雖然我們相信這是一條可行的道路，但我們公司還太年輕，還未抓住機遇，5 到 10 年的時間太長，我們沒有足夠的彈性。因此，傳達我們的優先事項非常重要。未來5到10年，我們計劃在合理的利潤率範圍內優先考慮成長而不是利潤率，並規劃管理成長速度，以確保我們繼續提供卓越的客戶體驗，並保持高品質高效的營運。美國每年售出4000萬輛二手車。每年還額外銷售1600萬輛新車。

Adding this up and using last quarter's unit sales annualized, we are still just about 1% of this market. It's very early in the Carvana story, and we are firmly on the path to becoming the way people buy and sell cars. Mark?

把這些加起來，並使用上一季的年化單位銷售額，我們仍然只佔這個市場的 1% 左右。Carvana 的故事才剛開始，我們正堅定地走在成為人們購買和銷售汽車的方式的道路上。標記？

Thank you, Ernie, and thank you all for joining us today. Our first quarter results were outstanding and driven by our team's ability to achieve further fundamental gains and operating efficiencies while also delivering significant year-over-year growth.

謝謝你，厄尼，也謝謝大家今天加入我們。我們第一季的業績非常出色，這得益於我們團隊取得進一步根本性收益和營運效率的能力，同時也實現了顯著的同比增長。

For the fifth consecutive quarter, we earned positive net income, and we set new records for retail units sold revenue, adjusted EBITDA, GAAP operating income and GAAP operating margin. Unless otherwise noted, all further comparisons will be on a year-over-year basis. Retail units sold totaled 133,898 in Q1, an increase of 46% and a new company record.

我們連續第五個季度實現淨收入為正，零售單位銷售收入、調整後 EBITDA、GAAP 營業收入和 GAAP 營業利潤率均創下新高。除非另有說明，所有進一步的比較都將以同比為基礎。第一季零售單位銷售總計 133,898 套，較去年同期成長 46%，創下公司新高。

Revenue was $4.232 billion, an increase of 38% and also a new company record. Consistent with past quarters, our growth in the first quarter was driven by our three long-term drivers of growth: a continuously improving customer offering; increasing awareness, understanding and trust; and increasing inventory selection and other benefits of scale.

營收達42.32億美元，成長38%，創下公司新高。與前幾季一致，我們第一季的成長得益於三大長期成長動力：持續改善的客戶服務；提高意識、理解和信任；並增加庫存選擇和其他規模效益。

We believe as we continue on our path of profitable growth, each driver will improve, creating more positive feedback in our model. Our strong profitability results in Q1 were again driven by sustained and fundamental improvements in GPU and operations expenses as well as levering our overhead expenses. Non-GAAP retail GPU was $3,308, an increase of $97.

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，從而在我們的模型中創造更多正面的回饋。我們第一季強勁的獲利業績再次得益於 GPU 和營運費用的持續和根本改善以及管理費用的槓桿作用。非公認會計準則零售 GPU 為 3,308 美元，增加 97 美元。

Year-over-year changes were primarily driven by reductions in reconditioning and inbound transport costs and lower retail depreciation rates, partially offset by lower spreads between wholesale and retail market prices. Non-GAAP wholesale GPU was $964 , a decrease of $189.

同比變化主要由於修復和入境運輸成本的降低以及零售折舊率的降低，但批發和零售市場價格之間的價差縮小部分抵消了這一變化。非公認會計準則 GPU 批發價為 964 美元，減少 189 美元。

Year-over-year changes were primarily driven by faster growth in retail units than wholesale vehicle and wholesale marketplace units and higher wholesale vehicle depreciation rates. Non-GAAP other GPU was $2,868, an increase of $430. Year-over-year changes in other GPU were primarily driven by higher spreads between origination interest rates and funding costs, as well as a higher attachment rate on vehicle service contracts.

與去年同期相比，零售單位的成長速度快於批發汽車和批發市場單位的成長速度，以及批發汽車折舊率的提高，是造成這項變化的主要原因。非公認會計準則其他 GPU 為 2,868 美元，增加 430 美元。其他 GPU 的同比變化主要是由於發起利率和融資成本之間的利差擴大，以及車輛服務合約附加率上升所致。

Non-GAAP SG&A expense was $468 million, an increase of 20%. Q1 was another strong quarter for demonstrating the power of our model to lever SG&A expenses. Our 46% growth in retail units sold led to a $750 reduction in non-GAAP SG&A expense per retail unit sold. The Carvana operations portion of SG&A expense totaled $1,658 for retail units sold, a decrease of $192, driven by our operational efficiency initiatives. The overhead portion of SG&A expense totaled $160 million, an increase of $9 million and a decrease of $449 on a per retail unit basis.

非公認會計準則銷售、一般及行政費用為 4.68 億美元，成長 20%。第一季又是一個表現強勁的季度，證明了我們的模型能夠有效控制銷售、一般和行政費用 (SG&A) 的威力。我們的零售單位銷售量成長了 46%，導致每售出一個零售單位的非 GAAP 銷售、一般及行政費用減少了 750 美元。由於我們的營運效率舉措，Carvana 營運部分的銷售、一般及行政費用總計為 1,658 美元（用於銷售零售單位），減少了 192 美元。銷售、一般及行政費用的間接費用部分總計 1.6 億美元，增加了 900 萬美元，以每個零售單位計算則減少了 449 美元。

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 and operational expenses as well as leverage in the fixed components of our cost structure. Adjusted EBITDA was $488 million in Q1, an increase of $253 million and a new company record.

我們繼續看到，隨著時間的推移和規模的擴大，單位銷售、一般及行政費用將有顯著改善的機會，這得益於持續的效率和運營費用以及成本結構固定部分的槓桿作用。第一季調整後EBITDA為4.88億美元，增加2.53億美元，創下公司新高。

Adjusted EBITDA margin was 11.5% in Q1, a 3.8-percentage-point increase. Our adjusted EBITDA margin of 11.5% was industry-leading and is well within our long-term financial model EBITDA margin range of 8% to 13.5%. Our adjusted EBITDA is very high quality compared to many rapidly growing companies due to our relatively low noncash expenses.

第一季調整後 EBITDA 利潤率為 11.5%，成長 3.8 個百分點。我們的調整後 EBITDA 利潤率為 11.5%，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%。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。

We converted approximately 80% of adjusted EBITDA into $394 million of GAAP operating income and a 9.3% GAAP operating margin in Q1, leading the public auto retail industry. 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.

我們在第一季將約 80% 的調整後 EBITDA 轉化為 3.94 億美元的 GAAP 營業收入和 9.3% 的 GAAP 營業利潤率，領先於公車零售業。如前所述，我們目前承擔著許多支援超過 100 萬台零售單位銷售能力的費用，並預期我們的 GAAP 營業收入的成長速度將快於調整後的 EBITDA。

Q1 was a record quarter that again demonstrated the significant power of our business model. Assuming the environment remains stable, looking toward Q2, we expect a sequential increase in both retail units sold and adjusted EBITDA, leading to all-time company records on both metrics. We remain on track to deliver significant growth in both retail units sold and adjusted EBITDA in FY2025.

第一季創下了紀錄，再次證明了我們商業模式的強大力量。假設環境保持穩定，展望第二季度，我們預計零售單位銷售和調整後 EBITDA 都將環比成長，使這兩個指標都創下公司歷史新高。我們仍有望在 2025 財年實現零售單位銷售量和調整後 EBITDA 的顯著成長。

In conclusion, our results in Q1 were exceptional, and we remain highly motivated by our opportunity to continue driving significant profitable growth. Thank you for your attention. We will now take questions.

總而言之，我們第一季的業績非常出色，我們仍然對繼續推動顯著獲利成長的機會充滿信心。感謝您的關注。我們現在開始回答問題。

(Operator Instructions) Ron Josey, Citi.

（操作員指示）花旗銀行的 Ron Josey。

I have two. Ernie, I wanted to -- in the letter, we talked about a lot of things in the letter, but specifically, you talked about very clear visibility to continued financial performance and I wanted to -- the first part of this question is talk to us a little bit about macro about how tariffs fit in very short term, I know, and I know you just gave long-term guidance, but I wanted to hear your thoughts on the here now and how things are going, how we should -- how you're thinking about the impact?

我有兩個。厄尼，我想——在信中，我們討論了很多事情，但具體來說，你談到了對持續財務表現的非常清晰的可見性，我想——這個問題的第一部分是跟我們談談宏觀問題，關於關稅在短期內如何適應，我知道，我知道你剛剛給出了長期指導，但我想听聽你對現在的看法，事情進展如何，我們應該如何看待？

And then the second question is more on pricing and on GPUs. And just wondering, when you're managing the business, and do you manage the business chain retail GPUs and total GPUs, meaning that as you can benefit from improving retail GPUs, does that go into lower pricing, maybe impacting the retail GPU, but yet financing GPUs are better.

第二個問題更多是關於定價和 GPU。我只是想知道，當您管理業務時，您是否管理業務鏈零售 GPU 和總 GPU，這意味著您可以從改進零售 GPU 中受益，這是否會導致更低的價格，可能影響零售 GPU，但融資 GPU 更好。

So I'm trying to understand how we're taking these efficiencies, pushing it to greater growth and now how that rolls up to overall profitability of the company. Hopefully, that makes sense.

因此，我試圖了解我們如何提高這些效率，推動其實現更大的成長，以及如何將其轉化為公司的整體獲利能力。希望這是有意義的。

Okay. I'll try to be quick on the first one because I don't know that we have as much interesting stuff to say as others might. But I think -- as it relates to tariffs, I think we've heard reasonable arguments that I think are directionally correct that if tariffs drive up car prices, all else constant, that's bad. And I think we've heard reasonable arguments that it would be more likely they would drive up new car prices by more than used car prices. And so it may be a directional benefit to used cars.

好的。我會嘗試快速地講完第一個問題，因為我不知道我們是否有像其他人一樣多有趣的東西要講。但我認為——就關稅而言，我認為我們聽到了合理的論點，我認為這些論點在方向上是正確的，即如果關稅推高汽車價格，而其他所有因素保持不變，那就糟糕了。我認為我們已經聽到了合理的論據，即他們更有可能將新車價格推高得比二手車價格更高。因此，這可能對二手車來說是一個方向性的好處。

And it may be a benefit to business models that are able to offer value to consumers, which is a business model that we think we fit in that box. So we'll see how that works. I think the general approach that we try to take to this, and I think it's been true since the beginning is we believe what matters in this industry is what are your expenses compared to everyone else, what are your revenues compared to everyone else and what is the experience you deliver compared to everyone else.

這可能對能夠為消費者提供價值的商業模式有益，我們認為我們的商業模式適合這種情況。我們將看看它是如何運作的。我認為我們試圖採取的一般方法是，而且我認為從一開始就是這樣，我們相信在這個行業中重要的是與其他人相比你的支出是多少，與其他人相比你的收入是多少，以及與其他人相比你提供的體驗是什麼。

And if you're better in those three things, then you're going to win and the question is degree and the question is time, because it is a competitive industry. It's a mature industry. It's an industry that's very large. And it's an industry where many of the other players have shared economics. And so we try really hard to put all of our energy into those three things because you can kind of chase a macro environment in circles. That said, we pay attention. I think the good news is we have an adaptive system.

如果你在這三件事上做得更好，那麼你就會贏，問題在於程度，問題在於時間，因為這是一個競爭激烈的行業。這是一個成熟的行業。這是一個非常龐大的產業。這個行業中許多其他參與者擁有共同的經濟利益。因此，我們盡力將所有精力投入這三件事中，因為你可以循環追逐宏觀環境。話雖如此，我們還是關注。我認為好消息是我們有一個自適應系統。

Our system inherently adapts to what it sees. So if customers start to prefer less expensive cars, we'll automatically start buying less expensive cars. If the reverse is true, then we'll react in the opposite way. I think we've seen little gyrations over the last month or so. I think when tariffs were first announced, we saw a small pull forward of demand, and we reacted accordingly.

我們的系統本質上會適應它所看到的東西。因此，如果客戶開始喜歡較便宜的汽車，我們就會自動開始購買較便宜的汽車。如果事實相反，我們就會做出相反的反應。我認為我們在過去一個月左右看到了一些小波動。我認為，當關稅首次宣佈時，我們看到需求略有上升，並做出了相應的反應。

We like to try to keep sales approximately on our plans as it keeps operations very smooth. So we pulled some levers to try to keep sales on our plan and despite that little increase in demand. And then we saw probably a little bit of a trough thereafter, and it feels like it's stabilized sense, and I think overall, our expectations remain the same. So I don't think we have too much that's interesting there, but that's how we've been reacting. I think as it relates to pricing in general, I think we've continually used this term fundamental gains.

我們希望盡量保持銷售額大致符合我們的計劃，因為這樣可以使營運非常順利。因此，儘管需求略有增加，我們還是採取了一些措施，試圖保持銷售量符合計畫。然後我們可能看到了一點低谷，感覺它已經穩定下來了，我認為總的來說，我們的預期保持不變。所以我不認為我們在那裡有太多有趣的東西，但這就是我們的反應。我認為，由於它與一般定價有關，我們一直在使用“基本收益”這個術語。

And I think the last couple of years have been pretty exceptional in this regard. I think we've demonstrated a lot of improvement in every expense line item in every revenue line item, and we've done that well, giving customers improving experiences with improving NPS and similar value. And I think that's very exciting. And we think we tend to have kind of our annual planning around this time, and we're setting our targets now for Q4 this year and for Q2 of next year. And I think looking at the opportunities in every group, they're, again, very large and very exciting.

我認為過去幾年在這方面的表現相當出色。我認為我們在每項收入項目的每項費用項目上都表現出了很大的改進，而且我們做得很好，透過提高 NPS 和類似的價值為客戶提供了更好的體驗。我認為這非常令人興奮。我們認為我們傾向於在這個時候制定年度計劃，我們現在正在設定今年第四季和明年第二季的目標。我認為，從每個群體中的機會來看，它們都非常大，非常令人興奮。

And I think the hardest thing that we have to do is decide which things we're going to do and which things we're not going to do to try to stay focused and ensure that we get the most out of our effort along the way. But we still think there are very significant fundamental gains.

我認為我們必須要做的最困難的事情是決定我們要做什麼事情以及我們不要做哪些事情，以保持專注並確保我們在過程中獲得最大的努力。但我們仍然認為基本面收益非常顯著。

And we think that in aggregate across the various line items, we're likely to take those fundamental gains and seek to share the significant majority of them with our customers to further separate our offering over time and we think that we're in a position to do that because we think the economics are very strong. So just to give a quick walk, which is to some degree in the shareholder letter, we were 11.5% this quarter in a traditionally seasonally weak quarter. And so we think that's very strong to begin with.

我們認為，從各個項目的總體來看，我們可能會獲得這些根本性的收益，並尋求與我們的客戶分享其中的絕大部分，以進一步隨著時間的推移區分我們的產品，我們認為我們有能力做到這一點，因為我們認為經濟狀況非常強勁。因此，簡單介紹一下，這在致股東的信中在某種程度上是這樣的，本季我們的成長率為 11.5%，而這在傳統季節性疲軟的季度中是可以理解的。因此我們認為這從一開始就非常強勁。

We think there's a couple of points of fixed cost leverage from there, even in marketing, which is not a huge line item at this point. our older, more mature markets with larger market shares are a couple of hundred dollars better than our average. And we still think that there's very significant fundamental gains to be had. And I think when you start doing the mental math on that, it gets you well beyond our 13.5% target. But we view that as exciting because we think that's fuel for future growth that we can share with customers.

我們認為，即使在行銷方面，也存在幾個固定成本槓桿點，而這在目前並不是一個很大的項目。我們的市場更成熟、市場份額更大，比我們的平均水平高出幾百美元。我們仍然認為，我們還可以獲得非常顯著的根本性利益。我認為，如果你開始心算一下，你會發現它遠遠超出了我們的 13.5% 的目標。但我們認為這令人興奮，因為我們認為這是我們可以與客戶分享的未來成長的動力。

And we think we'll share it in many ways, it could be economic. It could be additional investments in experience. You've seen some of the stats we put in the shareholder letter. We're delivering cars materially faster. We're answering phones more quickly. We're getting fewer calls from customers because we've invested in digital tools that answer questions for them.

我們認為我們將以多種方式分享它，它可能是經濟的。這可能是對經驗的額外投資。您已經看到了我們在股東信中提供的一些統計數據。我們交付汽車的速度顯著加快。我們接聽電話的速度更快。由於我們投資了可以解答客戶疑問的數位工具，我們接到的客戶電話越來越少。

So we're just becoming more efficient as a business overall. And I think that we will seek to continue to do that and to take these gains that we expect you'll get, but that we're going to have to work hard to go get share them with our customers and see where that takes us. But we think the road in front of us is very clear, and it's up to us to execute, but we think we've got a huge opportunity.

因此，我們整個企業的效率正在提高。我認為我們會努力繼續這樣做，並取得我們期望您獲得的收益，但我們必須努力與我們的客戶分享這些收益，看看這會為我們帶來什麼。但我們認為，擺在我們面前的道路非常清晰，這取決於我們的執行，但我們認為我們有一個巨大的機會。

Brian Nagel, Oppenheimer.

奧本海默的布萊恩·納格爾。

First off, congratulations. I mean another very nice quarter. So congrats.

首先，恭喜你。我的意思是又一個非常好的季度。恭喜你。

Thank you. We really do appreciate that. And we do keep track over here. Just for over coming up next.

謝謝。我們對此非常感激。我們確實在這裡進行跟踪。只是為了接下來的結束。

Two questions. I'll put them together. I mean first off, as part of their superior performance, you've been managing your retail GPU very well. I guess the question I have is if you look at it from here, how should we think about, from your standpoint, the trajectory there kind of the puts and takes both near and maybe longer term on the retail GPU?

兩個問題。我會把它們放在一起。我的意思是，首先，作為其卓越性能的一部分，您一直在很好地管理您的零售 GPU。我想我的問題是，如果從這裡來看，從您的角度來看，我們應該如何看待零售 GPU 的近期和長期軌跡？

And then my second question, the longer term nature, you introduced today the kind of new longer-term financial goals for the company. So as we think of -- been recognizing the numbers you put out there over a long period of time, but what type of incremental investment are you starting to think about just sort of -- in the business to support those type of volumes? And when will we start to see that newer capacity so that come online?

然後我的第二個問題是長期性，您今天介紹了公司新的長期財務目標。因此，正如我們所想的那樣——我們已經認識到您長期以來公佈的數字，但是您開始考慮在業務中進行哪種類型的增量投資來支持這些類型的數量？我們什麼時候才能開始看到更新的產能並上線？

Sure. So I think as it relates to the various GPU line items, I mean the way that we think about it first order is we try to break it down, we say, what are the various inputs. So in retail GPU, you've got inbound transport, you've got your acquisition cost, you've got reconditioning, you've got the price that we put in front of customers, which is driven by how well we're merchandising and how effectively we're driving demand to those cars. And so those are various areas where we have goals and we have projects that we're trying to tackle in every one of those areas and we try to get better.

當然。因此，我認為，由於它與各種 GPU 項目相關，我的意思是，我們思考它的方式首先是嘗試將其分解，我們說，各種輸入是什麼。因此，在零售 GPU 中，你有入站運輸，你有收購成本，你有修復成本，你有我們向客戶提出的價格，這取決於我們的商品推銷情況以及我們如何有效地推動對這些汽車的需求。我們在各個領域都有目標，我們也在努力解決每個領域的項目，並努力做得更好。

And so I think first and foremost, we try to get fundamentally better. And if we get fundamentally better, then we've got good options. One option you show that in the bottom line. One option you pass it back to customers either in price itself or in some other form of investment and drive incremental demand. And so generally speaking, I think that we feel like we're in a pretty good spot from an overall GPU perspective.

因此我認為，首先，我們要努力從根本上取得進步。如果我們從根本上得到改善，那麼我們就有很好的選擇。您可以在底線中顯示一個選項。一種選擇是將其以價格本身或其他形式的投資形式返還給客戶，從而推動增量需求。所以總的來說，我認為從整體 GPU 角度來看，我們處於一個相當不錯的位置。

And it's driving us to this place where the EBITDA economic walk that we did a moment ago, gets you to very exciting places. So I think we're going to be managing kind of across the economics of the business to try to make sure that we're in a great overall margin spot. And we're going to try to get better in every subline of every revenue line item and every expense line item. And we think we have visibility to do that, and we'll seek to continue doing that. I think as it relates to investments to keep going from here, I think we are in a pretty unique and exciting position.

它推動我們到達這個地方，我們剛才進行的 EBITDA 經濟考察將帶你到非常令人興奮的地方。因此，我認為我們將對整個業務的經濟狀況進行管理，以確保我們處於良好的整體利潤水平。我們將努力改進每項收入項目和每項支出項目的每個子項目。我們認為我們有能力做到這一點，並且我們會努力繼續這樣做。我認為，就從現在開始繼續進行的投資而言，我認為我們處於一個非常獨特和令人興奮的位置。

We acquired ADESA several years back now. And through that acquisition, we got access to a lot of real estate. We've been methodically opening up our mega sites, which support both auction capabilities and reconditioning capabilities. And then we also have underutilized inspection centers ourselves. So I think we're positioned very well to kind of grow into that infrastructure.

我們幾年前就收購了 ADESA。透過那次收購，我們獲得了大量房地產的使用權。我們一直在有條不紊地開放我們的大型網站，這些網站既支援拍賣功能，也支援修復功能。而我們自己的檢測中心也未充分利用。所以我認為我們已做好準備，可以發展成為這樣的基礎設施。

I think, of course, along the way, there will be investments. Mark has given some CapEx guidance for this year, I'm sure, over time, we'll continue to provide that. But I think relative to most companies with this kind of opportunity, I think there's a lot of kind of pre-purchased infrastructure that we get the benefit of growing into. So I think we're in a great spot there, and we're excited about it, and we'll work hard to unlock it.

我認為，在這個過程中當然會有投資。馬克已經給出了今年的一些資本支出指導，我相信，隨著時間的推移，我們會繼續提供這些指導。但我認為，相對於大多數擁有這種機會的公司，我們有許多預先購買的基礎設施，可以從中受益。所以我認為我們處於一個很好的位置，我們對此感到興奮，我們將努力解鎖它。

Rajat Gupta , JPMorgan.

摩根大通的 Rajat Gupta。

Great. I have one question just on the macro and you have several questions being asked over the last few months around how is Carvana positioned to tackle another recession, maybe a severe recession. Could you help us understand like what's different now in the business versus '21, '22? How should we think about the challenges you might face in the lending market, gain on sale margins, et cetera. If you could just walk us through like some of maybe two or three top aspects that are very different from 2022, which puts in a better position to navigate a downtrend. And I have a quick follow-up.

偉大的。我只有一個關於宏觀的問題，過去幾個月你也問了幾個關於 Carvana 如何應對另一場衰退，甚至是嚴重的衰退的問題。您能否幫助我們了解現在的業務與 21 年、22 年相比有何不同？我們應該如何看待您在貸款市場、銷售利潤率等方面可能面臨的挑戰。如果您可以向我們介紹與 2022 年截然不同的兩三個主要方面，這將使我們更好地應對下行趨勢。我有一個快速的後續行動。

Sure. Okay. Well, you started that question with a great and then you didn't follow it up. So was that great that it was your turn or was that great quarter just so we can keep our staff on this side.

當然。好的。嗯，你一開始就問得很棒，但之後就沒再繼續問下去了。那麼輪到你了，這真是太好了嗎？或者這是一個很棒的季度，這樣我們就可以把員工留在這邊了。

Both.

兩個都。

Okay. Thank you. So mark that one down. Here's what I would answer. I think it's a good and fair question. I think the way that we would try to answer that one would be to point to the automotive industry in general. I think that we were a very different company in many respects heading into '22, right? We were not a moneymaking company. We are an extremely high-growth company that was sprinting full speed as an opportunity and we felt at the time that we were supported by investors in that mission.

好的。謝謝。因此，請記下這一點。以下是我要回答的內容。我認為這是一個好問題，而且很公平。我認為我們回答這個問題的方式是針對整個汽車產業。我認為，進入 2022 年，我們在很多方面都是一家非常不同的公司，對嗎？我們不是一家賺錢的公司。我們是一家極高成長的公司，正全速衝刺，我們當時感覺到我們得到了投資者在這項使命中的支持。

And then I think we ran into our own issues. We saw interest rates shoot up in a way that was very unique. We saw car prices shot up over a full year in a way that was unique. And we were in a position where we had to dramatically change our strategy. And so I think there's just a lot of threads that came together at a single time there that can give the impression of a pattern that we don't really think is predictive of where the future is likely to be.

然後我認為我們遇到了自己的問題。我們看到利率以一種非常獨特的方式飆升。我們看到汽車價格在一年內以獨特的方式飆升。我們當時處於必須徹底改變戰略的境地。所以我認為，有很多線索在某個時間點匯集在一起，形成了一種模式，但我們認為這種模式並不能預測未來會發生什麼。

I think where we are today, is we're the most profitable automotive retailer by a pretty long way. I think as measured by adjusted EBITDA margin, we're approximately twice as profitable as the average public automotive retailer. And that puts us in a very different position. We've got a significant margin to work with. We've got significant cash balances. We're simultaneously growing very quickly.

我認為，我們目前是利潤最高的汽車零售商，而且遙遙領先。我認為，以調整後的 EBITDA 利潤率衡量，我們的利潤大約是普通上市汽車零售商的兩倍。這使我們處於一個非常不同的地位。我們擁有相當大的工作空間。我們有大量現金餘額。我們同時也在快速成長。

And I think that suggests that our ability to absorb variation in the macro environment is very different. And I think it's likely to look more like other automotive retailers that were profitable heading into downturns in the past. And in general, when you go back and look at that history, the changes were not very severe. I think you can also -- in any of these line items, you can look at the history that we've generated overall relatively short life of the company.

我認為這表明我們吸收宏觀環境變化的能力非常不同。我認為它可能更像過去在經濟低迷時期盈利的其他汽車零售商。總的來說，當你回顧歷史時，你會發現改變並不是很嚴重。我認為您還可以 - 在任何這些項目中，您可以查看我們公司整體相對較短的壽命的歷史記錄。

We've been through some real storms in finance GPU, for example, which I think is one of the areas that people tend to look at first when they ask these sorts of questions. We went through COVID, and we saw a finance GPU go down a little bit but recover a quarter later. We went through '22 and '23 when you couldn't read a nice thing about us online if you search over and over again. And I think that we saw GPU go down a little bit, but not all that much. Generally speaking, we are in a competitive market.

例如，我們在金融 GPU 領域經歷了一些真正的風暴，我認為這是人們在提出此類問題時首先關注的領域之一。我們經歷了 COVID，我們看到金融 GPU 略有下降，但一個季度後就恢復了。我們經歷了 22 年和 23 年，當時如果你一遍又一遍地搜索，你都無法在網上找到關於我們的任何好東西。我認為我們看到 GPU 有所下降，但下降幅度並不大。整體來說，我們處於一個競爭激烈的市場。

Everyone else sees the same things that we see. If consumer credit gets worse, that gets priced in. If interest rates go up, that gets priced in. If car prices go up or down, that generally gets priced in. And so I think our expectation would be that it would be much more like other highly profitable automotive retailers have dealt with difficult environments in the past than it would be like '22 or '23. And we'll do our best to make sure that's the case.

其他人看到的事物和我們所看到的事物是一樣的。如果消費者信用惡化，其價格就會受到影響。如果利率上升，就會被計入價格。如果汽車價格上漲或下跌，通常都會被計入價格。因此，我認為我們的預期是，它將更像其他高利潤汽車零售商過去應對困難環境的情況，而不是像 22 年或 23 年那樣。我們將竭盡全力確保情況確實如此。

Got it. And just a follow-up on just like the lending backdrop. You added like a new partner last year. Curious where you are in discussions, potentially adding more partners? Do you see yourself having more partners or additional partners this year? Where are we in those discussions today.

知道了。這只是對貸款背景的後續關注。去年您增加了一位新合作夥伴。好奇您參與了哪些討論，是否有可能增加更多合作夥伴？您認為今年您會有更多的合作夥伴嗎？或是會有更多的合作夥伴嗎？我們今天的討論進展到哪一步了？

Yes, sure. I think we're stronger than we've ever been by a long way. I think our securitization program is stronger than it's ever been. I think we have more support in the residual sale portion of that which is kind of more of the -- almost whole loan risk-taking portion of these securitizations, we've got more buyers that are kind of recurring buyers than we've ever had. We've got, obviously, our Ally arrangement, which has been great for us over a long period of time and hopefully, great for them as well.

是的，當然。我認為我們比以往任何時候都更強大。我認為我們的證券化計劃比以往任何時候都更加強大。我認為我們在剩餘銷售部分獲得了更多的支持，這幾乎是這些證券化中全部的貸款風險承擔部分，我們擁有的買家都是比以往任何時候都多的經常性買家。顯然，我們已經有了盟友安排，這對我們長期以來來說非常有利，希望對他們來說也同樣有利。

And we've also had large like pooled loan sales that we've done. We added another large pool of buyer this quarter. And I think, in general, we feel like we're in a really strong position there. We generate very high-quality assets that have predictable cash flows and high yields relative to a lot of other assets that are available in the market. And so in general, I would say that feels as good as it's ever felt, and I think that's reflected in the results that you see this quarter.

我們也進行過大規模的集合貸款銷售。本季我們又增加了一大批買家。我認為，總的來說，我們感覺我們在那裡處於非常有利的地位。我們創造的資產品質非常高，與市場上許多其他資產相比，這些資產具有可預測的現金流量和高收益。所以總的來說，我想說這種感覺比以往任何時候都好，我認為這反映在本季的結果中。

We had exceptional finance GPU this quarter. And in general, it's been an improving trend over the last 1.5 years plus. So I think that's reflective of those trends.

本季我們擁有出色的財務 GPU。總體而言，過去一年半多來，這一趨勢一直呈改善趨勢。所以我認為這反映了這些趨勢。

Chris Bottiglieri, BNP Paribas.

克里斯‧波蒂列裡 (Chris Bottiglieri)，法國巴黎銀行。

First one, I'm not sure I heard you correctly, but it sounded like you recast the TAM to the $40 million used plus new, and now you're 1% of that TAM. So just in context of acquiring that small dealership that you bought in the franchise space, just currently thinking, wanted to hear how you're thinking about the new vehicle opportunity.

首先，我不確定我是否聽清楚了，但聽起來你把 TAM 重新定義為 4000 萬美元的二手資產加上新資產，而現在你只佔 TAM 的 1%。因此，就您在特許經營領域購買的小型經銷店而言，我只是在思考，想聽聽您對新車機會的看法。

Sure. So we bought that dealership. I think that begs a series of intriguing questions, but it's also very early. I think we're just in the process now of experimenting and learning. And so I think it's a bit early to share much more than that but stay tuned.

當然。所以我們買下了那家經銷店。我認為這引發了一系列有趣的問題，但現在還為時過早。我認為我們現在正處於實驗和學習的過程中。所以我認為現在分享更多資訊還為時過早，但請繼續關注。

Okay. That's fair. And then I was hoping to dig in on the ramp, like you provided some interesting context in the shareholder letter, like you can get to 3 million, 5 years versus 10, and what that implies for like the weekly production capacity. I mean you do it in five, you'd have to almost probably start this year or this coming year to do that. But I guess, what are the steps you do differently to hit it in 5 years versus 10?

好的。這很公平。然後我希望深入了解一下，就像您在股東信中提供的一些有趣的背景一樣，例如您可以達到 300 萬，5 年而不是 10 年，以及這對每週的生產能力意味著什麼。我的意思是，如果你要在五年內完成這件事，那麼你幾乎必須在今年或明年開始做。但我想，為了在 5 年內和 10 年內實現這一目標，您會採取哪些不同的步驟？

Like how does that change your capacity needs it's the same facilities, but I guess what do you do differently to do it in 5 versus 10? Is it more demand based? Or is it more like how you approach investment and scale it up more quickly?

例如，這會如何改變您的容量需求，雖然設施相同，但我猜您會在 5 個和 10 個中做些什麼不同的事情？它是否更多地基於需求？或者這更像是您如何進行投資並更快地擴大投資規模？

Sure. Well, I think you referenced some data that we put in the letter that hopefully was helpful. But I think over the last 12 months, we've been simultaneously growing sales quite a bit and growing inventory. That means that we've been growing production pretty quickly. And so if you break that down to what have we been doing weekly, it means that over the last 12 months, we've averaged increasing our production by about 80 units per week.

當然。嗯，我想您引用了我們在信中提供的一些數據，希望這些數據能有所幫助。但我認為在過去的 12 個月裡，我們的銷售額和庫存都在同時大幅成長。這意味著我們的產量成長相當快。因此，如果將其分解為我們每週所做的事情，則意味著在過去 12 個月中，我們平均每週增加約 80 個單位的產量。

And we've done that very consistently over that period of time. It's been a tremendous undertaking by the team. I think they've done an unbelievable job. But I think it also bodes very well for our future because if you -- that is kind of like the real fundamental operating unit that underlies growing at least production, which is our most complex and difficult to scale operational component of our business. And so if you look at that pace, we really don't have to increase it by very much.

我們在這段時間裡一直堅持要這樣做。對團隊來說，這是一項艱鉅的任務。我認為他們做了令人難以置信的工作。但我認為這也預示著我們的未來會很好，因為如果你——這有點像真正的基本營運單位，它至少是生產成長的基礎，而生產成長是我們業務中最複雜、最難擴展的營運組成部分。所以如果你看一下這個速度，我們真的不需要增加太多。

We estimate that we'd have to increase it to about 90 units per week over a 10-year period to hit 3 million sales. And so that feels very achievable, and we need to be at about 180 units per week to hit 3 million sales in five years, which sounds a bit further away, but I think it's also important to note that over the last year, we had, on average, about 23 locations that we are producing cars out of and we expect over time to have about 60 locations that we're producing cars out of, and production growth happens at a facility level and requires organization and leadership and hiring all those levels.

我們估計，我們必須在 10 年內將其增加到每週約 90 台才能達到 300 萬的銷售量。所以這感覺非常容易實現，我們需要每週生產大約 180 輛汽車，以便在五年內達到 300 萬的銷量，這聽起來有點遙遠，但我認為還需要注意的是，在過去的一年裡，我們平均有大約 23 個地點生產汽車，我們預計隨著時間的推移，我們將有大約 60 個地點生產汽車，產量

But it's something that is made easier certainly by adding more facilities. So we think that operationally, it's very achievable. It's going to be a lot of work, and there are other parts of the kind of operational change that we've got to make sure we expand as well.

但透過增加更多設施肯定會使事情變得更容易。因此我們認為從操作上來說，這是非常可行的。這將會是一項艱鉅的工作，而且我們還必須確保擴大營運變革的其他部分。

But it's the kind of work that we think that we can do, and it's a scale of that work that we believe we've achieved in the past or at least have been close to in the past. And so I think that's pretty exciting. And so I think our goal is going to be to go unlock that as quickly as we can, subject to delivering great customer experiences with highly efficient operations to go get fundamental gains and share those with our customers and have that drive demand.

但我們認為我們能夠完成這類工作，我們相信我們過去已經取得了或至少接近完成了這類工作的規模。所以我認為這非常令人興奮。因此，我認為我們的目標是盡快解決這個問題，以高效的營運提供出色的客戶體驗，從而獲得根本性的收益並與我們的客戶分享，並推動需求。

I think generally speaking, if you look at the sum total of our life, we had an offering that has been pretty consistent over time and that very consistent offering has driven a lot of demand growth over an extended period of time. And we think looking forward, we're going to benefit from that same offering, and we plan to make it better as we unlock additional fundamental gains.

我認為總體而言，如果你回顧我們的生活，我們會發現我們提供的產品在一段時間內一直非常穩定，而且這種非常穩定的產品在很長一段時間內推動了需求的大幅成長。我們認為，展望未來，我們將從同樣的產品中受益，並且我們計劃在獲得更多基本收益的同時，使其變得更好。

And so we think that should provide an ample amount of demand to get us to that level. Because again, 3 million units is a big number. But it's relative to the used market of 40 million units at 7.5% in kind of other retail verticals, it is not abnormal in the lease to have a player have at least that market share and generally significantly larger.

因此我們認為這應該會提供足夠的需求來讓我們達到那個水準。因為 300 萬台是一個很大的數字。但相對於其他零售垂直領域 4,000 萬台佔 7.5% 的二手市場而言，租賃業中至少有一家公司擁有該市場份額且通常要大得多，這並不罕見。

And we think with the business model that's twice as profitable as the average of the other public automotive retailers and growing at 46%, we absolutely have that ability, and so we're going to go chase it down.

我們認為，憑藉這種利潤是其他上市汽車零售商平均水準兩倍且成長率達到 46% 的商業模式，我們絕對有這個能力，因此我們會繼續追趕。

Sharon Zackfia, William Blair.

莎朗·扎克菲亞、威廉·布萊爾。

I feel a lot of pressure to say congratulations. So I will do so, because I know you're keeping.

我感到壓力很大，不得不說一聲祝賀。所以我會這麼做，因為我知道你會堅持下去。

(technical difficulty) we're still going to count it.

（技術困難）我們仍然會進行計算。

Still is a little worse. It's a long day. It's long out here. So I guess I wanted to kind of back into the idea of reinvesting the gains with your customers in the future. I want to level set that means future gains, and we're not expecting kind of a retrenchment in GPU anytime soon because I'm getting pinged on that. So just if you could clarify that.

還是差了一點。這是漫長的一天。這裡很長。所以我想我希望回到未來與客戶一起再投資收益的想法。我想設定一個水平，這意味著未來的收益，並且我們預計 GPU 不會很快出現某種形式的緊縮，因為我對此有所了解。所以如果你能澄清一下的話。

And then secondarily, as you think about reinvesting kind of further gains with the consumer, how are you prioritizing where to reinvest that? I mean is it -- are there certain areas where there's just a really quick ROI that you know will catalyze conversion or catalyze traffic?

其次，當您考慮將進一步的收益再投資於消費者時，您如何確定再投資的優先順序？我的意思是——是否存在某些領域，它們能夠快速實現投資回報，從而促進轉換或促進流量？

Are there areas where you have like certain return thresholds that you're thinking about when you're thinking about this reinvestment? I think it's just a whole construct, and I'd love to know what -- I think you said reasonable margin ranges. I need you to define reasonable for me, Ernie?

當您考慮進行再投資時，您是否考慮過某些具有特定回報門檻的領域？我認為這只是一個整體構造，我很想知道——我認為您說的是合理的保證金範圍。我需要你為我定義合理嗎，厄尼？

You know we're not going to do that. But okay, so let's start with the first question. So I think we put in the letter and said earlier in the call that we'll prioritize growth over margin within reasonable ranges. And so I think that does then beg this very reasonable question of like, okay, our margin is going backwards. Is that the plan?

你知道我們不會這麼做。好吧，讓我們從第一個問題開始。因此我認為我們在信中以及早些時候的電話會議中都說過，我們將在合理範圍內優先考慮成長而不是利潤率。所以我認為這確實引出了一個非常合理的問題：好吧，我們的利潤率正在倒退。這是計劃嗎？

And so just to be crystal clear, we think 5 to 10 years is a long time, and it's important when you're a company it's 1% to the market to have flexibility. But we are on a very good path right now, and we're not creating this long-term plan with kind of reasonable flexibility built into it to set ourselves up for an imminent reduction in margin. That is not our plan. We feel like we're on a very good path and are extremely excited about that. I think our plan going forward is to continue to unlock fundamental gains, and we think those fundamental gains are still significant.

因此，為了更明確起見，我們認為 5 到 10 年是一段很長的時間，對於一家佔市場 1% 份額的公司來說，擁有彈性非常重要。但我們目前正走在一條非常好的道路上，我們並沒有製定一個具有合理靈活性的長期計劃，以便為即將到來的利潤率下降做好準備。那不是我們的計劃。我們感覺我們正走在一條非常好的道路上，並對此感到非常興奮。我認為我們未來的計劃是繼續釋放根本性收益，而且我們認為這些根本性收益仍然很重要。

Year-over-year, if you just look at the change in our EBITDA margin, that was about another $1,000 give or take per unit of value that we unlocked. That -- if you can unlock that much that fast, there is likely more left. And we anticipate and we'll seek to go get more of that. And then we think that we will share that with customers and I think when we share with customers, there's a number of ways you can do it.

與去年同期相比，如果你只看我們的 EBITDA 利潤率的變化，你會發現我們解鎖的每個單位價值增加了約 1,000 美元。那——如果你能那麼快解鎖那麼多，那麼很可能還會剩下更多。我們期待並會努力獲得更多這樣的結果。然後我們認為我們會與客戶分享這一點，我認為當我們與客戶分享時，有很多方法可以做到這一點。

Our goal is a simpler, faster, more fun way to buy a car where we offer more value. And I think when you talk about margins going backwards, I think everyone's head goes first to the value side, they imagine lowering prices, lowering rates, increasing bids on cars we buy from customers.

我們的目標是以更簡單、更快捷、更有趣的方式購買汽車，並提供更高的價值。我認為，當你談論利潤率倒退時，每個人首先想到的是價值方面，他們會想像降低價格、降低利率、提高我們從客戶那裡購買的汽車的出價。

All of that is certainly possible and on the table. And I think we will look to share value with our customers in the most intelligent ways we can over time. But I think that simple faster and fun are also areas that are worthy of investment.

所有這些都是可能的，而且正在討論中。我認為，隨著時間的推移，我們將盡可能以最聰明的方式與客戶分享價值。但我覺得簡單、快速、有趣也是值得投入的領域。

And so that's the kind of areas that I think that we've invested in over the last year or two that are driving NPS to near three-year highs and leading to the statistics that we put in the letter and we discussed earlier. Generally speaking, I think if you make investments in customer offering, it is usually more work and it is harder. And you're not only kind of -- you're generally investing focus, I would say, more so than dollars.

所以我認為，我們在過去一兩年中投資的領域正是這些，它們推動 NPS 達到了近三年來的最高水平，並產生了我們在信中提出的以及之前討論過的統計數據。一般來說，我認為如果你在客戶服務方面進行投資，通常需要做更多的工作，而且會更困難。而且你不只是──我想說，你整體投資的是焦點，而不是金錢。

And I think in the best case scenario, we'll seek to invest as much focus as we can to keep making the experience even better because we think that really matters. And all times, that's more efficient than dollars. But we're clearly in a spot where if you look at reasonable expectations of additional opportunities we can unlock. It is relatively large dollars, and we think that's exciting, and we'll try to invest it intelligently going forward.

我認為在最好的情況下，我們會盡可能地投入精力來不斷改善體驗，因為我們認為這真的很重要。無論何時，這都比美元更有效率。但如果你合理預期我們能夠釋放更多機會，那麼我們顯然已經處於這樣的位置。這是一筆相對較大的金額，我們認為這令人興奮，我們將嘗試在未來進行明智的投資。

Can I follow up on that? Is that as you're starting to kind of embark on these kinds of investments, are those things you're going to outline to us on the Street, so that we're aware of kind of where you're prioritizing that investment?

我可以跟進一下嗎？當您開始著手進行這類投資時，您是否會在華爾街向我們概述這些事情，以便我們了解您優先考慮哪些投資？

I think -- I don't want to sit here and talk about the exact forms that we'll discuss that in the future, but I mean, I think we likely will. I think we just -- I think the areas that we discussed earlier, where all the service levels across the entire business are getting better. Those are, I think, areas where we put effort over the last 12 months. And I think it's showing up in the numbers and we're discussing them today.

我認為——我不想坐在這裡談論我們將來會討論的具體形式，但我的意思是，我認為我們很可能會討論。我認為我們只是——我認為我們之前討論過的領域，整個業務的所有服務水平都在變得更好。我認為，這些都是我們在過去 12 個月付出努力的領域。我認為這體現在數字上，我們今天正在討論它。

Michael Montani, Evercore ISI.

邁克爾·蒙塔尼，Evercore ISI。

Just wanted to ask if I could about some of the work that you all have been doing with respect to third-party marketplace selling, if you could give us an update on that and how it's going? And then also, if there's anything that we should be keeping in mind as we build out models and so forth with respect to the potential for ancillary revenue streams, whether it's third-party logistics or reconditioning. So that was the question I had.

我只是想問一下你們在第三方市場銷售方面所做的一些工作，能否向我們介紹一下最新情況以及進展如何？此外，當我們建立模型等關於輔助收入流的潛力時，我們應該牢記什麼，無論是第三方物流還是修復。這就是我的問題。

Sure, I can hit both of those. So I think the offerings that we've been developing related to either wholesale or retail marketplace, I think, are going well. I think we've talked a bit before about some of the fundamental opportunities we see to create a better offering for commercial sellers that gives them options to send a car to Carvana and either wholesale it through a physical auction that's wholesale it through our new digital auction offering that has been expanding this year, that's a clear or to sell it via our retail marketplace offering.

當然，我可以打中這兩個。因此，我認為我們一直在開發的與批發或零售市場相關的產品進展順利。我想我們之前已經談過一些我們看到的基本機會，以便為商業賣家創造更好的服務，讓他們可以選擇將汽車發送到 Carvana，然後透過實體拍賣進行批發，或者透過我們今年不斷擴展的新數位拍賣產品進行批發，這很明顯，或者透過我們的零售市場產品進行銷售。

And so that's something where we see real fundamental gains in the time it takes to get a car from a commercial seller into the hands of the ultimate customer and also an opportunity to cut out costs out of the system in doing that same thing.

因此，我們看到了從商業賣家到最終客戶手中汽車所需時間的真正根本性縮短，同時也有機會在做同樣的事情時削減系統成本。

I'd say we're incredibly early in that story and thinking about what that can ultimately be. But I do think that it's a place in the industry where we see real fundamental opportunity for a faster and lower-cost offering that makes everybody better. And so I do think it's something that we're excited about, but it's very early days, and really thinking about what that could ultimately be. In terms of your question about what should I put into the model on ancillary revenue streams? And you mentioned a couple around third-party reconditioning or logistics services.

我想說，我們才剛進入這個故事的早期階段，並且正在思考它最終會是什麼樣子。但我確實認為，在這個行業中，我們看到了真正的根本性機遇，即提供更快、更低成本的產品，讓每個人都變得更好。所以我確實認為這是讓我們興奮的事情，但現在還處於早期階段，我們真的在思考它最終會是什麼。關於您的問題，我應該在輔助收入流模型中加入什麼內容？您提到了一些有關第三方修復或物流服務的內容。

I think certainly, we see opportunities in those areas. Those areas are not a near-term focus. I think our near-term focus is starting from where we are today is roughly 1% player in this industry and really continuing to grow the key offering of selling cars to more and more customers. And I think that's really where our focus is going to be and I think there are ancillary opportunities like the ones that you pointed to, but they're not a near-term focus.

我認為，我們在這些領域確實看到了機會。這些領域並不是近期的重點。我認為我們近期的重點是從我們目前在該行業大約 1% 的參與者開始，並真正繼續增加向越來越多的客戶銷售汽車的關鍵產品。我認為這確實是我們關注的重點，而且我認為還有一些輔助機會，就像您提到的那樣，但它們不是近期的重點。

Jeff Lick, Stephens Inc.

傑夫·利克（Jeff Lick），史蒂芬斯公司（Stephens Inc.）

I'll add my congratulations and through really a tremendous in for the quarter.

我要向大家表示祝賀，這對本季來說是一個非常巨大的進步。

So, it's our first tremendous. Thank you.

所以，這是我們第一次偉大的成就。謝謝。

No problem. I'm always trying to be a trend setter. A question for Mark. And then, Mark, I was wondering if you could just -- something in the data this quarter that surprised you? And then for Ernie, we're really only call it, four years into past-COVID where you mentioned recurring customers.

沒問題。我一直致力於成為潮流引領者。問馬克一個問題。然後，馬克，我想知道您是否可以——本季度的數據中有讓您感到驚訝的東西？然後對於 Ernie 來說，我們實際上只是稱之為過去四年的 COVID，其中您提到了回頭客。

We see all these tremendous volumes that you're putting up. But the reality is people really don't know you that well yet. I mean, we're still all operating under this pretense over the last 40 to 50 years that you buy cars at a dealership. And so it still feels like you're very early in the adoption. And I could -- I'd be curious to know how you think about that and things that you're looking at in the data that says, hey, well, maybe we're whether -- where we are in the adoption curve.

我們看到了你們所上傳的大量內容。但事實是人們還不太了解你。我的意思是，在過去的 40 到 50 年裡，我們仍然在這種幌子下運作，即在經銷商處購買汽車。因此感覺你仍處於採用的早期階段。我可以——我很好奇地想知道您對此有何看法，以及您在數據中看到的情況，這些數據表明，嘿，也許我們——我們處於採用曲線的哪個位置。

Sure. Yes, on the thing this quarter that surprised me the most, I have to say the aftermarket reaction initially to our earnings release today was probably the biggest surprise. I mean we think we had an unbelievable quarter set records across almost every key metric. I think the numbers that we're putting up here with 46% retail unit sales growth in our roughly flat industry.

當然。是的，關於本季最讓我驚訝的事情，我必須說，市場對我們今天發布的收益報告的最初反應可能是最大的驚喜。我的意思是，我們認為我們在本季度幾乎在所有關鍵指標上都創下了令人難以置信的記錄。我認為，我們在這裡提出的數字表明，在我們基本上持平的行業中，零售單位銷售額增長了 46%。

I think the leading the industry on adjusted EBITDA margin by nearly 2x while growing at that 46% year-over-year growth rate, having very strong conversion of adjusted EBITDA to GAAP operating income, I think making us look very favorable on that metric compared to other many high-growth technology companies.

我認為，調整後的 EBITDA 利潤率領先行業近 2 倍，同時同比增長 46%，調整後的 EBITDA 向 GAAP 營業收入的轉換非常強勁，我認為與其他許多高成長科技公司相比，我們在這一指標上看起來非常有利。

I think we're just really excited about all these metrics. We think Q1 was an incredible quarter. We're expecting sequential growth in retail units sold and adjusted EBITDA in Q2 as well. And so we're excited about that. And so I just think the way we feel like we're positioned right now, the numbers that we're putting up, the way we're executing, I think we're very, very excited about. So we're certainly surprised to see that first few minutes reaction to our earnings print.

我認為我們對所有這些指標感到非常興奮。我們認為第一季是一個令人難以置信的季度。我們預計第二季零售單位銷售量和調整後 EBITDA 也將持續成長。因此我們對此感到興奮。所以我認為，就我們目前的定位、我們所取得的數字以及我們的執行方式而言，我認為我們感到非常非常興奮。因此，當看到大家對我們的獲利報告最初幾分鐘的反應時，我們當然感到驚訝。

Yes, if you ask me that question, I have another answer (multiple speakers). But that's your second question. I think and I hope that you're right, and I think that there's a lot of evidence that you're right. I think one of the many ways that we try to get customer feedback is every couple of weeks, we have customer calls, we'll just call two customers, give or take three customers for half an hour and just talk through their entire experience. And we try to parent where it's different kind of customers, maybe one week gets customers that bought an EV and one week get customers that are repeat purchasers or customers that didn't have a perfect experience or whatever it is.

是的，如果你問我這個問題，我還有另一個答案（多位發言者）但這是你的第二個問題。我認為並且希望你是對的，而且我認為有很多證據表明你是對的。我認為我們獲取客戶回饋的眾多方法之一是每隔幾週，我們會接到客戶電話，我們會給兩個客戶打個電話，最多三個客戶打半個小時，談論他們的整個體驗。我們嘗試針對不同類型的客戶進行管理，也許這週的客戶是購買了電動車的客戶，而另一周的客戶則是重複購買者或沒有完美體驗的客戶，或者其他什麼的。

And something that I would say is you learn a lot in those conversations because you're talking live with a person who made a choice to buy a $20,000 thing on a website. And you definitely hear the stories of, oh, my friend or neighbor told me that it was great, and so I went and did it.

我想說的是，在這些對話中你會學到很多東西，因為你正在與一個選擇在網站上購買價值 20,000 美元的東西的人進行現場交談。你肯定聽過這樣的故事，哦，我的朋友或鄰居告訴我這很棒，所以我就去做了。

And you also definitely hear stories that are more like -- and I would say we hear more of these stories that are more like, well, I was searching online. I had kind of senior logo before and knew that it was a thing. The car looks good, the price looks good. And I kind of searched around, and I saw a picture of a vending machine, and that seems like it was real. So I figured you guys were a real company, and I decided to go for it.

而且你肯定也聽過類似這樣的故事——我想說，我們聽到的更多這樣的故事更像是，嗯，我在網路上搜尋到的。我以前有過某種高級標誌，並且知道它是一回事。車子看起來不錯，價格也不錯。我四處搜尋了一下，看到了一張自動販賣機的照片，看起來好像是真的。所以我認為你們是一家真正的公司，所以我決定嘗試一下。

And to me, that's a bit of a bummer from like a brand-building perspective, but I think it's incredibly exciting from an opportunity perspective because I do think that if we want to become the way that people like cars, the way that you do that, is it no longer is a friend of a friend that you heard that Carvana is a pretty great way to buy a car. It's three or four friends and a neighbor and a family member who say, just go to Carvana. It's easy. Like why would you do anything else?

對我來說，從品牌建立的角度來看，這有點令人沮喪，但從機會的角度來看，我認為這是非常令人興奮的，因為我確實認為，如果我們想成為人們喜歡的汽車，你這樣做的方式，不再是朋友的朋友，你聽說 Carvana 是一種非常棒的買車方式。有三、四個朋友、一個鄰居和一個家人說，去 Carvana 就好。這很容易。例如為什麼還要做其他事情？

And I think because this market is so big and people buy cars once every five or six years, I think it takes time to build the kind of brand that we want to build. But the most important input is deliver great experiences to customers one at a time and give them an offering that's truly differentiated, and we think that we're doing that. So I think that it is still early, and we're excited.

我認為，由於這個市場如此之大，人們每五、六年才買一次車，所以我認為打造我們想要的品牌需要時間。但最重要的投入是每次都為客戶提供出色的體驗，並為他們提供真正差異化的產品，我們認為我們正在做到這一點。所以我認為現在還為時過早，我們很興奮。

And I think that one of the frameworks that we try to use to evaluate that question is there's always kind of like the awareness question, which is you can always hit people up on surveys and try to get a sense of what is awareness. I think in awareness, we're generally pretty good. And to put it into this customer discussion language, I think that oftentimes means I saw your logo before, right?

我認為，我們嘗試用來評估該問題的框架之一就是總是存在類似意識的問題，即你總是可以透過調查來接觸人們並嘗試了解什麼是意識。我認為，就意識而言，我們總體上做得相當不錯。用這種客戶討論語言來表達，我認為這通常意味著我以前見過您的標誌，對嗎？

I have some sense that you're a thing in the world. And so I kind of know that you exist. And then there's understanding, do they really know that we've got a broad selection. They really know that the purchase experience is very simple. They really know that they can get financing in minutes.

我感覺到你是這個世界上的一個存在。所以我大概知道你的存在。然後還有理解，他們是否真的知道我們有一個廣泛的選擇。他們確實知道購買體驗非常簡單。他們確實知道他們可以在幾分鐘內獲得融資。

They can get a value for their car and attach the trade and have it delivered to their door. Do they really know they have a seven-day return policy? And I think that understanding is where I think we tend to have lower levels of understanding. I think that's a real opportunity for us. And then I think the last thing is, when you click buy, it comes down to trust.

他們可以對自己的汽車進行估價，並進行交易，然後將車送到他們家門口。他們真的知道他們有七天退貨政策嗎？我認為，我們對這種理解的程度往往較低。我認為這對我們來說是一個真正的機會。我認為最後一件事是，當您點擊購買時，它歸結為信任。

Do you believe that you're going to get a high-quality car? And if there's something wrong with it, you'll really be able to return it. And to me, that's friends and family and neighbors. And all that points in the same direction, it says, we just got to keep delivering great experiences. And I think all of the data is pretty exciting around that as well because we do see that adding up.

您相信您會得到一輛高品質的汽車嗎？如果它有問題，您確實可以退貨。對我來說，那就是朋友、家人和鄰居。所有這些都指向同一個方向，那就是我們必須繼續提供出色的體驗。我認為所有相關數據都相當令人興奮，因為我們確實看到了成長。

We see that our older markets have higher market shares than our newer markets. And we don't see that our growth story today is newer markets catching up to older markets. We see that all markets continue to grow at rates that are pretty exciting. I think versus our previous best Q1 at the company level, our sales are up about 25%.

我們發現，我們的老市場比新市場擁有更高的市場份額。而我們並沒有看到我們今天的成長故事是新市場趕上舊市場。我們看到所有市場都繼續以令人興奮的速度成長。我認為與公司層面之前最好的第一季相比，我們的銷售額成長了約 25%。

If you look at our -- two of our larger markets where we've historically had very large market shares Atlanta and Phoenix, in both those markets, they're up about 25% versus their previous first quarter high. And so I think that suggests that even later in life, we are continuing to build awareness, understanding and trust in these markets, and we're excited about that and I think we have a long runway in front of us.

如果你看一下我們的兩個較大的市場——亞特蘭大和菲尼克斯，我們在這兩個市場上的市場份額一直很大，與之前的第一季高點相比，它們都上漲了約 25%。所以我認為這表明即使在以後的生活中，我們也將繼續建立對這些市場的認識、理解和信任，我們對此感到興奮，我認為我們面前還有很長的路要走。

Well, just as a quick follow-up. In your advertising, you never really lead into just how much better the experience is over the status quo. And then to your point about quality you really haven't ever shown people just how these cars are reconditioned relative to what they might be buying. So I'm curious why you haven't done that.

好吧，只是作為一個快速的後續行動。在您的廣告中，您從未真正說明這種體驗相對於現狀來說有多好。然後關於您提到的品質問題，您實際上從未向人們展示過這些汽車相對於他們可能購買的汽車的翻新程度。所以我很好奇你為什麼沒有這麼做。

So I think we -- I think we have an incredible marketing team that puts together incredible creative assets, and we've got a very thoughtful quantitative marketing team that does a great job trying to get those assets in front of people. And I think that we've tried a lot. What I'll say is if you go back and like the way back machine and look at the first version of our website, it was basically five bullet points about why we thought it was the right way for consumers to buy cars.

所以我認為我們——我認為我們擁有一支令人難以置信的行銷團隊，他們整合了令人難以置信的創意資產，我們還有一支非常周到的量化行銷團隊，他們在努力將這些資產呈現在人們面前方面做得非常出色。我認為我們已經嘗試了很多。我想說的是，如果你回去看看我們網站的第一個版本，它基本上有五個要點，說明了為什麼我們認為這是消費者購買汽車的正確方式。

And it turns out it was a surprise to me, but it turns out that five bullet points about the economics of car buying donate it being that persuasive to consumers. I think your marketing is one of these very difficult, very important problems where it's hard to get someone's attention and get them to open their mind to hear a message that is a little bit different.

事實證明，這對我來說是一個驚喜，但事實證明，有關購車經濟學的五個要點對消費者俱有說服力。我認為行銷是一個非常困難、非常重要的問題之一，很難引起人們的注意並讓他們敞開心扉去傾聽稍微不同的訊息。

But we've got great teams that work hard to do that. And then I think very importantly, we've got the sum of the Carvana team that works incredibly hard to make sure that when a customer does decide to buy it from us, they've got a story to tell and that story is compelling. And that we're very confident works overtime. So I think we'll continue to try to tell our story. We'll try to tell the vehicle quality story.

但我們有優秀的團隊在努力實現這一目標。然後我認為非常重要的是，我們擁有整個 Carvana 團隊，他們非常努力地工作，以確保當客戶決定從我們這裡購買產品時，他們有一個故事可以講，而且這個故事引人入勝。我們非常有信心加班工作。所以我想我們會繼續嘗試講述我們的故事。我們將盡力講述車輛品質的故事。

I think you're right. If someone wants to give us 10 or 15 minutes or maybe even two or three minutes of attention, I think we can tell a very compelling story about vehicle quality. And many of you have seen that out at our inspection centers. But that's not super easy with millions of consumers. It's hard to get their attention to tell that story.

我認為你是對的。如果有人願意花 10 分鐘或 15 分鐘甚至 2、3 分鐘的時間來關注我們，我認為我們可以講述一個關於汽車品質的非常引人入勝的故事。你們中的許多人已經在我們的檢查中心看到了這一點。但對數百萬消費者來說，這並不容易。講述這個故事很難引起他們的注意。

And I think trying to explain experiences, we'll continue to work on. I think that we've got some great swings out in the past. We've got some great ideas. We've got fund adds that are coming out all the time, and I would encourage you to take a look at those. But yes, that's a recurring problem that I think will take a long time, and I think it bodes well.

我認為我們會繼續努力解釋經驗。我認為我們過去已經取得了一些重大進展。我們有一些很棒的想法。我們一直在不斷推出基金增值產品，我鼓勵您來看看。但是的，這是一個反覆出現的問題，我認為它會持續很長時間，而且我認為這是個好兆頭。

Awesome. Well, congrats on the stock is still up. So we'll talk to you soon.

驚人的。好吧，恭喜股票仍然上漲。所以我們很快就會和你聯絡。

Daniela Haigian, Morgan Stanley.

摩根士丹利的丹妮拉·海吉安。

On the financing side, I appreciate your comments on the additional whole loan buyers added to the platform. In that vein, can you comment on gain on sale. It looks like it increased sequentially to over 11% of receivables sold this quarter, impressive considering the market backdrop, can you speak to your various loan monetization channels, profitability across each, what's driving the higher gain?

在融資方面，我很感謝您對平台新增的整筆貸款買家的評論。從這個角度來說，您能否評論一下銷售收益？看起來本季應收帳款銷售額較上季成長至 11% 以上，考慮到市場背景，這令人印象深刻，您能否談談各種貸款貨幣化管道、每種管道的獲利能力以及推動更高收益的因素？

Sure. So I can talk about that. I mean other GPU is one of the places, and this would include finance GPU, where we're really focused on continuing to make fundamental gains. And I think those fundamental gains take a couple of different forms. One is just improving the platform itself.

當然。所以我可以談論這個。我的意思是其他 GPU 是其中之一，其中包括金融 GPU，我們真正專注於繼續實現根本性收益。我認為這些根本性的利益有幾種不同的形式。一是改進平臺本身。

So that's continuing to make improvements to our credit scoring and pricing and underwriting and using more and more data and continuing to optimize and just get smarter and smarter on the lending side of the platform. In addition, fundamental gains means doing things to lower our cost of funds.

因此，我們將繼續改進我們的信用評分、定價和承保，使用越來越多的數據，繼續優化，使平台的借貸方面變得越來越聰明。此外，根本收益意味著採取措施降低我們的資金成本。

And I think that can be things like bringing new buyers to the platform, for example. And so I think that can have a positive impact. I think we still -- we've made lots of gains in both of those areas and still see meaningful opportunities for further fundamental gains in both of those areas.

我認為這可以是諸如為平台帶來新買家之類的事情。所以我認為這會產生正面的影響。我認為我們仍然——我們在這兩個領域都取得了很大進展，並且仍然看到在這兩個領域進一步取得根本性進展的重要機會。

And so that's certainly a place where we will be looking to continue to make further fundamental gains. In terms of some of the more specifics on the quarter, if you look year-over-year, for example, I do think benchmark rates or benchmark rates have moved around a bit and our spread of origination rates, the benchmark rates was a little wider this quarter than it was in some previous quarters.

因此，我們肯定會在這個領域尋求繼續取得進一步的根本性進展。就本季的一些更具體的情況而言，例如，如果你看一下同比數據，我確實認為基準利率或基準利率已經略有波動，而且我們的發起利率差額，本季度的基準利率比前幾季度要大一些。

So that's a driver as well. But I think most importantly, the most important driver is our teams are just working to make continued fundamental gains, both on the lending side of the platform as well as on the monetization side.

所以這也是一個驅動因素。但我認為最重要的是，最重要的驅動力是我們的團隊正在努力在平台的借貸方面和貨幣化方面取得持續的根本性進展。

Marvin Fong, BTIG.

Marvin Fong，BTIG。

Great. Congratulations on the strong quarter. I would like to -- obviously, you guys are producing like crazy here. How should we think about your ability to continue to source, I think it's 80%, 85% of your retail units from consumers. Are you going to be able to sustain that? Do you feel like you're access to the wholesale marketplace can help you satisfy the demand there?

偉大的。恭喜本季業績強勁。我想——顯然，你們在這裡瘋狂地生產。我們應該如何看待您繼續採購的能力，我認為您的零售單位的 80% 到 85% 來自消費者。你能維持這種狀態嗎？您是否覺得進入批發市場可以幫助您滿足那裡的需求？

And the second question, just to go to maybe an old school metric, but it looks like your conversion rates are doing quite well on roughly the same traffic, your unit sales are up. And I was just wondering if you could double-click on that. Is it being driven by the improved delivery availability and things you're doing on that front that you've talked about in the past or was there something about this quarter with tariffs and the urgency there that on the consumer part.

第二個問題，可能只是用一個老派的指標來衡量，但看起來您的轉換率在大致相同的流量下表現相當不錯，您的單位銷售額也上升了。我只是想知道您是否可以雙擊它。這是由改善的交付可用性和您過去談到的在這方面所做的事情所推動的嗎？還是本季與關稅以及消費者方面的迫切性有關？

I know you mentioned there wasn't much there but potentially had some no notable impact on the numbers. Is anything you could provide on conversion rates would be great.

我知道您提到那裡沒有太多東西，但可能對數字沒有明顯的影響。如果您能提供有關轉換率的任何信息，那就太好了。

Great. Yes. So let me -- I think you asked the question specifically with respect to sourcing inventory, which I think is a good question. And I think I can imagine similar questions being asked about the price we pay for inventory and what does that mean for retail GPU? Or what about our ability to sell loans at ever-increasing scale.

偉大的。是的。所以讓我——我認為你問的問題具體是關於庫存採購的問題，我認為這是一個很好的問題。我想我可以想像人們會問類似的問題，關於我們為庫存支付的價格以及這對零售 GPU 意味著什麼？或者我們以不斷增長的規模出售貸款的能力如何？

And would that put pressure on GPU. And I think that when we sit here and try to imagine being six times bigger, I think those are all reasonable questions to ask. I think one way to evaluate that is to look back to when we were one-sixth of our current size, which is around 6 years ago, give or take, 6.5 years ago, maybe we were approximately one-sixth of our current size. And I think since then, generally speaking, our offering has been very similar. I think we have added some capabilities, so our economics have gotten better.

這會給 GPU 帶來壓力嗎？我認為，當我們坐在這裡並試圖想像規模擴大六倍時，這些都是合理的問題。我認為評估這一點的一種方法是回顧我們目前規模的六分之一的時候，也就是大約 6 年前，大約 6.5 年前，也許我們大約是目前規模的六分之一。我認為從那時起，總體而言，我們提供的產品非常相似。我認為我們增加了一些能力，所以我們的經濟狀況變得更好了。

But for the most part, I think the simplest explanation would be the kind of mental model that this industry has very stable economics across the sum of the transaction when you add up retail and finance and wholesale and everything that's available.

但在大多數情況下，我認為最簡單的解釋是這樣一種思維模型：當你把零售、金融、批發和所有可用的業務加起來時，這個行業的整個交易總額具有非常穩定的經濟效益。

I think that mental model has held up tremendously well and has been very predictive and is why we were able to put together a long-term financial model and then hit it seven years later. So I think when we look forward, we expect the same to be true.

我認為這種思維模型非常有效且具有很強的預測性，這也是我們能夠建立一個長期財務模型並在七年後實現它的原因。所以我認為，當我們展望未來時，我們期望同樣的結果也會發生。

I mean, 40 million transactions is just consumers that own 270 million cars trading with each other every six or seven years, that's what 40 million transactions is and the machine that we're trying to build, the sum of buying cars from customers, plus selling cars to customers plus having access through our ADESA platform and additional capabilities we're building out ADESA Clear is about playing a big role in that system.

我的意思是，4000 萬筆交易只是擁有 2.7 億輛汽車的消費者每六七年相互交易一次，這就是 4000 萬筆交易，我們正在嘗試構建的機器是從客戶那裡購買汽車的總和，加上向客戶銷售汽車，加上通過我們的 ADESA 平台訪問以及我們正在構建的其他功能，ADESA 將在該系統中發揮重要作用。

And our growth has generally come from taking market share and displacing others in that systems, but the economics that the system offers have remained remarkably stable over a long period of time, and we expect them to continue to remain stable.

我們的成長通常來自於佔領市場份額並取代系統中的其他公司，但該系統提供的經濟效益在很長一段時間內保持了相當的穩定，我們預計它們將繼續保持穩定。

So I think we'll continue to grow in the same ways that we have. I think, generally speaking, things have been very stable, and that's our expectation going forward as well for, I think, deep fundamental reasons.

所以我認為我們將繼續以同樣的方式成長。我認為，總體而言，情況一直非常穩定，這也是我們對未來的預期，我認為這是有深層根本原因的。

Alex Potter, Piper Sandler.

亞歷克斯波特、派珀桑德勒。

Perfect. Great quarter. Wow. It actually was a very good quarter. I don't want to be

完美的。很棒的一個季度。哇。這實際上是一個非常好的季度。我不想

I appreciate it. I appreciate the wow, too. And the pause, little.

我很感激。我也很欣賞這種驚嘆。停頓很少。

Yes. So I'll just keep it to one question here. Obviously, it's exciting to see this new framework. Once you get into the millions of units, presumably, you're going to be reaching down market in terms of pricing. Obviously, if it's a 15- or a 20-year-old car that's selling for a couple of thousand dollars on Craigslist or something that counts as a transaction, but presumably the economics aren't as attractive or might be less sort of ancillary finance BSC type stuff and more pure retail GPU.

是的。因此我在這裡只問一個問題。顯然，看到這個新框架令人興奮。一旦產量達到數百萬台，大概就能在定價方面進入低端市場。顯然，如果這是一輛 15 年或 20 年車齡的汽車，在 Craigslist 上以幾千美元的價格出售，這算作一筆交易，但大概經濟效益就沒那麼有吸引力了，或者可能不太像 BSC 類型的輔助融資，更像是純粹的零售 GPU。

So if you can comment on how you expect your own economics to evolve over time as you reach down into those lower price points, that would be very interesting.

因此，如果您可以評論一下，當您達到這些較低的價格點時，您預計自己的財務狀況將如何隨時間演變，那將會非常有趣。

Yes, sure. What I would say is I think we don't necessarily expect to need to evolve all that much in terms of the distribution of cars that we're selling, I think that's an opportunity for us, but it's not obviously that it's a need. I think if you look at used cars sold in the US, the significant majority are less than 10 years old, which is a subset of cars that we're selling today. I think it's something on the order of 85%, give or take, but that number might not be exactly right, the cars sold are less than 10 years. And so today, if you go to our website, we're selling cars across that spectrum.

是的，當然。我想說的是，我認為我們不一定需要在汽車銷售分銷方面做出那麼多的改進，我認為這對我們來說是一個機會，但顯然不是一個需要。我認為，如果你看看在美國銷售的二手車，絕大多數都是不到 10 年的車齡，這也是我們今天銷售的汽車的一部分。我認為這個數字大約是 85%，但這個數字可能不完全正確，因為售出的汽車車齡不到 10 年。所以今天，如果你訪問我們的網站，你會發現我們正在銷售各種類型的汽車。

I think you can break those sales in other ways as well. Franchise dealers generally have about a third of the 40 million transactions, call that kind of 14 independent dealers generally have around a third give or take, and then private party has around a third. And I think those numbers from different sources can vary a little bit.

我認為您也可以透過其他方式打破這些銷售。特許經銷商通常佔 4,000 萬筆交易的三分之一左右，而所謂的 14 家獨立經銷商通常佔約三分之一左右，然後私人經銷商佔約三分之一。我認為來自不同來源的數字可能會略有不同。

But you're talking about millions and millions of transactions and in all of those buckets. So I think we're currently reasonably broad, but I think there is room for us to go both upmarket where I think we have a demount of opportunity and I think a little bit down market.

但你談論的是數以百萬計的交易以及所有這些交易。所以我認為我們目前的市場範圍相當廣泛，但我認為我們還有空間進入高端市場，我認為我們在那裡有很多機會，但我認為那裡也有一些低端市場。

And I think this market is just very big and the opportunity is significant. So I think as we head from here to 3 million, it's not obvious that our average sale needs to move all that much. We think that what we're selling today is likely to be pretty reflective of what we'll be selling at that point.

我認為這個市場非常大，機會巨大。因此我認為，當我們從現在走向 300 萬時，我們的平均銷售額不需要有那麼大的變動。我們認為，我們今天銷售的產品很可能很好地反映了我們到時候銷售的產品。

Michael McGovern, Bank of America.

美國銀行的麥可‧麥戈文。

I have two. First, do you expect any impact from the auto part tariffs on your reconditioning costs or on retail GPU? And then second, I guess, more broadly, do you still expect similar seasonality this year in retail GPU to what we've seen in the past where you might have Q4 and then Q1 be a little bit lower and then have some normal seasonal uplift in Q2.

我有兩個。首先，您預期汽車零件關稅會對您的修復成本或零售 GPU 產生任何影響嗎？其次，我想，從更廣泛的角度來看，您是否仍然預計今年零售 GPU 的季節性與我們過去所見的類似，即第四季度和第一季可能會略低一些，然後在第二季度出現一些正常的季節性上漲。

Let me start with the second one of those questions. So I think the seasonal pattern in retail GPU typically -- we think of Q4 and Q1 being the lower quarters of the year, and Q2 and Q3 being the higher quarters of the year. And I think that's a reasonable expectation for this year based on what we're seeing as well. So that is -- that's sort of the normal seasonal pattern. And no reason to think that this year would be any different on that front at this time.

讓我先回答第二個問題。因此，我認為零售 GPU 的季節性模式通常——我們認為第四季度和第一季是一年中的較低季度，而第二季度和第三季度是一年中的較高季度。我認為，根據我們所看到的情況，這也是對今年的合理預期。所以，這是一種正常的季節性模式。目前沒有理由認為今年在這方面的情況會有所不同。

I think on your question about tariffs and parts impacting recon costs, I think we'll see. I think we'll see exactly how these tariffs end up playing out. But I think beyond taking a wait-and-see approach, I think we're not making any particular prediction about that at this point.

關於您提出的關稅和零件影響偵察成本的問題，我想我們會看到。我認為我們將確切地看到這些關稅最終將如何發揮作用。但我認為除了採取觀望態度之外，我們目前不會對此做出任何特別的預測。

And the one thing that I would add there, I think the mental model that has been reasonably predictive is that we're in a competitive market with others that share similar cost to us. And so to the extent there's some input cost that changes, generally speaking, the way that has played out is it that input cost is passed through.

我想補充一點，我認為具有合理預測性的思維模型是，我們處於一個競爭市場中，與其他成本與我們相似的公司競爭。因此，在某種程度上，如果投入成本發生變化，一般來說，其結果就是投入成本被轉嫁出去。

I think the simplest way to see that is the case is just to look at like the retail GPUs of all of the various automotive retailers over a long period of time where over the last five or six years, we've seen enormous swings in car prices. we've generally seen pretty stable retail GPUs. And I think any other shared cost is more likely than not to have that same kind of relationship in the future.

我認為最簡單的方法就是觀察一下各個汽車零售商長期以來的零售 GPU，在過去五、六年中，我們看到汽車價格發生了巨大的波動。我們通常看到的零售 GPU 都相當穩定。我認為，未來任何其他共享成本都更有可能具有相同的關係。

John Colantuoni, Jefferies.

傑富瑞的約翰·科蘭圖尼。

Great. I wanted to ask a high-level question. So if I look at the 3 million target, it implies 250,000 to 500,000 incremental units each year, which is at the high end, about three times more incremental units than you've ever added historically. I'm curious how you plan to unlock that much incremental consumer demand for your offering? And also how you can expand units that much without inefficiencies popping back up into the business?

偉大的。我想問一個高層次的問題。因此，如果我看一下 300 萬的目標，它意味著每年增加 25 萬到 50 萬個單位，這是最高水平，大約是歷史上增加的單位數量的三倍。我很好奇您計劃如何釋放如此多的消費者對您的產品的增量需求？還有，如何才能擴大單位規模，而不會讓低效率再次出現在業務中？

Sure. Well, so I think we gave kind of our long explanation of the way the operation has been working over the last year, which I think is one helpful way to think about what we've been able to unlock over the last year. I think I'm going to have one more operation and I'll swing back to demand.

當然。好吧，我認為我們對過去一年的運作方式進行了詳細的解釋，我認為這有助於我們思考過去一年中我們能夠解開的問題。我想我還要再做一次手術，然後就會恢復需求。

I think another thing to keep in mind is, operationally, I think that we produced on a per facility basis, at significantly higher rates, and we've grown significantly faster per facility than we did over last year in the past. In 2018 through '21, we had significantly fewer facilities, and we were ramping sales at a very fast rate.

我認為另一件需要記住的事情是，從營運角度來看，我認為我們按每個設施生產的速度明顯更高，而且我們每個設施的成長速度比去年同期明顯更快。從 2018 年到 2021 年，我們的設施數量明顯減少，但銷售額卻以非常快的速度成長。

And if you kind of do the math on a per facility basis, then we were growing pretty quickly. So I think that there is plenty of data in our history to suggest that we can execute at that level. And then I think on the demand side, I think, generally speaking, we've had an offering that's been very stable and we've moved through several orders of magnitude as we've grown the business.

如果你按每個設施計算，你會發現我們的成長速度相當快。所以我認為我們的歷史上有大量數據表明我們可以達到那個水平。然後我認為在需求方面，我認為，一般來說，我們提供的產品非常穩定，隨著業務的成長，我們已經經歷了幾個數量級的提升。

And I think, generally speaking, our economics have been very stable across several orders of magnitude and our consumer offering has been very stable across several orders of magnitude. And we think that's because we have an offering that customers love.

我認為，總體而言，我們的經濟狀況在幾個數量級上都非常穩定，我們為消費者提供的服務在幾個數量級上也都非常穩定。我們認為這是因為我們提供了客戶喜愛的產品。

That is very simple and gives them a broad selection and great value. And as we grow, there is positive feedback just directly in the system even as it relates to just conversion of existing customers as you have more cars, the odds that a customer find the car they're looking for go up. As you have more cars at more inventory pools, you can deliver cars faster. And so there's some benefits there to conversion. So I think historically, demand has not been the governor on our growth.

這非常簡單，並為他們提供了廣泛的選擇和巨大的價值。隨著我們的成長，系統會直接產生正面的回饋，即使它只與現有客戶的轉換有關，隨著汽車數量的增加，客戶找到他們想要的汽車的幾率也會上升。由於您在更多庫存池中擁有更多汽車，因此您可以更快地交付汽車。因此轉換會帶來一些好處。所以我認為從歷史上看，需求並不是我們成長的決定因素。

Generally speaking, it has been more our ability to operationally handle it. And I think looking forward to the market of this size, I think we'll work hard to make sure that we're delivering great experiences that in turn, turn into demand and then we'll work hard to make sure that we're operationally fulfilling that demand as best we can. But we certainly think that the 3 million is a very achievable number over time.

整體來說，這更多的取決於我們的操作能力。我認為展望這個規模的市場，我們將努力確保提供出色的體驗，進而轉化為需求，然後我們將努力確保我們盡最大努力滿足這一需求。但我們確實認為，隨著時間的推移，300 萬這個數字是可以實現的。

This concludes the question-and-answer session. I would like to turn the conference back over to Ernest Garcia for any closing remarks. Please go ahead.

問答環節到此結束。我想將會議交還給 Ernest Garcia 做最後發言。請繼續。

Thank you. Well, thanks everyone for joining the call. Really appreciate it. Carvana team, another awesome quarter. Thank you guys so much. I really do think these results have just been kind of a hit parade over the last several quarters, and I hope you're incredibly proud of what you're building, and I hope you take a moment to be proud, but you don't let it go to your head and we keep fighting because we got a lot of building left to do.

謝謝。好吧，感謝大家參加電話會議。真的很感激。Carvana 團隊，又一個精彩的季度。非常感謝你們。我確實認為這些結果只是過去幾個季度的熱門遊行，我希望你們對你們正在建設的東西感到無比自豪，我希望你們花一點時間感到自豪，但不要讓這些事情沖昏了頭腦，我們會繼續戰鬥，因為我們還有很多工作要做。

We got new goals, and I think we have every opportunity to go chase and down. So thank you all so much, and let's go do it. Thanks, everyone.

我們有新的目標，我認為我們有足夠的機會去追逐和實現目標。非常感謝大家，讓我們開始吧。謝謝大家。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。