Carvana Co (CVNA) 2025 Q2 法說會逐字稿

Good afternoon. Welcome to the Carvana second-quarter 2025 earnings conference call.

午安.歡迎參加 Carvana 2025 年第二季財報電話會議。

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

（操作員指示）請注意，此事件正在被記錄。

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

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. Thank you for joining us on Carvana's second-quarter 2025 earnings conference call.

謝謝。女士們、先生們，午安。感謝您參加 Carvana 2025 年第二季財報電話會議。

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

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。

The second-quarter shareholder letter is also posted on the IR website. Additionally, we posted a set of supplemental financial tables for Q2, which can be found on the Events and Presentations page of our IR website.

第二季股東信函也發佈在 IR 網站上。此外，我們還發布了第二季的補充財務表，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 和財務長 Mark Jenkins。

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

在我們開始之前，我想提醒您，以下討論包含聯邦證券法含義內的前瞻性陳述，包括但不限於 Carvana 的市場機會和未來財務結果，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.

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。

The forward-looking statements and risks in this conference call are based on current expectations as of today. 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 不承擔更新或修改它們的義務，無論其是否由於新的發展。

Our commentary today will include non-GAAP financial metrics. Unless otherwise specified, all references to GPU and SG&A will be to the non-GAAP metrics and all references to EBITDA will be to adjusted EBITDA. Reconciliations between 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.

我們今天的評論將包括非公認會計準則財務指標。除非另有說明，所有對 GPU 和 SG&A 的引用均為非 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。

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

話雖如此，我想把電話轉給 Ernie Garcia。厄尼？

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

謝謝，梅格。感謝大家參加電話會議。

The second quarter was another exciting quarter for Carvana. There are many financial highlights that we hit in the letter and we will hit throughout the call but I want to spend this time focusing on a subset and to discuss their implications for the future.

第二季對 Carvana 來說又是一個令人興奮的季度。我們在信中提到了許多財務亮點，並且我們將在整個電話會議中討論這些亮點，但我想花些時間集中討論其中的一部分，並討論它們對未來的影響。

We were, once again, the fastest-growing and most profitable automotive retailer; again, by significant margins. Based on our best available data, the market grew by less than 5% in units in the quarter compared to our growth rate of 41%. We believe this growth rate speaks clearly to the desirability of our offering and our team's ongoing execution.

我們再次成為成長最快、利潤最高的汽車零售商，而且利潤率也非常高。根據我們掌握的最佳數據，本季市場單位成長率不到 5%，而我們的成長率為 41%。我們相信，這一成長率清楚地表明了我們產品的吸引力以及我們團隊的持續執行力。

When looking at our adjusted EBITDA margin, we, once again, set a new record for automotive retail and improved by 200 basis points year over year. This makes our model twice as profitable as other publicly reporting automotive retailers on this basis.

從調整後的 EBITDA 利潤率來看，我們再次創下了汽車零售業的新紀錄，並且比去年同期提高了 200 個基點。這使得我們的模型在此基礎上的利潤是其他公開報告的汽車零售商的兩倍。

Excitingly, not only with the most profitable adjusted EBITDA margin, but for the first time, we are also the most profitable as measured by GAAP operating income and net income dollars, another significant milestone along our path to becoming the largest and most profitable automotive retailer.

令人興奮的是，我們不僅擁有最高的調整後 EBITDA 利潤率，而且首次成為以 GAAP 營業收入和淨收入計算最賺錢的公司，這是我們成為最大、最賺錢的汽車零售商道路上的又一個重要里程碑。

Hitting these milestones and rapidly moving through the various definitions of profitability carry significant meaning. It means that when we set a completely different course for automotive retail 12 years and $10 billion ago, our underlying belief was correct.

達到這些里程碑並迅速突破盈利能力的各種定義具有重要意義。這意味著，當我們12年前、花費100億美元為汽車零售業設定一個完全不同的方向時，我們的基本信念是正確的。

Customers were ready for something new. And something tailor-made to serve their modern preferences generates a completely different customer response and completely different financial performance. That alone is extremely exciting and positions us very well for the future.

顧客們已經準備好迎接新事物了。而為滿足他們的現代偏好而量身訂製的產品會產生完全不同的客戶反應和完全不同的財務表現。僅此一點就令人興奮不已，並為我們的未來做好了充分的準備。

But there's more to the story. Part of what is enabling this rapid growth at a scale of $4.8 billion of quarterly revenue and $500 million of quarterly GAAP operating income is that the market we are changing is enormous. We are currently about 1.5% of the US used car market and approximately 1% of the total US car market. We are also excited about the long runway and incredible potential we have.

但故事還沒完。我們之所以能夠實現如此快速的成長，部分原因在於我們正在改變的市場是巨大的，季度營收達到 48 億美元，季度 GAAP 營業收入達到 5 億美元。我們目前佔據美國二手車市場的約 1.5%，占美國汽車市場總量的約 1%。我們也對我們擁有的漫長跑道和巨大的潛力感到興奮。

In addition, we benefit from unique competitive dynamics. Despite being so early in our maturation, we are already the second largest retailer of used cars, with our eyes fixed firmly on becoming the largest soon. Our industry has structurally different and more favorable competitive dynamics than other large verticals and we believe this bodes well for our ability to play a very outsized role in our industry in the long run.

此外，我們也受惠於獨特的競爭動態。儘管我們還處於發展初期，但我們已經是第二大二手車零售商，我們的目標是盡快成為最大的二手車零售商。我們的產業在結構上與其他大型垂直產業不同，競爭態勢更為有利，我們相信，從長遠來看，這預示著我們有能力在產業中發揮巨大作用。

And lastly, what we are doing is hard. Hard is the ultimate competitive moat. Our business requires a complex mix of highly-varied capabilities to deliver a simple and efficient customer experience. The difficulty of our business was a liability when we started. But today, it's a valuable asset. Big swings have always had that property. And we have always taken big swings.

最後，我們所做的事情很難。困難是最終的競爭護城河。我們的業務需要多種多樣的複雜功能來提供簡單、高效的客戶體驗。當我們剛開始創業時，業務的困難是一個負擔。但今天，它是一筆寶貴的財富。大波動始終具有這種特性。我們總是會採取大措施。

To drive our success over the long term, there are three primary areas where we will be putting our focus.

為了推動我們長期成功，我們將重點放在三個主要領域。

Number one, driving significant growth over a long period of time.

第一，長期推動顯著成長。

Number two, constantly improving the machine through fundamental gains across all areas of the business. Over time, we plan to share the majority of these gains with our customers, the same way many great consumer brands have before us.

第二，透過各個業務領域的根本性進步不斷改進機器。隨著時間的推移，我們計劃與客戶分享大部分收益，就像我們之前的許多偉大消費品牌一樣。

Number three, building additional foundational capabilities that will make our platform even stronger and will help us drive remarkable outcomes for our customers, our partners, and ourselves over the long term.

第三，建立額外的基礎能力，使我們的平台更加強大，並幫助我們長期為客戶、合作夥伴和我們自己帶來卓越的成果。

These efforts will continue to drive us toward our next goal of selling 3 million cars per year and 13.5% adjusted EBITDA margin in the next 5 to 10 years.

這些努力將繼續推動我們實現下一個目標，即在未來 5 到 10 年內實現每年銷售 300 萬輛汽車和 13.5% 的調整後 EBITDA 利潤率。

The path from here is straightforward. To call on the metaphor, we've made it from zero to one. Now, we're focused on a very big end. To get there, we'll remain ambitious. We'll remain focused on giving customers the simplest, most efficient, most [on], and most satisfying experience we can give them. And we1'll continue to work hard with people that we're proud to work alongside. The march continues.

從這裡開始的路很簡單。打個比方，我們從零到一。現在，我們關注的是一個非常大的結局。為了實現這一目標，我們將繼續保持雄心壯志。我們將持續致力於為客戶提供最簡單、最高效、最優質、最滿意的體驗。我們將繼續與我們引以為傲的同事一起努力工作。遊行仍在繼續。

Mark?

標記？

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

謝謝你，厄尼。謝謝大家今天參加我們的活動。

Our second-quarter results, once again, showcased our team's ability to deliver fundamental improvements in operating efficiencies, while also driving significant year-over-year growth. For the sixth sequential quarter, we earned positive net income and we set new records for retail units sold, revenue, adjusted EBITDA, adjusted EBITDA margin, GAAP operating income, and GAAP operating margin.

我們第二季的業績再次證明了我們團隊能夠從根本上提高營運效率，同時推動年比大幅成長。連續第六個季度，我們實現了正淨收入，並在零售單位銷售量、收入、調整後 EBITDA、調整後 EBITDA 利潤率、GAAP 營業收入和 GAAP 營業利潤率方面創下了新紀錄。

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。

Retail units sold totaled 143,280 in Q2, an increase of 41% and a new company record. Revenue was $4.84 billion, an increase of 42% and also, a new company record.

第二季零售單位銷售量總計 143,280 套，較去年同期成長 41%，創下公司新高。營收達 48.4 億美元，成長 42%，創下公司新高。

Consistent with past quarters, our growth in the second quarter was driven by our three key long-term drivers of growth: a continuously improving customer offering; increasing awareness, understanding and trust; and increasing inventory selection and other benefits of scale. We believe as we continue on our path of profitable growth, each driver will improve, creating more positive feedback in the model.

與前幾季一致，我們第二季的成長是由三個關鍵的長期成長動力推動的：不斷改進的客戶服務；提高知名度、理解力和信任度；增加庫存選擇和其他規模效益。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 Q2 were, again, driven by sustained and fundamental improvements in GPU and operations expenses, as well as levering our overhead expenses.

我們第二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。

Non-GAAP retail GPU increased by $195. This change was primarily driven by reductions in reconditioning and inbound transport costs and an approximately $100 benefit from tariff-related impacts. Non-GAAP wholesale GPU decreased by $85. This change was primarily driven by faster growth in retail units sold than wholesale marketplace units, partially offset by lower wholesale vehicle depreciation rates. Non-GAAP other GPU increased by $126. This change was primarily driven by better cost of funds as well as a higher attachment rate on vehicle service contracts, partially offset by a positive impact of approximately $100 in Q2 2024 from selling additional loans.

非公認會計準則零售 GPU 增加了 195 美元。這項變更主要得益於修復和入境運輸成本的降低，以及關稅相關影響帶來的約 100 美元收益。非公認會計準則 GPU 批發價格下降了 85 美元。這項變化主要是由於零售單位銷售成長速度快於批發市場單位銷售成長速度所致，但批發車輛折舊率較低卻部分抵銷了這一影響。非公認會計準則其他 GPU 增加了 1.26 美元。這項變更主要是由於資金成本的改善以及車輛服務合約附加率的提高，但 2024 年第二季出售額外貸款產生的約 100 美元的正面影響部分抵消了這一變化。

Q2 was another strong quarter for demonstrating the power of our model to lever SG&A expenses. Our 41% growth in retail units sold led to a $460 reduction in non-GAAP SG&A expense for retail units sold. The Carvana operations portion of SG&A expense decreased by $147 per retail unit sold, driven by our operational efficiency initiatives. The overhead portion of SG&A expense decreased by $328 per retail unit sold, driven by higher retail units sold.

第二季度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 41%，導致零售單位銷售的非 GAAP 銷售、一般及行政費用減少了 460 美元。受營運效率措施的推動，Carvana 營運部分的銷售、一般及行政費用每售出一個零售單位就減少 147 美元。由於零售單位銷售增加，銷售、一般及行政費用 (SG&A) 的間接費用部分每售出一個零售單位就減少 328 美元。

Advertising expense increased by $29 million or $44 per retail unit sold. On a sequential basis, advertising increased by $12 million. We believe we are still in the early days of automotive e-commerce adoption and there is a significant opportunity to further invest in building awareness, understanding, and trust of our customer offering. As such, we expect a larger sequential increase in advertising spend in Q3 versus Q2.

廣告費用增加了 2,900 萬美元，即每售出一個零售單位的廣告費用增加了 44 美元。與上一季相比，廣告收入增加了 1,200 萬美元。我們相信，我們仍處於汽車電子商務應用的早期階段，並且有很大機會進一步投資於建立客戶對我們產品的認知、理解和信任。因此，我們預計第三季的廣告支出將比第二季有更大的環比成長。

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. We continue to pair industry-leading growth with industry-leading profitability, not only by adjusted EBITDA but also, for the first time, by GAAP operating income and net income.

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。我們繼續將業界領先的成長與業界領先的獲利能力結合起來，不僅透過調整後的 EBITDA，而且首次透過 GAAP 營業收入和淨收入。

Net income was $308 million, an increase of $260 million. Net income margin increased 5 points year over year to an industry-leading 6.4%. GAAP operating income was $511 million, an increase of $252 million and a new company record. GAAP operating margin was 10.6%, a 3 percentage points increase and a new company record.

淨收入為3.08億美元，增加2.6億美元。淨利率年增5個百分點，達到業界領先的6.4%。GAAP 營業收入為 5.11 億美元，增加 2.52 億美元，創下公司新高。GAAP營業利益率為10.6%，成長3個百分點，創下公司新高。

Adjusted EBITDA was $601 million in Q2, an increase of $246 million and a new company record. Adjusted EBITDA margin was 12.4% in Q1, a 2 percentage points increase on a new company record.

第二季調整後EBITDA為6.01億美元，增加2.46億美元，創下公司新高。第一季調整後 EBITDA 利潤率為 12.4%，比公司歷史新高提升 2 個百分點。

As previously discussed, our adjusted EBITDA is very high quality compared to many rapidly growing companies due to our relatively low non-cash expenses, which we'll continue to lever with scale. We converted approximately 85% of adjusted EBITDA into GAAP operating income in Q2. This compares to adjusted EBITDA-to-GAAP operating income conversion of 73% in Q2 2024.

如前所述，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，我們將繼續利用規模經濟。我們在第二季將約 85% 的調整後 EBITDA 轉換為 GAAP 營業收入。相較之下，2024 年第二季調整後的 EBITDA 至 GAAP 營業收入轉換率為 73%。

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。

Our results in Q1 and Q2 position us well for a strong Q3 and Q4. Looking forward, we expect the following, as long as the environment remains stable: a sequential increase in retail units sold in Q3 compared to Q2; and adjusted EBITDA of $2.0 billion to $2.2 billion for the full-year 2025, an increase from $1.38 billion last year.

我們在第一季和第二季的業績為強勁的第三季和第四季奠定了基礎。展望未來，只要環境保持穩定，我們預計第三季零售單位銷售將較上季增加；2025 年全年調整後 EBITDA 將達到 20 億美元至 22 億美元，高於去年的 13.8 億美元。

In conclusion, our results in Q2 were exceptional. Our team's focus is unwavering and our opportunity remains clear.

總而言之，我們第二季的業績非常出色。我們團隊的重點堅定不移，我們的機會依然明確。

Thank you for your attention. We will now take questions.

感謝您的關注。我們現在開始回答問題。

(Operator Instructions)

（操作員指示）

Daniela Haigian, Morgan Stanley.

摩根士丹利的丹妮拉·海吉安。

My first question comes from incremental adjusted EBITDA margin. It came in at over 17% this quarter. Is there any reason why that wouldn't be indicative of future incremental margins?

我的第一個問題來自於增量調整後的 EBITDA 利潤率。本季這一比例超過 17%。有什麼理由可以解釋為什麼這不能預示未來的增量利潤率？

Hey, Daniela. I think that's obviously a great number. I think it reflects the general leverage in the business and the improvement that we've had.

嘿，丹妮拉。我認為這顯然是一個很大的數字。我認為這反映了業務的整體槓桿作用以及我們所取得的進步。

As discussed, we improved EBITDA margin year over year by about 200 basis points, while growing at 41%. I think when that's true, your incremental margins, I think, have to be in a pretty good spot. And that was clearly the case.

如上所述，我們的 EBITDA 利潤率年增了約 200 個基點，同時成長率為 41%。我認為，如果這是真的，那麼你的增量利潤率就必須處於相當不錯的水平。事實顯然如此。

I think our goal is absolutely focused on getting to 3 million units and 13.5% EBITDA margin. And I think we're excited by the potential of the business to keep getting fundamental gains to continue to print great margins and also, to have significant value to share with our customers.

我認為我們的目標絕對是集中在達到 300 萬台和 13.5% 的 EBITDA 利潤率。我認為，我們對業務的潛力感到興奮，它能夠繼續獲得根本性的收益，繼續實現巨大的利潤，同時也能為我們的客戶分享巨大的價值。

So that's the plan. And we'll keep marching to it.

這就是計劃。我們將繼續朝著這個目標前進。

Great. And then, Ernie, second one, a bit of more of a longer-term question. I'm sure you saw Avis announced a partnership with Waymo this week as an autonomous mega fleet manager.

偉大的。然後，厄尼，第二個問題是一個比較長期的問題。我相信您已經看到 Avis 本周宣布與 Waymo 建立合作夥伴關係，成為一家自動駕駛大型車隊管理公司。

While there's obvious synergies with Robotaxi and rentals and logistics, maintenance and infrastructure, ADESA gives you hub-and-spoke network across the country; you've built out real reconditioning chops with digital integration, do you see opportunity for Carvana's TAM to expand beyond used cars?

雖然 Robotaxi 與租賃、物流、維護和基礎設施之間存在明顯的協同效應，但 ADESA 為您提供了覆蓋全國的樞紐輻射網路；您已經透過數位整合建立了真正的修復能力，您是否認為 Carvana 的 TAM 有機會擴展到二手車以外的領域？

Part of the [sickness] that, I think, we probably have is we always see opportunity everywhere. But I think part of what we try to do is stay focused and figure out where is the best place to put our energy.

我認為，我們可能患有的一種疾病是，我們總是看到處都有機會。但我認為我們要做的事情之一就是保持專注，並找出將我們的精力投入到最好的地方。

So I think we're extremely excited by what we see in front of us. That just requires blocking-and -tackling and continually making the customer experience better and getting more efficient all the time. So that is absolutely our primary focus.

所以我認為我們對眼前所見感到非常興奮。這只需要採取阻止和解決問題的措施，不斷改善客戶體驗並提高效率。所以這絕對是我們關注的重點。

We'll always be paying attention to everything else. But that's what we're focused on.

我們將始終關注其他一切事物。但這正是我們關注的重點。

Jeff Lick, Stephens.

傑夫利克、史蒂芬斯。

Absolutely magnificent quarter. You guys are keeping track of that.

絕對華麗的季度。你們正在跟蹤此事。

So in our work, it appears this quarter, you did some experimenting or just some toggling with APR, raising price, I was wondering if you could talk about that and if that's indeed true; and what you're seeing there?

因此，在我們的工作中，本季看來，您做了一些實驗或只是對 APR 進行了一些切換，提高了價格，我想知道您是否可以談談這一點，以及這是否確實如此；以及您在那裡看到了什麼？

Sure. I would say I think the way that we try to focus on this is we built a vertically integrated machine that I think has a lot of levers. And then, I think we try to put a lot of effort into making sure that we're building intelligence into those levers that make intelligent decisions in any given environment; try to make sure that we're always moving forward; and then, we try to always make those levers a little bit smarter and make the business a little bit better.

當然。我想說，我認為我們嘗試專注於這一點的方式是我們建立了一個垂直整合的機器，我認為它有很多槓桿。然後，我認為我們會盡力確保在這些槓桿中建立智能，以便在任何特定環境下做出明智的決策；努力確保我們始終在前進；然後，我們始終努力使這些槓桿更加智能，使業務更好。

I think you can see some movements sometimes in the various GPU line items. But I think the goal is to always make progress. And I think that's where we would push your attention.

我認為您有時可以在各種 GPU 專案中看到一些變動。但我認為目標是不斷取得進步。我認為這正是我們要引起您注意的地方。

I think quarter on quarter, you can see things jump around. But the overall results is what we're focused on.

我認為，每個季度之後，你都會看到情況發生變化。但我們關注的是整體結果。

Mark, a question for you. Our work -- so you've got about a 300 basis points to 400 basis points higher APR. But you're only maybe costing you 60 bps of 61-plus-day delinquency.

馬克，問你一個問題。我們的工作—因此您的 APR 大約高出 300 個基點到 400 個基點。但你可能只需要為 61 天以上的拖欠付出 60 個基點的代價。

I'm just curious, how are you doing that? And what are the metrics that help you deliver that?

我只是好奇，你是怎麼做到的？哪些指標可以幫助您實現這個目標？

Well, I think what you're asking is about the strength of our vertically integrated finance platform. I think one of the things that we've been excited about for a long time is, by vertically integrating finance and other parts of the transaction, it affords a lot of advantages versus a non-vertically integrated model.

嗯，我想您問的是我們的垂直整合金融平台的實力。我認為我們長期以來一直興奮的事情之一是，透過垂直整合金融和交易的其他部分，它與非垂直整合模式相比具有許多優勢。

We've talked about some of those advantages over time. We intimately know the car that we're selling to the customer. We've done 150-point inspection on that; ensured its quality; also added a 100-day limited warranty to make sure it's a great car that every customer is getting.

我們已經討論了其中的一些優勢。我們非常了解我們向客戶銷售的汽車。我們對此進行了 150 點檢查；確保了它的品質；還增加了 100 天的有限保修，以確保這是每位客戶都能買到的一輛好車。

We intimately know the customer because we're interacting with them directly, rather through an intermediary, like is often the case in indirect finance. And so intimately knowing the customer is a powerful component of our vertically integrated business model as it relates to financing.

我們非常了解客戶，因為我們直接與他們互動，而不是透過中介，間接融資通常就是透過中介。因此，深入了解客戶是我們與融資相關的垂直整合業務模式的重要組成部分。

I think, obviously, we've invested a great deal in making the best possible use of our data. So we're rapidly growing the number of transactions that we've executed. All of the data that our finance platform is growing, that leads to better models over time. That's a place where we've really placed a lot of focus.

我認為，顯然我們已經投入了大量資金來盡可能地利用我們的數據。因此，我們執行的交易數量正在迅速增加。我們的金融平台的所有數據都在成長，隨著時間的推移，這些數據將帶來更好的模型。這是我們真正關注的重點。

And so I think there's some real meaningful advantages of being vertically integrated, being very large scale. Those can lead to very strong outcomes in something like the finance platform.

因此，我認為垂直整合和大規模確實具有一些有意義的優勢。這些都可以在金融平台等領域產生非常顯著的成果。

Brian Nagel, Oppenheimer.

奧本海默的布萊恩·納格爾。

Great quarter, congratulations. Very nice.

非常棒的一個季度，恭喜。很不錯。

(technical difficulty). The volumes here continue to strengthen, if you will. How should we think about, particularly, the balance of this year, the new reconditioning capacity coming online, whether what you're doing at your legacy IRCs or with these converted ADESA centers. So how should we think about the pace of the cadence of that?

（技術難度）。如果你願意的話，這裡的交易量將繼續增強。我們應該如何考慮，特別是今年的平衡，新的修復能力上線，無論是在傳統的 IRC 還是在這些轉換後的 ADESA 中心進行的操作。那我們該如何思考節奏的步伐呢？

And then, any commentary as we look at these recent trends; as the capacities come on, to what extent that's helping to satisfy demand and bolster sales?

然後，當我們看這些最近的趨勢時，有什麼評論嗎？隨著產能的增加，這在多大程度上有助於滿足需求並促進銷售？

Sure. Well, I think, at a high level, the simple answer is we're on plan. We feel very good about it. We grew sales by 41% year over year. We grew inventory available for our customers by 50%. So we're obviously growing production a little faster than we're growing sales.

當然。嗯，我認為，從高層次來看，簡單的答案是我們正在按照計劃進行。我們對此感覺非常好。我們的銷售額較去年同期成長了41%。我們為客戶提供的庫存增加了 50%。因此，我們的產量成長速度顯然比銷售額成長速度快一些。

We now have 12 sites integrated with ADESA. We've been doing that at a pretty quick clip. We've been averaging on the order of three per quarter, give or take. I think we have a number of sites left to continue to integrate.

我們現在有 12 個站點與 ADESA 整合。我們一直以相當快的速度進行這項工作。我們平均每季都會有三次左右。我認為我們還有許多站點需要繼續整合。

I think the team is executing exceptionally well. You continue to see improvements across many parts of what they do that is leading to the gains that we're seeing in retail GPU.

我認為該團隊的表現非常出色。您將繼續看到他們所做的許多方面的改進，從而帶來我們在零售 GPU 中看到的收益。

And I think, excitingly, I think there's a lot more for them to do. I think we have this planned cadence where we aim for Q2 and we set a new set of projects and new set of goals and we aim for the next Q2. I think looking forward in our reconditioning group and in all the groups across the company. I think we continue to have ambitious but achievable and exciting goals that are clearly articulated with clear underlying projects behind them.

而且我認為，令人興奮的是，他們還有很多事情要做。我認為我們有這個計劃節奏，我們瞄準第二季度，我們設定了一系列新專案和新目標，我們瞄準下一個第二季度。我認為我們的修復小組和整個公司的所有小組都充滿期待。我認為我們繼續擁有雄心勃勃但可實現且令人興奮的目標，這些目標背後都有清晰的潛在項目。

So I think we feel like we're on path. We've got our eyes focus down the field. It's a $3 million goal. And we're just going to keep moving as fast as we can towards that milestone.

所以我認為我們感覺自己走在正確的道路上。我們的目光聚焦在球場上。目標是 300 萬美元。我們將盡快朝這一里程碑邁進。

That's helpful. I appreciate it.

這很有幫助。我很感激。

And then, one quick follow-up. I don't know if you addressed this in your comments or maybe I read it in the letter, too. But did you notice any type of demand choppiness, as consumers may be reacting one way or another to the tariff environment?

然後，快速跟進一下。我不知道您是否在評論中提到了這一點，或者也許我也在信中看到了這一點。但是您是否注意到任何類型的需求波動，因為消費者可能會對關稅環境做出這樣或那樣的反應？

I would say, at a high level, I think what matters the most is probably pretty consistent. I think we put a chart in our shareholder letter that shows that -- I think for the other public automotive retailers, the growth year over year was about 1%, on average.

我想說，從高層次來看，我認為最重要的事情可能是相當一致的。我認為我們在致股東的信中放了一張圖表來表明——我認為對於其他上市汽車零售商而言，同比增長率平均約為 1%。

I think last quarter, that same number was about flat. So I think that suggests that for the full quarter, the seasonal trends were pretty consistent. I think there was a little bit of pull-forward and then, maybe a little slowness immediately thereafter.

我認為上個季度這個數字基本上持平。所以我認為這表明整個季度的季節性趨勢相當一致。我認為有一點提前，然後可能緊接著又有一點減速。

But I think for the most part, it was relatively flat. We called out $100 retail GPU impact due to some pricing changes we made as we are riding through that period. I think our goal there was to make sure the machine was just operating as balanced a way as we possibly could keep it.

但我認為，在大多數情況下，它是相對平穩的。由於我們在此期間做出的一些價格調整，我們稱零售 GPU 價格為 100 美元。我認為我們的目標是確保機器盡可能平衡地運作。

I think there will be other dynamics and catalysts and little moves quarter to quarter in the future as well. And I think the most important thing that we can do is just try to keep the machine moving forward effectively and build tools that enable us to absorb whatever bumps and make whatever changes we need to if we see them.

我認為未來每季還會出現其他動力、催化劑和小小的變動。我認為我們能做的最重要的事情就是努力讓機器有效地向前運轉，並製造工具，使我們能夠吸收任何障礙，並在看到障礙時做出必要的改變。

So I think, overall, nothing super material. A couple of little things week to week but nothing that matters at the level of the quarter.

所以我認為，總體來說，沒有什麼超級材料。每週都會發生一些小事，但從季度層級來看並不重要。

Sharon Zackfia, William Blair.

莎朗·扎克菲亞、威廉·布萊爾。

I wanted to dig in a little bit on the marketing side. It completely makes sense you'd be reinvesting in more marketing. But I'm curious where your brand awareness now is, nationally. And if you have a figure for where that might be in Phoenix? I'm sorry, not Phoenix, Atlanta. Phoenix 2, if you want to give it to me.

我想在行銷方面進行更深入的探討。您重新投資於更多的行銷是完全合理的。但我很好奇您的品牌知名度目前在全國範圍內如何。您能具體算一下鳳凰城的具體位置嗎？抱歉，不是菲尼克斯，是亞特蘭大。鳳凰2，如果你想給我的話。

And then, as we think about marketing, is this more brand-building? Or is there a specific message that you're trying to get across in the new campaign?

然後，當我們考慮行銷時，這是否更有利於品牌建立？或者您想在新活動中傳達什麼特定的訊息？

Sure. Well, I think let's start with what's the goal of all this? I think the goal of all this is to make sure we're laying foundations for outsized growth for a long time. That's the general goal.

當然。好吧，我想我們先來談談這一切的目標是什麼？我認為所有這一切的目標是確保我們為長期的超額成長奠定基礎。這就是總體目標。

And I think the fundamentals are we are now at a spot where the gap between our total GPU and our operating expenses is very, very large. I think that suggests that there are lots of opportunities to lay those foundations.

我認為，基本面是，我們現在的 GPU 總量和營運費用之間的差距非常非常大。我認為這表明有很多機會可以奠定這些基礎。

I think one of the things you can compare that gap to is just our advertising expense. And I think there's clearly a big gap between our advertising expense and the difference between those two numbers.

我認為可以將這一差距與之進行比較的一件事就是我們的廣告費用。我認為我們的廣告費用和這兩個數字之間的差額顯然有很大差距。

So that suggests opportunity. We run various surveys every quarter that we update to try to get a sense of where all three of the considerations -- so awareness, understanding, and trust is the general frame that we use. But we try to understand where all that is.

所以這意味著機會。我們每季都會進行各種調查並進行更新，試圖了解所有三個考慮因素——意識、理解和信任是我們使用的整體框架。但我們試著了解這一切的根源。

And I think what we see is we see constant progress but we still see a lot of opportunity in all of those. I think there's significant opportunity in awareness that gets through across the country. I think it's true in many -- even parts of what we do. I think understanding there's even more opportunity.

我認為我們看到的是不斷的進步，但我們仍然看到其中存在著許多機會。我認為，在全國普及這項意識將帶來重大機會。我認為，在很多方面，甚至在我們所做的部分工作中，都是如此。我認為了解會有更多的機會。

And then, I think trust is mostly about making sure that we give customers a great experience, one at a time. But I think we're leaning into marketing a little bit to test some things and to see how that works. I think there are many different marketing channels that exist on a spectrum from more direct marketing, where the response is pretty immediate, to more brand marketing, where the response is long term. I think we're testing both.

然後，我認為信任主要是為了確保我們每次都能為顧客帶來良好的體驗。但我認為我們稍微傾向於行銷來測試一些東西並看看其效果如何。我認為存在許多不同的行銷管道，從反應相當迅速的直接行銷到反應需要長期性的品牌行銷。我認為我們正在對兩者進行測試。

I think that marketing, in general, is something that's very difficult to precisely attribute to sales. I think it's a little easier on direct marketing and even harder on brand marketing. But as we discussed in the letter, we're putting out another brand campaign. We're testing a number of different channels. So I think we see that as one of the many areas of opportunity where we can continue to lay foundations for a lot of growth.

我認為，總體而言，行銷很難準確地歸因於銷售。我認為直接行銷比較容易一些，而品牌行銷則比較難。但正如我們在信中所討論的，我們正在推出另一個品牌活動。我們正在測試許多不同的管道。因此我認為我們認為這是眾多機會領域之一，我們可以繼續為大量成長奠定基礎。

We'll see where that takes us. But we're excited.

我們將會看到這將帶給我們什麼。但我們很興奮。

Ernie, do you have any metrics for what aided brand awareness would be for Carvana versus maybe some of your peers?

厄尼，你有什麼指標可以衡量 Carvana 與其他同行相比在輔助品牌知名度方面有何不同嗎？

Of course, we do. But we very purposely didn't provide them. And then, you followed up and made it awkward.

當然有。但我們故意沒有提供它們。然後，你又採取了後續行動，讓事情變得尷尬。

Brad Erickson, RBC.

布拉德·埃里克森，RBC。

I had two. First, just for the capacity expansion going forward. Mark, this might be a few.

我有兩個。首先，只是為了未來的產能擴張。馬克，這可能是一些。

Can you give us a sense of just what that might look like in terms of facility integrations and line expansions and so forth and just how to think about investment necessary to do that? And then, I have a follow-up.

您能否向我們介紹一下，從設施整合、生產線擴展等方面來看，這可能會是什麼樣子，以及如何考慮實現這一目標所需的投資？然後，我有一個後續問題。

Sure. Yeah. There's lots of things to hit in that question. So I think the -- just to talk a little bit about our strategy. Core to our production expansion strategy, right now, is ADESA integrations. I think we've had great success with that over the last year or so, marching up integrated ADESA locations steadily over time.

當然。是的。這個問題涉及很多方面。所以我認為——只是稍微談談我們的策略。目前，我們生產擴張策略的核心是 ADESA 整合。我認為，在過去一年左右的時間裡，我們在這方面取得了巨大的成功，隨著時間的推移，ADESA 的綜合位置穩步提升。

I think that is something that we intend to continue through the back half of the year. But also, I would expect that we continue to march out integrations in 2026. Those are obviously CapEx-light -- integrating these ADESA locations.

我認為這是我們打算在今年下半年繼續做的事情。但同時，我預計我們將在 2026 年繼續推進整合。這些顯然是資本支出較少的——整合這些 ADESA 地點。

We're really utilizing existing structures at those ADESA facilities and just layering in Carvana, Carli technology to run the centers, layering in Carvana retail reconditioning processes. So that's the first phase.

我們確實利用了 ADESA 設施的現有結構，並分層引入 Carvana、Carli 技術來運作中心，分層引入 Carvana 零售修復流程。這是第一階段。

The next phase that we'll enter into as we proceed with our growth plan is to actually start building out some of those ADESA locations and, really, actually doing more fulsome build-outs of the locations to increase the capacity at ADESA.

隨著我們繼續執行成長計劃，我們將進入的下一個階段是開始建造一些 ADESA 地點，並且實際上對這些地點進行更全面的建設，以增加 ADESA 的容量。

There, I think the way to think about that is back at the time of the acquisition, we basically gave a number. We thought it would cost roughly $1 billion to build out all the ADESA locations. That would obviously be something that would take place over a number of years. There's been some inflation since then so it might be a little bit higher than that now.

我認為，思考這個問題的方式是在收購時，我們基本上給了一個數字。我們預計建造所有 ADESA 站點大約需要花費 10 億美元。這顯然需要幾年的時間才能實現。自那時以來出現了一些通貨膨脹，所以現在的價格可能會比那時高一點。

But I think that still gives a pretty reasonable sense. And then, that would be something that would play out over time.

但我認為這仍然相當合理。然後，這會隨著時間的推移而發生。

Got it. That's helpful. And then, how should we think about your ability to source vehicles from consumers as you have more of these IRCs up and running? Like, does that ramp up in a linear fashion? Or anything else we should be thinking about in the equation for supply acquisition as you grow your capacity?

知道了。這很有幫助。那麼，隨著您擁有越來越多的 IRC 投入運營，我們應該如何看待您從消費者那裡購買車輛的能力？例如，它是否以線性方式增加？或者，當您擴大產能時，我們還應該考慮供應取得方程式中的其他事項嗎？

Sure. I'll take a swing on that one.

當然。我會嘗試一下這個。

I think it just makes things better and it makes the machine more efficient. I think we talked about, in the letter, how our inbound transport is down about 20% in terms of miles traveled. As we open more facilities, that should continue to go down. As we convert all these ADESA facilities, we have room for more than twice as many inventory pools as we have today.

我認為它只會讓事情變得更好，讓機器更有效率。我想我們在信中談到了我們的入境運輸里程下降了約 20%。隨著我們開放更多設施，這一數字應該會繼續下降。隨著我們改造所有這些 ADESA 設施，我們擁有的庫存池數量將比現在多出兩倍以上。

And when you think about what that means for the reduction in distance of miles the cars have to travel, that's meaningful. That's the fundamental value that has to show up somewhere, either in bottom line or in bids where we're sharing it with customers.

當你考慮到這對於減少汽車行駛距離意味著什麼時，這是有意義的。這是必須在某個地方體現的基本價值，要麼體現在底線上，要麼體現在我們與客戶分享的出價中。

So I think that that's one of the areas where I think that there's fundamental gains because we make the system smarter or do things differently and more efficiently. There's also fundamental gains that just come directly from scaling the system and getting the benefits of positive feedback that exists in the model. And I think that there are many of those in this area.

所以我認為這是能夠帶來根本性效益的領域之一，因為我們讓系統變得更智能，或以不同的方式、更有效率地做事。透過擴展系統和獲得模型中存在的正面回饋的好處，還可以獲得根本性的收益。我認為這個領域有很多這樣的人。

I also think that -- we just spoke about advertising and brands, generally, a moment ago. I think a number that is pretty interesting is in the last two years, we've grown retail sales by approximately 80%, give or take. And if you look at, say, wholesale-to-retail ratio, it's been approximately flat at that entire time. And I think that speaks to the fact that these two businesses generally grow together but they also have completely separable product pipelines, right?

我還認為——我們剛才總體上談論了廣告和品牌。我認為一個非常有趣的數字是，在過去兩年裡，我們的零售額增加了約 80%。如果你看一下批發與零售的比例，你會發現它在整個時期內基本上保持穩定。我認為這說明這兩家公司總體上是一起發展的，但它們的產品線也是完全可分離的，對嗎？

There's different things that the different teams are working on to make those different experiences better. And I think those teams are both doing incredible things. But so far, we've remained very well in balance. And I think we're benefiting from continuing to scale and continue to open up additional sites.

不同的團隊正在致力於不同的工作，以改善不同的體驗。我認為這兩支球隊都做出了令人難以置信的成就。但到目前為止，我們仍然保持著良好的平衡。我認為，繼續擴大規模和繼續開放更多站點將使我們受益。

And as I said, I think that creates opportunity to share some of those gains with our customers over time, which we think can power growth even further.

正如我所說，我認為這創造了機會，讓我們隨著時間的推移與客戶分享一些收益，我們認為這可以進一步推動成長。

Andrew Boone, Citizens.

安德魯·布恩，公民。

I wanted to ask about retail GPUs in the quarter, had a really strong quarter. Mark, I know you called out the one-time $100 benefit. But is there anything else you can help us understand there?

我想問一下本季零售 GPU 的情況，本季表現非常強勁。馬克，我知道你提到了一次性 100 美元的福利。但是您還能幫助我們理解其他什麼嗎？

And then, Ernie, in the letter, you guys mentioned word of mouth, understood you guys aren't going to disclose anything on awareness. But bigger picture, as you guys are just a bigger part of the car economy, can you talk about the benefits of word of mouth and just having more people talk about the actual experience of Carvana showing up in a driveway?

然後，厄尼，在信中，你們提到了口耳相傳，明白你們不會透露任何有關意識的資訊。但從更大的角度來看，由於你們只是汽車經濟中更重要的一部分，您能否談談口耳相傳的好處以及讓更多人談論 Carvana 出現在車道上的實際體驗？

Sure. Yeah. Let me start with the first question. Retail GPU was up about $200 year over year on a non-GAAP basis. That really breaks down into two primary categories.

當然。是的。我先從第一個問題開始。以非 GAAP 計算，零售 GPU 價格年增約 200 美元。這實際上可以分為兩個主要類別。

One was just improvements in reconditioning and inbound transport costs. I think that's an area where we've had a focus for a long period of time and saw a nice year-over-year gains there. I think some of those year-over-year gains were driven by continuing to integrate ADESA locations, which leads to lower inbound transport costs, which is one of those retail cost of sales. And so I think just fundamental gains and reconditioning costs and inbound transport cost was about half of that year-over-year gain.

一是修復和入境運輸成本的改善。我認為這是我們長期關注的領域，並且看到了同比增長。我認為，同比增長的部分原因是繼續整合 ADESA 地點，從而降低入境運輸成本，這是零售銷售成本之一。因此，我認為基本收益、修復成本和入境運輸成本約佔同比增長的一半。

The other half was an impact we saw in April, where our April retail GPU was higher than the GPU we saw in the months and the remaining months of the quarter. We think, overall, that impacted the quarter by about $100 for the full quarter as a whole. That higher April retail GPU really linked to the announcements of auto tariffs in late March that drove stronger demand and higher margins.

另一半是我們在 4 月看到的影響，其中我們 4 月的零售 GPU 高於我們在幾個月和本季剩餘月份看到的 GPU。我們認為，總體而言，這對整個季度的影響約為 100 美元。4 月零售 GPU 的上升實際上與 3 月底宣布的汽車關稅有關，這推動了更強勁的需求和更高的利潤率。

And then, trying to hit on word of mouth. I think that's ultimately, in many ways, I think, the name of the entire game. We think building a better business is the foundation of word of mouth. I think there's a lot of stuff that we are doing and a lot of goals that we have but I think it's one of the frames that we've used in the past when we want to give customers the best selection, the best experience, and a fast fund fair experience, and a low price.

然後，嘗試進行口耳相傳。我認為，從很多方面來說，這最終就是整個遊戲的名稱。我們認為建立更好的業務是口碑的基礎。我認為我們正在做很多事情，也有很多目標，但我認為這是我們過去使用的框架之一，我們希望為客戶提供最佳選擇、最佳體驗、快速的資金公平體驗和低廉的價格。

And I think that we've got the ability to continually build that machine that just provides all of those things. I think as we continue to grow, it's very reasonable that many customers across the country will have access to more cars on Carvana than they'll have at the sum of all dealers in their city or state. And if we do a good job making it easy for them to find that car, they can find it more easily and get a simpler experience and a better price.

我認為我們有能力不斷製造出能夠提供所有這些東西的機器。我認為，隨著我們的不斷發展，全國各地的許多客戶在 Carvana 上可以購買的汽車數量將比他們所在城市或州的所有經銷商總和還要多，這是非常合理的。如果我們做得好，讓他們能夠輕鬆找到那輛車，他們就能更輕鬆地找到它，獲得更簡單的體驗和更優惠的價格。

We talked in the letter about a number of ways we're trying to make the experience simpler. Faster delivery times, fewer customers calling in when they call in, having quicker calls -- that's all driven by the customer being in control and us building tools that make it to the customer doesn't need to call in or if it's the type of customer that doesn't want to call, they don't need to, but if they want to, we're there for them.

我們在信中談到了我們試圖簡化體驗的多種方法。交貨時間更快，打電話的客戶更少，通話速度更快——這一切都是由客戶控制的，我們建立工具，使客戶不需要打電話，或者如果客戶不想打電話，他們就不需要打電話，但如果他們想打電話，我們會為他們提供幫助。

And I think we gave an anecdote of a transaction: we bought a car from a customer, where, in 38 minutes, they went from getting a value on our site to getting money in their account. And I think you can imagine a version of that conversation that hopefully happens between millions of customers in the future that is they had every car, you could possibly want. The prices were incredibly fair. And I got the car faster than they could have driven down to the dealership and come through the transaction myself.

我想我們講了一個交易故事：我們從一位顧客那裡買了一輛汽車，在 38 分鐘內，他們在我們的網站上獲得了估價，然後在他們的帳戶上收到了錢。我想你可以想像一下未來數百萬客戶之間發生的類似對話，那就是他們擁有你可能想要的每一輛車。價格非常公道。而且我拿到車的速度比他們親自開車去經銷商完成交易的速度還要快。

And I think if that's the conversation that's happening, I think we don't understand why we're not, at least, in the conversation for every single customer thinking about buying a car anywhere in the country. And I think -- that's our goal. But the foundation of that is build a better system that's simple that allows customers to tell each other simple stories that are very compelling by making it fundamentally better for them.

我認為，如果這是正在進行的對話，我想我們不明白為什麼我們至少沒有出現在全國各地考慮買車的每位客戶的對話中。我認為——這就是我們的目標。但其基礎是建立一個更好的、簡單的系統，讓客戶能夠互相講述簡單的故事，這些故事非常引人注目，從根本上為他們提供了更好的體驗。

And so I think there's a ton of work to do. I think we've done a ton of that work. And we're very proud of the experience that we deliver and the progress that we've made in all these different dimensions. But there's still a ton more work to do. And it's still very early in that game.

所以我認為還有很多工作要做。我認為我們已經做了很多這樣的工作。我們對我們所提供的經驗以及在各個不同方面所取得的進步感到非常自豪。但仍有大量工作要做。而這場遊戲現在還處於早期階段。

We're 1.5% of the used car market. So there's a lot of room to run and a lot to do. But I do think that that story consumers tell each other is probably the single thing that matters the most. And we got to make sure that story is very compelling.

我們佔有二手車市場的1.5%。因此，還有很大的發展空間和很多事情要做。但我確實認為消費者彼此講述的故事可能是最重要的事情。我們必須確保這個故事非常引人入勝。

Rajat Gupta, J.P. Morgan.

摩根大通的 Rajat Gupta。

I think, in the letter, you had a comment that you want to look at the business more holistically going forward, focused just in [units] in EBITDA. Could you elaborate a little bit more on that? What that means, what those levers are? You talked about advertising as one. And maybe if you could just elaborate on what different levers that you can manage within those different line items?

我認為，在信中，您曾表示希望更全面地看待未來的業務，只專注於 EBITDA 中的 [單位]。能再詳細解釋一下嗎？這意味著什麼？這些槓桿是什麼？您談到了廣告。也許您可以詳細說明您可以在這些不同的專案中管理哪些不同的槓桿？

And I have a quick follow-up.

我有一個快速的後續行動。

Sure. Well, that's a big opening to run through because I think that, basically, every number that we tried to provide in the letter is a lever that we're looking to improve. So again, I'll go to customer experience: a fast, fun fair.

當然。嗯，這是一個很大的開端，因為我認為，基本上，我們試圖在信中提供的每一個數字都是我們希望改進的槓桿。因此，我將再次強調客戶體驗：快速、有趣的展覽。

Make the experience extremely fast, make it fun, make it fair.

讓體驗變得極快、有趣、公平。

Make sure that we're getting more intelligent all the time. Make sure that we're utilizing all the data that our system kicks off to make better decisions about which cars we're buying and what price we're paying for those cars and how we're pricing those cars and how we're merchandising those cars.

確保我們不斷變得更聰明。確保我們利用系統啟動的所有數據來更好地決定我們要購買哪些汽車、我們為這些汽車支付的價格、我們如何為這些汽車定價以及如何銷售這些汽車。

Build tools and make it easier for customers to find those cars.

建立工具並讓客戶更容易找到這些汽車。

I think all of those are things that we're continually working on. And I think every one of those items are levers that we have. We try to build systems that are intelligent and as autonomous as possible. But obviously, that have our oversight.

我認為所有這些都是我們正在不斷努力的事情。我認為其中每一項都是我們擁有的槓桿。我們嘗試建立盡可能智慧且自主的系統。但顯然，我們對此有所疏忽。

So we decide on key levels like overall pricing level of any given lever. But we try to be intelligent and use analytics to determine where those prices are placed on various cars.

因此，我們決定關鍵水平，例如任何給定槓桿的整體定價水平。但我們嘗試變得更加智能，並使用分析技術來確定不同汽車的定價。

And so I think continually improving those tools is an opportunity we've got. I think there are so many things to talk about there. We want to give customers simple experiences with an efficient machine that's getting smarter all the time. And I think every single thing inside that system is a lever for us.

因此我認為不斷改進這些工具是我們擁有的一個機會。我認為那裡有很多事情可以談。我們希望透過高效且日益智慧的機器為客戶提供簡單的體驗。我認為該系統內的每件事對我們來說都是一個槓桿。

Understood. Yeah. I figured it would be the answer. I could have framed it differently.

明白了。是的。我想這就是答案。我本來可以用不同的方式來表達它。

The other question was just on the cohort data. In the past, you've given us managers around the Atlanta, from your cohorts. Anything incrementally can give us how you plan or (inaudible) cohorts performed, relative to the overall company this quarter?

另一個問題只是關於隊列資料。過去，你們從你們的同事中為我們指派了亞特蘭大各地的管理人員。您能逐步告訴我們您計劃如何，或者（聽不清楚）相對於本季整個公司而言，各群組的表現如何嗎？

I think we'll stick with what we've said in the past. But all the trends that we discussed in the past remain there. I think it's been pretty consistent, broad-based progress across the country and across cohorts in every way.

我想我們會堅持我們過去說過的話。但我們過去討論過的所有趨勢仍然存在。我認為全國各地、各個群體在各方面都取得了相當一致、廣泛的進步。

Michael McGovern, Bank of America.

美國銀行的麥可‧麥戈文。

On the really strong leverage in operations cost per unit, can you provide a little bit more detail on what exactly goes into that bucket of costs? Is that mostly labor and logistics? What else is driving the bulk of that operational efficiency?

關於單位營運成本的真正強大槓桿作用，您能否提供更多細節，說明這筆成本的具體組成是什麼？主要是勞動力和物流嗎？還有什麼因素在推動大部分營運效率？

Sure. Yeah. Let me provide a quick breakdown. I think some of the key categories of expenses that are in that operations expense line item are fulfillment expenses. So that would include our multi-car hauler network that connects our IRCs to the markets where we serve our customers, as well as our last-mile delivery network that delivers the cars to the customer store.

當然。是的。讓我來簡單分析一下。我認為營運費用項目中的一些主要費用類別是履行費用。因此，這將包括我們的多車運輸網絡，該網絡將我們的 IRC 與我們為客戶服務的市場連接起來，以及將汽車運送到客戶商店的最後一英里配送網絡。

It also includes customer care and title and registration expenses, as well as limited warranty expenses; and some miscellaneous, other expenses as well. So those are some of the major categories.

它還包括客戶服務、所有權和註冊費用、有限保固費用；以及一些雜項和其他費用。這些就是一些主要類別。

I think that over the last couple of years, we've certainly made gains across the board. I think -- we've talked about some of the efficiency gains in fulfillment, for example, that come from technology process as well as adding things like adding ADESA inventory pools, which puts cars closer to customers.

我認為在過去的幾年裡，我們確實取得了全面進步。我認為——我們已經討論了履行過程中的一些效率提升，例如，來自技術流程以及添加諸如添加 ADESA 庫存池之類的東西，這使得汽車更接近客戶。

We've talked a bit about some of our early efforts in using our large data sets to fuel AI models. I think we're in the relatively early days of that. But some of the early applications have been in customer care and document processing, where AI can really make us more efficient in the way that we communicate with the customer, improving customer experience, and also lead to some cost efficiencies as well.

我們談論了一些早期利用大型資料集為人工智慧模型提供支援的努力。我認為我們還處於這一領域的早期階段。但一些早期的應用是在客戶服務和文件處理領域，人工智慧確實可以讓我們與客戶溝通的方式更有效率，改善客戶體驗，同時也帶來一些成本效率。

And so those would be a few of the examples.

這些就是一些例子。

I think operations expense per unit is an area where we've seen really strong gains over the past couple of years but an area where we do see opportunities looking forward as well.

我認為，單位營運費用是我們在過去幾年中看到非常強勁成長的一個領域，但我們也確實看到了未來的機會。

Got it. You also called out you grew selection of 50% in the quarter versus last year. Can you provide a little bit more detail on what that means? Is that just, like, a number of vehicles in your inventory? Or does that mean breadth and depth and different makes and models? Or maybe more inventory of specific models that are really in demand. Where does that stand today, relative to where you want it to be?

知道了。您還表示，與去年相比，本季的選擇量增加了 50%。您能否提供更多細節來解釋這意味著什麼？這僅僅是您庫存中的一些車輛嗎？或者這是否意味著廣度和深度以及不同的品牌和型號？或者也許是真正有需求的特定型號的更多庫存。相對於您所希望的現狀，現在的現狀如何？

Sure. So I think the -- what we mean by that is, really, just the count of units that are immediately available for sale on the website as a measure of selection. Typically, breadth increases with inventory count as well. So that metric specifically points to just inventory count of immediately available units. But breadth typically increases, as well, with that metric.

當然。所以我認為——我們的意思實際上只是網站上可立即出售的單位數量，作為選擇的標準。通常，廣度也會隨著庫存數量的增加而增加。因此此指標具體指的是可立即使用的庫存單位數量。但隨著該指標的增加，廣度通常也會增加。

In terms of where we want it to be, I think we still have a very clear opportunity to provide more selection to our customers. We view selection as a powerful long-term growth driver. That interacts with some of our other growth drivers. To create positive feedback cycle is one example of that.

就我們想要達到的目標而言，我認為我們仍然有非常明顯的機會為客戶提供更多選擇。我們認為選擇是強大的長期成長動力。這與我們的其他一些成長動力相互作用。創建正回饋循環就是其中一個例子。

The more selection you have on the website, the more customers you convert, the more efficient your advertising becomes. And so the more you can leverage advertising to build understanding, awareness, and trust. So that's just one example of the type of positive feedback that selection can't create.

網站上的選擇越多，轉換的客戶就越多，廣告的效率就越高。因此，您可以更多地利用廣告來建立理解、知名度和信任。這只是選擇無法產生的正回饋類型的一個例子。

I think in terms of where we stand versus the long term in our selection, I think we're small compared to what we ultimately want to be. I think the used car market has a very unique property where there are a very large number of unique SKUs when you combine year, make, model, mileage level, trim, set of packages, exterior color, interior color, material, and so on and so forth.

我認為，就我們的現狀和長期選擇而言，與我們最終想要達到的目標相比，我們還很渺小。我認為二手車市場具有非常獨特的屬性，當你將年份、品牌、型號、里程水平、裝飾、包裝組、外部顏色、內部顏色、材料等組合在一起時，就會出現大量獨特的 SKU。

You really get down to a very large set of unique combinations. And so compared to that very large set of unique combinations, our inventory today is small. And so we really do view growing our effective SKU count -- i.e., growing our inventory and the breadth of our inventory -- as a powerful long-term growth driver.

您確實會得到大量獨特的組合。因此，與那大量獨特的組合相比，我們今天的庫存很小。因此，我們確實將增加有效 SKU 數量（即增加庫存和庫存廣度）視為強大的長期成長動力。

Chris Bottiglieri, BNP Paribas.

克里斯‧波蒂列裡 (Chris Bottiglieri)，法國巴黎銀行。

The first one is, can you talk more about the large build of inventory in the quarter? Does this primarily relate to the expansion selection or the change in the agreement with the commercial party just have an accounting impact that drives that balance higher? I just want to think if it's growth or just accounting that drove that.

第一個問題是，您能否詳細談談本季庫存的大量增加？這是否主要與擴張選擇有關，或者與商業方的協議變化是否僅僅對會計產生影響，從而導致餘額增加？我只是想知道這是成長還是會計因素推動的。

Sure. Yeah. So there are three drivers that our inventory growth in the quarter. The first was just sales and selection growth, as you just alluded to. The second was a change in, essentially, the contract structure with a large retail marketplace partner that has us holding the inventory on our balance sheet, rather than the partner holding the inventory on their balance sheet. And then, the third that I would layer in is we did see our average selling prices/average cost of our vehicles increased in the quarter, which also was a driver of that quarter-over-quarter increase in inventory.

當然。是的。因此，本季我們的庫存成長有三個驅動因素。正如您剛才提到的，首先就是銷售和選擇的成長。第二個變化是，本質上，與大型零售市場合作夥伴的合約結構發生了變化，即我們將庫存放在我們的資產負債表上，而不是合作夥伴將庫存放在他們的資產負債表上。然後，我要補充的第三點是，我們確實看到本季我們的汽車平均售價/平均成本有所增加，這也是庫存上季增加的一個驅動因素。

Actually, that leads me to my next question. Can you talk about that mix shift into more expensive vehicles and what's going on there? Are you -- (inaudible) more prime customer? Are you anything differently in terms of the rates that you charge prime and shipping fees like -- or is this just an inventory initiative, right now?

實際上，這引出了我的下一個問題。您能談談混合轉向更昂貴的車輛以及其中發生的情況嗎？您是－（聽不清楚）更優質的客戶嗎？就收取的主要費用和運費而言，你們有什麼不同嗎？或者這只是目前的庫存計劃？

Sure. Yes. So this is one of those areas that relates to Ernie's answer earlier, where I think we're not particularly focused on specific ASP. We're really focused on units and driving strong company level outcomes.

當然。是的。所以這是與 Ernie 先前的回答相關的領域之一，我認為我們並沒有特別關注特定的 ASP。我們真正關注的是單位並推動強勁的公司層級成果。

But we have some mix shift into more expensive vehicles. That's largely just driven by our algorithms that are tracking real-time demand trends, tracking real-time supply trends. And then, selecting inventory on the basis of what they're seeing in supply and demand, that has led to an increase in ASP.

但我們有一些混合轉向更昂貴的車輛。這很大程度上只是由追蹤即時需求趨勢和即時供應趨勢的演算法所驅動的。然後，根據供需情況選擇庫存，從而導致平均售價上漲。

We called out that we do expect a further increase in Q3 beyond where we were in Q2. But it wouldn't surprise me at all if after Q3, we saw it declined. I think it really just depends on what are our models are telling us at any point in time.

我們呼籲，我們確實預計第三季的銷售額將比第二季進一步成長。但如果第三季之後我們看到它下降，我一點也不會感到驚訝。我認為這實際上取決於我們的模型在任何時間點告訴我們什麼。

And I think, most importantly, we're really focused on some of the bottom-line metrics, like growth in units; and then also, obviously, our profitability metrics.

我認為，最重要的是，我們真正關註一些底線指標，例如單位成長；當然還有我們的獲利指標。

Michael Baker, D.A. Davidson.

麥可貝克、D.A.戴維森。

Congratulations guys on a good quarter.

恭喜大家本季取得了良好的業績。

Can I ask about the guidance for the back half of the year. It implies about, at the midpoint, 30% EBITDA growth. So obviously, a little bit of a slowdown from the first half. I presume it's just the law of large numbers.

可以問一下下半年的指導嗎？這意味著，中間值約為 30% 的 EBITDA 成長。顯然，與上半年相比，成長略有放緩。我認為這只是大數定律。

But does it signal increased investments? You already talked about increasing the advertising investment. But does the signal increased investments around price or bids or anything else along that or as we just simply coming up against big numbers last year?

但這是否意味著投資增加？您已經談到增加廣告投入。但這是否意味著圍繞價格或投標或其他方面的投資增加，還是我們只是在去年遇到了巨大的數字？

Sure. Well, I think just to reiterate, I think our guidance was for sequential increase in units in Q3 versus Q2 and then, for $2 billion to $2.2 billion in EBITDA for the full year. I think we're not going to give a ton more color than that. But obviously, those are big numbers and exciting numbers. I think we grew by 41% in Q2.

當然。嗯，我想重申一下，我們的預期是第三季的銷售量將比第二季增加，全年的 EBITDA 將達到 20 億美元至 22 億美元。我認為我們不會給出比這更多的顏色。但顯然，這些都是龐大的數字，令人興奮的數字。我認為我們第二季度成長了 41%。

Last year was a record EBITDA year for us. It was incredibly exciting at just shy of $1.4 billion.

去年是我們創紀錄的 EBITDA 年。接近 14 億美元的投資金額令人興奮不已。

So I think those are big numbers. As you guess, we're on a good path. And so we're just going to keep marching. I think that's another milestone on the way to $3 million, which is a milestone on to wherever we end up after that.

所以我認為這些都是很大的數字。正如您所猜測的，我們正走在正確的道路上。所以我們會繼續前進。我認為這是我們邁向 300 萬美元的另一個里程碑，也是我們最終實現這一目標的里程碑。

So we're just going to keep trying to march through these various gates and make improvement along the way.

因此，我們將繼續努力跨越這些障礙，並在過程中持續取得進展。

Okay. Fair enough. Maybe one other one and it will probably be the same type of answer. But to get to $3 million in five years -- I understand you have a range of 5% to 10% but to get there in five years, off of 2024, that's, like, a 48% annual growth rate.

好的。很公平。也許還有另外一個，而且答案可能也是同一種類型。但要在五年內達到 300 萬美元——我知道成長率在 5% 到 10% 之間，但要在五年內（從 2024 年開始）達到這個目標，年增長率就需要達到 48%。

You're having a great year this year. But I think your unit growth rate year over year is up, like, 43%. So again, do you have to like add some investments? Or how do you get that to accelerate to get to that $3 million in five years?

今年你過得真好。但我認為你們的單位成長率比去年同期上升了 43% 左右。那麼，您是否需要增加一些投資？或者您如何加速實現這一目標並在五年內達到 300 萬美元？

I think, at a really high level, the five-year timeline was approximately a 40% compounded growth rate and the 10-year timeline is approximately a 20% compounded growth rate. We just printed 41%. We're excited about that.

我認為，從真正高的水平來看，五年期的複合成長率大約是 40%，十年期的複合成長率大約是 20%。我們剛剛印製了 41%。我們對此感到很興奮。

I think -- very importantly, we're 1.5% of the used car market and 1% of the overall car market. So I think there's a lot of headroom.

我認為——非常重要的是，我們佔二手車市場的 1.5% 和整個汽車市場的 1%。所以我認為還有很大的發展空間。

I think our machine is getting simpler. We're adding additional locations to hold inventory, to recondition inventory. We're making it so there's less work per transaction.

我認為我們的機器變得越來越簡單。我們正在增加額外的地點來存放庫存並修復庫存。我們這樣做是為了減少每筆交易的工作量。

I think all of that aids growth. And we're trying to push back value into the customer offering, which makes those stories customers tell even better.

我認為所有這些都有助於成長。我們正努力將價值重新賦予客戶服務，讓客戶說的故事更加精彩。

So I think we feel like we're on a very good path. There's no question that growing at 40% for five years is an ambitious target. But we're an ambitious group. And we're going to try to get there, somewhere between that 5- and 10-year target. And we're just going to go as fast as we can along the way.

所以我認為我們正走在一條非常好的道路上。毫無疑問，五年內維持 40% 的成長率是一個雄心勃勃的目標。但我們是一個雄心勃勃的團體。我們將努力在 5 年到 10 年內實現這一目標。我們會盡可能快地前進。

Chris Pierce, Needham.

克里斯·皮爾斯，尼德姆。

Just a quick question on other GPU, two of them actually.

這只是關於其他 GPU 的一個簡單問題，實際上有兩塊。

Just first, in the quarter, you talked about a higher VSC attach rate. I I'd love to hear some comments about where you are on attach and warranty attach, in general; how difficult it is to attach warranty online versus in person? Or maybe that's not true -- just runway and open space you have on warranty attached broadly?

首先，在本季度，您談到了更高的 VSC 附加率。我很想聽聽您對附加和保固附加的看法，總的來說，線上附加保固與親自附加保固相比有多困難？或者這可能不是真的——您只是廣泛地享有跑道和開放空間的保固？

Sure. Yeah. So I think the attach rate of ancillary products -- and I would include BSE and also, other ancillary products in that -- is definitely an area where we've made progress over time. And through constant testing and iteration, I have been able to identify wins the quality of our communication of those products, the way those products are structured, things like that.

當然。是的。因此，我認為輔助產品的附加率——包括 BSE 以及其他輔助產品——無疑是我們隨著時間的推移取得進展的一個領域。透過不斷的測試和迭代，我已經能夠確定這些產品的溝通品質、這些產品的結構方式等等。

I think despite the gains that we have made, I certainly think there's opportunities for future fundamental gains, really, by running the same playbook on just constantly iterating and seeking to get better.

我認為，儘管我們已經取得了一些進展，但我確實認為，透過按照同樣的策略不斷迭代和尋求進步，未來仍然有機會獲得根本性的進步。

One of the areas where we're always getting better is each year, we have more and more data. So we have more and more observations to help us evaluate what exactly do our customers like in these products? What are they looking for? And that helps us improve attach through communication and product structure, things like that, that I mentioned previously.

我們不斷進步的領域之一是，我們每年擁有越來越多的數據。因此，我們有越來越多的觀察來幫助我們評估客戶到底喜歡這些產品的什麼？他們在尋找什麼？這有助於我們透過溝通和產品結構等改善聯繫，就像我之前提到的那樣。

So to summarize that, it's definitely been an area where we've made gains. Customers definitely like and get value out of these products. But it's also an area where we see opportunities for future fundamental gains, just like in other areas of the business.

總而言之，這絕對是我們取得進展的領域。顧客肯定喜歡這些產品並從中獲得價值。但就像其他業務領域一樣，我們也看到了未來根本性利益的機會。

Okay. And then, just a real big-picture question on gain on loan sale. If we think about -- before Carvana came on the scene, there was a pool of ABS investors, yield-seeking investors who want to own auto loans. You guys have uncovered new investors in this space.

好的。然後，這是一個關於貸款出售收益的真正宏觀問題。如果我們想想——在 Carvana 出現之前，有一批 ABS 投資者，即尋求收益的投資者，他們想要擁有汽車貸款。你們已經在這個領域發現了新的投資者。

Is the obvious conclusion the correct one? That, as you find more of these investors, yourself and other auto dealers will have more pricing power on the loan side of the world and that is a tailwind to other GPU? Or is that too simplistic because of your market share?

這個顯而易見的結論是正確的嗎？隨著您找到更多這樣的投資者，您自己和其他汽車經銷商將在全球貸款方面擁有更大的定價權，這對其他 GPU 來說是一個順風嗎？或者由於您的市場份額，這是否過於簡單？

That's an interesting question. I think we often hear a related but different question, as well, of are we going to outgrow that market. And so let me let me just try to give you the way that we at least think about it.

這是一個有趣的問題。我認為我們也經常聽到一個相關但不同的問題，即我們是否會超越那個市場。因此，讓我嘗試向你們提供我們至少思考過的方式。

I think we are a small part, right now -- 1.5% -- of a large mature market, where that large mature market kicks off a lot of very high-quality consumer loans in the form of auto loans. And those auto loans are being purchased by someone today through various different channels.

我認為我們現在只佔大型成熟市場的一小部分（1.5%），這個大型成熟市場以汽車貸款的形式推出了大量高品質的消費貸款。如今，人們透過各種不同的管道購買這些汽車貸款。

And I think as we take market share and displace some of those originators, there are still hands that are hungry to hold those loans. And so I think we've been, in many ways, expanding that market as we've been kind of growing into it.

我認為，當我們佔領市場份額並取代一些貸款發起人時，仍然會有人渴望獲得這些貸款。因此我認為，隨著我們不斷成長，我們在許多方面都在擴大這個市場。

I think we've also been expanding the buyer base more generally than just the ABS market. Sometimes, we meet buyers through the ABS market that we then move on to pool sales. And it can go the other way as well.

我認為我們也一直在擴大買家群體，而不僅僅是 ABS 市場。有時，我們會透過 ABS 市場遇到買家，然後進行集中銷售。反過來也一樣。

So I think our focus is we believe that the receivables that we're generating are very high quality. We believe it's highly desirable to a lot of investors -- many investors that have traditionally been buyers of auto loan assets and probably, a number of investors that maybe traditionally haven't had access to them.

所以我認為我們的重點是我們相信我們產生的應收帳款品質非常高。我們相信，對於許多投資者來說，它都是非常有吸引力的——許多投資者傳統上一直是汽車貸款資產的購買者，也可能有許多投資者傳統上無法獲得這些資產。

So if anything, we think that there's room to expand the total buyer base for auto loans. And we think that that could bode well.

因此，我們認為，汽車貸款的總購買者群體還有擴大的空間。我們認為這是一個好兆頭。

And I think we found that as we've gotten bigger and we've established more of a brand and people have seen more of our performance history, it's gotten easier to attract additional buyers. And as we've gotten bigger, it's gotten easier to be a meaningful partner to more buyers because we can originate enough volume to be meaningful for them just by the work that they do to start the relationship and evaluate a pool of loans.

我認為我們發現，隨著我們規模的擴大、品牌的建立以及人們對我們業績歷史的了解越來越多，吸引更多買家變得越來越容易。隨著我們規模的擴大，我們更容易成為更多買家的有意義的合作夥伴，因為我們只需透過他們為建立關係和評估貸款池所做的工作，就能產生足夠多的貸款量，對他們來說很有意義。

So I think, as a general matter, that's another area where we're very optimistic. And we think our unique model and being vertically integrated, where there isn't slippage between the incentives of the retailer and the incentives of the finance company, is a valuable thing. And it's allowing us to originate lots of very valuable receivables.

因此我認為，總的來說，這是我們非常樂觀的另一個領域。我們認為，我們獨特的模式和垂直整合，即零售商的激勵和金融公司的激勵之間不會出現差距，是一件很有價值的事情。這使我們能夠產生大量非常有價值的應收帳款。

Okay. Just -- you actually said it. You might outgrow that market. How would you outgrow that market though? Because you're just selling a car that someone else would have sold and another loan buyer would have bought that loan.

好的。只是──你確實這麼說了。你可能會超出這個市場。那麼，您要如何超越這個市場呢？因為您只是在出售一輛別人會出售的汽車，而另一個貸款買家會購買該筆貸款。

So how -- I just want to make sure I understand where you're coming from with that comment. And then, I'll pass it on.

那麼——我只是想確保我理解你發表該評論的出發點。然後，我會把它傳遞下去。

Yeah. No. Sure. That was not my intention. I think I was trying to point to a question that we sometimes get. I think our general belief is that we will not outgrow the market.

是的。不。當然。那不是我的本意。我想我試著指出我們有時會遇到的一個問題。我認為我們普遍的信念是，我們的成長速度不會超越市場。

We think that there are already buyers of auto loans through many different channels. And we think that the manner in which we originate auto loans and the way that we make those liquid and available to investors, if anything, should expand the total buyer base for auto loans.

我們認為，目前已經存在透過多種不同管道購買汽車貸款的買家。我們認為，我們發放汽車貸款的方式以及我們使這些貸款具有流動性並可供投資者使用的方式應該可以擴大汽車貸款的總購買者群體。

And we think we have access to the traditional buyer bases, as well. So we have found, empirically, as we've moved through orders of magnitude of scale that it has gotten easier to sell loans, not harder as we've got larger. And I think that our best expectation is that will continue to be the case.

我們認為我們也可以接觸到傳統的買家群體。因此，我們根據經驗發現，隨著規模不斷擴大，出售貸款變得越來越容易，而不是隨著規模的擴大而變得更加困難。我認為我們最好的期望是這種情況將會持續下去。

Marvin Fong, BTIG.

Marvin Fong，BTIG。

Congratulations on a great quarter. Just maybe two around other GPU, also looking into that topic.

恭喜本季取得優異成績。也許只是兩個圍繞其他 GPU 的人也在研究這個主題。

But you referenced a lower sell-through rate in the quarter. Was that related to -- I think another player in the space in commented that there was more cash buyers that came up because of the tariffs in the quarter. Is that related what you saw? Is that related to that dynamic? And has that cycled out of what you're seeing?

但您提到本季的銷售率較低。這是否與——我認為該領域的另一位參與者評論說，由於本季度的關稅，出現了更多的現金買家。這與您所看到的有關嗎？這與那個動態有關嗎？您所看到的循環已經結束了嗎？

And then, secondly, you cited improved cost of funds as benefiting other GPU. Would just love to just understand -- obviously, we can always drive that lower. But if we level-set maybe in a one- to two-year horizon, how much more benefit do you think you can extract from lower cost of funds? And how could you give us a relationship to how that translates to actual GPU?

其次，您提到資金成本的改善使其他 GPU 受益。只是想了解一下——顯然，我們總是可以降低這個數字。但是，如果我們將時間跨度定在一到兩年內，您認為可以從降低資金成本中獲得多少收益？您能給我們解釋一下這與實際 GPU 之間的關係嗎？

That would be great.

那太好了。

Sure. Yeah. Let me take that one. I think on the lower sell-through rate, I think what we're calling out there is actually really an impact in Q2 2024 more so than an impact in Q2 2025.

當然。是的。讓我來拿那個。我認為，就較低的銷售率而言，我們所呼籲的實際上對 2024 年第二季的影響大於對 2025 年第二季的影響。

So in Q2 2024, we had stored some more loans in Q1 that we ended up selling in Q2. So we actually sold more loans than we originated in Q2. And I think that had a positive impact on the order of $100 per unit in Q2 2024.

因此，在 2024 年第二季度，我們在第一季儲存了一些貸款，最終在第二季出售了這些貸款。因此，我們實際上在第二季度出售的貸款比發放的貸款要多。我認為這對 2024 年第二季每單位 100 美元的訂單產生了積極影響。

This quarter was relatively normal. Give or take, a small amount in terms of the ratio of loan sales to originations. And so nothing really to call out there in this quarter. That was really about approximately a $100 impact back in Q2 2024. That was a positive impact in that quarter.

本季相對正常。就貸款銷售額與貸款發放額的比率而言，這個數字很小。因此本季確實沒有什麼值得關注的。這實際上對 2024 年第二季造成了約 100 美元的影響。這對該季度產生了積極影響。

On the question about cost of funds, I think -- what are some drivers of cost of funds? One, I think, is the number of load investors and buyers that we're selling loans to in the finance platform. That's been something that has steadily increased over time, as more and more investors become aware of the quality of the assets that we're originating -- do the relevant research and start to invest in or buy the loans. So I think expanding the pool of buyers is a driver of cost of funds.

關於資金成本的問題，我認為──資金成本的一些驅動因素是什麼？我認為，其中之一是我們在金融平台上向其出售貸款的貸款投資者和買家的數量。隨著越來越多的投資者意識到我們所發行資產的質量，進行相關研究並開始投資或購買貸款，這一數字一直在穩步增長。所以我認為擴大買家群體是資金成本的驅動因素。

Other drivers of cost of funds, I think, are just continued strong performance. And we talked about this earlier in the call but our origination platform has generated assets that have performed very well, offering very strong returns to investors. And so I think continued strong performance from a vertically integrated platform is a driver of cost of funds gains as well.

我認為，資金成本的其他驅動因素就是持續強勁的表現。我們在電話會議早些時候討論過這個問題，但我們的發起平台產生的資產表現非常好，為投資者帶來了非常豐厚的回報。因此，我認為垂直整合平台的持續強勁表現也是資金成本效益的驅動因素。

Alex Potter, Piper Sandler.

亞歷克斯波特、派珀桑德勒。

You mentioned that 40% CAGR, if you're able to sustain that. Obviously, you've been doing very well recently that it's implicit in your comments earlier about that being a difficult thing to achieve in five years. Is that -- obviously, 40% growth year in, year out, over time, something could break, right?

您提到了 40% 的複合年增長率，如果您能夠維持的話。顯然，您最近做得很好，這在您之前的評論中有所暗示，即五年內實現這一目標非常困難。顯然，年復一年地保持 40% 的增長，隨著時間的推移，可能會出現一些問題，對嗎？

It's difficult operationally to sustain that growth. So I'm wondering, obviously, you're growing at that pace now. What is it that you think in your system could break? Is there anything getting close to breaking with you red-lining at the top end of that growth range, right now?

從營運角度來說，維持這種成長十分困難。所以我很好奇，顯然你現在正以這樣的速度成長。您認為您的系統中什麼可能會出現故障？目前，在成長範圍的上限處，有什麼事情接近突破嗎？

Sure. I think it's a good question. First, I'm not sure today it feels like we're redlining. And I don't mean that to imply that we're going to immediately grow a ton faster. I mean that to imply that it feels like the teams are executing very well and I think, confidently and comfortably.

當然。我認為這是個好問題。首先，我不確定今天我們是否感覺像是在劃紅線。我並不是說我們會立即大幅成長。我的意思是，感覺團隊表現得非常好，而且我認為，充滿信心和舒適。

So I think -- we've talked in the past -- as a general matter, I think to use that term, break -- the things that are most likely to break are the things where you have the most work to do, the most people in a system to coordinate, or the most stuff to move.

所以我認為——我們過去曾討論過——一般來說，我認為使用「中斷」這個術語——最容易發生中斷的事情是那些你需要做最多工作的事情、系統中需要協調最多人的事情、或者需要移動最多東西的事情。

And so I think reconditioning is probably the place that is operationally the most intense in the business. I think what's great is we are laying foundations for the future, today. And in many ways, we're making investments in future growth today what we easily could have grown into the existing inspection centers that we have in the Carvana network. And that could have supported the growth that we're seeing today.

因此，我認為修復可能是業務中運作最緊張的地方。我認為最偉大的事情是，我們今天正在為未來奠定基礎。在許多方面，我們都在為未來的成長進行投資，而這些投資本來可以輕鬆發展成為 Carvana 網路中現有的檢查中心。這或許能夠支持我們今天所見的成長。

But over the last year, plus a little, we've integrated 12 ADESA sites. That's been an investment, in certain ways. The payoff has been that we've added additional inventory pools until we have less miles traveled. The investment has been that we've had to open those sites, hire at those sites, find managers for those sites, run those sites at lower utilization -- they tend to be a little bit more expensive.

但在過去一年多的時間裡，我們整合了 12 個 ADESA 站點。從某種程度上來說，這是一項投資。回報是我們增加了額外的庫存池，直到行駛里程減少。我們必須投資開設這些站點、在這些站點招募員工、為這些站點尋找管理人員、以較低的利用率經營這些站點——這些成本往往會更高一些。

So that's flowing through our results today. But it also means that there's higher utilization to come in the future. And that will be a tailwind to results. And we have more locations to hire more people and produce more cars in the future.

這就是我們今天的結果。但這也意味著未來的利用率將會更高。這將會為結果帶來助力。未來我們將擁有更多地點來僱用更多員工並生產更多汽車。

So I think what we're doing in reconditioning -- which is probably, in the operation, the most difficult thing today -- is we're not only supporting the growth that you see, we are also laying foundations for easier growth in the future. And I think that that's important and exciting.

因此，我認為我們在恢復過程中所做的工作——這可能是目前營運中最困難的事情——不僅是在支持您所看到的成長，而且還在為未來更輕鬆的成長奠定基礎。我認為這很重要而且令人興奮。

I think in logistics, we've made a ton of gains over the last couple of years; getting more efficient and causing cars to travel fewer miles. I think logistics is probably the second most complex operational undertaking that we've got.

我認為在物流方面，我們在過去幾年中取得了巨大的進步；變得更加高效並且減少了汽車行駛的里程。我認為物流可能是我們面臨的第二複雜的營運任務。

And given that we've recently made a ton of gains in reducing total miles traveled, I think getting to a spot we're supporting high levels of growth over a long period of time is work, right? The total amount of miles driven has not grown as fast as sales have grown over the last couple of years. So we have to make sure that we're in front of that.

鑑於我們最近在減少總行駛里程方面取得了很大進展，我認為達到能夠長期支持高水平增長的水平是可行的，對嗎？過去幾年裡，行駛里程總數的成長速度並沒有趕上銷量的成長速度。所以我們必須確保我們能夠領先於此目標。

And we've got plans. And we're working hard. And there's a very capable team that has a very clear plan for how they're going to continue to do that.

我們已經有計劃了。我們正在努力工作。我們有一支非常有能力的團隊，並且對於如何繼續做到這一點有著非常明確的計劃。

I think market ops is probably the next most complex operational area. I think we've got great plans there. I think that team is also executing incredibly well and making a lot of progress and has recently been putting a little effort into outgrowing our growth to enable a little bit faster delivery times in one of the areas where we're giving back value to customers. And I think that that's going extremely well.

我認為市場運作可能是下一個最複雜的營運領域。我認為我們在那裡制定了很好的計劃。我認為團隊的執行力非常好，並且取得了很大進步，最近一直在努力超越我們的成長速度，以便在我們回饋客戶價值的領域之一實現更快的交付時間。我認為一切進展非常順利。

And then, I think in customer care, we shared a number of data points where we're making very rapid progress there and getting more efficient. And I think that that means over a long period of time, the amount of growth in people and things moving around can be less than the growth that we're showing as a company as we continue to get more efficient.

然後，我認為在客戶服務方面，我們分享了許多數據點，我們在這些方面取得了非常快速的進展，並且變得更有效率。我認為，這意味著，從長遠來看，隨著我們效率的不斷提高，人員和物品流動的成長量可能會低於我們公司所呈現的成長量。

So I think we've got a good plan there. Real life is always hard. And so there are going to be bumps in the road. There's going to be stuff that comes up. And we're going to perform great sometimes and worse than we wish other times. But I think we've got very capable teams and clear plans. And I think we're going to go, like I said, as fast as we responsibly can -- is our plan.

所以我認為我們有一個很好的計劃。現實生活總是艱難的。因此，前進的道路上難免會出現坎坷。一定會有事情發生。有時我們的表現會很出色，但有時卻不如我們所願。但我認為我們擁有非常有能力的團隊和明確的計劃。我認為，正如我所說的，我們會以負責任的方式盡快推進——這是我們的計劃。

Ron Josey, Citi.

花旗銀行的 Ron Josey。

Two please. Just can you remind us, Ernie and Mark, just when mega-site or the (inaudible) come online, just how quickly are these sites up and get up-to-speed to become efficient? And when I mean efficient, meaning on par with maybe the IRCs out there.

請給我兩份。厄尼和馬克，您能否提醒我們，當大型網站或（聽不清楚）上線時，這些網站的啟動速度有多快，速度有多快，效率有多高？當我說高效時，意思是可能與現有的 IRC 相當。

And then just, Ernie, you talked a little bit about improving processes internally. But in the letter, you also talked about improving e-commerce experience, making it easy to use -- maybe more fun. Would love to hear your thoughts or just maybe highlight -- there's one or two changes that have had an impact on improving those conversion rates.

然後，厄尼，你談到了內部流程的改進。但在信中，您也談到了改善電子商務體驗，使其更易於使用——也許更有趣。很想聽聽您的想法，或者只是想強調一下——有一兩項變化對提高轉換率產生了影響。

Sure. Well, I think first, to -- it's going to take a little bit of time for the ADESA sites to get up to the efficiency level of the existing Carvana sites. At a very high level estimate, the Carvana sites are a little bit less than half utilized today versus their facility capacity.

當然。嗯，我認為首先，ADESA 站點需要一點時間才能達到現有 Carvana 站點的效率水平。從非常高的水平估計，目前 Carvana 站點的利用率略低於其設施容量的一半。

And the ADESA sites that are up today are less than half of that. So generally speaking, I think utilization is a good first order measure of how efficient they're going to be in cost.

而目前投入使用的 ADESA 站點還不到這個數字的一半。所以一般來說，我認為利用率是衡量其成本效率的一個很好的首要指標。

And so today, the ADESA sites are more expensive and it is a bit of an investment to lean into growth in those sites versus just leaning into it in the Carvana sites.

因此，今天，ADESA 站點的成本更高，傾向於在這些站點上發展而不是僅僅傾向於在 Carvana 站點上發展，這需要一定的投資。

But for the reasons discussed earlier, we think that that's smart and we expect to continue to get better there, as we do scale those sites out over time.

但出於前面討論的原因，我們認為這是明智的，並且我們希望繼續做得更好，因為我們會隨著時間的推移擴大這些網站的規模。

I think the same is true of logistics. By having those sites, we have fewer miles to travel. But we also -- because there's less utilization at those sites, we have more expensive cost per mile traveled. That will, again, normalize as we get up to utilization rates that are more similar to the Carvana inspection centers.

我認為物流也是如此。有了這些站點，我們的行程就減少了。但同時，由於這些站點的利用率較低，每英里的行駛成本也較高。當我們達到與 Carvana 檢查中心更相似的利用率時，這種情況將再次正常化。

So I think catching up is something -- it's like an asymptote that we catch up to that will take some time. That is not something that happens immediately. But I think, so far, we are on plan with our expectations or a little bit better, as a general matter. And as I said, the teams are doing very well. So I think we're excited about what's going on there.

所以我認為追趕是一件很重要的事情——就像一條漸近線，我們需要花一些時間才能趕上。這不是一件會立即發生的事。但我認為，到目前為止，總體而言，我們的計劃符合我們的預期，或者說情況更好一些。正如我所說，這些球隊表現非常出色。所以我認為我們對那裡發生的事情感到興奮。

And I think the fact that we're showing the gains that we're showing while making those investments and making future growth easier, I think it means that the fundamental gains that the business is actually achieving are a little greater than are showing up in the financials. So I think that's great.

我認為，我們在進行這些投資和使未來成長更容易的同時所展示的收益，意味著企業實際實現的基本收益比財務上顯示的要大一些。所以我認為這很棒。

I think as it relates to making things fun. I think the last couple of years are -- we've had a major focus on making the business more efficient. That makes customer experiences faster and simpler. And it also makes the business better from a financial perspective and more efficient overall.

我認為這與讓事情變得有趣有關。我認為過去幾年我們一直致力於提高業務效率。這使得客戶體驗更快捷、更簡單。而且從財務角度來看，它還能讓業務變得更好，整體上更有效率。

I think we still have a number of areas where we can continue to improve there. But I think that you calling out fund is absolutely correct. And I think also minimizing anti-fund in the form of when we make mistakes. And how do we make sure that if we make a mistake, we do right by the customer, we treat them incredibly well.

我認為我們仍有許多方面可以繼續改進。但我認為你呼籲基金是完全正確的。我認為，當我們犯錯時，也要盡量減少反基金的影響。如果我們犯了錯誤，我們如何確保我們能正確對待客戶，善待他們。

I think there's a lot of interesting ideas that we're working on to continue to make the experiences that our customers have faster and more fun. But I think we're going to keep those cards closer to our vest and maybe talk about it more in retrospect than we do ahead of time.

我認為我們正在研究許多有趣的想法，以繼續讓我們的客戶獲得更快、更有趣的體驗。但我認為我們會對這些秘密保密，也許我們會在事後再多談論它，而不是事先談論它。

This concludes our question-and-answer session.

我們的問答環節到此結束。

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

我想將會議交還給 Ernie Garcia 做最後發言。

Perfect. Well, thanks, everyone, for joining the call. Carvana team, awesome job. Truly incredible.

完美的。好吧，謝謝大家參加電話會議。Carvana 團隊，做得太棒了。真是難以置信。

I feel like I just keep saying the same thing every time on these calls but the results that you've been able to put up over the last couple of years are something that nobody could have foreseen. I think this quarter is another example of it.

我覺得我每次在電話裡都說同樣的話，但過去幾年你們所取得的成果是任何人都無法預見的。我認為本季就是另一個例子。

Thank you, guys, so much. I hope that you're proud. I hope you find one another tonight and give each other over -aggressive high-fives with some serious eye contact because you've absolutely earned it.

非常感謝你們。我希望你感到自豪。我希望你們今晚能找到彼此，用認真的眼神交流，熱情地擊掌，因為這是你們應得的。

I think we've got a lot more to do. We've got more high fives to earn. So let's put our heads down tomorrow and go do it again.

我認為我們還有很多事情要做。我們還想要贏得更多的擊掌。所以，明天讓我們埋頭苦幹，再接再厲。

Thanks, everyone.

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。