車美仕 (KMX) 2022 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Third Quarter Fiscal Year 2022 CarMax Earnings Release Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

女士們，先生們，謝謝你們的支持。歡迎來到 2022 財年第三季度 CarMax 收益發布電話會議。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）

I would now like to hand the conference over to your speaker today, David Lowenstein, AVP, Investor Relations. Please go ahead.

我現在想把會議交給你今天的演講者，投資者關係副總裁 David Lowenstein。請繼續。

Thank you, Jerome. Good morning. Thank you for joining our fiscal 2022 third quarter earnings conference call. I'm here today with Bill Nash, our President and CEO; Enrique Mayor-Mora, our Senior Vice President and CFO; and Jon Daniels, our Senior Vice President, CAF operations. Let me remind you, our statements today regarding the company's future business plans, prospects and financial performance are forward-looking statements we make pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

謝謝你，杰羅姆。早上好。感謝您參加我們的 2022 財年第三季度收益電話會議。今天我和我們的總裁兼首席執行官比爾·納什（Bill Nash）一起來到這裡； Enrique Mayor-Mora，我們的高級副總裁兼首席財務官；和我們的 CAF 運營高級副總裁 Jon Daniels。讓我提醒您，我們今天關於公司未來業務計劃、前景和財務業績的陳述是我們根據 1995 年《私人證券訴訟改革法案》的安全港條款做出的前瞻性陳述。

These statements are based on management's current knowledge and assumptions about future events that involve risks and uncertainties that could cause actual results to differ materially from our expectations. In providing projections and other forward-looking statements, the company disclaims any intent or obligation to update them. For additional information on important factors that could affect these expectations, please see the company's Form 8-K issued this morning and its annual report on Form 10-K for the fiscal year ended February 28, 2021, filed with the SEC.

這些陳述是基於管理層目前對未來事件的了解和假設，這些事件涉及可能導致實際結果與我們的預期產生重大差異的風險和不確定性。在提供預測和其他前瞻性陳述時，公司不承擔任何更新它們的意圖或義務。有關可能影響這些預期的重要因素的更多信息，請參閱該公司今天上午發布的 8-K 表格及其向 SEC 提交的截至 2021 年 2 月 28 日的財政年度的 10-K 表格年度報告。

Should you have any follow-up questions after the call, please feel free to contact our Investor Relations department at (804) 747-0422, extension 7865. Lastly, let me thank you in advance for asking only one question and getting back in the queue for more follow-ups. Bill?

如果您在通話後有任何後續問題，請隨時致電 (804) 747-0422，分機 7865 聯繫我們的投資者關係部。最後，讓我提前感謝您只提出一個問題並回到排隊等待更多跟進。賬單？

Great. Thank you, David. Good morning, everyone, and thanks for joining us. We're very pleased with this quarter. We delivered record levels of used and wholesale sales as well as EPS for the third quarter. We also delivered all-time high margins in both used and wholesale.

偉大的。謝謝你，大衛。大家早上好，感謝您加入我們。我們對這個季度非常滿意。我們在第三季度實現了創紀錄的二手和批發銷售額以及每股收益。我們還在二手和批發領域實現了歷史最高的利潤率。

For the third quarter of FY '22, our diversified business model delivered total sales of $8.5 billion, up 64% compared with the third quarter of FY '21, driven by both higher average selling prices and volume gains. Net earnings per diluted share was $1.63, up 15% from a year ago. Across our retail and wholesale channels, we sold approximately 415,000 cars in total, up 29% versus third quarter last year. For the first 9 months of FY '22, we sold approximately 1.3 million retail and wholesale cars combined as we set new records in each month.

在 22 財年第三季度，我們多元化的商業模式實現了 85 億美元的總銷售額，與 21 財年第三季度相比增長了 64%，這得益於較高的平均售價和銷量增長。稀釋後每股淨收益為 1.63 美元，比一年前增長 15%。在我們的零售和批發渠道，我們共售出約 415,000 輛汽車，比去年第三季度增長 29%。在 22 財年的前 9 個月，我們銷售了大約 130 萬輛零售和批發汽車，因為我們每個月都創造了新的記錄。

We continue to be the largest buyer of vehicles from consumers. We bought approximately 383,000 cars from consumers in the third quarter, which is up 91% versus last year and, again, we achieved self-sufficiency above 70%.

我們仍然是消費者最大的汽車買家。我們在第三季度從消費者那裡購買了大約 383,000 輛汽車，比去年增長了 91%，我們再次實現了 70% 以上的自給自足。

Our customer-centric omnichannel strategy, solid execution and macro factors are driving performance across our company. In our retail business, total unit sales in the third quarter were up 16.9%, and used unit comps were up 15.8% versus the third quarter last year. We experienced robust demand as we ramped staffing levels and built inventory. CAF and our credit partners also supported our sales by continuing to deliver strong credit offers even as our average sales price grew by over 30% year-over-year.

我們以客戶為中心的全渠道戰略、穩健的執行和宏觀因素正在推動我們公司的業績。在我們的零售業務中，與去年第三季度相比，第三季度的總單位銷售額增長了 16.9%，二手單位比增長了 15.8%。隨著我們提高人員配備水平和建立庫存，我們經歷了強勁的需求。即使我們的平均銷售價格同比增長超過 30%，CAF 和我們的信貸合作夥伴也通過繼續提供強大的信貸優惠來支持我們的銷售。

We achieved sequential growth in saleable inventory each month within the quarter. While inventory and staffing remained below our targets, we are pleased with our momentum and are confident that we have access to the resources we need to build inventory ahead of tax season though retail demand will determine the pace. In addition to strong unit sales, we reported record retail gross profit per used unit of $2,235, up $84 per unit versus the third quarter last year. With used car prices at all-time highs, we chose to pass along the majority of our self-sufficiency-driven acquisition cost savings to consumers via lower prices. We believe we struck the right balance between increasing our margins and supporting our customers in a time of elevated industry prices.

我們在本季度每個月都實現了可售庫存的連續增長。雖然庫存和人員配置仍低於我們的目標，但我們對我們的勢頭感到滿意，並相信我們可以獲得在稅收季節之前建立庫存所需的資源，儘管零售需求將決定步伐。除了強勁的單位銷售外，我們還報告了每件二手產品的零售毛利達到創紀錄的 2,235 美元，比去年第三季度每單位增加了 84 美元。由於二手車價格處於歷史最高水平，我們選擇通過降低價格將大部分自給自足驅動的購置成本節省轉嫁給消費者。我們相信，在行業價格上漲的時期，我們在提高利潤率和支持客戶之間取得了適當的平衡。

Wholesale units were up 48.5% from the third quarter last year, and gross profit per unit achieved an all-time record of $1,131 compared with $906 a year ago. The strength in wholesale units was primarily driven by the ongoing success of our instant online appraisal offering. We also benefited from still elevated valuations of used autos in the broader market.

批發單位比去年第三季度增長 48.5%，每單位毛利潤達到 1,131 美元，而一年前為 906 美元，創下歷史新高。批發部門的實力主要是由我們即時在線評估產品的持續成功推動的。我們還受益於大盤二手車估值仍然較高。

CarMax Auto Finance, or CAF, delivered income of $166 million, down from $176 million during the same period last year. CAF margins remained strong. Year-over-year financial results were impacted by a $68 million headwind in reserve adjustments. As a reminder, last year's quarter benefited from a reduced provision coming out of the pandemic, and this year's quarter reflects a more normalized provision.

CarMax Auto Finance (CAF) 的收入為 1.66 億美元，低於去年同期的 1.76 億美元。 CAF 利潤率保持強勁。年同比財務業績受到準備金調整 6800 萬美元逆風的影響。提醒一下，去年的季度受益於大流行帶來的準備金減少，而今年的季度反映了更加正常化的準備金。

CAF and our partner lenders delivered strong offers in all credit tiers. In a few moments, Jon will provide more detail on customer financing and CAF contributions as well as on the impact of the auto loan receivable systems conversion.

CAF 和我們的合作夥伴貸方在所有信用等級中都提供了強大的報價。稍後，Jon 將提供有關客戶融資和 CAF 貢獻以及汽車貸款應收系統轉換的影響的更多詳細信息。

Right now, I'd like to turn it over to Enrique, who will provide more information on our third quarter financial performance. Enrique?

現在，我想把它交給恩里克，他將提供有關我們第三季度財務業績的更多信息。恩里克?

Thanks, Bill, and good morning, everyone. Total gross profit was $837 million, up 32% from last year's record third quarter. This was driven by wholesale vehicle margin of $212 million, which was up 85%, and used vehicle margin of $508 million, which was up 21% from last year's third quarter.

謝謝，比爾，大家早上好。總毛利潤為 8.37 億美元，比去年創紀錄的第三季度增長 32%。這得益於 2.12 億美元的批發汽車利潤率，增長了 85%；二手車利潤率為 5.08 億美元，比去年第三季度增長了 21%。

Other gross profit was $116 million, up 18% from last year's third quarter. Favorability in the quarter included $20 million of margin contribution from Edmunds. Other gross profit also benefited from a $12 million improvement in third-party finance fees with income of $1.6 million compared to a $10.6 million cost last year. This was driven by renegotiated third-party finance fees and lower Tier 3 volume compared with last year. Also positively impacting other gross profit, EPP was up $5 million or 4.8%. While penetration was stable at approximately 60%, this year's third quarter reflects a $6 million unfavorable return reserve adjustment compared to a $3 million favorable return reserve adjustment during the prior year's quarter.

其他毛利潤為 1.16 億美元，比去年第三季度增長 18%。本季度的有利因素包括來自 Edmunds 的 2000 萬美元的保證金貢獻。其他毛利潤也受益於第三方財務費用增加了 1200 萬美元，收入為 160 萬美元，而去年的成本為 1060 萬美元。這是由於重新協商的第三方融資費用和與去年相比較低的第 3 級交易量。 EPP 也對其他毛利潤產生了積極影響，增長了 500 萬美元或 4.8%。雖然滲透率穩定在約 60%，但今年第三季度的不利回報準備金調整為 600 萬美元，而去年同期為 300 萬美元的有利回報準備金調整。

Partially offsetting gross profit favorability, service was down $21 million from the prior year's quarter. This was driven by pressure primarily related to our efforts to grow technician staffing as well as a shift in some retail service capacity to instead support used car reconditioning. Service gross profit versus the prior year period improved in each month during the quarter, and we anticipate that results will continue to improve into the fourth quarter.

部分抵消了毛利有利因素，服務比去年同期減少了 2100 萬美元。這是由壓力驅動的，主要與我們努力增加技術人員的努力以及一些零售服務能力的轉變以支持二手車翻新有關。本季度每個月的服務毛利潤與上年同期相比都有所改善，我們預計結果將繼續改善到第四季度。

On the SG&A front, expenses for the third quarter increased to $576 million, up 34% from the prior year's quarter due to costs related to unit volume growth and continued investment in our strategic initiatives. SG&A as a percent of gross profit was roughly flat at 68.8% compared to 68.2% during the third quarter last year. The increase in SG&A dollars over last year was primarily driven by 3 main factors. First, a $100 million increase in total compensation and benefits, driven by a strong ramp in staffing, a $23 million increase in stock-based compensation, unit volume-related commissions and the inclusion of Edmunds' payroll this quarter versus a year ago.

在 SG&A 方面，由於與單位數量增長相關的成本以及對我們戰略計劃的持續投資，第三季度的支出增加到 5.76 億美元，比上年同期增長 34%。 SG&A 佔毛利潤的百分比大致持平，為 68.8%，而去年第三季度為 68.2%。 SG&A 美元比去年增加主要受三個主要因素的推動。首先，總薪酬和福利增加了 1 億美元，這得益於員工人數的強勁增長、基於股票的薪酬增加了 2300 萬美元、與單位數量相關的佣金以及本季度與去年同期相比埃德蒙茲的工資單。

Second, a $22 million increase in other overhead, which includes our receipt of a $23 million settlement from a class action lawsuit. The remainder of the change primarily reflects investments to advance our technology platforms and strategic initiatives and the impact of COVID-related cost savings in the prior year quarter. And third, a $17 million increase in advertising expense, as previously communicated, to drive customer acquisition and to amplify the CarMax brand by continuing to build awareness of our omnichannel offerings.

其次，其他管理費用增加了 2200 萬美元，其中包括我們從集體訴訟中獲得的 2300 萬美元和解金。其餘的變化主要反映了對推進我們的技術平台和戰略計劃的投資，以及上一季度與 COVID 相關的成本節約的影響。第三，如前所述，增加 1700 萬美元的廣告費用，以推動客戶獲取並通過繼續建立對我們全渠道產品的認識來擴大 CarMax 品牌。

For the first 9 months of fiscal year '22, SG&A as a percent of gross profit was 66.1%, leveraging approximately 3 points over last year's 9-month percentage of 68.9%. We remain committed to ensuring that we are efficient and effective in our spend, and we expect that our targeted areas of focus will continue to deliver results over time. During the third quarter, from an efficiency and effectiveness perspective, we saw solid improvements in the service levels of our CECs and their conversion of web leads. This was despite the record level of volume that our CECs handled in the third quarter. This improvement was due to a combination of successful staffing ramps and ongoing utilization of our AI and machine learning processes that drive the right work to the right associates.

在 22 財年的前 9 個月，SG&A 佔毛利潤的百分比為 66.1%，比去年 9 個月的百分比 68.9% 高出約 3 個百分點。我們仍然致力於確保我們在支出方面的效率和有效性，並且我們希望我們的目標重點領域將隨著時間的推移繼續取得成果。在第三季度，從效率和有效性的角度來看，我們看到 CEC 的服務水平及其網絡潛在客戶的轉化有了顯著改善。儘管我們的 CEC 在第三季度處理的交易量創歷史新高。這種改進是由於成功的人員配備和持續利用我們的人工智能和機器學習流程的結合，這些流程將正確的工作推給了正確的員工。

We also continue to see efficiency gains in our buying organization. The combination of our instant offer program, along with the investments we've made in data science, automation and AI, continue to materially drive down our costs per buy. From a capital structure perspective, we ended the quarter with an adjusted debt to capital ratio in the middle of our targeted range of 35% to 45%. During the quarter, we entered into a $700 million term loan agreement primarily to support the growth of our total inventory dollars. In regard to our share repurchase program, we remain committed to returning excess capital to shareholders and repurchased approximately 850,000 shares in the quarter for approximately $115 million.

我們還繼續看到我們的採購組織的效率提高。我們的即時報價計劃與我們在數據科學、自動化和人工智能方面的投資相結合，繼續大幅降低我們的每次購買成本。從資本結構的角度來看，我們在本季度末調整後的債務與資本比率處於我們目標範圍 35% 至 45% 的中間。在本季度，我們簽訂了 7 億美元的定期貸款協議，主要是為了支持我們的總庫存美元的增長。關於我們的股票回購計劃，我們仍然致力於向股東返還多餘的資本，並在本季度以約 1.15 億美元的價格回購了約 850,000 股股票。

Now I'd like to turn the call over to Jon.

現在我想把電話轉給喬恩。

Thanks, Enrique, and good morning, everyone. Once again, our finance business has delivered solid results. For the third quarter, CAF's penetration, net of 3-day payoffs, was 42.2% compared with 45.7% observed last year. Tier 2 increased to 22.2% of used unit sales compared with 19.5% last year. Tier 3 accounted for 6.5% of sales compared with 9.7% a year ago. The year-over-year change in CAF penetration was driven by a larger percentage of customers leveraging cash or outside financing for the purchase of their vehicle as well as CAF comping over a historically high penetration in Q3 of FY '21.

謝謝，恩里克，大家早上好。我們的金融業務再次取得了可喜的成績。第三季度，CAF 的滲透率（扣除 3 天收益）為 42.2%，而去年為 45.7%。 Tier 2 從去年的 19.5% 增加到二手單位銷售額的 22.2%。 Tier 3 佔銷售額的 6.5%，而一年前為 9.7%。 CAF 滲透率的同比變化是由於更大比例的客戶利用現金或外部融資購買車輛以及 CAF 在 21 財年第三季度的歷史高滲透率。

We continued to observe strong credit offers from our Tier 2 partners as they compete for additional volume within the CarMax channel. These offers, along with a decrease in application volume and the lower portion of the credit spectrum, contributed to the swap in volume between Tiers 2 and 3. CarMax continues to provide outstanding access to financing for our customers across the credit spectrum. Our approval rates this quarter remained over 95% despite financing amounts that are approximately 25% above the same period in 2020. This ability to maintain such a strong credit offering speaks to the value of our multi-lender credit platform supported by CAF and our long-term finance partners.

我們繼續觀察到來自我們的第 2 級合作夥伴的強勁信貸報價，因為他們在 CarMax 渠道內競爭額外的銷量。這些優惠，以及申請量的減少和信貸範圍的較低部分，促成了第 2 層和第 3 層之間的交易量互換。CarMax 繼續為我們的客戶在整個信貸範圍內提供出色的融資渠道。儘管融資金額比 2020 年同期高出約 25%，但我們本季度的批准率仍保持在 95% 以上。保持如此強勁的信貸供應的能力說明了我們由 CAF 和長期支持的多貸方信貸平台的價值長期財務合作夥伴。

During this year's third quarter, on the strength of record used unit sales, CAF's net loans originated was nearly $2.4 billion. The weighted average contract rate charged to new customers was 8.3%, down from 8.6% a year ago and 8.5% in the second quarter. The difference in APR is primarily a result of the change in the credit mix of customers, along with rate testing that CAF executed within the quarter. CAF income for the quarter was $166 million, down $10 million from the same period last year. This included a more normalized loan loss provision of $76 million as compared to the significantly reduced provision of only $8 million in the same quarter last year that was driven by the continued reduction of the reserve that was established at the start of the COVID pandemic.

在今年第三季度，憑藉創紀錄的二手單位銷售額，CAF 的淨貸款來源接近 24 億美元。向新客戶收取的加權平均合同費率為 8.3%，低於去年同期的 8.6% 和第二季度的 8.5%。 APR 的差異主要是由於客戶信用組合的變化，以及 CAF 在本季度執行的利率測試。本季度 CAF 收入為 1.66 億美元，比去年同期減少 1000 萬美元。這包括更正常化的貸款損失準備金 7600 萬美元，而去年同期僅大幅減少了 800 萬美元，這是由於在 COVID 大流行開始時建立的準備金持續減少所致。

Almost fully offsetting the provision headwind was a year-over-year increase in total interest margin of $65 million or 7.2% of managed receivables. This year-over-year margin increase highlights the strength of our ABS program, the favorable state of the capital markets and our continued growth in receivables. The current quarter's provision of $76 million results in an ending reserve balance of $427 million or 2.75% of managed receivables. This is up from 2.66% at the end of the second quarter and includes a 6 basis point adjustment for the added Tier 2 and Tier 3 volume CAF is now originating. The adjustment was primarily driven by the implementation of our Tier 2 origination test. Remember, contribution from CAF originations is recognized over the life of the receivables, while the loss reserve is recognized at the time of origination. Note also that the core portion of the reserve allocated to Tier 1 loan losses remains well within our historical range of 2% to 2.5%.

幾乎完全抵消了撥備逆風的是，總息差同比增長 6500 萬美元，佔管理應收賬款的 7.2%。這一同比增長突顯了我們 ABS 計劃的實力、資本市場的有利狀況以及我們應收賬款的持續增長。本季度撥備 7600 萬美元導致期末準備金餘額為 4.27 億美元，佔管理應收賬款的 2.75%。這比第二季度末的 2.66% 有所上升，其中包括對新增的第 2 層和第 3 層的 CAF 數量進行了 6 個基點的調整。調整主要是由我們的第 2 級起源測試的實施推動的。請記住，來自 CAF 起源的貢獻在應收賬款的整個生命週期內確認，而損失準備金則在起源時確認。另請注意，分配給一級貸款損失的準備金的核心部分仍處於我們 2% 至 2.5% 的歷史範圍內。

During the third quarter, we transitioned from CAF's legacy auto loan receivable servicing systems to brand new systems. The new platform went live in October and included a period of planned downtime in a number of operational areas, including collections and customer service. This required pause in our business resulted in an increase in delinquencies and losses that we expect to normalize over the coming months as both our systems and processes stabilize. This had an immaterial impact to the loan loss provision on the quarter. Additionally, CAF absorbed roughly $5 million in deployment expense in the third quarter related to items such as temporary contractor support, proactive customer communication regarding the systems change and added staffing to handle the elevated call volume once back online.

在第三季度，我們從 CAF 的傳統汽車應收貸款服務系統過渡到全新的系統。新平台於 10 月上線，包括在收款和客戶服務等多個運營領域的計劃停機時間。這需要暫停我們的業務，導致拖欠和損失增加，我們預計隨著我們的系統和流程穩定在未來幾個月內將正常化。這對本季度的貸款損失準備金產生了非實質性影響。此外，CAF 在第三季度吸收了大約 500 萬美元的部署費用，這些費用與臨時承包商支持、有關係統變更的主動客戶溝通以及增加人員配置以處理重新上線後增加的呼叫量等項目有關。

We are extremely excited about this new platform that will not only provide CAF, a modernized foundation for growth and efficiency, but will also allow us to enhance our customer experience and self-service capabilities. I would like to take this opportunity to thank the CAF organization, along with the corresponding project teams who have worked so tirelessly to build them and implement such a transformative solution for both our associates and our customers.

我們對這個新平台感到非常興奮，它不僅將為 CAF 提供現代化的增長和效率基礎，而且還將使我們能夠增強我們的客戶體驗和自助服務能力。我想藉此機會感謝 CAF 組織以及相應的項目團隊，他們孜孜不倦地為我們的員工和客戶構建並實施這樣一個變革性的解決方案。

Now I'll turn the call back over to Bill.

現在我將把電話轉回給比爾。

Thank you, Jon. Thank you, Enrique. This quarter continues this year's strong top line performance trend. We're benefiting from our investments and are excited about the opportunities that lie ahead. We provide the ability for customers to buy a car 100% in-store or 100% online, and our omnichannel capabilities allow our customers to personalize their experience with a mix of digital and physical interactions to meet their needs.

謝謝你，喬恩。謝謝你，恩里克。本季度延續了今年強勁的頂線業績趨勢。我們從我們的投資中受益，並對未來的機會感到興奮。我們為客戶提供 100% 在店內或 100% 在線購買汽車的能力，我們的全渠道能力使我們的客戶能夠通過數字和物理交互的組合來個性化他們的體驗，以滿足他們的需求。

As our omnichannel and online sales continue to grow, we have observed that the vast majority of our customers who buy digitally still elect to take delivery in our stores. This is another proof point that our ability to offer seamless integration across digital and physical transaction is providing value to our customers and is a key differentiator for us.

隨著我們的全渠道和在線銷售持續增長，我們觀察到絕大多數以數字方式購買的客戶仍然選擇在我們的商店提貨。這是另一個證明，我們提供跨數字和物理交易無縫集成的能力正在為我們的客戶提供價值，並且是我們的關鍵差異化因素。

In the third quarter, a little more than 9% of retail unit sales were online, up from the prior year's quarter of 5%. Our wholesale auctions remain virtual, so 100% of wholesale sales, which represents 23% of total revenue, are considered online transactions. Total revenue resulting from online transactions was approximately 30%. This is up from 20% in last year's third quarter. Approximately 57% of retail unit sales were omni sales this quarter, up from 49% in the prior year's quarters.

第三季度，略高於 9% 的零售單位銷售額來自在線，高於去年同期的 5%。我們的批發拍賣仍然是虛擬的，因此 100% 的批發銷售（佔總收入的 23%）被視為在線交易。在線交易產生的總收入約為 30%。這比去年第三季度的 20% 有所上升。本季度約有 57% 的零售單位銷售額為全方位銷售，高於去年同期的 49%。

We've been focused on completing the rollout of our 100% self-service experience where customers, if they choose to, can independently complete the entire car buying process online. Currently, more than 2/3 of our customers have access to complete end-to-end unaided online experience, an increase from a little over 50% from our last call. This expansion reflects customers' ability to incorporate trade-ins without liens to their online orders. The remaining 2 use cases that we will be working through during the fourth quarter are paid transfers and trade-ins with liens.

我們一直專注於完成 100% 自助服務體驗的推出，客戶如果願意，可以在線獨立完成整個購車流程。目前，我們超過 2/3 的客戶可以獲得完整的端到端獨立在線體驗，比我們上次通話時的 50% 多一點。這種擴展反映了客戶在沒有留置權的情況下將折價納入其在線訂單的能力。我們將在第四季度處理的其餘 2 個用例是付費轉賬和留置權以舊換新。

In the third quarter, we bought approximately 194,000 vehicles from customers through our online instant appraisal, which represents about half of our total buys from customers. That's a new record, a 4% increase from our second quarter number and a 19% increase compared to the first quarter. This growth supports our belief that we remain the largest online buyer of used autos from consumers in the U.S.

第三季度，我們通過在線即時評估從客戶那裡購買了大約 194,000 輛汽車，約占我們從客戶購買的總量的一半。這是一個新紀錄，比我們第二季度的數字增加了 4%，與第一季度相比增加了 19%。這一增長支持了我們的信念，即我們仍然是美國消費者二手車的最大在線買家。

We are continuously enhancing our e-commerce offerings to exceed customer expectations and to seamlessly integrate with our best-in-class store experience. In the third quarter, we continued to make progress on our online finance experience by expanding our finance-based shopping, or FBS, capability. FBS enables our customers to see personalized finance terms from multiple lenders across the full inventory of vehicles on our website, which is a key differentiator in the retail marketplace. Roughly 75% of our customers are able to enjoy this experience today. And going forward, we are working towards adding the remaining customers and integrating additional lenders to this experience. Additionally, during the fourth quarter, we will be launching a more sophisticated version of the tool and increasing the speed of digital decisions.

我們不斷增強我們的電子商務產品以超越客戶的期望，並與我們一流的商店體驗無縫集成。第三季度，我們通過擴展基於金融的購物或 FBS 能力，繼續在在線金融體驗方面取得進展。 FBS 使我們的客戶能夠在我們網站上的全部車輛庫存中看到來自多個貸方的個性化融資條款，這是零售市場的一個關鍵差異化因素。今天，我們大約 75% 的客戶能夠享受這種體驗。展望未來，我們正在努力增加剩餘的客戶並將更多的貸方整合到這種體驗中。此外，在第四季度，我們將推出更複雜的工具版本，並提高數字決策的速度。

Again, we're proud of our strong results for this quarter and year-to-date. By delivering the most customer-centric experience in the industry, we will enable sustainable growth and create meaningful long-term shareholder value.

同樣，我們為本季度和年初至今的強勁業績感到自豪。通過提供業內最以客戶為中心的體驗，我們將實現可持續增長並創造有意義的長期股東價值。

And with that, we'll be happy to take your questions. Jerome?

有了這個，我們很樂意回答您的問題。杰羅姆?

(Operator Instructions) Your first question comes from the line of Sharon Zackfia with William Blair.

（操作員說明）您的第一個問題來自 Sharon Zackfia 和 William Blair。

Happy holidays. I guess a question on SG&A per car. I mean, it's been up kind of at a double-digit percentage rate over the last few quarters, and I know that's comparing against a year ago capacity restrictions and lesser investments in the business. But I'm curious what your line of sight is into kind of SG&A per car turning into more of a low single-digit percentage increase or even starting to leverage that in the future.

節日快樂。我猜是關於每輛車的 SG&A 的問題。我的意思是，在過去幾個季度中，它以兩位數的百分比增長，我知道這與一年前的產能限制和業務投資減少相比。但我很好奇你對每輛車的 SG&A 的看法是什麼，這會變成更多的低個位數百分比增長，甚至在未來開始利用這一點。

Sharon, happy holidays to you as well. And 3 quarters ago in our Analyst Day, we communicated kind of the new way that we were looking at SG&A that -- which is SG&A as a percent of gross margin or gross profit dollars as we believe that's much more reflective of how we actually run the business and more reflective of our efficiency because we are investing not only in our used car business, but we're investing in technology and platforms and resources to grow our wholesale business, which certainly we'd seen so far this year and certainly this quarter as well as our CAF business. So we're investing across the board. So if you take a look at SG&A as a percent of gross profit, that's kind of how we manage the business. And year-to-date, we've leveraged that by 300 basis points. And our intent is that we will leverage this year when it comes to SG&A, and our plan is to leverage that into the fourth quarter as well.

莎倫，也祝你節日快樂。三個季度前，在我們的分析師日，我們傳達了一種我們看待 SG&A 的新方式——即 SG&A 作為毛利率或毛利潤美元的百分比，因為我們認為這更能反映我們的實際運營方式業務，更能反映我們的效率，因為我們不僅投資於二手車業務，而且投資於技術、平台和資源以發展我們的批發業務，我們今年到目前為止肯定已經看到了季度以及我們的 CAF 業務。因此，我們正在全面投資。因此，如果您將 SG&A 視為毛利潤的百分比，這就是我們管理業務的方式。年初至今，我們已經利用了 300 個基點。我們的意圖是，我們將在今年利用 SG&A，我們的計劃也是在第四季度利用這一點。

Okay. Great. And then a follow-up question on used car pricing. I mean there's a lot of debate amongst investors on how much companies such as yourself are benefiting from used car prices. So is there any way to disaggregate what you think the benefit is, particularly maybe in wholesale GPU from prices as opposed to the initiatives that you've done that have increased the appraisal volume in general from the online arena?

好的。偉大的。然後是關於二手車定價的後續問題。我的意思是，對於像您這樣的公司有多少從二手車價格中受益，投資者之間存在很多爭論。那麼，有什麼方法可以分解您認為的好處，尤其是批發 GPU 與價格，而不是您所做的增加在線領域評估量的舉措？

Yes, Sharon. When I think about used car prices, it's -- on one side, it's a bit of a headwind, on another side, it's a bit of a tailwind. I think you've hit the area where I think it's more of a tailwind, which is wholesale. So any time used price valuation goes up, that's a good thing for organizations that are buying cars and certainly is a good thing for us. As I think about the wholesale growth or just our growth in self-sufficiency in totality, I would still go back to that we believe that the majority of that growth is really a result of some of the innovations, things like instant appraisal or the instant offer that we have on -- for appraisals. I think that's driving the majority of the growth because even if I go back to the first quarter where we didn't see -- it was prior to kind of this continued ramp-up in valuations, we saw a huge increase in wholesale and just overall buys. So while it is hard, to your point, to disaggregate the 2, I think we believe that the majority of the increase is driven by things that we're doing internally.

是的，莎倫。當我考慮二手車價格時，一方面是逆風，另一方面是順風。我認為你已經觸及了我認為它更像是順風的領域，即批發。因此，任何時候使用價格估值上升，這對購買汽車的組織來說都是一件好事，當然對我們來說也是一件好事。當我想到批發增長或我們總體上自給自足的增長時，我仍然會回到我們相信大部分增長實際上是一些創新的結果，比如即時評估或即時我們提供的報價 - 用於評估。我認為這是推動大部分增長的原因，因為即使我回到我們沒有看到的第一季度——在估值持續上升之前，我們看到批發量大幅增長，而且只是整體購買。因此，就您而言，雖然很難分解 2，但我認為我們認為大部分增長是由我們內部所做的事情驅動的。

Your next question comes from Rick Nelson with Stephens.

您的下一個問題來自 Rick Nelson 和 Stephens。

Nice quarter. I'd like to follow up on the online penetration. It was 9%, up from 5% a year ago, but yet that stayed stable sequentially. Any thoughts on why we didn't see that grow sequentially?

漂亮的季度。我想跟進在線滲透。為 9%，高於一年前的 5%，但仍保持穩定。關於為什麼我們沒有看到它按順序增長的任何想法？

Yes, it was up a little bit. But you're right, it was fairly a small increase from the last quarter. And as I think about it, one of the reasons that we got our self-progression up to about 2/3 was because we added some functionality to the trades that don't have liens. And we added that more to the latter part of the quarter last year. And I think the -- what we're really seeing is we're giving customers options to do different things.

是的，漲了一點。但你是對的，與上一季度相比，增幅相當小。在我看來，我們將自我進度提高到大約 2/3 的原因之一是因為我們為沒有留置權的交易添加了一些功能。我們在去年本季度的後半部分增加了更多內容。而且我認為 - 我們真正看到的是我們正在為客戶提供做不同事情的選擇。

So while they may think, okay, I'm going to do an online sale, as I said in my opening remarks, some people are still -- they're coming in and wanting to deliver in the store. They want to do a couple of things in the store. So I think a big driver is just options. We give consumers options. And so they may think they're going to do one thing and they actually take a different path, which -- that's what we're all about. We don't care which way a consumer wants to buy or how they want it delivered. We just want to make sure that we're giving them the most personalized experience. I'd expect to see this percent continue to go up. But again, it's going to be more driven by the customers' behaviors than us forcing anybody to go one way or the other.

因此，儘管他們可能會想，好吧，我要進行在線銷售，正如我在開場白中所說的那樣，有些人仍然 - 他們正在進來並希望在商店中交付。他們想在商店裡做幾件事。所以我認為一個大的驅動因素只是選擇。我們為消費者提供選擇。所以他們可能認為他們要做一件事，但實際上他們走的是不同的道路，這就是我們的全部目標。我們不在乎消費者想要以哪種方式購買或他們希望如何交付。我們只是想確保我們為他們提供最個性化的體驗。我希望看到這個百分比繼續上升。但同樣，這將更多地受客戶行為的驅動，而不是我們強迫任何人走一條路或另一條路。

And your next question comes from the line of Craig Kennison with Baird.

你的下一個問題來自 Craig Kennison 和 Baird。

Happy holidays. My question has to do with affordability. With your ASPs up over $6,000 to more than $28,000, are you seeing the high prices crowd out any segment of your customer base, especially among your less affluent consumers?

節日快樂。我的問題與負擔能力有關。隨著您的 ASP 超過 6,000 美元到 28,000 美元以上，您是否看到高價格擠占了您的客戶群的任何部分，尤其是在您不太富裕的消費者中？

Yes. So Craig, I think it goes back to a little bit of Sharon's question where I said we've got some headwinds, and we've got some tailwinds. When you think about ASPs, the tailwind is more on the wholesale. The headwind -- I think there is a little bit of a headwind on the retail side. While you're benefiting from less new cars that are out there, so you're probably getting some new car customers that are looking for a higher selection, the fact that the price is up, I think that does pinch some consumers out, especially at the lower end of the credit spectrum. It could make it more difficult for them. This is also the reason why we stay very focused on trying to make sure we can continue to pass along efficiencies to customers just to make sure that we can give them as good a deal as possible, which again is why we took a lot of our self-sufficiency gains and put it through in prices.

是的。所以克雷格，我認為這可以追溯到莎倫的一點問題，我說我們遇到了一些逆風，我們也遇到了一些順風。當您考慮 ASP 時，順風更多的是批發。逆風——我認為零售方面有一點逆風。雖然您從較少的新車中受益，所以您可能會吸引一些正在尋找更高選擇的新車客戶，但價格上漲的事實，我認為這確實會擠壓一些消費者，尤其是在信用範圍的低端。這可能會讓他們更加困難。這也是我們一直非常專注於努力確保我們能夠繼續將效率傳遞給客戶的原因，只是為了確保我們可以為他們提供盡可能好的交易，這也是為什麼我們採取了很多我們的自給自足的收益並通過價格實現。

Yes, Craig, and I'll just accentuate that comment I made in my prepared remarks. I think this makes us feel all the more better given the ASPs on our 95%-plus approval rate on those that did come through the door and our lending platform and our lenders down in that space still able to provide strong quality offers. So certainly recognize it as it can be a challenge down there, but we feel like we have the credit to provide those customers.

是的，克雷格，我將強調我在準備好的評論中所做的評論。我認為這讓我們感覺更好，因為我們對那些確實通過門的人的批准率超過了 95%，而且我們的貸款平台和我們在該領域的貸方仍然能夠提供強大的質量報價。所以當然要認識到這可能是一個挑戰，但我們覺得我們有能力為這些客戶提供服務。

Your next question comes from the line of John Murphy with Bank of America.

您的下一個問題來自美國銀行的 John Murphy。

This is Aileen Smith on for John. I wanted to ask a question and circle back to one of the targets that you provided at your Analyst Day back in May, which was to sell 2 million vehicles per year by 2026 across the retail and wholesale channels. At the time, your volume levels were closer to the 1.2 range, but based on where 4Q lands, you're probably going to be close to 1.6, 1.7 for this year, which is impressive. So first question, relative to when you provided that outlook 6 months ago, what segment of the business has been performing perhaps better than expectations, retail or wholesale? And second, what factors would you attribute to this more so increasing inventory through sourcing efforts or making progress with your customers on omnichannel or other offerings?

這是約翰的艾琳史密斯。我想問一個問題，然後回到你在 5 月份的分析師日提供的目標之一，即到 2026 年通過零售和批發渠道每年銷售 200 萬輛汽車。當時，您的音量水平接近 1.2 範圍，但根據 4Q 的位置，您今年可能會接近 1.6、1.7，這令人印象深刻。所以第一個問題，相對於您在 6 個月前提供該前景時，哪個業務部門的表現可能好於預期，零售還是批發？其次，您將哪些因素歸因於通過採購努力增加庫存或與您的客戶在全渠道或其他產品上取得進展？

Yes. So I mean, the way I think about it is, we've been pleasantly surprised by some of our innovations. We expected to increase sales, both wholesale and retail and -- which is why we set the goal out there. Obviously, wholesale has been very strong, but so is retail. Top line retail has been strong as well. So we're very pleased, and I think it's a little too early. We just put those targets out there not that long ago, but we'll be reviewing those targets probably later on in the year after the year-end and potentially updating. But I think it's a little early at this point.

是的。所以我的意思是，我的想法是，我們對我們的一些創新感到驚喜。我們希望增加批發和零售的銷售額，這就是我們設定目標的原因。顯然，批發業非常強勁，但零售業也是如此。頂級零售業也很強勁。所以我們很高興，我認為這有點太早了。不久前我們剛剛提出了這些目標，但我們可能會在年底後的一年晚些時候審查這些目標，並可能進行更新。但我認為現在還為時過早。

Yes, I would agree with that. And I think we've said on our previous calls, we have -- our performance in our instant offer has really exceeded our expectations. We put that product out really in the first quarter, and it just -- it has taken off. It's resonated with our consumers. It's resonated with the marketplace, and that has really driven a good part of our business through self-sufficiency but also driving wholesale business as well. So that has exceeded our expectations. And it's gotten -- our instant offer program has gotten stronger every single quarter. So second quarter was stronger than the first. Third quarter was stronger than the second. So that seems to be building momentum out there in the marketplace.

是的，我同意這一點。而且我認為我們在之前的電話會議中已經說過，我們在即時報價中的表現確實超出了我們的預期。我們真的在第一季度推出了該產品，它只是 - 它已經起飛。它引起了我們消費者的共鳴。它引起了市場的共鳴，這確實通過自給自足推動了我們業務的很大一部分，同時也推動了批發業務。所以這超出了我們的預期。而且它得到了 - 我們的即時報價計劃每個季度都變得更加強大。所以第二季度比第一季度強。第三季度比第二季度強。因此，這似乎正在市場上建立勢頭。

Your next question comes from the line of Rajat Gupta with JPMorgan.

您的下一個問題來自摩根大通的 Rajat Gupta。

I just wanted to follow up just with the labor and capacity situation today. How comfortable are you with the pace of hiring and the level of staffing that you have at your stores just to serve the demand that is to come in the near to medium term? And I have a follow-up.

我只是想跟進今天的勞動力和產能情況。您對商店的招聘速度和人員配備水平是否滿意，以滿足中短期內的需求？我有一個後續行動。

Yes. We feel -- like I said in my prepared remarks, we feel great about the momentum, both in inventory and staffing. If I look at staffing, just for the quarter, we hired more than 2,000 associates and, obviously, the majority of those are in the field and the customer experience centers. So we're on a good trend there. We're a little light of where we'd like to be. And also this is the time of the year where we start to ramp up for the traditional tax season. But we feel great about that. We also feel great about our ability to produce cars. As I said earlier, we're sequentially building every single month, and we've continued that trend early into this fourth quarter. We're very confident that we can get both to where we need, that we've got the resources and the wherewithal to take care of both.

是的。我們覺得 - 就像我在準備好的講話中所說的那樣，我們對庫存和人員配備方面的勢頭感到非常滿意。如果我看一下人員配備，僅在本季度，我們就僱傭了 2,000 多名員工，顯然，其中大部分在現場和客戶體驗中心。所以我們的趨勢很好。我們對我們想去的地方有點了解。這也是一年中我們開始為傳統的稅收季節做準備的時候。但我們對此感覺很好。我們也對我們生產汽車的能力感到滿意。正如我之前所說，我們每個月都在按順序進行建設，並且我們在第四季度初期一直保持這種趨勢。我們非常有信心，我們可以將兩者都到達我們需要的地方，我們有資源和資金來照顧兩者。

Got it. That's helpful. And just kind of a follow-up on CAF. You've increased your Tier 2, Tier 3 mix within that -- within CAF over the last few quarters. And if I compare to 2 years ago, it looks like your third-party Tier 2 mix is also higher, whereas you've also increased the Tier 2 mix within CAF. So just curious as to what's changing in your overall customer base in general? Is there a more permanent shift taking towards even the Tier 2, Tier 3 mix? Or is this just more a onetime thing? I'm just curious how that's going to change and how that impacts the business?

知道了。這很有幫助。只是對 CAF 的一種跟進。在過去幾個季度中，您在 CAF 中增加了您的第 2 層、第 3 層組合。如果我與 2 年前相比，看起來您的第三方 2 級組合也更高，而您還增加了 CAF 中的 2 級組合。所以只是好奇您的整體客戶群總體上發生了什麼變化？是否有更永久的轉變，甚至轉向第 2 層、第 3 層的組合？或者這只是一次性的事情？我只是好奇這將如何改變以及這將如何影響業務？

Yes, I appreciate the question. Yes. So within the Tier 2 percentage, obviously, you saw that, that went up within the quarter. A couple of things going on there, penetration or the amount of sales that a tier or a lender will take is certainly a function of those that are applying for credit. We did mention that there was less volume down in the lower kind of subprime space. So that will take volume from Tier 3. But I think also very important of note is the credit offers from our Tier 2 lenders has been spectacular, and they're probably pulling some volume up out of Tier 3, which is positive, obviously, from a participation standpoint. So that's strong. Obviously, you did recognize that CAF is in the Tier 2 space as well. So we're taking some volume there. But I think the combination of the credit quality that are applying and then the Tier 2 strength of offers is what's changing in the Tier 2 and Tier 3 space.

是的，我很欣賞這個問題。是的。因此，顯然，在第 2 層百分比內，您看到了這一點，該百分比在本季度內有所上升。那裡發生的一些事情，滲透或層級或貸方將採取的銷售量肯定是申請信貸的人的功能。我們確實提到了較低類型的次貸空間的交易量減少。因此，這將從第 3 級獲得交易量。但我認為還有非常重要的一點是，我們的第 2 級貸方提供的信貸非常可觀，他們可能會從第 3 級拉動一些交易量，這顯然是積極的，從參與的角度。所以這很強大。顯然，您確實認識到 CAF 也屬於第 2 層空間。所以我們在那裡增加了一些音量。但我認為正在應用的信用質量以及二級報價強度的組合是二級和三級空間的變化。

And your next question comes from the line of Brian Nagel with Oppenheimer.

你的下一個問題來自布賴恩·內格爾和奧本海默的觀點。

Nice quarter. Congratulations. So the question I want to ask, probably a bit of a follow-up to some of the prior questions. But look, there was definitely a nice acceleration in the used car business from fiscal Q2 to fiscal Q3. Bill, you talked in your prepared comments about -- in some of the response to the questions about the inventory, maybe the inventory constraints lighting up. But I guess, my question is, how should we really think about this acceleration? I mean what are -- what were the key factors behind it? And was it more supply, more demand driven? And then I recognize that you don't give guidance. How should we consider maybe the sustainability of what we're seeing in the business, at least as of the end of Q3?

漂亮的季度。恭喜。所以我想問的問題可能是對前面一些問題的跟進。但是看，從第二財季到第三財季，二手車業務肯定有很好的加速。比爾，你在準備好的評論中談到了 - 在對庫存問題的一些回應中，也許庫存限制正在點亮。但我想，我的問題是，我們應該如何真正考慮這種加速？我的意思是——它背後的關鍵因素是什麼？是更多的供應，更多的需求驅動嗎？然後我認識到你沒有提供指導。至少在第三季度末，我們應該如何考慮我們在業務中看到的可持續性？

Yes. So Brian, thank you for the question. First of all, I've got to give a shout out to the team because they've done just a phenomenal job from an execution standpoint, taking advantage of the opportunities. Like I did say, I think the fact that we have been light in inventory, especially in the second quarter and how we've continued to work through that, I think that's a big factor.

是的。所以布萊恩，謝謝你的問題。首先，我必須向團隊大喊一聲，因為從執行的角度來看，他們利用這些機會完成了出色的工作。就像我說過的那樣，我認為我們的庫存一直很清淡，尤其是在第二季度，以及我們如何繼續解決這個問題，我認為這是一個重要因素。

I think the staffing is another big factor because we're understaffed in the stores and our customer experience centers. We continue to make enhancements on our omnichannel experience. If I think about just year-over-year, online and omnichannel, this year was roughly, let's call it, 66% of sales. A year ago, it was 53% of the sales. I think passing along efficiencies in pricing, last quarter was really the first quarter that we had seen self-sufficiency above 70%, and we saw that continue through this quarter and being able to pass those savings along, I think, were also a good thing.

我認為人員配備是另一個重要因素，因為我們的商店和客戶體驗中心人手不足。我們將繼續增強我們的全渠道體驗。如果我只考慮與去年同期相比，在線和全渠道，今年大概佔銷售額的 66%。一年前，它佔銷售額的 53%。我認為傳遞定價效率，上個季度實際上是我們看到自給自足率超過 70% 的第一季度，我們看到這種情況一直持續到本季度，並且能夠傳遞這些節省，我認為，這也是一個很好的選擇事物。

So I think there's a lot that's playing into it, and it's really hard to say, okay, well, this piece of it or that piece. We felt great about the quarter. It was strong every month in the quarter. And you're right, we don't give guidance, but I'll tell you, we're pleased with the start of the fourth quarter.

所以我認為其中有很多東西在起作用，而且真的很難說，好吧，好吧，這一段或那一段。我們對這個季度感覺很好。本季度每個月都很強勁。你是對的，我們不提供指導，但我會告訴你，我們對第四季度的開始感到滿意。

Perfect. Then so if I could follow up to that. As we think about the business, what constraints are still in place? Is it inventory, labor or other things? I mean -- and then how should we think about those constraints abating, again, just over the next, say, few months or whatever?

完美的。那麼如果我能跟進的話。當我們考慮業務時，仍然存在哪些限制？是庫存、人工還是其他？我的意思是——然後我們應該如何考慮這些限制會在接下來的幾個月或其他時間裡再次減弱？

Yes. I think labor -- I think labor is one that we'll continue to focus on. While we've made great progress, we want to hire some more folks there, and that's pretty much across the whole organization. So I think that's another one that we're continuing to focus on and making great progress as well as inventory. We'll continue to build out inventory. But like I said earlier, I think we have the resources, and we're on the right path to make sure that we'll be able to get our inventory to where it needs to be in time for any type of tax time sales. And I'll tell you, the other thing is if I look over the next year, we're also -- as part of our planned growth, we have roughly, let's call it, 10 new production centers opening up. Some of them are part of geo, some of them are part of expansion plans that we'd already started. So we've got the resources we need, and we're on a good trajectory, but those are our, I think, shorter-term focuses for us, certainly.

是的。我認為勞動力 - 我認為勞動力是我們將繼續關注的一項。雖然我們已經取得了很大的進步，但我們想在那裡僱傭更多的人，這幾乎是整個組織的。所以我認為這是我們繼續關注並取得巨大進展以及庫存的另一個方面。我們將繼續建立庫存。但就像我之前說的，我認為我們擁有資源，並且我們正走在正確的道路上，以確保我們能夠及時將庫存送到任何類型的納稅時間銷售所需的地方。我會告訴你，另一件事是，如果我回顧一下明年，我們也 - 作為我們計劃增長的一部分，我們大約有 10 個新的生產中心開放。其中一些是地理的一部分，其中一些是我們已經開始的擴張計劃的一部分。所以我們有我們需要的資源，我們正處於良好的軌道上，但我認為，這些是我們的短期關注點，當然。

Brian, what I would add to that is between the improvements in staffing and certainly the physical capacity that we have today and moving forward, what I'd tell you is that we have a strong belief that we are operationally strong and ready for growth. So we are well positioned.

布賴恩，我要補充的是，在人員配備的改進以及我們今天擁有的身體能力和向前發展之間，我要告訴你的是，我們堅信我們的運營能力很強，並為增長做好了準備。所以我們的定位很好。

Your next question comes from the line of Seth Basham with Wedbush Securities.

您的下一個問題來自 Wedbush Securities 的 Seth Basham。

My first question is regarding the self-sufficiency ratio, which was again up over 70% this quarter, second time in a row. But this quarter, we saw your retail unit comps really accelerate and your GPU be much stronger year-over-year than last quarter. Can you help us understand the dynamics that are driving those big changes from one quarter to the next?

我的第一個問題是關於自給率，本季度再次上升超過 70%，連續第二次上升。但是本季度，我們看到您的零售單位組合確實在加速，並且您的 GPU 比上一季度要強得多。您能幫助我們了解推動這些重大變化從一個季度到下一個季度的動態嗎？

Yes. So I think I spoke a little bit about the comps and all the factors that kind of drove that in there. I mean, obviously, self-sufficiency is at a high for a second -- the entire second quarter. We were able to pass those efficiencies along. And like I said in my prepared remarks, what we're trying to do is walk a fine balance here. We know prices are up 30% for us. We know that puts pressure for some customers. So we're really trying to make the vehicles as affordable as possible. We'll continue this quarter -- just like we did last quarter, we'll continue to look at inventory levels, test elasticity, check competitors' inventory. So there's a lot of things that go into this. But I do think we struck the right balance, both from a margin standpoint kind of coming in historically high. If you look at recent margin ranges for the last few years, I think we came in high on that. But still we're able to pass along some great efficiencies to the consumers.

是的。所以我想我談到了一些關於比賽和所有推動它的因素。我的意思是，顯然，自給自足處於高位一秒鐘 - 整個第二季度。我們能夠將這些效率傳遞下去。就像我在準備好的講話中所說的那樣，我們要做的是在這裡保持良好的平衡。我們知道價格對我們來說上漲了 30%。我們知道這會給一些客戶帶來壓力。所以我們真的在努力讓這些車輛盡可能地負擔得起。我們將在本季度繼續 - 就像我們上個季度一樣，我們將繼續查看庫存水平，測試彈性，檢查競爭對手的庫存。所以這裡面有很多東西。但我確實認為我們取得了正確的平衡，無論是從利潤率的角度來看，都處於歷史高位。如果你看看最近幾年的利潤率範圍，我認為我們在這方面做得很好。但是我們仍然能夠將一些巨大的效率傳遞給消費者。

Right. Just to follow up. Last quarter, we didn't see as much improvement in GPU or comp. Is the delta between last quarter and this quarter, therefore, due to market forces, such as the difference between market retail and wholesale prices? Or is there something else?

對。只是為了跟進。上個季度，我們沒有看到 GPU 或 comp 有太大改善。因此，上一季度和本季度之間的差值是否是由於市場力量，例如市場零售價和批發價之間的差異？或者還有別的什麼？

Well, I think this is -- last quarter was the first time we had really achieved self-sufficiency over 70%. And what we did realize last quarter, we pretty much were passing along. What I would tell you is if you look at the market, and we don't talk about market share until the end of the year because there's definitely a lag and you have to look at it on a calendar year basis due to that lag. But some of the external sources that are out there that will tell you the used car just overall market is either flat or maybe even negative in the last few months. And we think that bodes well for the gains that we're starting to see.

好吧，我認為這是 - 上個季度是我們第一次真正實現了超過 70% 的自給自足。我們在上個季度確實意識到，我們幾乎是在傳遞。我要告訴你的是，如果你看一下市場，我們要到年底才談論市場份額，因為肯定存在滯後，由於滯後，你必須在日曆年的基礎上查看它。但一些外部消息來源會告訴你，過去幾個月的二手車整體市場要么持平，甚至可能為負。我們認為這預示著我們開始看到的收益。

So I think what you're really seeing here is you're just seeing a combination of a whole bunch of things that are really kind of came to fruition like I talked about all the different things for comp. I think what you're starting see is there's just a lot of factors that really played in on the third quarter results.

所以我認為你在這裡真正看到的是你只是看到了一大堆東西的組合，這些東西真的有點像我談到的所有不同的東西一樣。我認為你開始看到的是，有很多因素真正影響了第三季度的結果。

Your next question comes from the line of Michael Montani with Evercore ISI.

您的下一個問題來自於 Evercore ISI 的 Michael Montani。

Congrats on the quarter. Just wanted to clarify one thing and then I had a question on provisioning. But from a clarification standpoint, into the fourth quarter, Enrique, I just wanted to make sure I heard you correctly that you all would look to potentially lever the SG&A to gross ratio in the fourth quarter. Just wanted to clarify that first of all, and then I had a follow-up.

祝賀本季度。只是想澄清一件事，然後我對配置有疑問。但從澄清的角度來看，到第四季度，恩里克，我只是想確保我沒聽錯，你們都希望在第四季度潛在地利用 SG&A 與毛利率的比率。只是想首先澄清一下，然後我進行了跟進。

Yes. No, that's what I said. Our intent is to lever into the fourth quarter.

是的。不，我就是這麼說的。我們的意圖是槓桿進入第四季度。

Okay. Great. And then the follow-up I had was just from a provisioning standpoint. Just wanted to understand, moving forward, how you all are thinking about basically that line item within CAF because, obviously, you've got potential for further improvements in unemployment rate and stubbornly high kind of used car prices, which theoretically should help you out. But then there's obviously more Tier 2 that you're doing and so forth. So now that the reserve has been kind of built up again a little bit, should we think $75 million a quarter more or less? Or any color you can provide there would help a lot?

好的。偉大的。然後我的後續行動只是從供應的角度來看。只是想了解，向前看，你們基本上是如何考慮 CAF 中的那個項目的，因為很明顯，你們有可能進一步改善失業率和頑固的高二手車價格，理論上這應該可以幫助你們.但是顯然你正在做更多的第 2 層等等。所以現在儲備金已經稍微增加了一點，我們應該認為每季度或多或少 7500 萬美元？或者您可以提供的任何顏色都會有很大幫助？

Yes. Great question, Michael. Yes, if we think about the combination of the reserve and the provision, exactly as you stated, our reserve right now metrically uses the 2.75% reserve to receivables. Remember in there is, as you stated, Tier 1, but also Tier 2, Tier 3 volume and then some expense for recovery there. If you back out that Tier 1, as I mentioned, we feel like we're hitting our normal range of 2% to 2.5% for that Tier 1 business. Also, if you look at what we originated in the quarter, $2.4 billion, again, recognizing that there's Tier 1, a higher loss of Tier 2 and Tier 3 in that originations as well as the recovery expense. But $76 million feels very much close to normal for that size of origination.

是的。很好的問題，邁克爾。是的，如果我們考慮準備金和準備金的組合，正如您所說，我們的準備金現在按標準將 2.75% 的準備金用於應收賬款。請記住，正如您所說，第 1 層，還有第 2 層、第 3 層卷，然後是那裡的恢復費用。如果您退出第 1 層，正如我所提到的，我們覺得我們正在達到第 1 層業務的 2% 到 2.5% 的正常範圍。此外，如果您再次查看我們在本季度發起的 24 億美元，再次認識到有一級、二級和三級的更高損失以及恢復費用。但 7600 萬美元對於這種規模的創始規模來說非常接近正常水平。

So I think you're right on the mark here. It's something -- we feel like we're at a normal percentage from a loss rate perspective, but I would think about that going forward. And one thing I'll point out as a reminder, again, the provision was substantial at the height of the pandemic. $122 million done back in quarter 1 of FY '21. And as we saw performance improve, really fantastic performance from our consumers, we were able to reduce that provision over time. So the fact that we comped over last year's quarter 3 is fantastic. So I realize we've still got that comping to do. But yes, agree, we're in a normal environment right now.

所以我認為你在這裡是對的。這有點——從損失率的角度來看，我們覺得我們處於正常的百分比，但我會考慮這個問題。我要再次指出一件事以提醒大家，在大流行最嚴重的時候，這項規定是可觀的。 21 財年第一季度完成了 1.22 億美元。當我們看到性能提高時，消費者的表現非常出色，我們能夠隨著時間的推移減少這種供應。因此，我們在去年第三季度進行了比較，這一事實非常棒。所以我意識到我們仍然需要做這樣的準備。但是，是的，同意，我們現在處於正常環境中。

Your next question comes from the line of Adam Jonas with Morgan Stanley.

您的下一個問題來自摩根士丹利的亞當喬納斯。

Happy holidays. So I would love to know how online looks on GPU versus the $2,235. Is it higher or lower than that? And as a follow-up, you mentioned the vast majority of your customers still prefer pick up in store within the omni -- sorry, within the online label. I'm curious if you can tell us how many or what portion of the 9% did opt for home delivery?

節日快樂。所以我很想知道 GPU 上的在線外觀與 2,235 美元相比如何。比那個高還是低？作為後續行動，您提到絕大多數客戶仍然更喜歡在全方位的商店中取貨 - 對不起，在在線標籤中。我很好奇你能否告訴我們這 9% 的人中有多少或哪一部分選擇了送貨上門？

Okay. So on your first question, online GPU, it's the same as in the in-store. It doesn't matter if you bought online or in store. The GPU is relatively the same. As far as the 9% online sales, the way we think about it is we speak to it more alternative delivery, which is -- includes home delivery as well as express pickup. And when I think about that, that percent of just total sales, obviously, is less than 10%, with the bulk of it being more express pickups, where the customers come into the store, they've already filled out everything and maybe 1 or 2 little things to do, but we get them in and out and about very quickly. So that's the bigger share versus the home delivery.

好的。所以關於你的第一個問題，在線 GPU，它與店內相同。不管你是在網上還是在商店買的。 GPU是相對相同的。就 9% 的在線銷售而言，我們認為它是我們對其進行更多替代交付的方式，即 - 包括送貨上門和快遞取貨。當我考慮到這一點時，很明顯，佔總銷售額的百分比不到 10%，其中大部分是更多的快遞取貨，客戶進入商店時，他們已經填寫了所有內容，也許 1或 2 件小事要做，但我們很快就能讓它們進進出出。因此，與送貨上門相比，這是更大的份額。

Yes. I just didn't know if you want to specify that. You did say vast majority, I just didn't know if it was 90% of the 9% or 70% of the 9%. Just...

是的。我只是不知道您是否要指定。你確實說絕大多數，我只是不知道是 9% 的 90% 還是 9% 的 70%。只是...

You mean for the GPU and home delivery?

你的意思是GPU和送貨上門？

For home delivery.

用於送貨上門。

It's a much smaller percent of that.

這是一個小得多的百分比。

Your next question comes from the line of Chris Bottiglieri with BNP Paribas.

您的下一個問題來自法國巴黎銀行的 Chris Bottiglieri。

Just had a quick follow-up on the credit and then I have another credit question. So the first one, it sounds like in response to Mike's question -- Mike Montani's question earlier, there was no impact -- I mean the systems impact -- you seemed to imply there is some kind of impact on gross losses recovery, but then said like it wasn't having any provision. I'm just trying to triangulate those 2. Like was there any impact on gross losses recovery this quarter? Or is it more like just on the overhead expense?

剛剛對信用進行了快速跟進，然後我有另一個信用問題。所以第一個，聽起來像是在回答邁克的問題——邁克蒙塔尼早些時候的問題，沒有影響——我的意思是系統影響——你似乎暗示對總損失恢復有某種影響，但隨後說它沒有任何規定。我只是想對這兩個進行三角測量。比如對本季度的總損失恢復有什麼影響嗎？還是更像是間接費用？

Yes. Fair question, Chris. Yes, as I stated in my prepared remarks, big systems change a lot of -- a fair amount of disruption that we are fully expecting and plan for. But as we've come online and caught up with the volumes, we've seen those delinquencies trend down to more normal levels. But absolutely no impact or we believe it's immaterial on the full lifetime loss of the portfolio. And so that's, obviously, nothing in there in the provision and the corresponding reserve. So...

是的。公平的問題，克里斯。是的，正如我在準備好的評論中所說，大型系統發生了很多變化——我們完全期待併計劃了相當多的破壞。但是隨著我們上線並趕上交易量，我們已經看到這些拖欠率趨於下降到更正常的水平。但絕對沒有影響，或者我們認為這對投資組合的整個生命週期損失無關緊要。因此，很明顯，條款和相應的儲備中沒有任何內容。所以...

Yes. Just to add on that, Chris. We did -- it was immaterial last quarter in anticipation of it, and it was immaterial again this quarter.

是的。只是補充一點，克里斯。我們做到了——在上個季度的預期中它是無關緊要的，而本季度又是無關緊要的。

Got you. That's helpful. Okay. And then just bigger picture question. Can you elaborate more on the lower rates on new loans this quarter compared to last quarter? And you mentioned kind of rate testing. Your peer made a -- a large online peer made a similar comment last quarter. Just timing feels a little bit unusual to be experimented with cutting rates when we're actually seeing the inverse happening where the market is raising rates now in terms of the tier rates. So I guess first question is, with that backdrop, have you found customers historically become more rate sensitive when rates rise? And is that the motivation for testing? And then just using some kind of historical precedent, how should we think about the impact on rates to customers in periods where funding costs go up? Like how big of a lag is there between passing those rate increases through?

得到你。這很有幫助。好的。然後只是更大的問題。您能否詳細說明本季度與上一季度相比新貸款的較低利率？你提到了一種速率測試。你的同行做了一個 - 一個大型在線同行在上個季度發表了類似的評論。當我們實際上看到相反的情況發生時，市場現在正在根據等級利率提高利率時，只是時機感覺有點不尋常，嘗試降息。所以我想第一個問題是，在這種背景下，您是否發現客戶在利率上升時會變得對利率更加敏感？那是測試的動機嗎？然後僅使用某種歷史先例，我們應該如何考慮在融資成本上升期間對客戶利率的影響？就像通過這些加息之間有多大的滯後？

Yes. Great questions, Chris. Yes, as I mentioned in the prepared remarks, yes, we did execute some rate testing this quarter. It's what we do. We're always trying to keep an eye on what the market is doing. We can look at a number of metrics internally, again, our capture rate or our booking rate, which results in our penetration, 3-day payoffs, a number of metrics we can keep an eye on. But most importantly for CAF is, as the sole Tier 1 lender, we want to be highly competitive for our customers, provide the best possible offer as we can. So it made sense. We just wanted to get the pulse of the market. We did some rate testing, and we're watching that very carefully. As you mentioned, certainly, the Fed did come out and signal that there's going to be rate increases in the future. Again, we will manage that as we always do. We'll look at what the peers do, how the market reacts often in a rising rate environment.

是的。好問題，克里斯。是的，正如我在準備好的評論中提到的，是的，我們確實在本季度進行了一些利率測試。這就是我們所做的。我們一直在努力關注市場在做什麼。我們可以在內部查看一些指標，再次是我們的捕獲率或預訂率，這會導致我們的滲透率、3 天收益，以及我們可以關注的一些指標。但對於 CAF 而言，最重要的是，作為唯一的一級貸方，我們希望為我們的客戶提供高度競爭力，盡可能提供最好的報價。所以這是有道理的。我們只是想了解市場的脈搏。我們做了一些速率測試，我們正在非常仔細地觀察。正如你所提到的，當然，美聯儲確實出面暗示未來將會加息。同樣，我們將一如既往地管理它。我們將看看同行在做什麼，市場在利率上升的環境中通常如何反應。

To your point, you will see a lag there. It won't get passed along to the customer right away. We're not looking to get out in front of that. We'll, one, again, remain highly competitive in our rates, and we will test. We will test as we always do, accordingly. We will watch how the market is moving, what those take rates are. And then if it makes sense to pass along to the customers, we will. But if it impacts sales to cars or the experience or our CAF's capture rate, then we may not. So the testing will drive what we do.

就您而言，您會在那裡看到滯後。它不會立即傳遞給客戶。我們不希望在這之前擺脫困境。我們將再次在我們的費率上保持高度競爭力，我們將進行測試。因此，我們將像往常一樣進行測試。我們將觀察市場是如何變化的，這些利率是多少。然後，如果傳遞給客戶是有意義的，我們會的。但如果它影響汽車銷售或體驗或我們 CAF 的捕獲率，那麼我們可能不會。因此，測試將推動我們所做的事情。

Yes. And I think the great thing about CAF, Chris, is that they're not just focused on maximizing their own profit. The beauty is they're working on profit, but they're also working to help maximize sales. So our decisions may sometimes vary from other players that are just purely in the finance arena.

是的。克里斯，我認為 CAF 的偉大之處在於他們不僅僅專注於最大化自己的利潤。美妙之處在於他們正在努力爭取利潤，但他們也在努力幫助最大限度地提高銷售額。因此，我們的決定有時可能與純粹在金融領域的其他參與者有所不同。

Your next question comes from the line of David Bellinger with Wolfe Research.

您的下一個問題來自 Wolfe Research 的 David Bellinger。

I want to ask on the nearly 200,000 vehicles sourced from consumers through the instant appraisal. Can we get a sense of just how many offers you're making each quarter? Is the conversion rate improving sequentially? And given all the data you're now armed with in deploying more effectively, are you seeing better engagement or even repeat activity from past customers?

我想問一下通過即時評估從消費者那裡採購的近20萬輛汽車。我們能否了解您每個季度提供了多少報價？轉化率是否在依次提高？鑑於您現在擁有的所有數據可以更有效地部署，您是否看到過去客戶的參與度更高，甚至重複活動？

Yes. So David, on the online offers, as you can imagine, we make a lot of online offers. Some of the customers are just really shopping for their value, and they're not really interested in selling or even buying a car. So we're making a couple of million offers a year. As I think about the conversion of those, really, the way we've talked about it in the past is if the customers show up at our store, they are to get their vehicle appraised, whether they haven't had it appraised online or whether they have had it appraised online. We look at the buy rate from that standpoint. So if I look at the traditional appraisal lane, where a customer hasn't had it appraised online, we're really seeing mid-30 buy rate, which is great.

是的。所以大衛，關於在線報價，你可以想像，我們提供了很多在線報價。一些客戶只是真正為他們的價值購物，他們對出售甚至購買汽車並不真正感興趣。所以我們每年要提供幾百萬個報價。當我想到這些轉換時，實際上，我們過去談到的方式是，如果客戶出現在我們的商店，他們將對他們的車輛進行評估，無論他們是否沒有在線評估或他們是否在網上對其進行了評估。我們從這個角度來看買入率。因此，如果我查看傳統的評估渠道，客戶沒有在線評估，我們真的看到 30 年左右的購買率，這很棒。

On the online side, as you can imagine, they've already had their vehicle valued online and they're showing up at the store, then that certainly is going to be a higher buy rate. So it pulls the overall buy rate up. But I think it's -- I don't think we should look at it necessarily as of the ones that have offers, how many of them actually sold. We do see some good improvement there, but that's not really how we think about the business.

在在線方面，您可以想像，他們已經在網上評估了他們的車輛並且他們正在出現在商店中，那麼這肯定會是一個更高的購買率。因此，它拉高了整體購買率。但我認為它是 - 我認為我們不應該將其視為有報價的那些，其中有多少實際售出。我們確實在那裡看到了一些很好的改進，但這並不是我們對業務的真正看法。

Got it. And is there anything on the repeat activity? Or do you see more engagement from past customers in terms of the instant appraisal?

知道了。重複活動有什麼嗎？或者您是否看到過去客戶在即時評估方面的參與度更高？

You know what, David, I'd have to go back and look and see how many of them are customers that have had them appraised prior. I don't have that number off the top of my head.

大衛，你知道嗎，我得回去看看，看看有多少是之前接受過評估的客戶。我腦子裡沒有那個數字。

(Operator Instructions) Your next question comes from the line of David Whiston with Morningstar.

（操作員說明）您的下一個問題來自晨星的 David Whiston。

I'm curious if you don't mind looking forward ahead into the future a bit. I'm just curious what your thoughts are on as the chip shortage improves, a new vehicle inventory over, say, the next 18 months, will that cause used pricing to crash kind of hard and abruptly? Or do you see a soft landing? And if you see a harder landing, are you worried about your customers perhaps having too much negative equity that they may stay out of the store or stay out of the market in '23?

我很好奇你是否不介意展望未來。我只是想知道隨著芯片短缺的改善，新車庫存在未來 18 個月內，你的想法是什麼，這會導致二手價格突然急劇下降嗎？或者你看到軟著陸？如果你看到一個更艱難的著陸，你是否擔心你的客戶可能有太多的負資產，以至於他們可能會在 23 年遠離商店或遠離市場？

Yes. It's a tough question to really gauge when I think the chip shortage will kind of correct itself. I mean whatever I tell you is probably going to be wrong. What I believe will be -- we'll start to see some relief maybe latter part of next year. I think it's not going to be like a faucet that just automatically turns on overnight. So as more chips are available and more new cars are available, you'll start to see the impact on used vehicle prices. I think any time sales prices are up 30% year-over-year, I think there is a risk that down the road, there could be some more negative equity out there. But I can tell you, we've been in this business a long time. We've been through a lot of cycles up and down, and we've proven that we can work through any such factors, whether it be negative equity, whether it be depreciation in the marketplace. And I would actually tell you, I think we are able to handle that and do a much better job than anybody else just given our experience. So stay tuned. It's hard to know when we'll get some relief on just overall used car prices.

是的。當我認為芯片短缺會自行糾正時，這是一個很難判斷的問題。我的意思是無論我告訴你什麼都可能是錯誤的。我相信會是——我們可能會在明年下半年開始看到一些緩解。我認為它不會像水龍頭那樣在一夜之間自動打開。因此，隨著更多芯片可用和更多新車可用，您將開始看到對二手車價格的影響。我認為任何時候銷售價格同比上漲 30% 時，我認為未來都有可能出現更多的負資產。但我可以告訴你，我們從事這項業務已經很長時間了。我們經歷了很多上下週期，我們已經證明我們可以解決任何此類因素，無論是負資產，還是市場貶值。我實際上會告訴你，我認為我們能夠處理這個問題，並且比其他任何人都做得更好，只是根據我們的經驗。所以請繼續關注。很難知道我們何時會對整體二手車價格有所緩解。

And just one other thing on the previous David's question, one on the IO, the team here informed me I misspoke. It's actually -- I think what I said was a couple of million [dollars] (sic) [offers] a year. It's actually a couple of million per quarter. I misspoke. I meant to say quarter versus year. So I just wanted to clarify that for him as well.

還有一件事是關於之前大衛的問題，關於 IO，這裡的團隊告訴我我說錯了。實際上——我認為我所說的是每年幾百萬 [美元]（原文如此）[報價]。實際上是每季度幾百萬。我說錯了。我的意思是說季度與年度。所以我也想為他澄清一下。

Okay. And you talked about mitigating negative equity. Is it possible that CAF can be more aggressive in a negative equity situation?

好的。你談到了減輕負資產。 CAF 是否有可能在負資產情況下更具侵略性？

Yes. I mean I don't think that we're going to necessarily adjust our underwriting given a particular situation of where ASPs are and negative equity and all that. Again, all in all, being the captive lender, a great environment to always think about sales and capture that in our decisions. But again, we want to underwrite a strong credit customer. If we're going to the ABS market, we need a solid book of business. So I just think we are very focused on delivering sales and credit quality.

是的。我的意思是，鑑於 ASP 和負資產等特定情況，我認為我們不一定會調整我們的承銷。再次，總而言之，作為專屬貸方，這是一個始終考慮銷售並將其納入我們的決策的良好環境。但同樣，我們希望承保一個強大的信用客戶。如果我們要進入 ABS 市場，我們需要一本紮實的業務手冊。所以我只是認為我們非常專注於提供銷售和信用質量。

Yes. And we deal with negative equity customers all the time and the CAF team does a phenomenal job there, just like our third-party lenders do.

是的。我們一直在與負資產客戶打交道，CAF 團隊在那裡做得非常出色，就像我們的第三方貸方一樣。

And we don't have any further questions at this time. I'll hand the call back to Bill for any closing remarks.

我們目前沒有任何進一步的問題。我會把電話轉回給比爾，讓他做結案陳詞。

Great. Thank you. Well, thank you all for joining the call today and your questions and your support. As I said earlier, we're really excited about the opportunities in front of us. And as I always do, I want to thank all of our associates for everything that they do, how they take care of each other and our customers. They are really the reason for our success and why we remain such a positive disruptive force in the used car industry. So I wish all of our associates and all of you a happy holiday season, and we'll talk again next quarter. Thank you for your time.

偉大的。謝謝你。好吧，感謝大家今天加入電話會議以及您的問題和支持。正如我之前所說，我們對擺在我們面前的機會感到非常興奮。和往常一樣，我要感謝我們所有的員工所做的一切，感謝他們如何照顧彼此和我們的客戶。它們確實是我們成功的原因，也是我們在二手車行業保持如此積極的顛覆性力量的原因。因此，我祝我們所有的同事和你們所有人節日快樂，我們將在下個季度再次交談。感謝您的時間。

Thank you. Ladies and gentlemen, that concludes Third Quarter Fiscal Year 2022 CarMax Earnings Release Conference Call. You may now disconnect.

謝謝你。女士們先生們，2022 財年第三季度 CarMax 收益發布電話會議結束。您現在可以斷開連接。