Carvana Co (CVNA) 2026 Q1 法說會逐字稿

Good afternoon, and welcome to the Carvana first-quarter 2026 earnings conference call. (Operator Instructions)

下午好，歡迎參加 Carvana 2026 年第一季財報電話會議。(接線員指示)

Please note, this event is being recorded. I would now like to turn the conference over to Meg Kehan, Investor Relations. Please go ahead.

請注意，本活動將被錄音。現在我想把會議交給投資人關係部的 Meg Kehan。請開始。

Thank you, Gary. Good afternoon, ladies and gentlemen, and thank you for joining us on Carvana's first quarter 2026 earnings conference call. Please note that this call is being webcast and can be accessed along with our Q1 shareholder letter and supplemental financial tables on the Investor Relations section of the company's corporate website at investors.carvana.com. Joining me on the call today are Ernie Garcia, Chief Executive Officer; and Mark Jenkins, Chief Financial Officer.

謝謝你，Gary。各位女士、先生，下午好，感謝各位參加 Carvana 2026 年第一季財報電話會議。請注意，本次電話會議將以網路直播方式進行，並可於 investors.carvana.com 公司官網的投資人關係專區，連同我們的第一季股東信與補充財務表一併取得與觀看。今天與我一同出席的有執行長 Ernie Garcia，以及財務長 Mark Jenkins。

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

在開始之前，我想提醒各位，本次討論包含依據聯邦證券法所定義的前瞻性陳述，包括但不限於 Carvana 的市場機會與未來財務結果；這些陳述涉及風險與不確定性，可能導致實際結果與此處討論內容出現重大差異。

A detailed discussion of these factors can be found in the Risk Factors section of Carvana's most recent Form 10-K. These forward-looking statements are based on current expectations as of today, and Carvana assumes no obligation to update or revise them. Our commentary today will include non-GAAP financial metrics. GAAP reconciliations can be found in the shareholder letter posted on our IR website.

關於這些因素的詳細討論，請參閱 Carvana 最新 Form 10-K 中的「風險因素」章節。這些前瞻性陳述係基於截至今日的目前預期，Carvana 不承擔更新或修訂之義務。我們今天的評論將包含非 GAAP 財務指標。GAAP 對帳可於我們投資人關係網站上發布的股東信中查閱。

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 Ernie Garcia。Ernie？

Thanks, Meg, and thanks, everyone, for joining the call. The first quarter was another outstanding quarter for Carvana. It was another quarter full of records, including a record 187,000 cars sold in a single quarter, a record GAAP operating income of $581 million and record adjusted EBITDA of $672 million, and it was our ninth straight quarter of being the most profitable and fastest-growing automotive retailer as well as our sixth straight quarter of 40% year-over-year growth.

謝謝你，Meg，也謝謝各位參加本次電話會議。第一季對 Carvana 而言又是非常出色的一季。本季再度創下多項紀錄，包括單季售出 18.7 萬輛車的歷史新高、GAAP 營業利益 5.81 億美元的紀錄，以及調整後 EBITDA 6.72 億美元的紀錄；同時，這也是我們連續第九季成為最具獲利能力且成長最快的汽車零售商，並且連續第六季達成 40% 的年增率。

The quality of our customer offering, the fact that it naturally gets better as we get bigger and our experience over the last 13 years lead us to believe the demand is available at the speed that we are able to scale the business effectively. As it has been since the beginning, we expect our execution will be the biggest determinant of the speed and degree of our success.

我們的客戶產品/服務方案品質，以及其隨著規模擴大而自然變得更好的特性，再加上過去 13 年的經驗，使我們相信，只要我們能有效擴張業務，市場需求就能以相同速度承接。一如既往，我們預期執行力將是決定我們成功速度與程度的最大因素。

Execution in a complex operational scaled business like Carvana that is growing at 40% is an inherently difficult problem. While the best-case scenario in a vacuum is to avoid bumps in the road, those bumps are a reality of building ambitiously. This means success requires building a better system with better scaling properties and assembling a team and building a culture that drives intensity, focus, accountability and resilience.

在像 Carvana 這樣複雜、具規模且以 40% 成長的營運型企業中，執行本身就是一個本質上困難的課題。在理想狀態下，當然希望一路平順、避免顛簸，但在雄心勃勃地打造事業的過程中，顛簸是現實的一部分。這意味著，成功需要建立一套具備更佳擴張特性的系統，並組建團隊、打造文化，以驅動高強度、專注、問責與韌性。

With the right team and culture, the bumps in the road create pressure that makes us better. In the fourth quarter, we hit a bump in recon that gave us another chance to prove that we assembled just such a team. The Recon team is using that pressure to make us better. When we realize we are off track a bit, the first thing the team did was turn out the operational intensity across the network, setting higher expectations for each facility and leaning into the operational structures we've built over the last several years. This allowed us to make rapid progress nationwide.

有了正確的團隊與文化，路上的顛簸會形成壓力，讓我們變得更好。在第四季，我們在整備（Recon）環節遇到了一個顛簸，這也讓我們再次有機會證明我們確實組建了這樣的團隊。整備團隊正把這股壓力轉化為讓我們變得更好的動力。當我們意識到進度有些偏離時，團隊做的第一件事，就是在全網路提升營運強度，對各據點設定更高的期望，並更深入運用我們過去幾年建立的營運架構。這使我們得以在全國範圍內快速取得進展。

In addition, they quickly assess the underlying cause of the variation in facility performance, most notably newer managers that could use more detailed directions and more powerful tools to help them execute at the level we were aiming for and adjusted their road map to prioritize building the tools that mattered most immediately.

此外，他們也迅速評估各據點績效差異的根本原因，尤其是部分較新的管理者需要更具體的指引與更強大的工具，才能以我們目標的水準執行；因此他們調整了路線圖，優先打造最能立即產生影響的關鍵工具。

Over the last couple of months, they built additional data integrations, developed tools to help managers make faster, higher quality decisions, and how they staff their lines, and how they optimize flow through their paint lines and implemented a productivity tracker to ensure feedback reaches the right groups quickly.

在過去幾個月，他們建立了更多資料整合，開發工具協助管理者更快做出更高品質的決策，包括如何配置產線人力、如何優化烤漆線的流程，並導入生產力追蹤器，以確保回饋能快速傳遞到正確的團隊。

To accomplish all this and to ensure the tools address real-world operational needs, the product team spent weeks on the ground in the facilities that needed it most, rolling out testing and iterating with the operators until they are making a real measurable difference. We'll continue to iterate on these tools, and we'll roll them out to the rest of the facilities over the coming months.

為了完成這些工作並確保工具能滿足真實世界的營運需求，產品團隊在最需要的據點駐點數週，推動測試上線，並與現場操作人員反覆迭代，直到工具能帶來可衡量的實質改善。我們將持續迭代這些工具，並在未來幾個月推廣到其餘據點。

The result is that, so far in April, we are operating just shy of our all-time best and labor efficiency throughout the network. This will take a little time to flow through to the financials as cars carry the cost of reconditioning at the time they were produced, not at the time they were sold. We still have a ton of work to do across reconditioning and other operational and technology teams, but every time a team reacts that quickly to a problem that excites us.

結果是，截至目前 4 月，我們的營運表現已接近歷史最佳，且全網路的勞動效率也接近歷史高點。不過，這需要一些時間才會反映到財務數字上，因為車輛在「完成整備」時就會承擔整備成本，而不是在「售出」時才承擔。我們在整備以及其他營運與技術團隊方面仍有大量工作要做，但每當看到團隊能如此迅速地回應問題，都讓我們感到振奮。

Once again, the people on team Carvana have proven that they are exceptional that they're resilient that they are up to the challenges we will inevitably face as we scale Carvana to millions of transactions per year. We remain firmly on the path of achieving our mission of changing the way people buy and sell cars and is selling 3 million cars per year to 13.5% adjusted EBITDA margin by 2030 to 2035. The march continues, Mark?

再一次，Carvana 團隊的夥伴證明了他們非常卓越、具備韌性，也能迎接我們在把 Carvana 擴張到每年數百萬筆交易時不可避免會面臨的挑戰。我們仍堅定走在達成使命的道路上：改變人們買賣汽車的方式，並在 2030 至 2035 年間達到每年銷售 300 萬輛車、調整後 EBITDA 利潤率 13.5%。我們將持續前進。Mark？

Thank you, Ernie, and thank you all for joining us today. Unless otherwise noted, all comparisons will be on a year-over-year basis. Q1 was a strong quarter driven by our team's continued focus on profitable growth and strong execution. We set new company records for retail units sold, revenue gross profit, SG&A expense per retail units sold, GAAP operating income and adjusted EBITDA. Retail units sold totaled 187,393 in Q1, an increase of 40%, and a new company record.

謝謝你，Ernie，也謝謝各位今天加入我們。除非另有說明，所有比較皆以年對年為基礎。第一季表現強勁，主要來自團隊持續聚焦於獲利性成長與強力執行。我們在零售售出單位數、營收、毛利、每售出一台零售車的 SG&A 費用、GAAP 營業利益與調整後 EBITDA 等項目，皆創下公司新紀錄。第一季零售售出單位數為 187,393 台，年增 40%，並創公司新高。

Revenue was $6.432 billion, an increase of 52%. 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 first quarter was driven by our three long-term drivers of growth, a continuously improving customer offering, increase awareness, understanding and trust and increasing inventory selection and other benefits of scale.

營收為 64.32 億美元，年增 52%。營收成長高於零售售出單位數成長，主要是因為對於自某大型零售市集合作夥伴取得的部分車輛，我們採用傳統的總額（gross）營收認列方式。與過去幾季一致，我們第一季的成長來自三項長期成長動能：持續改善的客戶產品/服務方案、提升知名度/理解度/信任度，以及隨著規模擴大而帶來的庫存選擇增加與其他效益。

The first quarter marked our ninth consecutive quarter of industry-leading retail unit growth and margins. Non-GAAP retail GPU decreased by $58, primarily driven by higher non-vehicle costs and lower shipping fees.

第一季是我們連續第九季在產業中領先的零售單位成長與利潤率表現。非 GAAP 零售 GPU（每單位毛利）下降 58 美元，主要由較高的非車輛成本與較低的運費收入所致。

Looking ahead to Q2, we expect retail GPU to increase sequentially, but to decrease year-over-year due to approximately $100 of tariff-related benefits last year, lower shipping fees and higher non-vehicle costs this year and approximately $100 to $200 of impact from narrower industry-wide wholesale to retail spreads this year.

展望第二季，我們預期零售 GPU 將較上一季上升，但年對年將下降，原因包括：去年約有每台 100 美元的關稅相關利益、今年運費收入較低且非車輛成本較高，以及今年全產業批發到零售價差收窄所帶來約每台 100 至 200 美元的影響。

Non-GAAP wholesale GPU decreased by $83, primarily driven by increased wholesale vehicle volume and gross profit per unit that was more than offset by lower wholesale marketplace gross profit and growth in retail units that outpaced wholesale gross profit. Non-GAAP other GPU decreased by $88 primarily driven by our decision to give back to customers in the form of lower interest rates, partially offset by higher finance and VSC attach rates.

非 GAAP 批發 GPU 下降 83 美元，主要因批發車輛量增加，以及每單位毛利雖有提升，但被批發市集毛利下降與零售單位成長快於批發毛利成長所抵銷。非 GAAP 其他 GPU 下降 88 美元，主要因我們決定以較低利率的形式回饋客戶；部分被較高的融資與 VSC（車輛服務合約）附加率所抵銷。

Q1 was another strong quarter for levering SG&A expenses. Our 40% growth in retail units sold led to a $170 reduction in non-GAAP SG&A expense per retail unit sold, including a $36 reduction in operations expenses and a $226 reduction in overhead expenses.

Q1 是另一個在槓桿化 SG&A 費用方面表現強勁的季度。我們零售售出單位成長 40%，使每個零售售出單位的非 GAAP SG&A 費用降低 170 美元，其中包含營運費用降低 36 美元，以及管理間接費用降低 226 美元。

Advertising expense increased by $92 per retail unit sold as we continue to invest in building awareness, understanding and trust in our customer offering. With a nearly 2% market share in the US used vehicle retail market compared to approximately 20% e-commerce adoption in non-automotive retail verticals, we believe we are in the early days of customer awareness and adoption of our model. 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.

由於我們持續投資於建立客戶對我們產品的認知、理解與信任，每個零售售出單位的廣告費用增加 92 美元。相較於非汽車零售垂直領域約 20% 的電商採用率，我們在美國二手車零售市場的市占率接近 2%，因此我們認為客戶對我們模式的認知與採用仍處於早期階段。隨著時間推進以及我們擴張規模，我們仍持續看到 SG&A 費用顯著槓桿化的機會，動能來自營運費用的持續改善，以及成本結構中固定組成部分的槓桿效益。

Net income was $405 million in Q1, an increase of $32 million. Net income margin was 6.3%, a decrease from 8.8%. Adjusted EBITDA was $672 million, an increase of $184 million and a new company record. Adjusted EBITDA margin was 10.4%, a decrease from 11.5%, primarily driven by increased retail revenue per unit, resulting from the traditional gross revenue treatment mentioned previously. GAAP operating income was $581 million or 86% of adjusted EBITDA, an increase of $187 million and a new company record.

Q1 淨利為 4.05 億美元，增加 3,200 萬美元。淨利率為 6.3%，低於 8.8%。調整後 EBITDA 為 6.72 億美元，增加 1.84 億美元，並創下公司新紀錄。調整後 EBITDA 利潤率為 10.4%，低於 11.5%，主要因每單位零售營收增加所致，該增加源於前述傳統毛額營收認列方式。GAAP 營業利益為 5.81 億美元，約為調整後 EBITDA 的 86%，增加 1.87 億美元，並創下公司新紀錄。

As discussed in prior quarters, we continue to drive toward investment-grade quality credit ratios over time. In Q1, we again reduced our net debt to trailing 12-month adjusted EBITDA ratio to 1.1 times, our strongest financial position ever. Q1 was a record quarter that again demonstrated the significant power of our business model.

如同前幾季所討論，我們持續朝向隨時間達成投資等級品質的信用比率邁進。在 Q1，我們再次將淨負債對過去 12 個月調整後 EBITDA 的比率降至 1.1 倍，為我們史上最強的財務狀況。Q1 是創紀錄的一季，再次展現我們商業模式的顯著威力。

Looking toward Q2 and assuming the environment remains stable, we expect a sequential increase in both retail units sold and adjusted EBITDA, leading to all-time company records on both metrics. We remain on track to deliver significant growth in both retail units sold and adjusted EBITDA in full year 2026.

展望 Q2，並假設環境維持穩定，我們預期零售售出單位與調整後 EBITDA 皆將較前一季成長，並在兩項指標上創下公司歷史新高。我們仍按計畫在 2026 全年實現零售售出單位與調整後 EBITDA 的顯著成長。

In conclusion, our Q1 results were outstanding. Our team is intently focused on driving profitable growth. And we remain excited about progressing toward our goals of becoming the largest and most profitable audit retailer and buying and selling millions of cars. Thank you for your attention. We'll now take questions.

總結而言，我們 Q1 的結果非常出色。我們的團隊正全力專注於推動獲利性成長。我們也持續對朝向目標邁進感到振奮：成為最大且最具獲利能力的審計零售商，並買賣數百萬輛汽車。感謝各位的關注。接下來我們將開始問答。

(Operator Instructions)

(接線員指示)

Chris Pearce, Needham.

Chris Pearce，Needham。

Ernie, in your remarks, you said -- you talked about new tools at underperforming sites where there are new managers. I just want to understand, do these tools -- these are brand-new, and these could help top-performing sites further improve, or these are to bring those underperforming sites in line with the -- your top performing sites?

Ernie，在你的談話中，你提到——你談到在表現不佳、且有新任經理的據點導入新工具。我想了解的是，這些工具——它們是全新的，並且也能幫助表現最好的據點進一步提升嗎？還是說這些工具是用來讓那些表現不佳的據點追上——你們表現最好的據點？

Sure. Well, first, I want to start with just giving gratitude and credit to the reconditioning team. I think they took it very personally and hard when we didn't have a perfect fourth quarter, and they reacted extremely effectively. And that's why I wanted to make sure that I spent some time in our comments, giving them credit. I'm extremely impressed and proud of how hard they work, and how quickly they made a difference.

當然。首先，我想先對整備（reconditioning）團隊表達感謝並給予肯定。我認為當我們第四季沒有做到完美時，他們非常在意、也很受挫，但他們的反應極其有效。這也是我想在我們的評論中花一些時間給他們肯定的原因。我對他們工作的投入程度，以及他們如此迅速帶來改變，感到非常驚艷與自豪。

I think there were a number of things that were done. The new tools that were discussed are net new tools. And those are tools that we hope will drive additional fundamental gains over time. I think that will take time, and we'll see how powerful that ends up being. But I think they're fundamentally value-added tools that are not in the vast majority of our facilities yet.

我認為我們做了很多事情。剛才提到的新工具是全新的工具。我們希望這些工具能隨時間推進帶來額外的基本面改善。我認為這需要時間，我們也會觀察它最終能發揮多大的效力。但我認為它們本質上是能增加價值的工具，而且目前在我們絕大多數的設施中尚未導入。

So we'll roll those out over time. And I think to me, the way that -- we hope that this goes over the next many years as we're scaling a big business, it's operationally complex very quickly. I think we're inevitably going to run into bumps in the road. And every time you run into a bump, I think it's a chance to reevaluate what you're doing and to try to learn from that and get a little better.

因此我們會隨時間逐步推行。對我而言，我們希望在未來多年、隨著我們擴張一個大型業務的過程中——營運在很短時間內就會變得非常複雜。我認為我們不可避免會遇到一些路上的顛簸。而每次遇到顛簸，我認為都是重新檢視我們正在做什麼、從中學習並變得更好一點的機會。

And I think the team dug in. I think they reevaluated their road map. I think they found new opportunities that are potentially bigger, and I think they focused and made a huge difference quickly, and I think we're very excited about those opportunities. So to me, I wouldn't want to set expectations too high beyond. We think we're very much back on track, but I think if we had to pick a direction, the tooling that we're building, I think, is exciting, and it's more room for fundamental gains over time.

我認為團隊深入投入。我認為他們重新評估了他們的路線圖。我認為他們找到了可能更大的新機會，並且聚焦後迅速帶來巨大改變，我們對這些機會感到非常興奮。所以對我而言，我不希望把後續的期待設得過高。我們認為我們已經非常明顯回到正軌，但如果要選一個方向，我認為我們正在打造的工具很令人振奮，並且隨時間推進仍有更多基本面改善的空間。

Okay. Perfect. And then just kind of a bigger picture question. New vehicle prices, tariffs, gas prices, do you think there's some portion of people tapping out and dropping down to use? And could we see when off-supply and more supply comes back used go north of 40 million units for a couple of years because of this? And if that did happen, would that affect other GPU as you guys tilt more prime versus subprime, or -- I just would love to hear your thoughts on that.

好的。完美。接著是一個比較宏觀的問題。新車價格、關稅、油價，你覺得是否有一部分人撐不下去而轉向買二手車？如果供給回升、二手車供給也回來，我們是否可能看到二手車銷量在幾年內回到 4,000 萬輛以上？如果真的發生，當你們的客群組合更偏向優質（prime）而非次級（subprime）時，是否會影響其他 GPU，或——我很想聽聽你的看法。

Sure. I think -- I mean car prices are high. I think these numbers won't be exactly right, but the last number that I remember is kind of pre-pandemic. I think general consumer goods are up 25%, give or take, and I think cars are up 35% to 40%. So I think car prices at all else constant, are and that has to be impacting people.

當然。我認為——車價確實很高。我想這些數字不會完全精準，但我記得疫情前的最後一個數字大概是這樣。一般消費品大約上漲 25%（上下浮動），而汽車大約上漲 35% 到 40%。所以我認為在其他條件不變下，車價確實偏高，而這必然會影響人們。

I think generally, the kind of elasticities for cars at like the aggregate level are not super high. People need cars to live their lives and they get hired the car they own. And so I think you generally see aggregate transactions that are relatively stable. I think there is room, though. All the things you pointed to are things that are probably directional positives for the overall market size over time.

我認為整體而言，汽車在總體層級的需求彈性並不算很高。人們需要汽車來過日子，而且他們會被自己擁有的車所「綁定」。因此你通常會看到整體交易量相對穩定。不過我認為仍有空間。你提到的所有因素，長期來看大概都會對整體市場規模帶來方向性的正面影響。

But I think realistically, the scale of those positives relative to the sale of our growth is just very small. And so I think our view is that most things that happened to the market are going to impact us in a proportionate way. But what we are doing ourselves is dramatically more powerful than that. And so we try to stay really focused on all the fundamental tools that we're building and just making sure that we're delivering great customer experiences and doing all the hard operational work to make sure we can scale effectively.

但我認為務實地說，這些正面因素的規模相對於我們的成長規模而言其實非常小。因此我們的看法是，市場發生的大多數事情都會以相稱的方式影響我們。但我們自己正在做的事情，其影響力遠比那些因素強得多。所以我們努力把焦點放在我們正在打造的所有基本面工具上，並確保我們提供卓越的客戶體驗，同時完成所有艱難的營運工作，以確保我們能有效擴張。

And then I think on your last point on rates and shifting between prime and non-prime customers, I think, first of all, our balance of customer credit is pretty similar to the market overall. And then I think the profitability per retail unit sold for prime versus non-prime is not different enough to where moves in those distributions matter all that much to the overall other GPU.

接著我想就您最後一點、關於利率以及在優質（prime）與非優質（non-prime）客群之間的轉移來說，我認為，首先，我們的客戶信用品質組合與整體市場大致相近。另外，我認為每售出一台零售車的獲利，在優質與非優質之間的差異並不足以大到讓這些分布的變動對整體其他 GPU 產生很大的影響。

So generally speaking, I think that would fit in the same category. We think it's -- those things can move around. There will always be a little macro effects that move things around by tens of dollars, give or take. But in general, the most important thing is that we keep delivering great customer experiences and stay focused on us. And so that's where our focus remains.

所以一般來說，我認為那會落在同一類。我們認為——這些事情是可能會變動的。總會有一些宏觀因素讓它上下波動，可能是幾十美元的幅度，或多或少。但總體而言，最重要的是我們持續提供很棒的客戶體驗，並專注在我們自己身上。因此，我們的重點仍然放在這裡。

Daniela Haigian, Morgan Stanley.

Daniela Haigian，摩根士丹利。

So my first one is on SG&A leverage. Most line items this quarter, including logistics, came in lower as a percentage of sales versus the run rate we've been seeing in the last few quarters. How should we be thinking about operating leverage in fixed costs, Mark, you mentioned that? And then more near term, how should investors think about logistics expense in a rising fuel cost environment.

我第一個問題是關於 SG&A 的槓桿。本季多數費用項目（包含物流）占銷售額的比例，都低於我們過去幾季看到的運行水準。Mark，你提到固定成本的營運槓桿，我們應該如何看待？另外更近期一點，在燃料成本上升的環境下，投資人應該如何看待物流費用？

Sure. I can hit that. So I think it's helpful to break that down into a couple of different categories. So one, operations expense, that's the expenses associated with executing the transaction, providing customer service, filling the transaction via our logistics network and last mile delivery network and all of those sort of expenses that are more variable in nature. I think we had a strong quarter on that front with operating expenses, down slightly year-over-year.

好的。我可以回答。我認為把它拆成幾個不同類別來看會比較有幫助。第一是營運費用（operations expense），也就是與完成交易、提供客戶服務、透過我們的物流網路與最後一哩配送網路履行交易等相關的費用，以及所有這類本質上較具變動性的費用。我認為在這方面我們本季表現強勁，營運費用年對年略有下降。

I think in the longer term, we definitely see an opportunity to march those down further on a per retail unit basis. In any given quarter, they can be impacted. You mentioned fuel prices, that would definitely have an impact because because logistics is part of that operations expense. I wouldn't expect that impact to be particularly large, but there's some impact there.

我認為從長期來看，我們確實看到機會，能在每台零售車的基礎上進一步把這些費用逐步降低。在任何單一季度，它們都可能受到影響。你提到燃料價格，這肯定會有影響，因為物流是那個營運費用的一部分。我不預期影響會特別大，但確實會有一些影響。

Then the second category of expenses is overhead expenses there, that's an area where we've shown a lot of strong leverage. I think overhead expenses are expenses that are more fixed in nature. They can grow due to investments that we make. For example, we're making some investments now in additional technology, including AI-related technology that would be in that overhead expense number. So that can grow. But it's much more fixed in nature, and we do expect to see significant leverage in that overhead line item over time.

第二類費用是管理費用（overhead expenses），這是我們展現出很強槓桿的一個領域。我認為管理費用是本質上較固定的費用。它們可能因為我們所做的投資而成長。例如，我們現在正在投資一些額外的技術，包括與 AI 相關的技術，這些都會反映在管理費用數字裡。所以它可能會成長。但它的固定性更高，而我們確實預期隨時間推移，這個管理費用項目會出現顯著的槓桿效益。

So those are two of the big categories to stay at the third. We have been marching up advertising spend. We think given where we are in our company's life, we think there's still a lot we can do to continue to raise that understanding, awareness and trust of our offering. We're in the relatively early days of online auto retail adoption. Obviously, we're playing a big role in telling that story, and we think there's a lot of value to us continuing to invest in advertising. So those would be the three big categories, and I've walked you through some of the dynamics.

以上是兩個主要類別，接著第三個。我們一直在逐步提高廣告支出。我們認為以公司目前所處的階段來看，我們仍有很多事情可以做，持續提升市場對我們產品的理解、認知與信任。線上汽車零售的採用仍處於相對早期的階段。顯然，我們在講述這個故事上扮演重要角色，而我們認為持續投資廣告對我們很有價值。所以這三個就是主要類別，我也帶你走過其中一些動態。

Thanks, Mark, that's helpful. Second question, a bit longer term on CapEx long term. So recognizing you're only 20% utilized on your current real estate capacity of $3 million. But at this rate of growth, you're going to need to think about build beyond that over the next few years. And you had a helpful exhibit in last quarter's investor letter on eventually building out greenfield production. What would that look like? What's the team's philosophy on building that capacity?

謝謝，Mark，很有幫助。第二個問題，稍微長期一點，關於長期資本支出（CapEx）。我理解你們目前的不動產產能 300 萬（$3 million）只使用了 20%。但以這樣的成長速度，未來幾年你們將需要考慮在此之外再擴建。而你們在上一季的投資人信中有一張很有幫助的圖表，談到最終會建置綠地（greenfield）產能。那會是什麼樣子？團隊在建置該產能上的理念是什麼？

Sure. So the way I think about our production growth plan, and I think a lot of our capital investment is really related to just growing production and production facilities. Right now, there's multiple ways that we're doing that. One is just adding staffing into existing facilities. That's no CapEx.

好的。我看待我們的產能成長計畫的方式是——我認為我們很多資本投資其實都與擴大產能與生產設施直接相關。目前我們有多種方式在做這件事。第一種是在既有設施中增加人力配置。這不需要 CapEx。

A second is we're integrating ADESA locations, which basically means going into existing ADESA buildings that have already been constructed implementing our car lead proprietary software system to do inventory and reconditioning management in those centers, adding some equipment. And that's a very CapEx-light way to add production capacity.

第二種是我們在整合 ADESA 據點，基本上就是進入已經建好的 ADESA 既有建物，在那些中心導入我們用於庫存與整備（reconditioning）管理的自有車輛線索（car lead）專有軟體系統，並增加一些設備。而這是一種非常輕資本支出（CapEx-light）的方式來增加產能。

The third way is to actually start doing full build-outs of existing ADESA facilities. The way to think about that is we've got the land, but we can expand the buildings and structures in order to add more production lines into those facilities. We did talk a little bit about that in our last letter. We think those are very high-quality investments to be making and expect to start making those investments over the course of this year.

第三種方式是實際對既有的 ADESA 設施進行完整擴建（full build-outs）。可以這樣理解：我們已經有土地，但我們可以擴增建物與結構，以便在那些設施中增加更多產線。我們在上一封信中確實稍微談到這點。我們認為這些是非常高品質的投資，並預期在今年內開始進行這些投資。

And then last is greenfield IRCs. That's not a priority at this time. I think the I think our bigger priority is executing those first three types of production expansion. Up to this point, we've been really focused on the first two ramping capacity in existing facilities and integrations. This year is the year where we'll start doing some of those full build-outs, which we think make a lot of sense.

最後是綠地 IRC（greenfield IRCs）。目前這不是優先事項。我認為我們更大的優先事項是把前面三種產能擴張方式執行到位。到目前為止，我們主要聚焦在前兩種：在既有設施中提升產能，以及整合。今年將是我們開始做一些完整擴建的一年，我們認為這非常合理。

Rajat Gupta, JPMorgan.

Rajat Gupta，摩根大通（JPMorgan）。

Congrats on the execution around the reconditioning costs. I had a question on the wholesale retail spread comment, Mark, that you made in the prepared remarks, is that impact that you're already feeling in the month of April based on how retail prices are tracking? Or is that more of an expectation around May and June or baking in some sort of slowdown in demand because of gas prices and just sentiment tied to the war. Any more color around that 100 to 200 wholesale retail spread headwind would be helpful. And I have a quick follow-up.

恭喜你們在整備成本（reconditioning costs）方面的執行成果。我有一個問題，關於你在事先準備的發言中提到的批發與零售價差（wholesale retail spread）評論，Mark：這個影響是你們在 4 月就已經感受到、基於零售價格的走勢嗎？還是說這更像是對 5 月與 6 月的預期，或是把因油價以及與戰爭相關的情緒所導致的需求放緩納入考量？若能就那 100 到 200 的批發零售價差逆風提供更多說明會很有幫助。我還有一個簡短的追問。

Sure. Yes. So I think the -- what we're seeing on spreads and what we've seen year-to-date, it really starts with a very hot wholesale market in Q1. So I think wholesale prices really appreciated in Q1, and that appreciation can happen in any given year as a lead up to tax season, but the appreciation in the wholesale prices that we saw early this year at both started earlier and it was of a larger magnitude than we've typically seen in past Q1.

好的。是的。我認為——我們在價差上看到的情況，以及今年迄今所看到的情況，確實是從第一季非常火熱的批發市場開始的。我認為第一季批發價格大幅上漲，而這種上漲在任何一年都可能在報稅季前出現，但我們今年年初看到的批發價格上漲，不僅開始得更早，幅度也比過去第一季通常看到的更大。

And so I think a strong wholesale market, which did benefit us, we had one of our highest quarters ever on wholesale vehicle gross profit per wholesale unit sold in Q1, commensurate with that hot wholesale market. But I think what we're seeing is that wholesale appreciation wasn't fully passed on into retail prices, and that's causing a little bit of that wholesale to retail spread compression that we're pointing to.

因此，我認為強勁的批發市場確實讓我們受益；在第一季，我們的每台批發車輛毛利（wholesale vehicle gross profit per wholesale unit sold）創下歷史最高的季度之一，與那個火熱的批發市場相一致。但我認為我們看到的是，批發端的漲幅並未完全轉嫁到零售價格上，這導致我們所指出的批發到零售價差出現一些壓縮。

Got it. Got it. That's clear. And just to follow up on the previous question around SG&A. Did the sequential pickup in the overhead expenses. It's just the other the yard cost is probably the highest we have seen in a while from 40 to 1Q, particularly since the turnaround.

了解。了解。很清楚。另外，延續前一個關於 SG&A 的問題。管理費用的環比上升。主要是其他項目中，場地（yard）成本從 4Q 到 1Q 可能是我們一段時間以來看到的最高水準，特別是在整頓（turnaround）之後。

You mentioned some investments around AI and stuff. Any way you could double click on that, give us a little more detail around what's going on. Are there any one-timers, maybe some of the new car acquisitions? Just a little more grounded there would be helpful. And any color on overhead expenses for the year would be helpful.

你提到了一些在 AI 等方面的投資。你能否再深入說明一下，提供更多目前進展的細節？是否有任何一次性項目，例如一些新車的收購？如果能更具體一些會很有幫助。另外，若能提供今年管理費用的任何補充說明也會很有幫助。

Yes, sure. Yes. So I think there are some seasonal or onetime components in there as well as some investments. So we typically see -- Q1 is a high quarter for payroll expense related to share-based compensation because we typically have large vesting of share-based compensation in Q1 larger than some other quarters. In addition, the weather events in Q1 actually did have some impact on overhead expenses, where we spent much more than a typical winter quarter on snow plowing and removal.

好的，當然。是的。所以我認為其中既有一些季節性或一次性的因素，也有一些投資。我們通常會看到——第一季是薪資費用較高的季度，與股份基礎給付（share-based compensation）相關，因為我們通常在第一季有較大規模的股份基礎給付歸屬（vesting），比其他一些季度更大。此外，第一季的天氣事件確實也對管理費用造成了一些影響，我們在除雪與清運上的支出遠高於一般冬季季度。

And so that is in that number. There are ongoing investments, things that I wouldn't think of as seasonal or one time, including technology investments, some incremental investments in facilities. That -- I think, will have us operating at a higher level on overhead expenses than we were in 2025. But I would not expect to see overhead expenses to increase at a rate like that. I think thinking of Q1 is something more like a new level is probably more appropriate.

所以那也包含在該數字之中。也有一些持續性的投資，我不會把它們視為季節性或一次性，包括科技投資，以及在設施方面的一些增量投資。我認為這會使我們的管理費用水準高於 2025 年。但我不預期管理費用會以那樣的速度持續增加。我認為把第一季視為一個較新的水準，可能更為恰當。

Sharon Zackfia, William Blair.

Sharon Zackfia，William Blair。

Congratulations on getting wholesale ops back up and running. I guess -- well, it was running, but more and more optimized. I guess with that, it sounds like you might be positioned to hold retail GPU for the full year. And I'm curious on your thoughts on that in terms of seeing an improvement in the back half of the year again?

恭喜你們讓批發營運恢復並重新運轉。我想——嗯，它一直在運作，但現在越來越優化。在此情況下，聽起來你們可能有條件在全年維持零售 GPU。我想請教你們對此的看法，是否仍預期下半年會再次改善？

Sure. I think we try to stay away from giving too much precise color there, but I think all the things that we've generally kind of set in the past, we continue to believe. I think there's a little bit of seasonality in those numbers. And then I think we have fundamental gains that we're going to continue to seek to attack. And then I think across the sum of the GPU line items plus expenses, we feel like we've got clear visibility to 13.5% adjusted EBITDA margin, which is our goal.

當然。我想我們會盡量避免給出過於精確的指引，但我認為我們過去一般所說的那些，我們仍然相信。我認為這些數字有一些季節性。同時，我們也有一些基本面的改善，我們會持續努力推進。綜合 GPU 各項目加上費用來看，我們覺得對 13.5% 的調整後 EBITDA 利潤率（adjusted EBITDA margin）有清楚的能見度，這也是我們的目標。

So yes, I think there's been -- there's always like a couple of little interesting stories that pop up from time to time, whether it's gas prices or impacts from Iran or Recon expense or whatever it is. But I think as a general matter, we think we're in an environment that looks similar to the past, and we're just going to keep chugging forward.

所以是的，我想——總是會不時出現一些小插曲，無論是油價、伊朗事件的影響、Recon（整備）費用或其他因素。但整體而言，我們認為目前的環境看起來與過去相似，我們會繼續穩步向前。

I think secondarily, sorry, I'm losing my voice. For the OBB, there have been kind of a lot of talk about tax refunds and the benefit that you might see in your business that happened right around the time, the war broke out and obviously, gas prices spiked. So I'm curious, as you went throughout the quarter, did you see any change in the complexion of your customers across income cohorts, or those all look very similar to what you were seeing in 2025?

其次，抱歉，我的聲音快沒了。關於 OBB，外界談了很多退稅，以及你們的業務可能因此受益；而那段時間剛好戰爭爆發，油價也明顯飆升。所以我想了解的是，在整個季度中，你們是否看到不同收入族群的客戶結構有任何變化？還是看起來都與 2025 年你們看到的情況非常相似？

Sure. Well, I would say we grew by 40% in the quarter. So overall, I would say we're extremely happy with the way the business performed and the way the team operated during the quarter. I think it's a little hard to massage out some of those effects. I think there was an expectation that tax dollars would be larger. I think that did play out, like there's data out there that suggests that, that is true. And that, that may lead to additional vehicle demand.

當然。我會說我們本季成長了 40%。所以整體而言，我們對本季業務表現以及團隊的運作方式非常滿意。我認為要把其中一些影響因素精確拆分出來有點困難。市場原本預期退稅金額會更高。我認為確實如此——外部也有資料顯示這點為真。而這可能會帶來額外的車輛需求。

I think we only see our own data and that did coincide very closely with the Iran situation. So I think it's hard to disentangle. But I would say our view would be that it probably was not as strong as I expect in terms of converting to vehicle demand and was probably more similar and maybe even a touch softer than years past.

我們只能看到自己的數據，而那也與伊朗事件非常接近地同時發生。所以我認為很難把兩者區分開來。但我會說，我們的看法是：就轉化為車輛需求而言，可能沒有我原先預期的那麼強，且大致與過去幾年相近，甚至可能略微偏弱。

But I think overall, not really a huge event for the quarter. And I think hard to separate the tax season effect from the gas price effect. Since then, it feels like things are operating in the way that we'd expect. And I think that's true. Almost any way you look at the business, whether it's volume or seasonality or distribution of customers or anything like that.

但整體而言，對本季來說並不是什麼重大事件。而且我認為很難把報稅季的影響與油價的影響分開。從那之後，感覺各項運作都符合我們的預期。我認為確實如此。幾乎不管你用什麼角度看這門生意——無論是量、季節性、客戶分布或其他任何面向。

Brian Nagel, Oppenheimer.

Brian Nagel，Oppenheimer。

Great quarter, congratulations, very nice. The course I know that -- and look, I know that this has been asked before, so I apologize you being repetitive. But just with respect to gas prices, I mean, clearly, the straight, you've had a very strong quarter. The commentary in Q2 has been very strong as well. But as you think about gas prices and the potential impacts to our consumer and then maybe you look over time, over prior spikes in gas prices. I mean how should we be thinking about that? I mean have you noticed over time that your consumer acts different when gas prices spike?

本季表現很棒，恭喜，非常好。當然我知道——而且我也知道這之前有人問過，所以抱歉我重複了。但就油價而言，我的意思是，很明顯你們本季表現非常強。你們對第二季的評論也非常強勁。但當你們思考油價以及對消費者的潛在影響，並回顧過去油價上漲的情況。我們應該如何看待這件事？你們是否注意到，隨著時間推移，當油價飆升時，你們的消費者行為會有所不同？

I think -- sure. I think maybe there's two potential impacts. One is what happens to aggregate sales and one is, what happens to mix of sales. I think what we've seen in the past is that the impact to aggregate sales is usually pretty small and over any reasonable period of time, I think largely massage is out.

我想——當然。我認為可能有兩種潛在影響。一是總體銷售會發生什麼變化，二是銷售組合會發生什麼變化。我們過去看到的是，對總體銷售的影響通常相當小，而且在任何合理的時間區間內，我認為大多都會被其他因素抵消掉。

I think in terms of mix of sales, we do see some movement. You see expected things. I think over the last couple of months, we saw large SUVs kind of decrease as a percentage of sales a little bit. And we saw EVs kind of increase again as a percent of sales. I think even over the last several weeks, we've seen that normalize or kind of go back to closer to baseline, not all the way to baseline, but closer to baseline. I'm sure those things will continue to migrate.

至於銷售組合，我們確實會看到一些變動。你會看到一些符合預期的情況。我認為在過去幾個月，我們看到大型 SUV 佔銷售比重略有下降。而 EV（電動車）佔銷售比重則再次上升。我認為即使在過去幾週，我們也看到這些趨勢回歸正常，或說回到更接近基準水準——還沒完全回到基準，但更接近了。我相信這些變化仍會持續移動。

I think the way that we try to manage that is we try to make sure that we build a system that's adaptive, and we've got all the cars that customers could want in front of them. And then based on the demand signals we see every day. We're adjusting what we're buying every day to try to match what that demand is. And given how quick our turn times are, generally, the system adapts very quickly.

我們管理這件事的方式是：我們會確保建立一個具備適應性的系統，讓客戶想要的各種車款都能呈現在他們面前。然後根據我們每天看到的需求訊號，我們每天都在調整採購內容，盡量去匹配那個需求。而由於我們的周轉時間很快，整體系統通常能非常迅速地適應。

So I think our view would be that there will be impacts, and they will generally be directionally as would be expected. But we don't expect them to be a central part of the story unless the impacts were to get much, much larger.

所以我認為我們的看法是，確實會有影響，而且整體方向大致會符合預期。但除非影響變得大得多、非常非常大，否則我們不預期它們會成為整個故事的核心部分。

That's very helpful. I appreciate that. And then my second question, just with regard to the commentary on the narrowing spreads between retail and wholesale. So I just want to understand, but as you look at this and what's happened here, is this more of a short-term phenomena where it maybe started a couple of quarters ago and now is correcting, or do you think there's actually some type of longer term or multi-quarter shift happening within the marketplace?

這非常有幫助。我很感謝。接著我的第二個問題，是關於你們提到零售與批發之間利差收斂的評論。我想了解的是，當你們看這件事以及目前發生的情況時，這比較像是一種短期現象——可能在幾個季度前開始、現在正在修正——還是你們認為市場中其實正在發生某種較長期或跨多個季度的結構性轉變？

Yes. I think our pretty strong view would be this is a transitory impact. I think it's hard to know exactly what drives these movements, but I think the kind of wholesale retail spread that we mentioned a lot, I think generally, that follows a pretty clear seasonal pattern. And I think in any given quarter, it tends to bounce around a little bit around the normal seasonal expectation. I do think that this year heading into the year and heading into tax season, the wholesale market was really strong.

是的。我想我們相當強烈的看法是，這是一個暫時性的影響。我認為很難確切知道是什麼驅動了這些波動，但我覺得我們經常提到的那種批發—零售利差，通常會呈現相當明確的季節性模式。而且我認為在任何一個季度，它往往會在正常的季節性預期附近小幅上下波動。我確實認為今年年初、以及進入報稅季之前，批發市場非常強勁。

And then the way the market would normally react to that is the retail market would just kind of catch up on a 30- to 60-day lag. And seems like the retail market is catching up, but it's catching up on a little bit longer lag. And so I think there's room for that to normalize relatively quickly, and there's room for it to kind of hold where it is. And either way, we don't think it will be a central part of the story. But as we look at it today, the wholesale market is ahead of the retail market, and so that led to the call out.

而市場通常對此的反應方式是，零售市場會在大約30到60天的落後期後追上來。看起來零售市場正在追趕，但追趕的落後期稍微更長一些。因此我認為它有空間相對快速地回歸正常，也有空間維持在目前的水準。不論哪一種情況，我們都不認為這會成為整個故事的核心部分。但就我們今天的觀察，批發市場領先於零售市場，因此才特別提出這點。

Jeff Lick, Stephens Inc.

Jeff Lick，Stephens Inc.

Of course, I was wondering if you could talk just unpack a little bit deeper as you guys become bigger, you become a bigger part of the entire used ecosystem, they're not just retail but wholesale. And just looking at your wholesale numbers, you wholesaled less as a percentage of your retail down to 44.6% from 47.4%. I know your marketplace were actually down, and then you were -- Mark, as you pointed out, your wholesale DTU was $1,327.

當然，我想請你們再更深入拆解一下：隨著你們規模變大，你們在整個二手車生態系中的占比也變得更大，不只是零售，也包括批發。從你們的批發數據來看，你們的批發量占零售量的比例從47.4%降到44.6%。我知道你們的marketplace（平台）其實是下滑的，然後你們——Mark，如你指出的——你們的批發DTU是1,327美元。

So I'm just curious kind of how that dynamic is playing out in terms of your ability to source your decisions that you're making as to why you might -- as you would think almost if you can get that much money wholesaling, you might have wholesale more, but it appears that you retailed more. So just -- can you maybe talk a little bit more about the dynamics there?

所以我很好奇，這樣的動態在你們的採購能力與決策上是如何呈現的：為什麼你們可能——照理說，如果批發能賺到這麼多錢，你們可能會批發更多，但看起來你們反而零售更多。所以——你們能否再多談一點其中的動態？

Sure. Yes. I think we're extremely excited with how the business is operating overall. And I think -- keep in mind, I think one of the central things that we're always trying to balance is making sure that we're managing the business operationally as best we can while growing at these very high rates. And the wholesale side of the business does have operational impacts on the overall business, most notably in last mile logistics, which is an important part of our system that we've got to carefully manage to make sure we can handle the growth.

當然。是的。我認為我們對整體業務的運作狀況感到非常振奮。而且我想——請記住，我們一直在努力平衡的一個核心點，是在以非常高的成長率擴張的同時，確保我們在營運層面把業務管理到最好。而業務中的批發端確實會對整體業務帶來營運上的影響，最顯著的是末端配送（last mile）物流；這是我們系統中很重要的一環，我們必須謹慎管理，確保能承接成長。

So I think we're always making trade-offs there and trying to make sure that we're doing smart things. But in general, all the signs that we see are very good, and the teams are executing extremely well. I think the wholesale team continues to unlock fundamental gains and is doing great. I think you see that in the wholesale vehicle results.

所以我認為我們一直在做取捨，並努力確保我們做的是明智的事情。但整體而言，我們看到的所有跡象都非常好，團隊的執行也非常到位。我認為批發團隊持續解鎖基本面的改善，表現很出色。你可以從批發車輛的結果中看到這一點。

And then I think in wholesale marketplace, I think we're also building a lot of fundamental value there that feels very exciting. I think we made a comment in the letter that we feel like ADESA Clear, which is our digital platform is now a best-in-class platform. And we've got a lot of reasons for believing that, but that's pretty exciting. We think that we've built something there that is extremely high quality, and it's growing very quickly, and it's adding value to the ADESA system and to the Carvana system as we buy cars wholesale and and dispose of most of them through that platform.

另外在批發marketplace方面，我認為我們也正在建立大量令人振奮的基本面價值。我想我們在股東信中提到，我們的數位平台ADESA Clear現在已是同級最佳（best-in-class）的平台。我們有很多理由相信這點，這確實令人興奮。我們認為我們在那裡打造的東西品質極高、成長非常快，並且在我們以批發方式買車、再透過該平台處置其中大多數車輛的過程中，為ADESA系統與Carvana系統都帶來了價值。

And then you kind of saw in the letter we shared a number of speed stats that I think are fund reductions of the rate at which we can kind of move cars through the system. We've talked about it before, but the goal of building the entirety of the Carvana system is to deliver incredible customer experience on both sides of the transaction and to minimize the expense that is necessary to allow customers to trade cars with each other.

然後你們在信中也看到，我們分享了一些速度指標，我認為那反映的是我們能把車輛在系統中流轉的速度所帶來的根本性提升。我們之前談過，打造完整的Carvana系統的目標，是在交易兩端都提供卓越的客戶體驗，並將讓客戶彼此交易車輛所需的成本降到最低。

And I think if you look at the cars that we're buying retail and then putting through our system and selling to a different customer, that entire process in the fastest case took place in just under 5 days, which I think is remarkable. I mean it's -- forgive me for walking through that. But that means the customer goes to our site, get a value for their car, decides they want to sell it.

我認為如果你看我們以零售方式收購、再透過我們的系統處理並賣給另一位客戶的車輛，在最快的情況下，整個流程不到5天就完成了，我覺得這非常了不起。我的意思是——請原諒我把流程走一遍。但這代表客戶到我們網站上，取得他們車的估價，並決定要賣車。

They go through a verification process, go through all the title work, schedule time to drop off the car to us or for us to pick it up, we get the car. We landed at our hub. We put it on a multicar hauler. We drive it to an inspection center. We inspected. We run it through the reconditioning process after figuring out what needs to be fixed on the car, photograph it, put it up on the site, price it in an automated way.

他們完成驗證流程、完成所有權狀（title）相關作業，安排時間把車交給我們或由我們去取車，我們收到車。車輛進到我們的樞紐（hub）。我們把它裝上多車運輸車。把它運到檢測中心。我們進行檢測。在確認需要修哪些項目後，進行整備（reconditioning）流程、拍照、上架到網站，並以自動化方式定價。

And another customer finds it, decides they want to buy it, they go through the entire purchase process, schedule their delivery. We put it on a truck, deliver to them, and it's theirs, and that took 4.8 days, which is pretty exciting. So I think the system overall, we're making a lot of investments to make sure it's very tight, and we're getting a lot of fundamental value out of that, and we think that, that's going to unlock a lot of value over time. So I think, overall, we're very excited about how the system is performing overall.

接著另一位客戶找到它、決定要買，完成整個購買流程並安排交車。我們把車裝上卡車，送到他手上，車就屬於他了；而這一切只花了4.8天，這相當令人興奮。所以我認為整體系統方面，我們投入了很多資源以確保流程非常緊密，也從中獲得了大量基本面價值；我們相信這會隨時間解鎖更多價值。因此我認為，整體而言，我們對系統的整體表現感到非常振奮。

That's an amazing anecdote. Thanks for sharing that. Congrats and best of luck for Q2.

這個例子太驚人了。謝謝你分享。恭喜，也祝Q2一切順利。

Thank you. Appreciate it.

謝謝。感謝。

John Colantuoni, Jefferies

John Colantuoni，Jefferies

Just wanted to ask about other GPU. Can you give us a sense if you sort of see an opportunity to incrementally invest some of the financing GPU into growth as you've done in recent quarters? Or is that reinvestment largely behind you so that other sort of is more or less hit a run rate level at this point.

我想問一下其他GPU（other GPU）。你能否讓我們了解一下，你們是否看到機會，像最近幾個季度那樣，把融資GPU的一部分逐步再投資到成長上？還是說那種再投資大致已經告一段落，因此「其他」目前或多或少已達到某個穩態的run-rate水準？

Yes. Thank you. I would say -- I mean, let's start with -- in the quarter, we are 10.4% adjusted EBITDA margin. I think in the past, we've provided these walks that we think are relatively straightforward to get to our goal of 13.5% that basically include leverage and fixed costs and then include getting to marketing dollar per unit spend that is similar to our more mature cohorts. And I think if you do that walk, it continues today to be pretty straightforward and the math is approximately the same.

是的。謝謝。我會說——我的意思是，先從——在本季，我們的調整後 EBITDA 利潤率為 10.4%。我認為過去我們提供過一些我們認為相對直接的橋接分析，來達到我們 13.5% 的目標，基本上包括規模槓桿與固定成本，並且包括把每單位的行銷支出拉到與我們較成熟的客群批次相近的水準。我認為如果你做這個橋接分析，今天仍然相當直接，而且數學大致相同。

And then I think what that leads from there is basically, we've got room for any place where we make fundamental gains, whether we get more efficient in any of the GPU line items, or we get more efficient in any of the variable cost line items, that gives us room to share value with customers. And I think where we share value with customers will not necessarily always be in the exact places that we unlock it, but we are seeking to unlock it in every part of the business.

接著我認為這導出的結論是：我們在任何能取得根本性改善的地方都有空間——不論是我們在任何 GPU 成本項目上變得更有效率，或是在任何變動成本項目上變得更有效率——這都會讓我們有空間把價值回饋給客戶。而且我認為我們與客戶分享價值的方式，不一定總是在我們解鎖價值的同一個精確位置，但我們正尋求在業務的每一個部分都把價值解鎖出來。

We've got projects that we're very excited about in every single one of those line items, every expense line item, every revenue line item. And they're all credible projects that we think have a real impact to make meaningful differences in the business. But we haven't done them yet, so we got to go unlock that value. And then as we unlock it, we -- our plan is to share that with customers.

我們在上述每一個項目——每一個成本項目、每一個費用項目、每一個營收項目——都有讓我們非常振奮的專案。而且它們都是我們認為可信的專案，確實能帶來實質影響，為業務帶來有意義的差異。但我們還沒做完，所以我們必須先把那個價值解鎖出來。然後當我們解鎖之後，我們——我們的計畫是把它與客戶分享。

So we do think that there's going to be value that or share with customers. We think that if we execute really well, it could be significant. And we think even with doing that, we can hit our goals, which overall has us excited, it means there's a lot of work to do.

所以我們確實認為會有價值可以、或說可以與客戶分享。我們認為如果執行得非常好，這個幅度可能會很可觀。而且我們認為即便這麼做，我們仍能達成目標；整體而言這讓我們很振奮，也意味著還有很多工作要做。

Okay. Great. And I wanted to ask one about advertising. Mark, you talked about spending more. Just be curious if you could give us a sense for what advertising channels you're seeing the best returns?

好的。很好。我想問一個關於廣告的問題。Mark，你提到會花更多錢。想請教你能否分享一下，你們在哪些廣告渠道看到最好的回報？

And how you sort of think about advertising fitting into your broader growth strategy over time? Is there sort of a near-term ramp in spend in a particular market? And then once you hit a level of mind share, you sort of can pull back. I just made that up. But just curious to get your perspective on sort of how you think about advertising fitting into your long-term growth strategy over time?

以及你如何看待廣告在你們更廣泛的長期成長策略中所扮演的角色？是否在短期內會在某個特定市場加大投放？然後一旦達到一定的心智占有率，就可以稍微收斂？我只是隨口舉例。但想聽聽你對於廣告如何融入你們長期成長策略的看法？

Sure. Absolutely. Well, let me just start with that long-term growth strategy. We've talked about the three pillars of that growth strategy. One is continuing to improve the product and customer experience. That's a place where we've made and hope to continue to make significant gains.

當然。絕對可以。我先從長期成長策略談起。我們談過這個成長策略的三大支柱。第一是持續改善產品與客戶體驗。這是我們已經取得、並希望持續取得顯著進展的領域。

Second is building increased awareness, understanding and trust. That is the growth pillar. Obviously, where advertiser plays a role, advertising is not. The only component of that, great customer experiences, word-of-mouth, repeat customers. There's a number of different ways to do that, but advertising is certainly a component of it. And then just to round out that framework. Third is increasing collection and other benefits of scale, including adding more inventory pools to put more cars closer to customers.

第二是建立更高的知名度、理解與信任。這是成長支柱之一。顯然，廣告在其中扮演角色，但廣告並不是唯一的組成部分；優秀的客戶體驗、口碑、回購客戶。有許多不同方式可以做到，但廣告當然是其中一部分。最後把這個框架補完整。第三是提升收車能力與其他規模效益，包括增加更多庫存池，讓更多車更靠近客戶。

So on the advertising component of that leg, as I mentioned in my remarks, we still feel like we're in the relatively early days of telling our story. So we do see opportunities to continue to advertise more. I would expect that advertising to be very broad-based across many different channels as we seek to reach different audiences and meet them where they are.

所以在這一支柱中的廣告部分，如我在發言中提到的，我們仍覺得還在相對早期、正在講述我們的故事。因此我們確實看到持續增加廣告投放的機會。我預期這些廣告會在許多不同渠道上廣泛投放，因為我們希望觸及不同受眾，並在他們所在之處與他們相遇。

I think in the very near term, we haven't provided too much commentary on our advertising outlook. But I think if you look over the last 2, 3 quarters or so, you'll see relatively consistent advertising expense per unit, and I think that's a reasonable way to think about where we are today.

我認為在非常短期內，我們對廣告展望沒有提供太多評論。但我想如果你回看過去 2 到 3 個季度左右，你會看到每單位的廣告費用相對一致，而我認為用這種方式來理解我們目前的狀況是合理的。

John Healy, Northcoast Research.

John Healy，Northcoast Research。

Just wanted to see if we could switch gears just a little bit and talk about your priorities on the new car side. I think you guys are up to maybe 6 or 7 Chrysler dealerships. There's a lot of the dealerships now. Any kind of updated perspective on where you're seeing benefits, and I know you said in the past, it's a learning process, but with the pace of these acquisitions continue, I was hoping you could provide some more context there.

想看看我們是否可以稍微換個話題，談談你們在新車業務端的優先事項。我想你們現在大概有 6 或 7 家 Chrysler 經銷店。現在經銷店數量不少。對於你們在哪些方面看到效益，有沒有更新的觀點？我知道你們過去說這是一個學習過程，但隨著這些收購持續進行的速度，我希望你們能提供更多背景。

Thank you. I'm going to apologize in advance, and you are welcome to ask another question, but I think our answer remains the same. It's still early. So stay tuned. We'll share more when it's time to share more. And as I said, if you've got another question, you're more than welcome to ask it.

謝謝。我先道歉，你也歡迎再問另一個問題，但我想我們的回答仍然一樣。現在仍然還早。所以敬請期待。等到適合分享更多時，我們會再分享。如我所說，如果你還有另一個問題，非常歡迎提出。

Understood. And I guess I'll stick on the other businesses as well. Obviously, we continue to see mobility and autonomous offerings rolling out in more cities. Obviously, you have a really good asset, and we've talked about capacity at the reconditioning centers.

了解。那我也想延伸到其他業務。顯然，我們持續看到移動出行與自動駕駛的方案在更多城市推出。顯然你們擁有非常好的資產，我們也談過整備中心的產能。

Have you guys game planned out any more that you could talk to us about maybe how you see yourself maybe facilitating those, that business potentially as being a service provider there? And kind of any updated thoughts maybe on evolution of the business model.

你們是否有規劃更多內容可以跟我們談談，例如你們如何看待自己可能促成這些業務、並可能作為服務提供者的角色？以及對商業模式演進是否有任何更新想法？

Sure. Yes, I would say we're always paying attention, and I think we try to always be thoughtful about what opportunities exist out there given the assets that we've built. But I think we try to balance that with where is the best place to put our focus. And I think we've clearly got an opportunity here to continue to grow a lot very quickly, and it clearly takes a lot of operational discipline and operational effort. So I think that will continue to be our primary focus for the foreseeable future, but we're always paying attention.

當然。是的，我會說我們一直在關注，而且我認為我們也一直在思考，基於我們已建立的資產，外部有哪些機會存在。但我認為我們也會在此與「把焦點放在哪裡最好」之間取得平衡。而且我認為我們很清楚在這裡有機會持續非常快速地大幅成長，而這也顯然需要大量的營運紀律與營運投入。所以我認為在可預見的未來，這仍將是我們的主要焦點，但我們會一直保持關注。

Marvin Fong, BTIG.

Marvin Fong，BTIG。

Congratulations. I think this quarter, you mentioned you're actually the top new car dealer in the country. Question on just kind of inventory. I was taking that from the 2Q? It looks like it grew quite a bit less than sales. And I just wanted your take on -- was that partly a function of just kind of bringing the operational efficiency up and getting recon in order?

恭喜。我想你們提到本季你們其實是全國最大的（新車）經銷商。我有個關於庫存的問題。我是在 2Q 的資料看到的？看起來庫存成長幅度比銷售小很多。我想請教你們的看法——這是否部分是因為提升營運效率、把整備（recon）流程理順所致？

And then just secondarily, how should we kind of think about having what looks like a pretty lean inventory relative to your sales growth rate. So kind of how do we think about that in terms of your pricing power, acknowledging what you said about spread, but it would seem to me that you have pretty good ability to exercise and pricing power with this level input.

另外第二個問題，你們的庫存看起來相對於銷售成長率相當精實。那我們應該如何看待這一點對你們定價能力的影響？我理解你提到的價差（spread），但以這樣的庫存水位來看，似乎你們有相當不錯的能力去行使定價權。

Sure. Yes. So I think last quarter, I think, our inventory was up approximately 40% year-over-year. I think this quarter, it was up a little over 30% year-over-year. So I think that directional change is correct, and that kind of means that our implied turn times have gotten a bit faster.

好的。是的。所以我想上個季度，我們的庫存年增約40%。我想這一季年增略高於30%。所以我認為這個方向性的變化是正確的，而這也某種程度意味著我們隱含的周轉時間變得更快了一些。

I think that can generally be not surprising seasonal move as you had kind of right out of tax season, where you tend to have like the biggest discrete change in sales rates and so you can kind of quickly eat through inventory that you're building up prior to that.

我認為這通常不令人意外，屬於季節性的變動，因為剛過報稅季之後，銷售速度往往會出現最大的一次明顯變化，因此你可以相對快速地消化在那之前所累積的庫存。

So I think that's not a totally unexpected change, but I think there's no question that if we could press the inventory button and have tens of thousands of more cars, I think we likely would. And I think that would probably result in additional sales as long as we were able to manage kind of all that recon and operational complexity.

所以我認為這不是完全出乎意料的變化，但我想毫無疑問的是，如果我們能按下庫存按鈕、立刻多出數萬輛車，我想我們很可能會這麼做。而且只要我們能夠管理好整備（recon）以及營運上的各種複雜度，我想那大概會帶來額外的銷售。

But I think that, that's just part of building this machine. I think we got to keep building the machine as we keep building it, we'll keep getting to bigger scales. And as we get to bigger scale, we'll have more inventory, more selection for our customers, and that will result in better conversion rates. And I think that that's kind of the flywheel of the Carvana business that we just got to keep working hard to make sure we continue to unlock.

但我想，這就是打造這台機器的一部分。我想我們必須持續打造這台機器；隨著我們持續建構，我們會達到更大的規模。而當我們達到更大的規模時，我們會有更多庫存、為客戶提供更多選擇，這將帶來更好的轉換率。我認為這就是 Carvana 業務的飛輪，我們必須持續努力，確保我們能不斷把它解鎖、推動起來。

Great. And if I could do a follow-up here. Just -- how would you characterize just the pricing environment? I think one of -- at least one competitor is kind of out there discounting. And obviously, it's a famine market, but just what's your view on pricing discipline across the industry?

很好。如果我可以在這裡追問一下。就是——你會如何描述目前的定價環境？我想至少有一個競爭對手正在打折。而且顯然這是一個供給稀缺的市場，但你對整個產業的定價紀律有什麼看法？

I think nothing too notable to call out. I think in a way that's sort of implicit in the wholesale retail spread that we talk about. When we measure that, we're looking at various wholesale market indicators and then we're looking at various retail market indicators, and that sort of captures where pricing is for the industry in some total.

我認為沒有什麼特別值得提出的。某種程度上，這其實已隱含在我們談到的批發與零售價差之中。當我們衡量那個指標時，我們會看各種批發市場指標，也會看各種零售市場指標，而這在整體上就捕捉了產業的定價狀況。

So I think I think there -- we noted some mild differences there versus average, but would not necessarily associate that with pricing. I think it's more just kind of the evolution of the way the last couple of months have played out. And so nothing notable to call out there.

所以我想——我們確實注意到相較於平均值有一些輕微差異，但不一定會把那與定價直接連結。我認為那更像是過去幾個月市場演變的結果。因此這方面沒有什麼特別需要點出的。

Andrew Boone, Citizens.

Andrew Boone，Citizens。

Ernie, I wanted to go back to some of the tools you guys rolled out this quarter at IRCs, specifically centralized planning. Can you talk about maybe moving some of your maybe lower-performing IRCs more towards best-in-class performance just through more centralized planning. What's the unlock there? And how do you guys really create more of a uniform system across all IRCs?

Ernie，我想回到你們這一季在 IRC 推出的幾個工具，特別是集中式規劃。你能否談談，是否可以透過更集中式的規劃，把一些表現較弱的 IRC 拉升到同級最佳的水準？那裡的解鎖點是什麼？你們又如何在所有 IRC 之間建立更一致、更統一的系統？

And then in the letter, very specifically, you called out ADESA Clear as a best-in-class digital auction. Can you speak to the longer-term opportunity of what you guys may be thinking about Clear and the broader potential for that asset?

另外，在股東信中你非常明確地提到 ADESA Clear 是同級最佳的數位拍賣平台。你能談談你們對 Clear 的長期機會、以及這項資產更廣泛潛力的想法嗎？

Sure. I think we're extremely excited about the way the team executed -- the way the Recon team executed in this last quarter and the tools they built. I think the tools that they built that are enable more centralized planning are, I think, very exciting in concept. I think the early signs are good. I think we'll be rolling them out over the next several months. And then we'll get a better sense of the near- and medium-term kind of quantitative benefits of those things, but we certainly think that there are benefits there that can show up over time.

當然。我想我們對團隊的執行——整備（Recon）團隊在上一季的執行以及他們打造的工具——感到非常振奮。我認為他們打造、能夠支援更集中式規劃的工具，在概念上非常令人興奮。我想早期跡象是正面的。我想我們會在接下來幾個月逐步推廣。之後我們會更清楚這些工具在短期與中期的量化效益，但我們確實認為，這些效益會隨時間逐步顯現。

One of those benefits is what you discussed, which is just trying to kind of collapse the distribution of performance across different locations, which is driven by differences in quality of execution across locations. It's also driven partially by differences in the scale of various locations. But I think last quarter, we talked about there being a couple of hundred dollar spread between our top quartile and bottom quartile performers. And I think that's spread despite the fact that we improved the overall number this quarter, that spread remains about the same.

其中一項效益就是你提到的：嘗試縮小不同據點之間的績效分布差距，而這些差距來自各據點執行品質的不同。此外，也部分來自各據點規模的差異。但我想上季我們談到，我們表現位於前四分位與後四分位之間，大約有幾百美元的差距。而我想即便我們這一季整體數字有所改善，那個差距大致仍維持相同。

So I think opportunity is certainly there and then just getting fundamentally better across the sum of the facilities is there as well. But unlocking that takes time, and it's hard to do while you're also simultaneously growing at 40%. So I would put that in the category of clear opportunity and hard to make sure that we execute well enough to unlock, but very much something that we're always paying close attention to and seeking to unlock as quickly as we can.

所以我認為機會當然存在；同時，讓所有設施的整體水準從根本上變得更好，機會也同樣存在。但要把這些解鎖需要時間，而且在你同時以40%的速度成長時，這件事很難做。所以我會把它歸類為：機會很明確，但要確保我們執行得足夠好以真正解鎖並不容易；不過這確實是我們一直密切關注、並希望盡快解鎖的事情。

I think with Clear, we're very excited by what we've done there. I think in order to make progress in anything, you have to decide what you're going to focus on. And I think in Clear, we built what we believe is a best-in-class platform. And we've built that by focusing a lot on the buy side of the equation. I think when you're building these tools, there's seller side tools, and there's buyer side tools. It's enabled us to make the problem simpler by using ourselves as the primary seller. And so we're not required to build as many sell-side tools.

我想就 Clear 而言，我們對目前所做的事情感到非常興奮。我認為要在任何事情上取得進展，你必須決定你要聚焦什麼。而在 Clear 上，我們打造了我們相信是同級最佳的平台。我們之所以能做到，是因為我們在等式的買方端投入了大量焦點。我想在打造這些工具時，有賣方端工具，也有買方端工具。透過把我們自己作為主要賣方，讓問題變得更簡單。因此我們不需要打造那麼多賣方端工具。

And we've been able to build a platform for the buy side that we think is highly differentiated, and where there's room to differentiate it further from here. And we think that's showing up in the results. We think that, that has positively contributed to our wholesale vehicle gross profit per wholesale unit, for example. We think that is identifiable positive contributor to the performance there. So that's super exciting.

我們得以為買方端打造一個我們認為高度差異化的平台，而且從現在起仍有空間進一步拉開差異。我們認為這已反映在成果上。例如，我們認為這對我們每台批發車輛的批發毛利（wholesale vehicle gross profit per wholesale unit）有正面貢獻。我們認為這是該表現中可辨識的正向貢獻因素。所以這非常令人振奮。

And then we think the sum of that, plus our retail platform, plus our -- the general ADESA business and our ability to wholesale cars physically means that in aggregate, we're we think, the most economic buyer for cars for any seller that is selling pools of cars. And that's a fundamentally valuable thing that we're very well positioned to provide as a service and to benefit from as a business.

接著我們認為，把這些加總起來——再加上我們的零售平台、加上我們——整體 ADESA 業務以及我們實體批發車輛的能力——意味著整體而言，對於任何出售車輛組合（pools of cars）的賣方來說，我們是我們認為最具經濟效益的買家。而這是一項從根本上很有價值的能力，我們在提供這項服務以及從中獲益方面，都處於非常有利的位置。

So I think there will be a long road map of making sure that we make all those tools fit together really well, and they reduced the simple offerings for our customers and that, that then results in great business performance. But I think the foundations have been laid and are continuing to be late, and we think that it's an exciting capability add to our overall system.

所以我想接下來會有一條很長的路線圖，確保我們能讓所有這些工具彼此之間高度整合，並且把它們轉化為對客戶更簡單的產品/服務組合，而這也將帶來優異的業務表現。但我認為基礎已經打下，而且仍在持續鋪設中；我們也認為，這是一項令人興奮的能力補強，能加入到我們的整體系統之中。

John Babcock, Barclays.

John Babcock，Barclays。

I just want to go back to some of the discussion on the retail GPU. I know you gave a little bit of color for the upcoming quarter, which is helpful, but I also want to reconcile that a little bit to effectively like how you performed really from 4Q into 1Q.

我想回到一些關於零售 GPU 的討論。我知道你對下一季提供了一些補充說明，這很有幫助，但我也想把它和你們從第四季到第一季的實際表現做一點對照與釐清。

So I think last quarter, you talked about headwinds from reconditioning costs and also depreciation. Out of curiosity, how did 1Q end up relative to that? And also what factors in addition to those might have impacted GPU? So in other words, I know there was some strength on the used vehicle side of things. Did that come into play and did that contribute perhaps to some performance there. So any commentary you could provide on that would be useful.

所以我想上一季你們談到整備成本以及折舊帶來的逆風。出於好奇，第一季相較於那些因素最後表現如何？另外，除了那些因素之外，還有哪些因素可能影響 GPU？換句話說，我知道二手車端似乎有一些強勁表現。那是否也有發揮作用，並且可能對那邊的表現有所貢獻？所以你能提供的任何評論都會很有幫助。

Sure. Yes. So I mean retail GPU was down slightly. It was pretty close to flat, but down slightly on a year-over-year basis in Q1. I think a couple of the key drivers there are things that we did talk about in Q4 as well.

當然。是的。所以我的意思是，零售 GPU 小幅下滑。基本上接近持平，但在第一季以年對年來看略為下降。我認為其中幾個關鍵驅動因素，也是我們在第四季談過的。

So one, we're having great success in our logistics network, getting cars to customers even faster and with shorter distances. I think that manifested in Q1 with I believe an all-time low logistics expense per retail unit sold.

第一，我們在物流網路方面非常成功，能更快、且以更短距離把車交付給客戶。我認為這在第一季反映為：每輛零售售出單位的物流費用降到我記得是歷史新低。

We did -- as we brought down distances, for outbound shipping, we also brought down our shipping revenue and just pass those gains on to customers. And so I think that was an impact. It was great for customers, but it had a negative impact on retail GPU both in Q4 and Q1.

我們確實——在降低出貨距離的同時，針對對外運輸也降低了我們的運費收入，並把這些收益直接讓利給客戶。因此我認為這帶來了一些影響。這對客戶很好，但在第四季與第一季都對零售 GPU 造成了負面影響。

We've also talked a lot about elevated retail reconditioning costs, where we've made lots of progress, as Ernie has discussed at length. So those are a couple of the key drivers, applied both to Q4 and Q1. Hopefully, that's some helpful additional commentary.

我們也談了很多關於偏高的零售整備成本，我們已經取得了很多進展，正如 Ernie 已經詳細說明的那樣。所以這些是幾個關鍵驅動因素，同時適用於第四季與第一季。希望這些補充說明能有所幫助。

Okay. And did depreciation change much from 4Q to 1Q?

好的。那折舊從第四季到第一季有很大變化嗎？

I don't think we feel like we had major unusual seasonal patterns there, if I remember correctly.

如果我沒記錯的話，我們不覺得那裡有什麼重大的、異常的季節性模式。

Okay. And then just back to reconditioning costs. You talked about centralizing that a little bit. Are you pretty comfortable doing that? Do you think there's going to be any added -- because I'm sure you guys are pretty cognizant in terms of how you're doing this and trying to avoid any unnecessary bureaucracy or adding any time inappropriately to certain channels.

好的。然後再回到整備成本。你提到把它稍微集中化。你們對這樣做相當有把握嗎？你覺得會不會有任何額外的——因為我確定你們在做這件事時非常謹慎，並試圖避免任何不必要的官僚流程，或在某些流程通路上不恰當地增加時間。

But I'm just kind of wondering, are there -- do you generally view this as a positive to do that? Are there any concerns you have in terms of doing that? Are you still maintaining pretty good flexibility at the recommissioning center level to ensure that they have the ability to make decisions quickly. I don't know if you could talk about that a little bit, but that would be useful.

但我只是想了解，一般而言你們是否把這視為正面作法？在這樣做方面你們有任何顧慮嗎？你們是否仍在整備中心層級維持相當好的彈性，以確保他們能快速做決策？如果你能稍微談談這點，會很有幫助。

Yes, sure. Yes. So I think it's really important there to strike a balance. I think the teams on the ground, they're there every day. They are hands on with the dynamics in the cars flowing through and all the people that are there, and their various strengths and abilities. And so I think it's important to have a lot of on-the-ground input into the way the reconditioning centers function.

是的，當然。是的。所以我認為在那裡取得平衡非常重要。我認為第一線的團隊，他們每天都在現場。他們親自掌握車輛流轉的動態，以及現場所有人員與其各自的強項與能力。因此我認為，整備中心的運作方式需要大量來自現場的一線投入。

At the same time, there's a lot of very quantitative decisions that can help reconditioning centers run better. So for example, if you have a given number of people after reconditioning center, on any given day, with a given distribution of skill sets, what's the optimal way to distribute that team that you have on the ground that day across the various stations and the reconditioning process.

同時，也有很多非常量化的決策可以幫助整備中心運作得更好。例如，如果某個整備中心在某一天有一定數量的人員，且技能組合分布既定，那麼在各個工位與整備流程之間，如何把當天現場團隊做最優分配？

And you can do that by hand, and you can do it on the ground manually. But on the other hand, it's also -- that's a problem that can be solved with algorithms data and pairing those two things together, very strong quantitative focus via software and via making even better use of all the data that we're collecting in the centers and then pairing that more effectively with the teams on the ground. That's where we think the special sauce is. We have been investing in reconditioning technology over a period of several years, but we haven't solved that problem yet, and that's a place that we've been focusing.

你可以用人工方式來做，也可以在現場手動完成。但另一方面，這也是——一個可以用演算法與數據來解決的問題；把這兩者結合起來，透過軟體帶來非常強的量化聚焦，並更好地運用我們在中心蒐集的所有數據，再更有效地與現場團隊搭配。我們認為那就是關鍵的獨門配方。我們在整備技術上已投資了好幾年，但我們還沒有把那個問題完全解決，而那正是我們一直在聚焦的地方。

Michael McGovern, Bank of America.

Michael McGovern，美國銀行。

I was just curious on the labor hours per unit metric that you gave. It seems like it's really efficient right now. So I'm just curious how much more efficiency you can gain there longer term? Which parts of the chain have decreased the most in terms of labor hours per unit, and how does that flow through into GPU longer term?

我只是好奇你提到的每單位工時（labor hours per unit）這個指標。看起來目前真的很有效率。所以我想了解，長期來看你們還能在那裡提升多少效率？就每單位工時而言，供應鏈中哪些環節下降最多？而這長期會如何反映到 GPU 上？

Sure. I think we've talked in the past about our expense per unit in recon. And I think the number one driver of those expenses labor. It's a big part of the direct cost and then it also is highly correlated with the other costs. And so when we're looking for operational metrics that move very quickly so that we can manage and make quick decisions. That's a metric that we tend to look at.

當然。我想我們過去談過整備（recon）每單位的費用。而我認為這些費用的第一大驅動因素是人力。它是直接成本中的很大一部分，而且也與其他成本高度相關。因此當我們在尋找能非常快速變動、以便我們管理並快速決策的營運指標時，這就是我們傾向關注的一個指標。

And I think it's clearly gotten better. I think the kind of numbers that we discussed in terms of cost that we drifted in Q4, that was driven largely by a drift in HPU. And I think we're back now to where we were last year in Q2, which was our all-time best. And I think -- as we said, I think there's clearly room that we can see for additional improvement from here, that room exists both by improving the sum of all centers and by getting the centers to operate more like our best centers.

而且我認為它顯然已經改善了。我想我們在第四季提到的成本漂移（drift）那類數字，主要是由每車工時（HPU）的漂移所驅動。而我認為我們現在已回到去年第二季的水準，那是我們歷史最佳。並且我認為——如我們所說，我認為從這裡開始，顯然還有我們看得到的進一步改善空間；這個空間既來自提升所有中心的總體表現，也來自讓各中心的運作更接近我們表現最好的那些中心。

So I think there's opportunity there that can matter that is meaningful dollars, but it does take time. We don't want expectations that's coming in the next couple of quarters. I think that will take time for us to unlock and get the full benefit of it. But it is there, and I think it's exciting and meaningful. It just has to be done at the same time that we're also executing well enough to grow at very high rates of speed. And some of those two things are hard to do together, but I think the team is up to it.

所以我認為那裡有機會，而且以金額來看是有意義的美元數，但確實需要時間。我們不希望市場期待這會在接下來幾個季度就發生。我認為我們需要時間才能解鎖並取得其完整效益。但它確實存在，我認為這令人振奮且很有意義。只是必須在同時也要把執行做到足夠好、以非常快的速度成長的情況下完成。而這兩件事同時做到有時很難，但我認為團隊做得到。

Got it. Just a quick follow-up on that. To your point of how hard it is, it seems like your recon headcount growth is still pretty elevated. So from here, is there some sort of shift in just how efficiently you're able to train these new reconditioning hires and keep that growth elevated in reconditioning headcount while also keeping new employees really efficient?

了解。就此快速追問一下。如你所說這有多難，看起來你們整備部門的人力編制（headcount）成長仍然相當高。所以從現在開始，在你們維持整備人力編制高成長的同時，是否會在訓練這些新進整備人員的效率上有所轉變，並讓新員工也能保持很高效率？

Yes. I think Mark talked a lot about centralization and automation. And I think that can also just be thought of as reducing the complexity and the learning curve in a lot of these different positions. And so I think as a general matter, we're trying to -- we've built these centers in a way where you can take a focused skill set and have people that really know how to do something really well, do that over again and then you can train them in new skills and kind of move them to different parts of the line. And that gives us access to a pool of talent that is broader than many other companies that are trying to to provide similar functions.

是的。我認為 Mark 談了很多關於集中化與自動化。而我認為，這也可以被視為在許多不同職位上降低複雜度與學習曲線。因此我認為，整體而言，我們正努力——我們以這樣的方式建立這些中心：你可以採用一套聚焦的技能組合，讓真正非常擅長把某件事做得很好的員工反覆去做，然後你也可以訓練他們新的技能，並把他們在產線的不同環節之間做調動。這讓我們能接觸到的人才庫，比許多試圖提供類似職能的其他公司更廣。

And so we think that's an advantage. And then we think as we continue to build out Carli that makes the systems inside Carli that make the individual operators more efficient and as we continue to build out these manager tools that make manager decision-making more straightforward, so they can focus on the other parts of management, making sure they're identifying their best performers and keeping people motivated and keeping the system moving. We think that generally just makes things a bit easier to learn and makes it easier to train people. We also are definitely investing in the tools that allow us to hire people more quickly and to get them up to speed more quickly. That's another area that the team has been focused on for a long time.

所以我們認為這是一項優勢。接著我們認為，隨著我們持續建置 Carli——也就是在 Carli 內部的系統，讓個別操作人員更有效率——以及我們持續建置這些讓管理者決策更直接明瞭的管理工具，使他們能把重心放在管理的其他部分，確保他們能辨識最佳表現者、維持員工動力，並讓系統持續運轉。我們認為，這整體上會讓事情更容易學習，也更容易訓練人員。我們也確實正在投資於能讓我們更快招募人員、並讓他們更快上手的工具。這也是團隊長期以來一直專注的另一個領域。

So I think that's all part of continual improvement. And I think we've made a ton of gains there over the last many years, but there's clearly a ton of room for us to continue to make gains, and that's what the team is focused on every day.

所以我認為這些都是持續改善的一部分。我認為過去很多年我們在這方面取得了大量進展，但顯然我們仍有很大的空間可以繼續提升，而這正是團隊每天專注的事情。

Michael Montani, Evercore ISI.

Michael Montani，Evercore ISI。

I was going to ask if I could, just to start on the diesel front. I was wondering if you could help us to understand any exposure that you might have there. Obviously, impressive improvement on logistics side this quarter. So definitely appreciate that. But we were thinking about it as potentially like a low single-digit earnings headwind in isolation.

我想先從柴油這一塊開始提問，如果可以的話。我想請你們協助我們了解，你們在這方面可能有任何曝險。顯然，本季在物流端有令人印象深刻的改善。所以我們確實很感謝。但我們在想，如果單獨看這個因素，它可能像是對獲利造成低個位數百分比的逆風。

So wondering if you'd comment there. And the other question I had was more just strategic, which was obviously, you continue to have some underlying gains in GPUs. I know there's some quarterly noise going on, but how should we think about Ernie, the propensity to kind of reinvest those gains to further accelerate share versus you kind of happy at these levels with this kind of unit growth to just kind of pass some of that through.

所以想請你們對此評論一下。我另一個問題比較偏策略面：顯然你們在 GPU（每單位毛利）上仍持續有一些基本面的提升。我知道其中有一些季度性的雜訊，但我們應該如何看待 Ernie：你們是否傾向把這些提升再投資，以進一步加速市占提升；或者你們在目前這些水準已經滿意，並在這種單位成長下，把其中一部分讓利給客戶。

I can take the first one. So I do think there is an impact of fuel prices on the operations of our business. I think that takes a couple of different forms. One, there's a cost of sales impact for inbound transport and then there's also an SG&A expense impact, which is in this operations expense, broader sort of variable cost category down in SG&A.

我可以先回答第一個。所以我確實認為燃料價格會對我們業務的營運造成影響。我認為這會以幾種不同形式呈現。第一，對進貨運輸的銷貨成本會有影響；另外也會對 SG&A（銷售、一般及行政費用）產生費用影響，這會反映在營運費用中、在 SG&A 之下更廣義的可變成本類別。

In some -- I would expect to see some impact from the higher fuel prices in the second quarter, but not one that's particularly large and one that I think of as being in sort of the normal range of quarter-to-quarter fluctuations that we see things move around quarter-to-quarter. So at any rate, I think there will be an impact. But based on what we see right now, we don't expect it to be particularly large.

在某種程度上——我預期第二季會看到較高燃料價格帶來的一些影響，但不會特別大；而且我把它視為我們所看到的、季度之間正常波動範圍內的一部分，也就是事情在季度間來回變動的那種幅度。所以無論如何，我認為會有影響。但就我們目前所見，我們不預期影響會特別大。

And then on reinvesting gains, I think we're trying to be not too repetitive from previous answers, I think we do think that we have opportunities across the entire business, and we think that the path from where we are today to 13.5% adjusted EBITDA margin is pretty straightforward with leverage and advertising expense.

至於再投資這些提升，我想我們盡量不要重複前面回答過的內容；我認為我們確實相信在整個業務各處都有機會，而且我們認為從今天的位置走到 13.5% 的調整後 EBITDA 利潤率，透過規模槓桿與廣告費用的調整，是相當直接明確的路徑。

And so we think the gains that we make, we can largely pass through to customers. And we think the opportunities are many, but like anything hard, we got to go actually do it. And when we actually do it, we'll find out how fast we can do it, and how big those gains are, but we do expect to share additional gains with customers over time and hopefully, meaningfully while still marching toward our goal.

因此我們認為，我們取得的提升在很大程度上可以讓利給客戶。我們認為機會很多，但就像任何困難的事一樣，我們必須真的去做。而當我們真的去做時，我們會知道我們能做多快、以及這些提升有多大；但我們確實預期，隨著時間推移會與客戶分享更多的提升，而且希望幅度可觀，同時仍持續朝我們的目標邁進。

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。我想把電話會議交回給 Ernie Garcia，請他做結語。

Great. Well, thanks everyone for joining the call. Carvana team, awesome job. Another great quarter. You have a lot to be proud of. Recon team, in particular, awesome, awesome job. Thank you for reacting the way that you did. I think to everyone across the business when we hit a bump, let's react the way Recon did. No one can stop us but us. Let's just keep marching. Thanks, everyone.

很好。那麼，感謝各位參與這通電話會議。Carvana 團隊，做得非常棒。又是一個很棒的季度。你們有很多值得自豪的地方。尤其是整備（Recon）團隊，真的非常、非常出色。謝謝你們以那樣的方式做出反應。我想對整個公司所有人說，當我們遇到顛簸時，就要像 Recon 那樣反應。能阻止我們的只有我們自己。讓我們繼續前進。謝謝大家。

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

本次電話會議到此結束。感謝各位出席今天的簡報。您現在可以掛線。