Carvana Co (CVNA) 2025 Q4 法說會逐字稿

Good day, and welcome to the Carvana fourth quarter 2025 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加 Carvana 2025 年第四季財報電話會議。（操作說明）請注意，本次活動正在錄影。

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

現在我將把會議交給投資者關係部門的梅格·基漢。請繼續。

Thank you, Nick. Good afternoon, ladies and gentlemen, and thank you for joining us on Carvana's fourth quarter and full year 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 fourth quarter shareholder letter is also posted on the IR website. Additionally, we posted a set of supplemental financial tables for Q4, which can be found on the Events and Presentations page of our IR website. Joining me on the call today are Ernie Garcia, Chief Executive Officer; and Mark Jenkins, Chief Financial Officer.

謝謝你，尼克。女士們、先生們，下午好，感謝各位參加 Carvana 2025 年第四季及全年財報電話會議。請注意，本次電話會議將同時在公司官網投資者關係頁面（investors.carvana.com）進行網路直播。第四季股東信也已發佈在投資者關係網站上。此外，我們還發布了第四季度的補充財務表格，可以在我們投資者關係網站的「活動與演示」頁面上找到。今天與我一起參加電話會議的有執行長 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 meanings 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.

在開始之前，我想提醒各位，以下討論包含聯邦證券法意義上的前瞻性陳述，包括但不限於Carvana的市場機會和未來財務業績，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 materially from forward-looking statements can be found in the risk factors section of Carvana's most recent Form 10-K. The forward-looking statements and risks in this conference call are based on current expectations as of today, and Carvana assumes no obligation to update or revise them, whether as a result of new developments or otherwise.

有關導致實際結果與前瞻性陳述有重大差異的實質因素的詳細討論，請參閱 Carvana 最新 10-K 表格的風險因素部分。本次電話會議中的前瞻性陳述和風險均基於截至今日的當前預期，Carvana 不承擔因新發展或其他原因而更新或修改這些陳述或風險的義務。

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.

我們今天的評論將包括非GAAP財務指標。除非另有規定，否則所有提及GPU和SG&A均指非GAAP指標，且所有提及EBITDA均指調整後的EBITDA。有關我們已公佈業績的 GAAP 指標與非 GAAP 指標之間的調整情況，請參閱我們今天發布的股東信。

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

接下來，我想把電話交給厄尼·加西亞。厄尼？

Thanks, Meg, and thanks, everyone, for joining the call. 2025 is another incredible year for Carvana. There are many useful ways to describe the progress that we've made, but one approach I returned to each year starting with the graph at the beginning of our shareholder letter. I find that useful because they provide a simple visual view of the big picture. And the big picture story is clear and meaningful.

謝謝梅格，也謝謝各位參加這次電話會議。 2025年對Carvana來說又將是輝煌的一年。有很多方法可以描述我們所取得的進展，但我每年都會採用一種方法，那就是從我們致股東信開頭的圖表開始。我覺得這很有用，因為它們提供了一個簡單的視覺化概覽。而故事的整體脈絡清晰且意義深遠。

The first observation from the graph is that both volume and financial performance are moving up and to the right rapidly. This is only possible if you offer customers something that is sufficiently different and desirable that it caused them to break habit and if the business model itself is sufficiently different and efficient that enables qualitatively different results.

從圖中可以觀察到的第一個現像是，銷售和財務表現都在快速上升並向右移動。只有當你向客戶提供足夠獨特且令人嚮往的產品或服務，使他們打破舊有的習慣，並且商業模式本身足夠獨特高效，從而帶來質的差異化結果時，這一切才有可能發生。

When we went public, we wrote that our mission was to change the way people buy and sell cars. And the graphs show that we have built a customer value proposition and a business model with the power to do it. Having a great customer offering is the single most important thing. We have it, and we're making it better every year.

我們上市時曾寫道，我們的使命是改變人們買賣汽車的方式。圖表顯示，我們已經建立了能夠實現這一目標的客戶價值主張和商業模式。擁有優質的客戶服務是最重要的。我們已經擁有了它，而且我們每年都在改進它。

Looking at the year in our current position, there are three key takeaways in our minds. One, we are getting better and more differentiated as we get bigger. In the last 12 months, we increased customer selection by 20,000 cars, 20,000. We are delivering cars to our customers a full day faster. We have put more cars closer to our customers, leading to $60 average savings on shipping fees for our customers.

回顧過去一年，我們總結出三點關鍵經驗。第一，隨著我們規模的擴大，我們的產品和服務也不斷提升，差異化程度也越來越高。在過去的 12 個月裡，我們增加了客戶的選擇範圍，增加了 20,000 輛車。我們向客戶交付車輛的速度提高了一整天。我們將更多車輛運送到離客戶更近的地方，為客戶平均節省了 60 美元的運費。

We have reduced the interest rates our customers pay on their loans by about 1% relative to benchmark on average. We have made the transaction simple and straightforward enough that many of our customers can confidently make it all the way to the vehicle handoffs about ever speaking to a person at Carvana. And customers are telling us they love it with MBS at multiyear highs. That's a lot of progress we made in a year where we also improved our EBITDA margin by 100 basis points. Lots of good things have to be through all that possible and those things are hard to replicate.

我們已將客戶貸款利率平均降低了約 1%，低於基準利率。我們已將交易流程簡化到足夠簡單的程度，以至於我們的許多客戶都可以自信地完成整個購車流程，而無需與 Carvana 的任何人交談。客戶告訴我們，他們非常喜歡MBS，因為MBS價格處於多年來的最高水準。在這一年裡，我們取得了巨大的進步，同時 EBITDA 利潤率也提高了 100 個基點。很多美好的事物都必須經歷所有這些過程，而這些事物很難複製。

Two, we are making rapid progress toward our goals. With every step, our path to our current goal of 3 million retail units a year and 13.5% adjusted EBITDA margin becomes clear, and this year was a big step. We estimate that fixed cost leverage alone will be worth about 2 points of adjusted EBITDA margin over time. We're making rapid progress in fundamental gains that is lowering variable costs and increasing the efficiency of variable monetization, which gives us more fuel to hit our financial goals and to keep providing additional value to our customers over time.

第二，我們正朝著目標快速前進。每一步都讓我們離每年 300 萬零售單位和 13.5% 調整後 EBITDA 利潤率的目標越來越清晰，而今年是邁出的一大步。我們估計，僅固定成本槓桿作用，隨著時間的推移，就能帶來約 2 個百分點的調整後 EBITDA 利潤率。我們在降低變動成本和提高可變貨幣化效率方面取得了快速的基本進展，這為我們實現財務目標提供了更多動力，並隨著時間的推移不斷為客戶提供更多價值。

On units, we grew by 43% in 2025, meaning that the compounding annual growth rate is necessary to hit our 2030 to 2035 retail unit goal are now 38% and 18%, respectively. With the quality of our customer offering and the positive feedback in our business, we believe there is plenty of fuel to get us to our 3 million unit goal and beyond. But we have a lot of work to do and to keep scaling our operational machine to handle all that volume.

2025 年，我們的銷售成長了 43%，這意味著要實現 2030 年至 2035 年的零售銷售目標，複合年增長率必須分別為 38% 和 18%。憑藉我們為客戶提供的優質產品和服務以及業務上的正面回饋，我們相信我們有足夠的動力實現 300 萬台的目標，甚至超越這個目標。但我們還有很多工作要做，需要不斷擴展我們的營運能力來處理所有這些資料量。

And that brings us to point number three. We have the infrastructure to scale and we just need to execute. The most operationally intensive part of our business is vehicle reconditioning. Continuing to scale reconditioning quickly, cost efficiently and at high quality has been currently is, and for the foreseeable future, will be a central focus. We have a better foundation to scale reconditioning effectively than we have ever had in the past.

這就引出了第三點。我們擁有擴展所需的基礎設施，現在只需要執行。我們業務中營運最密集的部分是車輛翻新。目前，快速、經濟高效且高品質地擴大翻新規模一直是，而且在可預見的未來，也將是工作的重點。我們現在擁有比以往任何時候都更好的基礎，可以有效地擴大康復規模。

We already own the real estate for 3 million units per year. We have already made the investments in the facilities to produce 1.5 million cars per year. Our systems that manage the entire process flow through our reconditioning centers are more capable and robust than they have ever been. And we have more locations that are capable of reconditioning cars, 34 as of today than we have ever had meaning we can scale hiring and production faster because of access to more people and more geographies.

我們每年已經擁有300萬套房屋的房地產。我們已經對生產設施進行了投資，使其年產量達到 150 萬輛。我們用於管理翻新中心整個流程的系統比以往任何時候都更加強大和穩健。而且，我們擁有比以往更多的汽車翻新地點（截至目前為 34 個），這意味著我們可以更快地擴大招募和生產規模，因為我們可以接觸到更多的人和更多的地區。

But it's still hard work and we still have significant room to continue to push more of the complexity of managing cars through these locations into systems with the goals of continually improving consistency across locations and of making scaling easier. The team is up to the challenge. The Carvana future is bright. The experience we deliver to our customers are exceptional and getting better all the time. The scale of our opportunity is enormous and the financial opportunity is clear to see.

但這仍然是一項艱鉅的工作，我們仍然有很大的空間繼續推進將這些地點車輛管理的複雜性更多地納入系統，目標是不斷提高各個地點的一致性，並使規模化更容易。團隊能夠應對挑戰。Carvana 的未來一片光明。我們為客戶提供的體驗非常出色，並且還在不斷改進。我們面臨的機會規模龐大，其中的經濟機會也顯而易見。

And we have a team that has proven that we can tackle the difficult technology and operational challenges that are in front of us and turn them into most that are behind us.

我們擁有一支已經證明我們能夠應對擺在我們面前的艱鉅技術和營運挑戰，並將它們中的大多數轉化為我們過去面臨的挑戰的團隊。

The march continues, Mark?

遊行還在繼續，馬克？

Thank you, Ernie, and thank you all for joining us today. Unless otherwise noted, all comparisons will be on a year over year basis. 2025 was an exceptional year for Carvana. We entered the year focused on three key objectives: one, delivering significant growth in retail units sold and adjusted EBITDA; two, driving fundamental gains in unit economics and customer experience; and three, developing foundational capabilities. By these measures, 2025 was a resounding success.

謝謝你，厄尼，也謝謝今天所有到場的各位。除非另有說明，所有比較均以同比為基礎。 2025 年對 Carvana 而言是意義非凡的一年。今年年初，我們專注於三個關鍵目標：一是實現零售銷售和調整後 EBITDA 的顯著增長；二是推動單位經濟效益和客戶體驗的根本性提升；三是發展基礎能力。從這些方面來看，2025 年取得了巨大的成功。

In full year 2025, we grew retail units sold by 43% to a record 596,641. We integrated 10 additional ADESA locations. We expanded our digital auction capabilities nationwide. We reached multiyear highs on customer Net Promoter Score, and we increased adjusted EBITDA margin to a record 11%, again, making us the fastest-growing and most profitable company in our industry.

2025 年全年，我們的零售銷售量成長了 43%，達到創紀錄的 596,641 件。我們整合了另外 10 個 ADESA 地點。我們已將數位拍賣業務拓展至全國。我們實現了多年來的客戶淨推薦值新高，並將調整後的 EBITDA 利潤率提高到創紀錄的 11%，再次使我們成為業內增長最快、盈利能力最強的公司。

Moving to the fourth quarter. Retail units sold totaled 163,522 in Q4, an increase of 43% and a new company record. Revenue was $5.603 billion, an increase of 58%. Revenue growth exceeded retail units sold growth primarily due to traditional gross revenue treatment for certain vehicles acquired from a large retail marketplace partner. Consistent with past quarters, our growth in the fourth 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.

進入第四節。第四季零售銷售總計163,522件，成長43%，創公司新紀錄。營收達56.03億美元，成長58%。由於從大型零售市場合作夥伴處購買的某些車輛採用傳統的毛收入處理方式，因此收入成長超過了零售銷售成長。與過去幾季一致，我們第四季的成長是由我們三個長期成長驅動因素所推動的：不斷改進的客戶服務、不斷提高的認知度、理解度和信任度、以及不斷增加的庫存選擇和其他規模經濟。

The fourth quarter marked our eighth consecutive quarter of industry-leading retail unit growth and unit economics. Non-GAAP retail GPU decreased by $255 primarily driven by higher non-vehicle costs, lower shipping distances flowing through to customers in the form of lower shipping fees and higher retail depreciation rates. Non-GAAP wholesale GPU decreased by $148 primarily driven by faster growth in retail units sold than wholesale marketplace units. Non-GAAP other GPU increased by $49 primarily driven by improvements in cost of funds and higher finance and VSC attach rates, partially offset by our decision to give back to customers in the form of lower interest rates.

第四季標誌著我們連續第八個季度在零售門市數量成長和單位經濟效益方面保持行業領先地位。非GAAP零售GPU下降255美元，主要原因是非車輛成本上升、運輸距離縮短導致運費降低、零售折舊率上升。非GAAP批發GPU減少了148美元，主要原因是零售銷售成長速度快於批發市場銷售成長速度。非GAAP其他GPU成長49美元，主要原因是資金成本改善以及融資和VSC附加率提高，部分被我們以降低利率的形式回饋客戶的決定所抵銷。

Since our last reporting, we again expanded our loan sale platform by entering into a fourth loan purchase agreement with a long-standing loan partner for up to $4 billion of loan purchases through December 2027. This brings the total of our new partner loan purchase agreements to $12 billion over the next two years in addition to $6 billion with Ally through October 2026.

自上次報道以來，我們再次擴大了貸款銷售平台，與長期貸款合作夥伴簽訂了第四份貸款購買協議，在 2027 年 12 月之前購買高達 40 億美元的貸款。這使得我們未來兩年與合作夥伴達成的貸款購買協議總額達到 120 億美元，此外，到 2026 年 10 月，我們與 Ally 達成的協議總額為 60 億美元。

Q4 was another strong quarter for levering SG&A expenses. Our 43% growth in retail units sold led to a 340 reduction in non-GAAP SG&A expense for retail units sold, including a $57 reduction in operations expenses and a $344 reduction in overhead expenses. Advertising expense increased by $83 per retail unit sold as we continue to invest in building awareness, understanding and trust of our customer offering. With approximately 1.6% market share of the used vehicle retail market compared to approximately 20% e-commerce adoption in nonautomotive retail verticals. We believe we are in the early days of customer awareness and adoption of our model.

第四季在控制銷售、管理及行政費用方面又是一個強勁的季度。零售銷售成長 43%，導致零售銷售的非 GAAP SG&A 費用減少了 340 美元，其中包括營運費用減少了 57 美元，管理費用減少了 344 美元。隨著我們不斷增加投入，以提高客戶對我們產品和服務的認知度、理解度和信任度，每售出一件零售產品，廣告支出增加了 83 美元。二手車零售市佔率約為 1.6%，而非汽車零售垂直領域的電子商務普及率約為 20%。我們認為，我們目前還處於客戶認知和接受我們模式的初期階段。

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

隨著時間的推移和規模的擴大，我們將繼續看到在營運費用持續改善以及成本結構中固定部分槓桿作用下，大幅降低銷售、一般及行政費用的機會。

Net income was $951 million, an increase of $792 million. Net income was positively impacted by a noncash benefit of $618 million, including a net noncash tax benefit of $685 million partially offset by a $67 million reduction in the fair value of warrants. Net income margin was 17.0%, an increase from 4.5%. Adjusted EBITDA was $511 million, an increase of $152 million and a new Q4 record. Adjusted EBITDA margin was 9.1%, a decrease from 10.1% primarily driven by increased retail revenue per unit resulting from the traditional gross revenue treatment mentioned previously.

淨收入為9.51億美元，比上年增加7.92億美元。淨收入受到 6.18 億美元的非現金收益的正面影響，其中包括 6.85 億美元的淨非現金稅收收益，部分被認股權證公允價值減少 6,700 萬美元所抵銷。淨利率為 17.0%，高於先前的 4.5%。調整後 EBITDA 為 5.11 億美元，增加了 1.52 億美元，創下第四季新紀錄。調整後的 EBITDA 利潤率為 9.1%，低於先前的 10.1%，主要原因是由於先前提到的傳統毛收入處理方式導致每單位零售收入增加。

GAAP operating income was $424 million or 83% of adjusted EBITDA, an increase of $164 million and a new Q4 record. 2025 was a strong year for our balance sheet. We ended 2025 with $2.3 billion of cash and equivalents, retired $709 million of corporate notes, and reduced our net debt to trailing 12-month adjusted EBITDA ratio to 1.3 times, our strongest financial position ever. As discussed in prior quarters, we remain committed to driving toward investment-grade quality credit ratios over time.

以美國通用會計準則（GAAP）計算，營業收入為4.24億美元，佔調整後EBITDA的83%，較上年同期成長1.64億美元，創下第四季新紀錄。 2025年是公司資產負債表表現強勁的一年。截至 2025 年底，我們擁有 23 億美元的現金及等價物，償還了 7.09 億美元的公司票據，並將淨債務與過去 12 個月調整後的 EBITDA 比率降低至 1.3 倍，這是我們有史以來最強勁的財務狀況。正如前幾季所討論的，我們仍然致力於逐步實現投資等級信用比率。

In 2026, we plan to maintain our three key objectives from 2025, while placing additional weight on driving significant profitable growth at scale. Looking forward, assuming the environment remains stable, we expect significant growth in both retail units sold and adjusted EBITDA in full year 2026, including a sequential increase in both retail units sold and adjusted EBITDA in Q1 2026.

2026 年，我們計畫持續維持 2025 年的三大關鍵目標，同時更重視推動規模化、獲利性顯著成長。展望未來，假設環境保持穩定，我們預計 2026 年全年零售銷售和調整後 EBITDA 都將大幅增長，包括 2026 年第一季零售銷售和調整後 EBITDA 的環比增長。

In conclusion, Q4 represented another strong quarter, closing out our best year in company history. We remain excited about progressing toward our goals of becoming the largest and most profitable auto retailer and buying and selling millions of cars.

總之，第四季業績依然強勁，為公司史上業績最好的一年畫上了圓滿的句點。我們依然對實現成為規模最大、獲利能力最強的汽車零售商，以及買賣數百萬輛汽車的目標充滿熱情。

Thanks for your attention. We'll now take questions.

謝謝您的關注。現在開始回答問題。

(Operator Instructions)

（操作說明）

Sharon Zackfia, William Blair.

莎倫·扎克菲亞，威廉·布萊爾。

I guess I wanted to kind of double clip on the reconditioning dynamics. So if you could maybe talk about kind of the challenges you're facing as you're growing at this rapid pace, which is certainly hard to keep up with. And I think in the shareholder letter, you mentioned something like if you got all of the locations or the top quartile, you'd get a $220 benefit per car. What is a reasonable time line to kind of move that bell curve to the right? And do you see the opportunity for GPU to be flatter up for the full year?

我想在重新調整動態方面做個雙重剪輯。所以，您能否談談您在快速發展過程中所面臨的挑戰，而這種快速發展確實很難跟上。我認為在致股東的信中，您提到過，如果您獲得所有地點或排名前四分之一的地點，每輛車將獲得 220 美元的收益。要讓常態分佈曲線向右移動，合理的時間安排是怎樣的？你認為GPU價格全年成長會比較平穩嗎？

So first, I would say, I think that team has done an incredible job for a long time, and we've been obviously working hard to scale that part of the business. I think as we've said before, as a general matter, I think for any operational business, oftentimes the most difficult parts of the parts where you're moving the most people and things and for us, that's reconditioning centers. And so that tends to be the most difficult area to scale.

首先，我想說，我認為這個團隊長期以來都做得非常出色，而且我們顯然一直在努力擴大這部分業務的規模。我認為正如我們之前所說，總的來說，對於任何營運業務而言，最困難的部分往往是人員和物品流動最多的部分，對我們來說，那就是翻新中心。因此，這往往是最難擴大規模的領域。

I think in addition to growing at 43%, supporting unit growth of 43% and also growing our inventory last year. That team also has been hard at work opening these additional integration sites which is great because it lays the foundation for additional growth in the future.

我認為，除了去年實現了 43% 的成長外，單位銷售量也成長了 43%，而且庫存也在成長。該團隊也一直在努力開設這些額外的整合站點，這非常好，因為它為未來的進一步發展奠定了基礎。

And then I think in Q4, I think there's no question that our expenses were a little higher than we would have liked there. And I think that is partially the result of these additional sites kind of having a single line, set of multiple lines and there being some extra costs that flow through there as a result. I think it's also partially a result of as we kind of spread out, we had some newer managers. And I think a trend that we've seen is locations that have matters that have been around for longer tend to perform a bit better. And so I think those are addressable issues.

然後我認為，在第四季度，毫無疑問，我們的支出比我們預期的要高一些。我認為這部分原因是由於這些額外的站點有一條線路或多條線路，因此會產生一些額外的成本。我認為這部分原因也是因為我們分散了業務，也迎來了一些新的管理階層。我認為我們看到的一個趨勢是，那些存在時間較長的事項，其處理方式往往表現得更好一些。所以我認為這些都是可以解決的問題。

I think you've -- many of you have been to many tours inside of our inspection centers and seen all the work we've done in Carley to make that process as automated as possible. I think we've got some opportunities to also make the management of those processes more automated. And I think that those capabilities are kind of focused more on lifting the floor of performance instead of raising the ceiling.

我想你們中的許多人都參觀過我們的檢驗中心，看到了我們在卡利所做的所有工作，使這個過程盡可能地自動化。我認為我們還有機會讓這些流程的管理更加自動化。我認為這些能力更側重於提高性能的下限，而不是提高性能的上限。

I think a lot of what we've done so far has been about raising the ceiling. So I think we've got opportunities. I think we've got a very clear plan. I think this is one of those things where I think sometimes if you take a little step backwards, it kind of fires you up, and my strong guess is we'll be in a better spot in 3 to 6 months than we would have been otherwise. I think that team is fired up and ready to go and even no one's excited about taking a little backward step there.

我認為我們目前所做的大部分工作都是為了提高上限。所以我覺得我們有機會。我認為我們已經制定了一個非常清晰的計劃。我認為有時候退後一步反而能激發你的鬥志，我強烈猜測，3到6個月後，我們的處境會比原本的情況好得多。我認為那支隊伍士氣高昂，蓄勢待發，甚至沒有人願意在那裡稍微退一步。

So we're focused on it. I do not think it will have long-term implications. I think I think we'll react to it very positively as we have to many other similar things in the past, and I think we'll get right back at it.

所以我們正專注於此。我認為這不會產生長期影響。我認為我們會像過去對待許多其他類似事情一樣，做出非常積極的反應，而且我認為我們會立即重新投入工作。

I guess as a follow-up, I know you have your AI brand, I think, as well in the shareholder letter, and it seems to me you would be maybe the most uniquely poised to benefit from what's happening in an AI. Can you talk about what the early kind of nascent uses are that you're implementing AI to do? And then if you're seeing anything in the competitive set or if it's just business as usual there?

我想補充一點，我知道你們在致股東的信中也提到了你們的 AI 品牌，而且在我看來，你們可能是最有優勢從 AI 領域正在發生的事情中受益的公司。您能否談談您正在實施人工智慧的早期新興應用領域有哪些？那麼，在競技層面上，你有沒有看到什麼變化，還是一切照舊？

Sure. Well, I think if we start with things that are visible to investors. I think we put some stats in there. We have 30% of our retail customers now go through the entire process [indiscernible] talking to a person until they get the car. We have 60% of our customers that are selling cars to us to go through the process out without talking to anyone until they drop off their car. That's only possible because of the systems that we've built and those systems being intuitive and automated and straightforward.

當然。嗯，我認為我們可以從投資者能夠看到的事情開始。我想我們裡面放了一些統計數據。現在我們有 30% 的零售客戶會經歷整個流程，從與人交談到拿到車。我們有 60% 的客戶在把車送到我們這裡之前，都不會和任何人交談，就完成了整個賣車流程。這完全得益於我們建立的系統，以及這些系統的直覺性、自動化和簡單性。

I think a major set of tools that contributes to that Sebastian and other tools that emerge from that AI brain. So I think that that's a very clear place where we're getting more scalable, where we're reducing costs. And I think very importantly, where we're improving customer experience. Those customers who go through the experience in that way have a higher NPS than customers they call us. And I think that, that also speaks to the power of those systems.

我認為，塞巴斯蒂安和其他從人工智慧大腦中湧現出來的工具，構成了一套重要的工具。所以我認為，很明顯，我們在這方面變得更具可擴展性，成本也降低了。我認為非常重要的一點是，我們正在改善客戶體驗。那些透過這種方式體驗的客戶，其淨推薦值 (NPS) 高於那些直接打電話給我們的客戶。我認為這也能說明這些系統的力量。

So I think that's an area where it's very apparent, I think, even from the outside looking in. And we've been focused on that for several years, and I think you'll continue to get better all the time. I think -- if you look at other parts of the business, including just the speed at which we're developing new products, that continues to get better all the time. I think there's been a couple of material step changes up in the quality of these different tools. And we're seeing internally those step changes start to flow through the business, and we're getting things done faster.

所以我覺得，即使從外部觀察，這一點也很明顯。我們多年來一直專注於此，我認為你們會不斷進步。我認為——如果你看看業務的其他方面，包括我們開發新產品的速度，你會發現這方面一直在不斷改進。我認為這些不同工具的品質已經有了幾次實質的提升。我們看到，公司內部的這些變革開始逐步滲透到業務的各個環節，我們的工作效率也提高了。

I think that is still relatively early. I think the last I mean the last year has been a massive step-up in the quality of these tools. I think the last three to six months has been another very large step-up in the quality of these tools.

我認為現在說這些還為時過早。我認為過去一年，也就是過去一年，這些工具的品質有了巨大的提升。我認為過去三到六個月裡，這些工具的品質又有了很大的提升。

But we do believe that we're fundamentally extremely well positioned to benefit from these things because we have a big deterministic system that's vertically integrated that has access to all the information and that brain has every system feeding it so we can give customers very simple answers to any questions they've got in really any software interface that we choose to put on top of it. So we think that's very powerful.

但我們確實相信，我們從根本上來說非常有利於從這些事情中受益，因為我們擁有一個龐大的確定性系統，該系統垂直整合，可以訪問所有信息，並且所有系統都為其提供信息，因此我們可以在選擇放置在其上的任何軟體界面中，為客戶提供任何問題的非常簡單的答案。所以我們認為這非常強大。

And then I think importantly, to try to discuss relative negative as something that I think is a long-term positive. I think even that -- a discussion today is what does AI mean for different companies in the long term? And I think we're sitting here talking about the realities of our business, including financing and logistics and reconditioning in these difficult operational things. I think that those are other areas of the business that are very important to deliver a great customer experience and those are areas that are not subject to AI disruption in the medium term.

然後，我認為更重要的是，要嘗試討論相對的負面影響，我認為這從長遠來看是正面的。我認為，如今的討論焦點在於──人工智慧對不同公司的長期發展意味著什麼？我認為我們現在坐在這裡討論的是我們業務的現實情況，包括融資、物流和翻新等這些困難的營運事項。我認為這些是企業中其他一些非常重要的領域，它們對於提供良好的客戶體驗至關重要，而且這些領域在中期內不會受到人工智慧的衝擊。

So we think that we're positioned to benefit in a major way. We think that competitively, we're incredibly well positioned compared to the rest of our industry. And we think that our business itself is also positioned to be an AI winner and not something that is disrupted by AI. So our view is that some of all that is very positive, and we remain excited.

所以我們認為我們有能力從中獲益匪淺。我們認為，從競爭角度來看，我們比業內其他公司擁有非常有利的地位。我們認為，我們的業務本身也具備成為人工智慧贏家的潛力，而不是被人工智慧顛覆的。所以我們認為，其中有些方面非常積極，我們對此感到興奮。

Jeff Lick, Stephens.

傑夫·利克，史蒂芬斯。

Congrats on a nice quarter and a great year. I was just wondering, Ernie and Mark, can you talk about the environment -- at least the depreciation environment is actually kind of reversed a little bit in Q1 so far. So I was wondering if you could just talk about -- you highlighted in the letter that you expect a sequential improvement, but maybe if you can just talk about the puts and takes and the path of travel for GPU, not only in Q1 but for 2026.

恭喜你本季業績出色，全年表現優異。我只是想問，Ernie 和 Mark，你們能談談環境嗎？至少到目前為止，第一季的折舊環境實際上已經逆轉。所以我想問您能否談談——您在信中強調您預計業績會逐年提升，但​​或許您可以談談GPU的供求關係和發展路徑，不僅是第一季度，還有2026年的發展方向。

Sure. Yeah. I could take that one. So Ernie hit pretty well on some of the cost dynamics of Q4. We do expect those cost dynamics to play out in Q1 as well and do expect our non vehicle cost to be up on a year over year basis in Q1. Despite that, we expect a sequential increase in retail GPU in Q1. So we expect to overcome those cost headwinds and demonstrate a sequential increase.

當然。是的。我可以接受那個。所以厄尼對第四季的一些成本動態預測得相當準確。我們預計這些成本動態將在第一季繼續顯現，並預計第一季非車輛成本將較去年同期上升。儘管如此，我們預計第一季零售GPU銷售將較上季成長。因此，我們預計能夠克服這些成本方面的不利因素，並實現持續成長。

Beyond that, I don't have too much commentary to give. I think we'll see how the year progresses. Obviously, we've had a lot of success driving strong retail GPUs for a long period of time. And that's just one of the many places where we've demonstrated a lot of success over time, including obviously, the significant growth. But in addition to that, very significant growth throughout the income statement, including adjusted EBITDA operating income and net income.

除此之外，我沒什麼太多要評論的。我想我們會看看今年情況如何發展。顯然，我們在推動強大的零售GPU發展方面取得了長期的成功。這只是我們多年來取得巨大成功的眾多領域之一，當然也包括顯著的成長。但除此之外，損益表各方面均實現了非常顯著的成長，包括調整後的 EBITDA 營業收入和淨收入。

So our goal in 2026 is to have another great year, to have another year we drive very significant top and bottom line growth, and that's what we're going to be focused on.

因此，我們2026年的目標是再創佳績，再實現營收和利潤的顯著成長，而這正是我們將要關注的重點。

Daniela Haigian, Morgan Stanley.

丹妮拉‧海吉安，摩根士丹利。

First one, you might have addressed a bit with the retail GPU commentary. But overall, on EBITDA, the variable adjusted EBITDA margin decelerated down to 7% this quarter. Is this a one-off decline? How should investors be thinking about this metric longer term? And is the pace of growth needed to reach that longer-term target, the 18% to 38% CAGR like you mentioned, Ernie, is that supportive of incremental margin expansion?

首先，您可能已經對零售 GPU 的評論有所提及。但整體而言，本季 EBITDA 調整後變動 EBITDA 利潤率放緩至 7%。這是一次性的下跌嗎？投資人該如何看待這項指標的長期影響？而如你所提到的，Ernie，要達到長期目標所需的成長速度（18% 至 38% 的複合年增長率）是否足以支持利潤率的逐步提高？

Sure. So I think maybe the first thing I would say on the beginning point is I think revenue changes play a very big role in that calculation. I think if you look year over year, we moved away from marketplace units, and that meant we moved to more traditional kind of gross revenue accounting on a number of units.

當然。所以我覺得首先要說的是，我認為收入變化在這項計算中扮演著非常重要的角色。我認為，如果逐年來看，我們已經不再使用市場單位，這意味著我們轉向了對多個單位進行更傳統的毛收入核算方式。

If you look at EBITDA dollars per unit instead in Q4, I believe they were down by about $14 year over year, which is first order flat. So I think calcs kind of on EBITDA dollars, I think, would look significantly different. I think looking forward, we feel like we gave you a little bit of a walk, I think you can see where our margins are today. We clearly have significant fixed cost to leverage. We clearly have significant fundamental gains throughout the business.

如果以第四季度每單位 EBITDA 美元為單位來看，我認為同比下降了約 14 美元，這基本上與去年同期持平。所以我認為，如果以 EBITDA 美元為單位進行計算，結果將會大不相同。展望未來，我覺得我們已經帶您稍微了解了一下情況，我想您現在應該能看出我們目前的利潤率是多少了。我們顯然擁有可觀的固定成本可以利用。我們顯然在整個業務領域都取得了顯著的基本面成長。

You can see those showing up in our expense line items, I think we remain very excited by the progress that we're seeing in operational expense despite the fact that we're passing value back to customers in faster delivery times and other ways that they do have some costs. So I think we still got a lot of room for that.

您可以在我們的費用明細中看到這些，儘管我們透過更快的交付速度和其他方式將價值回饋給客戶，而客戶確實需要承擔一些成本，但我們仍然對營運費用方面取得的進展感到非常興奮。所以我覺得我們在這方面還有很大的發展空間。

So we feel like the path to 13.5% is very straightforward. And not only is it straightforward, we think that there's clearly significant additional gains that can be made and handed back to customers along the way. I think our goal has been -- remains and always will be to try to make progress across all areas of the business. rapidly and simultaneously. So we're going to try to always push all those numbers up.

因此，我們覺得達到 13.5% 的目標非常容易達成。而且這不僅簡單明了，我們認為，在過程中顯然還能獲得顯著的額外收益，並回饋給客戶。我認為我們的目標一直是——而且將來也永遠是——努力在業務的各個領域快速、同步地取得進展。所以我們會努力不斷提高所有這些數字。

Our EBITDA margin, our EBITDA dollars, our growth, our customer experience. And I think that that's where our priorities come in. We got to then try to figure out what are our priorities, and we had to pick projects that push us in the right direction. And so we try to communicate that clearly to investors as well in the same way that we communicate it internally.

我們的 EBITDA 利潤率、我們的 EBITDA 金額、我們的成長、我們的客戶體驗。我認為這就是我們工作的重點。然後，我們必須弄清楚我們的優先事項是什麼，並且必須選擇能夠推動我們朝著正確方向發展的專案。因此，我們也嘗試以與內部溝通相同的方式，將這一點清晰地傳達給投資者。

But the opportunity is clearly there. I think in terms of the opportunity, the way we're thinking about the business, nothing has changed. I mean, really, since we started the business. It's just a function of how well we execute at any point in time, the opportunities there. And if we execute well, we'll go get it, and we'll get it all simultaneously.

但機會顯然是存在的。我認為就機會而言，我們對業務的思考方式沒有任何改變。我的意思是，真的，自從我們創辦這家公司以來。這完全取決於我們在任何時刻的執行力，以及當時的機會。如果我們執行得當，我們就能得到它，而且我們能同時得到所有東西。

That's helpful color. My follow-up is I guess the question on everyone's minds here. I just want to give you an opportunity to clarify some concerns around the related party transactions, does Carvana loans to related parties? Do the related parties originate loans for cars sold on Carvana? I think if you look at the 10-K you might have some answers there, but just any messages for investors on that topic here.

這是個很有幫助的顏色。我的後續問題，我想也是大家最關心的問題。我只是想給您一個機會，澄清一些關於關聯方交易的疑問，Carvana 是否會向關聯方提供貸款？相關方是否為在 Carvana 上銷售的汽車提供貸款？我認為如果你查看 10-K 表格，你可能會找到一些答案，但這裡我想就此主題向投資者傳達一些訊息。

Sure. The answer there is very simple. All of our related party transactions are disclosed. In our financial statements, as a specific matter, we do not sell loans to related parties and have not done so for all of the years from 2017 through 2025. Recent short reports that suggest otherwise, are inaccurate.

當然。答案很簡單。我們已揭露所有關聯方交易。就我們的財務報表而言，具體而言，我們不向關聯方出售貸款，並且在 2017 年至 2025 年的所有年份中都沒有這樣做。最近一些簡短的報告卻提出了相反的觀點，這些報告並不準確。

We have checked every single detail of those short reports to ensure that all of our reporting is entirely accurate and definitively say that those reports are 100% inaccurate. So I think that we feel very strongly about that. We don't sell loans to related parties. We disclosed our related party transactions, and there's no ambiguity about that.

我們已核查了這些簡短報導的每一個細節，以確保我們的所有報道都完全準確，並明確表示這些報道100%不準確。所以我覺得我們對此感受非常強烈。我們不會向關聯方出售貸款。我們已揭露了關聯方交易，這一點沒有任何含糊之處。

And then maybe friendly request to investors out there. If we have another shorter work during a quiet period at the end of the year, just maybe think back the last couple of years to recognize the pattern.

然後或許可以友善地向各位投資人提出請求。如果我們在年底的空閒時期再做一項較短的工作，或許可以回顧一下過去幾年，找出其中的規律。

Brian Nagel, Oppenheimer.

Brian Nagel，奧本海默。

So my first question, and I think this goes back to Sharon's question at the beginning of the Q&A session. But if you're looking at the reconditioning cost dynamic here in the fourth quarter, so I guess what I want to ask , that was more of a challenge for Carvana in the fourth quarter. What changed? Why did that become a more challenging year in Q4 than it had been in Q3 or prior quarters?

我的第一個問題，我認為這可以追溯到莎倫在問答環節開始時提出的問題。但如果你看一下第四季的整備成本動態，那麼我想問的是，這對 Carvana 來說，在第四季是一個更大的挑戰。發生了什麼變化？為什麼第四季比第三季及之前幾季更具挑戰性？

Sure. I mean, what I would say is I think that, that -- the most important answer, honestly, there's no unique dynamic that instantaneously changed. I think the execution of that team has been exceptional for a very long time, and we haven't spoken about this much, but I think we've been continually over time discussing the fact that if you look back over the last 10 years, the areas where we've run into more issues over time tend to be in reconditioning because it is fundamentally a very hard operational problem.

當然。我的意思是，我想說的是，我認為——老實說，最重要的答案是，並沒有什麼獨特的動態在瞬間改變。我認為該團隊的執行力長期以來都非常出色，雖然我們很少談到這一點，但我認為我們一直在討論這樣一個事實：回顧過去 10 年，我們遇到的問題越多，往往就越容易出現在設備翻新方面，因為這從根本上來說是一個非常棘手的運營問題。

And so I think we try to set people up for that possibility because I think it -- wherever there's operational complexity, there's room for variation. And I think that will remain true forever. Like I said, I think that team is going to -- I really do believe that in six months, we're going to be in a better spot than we would have been if we didn't have a fourth quarter miss. I think the dynamics are straightforward. I think they're as described.

所以我認為我們應該努力讓人們做好應對這種可能性的準備，因為我認為──凡是有操作複雜性的地方，就有變化的空間。我認為這將永遠如此。正如我所說，我認為那支球隊將會——我真的相信，六個月後，我們的處境會比沒有第四節失利時好得多。我認為其中的原理很簡單。我認為它們與描述相符。

We've opened a lot of facilities. We've grown quickly. We were growing inventory quickly in the fourth quarter. We're hiring new managers and kind of moving around some management layers to put us in a position to continue to grow quickly.

我們開設了很多設施。我們發展迅速。第四季我們的庫存成長迅速。我們正在招募新的經理，並對一些管理層級進行調整，以便我們能夠繼續快速發展。

And so I think there are moving pieces and sometimes that leads to a little backsliding, but they're fired up. I mean just small anecdote, one of the corporate team members who runs that team, I was on a phone with this morning at 6:00 when he was driving out to Talison to go work on it. They're very aware that we had a little miss and they don't like it, and my strong guess is we're going to end up in a good spot quickly.

所以我覺得這裡面有很多變數，有時候這會導致一些倒退，但他們幹勁十足。我的意思是，舉個小例子，今天早上 6 點，我和負責管理團隊的一位公司團隊成員通了電話，當時他正開車去 Talison 工作。他們很清楚我們之前出現了一點小失誤，他們對此很不滿意，但我強烈預感我們很快就會迎來好的結果。

That's helpful. My second part, second is also on the retail GPU. You called out as you're positioning inventories better you're seeing as you indicated that your shipping fees now are declining. So I mean clearly, that's a positive for the business. It's very much a positive for the consumer dynamic. But as we're looking at the financials, how should we think about that? Because I guess that, to some extent, undermines the one driver of GPU, but there should be benefits either in sales or your SG&A, correct?

那很有幫助。我的第二部分，也是關於零售版的GPU。您指出，隨著庫存的合理配置，您的運費正在下降。所以很明顯，這對企業來說是個好消息。這對消費者動態來說是一個非常正面的因素。但是，當我們審視財務數據時，我們該如何看待這個問題呢？因為我覺得這在某種程度上會削弱GPU的單一驅動力，但應該會對銷售額或銷售、管理及行政費用帶來好處，對嗎？

Sure. Yeah. I think the simplest way to think about that is year over year by positioning cars closer to customers. Our logistics expenses were reduced by about $60 and our shipping fees were reduced by about $60, basically making it kind of a breakeven from our perspective, but making it $60 better for our customers.

當然。是的。我認為最簡單的思考方式就是逐年調整車輛擺放位置，使其更靠近客戶。我們的物流費用減少了約 60 美元，運費也減少了約 60 美元，從我們的角度來看，這基本上算是收支平衡了，但對我們的客戶來說卻節省了 60 美元。

I think we talk about fundamental gains, and I think that that's a fundamental gain that emerges from basically scaling, where there's just kind of cost savings in the system. And then I think the question is, if we want to keep the menu of options of equivalent economic quality as the previous year to our customers, then we would basically have the ability to raise shipping cost for any given distance. We would keep shipping costs flat year over year on average, and we would see lower cost and the same revenue.

我認為我們談論的是根本性的收益，而我認為根本性的收益來自於規模化，也就是系統中的成本節約。那麼我認為問題在於，如果我們想為顧客提供與去年同等經濟品質的菜單選項，那麼我們基本上可以提高任何給定距離的運費。我們將維持每年平均運輸成本不變，這樣就能降低成本，同時維持相同的收入。

If we choose to leave the shipping cost menu the same then we effectively pass through those cost savings straight to our customers, and that's the election that we made. We think over time, there's a lot of value to sharing that value with our customers and just continuing to separate the offering that we have. I think today, you can see in our financial performance and our growth in our NPS.

如果我們選擇保持運費菜單不變，那麼我們實際上就把節省下來的成本直接讓利給了我們的客戶，這就是我們所做的選擇。我們認為，隨著時間的推移，與客戶分享這種價值，並不斷區分我們現有的產品和服務，是非常有價值的。我認為，從我們目前的財務表現和淨推薦價值 (NPS) 的成長中，大家就能看出這一點。

We are dramatically separated from the outside industry offering, but we want to continue to separate. And we think that the more that we separate the louder customer support becomes and the more quickly we can take over more of the market, which is absolutely our aim. So I think we try to be thoughtful about where that money goes. But that's an area where we got better as a business and customers benefited.

我們與外部產業產品有著顯著的差異，但我們希望繼續保持這種差異。我們認為，我們分離得越遠，客戶支援的聲音就越大，我們就能越快佔領更多的市場份額，這絕對是我們的目標。所以我覺得我們應該認真考慮這筆錢的用途。但在這個領域，我們的業務有所改進，客戶也從中受益。

Rajat Gupta, JPMorgan.

Rajat Gupta，摩根大通。

Just one clarification. When you're seeing profitable growth for 2026, is it correct to assume that the EBITDA per unit should expand in '26 versus '25? I just want to clarify if that is the message. Then I have a follow-up.

還有一個問題需要澄清。如果預計 2026 年將實現盈利增長，那麼是否可以假設 2026 年每單位 EBITDA 將比 2025 年有所增長？我只是想確認一下，這是否就是你想表達的意思。然後我還有一個後續問題。

Sure. I mean I think what we're trying to communicate there is subtle, and I think we're trying to communicate is kind of similar to the way that we're discussing internally. So in the letter, we talked about doing full build-outs of ADESA locations, for example. I think in market ops, we're making subtle choices to operate at slightly lower utilization, which happened in Q3 and Q4 of 2025, but results in faster delivery times because we think the math of that is good. And so those are some areas where we're making some subtle changes either in CapEx or in kind of transitioning away from fundamental gains and towards supporting growth at higher scale.

當然。我的意思是，我認為我們試圖傳達的訊息很微妙，而且我認為我們試圖傳達的訊息與我們內部討論的方式有點類似。所以在信中，我們談到了全面建設 ADESA 地點，例如。我認為在市場運營方面，我們正在做出一些微妙的選擇，以略低的利用率運營，這種情況在 2025 年第三季度和第四季度發生過，但這樣可以加快交付速度，因為我們認為這樣做在數學上是合理的。因此，在這些領域，我們正在做出一些細微的改變，無論是資本支出方面，還是從追求基本面成長轉向支持更大規模的成長方面。

Those are not big moves. So I think what we're trying to communicate is we had those 3 priorities from last year. This year, we're leading a touch into growth. The other two priorities remain the same. Our goal is always going to be to make as much progress we simultaneously can across all parts of the transaction. We don't think there -- these are necessarily trade-offs. The trade-off is in our focus and where our priority is more than anything else. We think that there's room to get better at everything all the time, and we'll work hard to do it. And of course, it will be hard like everything the matters is.

這些算不上什麼重大舉措。所以我覺得我們想傳達的訊息是，我們去年就有了這三個優先事項。今年，我們正引領著成長的步伐。其他兩項優先事項保持不變。我們的目標始終是盡可能在交易的各個環節同時取得最大進展。我們認為並非如此──這些必然是權衡取捨。權衡取捨的關鍵在於我們的關注點和優先事項。我們認為在各方面都有不斷進步的空間，我們會努力做到這一點。當然，就像所有重要的事情一樣，這件事也會很艱難。

Understood. Maybe a little more of a high-level question. I mean, you've tried to be as vertically integrated as possible on everything that occurs presell. Is it -- when is it the right time to start getting more vertically integrated on the post-sale side, maybe around loan servicing I mean I'm sure at some point, servicing cars with some of the franchise acquisitions you're doing comes on board. Just curious around your thoughts on that and the timing.

明白了。或許應該問一個更宏觀的問題。我的意思是，你們已經盡力在預售的各個環節實現盡可能高的垂直整合。現在——什麼時候才是開始在售後方面進行更多垂直整合的合適時機呢？也許可以圍繞貸款服務展開。我的意思是，我相信在某個時候，透過你們正在進行的一些特許經營收購來提供汽車服務肯定會成為其中的一部分。只是好奇你對此事以及時機有什麼看法。

Sure. I think you can see from the sum of our choices over a long period of time that we're big believers in vertical integration, both because of the economic benefits and because of the customer experience simplification. So I think as a general matter, we are believers in that and I think that, that belief is deep. And so it will probably show up in lots of choice over a long period of time.

當然。從我們長期以來的選擇總和可以看出，我們非常相信垂直整合，這既是因為它能帶來經濟效益，也是因為它能簡化客戶體驗。所以我覺得總的來說，我們都相信這一點，而且我認為這種信念很根深蒂固。因此，在很長一段時間內，它可能會以多種選擇的形式出現。

I think in the immediate moment, we're now at a place where our contribution margins are very, very high. And I think we've also put some data in the shareholder letter that talks about 70% of our customers referenced a recommendation from a friend or family member mattering when they buy a car from us and the majority of our customers three quarters are recommending us to multiple people after buying from us.

我認為就目前而言，我們的利潤率非常非常高。而且我認為我們在致股東的信中也提到了一些數據，數據顯示，70% 的客戶表示，朋友或家人的推薦對他們從我們這裡購買汽車至關重要，而且四分之三的客戶在從我們這裡購買汽車後會向多人推薦我們。

I think -- those are the sorts of things that tell us that there's a lot of value not just kind of in the math from scaling. The math is very clear because the contribution margins are very high, so that just shows up immediately, but also in just kind of laying the foundations for long-term secular growth in our market share because we're delivering great experiences to people that they're going to tell their friends and family about for a long time. I think those survey results are very consistent with individual conversations. If you talk to a customer, you obviously you get lots of stories, but the standard story that I feel like I hear is, yes, I kind of knew what Carvana was. I knew about your vending machines.

我認為——這些事情告訴我們，規模化不僅體現在數學計算上，還有很多其他方面具有價值。從數學角度來看，結果非常明顯，因為貢獻利潤率非常高，這一點顯而易見，而且也為市場份額的長期增長奠定了基礎，因為我們正在為人們提供絕佳的體驗，他們會在很長一段時間內向他們的朋友和家人講述這些體驗。我認為這些調查結果與個別談話內容非常吻合。如果你和顧客交談，你肯定會聽到很多故事，但我感覺我聽到的標準故事是，是的，我大概知道 Carvana 是什麼。我知道你們的自動販賣機。

I know you guys were innovative. I didn't really know what that meant. I went to your website, checked it out. Before I knew it, I bought a car and then I was almost nervous that I messed up and it got delivered and the advocates delivered, it was great. And then I felt so much better, and I was super excited and I told my friends about it.

我知道你們很有創新精神。我當時並不清楚那是什麼意思。我造訪了你的網站，查看了一下。不知不覺中，我買了一輛車，然後我幾乎緊張得生怕自己搞砸了，但車子送到了，代理也履行了職責，真是太好了。之後我感覺好多了，我非常興奮，就把這件事告訴了我的朋友。

And to me, that's like a very simple story, but that's just the way that actual growth happens. And so we're going to focus on trying to take the machine that we've got right now, growing it, delivering more experiences like that, that cause people to talk and we think that, that's going to pay us back, and we will always be looking at foundational capabilities would kind of be like the broad bucket that we use, that we discuss additional vertical integration. I think the opportunities there are straightforward. I think you can see many of them you listed. I'm sure you can think of more if you sat here and thought about it for a second.

對我來說，這就像一個非常簡單的故事，但這正是真正成長的方式。因此，我們將專注於發展我們目前擁有的機器，提供更多類似的體驗，讓人們談論，我們認為這將為我們帶來回報，我們將始終關注基礎能力，這就像我們使用的廣泛範疇，我們會討論額外的垂直整合。我認為那裡的機會顯而易見。我想你列出的那些人，很多都能看到。如果你坐在這裡仔細想想，一定還能想到更多。

We see them too, but we're trying to be focused on what's most important at any given point in time because we think prioritization matters a lot. And right now, it's the priorities we outlined for you.

我們也看到了這些，但我們努力專注於任何時候最重要的事情，因為我們認為優先排序非常重要。而現在，我們首先要關注的就是我們為您列出的優先事項。

Joe Spak, UBS.

喬·斯帕克，瑞銀集團。

I'm curious if you could comment on your feelings about what your customers are saying about affordability. I know you invested a little bit into rates and financing to sort of help this quarter. Curious to sort of see what the reaction to that was? And if maybe more is needed or is there anything as could do, whether it's longer terms or whatnot? And somewhat related there's a lot of EVs coming back at some -- I think, going to some attractive rates at auction. And I'm curious whether you think that that's an opportunity to plug the hole, so to speak, at the lower end of the market?

我很想知道您能否談談您對客戶關於價格實惠的回饋有何看法。我知道你本季在利率和融資方面進行了一些投資，以求有所助益。很好奇大家對此有何反應？如果需要更多支持，或者我們還能做些什麼，例如延長期限等等？與此相關的是，許多電動車正在以一些——我認為——有吸引力的價格透過拍賣重新上市。我很好奇，您是否認為這是一個填補低端市場空白的機會？

Sure. I think that's a big question. I think -- there's no question affordability is always an issue, and we would always love for cars to be less expensive. And I think it's always helpful when we can find pockets where we can give customers an offering that's better. I think we're in a market that I think in aggregate is -- has relatively low elasticities.

當然。我認為這是一個大問題。我認為——毫無疑問，價格承受能力始終是個問題，我們也一直希望汽車價格能夠更低一些。我認為，如果我們能找到一些機會，為客戶提供更好的產品和服務，那總是很有幫助的。我認為我們身處的市場整體彈性相對較低。

And what I mean by that is if you look at kind of aggregate used car sales across a long period of time, you tend to see used car sales that are relatively flat over a very long period of time across different economic environments and affordability environments and everything else.

我的意思是，如果你觀察一段時間內的二手車總銷量，你會發現，在不同的經濟環境、購買力環境以及其他各種因素的影響下，二手車銷量在很長一段時間內都相對保持平穩。

So we think the thing that we can most impact is the quality of our offering relative to the rest of the market. And to do that, that's kind of that term fundamental gain that we throw around a lot. It's how do we lower our cost to give customers the same experience or get more efficient with our revenues. I think you brought up lowering rates by 1 point. That's -- I mean -- that's a big move.

所以我們認為，我們能夠影響最大的是我們的產品和服務相對於市場其他競爭對手的品質。而要做到這一點，就需要用到我們經常提到的「基本面收益」這個術語。我們如何降低成本以給客戶相同的體驗，或如何提高收入效率。我想你之前提過把利率降低1個百分點。那可是──我的意思是──一個重大舉措。

And I think if you look at other GPU year over year, you're going to see that approximately flat. That's pretty impressive, right? So how does that happen? How do we lower rates for our customers by about 1 point, have other GPU that's flat, we built better systems and processes that led to higher attach, and we lowered our underlying cost of funds by bringing on additional partners and getting more efficient in the way that we're structuring transactions and then that meant value for our customers.

我認為，如果你觀察其他 GPU 的年度表現，你會發現它大致持平。那真是太厲害了，對吧？那這是怎麼發生的呢？我們如何將客戶的費率降低約 1 個百分點，擁有其他固定的 GPU，我們建立了更好的系統和流程，從而提高了附加價值，並透過引入更多合作夥伴和提高交易結構效率來降低我們的基礎資金成本，這對我們的客戶來說意味著價值。

So I think when we can get fundamentally better and when we're in the position that we're in, where we're already performing so well relative to the industry economically, we're in a position to share with customers. And then the benefit of that is that, that creates affordability for them and separates us further from the economic quality of the outside offering and drive long-term growth.

所以我認為，當我們能夠從根本上變得更好，並且處於我們現在所處的位置——我們在經濟上相對於行業已經表現得如此出色——我們就能夠與客戶分享。這樣做的好處是，它能讓他們負擔得起，使我們與外部產品的經濟品質拉開差距，並推動長期成長。

So I think that's what we're going to be really focused on is just trying to continually get better ourselves. And as it relates to EVs or any other segment that would allow us to try to plug some affordability gaps. We're always paying very close attention to all those things. But as a general matter, things that are easy, we'll get very quickly competed away. So if EV prices drop to a place where they're sufficiently desirable to many customers they're solving the affordability problem my at least expectation would be that many dealers will realize that and want to buy those EVs at the same time.

所以我認為，我們真正要關注的就是不斷提升自我。至於電動車或其他任何細分市場，我們可以嘗試填補一些價格上的差距。我們一直密切關注著所有這些事情。但總的來說，那些容易得到的東西，我們很快就會被競爭對手搶走。因此，如果電動車的價格下降到許多顧客都願意購買的程度，那麼它們就解決了價格承受能力的問題。我至少預期，很多經銷商會意識到這一點，並希望同時購買這些電動車。

I think we are probably a little bit better positioned because we've got a customer base that is more likely to desire an EV. But the hard thing that we can do is make the business better and more efficient. And when the business is better and more efficient, we have money share with our customers that other people don't have to share, and that makes us different. And so that's generally what we're focused on.

我認為我們可能更有優勢，因為我們的客戶群更有可能想要購買電動車。但我們能做的最困難的事情就是讓企業變得更好、更有效率。當企業營運狀況較好、效率更高時，我們就能與客戶分享其他人無需分享的利潤，這使我們與眾不同。所以，這通常是我們關注的重點。

Super helpful. Second question is really a housekeeping one if I missed this in any of the prepared remarks, but can you just briefly touch on what happened with tax looks like there was some release and now there's a large deferred tax asset and a related tax receivable liability on the balance sheet.

非常有用。第二個問題其實只是個例行問題，如果我在事先準備好的發言稿中遺漏了，您能否簡要地談談稅務方面的情況？看起來好像有些款項被釋放了，現在資產負債表上有一筆數額巨大的遞延所得稅資產和相關的應收稅款負債。

Sure, I can hit that, and then there will be more details available on the IR website as well, that hopefully will be helpful. But the key facts there are -- we have an UP-C corporate structure, the UP-C corporate structure generates significant tax assets when LLC units are exchanged into common shares, and we've had those changes happening over a number of years. So we've generated very significant tax assets as a result of that. Up until the fourth quarter, we've had a full valuation allowance against those tax assets. But with the realization of sustained profitability.

當然可以，之後投資者關係網站上也會有更多詳細信息，希望對您有所幫助。但關鍵事實是——我們採用的是 UP-C 公司結構，當 LLC 單位轉換為普通股時，UP-C 公司結構會產生大量的稅務資產，而這些變化已經持續了好幾年。因此，我們由此獲得了非常可觀的稅務資產。直到第四季度，我們一直對這些稅務資產提列全額估值準備。但隨著持續獲利能力的實現。

We've now released that valuation allowance leading to the significant deferred tax benefit in Q4. The other thing I should note is the tax benefits from the UP-C structure are shared between pre-IPO LLC unitholders and Carvana common shareholders. And so the tax liability release is effectively reflects the portion of the tax benefit that are shared with LP unitholders. The remainder of that benefit then flows through to Carvana common shareholders, that was more than $600 million. So a nice win for shareholders in Q4 with those tax assets now being reflected in net income.

我們現在已經釋放了該估值準備金，從而在第四季度帶來了顯著的遞延所得稅收益。我還應該指出，UP-C 結構帶來的稅收優惠是在 IPO 前 LLC 單位持有人和 Carvana 普通股股東之間共享的。因此，稅務責任豁免實際上反映了與有限合夥單位持有人共享的稅收優惠部分。剩餘的收益將流向 Carvana 的普通股股東，總額超過 6 億美元。因此，隨著這些稅收資產反映在淨利潤中，股東們在第四季度迎來了一個不錯的勝利。

Chris Pierce, Needham.

克里斯·皮爾斯，尼德姆。

Sorry. Just -- I hate to go back to this again because I know it just see it per unit is sort of what really matters. But can you just walk through a nonvehicle cost in an IRC? Because I'm thinking maybe you're less efficient car takes longer to get on the website, depreciates more, but then you might head, I think that's a vehicle cost. So like is there like an example you can give to sort of kind of talk about what might happen here and how kind of way you don't move past it?

對不起。我只是——我不想再回到這個問題了，因為我知道，真正重要的是單位價格。但是，你能在 IRC 中逐項列出非車輛成本嗎？因為我在想，也許你的車效率較低，上網站需要更長時間，貶值也更快，但你可能會去，我認為這是車輛成本。所以，你能舉個例子來談談這裡可能會發生什麼，以及你如何才能不去糾結這個問題嗎？

Sure. Yeah. Let me hit that. So by non vehicle costs, we mean not the acquisition cost of the vehicle, which is the largest portion of cost of sales. But then there's a number of other non vehicle costs like reconditioning and inbound transport being primary examples.

當然。是的。讓我試試。因此，我們所說的非車輛成本，指的不是車輛的購置成本，而車輛的購置成本是銷售成本中最大的部分。但除此之外，還有許多其他非車輛成本，例如車輛翻新和入境運輸等。

And so then just to go back, I think Ernie hit this earlier in the call, but recon costs in Q4 were elevated. We expect it to be elevated in Q1. I think a lot of that is driven by the success that we've had, adding new locations, Ernie touched on these points, but I think our reconditioning team had an exceptional year in 2025, growing locations more than 40%, growing total production more than 40%. I think our total production growth in 2025 is one of the biggest years, I think in the history of our industry in terms of increasing overall production.

所以，回到之前，我想 Ernie 在電話會議中也提到這一點，第四季的重建成本較高。我們預計第一季該指標將有所上升。我認為這很大程度上得益於我們所取得的成功，例如新增地點。 Ernie 也提到了這些，但我認為我們的翻新團隊在 2025 年取得了非凡的成績，地點增長超過 40%，總產量增長超過 40%。我認為，就整體產量成長而言，2025 年我們的總產量成長將是業界史上最大的年份之一。

So I think that, that team had an exceptional year this year. In Q4 with all the sites that we rolled out over the course of the year, costs were elevated, but we have a number of initiatives in place and are placing an increased focus on ensuring that as we continue to scale production capacity at very high rates that we're doing so efficiently and using software and technology as effectively as possible to make that process of scaling as efficient as we possibly can.

所以我認為，那支球隊今年表現非常出色。第四季度，由於我們全年陸續推出了多個站點，成本有所上升，但我們已經採取了多項舉措，並更加註重確保在繼續以極高的速度擴大產能的同時，能夠高效地利用軟體和技術，使這一擴張過程盡可能高效。

Okay. Perfect. And then I hate to call it topical because it's something haven't heard about for years but it came up this morning. Can you just walk through title issues, different titling registrations across 48 states, maybe touch on the restart program sort of -- I know that this affects a lot of deals, not just you guys, but maybe we hear about it more with you guys. I just kind of like to hear about just broadly what you can do there and sort of what you're at the restraints are because you've got 48 states with 48 different systems.

好的。完美的。而且，我不太想用「時事熱點」這個詞，因為我已經好幾年沒聽過這件事了，但今天早上它又出現了。您能否簡單介紹一下產權問題，48 個州不同的產權登記制度，或許可以稍微談談重啟計劃——我知道這會影響很多交易，不只是你們，但也許我們從你們那裡能聽到更多相關信息。我只是想大致了解你們在那裡能做什麼，以及你們受到的限制是什麼，因為美國有 48 個州，每個州都有 48 個不同的系統。

Sure. I'll tag on that briefly. And if you're listening out there yesterday, I passed the gentleman on the elevator that asked me to say Ratatouille. So this is, I think, my shot. But I think we've made tremendous progress in title registration. I think the reality is, as a bigger automotive retailer with more attention. I think that in the post-COVID period, we probably got more negative attention for that than was warranted by the performance. I think our performance at that time was very similar to the performance of many other automotive retailers.

當然。我簡單補充一下。如果你昨天在聽，我遇到了電梯裡那位要我說《料理鼠王》的先生。所以，我想，這是我的機會了。但我認為我們在產權登記方面取得了巨大的進展。我認為現實情況是，作為一家規模更大的汽車零售商，我們得到了更多關注。我認為在新冠疫情之後，我們可能因此受到了比實際表現應得的更多的負面關注。我認為我們當時的業績與其他許多汽車零售商的表現非常相似。

But regardless, I think that was one of those moments where you kind of get slapped around with a concept a little bit, and I think it made us much better. And I think today, we're in a place where approximately 99% of our packets are completed by deadline, which means that we're in a spot to get customers there title registration work done quickly and on time.

但不管怎樣，我認為那是那種讓你稍微接觸到某個概念並加以思考的時刻，我認為這讓我們變得更好了。我認為，如今我們大約 99% 的申請資料都能在截止日期前完成，這意味著我們能夠快速、及時地為客戶完成產權登記工作。

And from all accounts, unfortunately, there's not like super simple to find benchmarking data out there, but from all accounts that makes us very likely best-in-class despite the fact that we have a fundamentally harder problem because we're moving cars across state lines from any locations to give customers the selection that they benefit from our website.

遺憾的是，據各方消息，目前並不容易找到基準數據，但據各方消​​息，儘管我們面臨著一個從根本上更困難的問題（因為我們要將汽車從任何地點跨州運輸，以便讓客戶能夠從我們的網站上獲得選擇），但這仍然使我們很有可能成為同類最佳。

So I think this has turned from an area that I think was complex and was maybe a relative of weakness because we are taking on a more complex problem to an area that I think is now another area where we shine and outperform the market. So I think that's something that we're proud of. I think the teams that have worked on that, they just heard your project called out, I think you have a lot to be proud of, and we have a lot to be grateful for. So I think that's another kind of great bright spot in the Carvana story over the last couple of years.

所以我認為，這已經從一個我認為很複雜，而且可能相對薄弱的領域（因為我們正在處理一個更複雜的問題）轉變為一個我認為我們現在能夠脫穎而出並超越市場的另一個領域。所以我覺得這是我們值得驕傲的事。我認為參與該專案的團隊，他們剛剛聽說了你們的項目，我認為你們有很多值得驕傲的地方，我們也應該對此心存感激。所以我認為這是 Carvana 近年來發展歷程中的另一個亮點。

Ron Josey, Citi.

Ron Josey，花旗銀行。

Two parter here. Maybe Ernie we'll start bigger picture on conversion rates and we're seeing inventory grow, and you heard about passing on fundamental gains to customers with lower ATRs and faster shipping or delivery time down by a day. Talk to us about just how conversion rates are trending here progress as you're working as you -- I know you entered earlier on affordability, but just as you balance affordability with units sold and margins. So first is on conversion rates.

分為兩部分。或許 Ernie，我們可以從更大的角度來看待轉換率，我們看到庫存正在成長，你也聽說過，我們將基本收益傳遞給客戶，例如降低平均交易量 (ATR) 和加快發貨速度，或將交貨時間縮短一天。請和我們談談轉換率的趨勢和進展，就像你們在工作中所做的那樣——我知道你們之前是從價格可承受性入手的，但是你們需要在價格可負擔性、銷量和利潤率之間取得平衡。首先是轉換率。

And then maybe, Mark, on guidance overall. Wondering when you think about 4Q, I think we talked about at least 150,000 units, we came in high single digits, maybe 9% better. Wondering what drove the upside in 4Q hear as we think about 1Q and the demand with tax rates falling and seasonality.

然後，馬克，或許可以就整體指導方面做些補充。回想第四季度，我們當時預計至少能賣出 15 萬輛，但實際上只賣出了接近兩位數，可能比預期高出 9%。考慮到第一季的情況以及稅率下降和季節性因素帶來的需求，我們不禁想知道是什麼推動了第四季的上漲。

Sure. I'll hit briefly on conversion. I think conversion rates are something that we definitely kind of define what's the top and the bottom. But I think regardless of what we're talking about, I think that we've tended to see over a multiyear period, just continual improvement there. I think we're at a place now where we have a lot of website traffic if we use that at the very top of the funnel, if we want to go even higher than that if we say like aided awareness, I think we're in a place where there's quite a bit of aided awareness. I think our opportunity remains in kind of understanding and trust. And that's why I think we spoke about some of those anecdotes earlier.

當然。我將簡要談談轉換率。我認為轉換率是我們用來定義上限和下限的指標。但我認為，無論我們談論的是什麼，我認為在過去幾年裡，我們往往會看到這方面持續改進。我認為我們現在處於一個階段，如果我們把網站流量用在行銷漏斗的最頂端，我們就能獲得大量的網站流量；如果我們想更進一步，比如說提高品牌認知度，我認為我們現在已經達到了相當高的品牌認知度水平。我認為我們的機會仍然在於相互理解和信任。這就是為什麼我們之前會談到那些軼事的原因。

I think as we pass value back to customers, I think we have very clear understandings because we run very clear test to make sure that we do understand those things. We know what speed means in terms of conversion. We know what price means or what rate means and the conversion and so that's math that we feel pretty good that we understand and that does flow through instantly. I think a lot of the bigger opportunity, though, I think, is more about creating an offering that is different by more that cause customers to tell one another about it more dramatically. And I think that, that's a payoff. It's much, much harder to calculate.

我認為，當我們把價值傳遞給客戶時，我們對這些事情有非常清晰的理解，因為我們進行了非常明確的測試，以確保我們確實理解這些事情。我們知道速度對於轉換率意味著什麼。我們知道價格或匯率的含義以及轉換，所以我們對這些數學概念理解得很好，而且它們確實能立即被理解。不過，我認為更大的機會在於創造一種與眾不同的產品，讓顧客們更積極地互相推薦。我認為這是一種回報。這要難得多。

But I think part of the kind of math that sits underneath the idea that giving value back to customers make sense is that you have a long tail that pays you off over a very long period of time by just having an offering that is superior to the outside market offering. And so I think we do all the math and try to make very smart decisions as it relates to elasticities and conversion. But I think we also sort of from a principle and from a brand perspective, trying to make sure that we're giving customers an offering that's clearly different.

但我認為，為客戶創造價值這一理念背後的部分數學原理是，只要你的產品或服務優於外部市場產品，就能獲得長尾效應，並在很長一段時間內為你帶來回報。所以我認為我們會進行所有計算，並努力在彈性和轉換率方面做出非常明智的決定。但我認為，從原則和品牌角度來看，我們也在努力確保我們為客戶提供明顯不同的產品和服務。

Sure. Yeah. And then on the guidance front, our most important goal is significant growth in retail units sold and adjusted EBITDA in 2026, that's where we're going to be focused. We talked a little bit in the letter about, 2025 was a year where we had three key objectives. Significant growth in units and adjusted EBITDA, driving fundamental gains and also developing foundational capabilities.

當然。是的。在業績指引方面，我們最重要的目標是到 2026 年實現零售銷售和調整後 EBITDA 的顯著成長，這也是我們將重點關注的領域。我們在信中稍微談到了2025年，這是我們設定的三個主要目標的一年。銷售量和調整後 EBITDA 均實現顯著成長，推動了根本性收益，同時也培養了基礎能力。

We plan to maintain those three key objectives in 2026 but to increase our waiting on really focusing on the things we need to do to continue to drive very strong growth in units I think we feel great about where the business is positioned today.

我們計劃在 2026 年保持這三個關鍵目標，但為了真正專注於我們需要做的事情，以繼續推動銷售的強勁成長，我認為我們對公司目前的業務狀況感到非常滿意。

Our year end 2025 we think was exceptional. We think we're -- our growth in 2025 is in the top couple of percentage points of companies within the S&P 500, which is a stat we feel great about. I think we're starting to see now very strong returns on investments. For example, our operating ROA, operating income divided by operating assets for the year-end 2025 exceeded 20%, which we think puts us in line with very strong long-term compounders. A really big opportunity in front of us to build a very meaningful and significant company.

我們認為2025年底的業績非常出色。我們認為，到 2025 年，我們的成長率將位列標準普爾 500 指數成分股公司前幾個百分點，我們對此感到非常滿意。我認為我們現在開始看到非常強勁的投資回報了。例如，我們 2025 年底的營運 ROA（營業收入除以營運資產）超過 20%，我們認為這使我們達到了非常強勁的長期複合成長水準。我們面前有一個絕佳的機會，可以打造一家非常有意義、影響深遠的公司。

And so we just want to make sure that we're doing the things to continue to grow retail units sold and top line significantly and then also continuing to grow on the bottom line as well. So that's where we're going to be focused in 2026.

因此，我們只想確保我們正在採取各種措施，以持續大幅提高零售銷售和營收，同時也要持續提高利潤。所以，這就是我們2026年的工作重點。

Marvin Fong, BTIG.

Marvin Fong，BTIG。

Two, if I may. I think you referenced it slightly in the last answer, Ernie, but the passing along the lower APR about a percentage point you referenced. In retrospect, did that have the desired impact that you anticipated in terms of driving unit growth? And longer term, what sort of the end state there. Do you have a goal of actually being sort of best in class and offering the lowest APRs to supplying customers?

如果可以的話，我想說兩個。厄尼，我想你在上一個回答中稍微提到了這一點，你提到的降低年利率大約是一個百分點。事後看來，這是否達到了您預期的推動銷售成長的效果？從長遠來看，最終狀態會是什麼樣的呢？你們的目標是成為業界翹楚，並為客戶提供最低的年利率嗎？

And then my second question, just on advertising, I noted on a per unit basis, it was down. And I was just wondering, you're obviously investing also in the business to drive great word of mouth, which is arguably your best on advertising. So just are we at sort of a peak on a per unit basis with your formal advertising expense on a per unit basis? Or how would you kind of describe how we should think about that?

然後我的第二個問題，就廣告而言，我注意到按單位計算，廣告支出下降了。我只是想問一下，你們顯然也在投資這項業務，以推動良好的口碑傳播，這可以說是你們最好的廣告方式。那麼，就單位正式廣告支出而言，我們是否已經達到了某種高峰？或者，您會如何描述我們應該如何看待這個問題？

Sure. I mean, I think as it relates to kind of like the immediate elasticity as we are passing some of that rate back to customers over the last couple of quarters. I think I think, yes, generally, we believe that we saw the impacts that we would have expected. And I think that's generally been true, like I said, across time, and we've shared value with customers, and we feel like we understand those elasticities pretty well.

當然。我的意思是，我認為這與近期的彈性有關，因為在過去的幾個季度裡，我們將部分利率優勢轉嫁給了客戶。我認為，總的來說，我們認為我們看到了我們預期的影響。而且我認為，正如我所說，從長遠來看，情況總體上都是如此，我們與客戶分享了價值，我們感覺我們對這些彈性了解得相當透徹。

I think longer term, maybe I'll answer that slightly differently. I would say in the period between now and hitting our 3 million, 13.5% adjusted EBITDA margin goal, the goal is to make as much fundamental gain as we possibly can, of which we think there is lots of room. We think there's big opportunity in every GPU line item and every expense line item and all the teams are focused on those things and trying to prioritize and figure out where they can get the biggest yield the fastest, and we want to go get that. And then we want to give value back to customers. The more fundamental gains we get, the more value we can give back to customers.

從長遠來看，也許我的答案會略有不同。我認為，從現在到實現 300 萬美元、調整後 EBITDA 利潤率 13.5% 的目標這段時間裡，我們的目標是盡可能地取得實質性的進步，我們認為這方面還有很大的提升空間。我們認為每個 GPU 項目和每個支出項目都蘊藏著巨大的機會，所有團隊都專注於這些方面，努力確定優先級，找出能夠最快獲得最大收益的地方，而我們也想去實現這一點。然後，我們希望為客戶創造價值。我們獲得的根本效益越多，就能為客戶創造更多價值。

And we think the path to 13.5% is very straightforward, and it comes from scaling and kind of new markets acting more like old markets and just the benefits of levering fixed costs. So it's a straightforward path. So I think that's kind of the 2030 to 2035 plan. And I think from there, we'll kind of reevaluate and I'm sure along the way, we'll be giving you updates as well. But I think that's what we're focused on. And so it's just about getting a little better all the time.

我們認為實現 13.5% 的目標非常直接，這來自於規模化發展，以及新市場更像老市場一樣運作，還有固定成本槓桿帶來的好處。所以這是一條直截了當的路。所以我認為這大概就是2030年至2035年的規劃。我認為接下來我們會重新評估情況，並且在過程中，我們也會及時向大家提供最新消息。但我認為這就是我們關注的重點。所以，一切都在不斷進步。

On AdX, I think we brought up over the last couple of quarters that given the large contribution margins and given the desire to lean into growth and all of the obvious benefits that you get from growth because of the contribution margin and then because of the feedback in the system and because it creates more customers that can tell your story that AdX is a good place for us to invest. We continue to believe that, that is the case.

關於 AdX，我認為我們在過去幾個季度中已經提到過，鑑於其巨大的貢獻毛利率，以及我們渴望實現增長，並且增長帶來的顯而易見的益處包括貢獻毛利率、系統反饋以及創造更多能夠講述我們故事的客戶，因此 AdX 是我們值得投資的領域。我們仍然認為情況確實如此。

And we've also made some other investments in other parts of the transaction as we discussed. I think we will try to be efficient with those investments and thoughtful about where those investments go there's obviously many different places where we can spend money with a similar goal there. So we try to be thoughtful and optimize as best we can, but I would say no major changes in any of our kind of general thoughts there.

正如我們之前討論的，我們也對交易的其他部分進行了一些其他投資。我認為我們會努力提高這些投資的效率，並認真考慮這些投資的去向。顯然，我們可以把錢花在很多不同的地方，以實現類似的目標。所以我們努力深思熟慮，盡可能做到最好，但我想說，我們的整體思路沒有任何重大變化。

Lee Horowitz, Deutsche Bank.

李‧霍洛維茨，德意志銀行。

I guess as we look out to '26, the production growth algorithm looks quite strong as capacity comes online and throughput continues to improve. I guess how are you thinking about how that supply growth may be met via demand? And do you see any reason why the relationship you have seen in terms of selection growth and unit growth changing in any way relative to what you've seen historically?

展望 2026 年，隨著產能的逐步投入使用和吞吐量的持續提高，生產成長演算法看起來相當強勁。我想問您是如何考慮透過需求來滿足供應成長的？您認為您所觀察到的選擇成長和單位成長之間的關係，與歷史上觀察到的情況相比，有什麼原因導致這種關係改變嗎？

I think we started the prepared remarks with something that we think is really useful is looking at the multiyear graphs and just trying to take away those big themes. I think we did have a similar kind of conversation here. I think if we look over the last 13 years of Carvana's life, I think as a general matter, the story has been that as long as we build the operational chain to support volume, there's demand for that volume. And I think generally speaking, that's been a pretty predictive, simple reduction of what's going on.

我認為我們以一些我們認為非常有用的內容作為發言的開場白，那就是查看多年圖表，並試圖從中提煉出一些重要的主題。我想我們之前也進行過類似的對話。我認為，如果我們回顧 Carvana 過去 13 年的發展歷程，總的來說，只要我們建立起能夠支撐交易量的營運鏈，就會有相應的交易量需求。總的來說，我認為這種概括相當準確、簡單，並且能夠很好地解釋正在發生的事情。

So I think we've got to keep building out that operational chain. It's a lot of work. Our foundation is good. We've got the real estate. We've got the people. We've got the team. We've got the systems. We're making the investments now as we speak, and we're building a system that scales better. but that's constant hard work. And I think that we would expect the future to look like the past on that because we still think we're a tiny portion of this market.

所以我認為我們必須繼續完善這條營運鏈。工作量很大。我們的地基很好。我們已經有了房產。我們有足夠的人手。我們已經有了團隊。我們已經有了相應的系統。我們正在進行投資，並建立一個更具可擴展性的系統。但這需要持續不斷的艱苦努力。而且我認為，我們預計未來在這方面會和過去一樣，因為我們仍然認為我們在這個市場中只佔很小一部分。

Yes, as discussed earlier, we're 1.6% of the used car market and 1% of the car market overall. So effectively, we still have first order of the entire market to grow into. So we think it remains very early in the game, and we think that making sure that we execute well and build out the supply chain is central to predicting where our growth is going to go.

是的，正如之前討論過的，我們佔二手車市場的1.6%，佔整個汽車市場的1%。所以實際上，我們還有整個市場的第一訂單要開拓。所以我們認為現在還處於非常早期的階段，我們認為確保我們執行良好並建立供應鏈對於預測我們的成長方向至關重要。

Makes sense. And then I guess your competition has clearly talked about pushing on some price in the 4Q. The reaction to that in any way impact retail GPU? I know you give us the walk, but any color there? And maybe how are some of the actions taken by your competitors changing, if at all, the way you think about price competitiveness in 2026?

有道理。我猜你們的競爭對手已經明確表示將在第四季漲價。對此的反應是否會對零售GPU產生任何影響？我知道你帶我們走了一圈，但那裡有什麼色彩嗎？那麼，你的競爭對手採取的一些行動，是否會改變你對 2026 年價格競爭力的看法？

I think we gave you the walk. I think the story in retail GPU, I think, really is about a transfer to customers of shipping costs and then -- and then a little variation in depreciation that I think is going to happen quarter-to-quarter and is natural. And then I think most importantly and most controllably, it's about reconditioning costs. So I think that's the story there. I think we'll always pay attention to what's going on in the market, but as we've said before, I think one of the properties of this market that we think is very beneficial is that it's a market that is massively fragmented that has literally tens of thousands of players in it that share a cost structure and share a way of doing business.

我覺得我們已經讓你走得很順利了。我認為零售GPU的故事，實際上是將運輸成本轉嫁給客戶，然後——然後是一些折舊的波動，我認為這是每季都會發生的，也是自然現象。然後，我認為最重要、最可控的一點是翻新成本。所以我想事情就是這樣。我認為我們會一直關注市場動態，但正如我們之前所說，這個市場的一個非常有利的特點是，它是一個高度分散的市場，其中有成千上萬的參與者，他們共享成本結構和經營方式。

And as a result, the way that, that market reacts in aggregate is pretty predictable because they're highly constrained by what their costs are, and it makes kind of the market very consistent and very predictable, and that's been true for our entire life and we'd expect to be true in the future. So with that being the case, we think that our focal point has to just be on us and delivering great customers and making our system more efficient. And if we do that, we think we'll keep getting better.

因此，該市場的整體反應方式是相當可預測的，因為它們受到成本的極大限制，這使得市場非常穩定且非常可預測，這種情況在我們的一生中一直如此，我們也期望將來如此。既然如此，我們認為我們的重點必須放在我們自身，為顧客提供優質服務，並提高我們系統的效率。如果我們這樣做，我們相信我們會不斷進步。

[John Babcock], Barclays.

[約翰·巴布科克]，巴克萊銀行。

I guess my question is really revolving around volumes. I mean you're guiding to sequential growth in 1Q, which seems to imply at least 22% growth, maybe a little above that. And generally, I think that's at least below where the Street was. Just kind of curious, I mean are you seeing anything in the market that's giving you caution at this point in time? And this also couples a little bit with your prior comment about shifting more to growth. So I just want a little more clarity there in terms of how you're thinking about that.

我想我的問題其實是關於銷量的。我的意思是，你們預計第一季將實現環比成長，這似乎意味著至少成長 22%，甚至可能略高於這個數字。總的來說，我認為這至少低於華爾街的水平。我只是有點好奇，我的意思是，你目前在市場上看到什麼讓你感到擔憂的事情嗎？這也與您先前關於更多轉向成長的評論有些關聯。所以我想更清楚地了解你是怎麼考慮這個問題的。

No, I guess would be the simplest answer. I think things look the same to us, and we're going to continue to run as fast as we can and just try to get a little better every day. I don't think there's any changes to what we're seeing or feeling.

不，我想這應該是最簡單的答案。我認為情況對我們來說沒有變化，我們會繼續盡全力奔跑，爭取每天進步一點點。我認為我們所看到或感受到的並沒有任何改變。

Okay. That's clear. And then as far as -- I mean, you're expanding free at home delivery, free pickup should we think about that over time as potentially impacting GPUs, I mean we've clearly seen the impact this quarter at least of the shipping cost as more people are buying vehicles closer to where they're located. So just kind of curious if you might be able to go through that a little bit.

好的。這一點很清楚。至於——我的意思是，你們正在擴大免費送貨上門和免費自提服務，我們是否應該考慮隨著時間的推移，這可能會對GPU產生影響？我的意思是，至少在本季度，我們已經清楚地看到了運輸成本的影響，因為越來越多的人選擇在離家更近的地方購買車輛。所以，我只是有點好奇，您是否能稍微講解一下。

I think ideally, we're making fundamental gains at the same speed that we're passing them back. So that's -- or faster, frankly. So I think that's the general goal. I think in things like shipping fees, I think as we get cars closer to customers, what we're doing today is we're passing that benefit to customers. And I think as we scale that kind of naturally occurs.

我認為理想情況下，我們在取得根本性進步的同時，也要以同樣的速度將這些進步傳回去。所以，坦白說，速度更快。所以我認為這就是總體目標。我認為在運費這類事情上，隨著我們把車送到客戶手中，我們現在所做的就是把這種好處讓利給客戶。我認為隨著規模擴大，這種情況會自然而然地發生。

We have many of these inventory pools that are relatively new that have relatively small pools of cars in them. As those pools grow, that will bring our average car closer to our average customer, and we'll naturally cause a little bit more of that same impact, which we think is net positive.

我們有許多這樣的庫存池，它們相對較新，而且庫存池中的車輛數量也相對較少。隨著這些車輛池的擴大，這將使我們的平均車輛更接近我們的平均客戶，我們自然會產生更多相同的影響，我們認為這總體上是正面的。

I think that we've made some choices like we discussed earlier, in market ops, for example, to run at slightly lower utilization rates and the benefit of that is that means the delivery times are faster for customers, and we think the math of that is very good. That would mean all else constant, that would take a little pressure on Carvana ops expense. But we generally are making gains in other places that are offsetting that or more than offsetting that. And so that remains the goal. So I think we hope to continue passing value back to customers and to make gains that are of similar size, so -- or better. So we're not moving backwards.

我認為我們已經做出了一些選擇，就像我們之前討論的那樣，例如在市場運營方面，以略低的利用率運行，這樣做的好處是客戶可以更快地收到貨物，我們認為這樣做在數學上是完全合理的。這意味著在其他條件不變的情況下，這將給 Carvana 的營運成本帶來一些壓力。但我們在其他方面取得的進展通常足以抵消或超過抵消這些損失。所以，這仍然是我們的目標。所以我認為我們希望繼續為客戶創造價值，並取得類似甚至更大的收益。所以我們並沒有倒退。

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

我們的問答環節到此結束。我謹將會議交還給厄尼·加西亞，請他作總結發言。

Great. Well, thanks everyone for joining the call. Really appreciate it. Team Carvana, great job again. I think the year 2025 is a tremendous, tremendous year, and I think it's something that was very hard to foresee ahead of time and something that we should all be very proud of. I think Q4 is also an exceptional quarter. I think there were a couple of little line items where we all know that we could have done a little bit better. And I think in many ways, that's great. That's a good reminder for us. Let's use that and let's go do better tomorrow.

偉大的。謝謝大家參加這次通話。非常感謝。Carvana團隊，你們又一次做得非常出色。我認為 2025 年是一個非常非常棒的年份，我認為這是以前很難預料到的，也是我們都應該感到非常自豪的一年。我認為第四季也是一個非常特別的季度。我認為有幾個小細節我們都知道可以做得更好。我覺得從很多方面來說，這都很好。這對我們來說是個很好的提醒。讓我們利用這一點，爭取明天做得更好。

But great job. We have a ton to be proud of, and we're going to keep rolling down this hill. So let's keep it up. Thanks, everyone.

幹得好。我們有很多值得驕傲的地方，我們將繼續一路高歌猛進。所以讓我們繼續努力。謝謝大家。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。