車美仕 (KMX) 2021 Q4 法說會逐字稿

Good morning. My name is Carol, and I will be your conference operator today. At this time, I would like to welcome everyone to the CarMax Fiscal 2021 Fourth Quarter and Year-End Earnings Conference Call. (Operator Instructions)

早上好。我叫卡羅爾，今天我將擔任你們的會議接線員。此時，我想歡迎大家參加 CarMax 2021 財年第四季度和年終收益電話會議。 （操作員說明）

I would now like to turn the call over to Stacy Frole, Vice President, Investor Relations.

我現在想把電話轉給投資者關係副總裁 Stacy Frole。

Good morning. Thank you for joining our fiscal 2021 fourth quarter and year-end 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.

早上好。感謝您參加我們的 2021 財年第四季度和年終收益電話會議。今天我和我們的總裁兼首席執行官 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。

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. 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.

讓我提醒您，我們今天關於公司未來業務計劃、前景和財務業績的聲明是我們根據 1995 年《私人證券訴訟改革法案》的安全港條款做出的前瞻性聲明。這些聲明基於管理層目前的知識以及對涉及風險和不確定性的未來事件的假設，這些風險和不確定性可能導致實際結果與我們的預期存在重大差異。在提供預測和其他前瞻性陳述時，公司不承擔更新它們的任何意圖或義務。

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 29, 2020, filed with the SEC.

有關可能影響這些預期的重要因素的更多信息，請參閱公司今天上午發布的 8-K 表格及其向美國證券交易委員會提交的截至 2020 年 2 月 29 日止財政年度的 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.

如果您在通話後有任何後續問題，請隨時致電 (804) 747-0422 分機號 7865 聯繫我們的投資者關係部。

Lastly, let me thank you in advance for asking only one question and getting back in the queue for more follow-ups. Bill?

最後，讓我提前感謝您只提出一個問題並重新加入隊列以進行更多跟進。賬單？

Thank you, Stacy. Good morning, everyone, and thanks for joining us. We have a lot of exciting news to cover today. Our comments will focus on material fourth quarter and fiscal 2021 performance insights, updates on our digital enhancement and, of course, the Edmunds acquisition, which we announced this morning. Then we will open it up for your questions.

謝謝你，斯泰西。大家早上好，感謝您加入我們。今天我們有很多令人振奮的消息要報導。我們的評論將集中在重要的第四季度和 2021 財年業績洞察、我們數字增強的最新情況，當然還有我們今天上午宣布的對 Edmunds 的收購。然後我們將打開它來回答您的問題。

For the quarter, total retail used unit sales were down less than 1% from last year's record sales, and used unit comps were down 2.3% when compared with the same period a year ago. It's worth spending a moment on the events driving our results for the fourth quarter.

本季度，二手零售總銷量較去年創紀錄的銷量下降不到 1%，二手銷量同比下降 2.3%。值得花點時間了解推動我們第四季度業績的事件。

As we discussed on our last call, entering the quarter, retail sales were pressured due to a surge in COVID-19 cases, which tightened occupancy restrictions and shelter-in-place orders. Sales began to accelerate towards the end of December and into January. By the beginning of February, we were trending towards mid-single-digit comp growth for the quarter, excluding the impact of Leap Day in the prior year.

正如我們在上次電話會議上討論的那樣，進入本季度，零售銷售因 COVID-19 案件激增而受到壓力，這收緊了入住限制和就地避難令。銷售在 12 月底和 1 月開始加速。到 2 月初，我們在本季度趨向於實現中等個位數的收入增長，不包括上一年閏日的影響。

However, starting in the middle of February, retail sales were affected by the severe winter weather across a large portion of the U.S., closing more than 65 stores in 1 day. Sales were also impacted by delays in tax refunds relative to last year's timing and a lower inventory position due to COVID and weather-related production constraints.

然而，從2月中旬開始，美國大部分地區的零售銷售受到嚴冬天氣的影響，1天內關閉了超過65家門店。與去年相比，退稅延遲以及 COVID 和與天氣相關的生產限制導致庫存減少，也影響了銷售額。

On a 2-year stack, total retail used unit sales for the fourth quarter of FY '21 were up 13.8%, and used unit comps were up 8.7%. March sales were robust when compared with both COVID-impacted March last year and a record March in 2019. During the month, the initial distribution of tax refund and stimulus checks began, weather improved and customers continue to respond favorably to our ongoing digital enhancement and other strategic initiatives.

在 2 年的堆棧中，21 財年第四季度的零售二手單位銷售總額增長了 13.8%，二手單位價格上漲了 8.7%。與去年受 COVID 影響的 3 月和 2019 年創紀錄的 3 月相比，3 月的銷售額強勁。在這個月，開始分發退稅和刺激支票，天氣有所改善，客戶繼續對我們正在進行的數字增強和其他戰略舉措。

In addition, the underlying metrics we track, including website visits, online progression and activity at our customer experience centers, or CECs, indicate continued healthy demand for used vehicles as we head into April.

此外，我們跟踪的基本指標，包括網站訪問量、在線進度和我們客戶體驗中心 (CEC) 的活動，表明進入 4 月份時對二手車的需求持續健康。

Full year market share data indicates that our share of 0- to 10-year old vehicles in our current comp markets fell from approximately 4.7% in 2019 to 4.3% in calendar 2020. We had strong momentum entering the year, and we're gaining significant market share up until the start of the pandemic, when 95% of the country was under shelter-in-place orders and approximately half of our locations were closed or under limited operations.

全年市場份額數據表明，我們當前 comp 市場中 0 至 10 年舊車的份額從 2019 年的約 4.7% 下降到 2020 日曆年的 4.3%。進入今年我們勢頭強勁，我們正在獲得在大流行開始之前，我們的市場份額很大，當時該國 95% 的地區都處於就地避難所的狀態，我們大約一半的地點已經關閉或處於有限運營狀態。

As markets reopened and our omnichannel experience was launched nationwide, we began gaining market share again. During the last 5 months of 2020, we saw market share gains, and we expect those gains to accelerate in 2021.

隨著市場重新開放以及我們的全渠道體驗在全國范圍內推出，我們開始再次獲得市場份額。在 2020 年的最後 5 個月，我們看到了市場份額的增長，我們預計這些增長將在 2021 年加速。

Atlanta, where we have been in operations since 1995, and our most mature omnichannel market, continues to outperform the company, maintaining its market share in 2020, despite pressure from COVID. During the last 5 months of the calendar year, our market share in Atlanta increased 13.8%. Over the past 2 years, since we first introduced our omnichannel experience, our market share in Atlanta has increased 10.9%.

亞特蘭大是我們自 1995 年開始運營的地方，也是我們最成熟的全渠道市場，儘管受到 COVID 的壓力，該市場的表現仍繼續優於公司，並在 2020 年保持其市場份額。在日曆年的最後 5 個月，我們在亞特蘭大的市場份額增長了 13.8%。在過去的 2 年裡，自從我們首次推出全渠道體驗以來，我們在亞特蘭大的市場份額增長了 10.9%。

Retail gross profit per used unit for the fourth quarter was $2,086 compared with $2,195 last year. This GPU is consistent with our expectations and commentary on the last quarter's call. It reflects the impact of the expanded pricing and marketing test we rolled out in select markets, in combination with our national multimedia marketing campaign and the improvements to our omnichannel experience.

第四季度每二手產品的零售毛利潤為 2,086 美元，而去年同期為 2,195 美元。該 GPU 與我們對上一季度電話會議的預期和評論一致。它反映了我們在特定市場推出的擴大定價和營銷測試的影響，結合我們的全國多媒體營銷活動和我們對全渠道體驗的改進。

Early results for these tests were positive, so we expanded to more markets in the quarter. We're going to continue with testing, while also monitoring macro factors. We expect to maintain attractive margins above $2,000 in the first quarter. Enrique will provide additional details around the profitability flow-through on different aspects of our business that are contributing to the success of these tests in just a moment.

這些測試的早期結果是積極的，因此我們在本季度擴展到更多市場。我們將繼續進行測試，同時監控宏觀因素。我們預計第一季度的利潤率將保持在 2,000 美元以上。稍後，Enrique 將提供有關我們業務不同方面的盈利能力流動的更多詳細信息，這些信息有助於這些測試的成功。

Our wholesale business delivered another good quarter when you consider the impact of one less auction day compared with the same period last year. For the fourth quarter, wholesale volume was down 1.2%. Wholesale gross profit per unit was comparable to the prior year at $990 per unit. We estimate the one less auction day in this quarter impacted the number of wholesale units sold by several percentage points.

考慮到與去年同期相比減少一個拍賣日的影響，我們的批發業務又創造了一個不錯的季度。第四季度，批發量下降了 1.2%。每單位批發毛利潤為每單位 990 美元，與上一年相當。我們估計本季度減少一個拍賣日對批發銷售單位的數量產生了幾個百分點的影響。

Now I'd like to turn the call over to Enrique to provide more information on our fourth quarter financial performance; and then to Jon, who will provide additional detail around customer financing. Enrique?

現在我想把電話轉給恩里克，以提供有關我們第四季度財務業績的更多信息；然後是 Jon，他將提供有關客戶融資的更多詳細信息。恩里克？

Thanks, Bill, and good morning, everyone.

謝謝，比爾，大家早上好。

For the quarter, other gross profit decreased $4 million or 3.2%. This decrease was due to a $14 million reduction in service profits driven largely by our previously announced year-end thank you bonus for 22,000 full and part-time associates across the company, many of whom work in our reconditioning and service functions, bonuses related to production glitches and company support pay related to COVID.

本季度，其他毛利減少 400 萬美元或 3.2%。這一減少是由於服務利潤減少了 1400 萬美元，這主要是由於我們之前宣布的公司 22,000 名全職和兼職員工的年終感謝獎金，其中許多人在我們的修復和服務部門工作，與以下相關的獎金與 COVID 相關的生產故障和公司支持費用。

Partially offsetting this was favorability in EPP and third-party finance fees. EPP grew $2.6 million year-over-year for the quarter driven by a favorable reserve adjustment and an increase in profit sharing revenue. This was partially offset by lower sales volume and a slightly lower penetration rate in the quarter. Third-party finance fees improved by $7.7 million in the quarter primarily due to the renegotiated fees with our partners, which Jon will talk about shortly.

EPP 和第三方財務費用的優惠部分抵消了這一點。在有利的儲備調整和利潤分享收入增加的推動下，EPP 本季度同比增長 260 萬美元。這部分被本季度較低的銷量和略低的滲透率所抵消。本季度第三方財務費用減少了 770 萬美元，這主要是由於與我們的合作夥伴重新協商的費用，Jon 稍後將談到這一點。

For SG&A, expenses for the fourth quarter increased 14.7% or approximately $71 million to $556 million. SG&A per unit was $2,713, a year-over-year deleverage of $368 per unit on the quarter. The increase in SG&A was primarily driven by an increase in stock-based compensation of $33 million or a deleverage of $160 per unit; an increase in advertising expense of $23 million or a deleverage of $115 per unit, which was in line with our previously communicated expectations as we focus on heavier support for our next brand campaign; and continued spending to advance our technology platforms and strategic initiatives.

對於 SG&A，第四季度的支出增長了 14.7%，即約 7100 萬美元，達到 5.56 億美元。每單位 SG&A 為 2,713 美元，本季度每單位同比去槓桿化為 368 美元。 SG&A 的增加主要是由於股票薪酬增加 3300 萬美元或每單位 160 美元的去槓桿化；廣告費用增加 2300 萬美元或每單位去槓桿化 115 美元，這符合我們之前傳達的預期，因為我們專注於為下一個品牌活動提供更多支持；並繼續支出以推進我們的技術平台和戰略計劃。

Our approach to SG&A and costs heading into next year remains consistent. We will continue to invest in our business at this inflection point in our industry, specifically in marketing and in our strategic initiatives.

我們對明年的 SG&A 和成本的方法保持一致。在我們行業的這個轉折點，我們將繼續投資我們的業務，特別是在營銷和我們的戰略計劃方面。

Regarding marketing. As we head into next fiscal year, we expect our spend to remain elevated with similar per unit trends experienced in the second half of fiscal 2021. Our advertising spend will continue to focus on clearly differentiating our brand and demonstrating the benefits of our omnichannel experience, in addition to ROI-based digital investments that are delivering strong results.

關於營銷。在進入下一財年之際，我們預計我們的支出將保持高位，與 2021 財年下半年的單位趨勢相似。我們的廣告支出將繼續專注於明確區分我們的品牌並展示我們全渠道體驗的優勢，除了帶來強勁成果的基於投資回報率的數字投資。

Included within this spend is an increased focus on vehicle acquisition. We believe we are well positioned to aggressively grab market share through the promotion of our omnichannel experience and new product offerings, such as Love Your Car Guarantee.

這筆支出中包括對車輛購置的更多關注。我們相信，我們已做好充分準備，通過推廣我們的全渠道體驗和新產品（例如 Love Your Car Guarantee）來積極搶占市場份額。

We also remain focused on ensuring we are appropriately managing our spend, targeting specific areas of opportunity. This includes our CECs, which are maturing and becoming more efficient and effective through automation, data-driven algorithms and smart routing with the goal of ensuring customers get the right support. This past year, our CECs were more efficient than the prior year, and we expect this trend will accelerate in FY '22.

我們還繼續專注於確保我們適當地管理我們的支出，針對特定的機會領域。這包括我們的 CEC，它們通過自動化、數據驅動算法和智能路由不斷成熟並變得更加高效和有效，目的是確保客戶獲得正確的支持。在過去的一年裡，我們的 CEC 比前一年更有效率，我們預計這一趨勢將在 22 財年加速。

Regarding our SG&A leverage point in FY '22. We would expect to require a 5% to 8% comp on a 2-year stacked basis in FY '22 to lever in FY '22. As previously communicated, in periods of investment like we are in now, we'll need to be at the higher end of the range to lever. This 2-year comp approach is reflective of the impacts of lapping over COVID and due to the continued investments in the business we made this past year.

關於我們在 22 財年的 SG&A 槓桿點。我們預計在 22 財年的 2 年疊加基礎上需要 5% 至 8% 的補償，以在 22 財年發揮槓桿作用。如前所述，在像我們現在這樣的投資時期，我們需要處於槓桿範圍的高端。這種為期 2 年的補償方法反映了重疊 COVID 的影響，以及由於我們在過去一年對業務的持續投資。

Now I'd like to take a moment to provide an update on the financial aspects of the pricing tests we ran in the fourth quarter. As Bill mentioned, we like what we have seen so far. While these tests confirm what we have historically seen regarding price elasticity, several factors have changed, resulting in a stronger flow-through from the increased sales and, thereby, resulting in greater profitability.

現在我想花點時間介紹一下我們在第四季度進行的定價測試的財務方面的最新情況。正如 Bill 所提到的，我們喜歡我們目前所看到的。雖然這些測試證實了我們在歷史上看到的關於價格彈性的情況，但有幾個因素發生了變化，導致銷售額增加帶來的流動性更強，從而帶來更高的盈利能力。

These factors include higher profitability levels of our CAF originations, our lower variable cost structure as we continue to leverage our centralized CECs and the favorable changes to our third-party lender fee structure. As mentioned earlier, we will continue to perform pricing tests in the first quarter, while also monitoring macro factors. Our goal remains to maximize both unit sales and long-term profitability.

這些因素包括我們的 CAF 發起的更高盈利水平、我們繼續利用我們的集中 CEC 的較低可變成本結構以及對我們的第三方貸方費用結構的有利變化。如前所述，我們將在第一季度繼續進行定價測試，同時也會監測宏觀因素。我們的目標仍然是最大限度地提高單位銷售額和長期盈利能力。

Our unique and diversified business model still generated a significant amount of cash this past year, despite a challenging environment. From a capital allocation perspective, this positions us well to reinvest in the growth of our core business, fund new growth opportunities such as our announced acquisition of Edmunds, and return capital back to our shareholders.

儘管環境充滿挑戰，但我們獨特而多元化的商業模式在過去一年仍產生了大量現金。從資本配置的角度來看，這使我們能夠很好地再投資於我們核心業務的增長，為我們宣布收購 Edmunds 等新的增長機會提供資金，並將資本返還給我們的股東。

Regarding Edmunds, we expect to pay for the transaction with a combination of cash and equity. We anticipate this transaction will close in June and expect their financials to have an immaterial impact to CarMax's EPS in fiscal year '22. We are confident this transaction will provide significant shareholder value creation over the longer term.

關於 Edmunds，我們預計將以現金和股權相結合的方式支付交易費用。我們預計該交易將在 6 月完成，並預計他們的財務狀況將對 CarMax'22 財年的每股收益產生非實質性影響。我們相信，從長遠來看，此次交易將為股東創造重大價值。

We continued executing our share repurchase program, and during the fourth quarter, we repurchased approximately 700,000 shares for $66 million. We currently have $1.34 billion of authorizations remaining, and we are committed to returning capital back to our shareholders.

我們繼續執行我們的股票回購計劃，在第四季度，我們以 6600 萬美元回購了大約 700,000 股股票。我們目前還有 13.4 億美元的授權剩餘，我們致力於將資本返還給我們的股東。

For capital expenditures, we anticipate approximately $350 million in FY '22. As we've pivoted our business to be more technology driven, the profile of our CapEx has followed suit. Approximately 1/3 of our capital spend in FY '22 will be focused on investments in technology, up from about 15% just 4 years ago.

對於資本支出，我們預計 22 財年約為 3.5 億美元。隨著我們將業務轉向更多的技術驅動，我們的資本支出概況也隨之而來。我們在 22 財年大約 1/3 的資本支出將集中在技術投資上，而 4 年前這一比例約為 15%。

In FY '22, we plan to open 10 new locations, with the first grand opening expected later this month. As was the case with our more recent openings, these locations are predominantly cross-functional stores and have a smaller footprint and can leverage our scale and the presence of other locations in nearby markets. Our national footprint and nationwide logistics network continue to be a competitive advantage for CarMax, and we remain committed to an appropriate level of investment on these differentiated assets.

在 22 財年，我們計劃開設 10 個新地點，預計本月晚些時候首次盛大開業。與我們最近開業的情況一樣，這些地點主要是跨職能商店，佔地面積較小，可以利用我們的規模和附近市場其他地點的存在。我們的全國足跡和全國物流網絡仍然是 CarMax 的競爭優勢，我們仍然致力於對這些差異化資產進行適當的投資。

We are confident that the foundational investments we are making in our omnichannel experience, our proprietary tech stack and our highly recognizable and trusted brand set us up for accelerated market share gains in 2021.

我們相信，我們在全渠道體驗、我們的專有技術堆棧以及我們高度認可和信任的品牌方面所做的基礎性投資，將使我們在 2021 年加快市場份額增長。

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.

謝謝，恩里克，大家早上好。

CarMax Auto Finance and our lending partners once again delivered solid results. For the fourth quarter, CAF's penetration, net of 3-day payoffs, was 43.5% compared with 43% a year ago.

CarMax Auto Finance 和我們的貸款合作夥伴再次取得了不錯的成績。第四季度，扣除 3 天收益後，CAF 的滲透率為 43.5%，而一年前為 43%。

Tier 2 was up slightly to 21% of used unit sales compared with 20.5% last year. Tier 3 accounted for 9.5% compared with 10% a year ago. This distribution across the credit tiers is primarily reflective of the credit mix of applicants observed in the fourth quarter.

與去年的 20.5% 相比，二級市場略微上升至二手單位銷售額的 21%。第三層級佔 9.5%，而一年前為 10%。這種跨信用等級的分佈主要反映了第四季度觀察到的申請人的信用組合。

Year-over-year, CAF's net loans originated were comparable to the prior year quarter at $1.8 billion. The weighted average contract rate charged to new customers was 8.5%, up from 7.9% a year ago and down slightly from 8.6% in the third quarter. Similar to the third quarter, this year-over-year difference in APR is attributed to the mix of CAF customers seen within the Tier 1 space, rather than an increase in the rate charged to these customers.

與去年同期相比，CAF 的淨貸款發放額與去年同期相當，為 18 億美元。向新客戶收取的加權平均合同費率為 8.5%，高於一年前的 7.9%，略低於第三季度的 8.6%。與第三季度類似，APR 的這種同比差異歸因於一級空間內的 CAF 客戶組合，而不是向這些客戶收取的費率增加。

Regarding the portfolio. The overall interest margin increased to 6.4% versus 5.8% in the same period last year, as we continue to realize significant benefit from lower funding costs. Our most recent securitization in January closed with a near record spread between the APR we charge to customers and the rate we pay to fund the receivables. Our ABS investors continue to recognize the consistency and performance of the CarMax origination channel, and we appreciate their support.

關於投資組合。整體息差從去年同期的 5.8% 上升至 6.4%，因為我們繼續從較低的融資成本中獲益匪淺。我們在 1 月份進行的最近一次證券化交易以我們向客戶收取的 APR 與我們為應收賬款提供資金所支付的利率之間的接近創紀錄的差價結束。我們的 ABS 投資者繼續認可 CarMax 原始渠道的一致性和性能，我們感謝他們的支持。

CAF income was up 68% to $188 million in the quarter, reflecting a reduced loss provision, plus an increase in interest margin. The provision for loan losses was $5 million, resulting in an ending reserve balance of $411 million for the fourth quarter. The total reserve is 2.97% of managed receivables, which is lower than the 3.17% at the end of the third quarter.

本季度 CAF 收入增長 68% 至 1.88 億美元，反映出損失準備金減少以及息差增加。貸款損失準備金為 500 萬美元，導致第四季度期末準備金餘額為 4.11 億美元。總儲備佔管理應收賬款的2.97%，低於三季度末的3.17%。

Our reserve as a percentage of managed receivables has trended downward over the past 3 quarters, as our customers have exhibited a willingness to make payments, even in these continued challenging times. We believe our current reserve is adequate and considers both the positive payment behavior recently observed as well as the future uncertainty of the macro environment.

我們的儲備佔管理應收賬款的百分比在過去 3 個季度呈下降趨勢，因為我們的客戶表現出付款意願，即使在這些持續充滿挑戰的時期也是如此。我們認為我們目前的儲備充足，並考慮了最近觀察到的積極支付行為以及宏觀環境的未來不確定性。

I would also like to provide an update on the arrangements we have with our third-party lenders that Enrique referenced earlier. Our agreements with our partners have resulted in CarMax historically receiving a $300 participation fee for each of the agreed-upon finance contracts purchased within the Tier 2 space. Within the more subprime Tier 3 space, where CAF keeps approximately 5% of the volume, CarMax has historically offered lending partners a $1,000 discount for providing financing to a customer that we believe would otherwise not be able to purchase a vehicle from CarMax.

我還想提供有關恩里克之前提到的我們與第三方貸方的安排的最新情況。我們與合作夥伴達成的協議導致 CarMax 在歷史上為在第 2 層空間內購買的每份商定的融資合同收取 300 美元的參與費。在更多的次級 3 級空間中，CAF 保留了大約 5% 的數量，CarMax 歷來向貸款合作夥伴提供 1,000 美元的折扣，用於向我們認為否則無法從 CarMax 購買車輛的客戶提供融資。

At the beginning of the fourth quarter, this Tier 2 participation fee increased to $400, and our Tier 3 discount was reduced to $750. If this structure have been in place for the entirety of FY '21, and penetration rates remain the same, it would have resulted in annual savings of approximately $30 million or $40 on a per unit basis.

第四季度初，第 2 層參與費用增加到 400 美元，我們的第 3 層折扣減少到 750 美元。如果整個 21 財年都採用這種結構，並且滲透率保持不變，那麼每年將節省大約 3000 萬美元或每單位 40 美元。

With regard to future changes in the Tier 2 and Tier 3 space, as of March 2021, CAF has begun to methodically increase its percent of Tier 3 volume beyond the 5% level, and we anticipate reaching and maintaining a 10% share in Tier 3 by May 31 this year.

關於 Tier 2 和 Tier 3 空間的未來變化，截至 2021 年 3 月，CAF 已開始有條不紊地將其在 Tier 3 體積中的百分比提高到 5% 以上的水平，我們預計在 Tier 3 中達到並保持 10% 的份額截至今年 5 月 31 日。

CarMax will continue to evaluate the lending environment and will consider future adjustments, if and when, we believe those changes are sustainable and in the best interest of our long-term business goals. Bill?

CarMax 將繼續評估貸款環境，並將考慮未來的調整，如果我們認為這些變化是可持續的並且符合我們長期業務目標的最佳利益的話。賬單？

Thank you, Jon. Thank you, Enrique.

謝謝你，喬恩。謝謝你，恩里克。

Our 2021 fiscal year was one of the most challenging operating environments we've ever faced. But due to our ability to act quickly in rapidly changing circumstances, we delivered new customer experiences and continue to innovate, while remaining financially strong. That financial strength has enabled us to continue to aggressively invest in our core business and pursue new growth opportunities.

我們的 2021 財年是我們所面臨的最具挑戰性的運營環境之一。但由於我們能夠在瞬息萬變的環境中迅速採取行動，我們提供了新的客戶體驗並繼續創新，同時保持了雄厚的財務實力。這種財務實力使我們能夠繼續積極投資於我們的核心業務並尋求新的增長機會。

Some highlights from this year that will have a lasting impact are as follows: the completion of the national rollout of our omnichannel experience, giving us a common platform across all of CarMax that leverages our scale, nationwide footprint and infrastructure; the move of all wholesale auctions into a virtual environment; the national expansion of our new online instant appraisal offering on carmax.com and edmunds.com, strengthening our leadership as the largest buyer and positioning us to become the largest online buyer of used autos from consumers; and finally, the introduction of the Love Your Car Guarantee, an industry-leading signature customer experience.

今年將產生持久影響的一些亮點如下：完成我們全渠道體驗的全國推廣，為我們提供一個跨所有 CarMax 的通用平台，利用我們的規模、全國足跡和基礎設施；將所有批發拍賣轉移到虛擬環境中；我們在 carmax.com 和 edmunds.com 上新推出的在線即時評估服務在全國范圍內的擴展，加強了我們作為最大買家的領導地位，並使我們成為消費者二手車的最大在線買家；最後，推出行業領先的標誌性客戶體驗 Love Your Car Guarantee。

All of these were possible because of our exceptional associates. They came together to take care of each other and our customers, while also innovating for the future. Customer response to our omnichannel offering is strong, and we are continuing to work to further improve and enhance the digital customer experience at every step of the sale.

由於我們傑出的同事，所有這些都是可能的。他們聚在一起互相照顧和照顧我們的客戶，同時也為未來進行創新。客戶對我們的全渠道產品反應強烈，我們將繼續努力在銷售的每一步進一步改善和增強數字客戶體驗。

One critical advantage of our omnichannel model is the ability for the customer to choose how they progress their experience. As previously discussed, our initial rollout of our omnichannel platform enables customers to buy a vehicle online. The parts of the transaction may have required assistance from our CECs.

我們的全渠道模式的一個關鍵優勢是客戶能夠選擇他們如何提升他們的體驗。如前所述，我們最初推出的全渠道平台使客戶能夠在線購買車輛。部分交易可能需要我們的 CEC 協助。

In the fourth quarter, we made significant progress enabling self-service for all components of the sale. Exiting the quarter, approximately 25% of our customers were eligible to buy vehicle online independently if they chose, up significantly from the third quarter. We expect most of our customers to have visibility by the end of the second quarter.

在第四季度，我們在為銷售的所有組成部分提供自助服務方面取得了重大進展。本季度結束時，我們約有 25% 的客戶有資格根據自己的選擇獨立在線購買車輛，這一數字較第三季度大幅上升。我們希望我們的大多數客戶在第二季度末都能看到。

Additionally, in Q4, about 3/4 of our customers advanced their transaction digitally, with approximately 5% buying the vehicle online. We consider an online purchase to be when all major activity leading up to the purchase is performed independent of our stores. We expect our online sales will grow robustly, as we continue to enhance our marketing and digital capabilities.

此外，在第四季度，我們約 3/4 的客戶通過數字方式推進交易，其中約 5% 的客戶在線購買車輛。我們認為在線購買是指導致購買的所有主要活動均獨立於我們的商店進行。隨著我們繼續增強營銷和數字能力，我們預計我們的在線銷售將強勁增長。

As a reminder, we will be hosting a Virtual Analyst Day on May 6, where we will take a deeper dive into our online capabilities and our technology and data advantages. At that time, we will also discuss new metrics around online orders and how they are fulfilled as well as providing insight on our longer-term outlook and expectations.

提醒一下，我們將在 5 月 6 日舉辦虛擬分析師日，屆時我們將深入探討我們的在線功能以及我們的技術和數據優勢。屆時，我們還將討論有關在線訂單的新指標及其履行方式，並就我們的長期前景和期望提供見解。

Now I'll take a moment to highlight some recent enhancements we have made to the customer experience. First is our online instant appraisal offer, which allows us to quickly give customers an offer on their vehicle. This offering was first introduced and tested on edmunds.com in June. In February, we completed the national rollout of this offering on carmax.com. Early response has been strong, with online buys quickly exceeding our expectations, providing us with a clear pathway to become the largest online buyer of used autos from consumers.

現在我將花點時間強調一下我們最近對客戶體驗所做的一些改進。首先是我們的在線即時評估報價，這使我們能夠快速為客戶提供車輛報價。該產品於 6 月在 edmunds.com 上首次推出和測試。 2 月，我們在 carmax.com 上完成了此產品的全國推廣。早期反響強烈，在線購買量迅速超出我們的預期，為我們成為最大的二手車在線買家提供了一條清晰的途徑。

At the end of the fourth quarter, we launched the ability for customers to get penny-perfect, transactable financing offers in our online checkout process. With these enhancements, customers can apply and accept finance offers without needing the assistance of an associate to submit a credit application over the phone or in the store. We are rapidly expanding this feature to our overall customer base in the first quarter.

在第四季度末，我們推出了一項功能，讓客戶能夠在我們的在線結賬流程中獲得完美的、可交易的融資優惠。通過這些增強功能，客戶可以申請和接受融資優惠，而無需員工協助通過電話或在店內提交信貸申請。我們正在第一季度迅速將此功能擴展到我們的整體客戶群。

We know our customer-centric approach is a differentiator for CarMax, and we will never stop innovating on behalf of our customers. In January, we introduced our new industry-leading signature customer experience, Love Your Car Guarantee. This gives customers the ability to take 24-hour test drives before committing to purchase, and extends our 7-day money back guarantee to a 30-day money back guarantee, which is unmatched in the automotive industry. It's too early to identify trends, but preliminary results show these offerings are highly valued by our customers.

我們知道我們以客戶為中心的方法是 CarMax 的差異化因素，我們永遠不會停止代表我們的客戶進行創新。 1 月，我們推出了行業領先的全新簽名客戶體驗“愛你的汽車保證”。這使客戶能夠在承諾購買前進行 24 小時試駕，並將我們的 7 天退款保證延長至 30 天退款保證，這在汽車行業是無與倫比的。現在確定趨勢還為時過早，但初步結果表明這些產品受到我們客戶的高度重視。

As we continue enhancing our online experience and offerings, it's important to educate our customers on our omnichannel experience to differentiate and elevate the CarMax brand and our position in this evolving marketplace.

隨著我們不斷增強我們的在線體驗和產品，重要的是要讓我們的客戶了解我們的全渠道體驗，以區分和提升 CarMax 品牌以及我們在這個不斷發展的市場中的地位。

In the fourth quarter, we introduced the next phase of our national multimedia marketing campaign that began last year to increase awareness of our core omnichannel capabilities, which was highly successful. We set records every week for web visits since being introduced, reaching more than 8 million weekly visits by the end of February.

在第四季度，我們推出了去年開始的下一階段全國多媒體營銷活動，以提高我們對核心全渠道能力的認識，取得了巨大成功。自推出以來，我們每週都創下網絡訪問記錄，截至 2 月底，每周訪問量已超過 800 萬次。

After the campaign launch, web traffic and Google query volumes were both up over 25% versus the prior months. We want to continue this momentum and ensure customers understand that CarMax offers the ultimate flexibility to shop and buy on their terms, their way. Accordingly, as Enrique mentioned earlier, we are planning on increasing our spend on both awareness and acquisition marketing in FY '22.

活動啟動後，網絡流量和 Google 查詢量均比前幾個月增加了 25% 以上。我們希望繼續保持這種勢頭，並確保客戶了解 CarMax 提供了最大的靈活性，可以按照他們的條件和方式購物。因此，正如恩里克之前提到的，我們計劃在 22 財年增加我們在意識和收購營銷方面的支出。

We will continue to evolve our business as an omnichannel retailer by innovating at an accelerated pace, leveraging our scale across technology, data, talent and physical assets to unlock opportunities to compete across the used auto ecosystem. This is why we're excited to announce that we've signed a definitive agreement to acquire Edmunds, one of the most influential and popular automotive research sites in the world.

我們將通過加快創新步伐，利用我們在技術、數據、人才和實物資產方面的規模來釋放在二手車生態系統中競爭的機會，從而繼續發展我們作為全渠道零售商的業務。這就是為什麼我們很高興地宣布我們已經簽署了收購 Edmunds 的最終協議，Edmunds 是世界上最具影響力和最受歡迎的汽車研究機構之一。

Over the past years, our teams have had the opportunity to collaborate with Edmunds on a number of strategic initiatives, including our instant online appraisal offer and leveraging its proprietary content on carmax.com. We've been extremely impressed with its technology, content and online experience as well as its talented tech and creative teams. We believe we can both unlock additional value by working together to streamline the user experience across the entire car buying and selling journey, in addition to identifying other digitally focused opportunities. One thing that has become clear is that we share a commitment of delivering the highest quality online experience to our customers and dealers.

在過去的幾年裡，我們的團隊有機會與 Edmunds 合作開展多項戰略舉措，包括我們的即時在線評估服務和利用其在 carmax.com 上的專有內容。我們對其技術、內容和在線體驗以及才華橫溢的技術和創意團隊印象深刻。我們相信，除了確定其他以數字為中心的機會外，我們還可以通過共同努力簡化整個汽車買賣過程中的用戶體驗來釋放更多價值。一件已經變得清晰的事情是，我們共同承諾為我們的客戶和經銷商提供最高質量的在線體驗。

Edmunds is a widely recognized and deeply trusted brand. It will continue to operate its core business independently and will remain focused on delivering confidence to consumers and excellent value to its dealer and OEM clients. We are confident this transaction will drive shareholder value as we are able to leverage our combined size, scale and extensive industry expertise for the benefit of both businesses.

Edmunds 是一個廣受認可和深受信賴的品牌。它將繼續獨立經營其核心業務，並將繼續專注於為消費者提供信心，並為其經銷商和 OEM 客戶提供卓越的價值。我們相信這項交易將推動股東價值，因為我們能夠利用我們的合併規模、規模和廣泛的行業專業知識來為兩家企業謀福利。

To sum up, we are very proud of our performance during this difficult year. We're even more excited about how our continued investments in our existing business and in Edmunds are positioning us to be further differentiated and even more competitive. We expect robust top line, bottom line and market share growth for the upcoming year that is a result of not only lapping COVID, but demonstrating the impact of the investments we've made and the experiences we are providing.

總而言之，我們為我們在這艱難的一年中的表現感到非常自豪。令我們更加興奮的是，我們對現有業務和 Edmunds 的持續投資如何使我們進一步脫穎而出並更具競爭力。我們預計來年的營收、利潤和市場份額將實現強勁增長，這不僅是應對 COVID 的結果，也是展示我們所做投資和所提供經驗的影響的結果。

At this point, we will be happy to take your questions. Carol?

在這一點上，我們很樂意回答您的問題。頌歌？

(Operator Instructions) Your first question this morning comes from Sharon Zackfia from William Blair.

（操作員說明）你今天早上的第一個問題來自威廉布萊爾的 Sharon Zackfia。

I have 2 questions, but I think the first is pretty fast. Your inventory has gone down a lot in March, kind of an unusual amount. Can you talk about how you're positioned from an inventory perspective to meet demand and whether there will be any kind of unusual cost this quarter to ramp back up inventory?

我有 2 個問題，但我認為第一個問題很快。您的庫存在 3 月份下降了很多，這是一個不尋常的數量。您能否談談您如何從庫存角度定位以滿足需求，以及本季度是否會有任何異常成本來增加庫存？

And then the second question was on CAF and the expansion of Tier 3. Can you give us any idea of what the profitability is of Tier 3 on a per car basis relative to the $750 that you discount to the third-party lenders?

然後第二個問題是關於 CAF 和 Tier 3 的擴展。您能否告訴我們相對於您向第三方貸方提供的 750 美元折扣，每輛車的 Tier 3 的盈利能力是多少？

Okay. Sharon, first, I'll talk about the inventory, and then I'll let Jon talk about the CAF question. So you are right. At the end of the quarter, our saleable inventory is low. But again, that is a function of the fact that we had some COVID and weather shutdowns.

好的。 Sharon，首先，我會談談庫存，然後讓 Jon 談談 CAF 問題。所以你是對的。在本季度末，我們的可售庫存很低。但同樣，這是由於我們有一些 COVID 和天氣停工的事實。

So in the rise in COVID, we had to shut down some production locations. We also had some production locations shut down because of the weather. And so that's really why we're a little bit behind on saleable inventory. At the end of the quarter, I think we were down about 20% on saleable inventory.

因此，隨著 COVID 的增加，我們不得不關閉一些生產地點。由於天氣原因，我們還關閉了一些生產地點。所以這就是為什麼我們在可售庫存方面有點落後的原因。在本季度末，我認為我們的可售庫存下降了約 20%。

I would just point out, though, that if you look at our overall inventory year-over-year, we're actually up a little bit. So we've got the inventory. It's just a matter of producing. In fact, I think we ended the quarter north of 155,000 units.

不過，我只想指出，如果您按年查看我們的整體庫存，我們實際上有所增加。所以我們有庫存。這只是生產的問題。事實上，我認為我們在本季度結束時超過了 155,000 個單位。

So it's just a matter of working through that. And we're confident we have the capacity. Now it's just a matter of getting the inventory back to our target. So -- and I'll let Jon answer the CAF question.

所以這只是解決這個問題的問題。我們相信我們有能力。現在只需將庫存恢復到我們的目標即可。所以 - 我會讓 Jon 回答 CAF 的問題。

Yes, Sharon, thanks for your question. On Tier 3, moving from 5% to 10% for CAF, the profit per unit on that vehicle is relatively consistent to our Tier 1 vehicle. It will sit depending on funding costs between $2,000 and $2,500 in this funding environment. We'll see how it plays out over the course of the year, and that's -- you can compare that to the $750 we would pay in a discount.

是的，莎倫，謝謝你的提問。在 Tier 3，CAF 從 5% 提高到 10%，該車輛的單位利潤與我們的 Tier 1 車輛相對一致。在這種融資環境下，它將取決於 2,000 美元到 2,500 美元之間的融資成本。我們將看看它在一年中的表現如何，那就是 - 你可以將其與我們以折扣價支付的 750 美元進行比較。

I think an important point to note here is, though, because of CECL regulation, we will have to, as we book those loans, reserve for the full loss impact of that immediately. And so therefore, this will probably be a headwind for us in the upcoming year. But obviously, the lifetime profit will play itself out over time.

不過，我認為這裡需要注意的重要一點是，由於 CECL 的監管，我們必須在登記這些貸款時，立即為全部損失影響準備金。因此，這可能會成為我們來年的逆風。但顯然，終生利潤會隨著時間的推移自行發揮作用。

Can I just ask a follow-up? So on your website right now, it says there are 24,500 cars. Is that -- is there some disconnect there between what's on the website versus what you actually have?

我可以問後續嗎？所以現在在你的網站上，它說有 24,500 輛汽車。那是——網站上的內容與您實際擁有的內容之間是否存在一些脫節？

Yes. So Sharon, on the website, all that you're seeing right now is saleable inventory. We have very little that we put as far as coming soon.

是的。所以 Sharon，在網站上，您現在看到的只是可售庫存。就即將推出而言，我們幾乎沒有什麼可做的。

What you don't see on there are customer transfers. You don't see the transfers that are going between stores, so say, a hub store and a satellite. You don't see sale pending.

您在上面看不到的是客戶轉賬。您看不到商店之間的轉移，比如說，樞紐商店和衛星商店。您看不到待售商品。

If you took all that into consideration, you actually at least double the number that you currently see on the website. And then, of course, it doesn't include the work in process, which is really what gets you to about the 150,000 total units that we have.

如果將所有這些都考慮在內，您實際上至少是目前在網站上看到的數字的兩倍。然後，當然，它不包括在製品，這實際上是讓您獲得我們擁有的大約 150,000 個總單位的原因。

Your next question comes from Craig Kennison from Baird.

您的下一個問題來自 Baird 的 Craig Kennison。

Bill, you've said that you want CarMax to be the largest buyer of used autos from consumers. What is your estimate for that total addressable market in terms of the number of cars? And then on a related note, can you share any metrics to illustrate your activity levels or your buy rate activity on the online appraisal tool that you're using to source those cars?

比爾，您曾說過您希望 CarMax 成為消費者二手車的最大買家。就汽車數量而言，您對整個潛在市場的估計是多少？然後在相關說明中，您能否分享任何指標來說明您在用於採購這些汽車的在線評估工具上的活動水平或購買率活動？

Sure. Craig, so first of all, let me just clarify something. It's not that I want to be the largest buyer of used cars from consumers. We're already the largest buyer of used cars from consumers. I certainly want to continue to buy every single one that we can. If I think about the total addressable market, 40 million used cars exchange hands every year. And in that number, obviously, is person to person. So that's how I kind of think about the overall market.

當然。克雷格，首先，讓我澄清一下。這並不是說我想成為消費者二手車的最大買家。我們已經是消費者二手車的最大買家。我當然想繼續購買我們能買到的每一件。如果我考慮整個潛在市場，每年有 4000 萬輛二手車易手。顯然，這個數字是人與人之間的。這就是我對整個市場的看法。

And as far as the online appraisal offer, yes, we're really excited about this. It's exceeding our expectations. On carmax.com, we really got it up kind of middle of February, so we only have the partial month. And obviously, we've been testing, so we have seen some trends before that.

至於在線評估報價，是的，我們對此感到非常興奮。這超出了我們的預期。在 carmax.com 上，我們真的是在二月中旬搞定的，所以我們只有部分月份。顯然，我們一直在進行測試，因此在此之前我們已經看到了一些趨勢。

But if I look at the quarter as a whole, the online buys were about 10% of the total appraisal lane buys that we made. And of that, just because we got the carmax.com up towards the end of the quarter, most of those buys came through our relationship with Edmunds. But as I said, just the trajectory of where we see those things going, we think, in very short order, we'll buy more than anyone else online from consumers.

但如果我將本季度作為一個整體來看，在線購買約占我們評估通道購買總量的 10%。其中，僅僅因為我們在本季度末推出了 carmax.com，大部分購買都來自我們與 Edmunds 的關係。但正如我所說，就我們所看到的這些事情的發展軌跡而言，我們認為，在很短的時間內，我們將從消費者那裡購買的在線商品比其他任何人都多。

Your next question comes from John Murphy from Bank of America.

你的下一個問題來自美國銀行的 John Murphy。

I just wanted to kind of maybe stay on this line of questioning on sourcing vehicles. I mean, obviously, the market itself is very tight right now without a lot of flow into the secondary market, the used market. But there's also a lot of dealers and maybe even some new competition that are grabbing vehicles or buying vehicles as well to resale. And particularly with the new vehicle dealers, they're higher in the funnel and getting access to some trade-ins, obviously, as people are selling new vehicles.

我只是想在這種關於採購車輛的問題上繼續提問。我的意思是，很明顯，市場本身現在非常緊張，沒有大量資金流入二手市場。但也有很多經銷商，甚至可能是一些新的競爭者正在搶購車輛或購買車輛進行轉售。特別是對於新車經銷商，他們在漏斗中的位置更高，並且可以進行一些以舊換新，顯然，因為人們正在銷售新車。

So Bill, just curious, as you think about this going forward, how much of this tightness in supply that you can get for yourselves to retail is transitory? And how much of it is somewhat more of a secular shift than an increased focus by the dealers and maybe the other competition and is making it a little bit harder to get inventory?

所以比爾，很好奇，當你考慮到這一點時，你可以為自己零售的這種供應緊張有多少是暫時的？其中有多少是一種長期轉變，而不是經銷商和其他競爭對手更加關注，這使得獲得庫存變得有點困難？

And then also, is this Edmunds purchase or acquisition, really, the key here is focused on sourcing vehicles online? Is that really what this is? Because I know it's a big lead generator for a lot of dealers, so there's a lot of other angles to what Edmunds delivers. But is the key to you sourcing these vehicles directly from the consumer online?

然後，這是 Edmunds 的購買或收購，真的，這裡的關鍵是專注於在線採購車輛嗎？真的是這樣嗎？因為我知道它是很多經銷商的重要潛在客戶生成器，所以 Edmunds 提供的產品還有很多其他角度。但是，您直接從在線消費者那裡採購這些車輛的關鍵是什麼？

All right, John, I'll try to hit all this. You got a lot of stuff in there. First of all, as we've been talking about for several quarters, vehicle acquisition is a strategic initiative that we've been focused on. And to your point, if you look at the supply out there, yes, the supply is probably going down a little bit versus prior years. The great thing for us is that we get such a large amount through the appraisal lane. It really helps to alleviate anything outside of CarMax.

好吧，約翰，我會盡力做到這一點。你那裡有很多東西。首先，正如我們幾個季度以來一直在談論的那樣，車輛採購是我們一直關注的一項戰略舉措。就你的觀點而言，如果你看一下那裡的供應，是的，與往年相比，供應可能會有所下降。對我們來說最棒的是我們通過評估通道獲得瞭如此多的資金。它確實有助於緩解 CarMax 之外的任何問題。

Our focus with the online is to continue to drive as much as we can of buying vehicles right from the consumers, and we see this as a potential to really increase our self-sufficiency, which we think is a huge competitive advantage. And again, it's one of the reasons why we've been focused on it, and we'll continue to invest in here.

我們在線上的重點是繼續盡可能多地推動直接從消費者那裡購買汽車，我們認為這是真正提高我們自給自足的潛力，我們認為這是一個巨大的競爭優勢。再一次，這是我們一直關注它的原因之一，我們將繼續在這裡投資。

Now as far as Edmunds goes, look, the online piece of Edmunds, that's only a small piece. It's only a small benefit of the whole transaction. That's not the reason that we have decided to acquire Edmund. It absolutely has been a successful partnership on that piece of it, and we think there's a lot of opportunity to still do on the acquisition.

現在就 Edmunds 而言，看，Edmunds 的在線作品，那隻是一小部分。這只是整個交易的一小部分好處。這不是我們決定收購 Edmund 的原因。在這方面絕對是成功的合作夥伴關係，我們認為在收購方面仍有很多機會。

But there's other components. We've been working with the content, for example. There's other things that Edmunds that we feel like having the 2 companies come together will take 2 great companies and strengthen both of them.

但是還有其他組件。例如，我們一直在處理內容。 Edmunds 還有其他事情，我們覺得讓這兩家公司走到一起將會帶來兩家偉大的公司並加強它們。

So self-sufficiency and buying through the A lane, increasing that, whether it be through online or through the traditional A lane is absolutely a focus for us going forward.

因此，自給自足和通過 A 通道購買，增加這一點，無論是通過在線還是通過傳統的 A 通道，絕對是我們前進的重點。

Yes. It's important to remember as well that we buy cars better than anybody. We always have and we'll continue to do so. All we're doing now is that we're extending that to online. So the combination of in-store and online, we're just going to continue doing that better than anybody.

是的。同樣重要的是要記住，我們買車比任何人都好。我們一直都有，而且我們會繼續這樣做。我們現在所做的就是將其擴展到在線。因此，店內和在線的結合，我們將繼續做得比任何人都好。

Can you guys just give us an idea of where you think you will go in sourcing vehicles directly from the consumer as opposed to auctions? I know we traditionally thought around 50-50, but sometimes -- different times, it kind of ebbs and flows. I mean, is this kind of thing where you're going to 60% to 70% to 80% source from consumers and move away from auctions?

你們能否告訴我們您認為直接從消費者那裡採購車輛而不是拍賣的想法？我知道我們傳統上認為大約 50-50，但有時 - 不同的時間，它有點潮起潮落。我的意思是，在這種情況下，你會從消費者那裡獲得 60% 到 70% 到 80% 的資源並遠離拍賣嗎？

So John, the way I think about it is more on the self-sufficiency side. First of all, whether it's a retail or a wholesale car, we want them all. But I think -- when I think about from a self-sufficiency side, we've been somewhere in the, let's call it, 35% to 50% self-sufficiency over the, let's call it, the last 5 years.

所以約翰，我的思考方式更多是在自給自足方面。首先，無論是零售車還是批發車，我們都要。但我認為——當我從自給自足的角度考慮時，我們在過去 5 年中一直處於某個地方，讓我們稱之為 35% 到 50% 的自給自足。

I would expect this to take us to numbers that really are historic highs, if not kind of breaking the ceiling on the self-sufficiency. So our goal is to continue to see how far we can push that number on the north side.

我希望這能讓我們達到真正的歷史高位，如果不是打破自給自足的上限的話。所以我們的目標是繼續看看我們能把這個數字推到北邊多遠。

Your next question comes from Seth Basham from Wedbush Securities.

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

Bill, I was hoping you could provide some more color around the price tests. How broadly do you expect to extend those? What have you learned in terms of the sweet spot for discounts? And how much lift are you seeing from tests, thus far?

比爾，我希望你能提供更多有關價格測試的顏色。您希望將這些擴展到多廣泛？在折扣的最佳點方面，你學到了什麼？到目前為止，您從測試中看到了多少提升？

Yes. So Seth, I'll talk a little bit about kind of the extent of the test, and I'll let Enrique just talk about the focus here. But -- so as I said in the comments, we did expand the test. We have the test in a bunch of stores.

是的。所以賽斯，我會談談測試的範圍，我會讓恩里克談談這裡的重點。但是——正如我在評論中所說，我們確實擴大了測試範圍。我們在許多商店進行了測試。

Now I would say that we never would -- will expect to do this in all the stores. It just doesn't make sense. And we know the differences between markets and different stores, and the elasticity is very different in different markets.

現在我要說的是，我們永遠不會 - 會期望在所有商店都這樣做。它只是沒有意義。而且我們知道市場和不同商店之間的差異，不同市場的彈性是非常不同的。

So as I've said in the opening remarks, we're going to continue with this into the first quarter, but we're going to monitor the macro factors. And obviously, there's a lot going on right now as far as from a macro standpoint. We talked a little about, in John's question, that the -- a lot of supply has tightened up a little bit. You've got some things going on, on the new car side as far as new car availability. You -- we've got tax refunds that are going that have been delayed and kind of pushing into March. You've got stimulus money out there. So there's a lot of different things kind of going on.

因此，正如我在開場白中所說，我們將在第一季度繼續這樣做，但我們將監測宏觀因素。顯然，從宏觀的角度來看，現在發生了很多事情。在約翰的問題中，我們談了一點——大量供應已經收緊了一點。就新車可用性而言，在新車方面，你有一些事情正在發生。你 - 我們已經獲得了退稅，這些退稅已經被推遲並且有點推遲到三月份。你那裡有刺激資金。所以有很多不同的事情正在發生。

Also macro factors, you have to watch. You just continue to monitor what your competitors are doing. And whether that's their sales price or their margins, you have to take all that in consideration. So we'll continue with these.

還有宏觀因素，你要注意。您只需繼續監控競爭對手的行為即可。無論是他們的銷售價格還是他們的利潤，你都必須考慮到所有這些。所以我們將繼續這些。

Like Enrique said earlier, we're pleased with them. But I'll turn it over to Enrique and let him just expand on some of the profitability stuff.

正如恩里克之前所說，我們對他們很滿意。但我會把它交給恩里克，讓他擴展一些盈利能力的東西。

Yes, absolutely. So it's important to remember, we're solving for 2 things, right? We're solving for driving increased sales to lower prices. But at the same time, we're also driving for increased profitability.

是的，一點沒錯。所以重要的是要記住，我們正在解決兩件事，對吧？我們正在解決推動銷售增長以降低價格的問題。但與此同時，我們也在努力提高盈利能力。

And what we've seen in this test is really 2 things. One is the same level of sales elasticity. However, what we've seen is greater profitability flow-through, and there's really kind of 2 reasons why we've seen that greater flow-through.

我們在這個測試中看到的是兩件事。一是同等水平的銷售彈性。然而，我們看到的是更大的盈利能力流通，我們看到更大的流通量確實有兩個原因。

Number one is higher finance income, so CAF originations much more profitable in this environment as well as the renegotiated third-party finance fees. And the second is just lower variable costs as we migrate towards our CECs.

第一是更高的財務收入，因此在這種環境下 CAF 的起源以及重新協商的第三方財務費用更有利可圖。第二個是隨著我們向 CEC 遷移而降低可變成本。

And so we've been really pleased with the results. We've seen, again, increased sales and increased profitability. So we expect to continue to test and, as Bill mentioned, while also watching the macro environment.

所以我們對結果非常滿意。我們再次看到銷售額增加和盈利能力增加。因此，我們希望繼續測試，正如 Bill 提到的那樣，同時還要觀察宏觀環境。

That's helpful. Just as a follow-up, when do you expect to have better data on whether or not you plan to roll this out across the chain? Obviously, this is a unique period of time with all the macro factors you mentioned. Could this be a multi-quarter test before you have a clear picture?

這很有幫助。作為後續行動，您預計什麼時候可以獲得更好的數據，說明您是否計劃在整個鏈條上推廣這一點？顯然，這是一個獨特的時間段，包含您提到的所有宏觀因素。在你有一個清晰的畫面之前，這可能是一個多季度的測試嗎？

Yes. I think it's a great question, Seth. Just because of those macro factors, we generally -- we get reads on these very quickly. Like I said, we got to read it. We like the results. But again, we've got to see how the rest of this quarter shapes up from -- it's more of the macro factors versus kind of internally. So I would stay tuned on that. I think we'll probably have an update on that in the -- on the Analyst Day in May.

是的。我認為這是一個很好的問題，賽斯。僅僅因為這些宏觀因素，我們通常 - 我們很快就會閱讀這些內容。就像我說的，我們必須閱讀它。我們喜歡結果。但同樣，我們必須看看本季度的剩餘時間是如何形成的——更多的是宏觀因素而不是內部因素。所以我會繼續關注這一點。我想我們可能會在 5 月份的分析師日發布最新消息。

Your next question comes from Brian Nagel from Oppenheimer.

您的下一個問題來自 Oppenheimer 的 Brian Nagel。

So I'm going to -- I've got a couple of questions on merging together. First off, just with regard to -- Bill, you talked about the business into -- I guess, into the fiscal Q1 or March. Can you help size better just that sales reacceleration, particularly against the -- I guess, you thought it was on kind of a mid-single-digit used car unit increase in February until the weather hit.

所以我要 - 我有幾個關於合併的問題。首先，關於 - 比爾，你談到了業務進入 - 我猜，進入財政第一季度或三月份。你能幫助更好地衡量銷售重新加速的規模嗎，特別是反對——我想，你認為在天氣來襲之前，2 月份二手車銷量呈中等個位數增長。

And then the second question I have, a bit just unrelated. But with regard to the renegotiation of the fees in the finance business, those of us who watch CarMax for a long time, we've talked about this before a long time. Why now? I mean why -- what allowed you to -- you as a company to make this shift at this point?

然後是我的第二個問題，有點不相關。但是關於金融業務的費用重新談判，我們這些長期關注CarMax的人，我們已經談了很長時間了。為什麼現在？我的意思是為什麼 - 是什麼讓你 - 你作為一家公司在這一點上做出這種轉變？

Great, Brian. I'll let John talk about the CAF in just a moment. I can't believe it's taking us like 5 or 6 questions for somebody to actually ask about the sales performance, but I appreciate you asking.

太好了，布賴恩。稍後我會讓 John 談談 CAF。我不敢相信我們要問 5 或 6 個問題才能讓某人真正詢問銷售業績，但我很感謝你提出這個問題。

Look, if I think about March, as I said in the opening remarks, it's robust. And actually, it's a great -- March has been a great month for us. It's been a record month for us. We've sold more than 100,000 cars in the month of March for the first time in the company's history.

看，如果我想到三月份，正如我在開場白中所說的那樣，它很強勁。事實上，這是一個偉大的 - 三月對我們來說是一個偉大的月份。這對我們來說是創紀錄的一個月。我們在公司歷史上首次在 3 月份售出了超過 100,000 輛汽車。

And I would tell you, it doesn't really make sense to think about comps this year versus last year just because of the COVID impact. The way I think about them is we should really be comparing them to March of 2019, so 2 years ago.

我會告訴你，僅僅因為 COVID 的影響，考慮今年與去年的比較是沒有意義的。我對它們的看法是，我們真的應該將它們與 2 年前的 2019 年 3 月進行比較。

March of 2019 was the old record of number of vehicles that we sold. And what I'm most encouraged about is if I compare our March performance this year to 2 years ago, we're seeing double-digit growth on top of that March, which just really speaks to a lot of the things that are going on.

2019 年 3 月是我們售出車輛數量的舊記錄。最讓我感到鼓舞的是，如果我將我們今年 3 月份的表現與 2 年前進行比較，我們會看到在 3 月份的基礎上實現了兩位數的增長，這確實說明了很多正在發生的事情.

I mean, sure, some of what's going on are macro factors beyond our control. When you think about the pushing of the tax -- some of the tax refund money into March, you think about the stimulus, I absolutely get that, and that's helping drive some of that tailwind.

我的意思是，當然，一些正在發生的事情是我們無法控制的宏觀因素。當你考慮推動稅收——一些退稅資金進入 3 月份時，你會想到刺激措施，我完全理解，這有助於推動一些順風。

But we're really excited about the tailwind beyond that. So we're -- as we said in our opening remarks, we're excited about 2021. I think the quarter -- I'm sorry, 2022 -- FY 2022. The quarter, unfortunately, it's just -- it's the ending of a very volatile year for us.

但我們對除此之外的順風感到非常興奮。所以我們——正如我們在開場白中所說的那樣，我們對 2021 年感到興奮。我認為這個季度——對不起，2022 年——2022 財年。不幸的是，這個季度只是——結束了對我們來說是非常動蕩的一年。

I would just remind everyone. If you go back to FY '20, it was a great year, double-digit top line growth, high mid-single-digit comp growth. We continue that into the beginning of FY '21, up until the point we hit the pandemic. And then since the pandemic has been in place, it's obviously been a very volatile year.

我只是提醒大家。如果你回到 20 財年，那是一個偉大的一年，兩位數的收入增長，中高個位數的收入增長。我們將這種做法持續到 21 財年伊始，直到我們遭遇大流行病。然後，由於大流行已經到位，這顯然是非常動蕩的一年。

Looking at the fourth quarter, the pandemic also started -- caused some of the volatility at the beginning of the quarter with December. And we talked about that in the last call, we had a big surge in COVID cases. And we had a bunch of markets that went back into lockdown mode.

看看第四季度，大流行病也開始了——在本季度初的 12 月造成了一些波動。我們在上次電話會議中談到了這一點，我們的 COVID 病例激增。我們有很多市場又回到了鎖定模式。

I'll give you one example. The state of California, which has been typically one of the most restrictive states, limiting occupancy to 20% and 25%, that went back into that mode of 20%, 25% in December. A market like that, what we saw is that occupancy restriction causes that market to perform on average north of 10% worse than the rest of the organization.

我給你舉一個例子。加利福尼亞州通常是限制最嚴格的州之一，將入住率限制在 20% 和 25%，但在 12 月又回到了 20% 和 25% 的模式。像這樣的市場，我們看到的是入住率限制導致該市場的表現平均比組織的其他部分差 10% 以上。

So we had that headwind on the occupancy restrictions in December and in January. Both of those 2 months, we had more than 50 stores that were less than 50% occupancy, and that -- less than 50% is difficult for us. You get to 50% above, we can work through that. But just given the traffic that comes into our store, it's hard to manage that.

因此，我們在 12 月和 1 月的入住限制方面遇到了不利因素。這兩個月，我們有超過 50 家商店的入住率低於 50%，而低於 50% 對我們來說很難。你達到 50% 以上，我們可以解決這個問題。但是考慮到進入我們商店的客流量，很難管理它。

But that being said, we started out December, negative 4. We're able to do better than that at the end of December. We were still negative. But then coming into January, and if I look at January, it was the most normal, if there is such thing, normal month.

但話雖這麼說，我們從 12 月開始，負 4。我們能夠比 12 月底做得更好。我們仍然持否定態度。但是進入一月份，如果我看一月份，那是最正常的月份，如果有的話，就是正常的月份。

We didn't have tax refund delays. We didn't have bad weather. What we really had to contend with were these occupancy restrictions. And even with the occupancy restrictions, we were seeing comps north of 7% in January, which we feel great about. And I really do think that's continuing some of the trends that we saw in the prior year and our investments coming forward.

我們沒有延遲退稅。我們沒有遇到壞天氣。我們真正需要應對的是這些入住限制。即使有入住限制，我們在 1 月份也看到了超過 7% 的補償，我們對此感覺很好。我真的認為這會延續我們在前一年看到的一些趨勢以及我們未來的投資。

Then we get into February, clipping along, and like I said in the opening remarks, we were looking -- even though we started down the hall, we were looking at a mid-single-digit comp, excluding the impact of Leap Day. Now keep in mind, Leap Day last year was a Saturday, and our stores are at the busiest day of the week.

然後我們進入了二月，就像我在開場白中所說的那樣，我們正在尋找——即使我們從大廳開始，我們也在尋找一個中個位數的組合，不包括閏日的影響。請記住，去年的閏日是星期六，而我們的商店正處於一周中最繁忙的一天。

So excluding that, we were at mid-single-digit comp, and then we hit the weather constraints and just the delay of the tax refunds. I think, in February, returns were down about 30% year-over-year. So that's a little bit more color on that. Let me pass it to Jon to talk about the other questions.

因此，排除這一點，我們處於中等個位數的補償，然後我們遇到了天氣限制和退稅的延遲。我認為，2 月份的回報率同比下降了約 30%。所以這上面有更多的顏色。讓我將它傳遞給 Jon 來談談其他問題。

Sure. Brian, thanks for your question on the piece. So your question was why now. And a fair question. I think, really, 3 things I'd point to there versus I think it's just a very favorable lending environment right now. I think customers are performing well, and I think those finance companies and lenders are anxious to extend money out to customers that are performing well.

當然。布賴恩，感謝您對這篇文章的提問。所以你的問題是為什麼現在。一個公平的問題。我認為，真的，我要指出三件事，而我認為現在只是一個非常有利的借貸環境。我認為客戶表現良好，我認為那些金融公司和貸方急於將資金提供給表現良好的客戶。

It's absolutely a favorable funding environment. That's very clear. So those 2 things certainly made it easier. And I think all of our lenders in our platform are really excited about CarMax's growth. So they're excited about what's coming in the future. They love CarMax collateral.

這絕對是一個有利的融資環境。這很清楚。所以這兩件事確實讓事情變得更容易了。我認為我們平台上的所有貸方都對 CarMax 的增長感到非常興奮。因此，他們對未來的發展感到興奮。他們喜歡 CarMax 抵押品。

So all those things together, I just made it feel like it was the right time. I think some might want to drive home, though, as we think about fees or our entire platform, whether it be the fees and discounts, the partners that we have in the platform, where CAF participates in the platform, the most important thing we're looking to deliver from our finance platform is highly competitive offers across the credit spectrum in all economic environments. And we want to do that such that we can scale that as CarMax scales.

所以所有這些事情加在一起，我只是覺得是時候了。我想有些人可能想開車回家，但是，當我們考慮費用或我們的整個平台時，無論是費用和折扣，我們在平台中擁有的合作夥伴，CAF 參與平台的地方，我們最重要的事情我們希望通過我們的金融平台提供在所有經濟環境中跨越信用範圍的極具競爭力的報價。我們希望這樣做，以便我們可以像 CarMax 一樣擴展它。

So we're always going to look at that platform and look to optimize it. It felt the right time to make the fee changes now, but we were very careful and looked at what the impact of sales were there. And if we make any changes in the future, we will stay very focused on providing those strong credit offers. So that's the most important to us.

所以我們總是會關注那個平台並尋求優化它。感覺現在是改變費用的合適時機，但我們非常小心，並研究了銷售的影響。如果我們在未來做出任何改變，我們將非常專注於提供那些強大的信貸優惠。所以這對我們來說是最重要的。

Brian, one more thing, too. I just want to point out. I talked about the occupancy restrictions. I'm going to knock on wood. But as of right now, although we have about 1/3 of our stores still on occupancy restrictions, the key factor is we only have one store at this point that's less than that 50%. And again, that's an important threshold for us.

布賴恩，還有一件事。我只想指出。我談到了入住限制。我要敲木頭。但截至目前，儘管我們約有 1/3 的商店仍處於入住限制狀態，但關鍵因素是我們目前只有一家商店，低於 50%。再一次，這對我們來說是一個重要的門檻。

Got it. I appreciate all the color. So Bill, just to clarify. So the month of March, you sold 100,000 cars, if I heard that right, and that's up double digits from -- you're saying that's up double digits from what the number was for '19.

知道了。我欣賞所有的顏色。比爾，我想澄清一下。所以 3 月份，你售出了 100,000 輛汽車，如果我沒聽錯的話，這比 19 年的數字增長了兩位數。

That's correct. And I think that's the way we should all be thinking about this year. I think, trying to relate comps this year versus last year, I think that's a -- I just don't think that's a good exercise.

這是正確的。我認為這就是我們今年應該思考的方式。我認為，試圖將今年與去年的 comps 聯繫起來，我認為這是一個 - 我認為這不是一個很好的練習。

I think we should relate it back to '19, which was a great year for us, and we sold a lot of cars. And so that's what's really encouraging is that if you look at -- because that March of '19 was the past record, and we beat that by double digits.

我認為我們應該將它與 19 年聯繫起來，那對我們來說是偉大的一年，我們賣了很多車。因此，真正令人鼓舞的是，如果你看一下——因為 19 年 3 月是過去的記錄，我們以兩位數的優勢打破了這一記錄。

Your next question comes from Scot Ciccarelli from RBC Capital Markets.

你的下一個問題來自 RBC 資本市場的 Scot Ciccarelli。

Well, just can I verify the double-digit you just referenced on Brian's question? Is that comp? Or is that total that includes new stores?

好吧，我可以驗證您剛剛在 Brian 的問題中提到的兩位數嗎？那是補償嗎？或者這個總數包括新店？

That is both. It's both. It's comp and total.

那就是兩者。兩者都是。這是補償和總計。

Got it. Helpful. So especially since you are trying to help everyone understand kind of like the sales pace and variances, et cetera, can you provide any more details on what you're seeing in the Atlanta market from a market share sales perspective just given the seasoning in your omnichannel offering?

知道了。有幫助。因此，特別是因為您正試圖幫助每個人了解銷售速度和差異等等，您能否從市場份額銷售的角度提供更多關於您在亞特蘭大市場看到的情況的詳細信息，只是考慮到您的調味料全渠道產品？

And kind of related to that, is there anything unique that you're doing in that market? Because at one point, I know there were some unusual things you're doing with marketing and pricing that you hadn't rolled out everywhere. Or is everything kind of a blanket offer -- a blanket testing at this point?

與此相關的是，您在那個市場上有什麼獨特之處嗎？因為有一次，我知道你在營銷和定價方面做了一些不尋常的事情，但你並沒有在所有地方推廣。還是一切都是一攬子提議——在這一點上進行一攬子測試？

Yes. So Scot, on the Atlanta, as I said in the opening remarks, the -- we actually maintained the market share in Atlanta. And if I look at the fourth quarter, comps in Atlanta were actually about 6.5%. So we -- again, we're encouraged by that.

是的。所以蘇格蘭人，正如我在開場白中所說的那樣，在亞特蘭大，我們實際上保持了亞特蘭大的市場份額。如果我看一下第四季度，亞特蘭大的收入實際上約為 6.5%。所以我們 - 再一次，我們對此感到鼓舞。

And look, we have some older waves that we've rolled out omni that also had comps in the quarter, but then you also -- it gets hard to look at the waves because the waves had some stores that were impacted by weather, some that weren't. So again, Atlanta is kind of the clean look at it.

看，我們有一些較舊的波浪，我們已經推出了 omni，它們在本季度也有 comp，但是你也 - 很難看到波浪，因為波浪有一些商店受到天氣的影響，一些那不是。再說一次，亞特蘭大看起來很乾淨。

As far as different things, when we started doing the expanded pricing test and looking at the marketing, a lot of that was from the learnings that we had in Atlanta. So we're starting to -- obviously, we've started to put that out in other markets.

至於不同的事情，當我們開始進行擴展定價測試並研究營銷時，其中很多都是我們在亞特蘭大的經驗教訓。所以我們開始 - 顯然，我們已經開始將其投放到其他市場。

I think the other thing to remember is when we roll new things out, so for example, if you think about self-serve, the first market we put that in is Atlanta. Generally, we roll things there first. So they're always getting things a little bit earlier than everyone else. So that would be the other -- the difference that I would point to as well.

我認為另一件要記住的事情是當我們推出新產品時，例如，如果你考慮自助服務，我們將其投放的第一個市場是亞特蘭大。通常，我們先在那裡滾動東西。所以他們總是比其他人早一點得到東西。所以這就是另一個——我也會指出的區別。

But on the self-serve, again, I just -- we're excited about that because I think the team has done a tremendous amount of work. We -- coming out of the second quarter, we've got 25% of our customers were available to use it. And we think that most of the customers by the end of the second quarter will have that option.

但是在自助服務方面，我只是——我們對此感到很興奮，因為我認為團隊已經做了大量的工作。我們 - 從第二季度開始，我們有 25% 的客戶可以使用它。我們認為，到第二季度末，大多數客戶都會有這種選擇。

That's helpful. And just one more follow-up, if I can. Is there any demographic differences for people utilizing the omnichannel than what your typical customer cohort would be?

這很有幫助。如果可以的話，再做一次跟進。使用全渠道的人與您的典型客戶群體相比是否存在任何人口統計差異？

Yes. No, it's interesting. We don't really see any big shift in demographics. It's -- it very much mirrors the typical CarMax customer that would come into the store.

是的。不，這很有趣。我們真的沒有看到人口統計數據有任何重大變化。這是 - 它非常反映了進入商店的典型 CarMax 客戶。

Your next question comes from Michael Montani from Evercore ISI.

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

Just wanted to ask, if I could, where the self-sufficiency ratio was for fiscal fourth quarter and then for the prior year. And then I had a quick follow-up for that.

只是想問一下，如果可以的話，第四財季和上一年的自給率在哪裡。然後我對此進行了快速跟進。

Yes. So Michael, the self-sufficiency for the quarter was around -- it was a little bit above 40%, 41-ish percent, and that's up from the prior year's fourth quarter, where it was down in the 30s, mid- to -- really kind of mid-30s, around 35% or so.

是的。所以邁克爾，本季度的自給率大約是——略高於 40%，41%左右，這比去年第四季度有所上升，在 30 年代中期到 - - 真的是 30 多歲，大約 35% 左右。

Okay. And then the follow-up I had was just to get some sense of magnitude on the potential tailwind to GPUs from self-sufficiency. I've been thinking of it as maybe $600 to $1,000 a unit, all else equal. And I guess, I wouldn't insinuate that you all would flow all of that through, but it just seems like if GPU is still going to be down, even with that kind of a tailwind, it suggests that you're getting really sharp on price and doing a lot of free transfers. So just wanted to understand how you think about striking that competitive balance as well.

好的。然後我的後續行動只是想了解自給自足給 GPU 帶來的潛在順風的程度。在其他條件相同的情況下，我一直認為它可能是每台 600 到 1,000 美元。而且我想，我不會暗示你們所有人都會通過所有這些，但看起來如果 GPU 仍然會下降，即使有那種順風，它表明你變得非常敏銳價格和做很多免費轉讓。所以只是想了解您如何看待實現競爭平衡。

Yes. I mean, I think you bring up a good point. I mean, the more we can buy through the appraisal lane, it obviously is -- it's better from a profitability standpoint. If you think about it, you're not paying auction fees in a lot of cases. In all the cases right now, we don't -- we're not having to transport them from an auction. They're actually at the store.

是的。我的意思是，我認為你提出了一個很好的觀點。我的意思是，我們可以通過評估通道購買的越多，從盈利能力的角度來看顯然是更好的。如果您考慮一下，在很多情況下您不需要支付拍賣費。在所有情況下，我們現在都不需要——我們不必將它們從拍賣會上運走。他們實際上在商店裡。

So we take that's part of how we manage our overall margin. And at times, we'll take some of those synergies, and we'll obviously pass along in prices, which would be really hard for you guys to see. Other times, obviously, we have the option to manage our margin and get to the margin where we want to be.

所以我們把這作為我們管理整體利潤率的一部分。有時，我們會利用其中的一些協同效應，我們顯然會在價格上傳遞，這對你們來說真的很難看到。其他時候，顯然，我們可以選擇管理我們的利潤率並達到我們想要的利潤率。

So it's a balancing act, and it's one that we'll continue to take into consideration as well as continuing to look at the macro factors as we go forward on our pricing test.

因此，這是一種平衡行為，在我們進行定價測試時，我們將繼續考慮並繼續關注宏觀因素。

Your next question comes from Rajat Gupta from JPMorgan.

你的下一個問題來自摩根大通的 Rajat Gupta。

Just to follow up on like the 100,000 number for March. Maybe talk about some stimulus and tax refunds shift, maybe some recovery from the poor weather in Texas, some deferred purchases because of that.

只是為了跟進 3 月份的 100,000 數字。也許談論一些刺激和退稅轉移，也許從得克薩斯州的惡劣天氣中恢復過來，因此推遲一些採購。

Like is there any way to quantify how many of those 100,000 units may have been a shift from Feb to March as you have seen in any other normal year? And just like just -- could you give us a sense of the mix of alternate delivery channel volumes in the fourth quarter and in March as well? And I have just one more follow-up.

有什麼方法可以量化這 100,000 個單位中有多少可能是從 2 月到 3 月的轉變，就像您在任何其他正常年份看到的那樣？就像 - 您能否讓我們了解一下第四季度和三月份的替代交付渠道數量的組合？我還有一個後續行動。

Okay. Rajat, so as far as the sales shift, really, it's hard to quantify, especially break it down between the weather and the delay in tax refunds. I think the best way to think about that is kind of how I talked about it earlier that, coming into February, middle of February, we would have -- excluding the impact of the Leap Day, we would have been running about a mid-single-digit comp. And obviously, that's not where we ended up. So that's one way to think about.

好的。 Rajat，就銷售變化而言，真的很難量化，尤其是在天氣和退稅延遲之間進行分解。我認為最好的思考方式是我之前談到的方式，進入二月，二月中旬，我們將 - 排除閏日的影響，我們將一直運行大約個位數補償。顯然，那不是我們的結局。所以這是一種思考方式。

We ended up at negative 2, 3. That's one way to think about the weather and the taxes combined, but it's really hard to parse out. And it's hard to know exactly, obviously, how much is impacted.

我們最終以負數 2、3 告終。這是綜合考慮天氣和稅收的一種方式，但它真的很難解析。顯然，很難確切知道受影響的程度。

So as far as the alternative delivery, just to remind everybody, alternative delivery is both home delivery, but it's also express pickup or curbside pickup. That's still -- we're seeing still -- it's under 10% of overall delivery. And again, that's a number, while we have reported out on it, it's one that -- it's not like we're trying to drive that.

那麼關於替代配送，提醒大家一下，替代配送既是送貨上門，也是快遞取件或路邊取件。那仍然——我們仍然看到——它還不到總交付量的 10%。再一次，這是一個數字，雖然我們已經對此進行了報告，但它是一個 - 這並不是說我們正在努力推動它。

Again, this is all about giving the customer the experience they want. If they want home delivery, great. If they want to pick it up in the store, great. So -- but to answer your question, it's about -- it's under 10% of the overall.

同樣，這一切都是為了給客戶提供他們想要的體驗。如果他們想要送貨上門，那很好。如果他們想在商店裡取貨，那很好。所以——但要回答你的問題，它是關於——它不到總體的 10%。

I think the other thing, Rajat, is the thing that I introduced, which is the online sales. That's kind of a new way, a new metric that we're -- we talked about on this call. And obviously, in May, we'll have more on these metrics. But 5% of our customers essentially did the whole transaction online. And then to us, we don't care how they get it fulfilled, whether it's in the store or if it's at-home. And we expect that 5% to continue to go up.

我認為另一件事，Rajat，是我介紹的東西，即在線銷售。這是一種新的方式，我們在這次電話會議上談到的新指標。顯然，在 5 月份，我們將有更多關於這些指標的信息。但是我們有 5% 的客戶基本上是在網上完成整個交易的。然後對我們來說，我們不關心他們如何實現它，無論是在商店還是在家裡。我們預計 5% 將繼續上升。

Got it. And so just on a previous question, like have you been able to gauge any impact from the stimulus package separately that might have helped March? Or any sense of that? Like what kind of contribution that might have had to your growth in March?

知道了。因此，就上一個問題而言，例如您是否能夠單獨評估可能對 3 月有所幫助的刺激計劃的任何影響？或者有什麼感覺嗎？比如在 3 月份可能對您的成長做出了什麼樣的貢獻？

Yes. So I mean, obviously, it's having an impact. Again, it's like the weather and the tax delay refund. It's hard to gauge. But I think the thing that we're excited about is you've got different ranges, and it's not an exact science.

是的。所以我的意思是，很明顯，它正在產生影響。同樣，這就像天氣和退稅延遲一樣。很難衡量。但我認為我們感到興奮的是你有不同的範圍，這不是一門精確的科學。

But we just feel like the increase that we're seeing is beyond the stimulus. It's beyond the weather rollover. It's beyond the delay in tax refunds. And it really speaks to all the investments that we've been making on so many different fronts. And that's what we're excited about.

但我們只是覺得我們看到的增長超出了刺激措施。它超越了天氣翻轉。這超出了退稅的延遲。它確實說明了我們在許多不同方面所做的所有投資。這就是我們感到興奮的地方。

Got it, got it. That's helpful. And then just on the SG&A line, you talked about increased investment. The overhead cost bucket moved higher sequentially. Our understanding, based on some comments on like previous earnings calls, were like there were some permanent reductions that took place there.

明白了，明白了。這很有幫助。然後就在 SG&A 方面，你談到了增加投資。間接成本桶依次上升。我們的理解是，根據對之前的財報電話會議的一些評論，那裡發生了一些永久性的削減。

So just curious on how we should think about that line item specifically going into fiscal 2022 and beyond. What kind of investments are going on there? Like how much is fixed versus variables, et cetera? Just any color on that would be really helpful.

所以只是好奇我們應該如何考慮具體進入 2022 財年及以後的項目。那裡正在進行什麼樣的投資？比如多少是固定的，多少是可變的，等等？上面的任何顏色都會非常有幫助。

Yes. The way we think about it now is absolutely the right time to invest in growing our business, and that's the path forward that we've been taking. The industry and CarMax, we're at an inflection point, so we believe investment is the right point in time is now.

是的。我們現在考慮的方式絕對是投資發展我們業務的正確時機，這就是我們一直在走的前進道路。行業和 CarMax，我們正處於一個轉折點，所以我們相信投資是正確的時間點。

I think it's also important to recognize that the investments we're making are also impacting our appraisal and our wholesale business, which we have focused some of our investments on, and we'll be talking about that in the upcoming Analyst Day. We'll speak to think -- we'll speak to how we think about SG&A in light of these investments at a really growing multiple components of our business, not just our used unit business.

我認為同樣重要的是要認識到我們正在進行的投資也會影響我們的評估和我們的批發業務，我們已經將一些投資集中在這些業務上，我們將在即將到來的分析師日討論這個問題。我們將談談思考——我們將根據這些投資在我們業務的真正增長的多個組成部分，而不僅僅是我們的二手單位業務，談談我們如何看待 SG&A。

I would look specifically. To answer your question, the other line in SG&A. That actually is where you'll find some of our strategic investments, and we expect that line will go up. It has been offset over the past year and will continue to be offset by efficiency gains that we have across the business and that we're always focused on, but that line item specifically tags to our strategic investments as well around technology.

我會具體看。要回答您的問題，請使用 SG&A 中的另一行。這實際上是您可以找到我們的一些戰略投資的地方，我們預計這條線會上升。它在過去一年中被抵消了，並將繼續被我們在整個業務中獲得的效率提升所抵消，並且我們一直關注這一點，但該項目特別標記了我們的戰略投資以及技術。

And Rajat, the only other thing that I would add to that is if all we were focused on this year was continuing our -- improving our omnichannel experience, you would have seen a cost of -- a bend in the cost curve from an SG&A standpoint. But to Enrique's point, now is the time to continue to invest, and we're investing in all different parts of the business. So -- which is also why Enrique said, you got to look at the kind of the 2-year 5% to 8% in order to lever. So I just wanted to add that as well.

Rajat，我要補充的唯一一件事是，如果我們今年的重點是繼續我們的——改善我們的全渠道體驗，你會看到成本——SG&A 的成本曲線彎曲立場。但在恩里克看來，現在是繼續投資的時候了，我們正在投資業務的各個不同部分。所以——這也是恩里克說的原因，你必須看看 2 年 5% 到 8% 的利率才能槓桿化。所以我也想補充一點。

Got it. That's super helpful. And then if I could just squeeze in one more on the Edmunds. You talked about like neutral from an accretion standpoint, including like the financing and the equity, I guess. Any way to think about like just like gross profit or like EBIT contribution from the deal? Will you be reporting that? When will that go in effectively? Or will it just be a separate line item or something? Just any color on that would be helpful. That's all.

知道了。這非常有幫助。然後，如果我能在 Edmunds 上再擠一個。我猜你從增長的角度談到了中性，包括融資和股權。有什麼方法可以考慮交易的毛利或息稅前收益？你會報告嗎？什麼時候才能有效？或者它只是一個單獨的訂單項或其他什麼？上面的任何顏色都會有所幫助。就這樣。

Yes. We do anticipate that we'll be reporting Edmunds as an operating segment, so you'll have a view into, certainly, the revenue, which we announced today, what their last year's revenue was as well as profitability.

是的。我們確實預計我們會將 Edmunds 作為一個運營部門進行報告，因此您當然可以了解我們今天宣布的收入、他們去年的收入以及盈利能力。

What I'd tell you, though, is if you take a step back from an impact accretiveness, dilution impact upon the transaction, it's really immaterial to CarMax in the immediacy. What I'd tell you is that we expect to create a significant amount of shareholder value creation from the acquisition, and we expect that to start in fairly short order as well.

不過，我要告訴你的是，如果你從影響增生、稀釋對交易的影響中退後一步，這對 CarMax 來說真的並不重要。我要告訴你的是，我們希望通過收購創造大量的股東價值創造，我們希望這也能在相當短的時間內開始。

We have been partnering with Edmunds and the great people there for over the past year at this point, so we are really familiar with what benefits we can both accrue from our relationship. And we decided to exercise our option and pull the full acquisition, largely because we've seen the benefits over the past year of our partnerships.

在過去的一年裡，我們一直在與 Edmunds 和那裡的優秀人才合作，因此我們非常了解我們可以從我們的關係中獲得哪些好處。我們決定行使我們的選擇權並取消全部收購，這主要是因為我們已經看到過去一年合作夥伴關係帶來的好處。

Your next question comes from Rick Nelson from Stephens.

你的下一個問題來自 Stephens 的 Rick Nelson。

Like supply constraints are pretty low document. It's on the new car side. I'm curious how you see that impacting your business. And any view as to when you think new car supplies will normalize and how that might impact when they hit?

像供應限制是相當低的文件。是新車那邊。我很好奇您如何看待這對您的業務的影響。關於您認為新車供應何時會正常化以及它們何時會產生怎樣的影響，您有什麼看法？

Yes. Rick, it's hard to know when the new car supply is going to continue to ramp up. I mean, they're obviously facing some major chip shortage. I think the supply -- the tightening of the supply is going to be around here for a while.

是的。里克，很難知道新車供應何時會繼續增加。我的意思是，他們顯然面臨著嚴重的芯片短缺。我認為供應 - 供應緊張將持續一段時間。

That being said, I go back to some of my earlier comments, which is we source a lot of vehicles through our appraisal lane. And the more that we do that, the better it is for the organization. So we don't rely on the wholesale supply for all of our inventory, which -- I feel like there's plenty of supply out there. You've got to work a little bit harder, but I would add on top of that is because we're buying so much to the appraisal lane, it doesn't really have that much of an impact on our business, other than it could cause the overall sales price -- the average sales price to go up for everyone.

話雖這麼說，我回到我之前的一些評論，即我們通過評估通道採購了很多車輛。我們做得越多，對組織就越好。所以我們的所有庫存都不依賴批發供應，我覺得那裡有充足的供應。你必須更加努力地工作，但我要補充的是，因為我們在評估通道購買了太多東西，它對我們的業務並沒有太大的影響，除了它可能導致整體銷售價格——每個人的平均銷售價格上漲。

Your next question comes from Chris Bottiglieri from Exane BNP Paribas.

您的下一個問題來自 Exane BNP Paribas 的 Chris Bottiglieri。

So first one, I want to follow up on the Tier 2, Tier 3. Congrats on getting that lower Tier 3 fee. Never made sense in the first place. But once we exit this bizarre credit world that we're in, where losses are lower, right, but higher unemployment, if things go back to kind of pre-COVID trends.

所以首先，我想跟進第 2 層、第 3 層。恭喜你獲得了較低的第 3 層費用。一開始就沒有意義。但是，一旦我們退出我們所處的這個奇怪的信貸世界，如果事情回到某種 COVID 之前的趨勢，損失會更低，對，但失業率更高。

Do you expect the change in fee structure to stick? Is this permanent? Or is this like -- that is the piece that what I want to understand, whether it's environment-driven or like, moving forward in perpetuity, will that $750 stay?

您預計費用結構的變化會持續下去嗎？這是永久的嗎？或者這就像——這就是我想了解的部分，無論是環境驅動的還是類似的，永遠向前發展，那 750 美元會留下來嗎？

Yes. I mean, thanks for the question, Chris. It's hard to say if it's going to stick. This is very fluid environment. We're always looking to optimize the platform clearly.

是的。我的意思是，謝謝你提出這個問題，克里斯。很難說它是否會堅持下去。這是一個非常流動的環境。我們一直在尋求明確地優化平台。

Clearly, it's a very positive credit environment in which we're operating right now, but I think our lenders are in this for the long haul. They see the growth potential there. So we will work with them carefully and assess if the fee structure is correct. We don't expect it to whipsaw back and forth quarter after quarter, but we will keep a careful eye on it.

顯然，這是一個非常積極的信貸環境，我們現在正在其中運營，但我認為我們的貸方將長期處於這種環境中。他們看到了那裡的增長潛力。因此，我們將與他們仔細合作，評估費用結構是否正確。我們預計它不會一個季度又一個季度來回波動，但我們會密切關注它。

Again, one thing I want to drive home is, again, our structures with our partners, we have many partners in place. They provide the quality offers that we are able to give our customers in all the economic times, bizarre economic times and good times as well. So they have been critical to the success that we have had over the years, including the Tier 3 space, where we believe that is truly an incremental sale.

同樣，我想強調的一件事是，我們與合作夥伴的結構，我們有很多合作夥伴。他們提供我們能夠在所有經濟時期、奇異的經濟時期和繁榮時期為客戶提供的優質服務。因此，它們對我們多年來取得的成功至關重要，包括第 3 層空間，我們認為這是真正的增量銷售。

So we value them. We work very carefully with them to make sure that everybody is winning in this platform, and we're poised for growth. So we feel real good about our platform right now.

所以我們重視他們。我們與他們非常謹慎地合作，以確保每個人都在這個平台上獲勝，並且我們為增長做好了準備。所以我們現在對我們的平台感覺很好。

Got you. That's really helpful. And then my next question is on the allowance. Obviously, a lot of noise this year because the loss environment we spoke about a second ago and then CECL implementation. So can you kind of help frame for us like how to think about the allowance?

明白了這真的很有幫助。然後我的下一個問題是津貼。顯然，今年有很多噪音，因為我們在一秒鐘前談到了損失環境，然後是 CECL 實施。那麼你能為我們提供一些幫助嗎，比如如何考慮津貼？

Like let's just say the world goes back to normal, credit losses normalize, CECL is still intact. Like what's your allowance look like given the profile of the risk characteristics you're looking at today? Like what's a normalized allowance for a kind of normal cycle? Like what should that number look like? It's been just hard to forecast, frankly.

就像我們說世界恢復正常，信貸損失正常化，CECL 仍然完好無損。考慮到您今天正在查看的風險特徵概況，您的津貼是什麼樣的？比如什麼是正常週期的標準化津貼？就像那個數字應該是什麼樣的？坦率地說，這很難預測。

Sure. Yes. So the metric that I'll point you to, again, is that reserve divided by receivables, it's 2.97% for this quarter. Remember, coming down from 3.17% the previous quarter. Remember, also in that metric is the Tier 1 allowance, the Tier 3 allowance and the required recovery expense for CECL.

當然。是的。因此，我再次向您指出的指標是準備金除以應收賬款，本季度為 2.97%。請記住，低於上一季度的 3.17%。請記住，該指標中還包括 1 級津貼、3 級津貼和 CECL 所需的恢復費用。

So I would say we're still north of what we consider normal times. We've always quoted 2% to 2.5% for the Tier 1 business. Obviously, again, you get that Tier 3 in the recovery in there. But we're still north of it. And I would point you that 2% to 2.5% for Tier 1 business is probably where we would expect to revert back to when things go back to normal.

所以我想說我們仍然處於我們認為正常時期的北部。對於一級業務，我們總是報出 2% 到 2.5% 的費用。顯然，您再次在恢復中獲得了第 3 層。但我們仍然在它的北方。我要指出的是，當事情恢復正常時，一級業務的 2% 到 2.5% 可能是我們期望恢復到的水平。

This concludes our question-and-answer session as we have reached 10:00 a.m. Those who are waiting in queue can reach out to Investor Relations to have the questions answered. I will now turn the call back over to Bill Nash for closing remarks.

我們的問答環節到此結束，時間已到上午 10:00。排隊等候的人可以聯繫投資者關係部，以獲得問題的解答。我現在將電話轉回 Bill Nash 以作結束語。

Thank you, Carol. Look, we've covered a lot today.

謝謝你，卡羅爾。看，我們今天講了很多。

A few takeaways. One, we feel great about the trajectory of the business and the outlook for fiscal 2022. We think that the past investments, our current investments, our ability to quickly innovate, innovate on things like the online appraisal, innovate on things like self-serve, that it will create an omnichannel experience and a value proposition that's really unrivaled in the car industry and will allow us to capture an increased market share.

一些外賣。第一，我們對業務軌跡和 2022 財年的前景感到滿意。我們認為過去的投資，我們目前的投資，我們快速創新的能力，在線評估等方面的創新，自助服務等方面的創新，它將創造一種在汽車行業真正無與倫比的全渠道體驗和價值主張，並將讓我們獲得更多的市場份額。

We're excited about the Edmunds acquisition and working with that talented team to make both companies stronger.

我們對收購 Edmunds 感到興奮，並與這支才華橫溢的團隊合作，使兩家公司變得更強大。

And finally, I look forward to our Analyst Day on May 6 to dive a little bit deeper into the business and discuss new metrics and share how we're thinking about the future.

最後，我期待 5 月 6 日的分析師日能夠更深入地了解業務並討論新指標並分享我們對未來的看法。

I also just want to take a moment to thank all of our associates for their contributions. This past year, it was extremely challenging for everyone, and our associates did a remarkable job of not only taking care of each other and the customers, but really helping us to innovate the company forward. And I'm tremendously proud of all their efforts. And I'm proud to work with all of them.

我還想花點時間感謝我們所有同事所做的貢獻。過去的一年對每個人來說都極具挑戰性，我們的員工不僅在照顧彼此和客戶方面做得非常出色，而且真正幫助我們推動公司創新。我為他們的所有努力感到無比自豪。我很自豪能與他們所有人一起工作。

And finally, to all of you on the call, we appreciate your continued support at CarMax, and we look forward to talking with you again at our Analyst Day on May 6.

最後，對於通話中的所有人，我們感謝您對 CarMax 的持續支持，我們期待在 5 月 6 日的分析師日再次與您交談。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。