車美仕 (KMX) 2023 Q2 法說會逐字稿

Good day and welcome to the CarMax Second Quarter Fiscal Year 2023 Earnings Release Conference Call. Today's conference is being recorded.

美好的一天，歡迎參加 CarMax 2023 財年第二季度收益發布電話會議。今天的會議正在錄製中。

At this time, I would like to turn the conference over to David Lowenstein. Please go ahead.

在這個時候，我想把會議交給大衛洛文斯坦。請繼續。

Thank you, Samara. Good morning and thank you, everyone, for joining our fiscal 2023 second quarter earnings conference call. I'm here today with Bill Nash, our President and CEO; Enrique Mayor-Mora, our Executive Vice President and CFO; and Jon Daniels, our Senior Vice President, CarMax Auto Finance Operations.

謝謝你，薩馬拉。大家早上好，感謝大家參加我們的 2023 財年第二季度收益電話會議。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，我們的執行副總裁兼首席財務官；我們的 CarMax 汽車金融業務高級副總裁 Jon Daniels。

Let me remind you our statements today that are not statements of historical fact, including statements 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 our current knowledge, expectations and assumptions and are subject to substantial risks and uncertainties that could cause actual results to differ materially from our expectations.

讓我提醒您，我們今天的陳述不是歷史事實陳述，包括有關公司未來業務計劃、前景和財務業績的陳述，是我們根據美國《私人證券訴訟改革法案》的安全港條款做出的前瞻性陳述1995. 這些陳述基於我們目前的知識、預期和假設，並受到可能導致實際結果與我們的預期大不相同的重大風險和不確定性的影響。

In providing projections and other forward-looking statements, we disclaim any intent or obligation to update them. For additional information on important factors that could affect these expectations, please see our Form 8-K filed with the SEC this morning and our annual report on Form 10-K for the fiscal year ended February 28, 2022, previously filed with the SEC. 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.

在提供預測和其他前瞻性陳述時，我們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，請參閱我們今天上午向 SEC 提交的 8-K 表格以及我們之前向 SEC 提交的截至 2022 年 2 月 28 日的財政年度的 10-K 表格年度報告。如果您在通話後有任何後續問題，請隨時致電 (804) 747-0422 轉 7865 聯繫我們的投資者關係部門。

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排在隊列中以進行更多跟進。賬單？

Great. Thank you, David. Good morning, everyone, and thanks for joining us. Before I get started, I want to share that my thoughts are with our associates, their families and communities that are being impacted by Hurricane Ian. We have a significant number of stores in the storm's path, and as always, the safety of our associates is our top priority. We've taken steps to support our associates and our communities, and we will continue to monitor the situation and take actions to provide assistance as needed.

偉大的。謝謝你，大衛。大家早上好，感謝您加入我們。在開始之前，我想與受到伊恩颶風影響的同事、他們的家人和社區分享我的想法。我們在風暴路徑中擁有大量商店，並且一如既往，我們員工的安全是我們的首要任務。我們已採取措施支持我們的員工和社區，我們將繼續監測情況並採取行動提供必要的幫助。

Now to our results. This quarter reflects widespread pressure the used car industry is facing. Macro factors, including vehicle affordability that stem from persistent and broad inflation, climbing interest rates and low consumer confidence, all led to a market-wide decline in used auto sales. In addition, wholesale values were affected by steep depreciation in the quarter.

現在來看我們的結果。本季度反映了二手車行業面臨的普遍壓力。宏觀因素，包括持續和廣泛通脹導致的汽車負擔能力、利率攀升和消費者信心低迷，都導致整個市場的二手車銷量下降。此外，批發價值受到本季度急劇貶值的影響。

Despite the impact of these factors on our results, we continued to grow market share. We also continue to make progress on the key initiatives that will further strengthen our competitive differentiation over time. We have weathered a number of difficult cycles in our history and each time, we have successfully managed through them and have leveraged key learnings to further strengthen our operating model. We remain on track to achieve our long-term strategy and goals.

儘管這些因素對我們的業績產生影響，但我們繼續擴大市場份額。我們還將繼續在關鍵舉措上取得進展，這些舉措將隨著時間的推移進一步加強我們的競爭差異化。我們在歷史上經歷了許多艱難的周期，每一次，我們都成功地度過了難關，並利用關鍵的經驗進一步加強了我們的運營模式。我們仍在實現我們的長期戰略和目標的軌道上。

For the second quarter of FY '23, our diversified business model delivered total sales of $8.1 billion, up 2% compared with last year's second quarter, driven by growth in average selling prices, partially offset by lower retail and wholesale volume. In our retail business, total unit sales in the second quarter declined 6.4%, and used unit comps were down 8.3% versus the second quarter last year.

在 23 財年第二季度，我們多元化的商業模式實現了 81 億美元的總銷售額，與去年第二季度相比增長了 2%，這主要受平均售價增長的推動，但部分被零售和批發量的下降所抵消。在我們的零售業務中，與去年第二季度相比，第二季度的總單位銷售額下降了 6.4%，二手單位組合下降了 8.3%。

Our performance was impacted by the macro factors that I mentioned previously. We believe industry sales were also impacted by a shift in consumer spending prioritization from large purchases to smaller discretionary items. In response to the current environment and consumer demand, we have continued to offer a higher mix of lower-priced vehicles.

我們的表現受到我之前提到的宏觀因素的影響。我們認為行業銷售也受到消費者支出優先級從大宗購買轉向較小的非必需品的影響。為應對當前環境和消費者需求，我們繼續提供更多低價車型組合。

We began the second quarter with a low single-digit decline in comp sales during the June that reflected a continuation of softer although improving sales, which we discussed on our last earnings call. Comps then fell sharply at the beginning of July with August ending in mid-teen declines.

我們在第二季度開始時，6 月份的複合銷售額出現了低個位數的下降，這反映出我們在上次財報電話會議上討論的銷售額持續疲軟，但銷售額有所改善。 Comps 然後在 7 月初急劇下降，8 月以青少年中期下降結束。

Last quarter, we reported market share data. We will do that again this quarter as the data provides additional context and highlights our performance relative to the industry. Based on external data, we continued to gain share through July, the latest period for which title data is available. We reported second quarter retail gross profit per used unit of $22.82, up $97 per unit versus the prior year period, a reflection of our ability to manage used margin in any environment.

上個季度，我們報告了市場份額數據。我們將在本季度再次這樣做，因為數據提供了額外的背景並突出了我們相對於行業的表現。根據外部數據，我們在 7 月份繼續獲得份額，這是可獲得產權數據的最新時期。我們報告第二季度每使用單位的零售毛利潤為 22.82 美元，比去年同期增加 97 美元，這反映了我們在任何環境下管理使用利潤率的能力。

We continue to focus on striking the right balance between covering cost increases, managing margin and passing along efficiencies to consumers to support vehicle affordability.

我們將繼續專注於在彌補成本增加、管理利潤和將效率傳遞給消費者以支持車輛負擔能力之間取得適當的平衡。

Wholesale unit sales were down 15.1% versus the second quarter last year, partially as a result of our deliberate decision to reallocate some older vehicles from wholesale to retail to meet consumer demand for lower-priced vehicles. We estimate that without this shift, our wholesale units would have been down less than 10%. Performance was also impacted by depreciation of about $2,500 and as we intentionally slow buys in reaction to rapidly changing market conditions.

與去年第二季度相比，批發單位銷量下降了 15.1%，部分原因是我們有意決定將一些舊車從批發轉向零售，以滿足消費者對低價汽車的需求。我們估計，如果沒有這種轉變，我們的批發單位將下降不到 10%。業績也受到約 2,500 美元貶值的影響，因為我們有意放緩購買以應對快速變化的市場條件。

Wholesale gross profit per unit was $881, down from $1,005 a year ago and reflected softening market conditions as well as our decision to retail a higher mix of older used vehicles. Our ability to source these vehicles from consumers is a competitive advantage. But relative to younger vehicles, more of them fall out during the reconditioning process as they are not able to meet our standards for consumer sales. When that happens, we wholesale those vehicles, often at lower-than-normal margins.

每單位的批發毛利潤為 881 美元，低於一年前的 1,005 美元，這反映了疲軟的市場條件以及我們決定零售更多舊車的決定。我們從消費者那裡採購這些車輛的能力是一項競爭優勢。但相對於較年輕的車輛，由於無法滿足我們的消費者銷售標準，因此在翻新過程中脫落的車輛較多。發生這種情況時，我們會批發這些車輛，通常利潤率低於正常水平。

In the third quarter, we have been focused on aligning our offers to current conditions and adjusting inventory to more efficiently incorporate older vehicles.

在第三季度，我們一直專注於根據當前情況調整我們的報價並調整庫存以更有效地整合舊車。

Buying vehicles at appropriate prices per market conditions is one of our core competencies. We bought approximately 343,000 vehicles from consumers and dealers during the second quarter. While down 8% versus last year's period, this was up approximately 50% from the second quarter of FY '21 and reflects customers' responsiveness to both our nationwide online instant offer tool and our offers.

根據市場條件以適當的價格購買車輛是我們的核心競爭力之一。我們在第二季度從消費者和經銷商那裡購買了大約 343,000 輛汽車。雖然與去年同期相比下降了 8%，但與 21 財年第二季度相比增長了約 50%，這反映了客戶對我們的全國在線即時報價工具和我們的報價的反應。

We purchased approximately 323,000 cars from consumers in the quarter, down 11% versus last year's record results. We also sourced approximately 20,000 vehicles through Max offer, our digital appraisal product for dealers. This was up 130% versus last year's period and up 18% compared to this year's first quarter.

我們在本季度從消費者那裡購買了大約 323,000 輛汽車，與去年的創紀錄業績相比下降了 11%。我們還通過我們為經銷商提供的數字評估產品 Max offer 採購了大約 20,000 輛汽車。這與去年同期相比增長了 130%，與今年第一季度相比增長了 18%。

Our self-sufficiency remained above 70% during the quarter. We remain focused on providing the most customer-centric experience in the industry with a leading e-commerce platform that integrates buying and selling cars with our best-in-class store experience.

本季度，我們的自給自足率保持在 70% 以上。我們仍然專注於通過領先的電子商務平台提供業內最以客戶為中心的體驗，該平台將汽車買賣與我們一流的商店體驗相結合。

In regard to our second quarter online metrics, approximately 11% of retail unit sales were online, up from 9% in the prior year's quarter. Approximately 53% of retail unit sales were omni sales this quarter, down slightly from 55% in the prior year's quarter. Our wholesale auctions remain virtual. So 100% of wholesale sales, which represents 21% of total revenue, are considered online transactions. Total revenue resulting from online transactions was approximately 30%. This is up from 28% in last year's second quarter.

關於我們第二季度的在線指標，大約 11% 的零售單位銷售額來自在線，高於去年同期的 9%。本季度約有 53% 的零售單位銷售額為全方位銷售，略低於去年同期的 55%。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 21%）被視為在線交易。在線交易產生的總收入約為 30%。這高於去年第二季度的 28%。

CarMax Auto Finance or CAF delivered income of $183 million, down from $200 million during the same period last year. As a reminder, last year's quarter benefited from a reduced provision coming out of the pandemic. We will continue to provide strong credit offers to our customers as we move rates with the market. Jon will provide more detail on customer financing, the loan loss provision and CAF contributions in a few minutes.

CarMax Auto Finance 或 CAF 的收入為 1.83 億美元，低於去年同期的 2 億美元。提醒一下，去年的季度受益於大流行導致的撥備減少。隨著市場利率的變化，我們將繼續向我們的客戶提供強有力的信貸優惠。 Jon 將在幾分鐘內提供有關客戶融資、貸款損失準備金和 CAF 貢獻的更多詳細信息。

At this point, I'd like to turn the call over to Enrique, who will provide more information on our second quarter financial performance as well as the steps we are taking to further align our expenses to the current sales environment. Enrique?

在這一點上，我想將電話轉給 Enrique，他將提供有關我們第二季度財務業績的更多信息，以及我們為進一步使我們的費用與當前銷售環境保持一致而採取的步驟。恩里克?

Thanks, Bill, and good morning, everyone. Second quarter net earnings per diluted share was $0.79, down from $1.72 a year ago. Total gross profit was $737 million, down 9.6% from last year's second quarter. This decrease was driven primarily by wholesale vehicle margin of $141 million, which was down 26%. The year-over-year decrease was driven by both lower volume and margin per unit. As Bill noted, we faced sharp depreciation throughout the quarter and have been adjusting accordingly to better position ourselves to manage through the current environment.

謝謝，比爾，大家早上好。第二季度每股攤薄淨收益為 0.79 美元，低於一年前的 1.72 美元。總毛利為 7.37 億美元，比去年第二季度下降 9.6%。這一下降主要是由於批發汽車利潤率為 1.41 億美元，下降了 26%。同比下降是由於每單位的銷量和利潤率下降。正如比爾指出的那樣，我們在整個季度都面臨急劇貶值，並一直在進行相應調整，以更好地應對當前環境。

Total used vehicle margin was down slightly at $495 million, a decrease of 2%. Total used unit volume of negative 6.4% was largely offset by higher margin per unit. Other gross profit was $102 million, down 15% from last year's second quarter. This decrease was driven primarily by the effect of lower retail unit sale on service. Service results declined $13 million as lower sales and secondarily, impacts from inflationary pressures drove a deleverage in results.

二手車總利潤率小幅下降至 4.95 億美元，下降 2%。總使用量為負 6.4%，很大程度上被更高的單位利潤率所抵消。其他毛利潤為 1.02 億美元，比去年第二季度下降 15%。這一下降主要是由於零售單位銷售減少對服務的影響。服務業績下降了 1300 萬美元，原因是銷售額下降，其次是通脹壓力的影響推動業績去槓桿化。

EPP fell by 3% or $3 million, reflecting the combined effects of stronger margins, stable penetration at approximately 60% and the decline in retail unit sales. Third-party finance fees were flat over last year's second quarter as lower volumes in fee-generating Tier 2 were offset by lower Tier 3 volume for which we pay a fee.

EPP 下降了 3% 或 300 萬美元，反映了利潤率上升、滲透率穩定在約 60% 以及零售單位銷售額下降的綜合影響。第三方融資費用與去年第二季度持平，因為產生費用的第 2 級交易量被我們支付費用的第 3 級交易量減少所抵消。

On the SG&A front, expenses for the second quarter increased to $666 million, up 16% from the prior year's quarter, reflecting a slowdown from the year-over-year increase during the first quarter. Approximately 3 points of the increase this quarter reflects a change in an accounting estimate in the prior year quarter. SG&A as a percent of gross profit deleveraged to 90.4% from 70.4% during the second quarter last year. A key contributor of deleverage was a 9.6% decrease in total gross margin dollars compared to last year's quarter.

在 SG&A 方面，第二季度的支出增加到 6.66 億美元，比去年同期增長 16%，反映出第一季度的同比增長放緩。本季度大約 3 個百分點的增長反映了上一季度會計估計的變化。 SG&A 佔毛利潤的百分比從去年第二季度的 70.4% 下降至 90.4%。去槓桿的一個關鍵因素是總毛利率與去年同期相比下降了 9.6%。

The increase in SG&A dollars over last year was mainly due to 2 factors. First, a $50 million increase in other overhead. The primary drivers of this increase include investments to advance our technology platforms, strategic and growth initiatives, a $14 million onetime impact from a prior year change in an accounting estimate related to non-GAAP uncollectible receivables, and a variety of other smaller cost headwinds. Second, a $34 million increase in compensation and benefits excluding share-based compensation, primarily driven by the annualization of the strong growth in staffing we experienced in the back half of last year as well as wage pressures.

SG&A 美元比去年增加主要是由於兩個因素。首先，其他管理費用增加了 5000 萬美元。這一增長的主要驅動力包括為推進我們的技術平台、戰略和增長計劃而進行的投資、與非公認會計原則無法收回的應收賬款相關的會計估計與上一年變化相比產生了 1400 萬美元的一次性影響，以及各種其他較小的成本逆風。其次，不包括股票薪酬在內的薪酬和福利增加了 3400 萬美元，這主要是由於我們去年下半年經歷的員工人數強勁增長以及工資壓力的年度化推動。

Partially offsetting this increase was a $4 million decrease in share-based compensation.

以股份為基礎的薪酬減少了 400 萬美元，部分抵消了這一增長。

During our first quarter earnings call, we discussed how we have actively taken steps to better align our staffing expenses in our stores and Customer Experience Centers, or CECs, to the sales levels we were experiencing at the time. However, as Bill noted, sales declined sharply in the second quarter versus our expectations starting in July.

在我們的第一季度財報電話會議中，我們討論了我們如何積極採取措施，以更好地使我們的商店和客戶體驗中心 (CEC) 的人員費用與我們當時的銷售水平保持一致。然而，正如比爾指出的那樣，第二季度的銷售額與我們從 7 月開始的預期相比大幅下降。

Accordingly, during the second quarter, we pulled additional levers to further align our expenses to our sales levels. We expect these savings will materialize more fully in the coming quarters. This included further reducing staffing through attrition in our stores and CECs, pausing on a portion of the hiring and contractor utilization in our corporate offices as well as better aligning marketing spend to sales.

因此，在第二季度，我們拉動了額外的槓桿，以進一步使我們的費用與我們的銷售水平保持一致。我們預計這些節省將在未來幾個季度更充分地實現。這包括通過我們商店和 CEC 的人員流失進一步減少人員配置，暫停我們公司辦公室的部分招聘和承包商利用率，以及更好地使營銷支出與銷售保持一致。

In regard to marketing, our intent is to continue to maintain a strong level of investment on a per-unit basis that is at least consistent with the full year FY '22 levels. For the second quarter, total marketing dollars were flat year-over-year but reflected a robust investment on a per-unit basis.

在營銷方面，我們的目的是繼續在單位基礎上保持強勁的投資水平，至少與 22 財年全年水平保持一致。第二季度，總營銷費用與去年同期持平，但反映了每單位的強勁投資。

As part of our omnichannel journey, we have reduced the variable cost component of our operating structure. Given the macro environment, our near-term priority will be on allocating resources towards those initiatives that will further drive efficiency and effectiveness across our fixed costs. At the same time, we will continue to selectively invest in customer-facing initiatives that will enhance our omnichannel experience and support our long-term growth.

作為我們全渠道之旅的一部分，我們降低了運營結構中的可變成本部分。鑑於宏觀環境，我們近期的優先事項將是為那些將進一步提高我們固定成本的效率和有效性的舉措分配資源。與此同時，我們將繼續有選擇地投資於面向客戶的計劃，以增強我們的全渠道體驗並支持我們的長期增長。

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 second quarter, we repurchased approximately 1.7 million shares for $163 million.

從資本結構的角度來看，我們在本季度末調整後的債務資本比率處於我們目標範圍 35% 至 45% 的中間。在第二季度，我們以 1.63 億美元回購了大約 170 萬股股票。

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, the CarMax Auto Finance business delivered solid results while transitioning from a lending environment that has seen historically low levels of credit loss and extremely favorable funding costs. During the second quarter, CAF's net loans originated was over $2.3 billion. CAF's penetration in the second quarter net of 3-day payoffs was 41.2% compared with 43% last year and 39.3% in Q1. The weighted average contract rate charged to new customers was 9.4%, which was higher than the 8.5% in last year's second quarter and the 9% seen in Q1. This rate increase, combined with the quarter-over-quarter increase in penetration, reflects CAF's ability to strategically pass along a portion of the added funding cost to consumers while still providing highly competitive offers.

謝謝，恩里克，大家早上好。 CarMax 汽車金融業務再次取得了穩健的業績，同時從信貸損失處於歷史低位且融資成本極低的貸款環境轉型。第二季度，CAF 的淨貸款總額超過 23 億美元。 CAF 在第二季度（扣除 3 天收益）的滲透率為 41.2%，而去年為 43%，第一季度為 39.3%。向新客戶收取的加權平均合同費率為 9.4%，高於去年第二季度的 8.5% 和第一季度的 9%。這一利率增長，加上滲透率的季度環比增長，反映了 CAF 能夠戰略性地將一部分增加的資金成本轉嫁給消費者，同時仍提供極具競爭力的報價。

Our lending partners continue to complement each other in also providing attractive credit offers. Our Tier 2 penetration rate was consistent with last year at 21.6%, and Tier 3 accounted for 6% of used unit sales compared with 7.2% a year ago. Although the lower credit consumer continues to show demand by actively shopping and applying for credit, they continue to be challenged with affordability and being able to complete the purchase.

我們的貸款合作夥伴繼續相互補充，提供有吸引力的信貸優惠。我們的二級滲透率與去年一致，為 21.6%，三級佔二手單位銷售額的 6%，而一年前為 7.2%。儘管信用較低的消費者通過積極購物和申請信用繼續表現出需求，但他們繼續面臨負擔能力和完成購買的挑戰。

CAF income for the quarter was $183 million, a decrease of 8.6% or $17 million from the same period last year. Last year, our loan loss provision of $35 million was a significant tailwind as the overall performance of the consumer remained remarkably strong. This quarter's $76 million provision results in an ending reserve balance of $478 million or 2.92% of managed receivables, up from 2.85% last quarter. This 7 basis point adjustment is once again predominantly attributed to the proportionately higher quarterly volume of Tier 2 and Tier 3 loan originations compared to the preexisting $16 billion portfolio.

本季度 CAF 收入為 1.83 億美元，比去年同期下降 8.6% 或 1700 萬美元。去年，我們 3500 萬美元的貸款損失準備金是一個巨大的順風，因為消費者的整體表現仍然非常強勁。本季度的 7600 萬美元撥備導致期末準備金餘額為 4.78 億美元，佔管理應收賬款的 2.92%，高於上一季度的 2.85%。這 7 個基點的調整再次主要歸因於與先前 160 億美元的投資組合相比，二級和三級貸款發放的季度數量比例較高。

Of note, as the macroeconomic conditions pose a challenge to the credit consumer, we remain confident in our ability to leverage our vast experience and robust credit platform to ensure our Tier 1 credit losses remain comfortably within our targeted operating range of 2% to 2.5%. As we've seen last quarter, our provision headwind was significantly offset by our total interest margin, which grew $31 million year-over-year. Our margin of 7.29% was up 11 basis points from last year's second quarter and was supported by a $9.4 million benefit from our hedging strategy.

值得注意的是，由於宏觀經濟狀況對信貸消費者構成挑戰，我們仍然相信我們有能力利用我們豐富的經驗和強大的信貸平台來確保我們的一級信貸損失保持在我們 2% 至 2.5% 的目標經營範圍內.正如我們上個季度所見，我們的總息差大大抵消了我們的撥備逆風，總息差同比增長 3100 萬美元。我們的利潤率為 7.29%，比去年第二季度提高了 11 個基點，這得益於我們對沖策略帶來的 940 萬美元收益。

Regarding our industry-leading online finance experience, during the quarter, we significantly expanded our prequalification product launched in March. As a reminder, this unique multi-lender product results in no impact to your credit score and generates customized real-time credit decisions on our full inventory. As of the end of the second quarter, this product was available to over 50% of our consumers and is expected to go nationwide during the third quarter.

關於我們行業領先的在線金融體驗，在本季度，我們顯著擴展了 3 月份推出的資格預審產品。提醒一下，這種獨特的多貸方產品不會影響您的信用評分，並會根據我們的全部庫存生成定制的實時信用決策。截至第二季度末，該產品已提供給我們超過50%的消費者，預計第三季度將在全國范圍內推廣。

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. Given the realities of the macro environment, we will further sharpen our focus on driving additional operational efficiencies as we continue to navigate the near-term pressures facing the used car industry. At the same time, we will remain focused on continuing our work to achieve our long-term goals, including further improving our omnichannel experience for both our customers and associates as well as growing our diversified business model.

謝謝你，喬恩。謝謝你，恩里克。鑑於宏觀環境的現實，隨著我們繼續應對二手車行業面臨的近期壓力，我們將進一步加強對提高運營效率的關注。與此同時，我們將繼續專注於實現我們的長期目標，包括進一步改善我們為客戶和員工提供的全渠道體驗，以及發展我們的多元化業務模式。

Some of our key initiatives include: first, we are leveraging data science, automation and AI to improve efficiency and effectiveness within our customer experience centers. During the second quarter, we expanded our associate-facing guided action software from chat to phone calls and developed additional work streams for our consumer-facing digital assistant. Over time, we anticipate these tools will enable us to reduce associate time spent per customer as we enhance our ability to provide live interactions at the highest-value moments.

我們的一些關鍵舉措包括：首先，我們正在利用數據科學、自動化和人工智能來提高客戶體驗中心的效率和有效性。在第二季度，我們將面向員工的引導操作軟件從聊天擴展到了電話，並為面向消費者的數字助理開發了額外的工作流程。隨著時間的推移，我們預計這些工具將使我們能夠減少每位客戶花費的員工時間，因為我們增強了在最高價值時刻提供實時交互的能力。

Second, as Jon mentioned, we continue to scale our industry-leading finance-based shopping experience. This best-in-class prequalification product leverages a streamlined, simple application and generates multi-lender credit terms on cards within our retail inventory in just minutes. With this tool, customers have all the information they need to quickly understand APRs and monthly payments across different contract terms and effortlessly compare vehicles to ultimately secure the right financing options for them.

其次，正如喬恩所說，我們將繼續擴展我們行業領先的基於金融的購物體驗。這種一流的資格預審產品利用精簡、簡單的應用程序，只需幾分鐘即可在我們零售庫存中的卡上生成多貸方信用條款。使用此工具，客戶可以獲得所需的所有信息，以快速了解不同合同條款的 APR 和每月付款，並輕鬆比較車輛，最終確保為他們提供正確的融資選擇。

Third, we are expanding MaxOffer to acquire vehicles and build on our market-leading position as a buyer of cars. As a reminder, buying directly from consumers and dealers lowers our acquisition costs, enhances our inventory selection and provides profitable incremental wholesale volume. We are currently live in over 40 markets and anticipate launching additional markets later this year.

第三，我們正在擴大 MaxOffer 以收購車輛，並鞏固我們作為汽車買家的市場領先地位。提醒一下，直接從消費者和經銷商處購買降低了我們的採購成本，增強了我們的庫存選擇，並提供了有利可圖的增量批發量。我們目前在 40 多個市場開展業務，並預計在今年晚些時候推出更多市場。

Finally, we are upgrading our auction experience to be even more user-friendly. We're testing a modernized vehicle detail page to be mobile-friendly and efficiently display the most relevant information dealers need to preview our wholesale inventory, similar to how customers shop our retail inventory. We're also testing AI capabilities to enhance our online vehicle condition reporting.

最後，我們正在升級我們的拍賣體驗，使其更加用戶友好。我們正在測試一個現代化的車輛詳細信息頁面，使其適合移動設備並有效地顯示經銷商預覽我們的批發庫存所需的最相關信息，類似於客戶購買我們零售庫存的方式。我們還在測試 AI 功能以增強我們的在線車輛狀況報告。

In addition, we have rolled out self-service checkout capabilities nationwide. These tools will enable us to drive incremental operational efficiencies as we continue to scale our wholesale volume, all while providing an even better experience to our wholesale dealers.

此外，我們還在全國范圍內推出了自助結賬功能。隨著我們繼續擴大批發量，這些工具將使我們能夠提高運營效率，同時為我們的批發經銷商提供更好的體驗。

As I close, I want to reiterate that while the market conditions and consumer behaviors remain challenging, we believe that these pressures are transitory and that our foundation remains strong. We are well positioned to navigate this environment as we have during challenging times in the past and remain excited about the future of our diversified business.

在結束之際，我想重申，儘管市場狀況和消費者行為仍然充滿挑戰，但我們相信這些壓力是暫時的，我們的基礎依然強大。正如我們在過去充滿挑戰的時期一樣，我們已經做好了應對這種環境的準備，並對我們多元化業務的未來感到興奮。

With that, we'll be happy to take your questions. Samara?

有了這個，我們很樂意回答您的問題。薩馬拉？

(Operator Instructions) And we'll take our first question from Craig Kennison with Baird.

（操作員說明）我們將回答 Craig Kennison 和 Baird 的第一個問題。

I'm sure there will be several macro questions, but I'd like to ask about your sourcing tools. I'm a little surprised to see an 11% drop in vehicles sourced from consumers given the secular momentum you've had with your online instant appraisal tool. Can you shed a little more light on the traction you're seeing with that online instant appraisal tool and whether the slower pace is a function of slower traffic online? Or is it a decision to buy more selectively?

我敢肯定會有幾個宏觀問題，但我想問一下你們的採購工具。鑑於您使用在線即時評估工具所擁有的長期發展勢頭，從消費者那裡採購的車輛下降了 11%，我有點驚訝。您能否更詳細地說明您使用該在線即時評估工具看到的牽引力以及較慢的速度是否是在線流量較慢的函數？還是選擇更有選擇性地購買？

Yes. Craig, thank you for the question. Look, I think it goes back to a couple of things. First of all, we're really excited about both our online offer tool and the MaxOffer that I talked about earlier. While we did see a decline, the environment -- I mean, I think the biggest factors of that decline, one, which I already highlighted, was the fact that we're moving which kind of changed the retail selectivity, taking some of those wholesale cars and putting them over in retail, which if you take that out, it would then mean our decline was less than 10%.

是的。克雷格，謝謝你的問題。看，我認為這可以追溯到幾件事。首先，我們對我們的在線報價工具和我之前談到的 MaxOffer 感到非常興奮。雖然我們確實看到了下降，但環境——我的意思是，我認為這種下降的最大因素，一個我已經強調過的事實是，我們正在改變零售選擇性，採取其中一些批發汽車並把它們零售，如果你把它去掉，那就意味著我們的下降幅度不到 10%。

Depreciation, you know, you followed us long enough. Any time we get a depreciating market, we're lowering our offers. That has an impact on what you ultimately end up buying from consumers. And I would say the third thing, which is a smaller than the other 2, but we actually -- we slowed some of our buys in certain pockets, in certain geographic areas, in certain price points either because we didn't need the cars for just because of the dynamics of the changing -- the quickly changing environment. So I think those are the 3 factors that really led to -- that led to the decline.

折舊，你知道，你跟著我們的時間夠長了。每當我們遇到貶值的市場時，我們都會降低報價。這會影響你最終從消費者那裡購買的東西。我想說第三件事，它比其他兩件事要小，但我們實際上——我們在某些口袋、某些地理區域、某些價格點放慢了一些購買速度，要么是因為我們不需要汽車因為變化的動力——快速變化的環境。所以我認為這些是真正導致下降的三個因素。

We'll take our next question from Brian Nagel with Oppenheimer.

我們將向奧本海默的布萊恩·內格爾提出下一個問題。

I wanted to focus on just the trend in the quarter with the used car unit sales. So Bill, you talked in your prepared comments about the market slowdown that began in July. So my question there is, is there anything -- look, the macro pressures are very well documented out there, but is there anything you noticed in particular that could explain that slowdown. Do you see some variability geographically or across the product spectrum? And then as a quick follow-up within that question, any comments on how the business is tracking here into Q3 and September in particular?

我想只關注本季度二手車銷量的趨勢。所以比爾，你在準備好的評論中談到了 7 月份開始的市場放緩。所以我的問題是，有什麼問題嗎？看，宏觀壓力在那裡得到了很好的記錄，但是你有什麼特別注意到的東西可以解釋這種放緩。您是否看到地理上或整個產品範圍內的一些差異？然後作為對該問題的快速跟進，對業務如何跟踪到第三季度和特別是 9 月有何評論？

Yes, Brian. It's a great question. If you remember the last call, I talked a little bit about June and how we were feeling good about June because it was doing better than the first quarter. And as I said, we saw a big dropoff in July. And then that softness continued into August, where we ended up in a mid-teen decline for comps. And there's not one single thing that I can point to that we can say, oh, because of this happened in July is why we saw the dropoff. I mean there's lots of, I think, pressures out there. I talked about the broad inflationary pressures.

是的，布賴恩。這是一個很好的問題。如果你還記得最後一次電話會議，我談到了六月，以及我們對六月的感覺如何，因為它比第一季度做得更好。正如我所說，我們在 7 月份看到了大幅下降。然後這種疲軟一直持續到 8 月，最終我們的比賽在青少年中期下降。沒有一件事我可以指出我們可以說，哦，因為這發生在 7 月，這就是我們看到下降的原因。我的意思是，我認為那裡有很多壓力。我談到了廣泛的通脹壓力。

Obviously, consumers are having to make decisions. Groceries are higher than ever. I think we've seen more interest rates increases. Consumer confidence, certainly during the quarter, all-time low as far as recent history, I mean even lower than the height of the pandemic. So I just think consumers are prioritizing their spend a little differently.

顯然，消費者必須做出決定。雜貨比以往任何時候都高。我認為我們已經看到更多的利率上升。消費者信心，當然在本季度，是近期歷史的歷史最低點，我的意思是甚至低於大流行的高度。所以我只是認為消費者對支出的優先順序略有不同。

But there's not one single thing that I can point to, like, oh, this happened, and that's why we saw the decline. I think it's just a continuation, kind of the deterioration of the overall consumer.

但是我無法指出一件事，比如，哦，這發生了，這就是我們看到下降的原因。我認為這只是一種延續，一種整體消費者的惡化。

Moving into September, we're seeing the same softness that we saw in August. And I would tell you even more recently, just given the hurricane, as you can imagine, that's contributing to additional softness as well. Now the thing with hurricanes or any weather events, you -- generally, we'll get that back later on. But as far as September goes, it will absolutely put pressure. We have about 20 -- see 22 stores are currently closed and have been closed for varying amounts of time.

進入 9 月，我們看到了與 8 月相同的疲軟。我會在最近告訴你，正如你可以想像的那樣，颶風也有助於增加柔軟度。現在關於颶風或任何天氣事件的事情，你 - 通常，我們稍後會恢復。但就九月而言，它絕對會施加壓力。我們大約有 20 家 - 請參閱目前關閉的 22 家商店，並且已經關閉了不同的時間。

We've also seen on the wholesale side and just from a depreciation standpoint just a continuation of that depreciating environment that we saw in the first quarter as well. So that has continued into September.

我們還在批發方面看到，僅從貶值的角度來看，我們在第一季度也看到了貶值環境的延續。因此，這種情況一直持續到 9 月。

Great. Can I ask a follow-up? I'll make it quick, I apologize. But just -- so you're talking about the depreciation in the wholesale. I mean, should that lead then to more attractive prices in the used car business and potentially undermine what has been a significant challenge for consumers?

偉大的。可以問後續嗎？我會盡快處理的，我很抱歉。但只是 - 所以你在談論批發中的折舊。我的意思是，這是否會導致二手車業務的價格更具吸引力，並可能破壞消費者面臨的重大挑戰？

Yes. I think you're thinking about it the right way, Brian. In fact, I believe this is probably the first quarter where the gap between used and new got a little bit wider in, gosh, probably 6 or 7 quarters. So it will take some time. But I think depreciation and prices correcting on used will absolutely benefit the used market over time.

是的。我認為你的想法是對的，布賴恩。事實上，我相信這可能是第一季度二手和新品之間的差距在 6 或 7 個季度之後變得更大了。所以需要一些時間。但我認為，隨著時間的推移，二手車的折舊和價格調整將絕對有利於二手車市場。

But I think we got to keep in perspective, this quarter was challenging. I mean we haven't seen $2,500 in depreciation. That rivals -- in absolute dollars, that rivals back what we saw at the height of the Great Recession, that rivals what we saw at the peak of Omni. So it's a very unusual thing and brings challenges, but I think that we've proven over time that we've been able to navigate those and that we'll do it better than pretty much anyone.

但我認為我們必須保持正確的觀點，本季度充滿挑戰。我的意思是我們還沒有看到 2,500 美元的貶值。與我們在大衰退高峰期看到的東西相抗衡，以絕對美元計算，與我們在 Omni 頂峰時看到的東西相抗衡。所以這是一件非常不尋常的事情，也帶來了挑戰，但我認為隨著時間的推移，我們已經證明我們能夠駕馭這些，而且我們會比幾乎任何人都做得更好。

Our next question comes from Sharon Zackfia with William Blair.

我們的下一個問題來自 Sharon Zackfia 和 William Blair。

I've followed the company long enough to see you guys navigate a lot of different cycles. And congratulations on continuing to gain market share, although I'm sure it's small solace with the comp trends that you're seeing. I guess, historically, you haven't been a company that really has done layoffs materially, if at all. Obviously, you slowed, it sounds like, staffing, acquisitions and open hires. But I'm curious, just given the retraction and profitability here where you've kind of erased, I think, 7 years of profit in this quarter, I mean, how do we think about those initiatives Enrique that you talked about in terms of slowing SG&A spend?

我已經關注這家公司足夠長的時間了，看到你們經歷了很多不同的周期。並祝賀您繼續獲得市場份額，儘管我確信這對您所看到的競爭趨勢來說是一個小小的安慰。我想，從歷史上看，如果有的話，你還不是一家真正進行過實質性裁員的公司。顯然，你放慢了速度，聽起來像是人員配備、收購和公開招聘。但我很好奇，考慮到你在這裡的撤消和盈利能力，我認為，本季度 7 年的利潤，我的意思是，我們如何看待你談到的恩里克的那些舉措SG&A 支出放緩？

Because -- and there are certainly scenarios that I can get to where SG&A spend exceeds gross profit in the back half of the year and as we go into kind of the seasonally slower time. So help us think about kind of how much money you can take out right now, whether that's in SG&A as a percent of gross profit or SG&A dollar growth. Just any kind of barometer to be mark-to-market, where sales are, we have an idea of where that SG&A spend is kind of coming in?

因為 - 在今年下半年，當我們進入某種季節性放緩的時期時，我肯定可以達到 SG&A 支出超過毛利潤的情況。因此，請幫助我們考慮一下您現在可以取出多少錢，無論是 SG&A 佔毛利潤的百分比還是 SG&A 美元增長。只是任何一種按市場計價的晴雨表，銷售在哪裡，我們知道 SG&A 支出在哪裡？

Yes. Thanks for the question, Sharon. And our objective is on winning in the long term, and that really requires that we remain focused on making the right investments to continue to differentiate ourselves from our competitors. So we have an active and accretive portfolio of omni-related initiatives that we've been investing in, and we've been able to do that in large part because of our strong balance sheet and our performance.

是的。謝謝你的問題，莎朗。我們的目標是長期獲勝，這確實需要我們繼續專注於進行正確的投資，以繼續使自己與競爭對手區分開來。因此，我們一直在投資積極和增值的全方位相關舉措組合，我們之所以能夠做到這一點，很大程度上是因為我們強大的資產負債表和業績。

But that being said, certainly, with the current macro environment, we have started to pull the levers I mentioned in my prepared remarks to better align our cost structure to the current environment. And we're also going to be tilting our resources more towards initiatives that drive efficiencies that I talked about and Bill talked about in our prepared remarks as well.

但話雖如此，當然，在當前的宏觀環境下，我們已經開始使用我在準備好的評論中提到的槓桿，以更好地使我們的成本結構與當前環境保持一致。我們還將把我們的資源更多地用於提高效率的舉措，我和比爾在我們準備好的講話中也談到了這些舉措。

So we'll be slowing some of the velocity down on our growth-related investments but certainly not pulling back. So I think we're doing the right things at the current moment in terms of better managing our costs. We have a strong and active eye on the consumer, and we stand very experienced in managing through these cycles.

因此，我們將放慢與增長相關的投資的一些速度，但肯定不會退縮。因此，我認為在更好地管理成本方面，我們目前正在做正確的事情。我們對消費者有著強烈而積極的關注，我們在管理這些週期方面經驗豐富。

But we also want to make sure that when the industry picks back up, that we're in a really strong position to capture the upside.

但我們也想確保當行業復甦時，我們處於一個非常有利的位置來捕捉上行空間。

So I think in terms of the balance of the year and how to look at SG&A, we do expect the levers that we pulled during the second quarter will start to manifest themselves more fully over the next few quarters. I think the other component, certainly in any kind of SG&A leverage, is purely just the gross profit, right, and where that stands to be in the fourth quarter and moving into next year. That's another factor. What we can control certainly very strongly is the SG&A. So we feel good that we pulled the levers -- the appropriate levers for the time being.

因此，我認為就今年的餘額以及如何看待 SG&A 而言，我們確實預計我們在第二季度拉動的槓桿將在接下來的幾個季度開始更加充分地體現出來。我認為另一個組成部分，當然是在任何類型的 SG&A 槓桿中，純粹只是毛利潤，對，這將在第四季度和明年進入。這是另一個因素。我們當然可以非常強烈地控制的是SG&A。所以我們感覺很好，我們拉動了槓桿——暫時是合適的槓桿。

Yes. And Sharon, the only other thing I would add to that is that we're absolutely entering this from a position of strength. And to Enrique's point, there's lots of leverage. I mean just from the expense side, there's a lot of growth expense that we're continuing right now to prepare ourselves for the future. There's these initiatives, there's advertising, there's variable spend. All of those we can still pull on, not to mention there's a whole host of other levers just for -- to preserve cash, if that's ever needed.

是的。莎倫，我唯一要補充的一點是，我們絕對是從實力地位進入這個領域的。在恩里克看來，有很多影響力。我的意思是從費用方面來看，我們現在正在繼續大量的增長費用，為未來做準備。有這些舉措，有廣告，有可變支出。所有這些我們仍然可以使用，更不用說還有很多其他的槓桿——如果需要的話，可以保存現金。

So I think where we are at this point is, look, we pulled the levers. We know it's a challenging time. We're coming at this from a position of strength. There's initiatives that we know that will help us both in the near term and the long term. Let's get them done. And so when this market turns, and it will turn, when it turns, we'll be able to take off because we've already done these things. But we will keep absolutely an eye to the outside environment.

所以我認為我們目前所處的位置是，看，我們拉動了槓桿。我們知道這是一個充滿挑戰的時期。我們是從一個強大的位置來的。我們知道有一些舉措將在短期和長期內對我們有所幫助。讓我們完成它們。因此，當這個市場轉向，它會轉向，當它轉向時，我們將能夠起飛，因為我們已經做了這些事情。但我們將絕對關注外部環境。

Can I just ask a follow-up? Just given the mid-teens decline in comp trends we've seen, I guess, over the last 3 months, I mean, can you kind of mark-to-market for us what that is in terms of SG&A as a percent of gross profit? I mean, have you let it go over 100? Or is that a kind of mark where you would say, okay, now we have to pull back more?

我可以問一個後續嗎？鑑於我們所看到的競爭趨勢在青少年中期下降，我想，在過去的 3 個月裡，我的意思是，你能否為我們按市價計算，SG&A 佔總收入的百分比是多少？利潤？我的意思是，你讓它超過100？或者那是一種你會說的標記，好吧，現在我們必須拉得更多？

Yes. No. I think like we've said, we pulled back on the levers that we can control right now. We think we're better aligned with the current environment. You're going to see those savings manifest themselves kind of moving forward. We did pull those longer levers kind of halfway through the second quarter, so you don't fully see it in this quarter's P&L. But moving forward, we should start to see more of those savings.

是的。不。我想就像我們說過的那樣，我們撤回了我們現在可以控制的槓桿。我們認為我們更能適應當前的環境。你會看到這些儲蓄體現在向前發展。我們確實在第二季度中途拉了那些較長的槓桿，所以你在本季度的損益表中沒有完全看到它。但展望未來，我們應該開始看到更多的節省。

Yes. And I think, Sharon, the way to think about it is, look, we had in absolute dollars an improvement in SG&A from the first to second, as Enrique talked about. We would expect these dollars to manifest more. You'll see a reduction there. The other wildcard in the equation that was just gross profit dollars, and that's going to be driven by the macro factors, as Enrique talked about.

是的。而且我認為，Sharon，考慮它的方式是，看，正如恩里克所說，我們在 SG&A 方面從第一名到第二名都有絕對的改善。我們預計這些美元會更多地體現出來。你會在那裡看到減少。正如恩里克所說，方程式中的另一個通配符只是毛利潤美元，這將由宏觀因素驅動。

We'll take our next question from Michael Montani with Evercore.

我們將向 Evercore 的 Michael Montani 提出我們的下一個問題。

So the first question I have is just around the wholesale side if we should assume kind of similar trends in terms of volume and GPU pressure to start the third quarter on wholesale given the challenging macro.

所以我的第一個問題是關於批發方面，鑑於具有挑戰性的宏觀，我們是否應該在數量和 GPU 壓力方面假設類似的趨勢以開始第三季度批發。

Yes, Michael. So in previous calls, I've talked about -- because I've gotten asked questions about retail margin and wholesale margin. And what I've said in previous quarters is all else being equal, we feel pretty good about keeping strong retail margins. Wholesale would be coming under pressure. And if we're going to enter into a depreciating environment, that's going to cause the pressure like I talked about before.

是的，邁克爾。所以在之前的電話會議中，我談到了——因為我被問到有關零售利潤率和批發利潤率的問題。我在前幾個季度所說的是在其他條件相同的情況下，我們對保持強勁的零售利潤率感覺很好。批發將面臨壓力。如果我們要進入一個貶值的環境，那將會像我之前所說的那樣造成壓力。

The other reason I mentioned that it could come under pressure is just because of that retail selectivity and because we're moving some cars -- older cars over to retail and then the corresponding what we call kicks. You say, "Okay, let's retail this car, you go build it." Or you start to build and realize, okay, we can't get this to the standards. We then move that back to wholesale, and we generally perform worse on those than the normal wholesale. So we knew there was going to be some pressure.

我提到它可能面臨壓力的另一個原因僅僅是因為零售的選擇性，因為我們正在將一些汽車——舊車轉移到零售，然後是我們所說的相應的踢。你說，“好吧，讓我們零售這輛車，你去製造它。”或者您開始構建並意識到，好吧，我們無法達到標準。然後我們將其移回批發，我們通常在這些方面的表現比正常批發更差。所以我們知道會有一些壓力。

I think if you look at recent performance, let's call it -- certainly, last year, I think every quarter last year, on a GPU standpoint for wholesale was over $1,000. And then you look at the year before that, I think we had another quarter that was over $1,000. If you look at that and then compare it to the 5 years prior to that, they were probably equal or more quarters in the last year than we had in the last 5 years over $1,000. And that's because of the massive appreciation that we saw last year.

我認為如果你看一下最近的表現，我們稱之為——當然，去年，我認為去年每個季度，從 GPU 的角度來看，批發價格都超過了 1,000 美元。然後你看看前一年，我認為我們還有一個季度超過 1000 美元。如果你看一下，然後將其與之前的 5 年進行比較，去年它們可能與過去 5 年超過 1,000 美元的季度相同或更多。那是因為我們去年看到了巨大的升值。

So I think the way to think about it going forward is probably more in line with what you would normally see the average wholesale that we make in any given quarter over a 3-, 4-, 5-year period. I think that's the way to think about it, especially in this depreciating environment, especially as we continue to push more or try to push some more of these older vehicles over just from an affordability standpoint.

因此，我認為考慮未來的方式可能更符合您通常看到的我們在 3、4、5 年期間任何給定季度的平均批發量。我認為這是思考的方式，尤其是在這種貶值的環境中，尤其是當我們繼續推更多或試圖推更多這些舊車輛只是從負擔能力的角度來看。

We'll take our next question from Adam Jonas with Morgan Stanley.

我們將向摩根士丹利的亞當喬納斯提出我們的下一個問題。

Bill, I'm sure your team is following the proposed rulemaking from the FTC, the motor vehicle dealers trade regulation rule that's now collecting comments. And it aimed to increase transparency on pricing and advertising and some downstream stuff like aftermarket add-on. So if this rulemaking is approved, I know there's going to be a lot of puts and takes. Have you guys done any preliminary work on what impact this might have on CarMax in terms of compliance costs or SG&A expense or any potential revenue impacts?

比爾，我確信你的團隊正在遵循 FTC 提出的規則制定，這是目前正在收集意見的機動車經銷商貿易監管規則。它旨在提高定價和廣告以及諸如售後附加組件等一些下游內容的透明度。因此，如果這項規則制定獲得批准，我知道將會有很多選擇。你們是否就這可能對 CarMax 在合規成本或 SG&A 費用或任何潛在收入影響方面產生什麼影響做過任何初步工作？

Yes. Adam, it's a great question. Obviously, we commented during the comment period as many folks did just because the requirements in some cases are a little onerous. We started to look at it, obviously, whatever ultimately gets decided, we will make sure that we do follow. But we haven't put -- or we aren't prepared at this point to really talk about additional expenses or anything. Because again, to your point, it's so much up in the air and there's so much discussion and debate about it. There's a lot that's really unknown.

是的。亞當，這是一個很好的問題。顯然，我們在評論期間發表了許多人的評論，只是因為某些情況下的要求有點繁瑣。我們開始考慮它，顯然，無論最終決定如何，我們都會確保我們遵循。但是我們還沒有提出——或者我們此時還沒有準備好真正談論額外的費用或任何事情。因為再一次，就你的觀點而言，它是如此懸而未決，並且有如此多的討論和辯論。真的有很多不為人知的。

One thing I will add, though, I mean, to your point, the verbiage you used, that transparency and clarity around pricing, add-on products, et cetera, I think our business model sets us up perfectly for that. We already are very transparent, honest online. We can show our EPP products online the pricing there. So I think we're in a great position to do that. And obviously, we'll do whatever is required. So...

不過，我要補充一件事，就您的觀點而言，您使用的措辭、定價、附加產品等方面的透明度和清晰度，我認為我們的商業模式為我們提供了完美的條件。我們在網上已經非常透明、誠實。我們可以在網上展示我們的 EPP 產品的價格。所以我認為我們處於一個很好的位置來做到這一點。顯然，我們會做任何需要的事情。所以...

Yes. And I think the more the bigger complications for us and I think really needs to be looked at as some of the requirements on signing paperwork, physical signatures, managers, that kind of thing. Well, everybody is operating in a world of online. So again, it will be interesting to see how it pans out.

是的。而且我認為對我們來說越複雜，我認為確實需要將其視為簽署文書工作、物理簽名、經理之類的一些要求。好吧，每個人都在網絡世界中運作。所以再一次，看看它是如何發展的將會很有趣。

We'll take our next question from John Murphy with Bank of America.

我們將向美國銀行的約翰·墨菲提出下一個問題。

I just wanted to ask a question on pricing. I mean the year-over-year comparisons are always relevant. But sequentially, as things are changing here, they might be more relevant than typically. When you look at the retail price, yours was down about 2% sequentially quarter-over-quarter, but wholesale was down 7%. I mean -- and you talked about doing sort of more older vehicles in that -- in the retail side. So I mean that 2% is absorbing even lower-priced vehicles. So the gap actually may be even larger between those 2.

我只是想問一個關於定價的問題。我的意思是逐年比較總是相關的。但是，隨著這裡的情況發生變化，它們可能比通常情況下更相關。當您查看零售價時，您的零售價環比下降了約 2%，但批發價下降了 7%。我的意思是——你談到在零售方面做更多的舊車。所以我的意思是 2% 正在吸收價格更低的汽車。所以這兩者之間的差距實際上可能更大。

Bill, what are you seeing in the market where retail pricing, we're hearing this from a lot of other folks, is holding up a fair amount better than wholesale pricing? I mean, do you think that the market is sort of anticipating and dealers are anticipating some kind of weakness or looking to maintain grosses? It just seems like there's -- things are softening but a lot more on the wholesale than they are on the retail side.

比爾，你在市場上看到了什麼，我們從很多其他人那裡聽到的零售定價比批發定價要好得多？我的意思是，您是否認為市場有某種預期，而經銷商是否在預期某種疲軟或希望維持總收入？似乎有 - 事情正在軟化，但批發方面比零售方面要多得多。

Yes. John, I think some of it has to do with timing. I mean if you think about it, although there was depreciation in the quarter and although, as you pointed out, we have an older vehicle mix, both of those bring down your overall retail prices. But it wasn't enough to offset when comparing to like a year ago. So if you think about it, we ended last year with an appreciation of about $7,500. We've only experienced about $2,500 in depreciation. So that dynamic will become less and less as we get later into the year. But you're still -- there just wasn't enough to offset that overall appreciation, which is why you still see us above last year.

是的。約翰，我認為其中一些與時間有關。我的意思是，如果您考慮一下，儘管本季度出現了折舊，儘管正如您所指出的，我們有較舊的車輛組合，但這兩者都會降低您的整體零售價格。但與一年前相比，這還不足以抵消。因此，如果您考慮一下，我們去年結束時的升值約為 7,500 美元。我們只經歷了大約 2,500 美元的折舊。因此，隨著我們進入今年晚些時候，這種動態將變得越來越少。但是你仍然 - 不足以抵消整體升值，這就是為什麼你仍然看到我們在去年之上。

I think the other thing that you got to think about is a lot of the cars that were sold in the second quarter were bought -- actually, a majority of them were bought prior to the quarter even starting. So they're at a higher price. So I think there's some -- there's definitely some timing there. On the wholesale side, obviously, if you're moving some of the nicer, more expensive stuff into retail, that's going to impact your wholesale a little bit more. And so I think that's the dynamic that you have going on there.

我認為您需要考慮的另一件事是，許多在第二季度售出的汽車都是被購買的——實際上，其中大部分是在本季度開始之前購買的。所以他們的價格更高。所以我認為有一些——肯定有一些時間安排。顯然，在批發方面，如果你將一些更好、更昂貴的東西轉移到零售業，那將對你的批發產生更大的影響。所以我認為這就是你在那裡進行的動態。

I'll take our next question from Chris Bottiglieri with BNP Paribas.

我將向法國巴黎銀行的 Chris Bottiglieri 提出我們的下一個問題。

I'm still a little lost on kind of how these hedges affect profitability. I don't know if you quantified it this quarter. And then, two, just like given -- like bigger-picture question, trying to think the impact over the next couple of years. Like given the decline in used volumes, the tightening in the securitization market and spreads and kind of defaults picking up a bit. Can you just kind of maybe refresh us on how the fluctuations in these areas impact loan originations, net margins so we can better model the cadence of CAF going forward?

對於這些對沖如何影響盈利能力，我仍然有點迷茫。我不知道您是否在本季度對其進行了量化。然後，兩個，就像給定的 - 像更大的問題一樣，試圖思考未來幾年的影響。就像二手交易量下降一樣，證券化市場收緊，利差和違約有所增加。您能否讓我們了解一下這些領域的波動如何影響貸款發放、淨利潤率，以便我們可以更好地模擬未來 CAF 的節奏？

Maybe I'll jump in first on the hedge. Very similar dynamics to what we saw in the first quarter, right? So the vast majority of our receivables are funded through the ABS market, as we know. We have accounting hedges on those. However, we do have alternative financing vehicles with our banking partners -- our long-standing banking partners. And a portion of those receivables have a cash flow hedge but not an accounting hedge, and that's really due to our desire to maintain flexibility in our funding profile.

也許我會先跳到樹籬上。與我們在第一季度看到的動態非常相似，對吧？因此，正如我們所知，我們絕大多數的應收賬款都是通過 ABS 市場提供資金的。我們對這些有會計對沖。但是，我們確實與我們的銀行合作夥伴——我們的長期銀行合作夥伴——提供了替代融資工具。其中一部分應收賬款有現金流量套期，但沒有會計套期，這實際上是因為我們希望保持資金配置的靈活性。

So those receivables are going to get mark-to-market every quarter like they did last quarter. And really, where you see a change or a benefit or a potential hit is when there are sharp and material rises or decreases in interest rates. And that's exactly what happened again this quarter. So we would only expect this again to be material for CAF during periods of material changes. And it's very similar to the first quarter. We saw sharp changes in movements in the interest rates, and that's what happened. So -- and it was $9 million, the same amount from the first quarter.

因此，這些應收賬款將像上個季度一樣在每個季度按市值計價。實際上，當利率出現大幅大幅上升或下降時，您會看到變化、收益或潛在打擊。這正是本季度再次發生的事情。因此，我們只希望這在重大變化期間再次成為 CAF 的重要內容。這與第一季度非常相似。我們看到利率變動的急劇變化，這就是發生的事情。所以 - 它是 900 萬美元，與第一季度相同。

Great. And I'll touch on your other question, Chris, and correct me if I don't cover everything you asked. But with regard to just overall interest margin, obviously, rising cost of funds that we've said -- I think we signaled last quarter, you could begin to see a change in our net interest margin. Maybe it's hit a peak. It could come down. And again, that's where our accounting -- the way that we do our accounting benefits us. Obviously, as the margin increases over time, that higher-margin receivable continues to hang around for longer. But obviously, our margins have tightened.

偉大的。克里斯，我會談到你的另一個問題，如果我沒有涵蓋你提出的所有問題，請糾正我。但就整體息差而言，顯然，我們所說的資金成本上升 - 我認為我們在上個季度發出信號，你可能會開始看到我們的淨息差發生變化。也許它已經達到了一個高峰。它可以降下來。再說一次，這就是我們的會計——我們做會計的方式使我們受益的地方。顯然，隨著利潤率隨著時間的推移而增加，更高利潤率的應收賬款將繼續存在更長時間。但顯然，我們的利潤已經收緊。

Had the hedge not been in there, we probably would have seen a downturn this quarter, and we're obviously going to be in a tighter environment. So we will maybe continue to see that come down. We're obviously on our side continuing to manage margins very carefully through our pricing. So we'll do what we can but still remain competitive for our customers. So again, I think there will be pressure on our net interest margin going forward. But again, we'll manage that as well as we can.

如果沒有對沖，本季度我們可能會看到經濟低迷，而且我們顯然會處於更緊張的環境中。因此，我們可能會繼續看到這種情況下降。我們顯然站在我們這邊，繼續通過我們的定價非常謹慎地管理利潤。因此，我們將盡我們所能，但仍然為我們的客戶保持競爭力。因此，我認為未來我們的淨息差將面臨壓力。但同樣，我們將盡可能地管理它。

We'll take our next question from Rajat Gupta with JPMorgan.

我們將向摩根大通的 Rajat Gupta 提出下一個問題。

Maybe just a couple of quick ones here. First, on retail GPU, Bill, if I heard you correctly, you mentioned that you believe you could still maintain the current retail GPU level in the current pricing environment in the next few quarters. Did I hear that correctly? I just want to clarify that, and I have a follow-up.

也許這裡只是幾個快速的。首先，關於零售 GPU，Bill，如果我沒聽錯的話，你提到你相信在未來幾個季度的當前定價環境下，你仍然可以保持目前的零售 GPU 水平。我沒聽錯嗎？我只是想澄清一下，我有後續行動。

Yes. So Rajat, when I was speaking that I was talking about earlier. Although I do feel good about being able to maintain strong retail margins, but I always will caveat that with, depending on a lot of different things, sales elasticity, what competitors are doing, inventory levels, our own inventory levels. So there's a lot that goes into it. But we really are still realizing some nice benefits from -- although we've lapped self-sufficiency, we still feel like there's a little bit there.

是的。所以Rajat，當我說我之前談到的。雖然我對能夠保持強勁的零售利潤感覺很好，但我總是會警告說，取決於很多不同的事情，銷售彈性、競爭對手在做什麼、庫存水平、我們自己的庫存水平。所以有很多內容。但我們確實仍然意識到一些不錯的好處——儘管我們已經實現了自給自足，但我們仍然覺得那裡有一點點。

But then the fact that we are selling these older vehicles gives us a little bit more margin. And this quarter, we were able to pass along some of it to the consumers in the form of offsetting some of the inflationary pressures as well as take a little bit more. So again, we feel good about our retail margins than where they are today, and we'll just continue to watch some of the more other external factors as we go forward.

但是，我們銷售這些舊車的事實給了我們更多的利潤。而本季度，我們能夠以抵消一些通脹壓力的形式將其中的一部分傳遞給消費者，並採取更多措施。因此，我們再次對我們的零售利潤率感到滿意，而不是現在，我們將繼續關註一些其他外部因素，因為我們繼續前進。

Got it. Got it. And maybe just to follow-up on Enrique's comments around advertising. It looks like you want to still maintain a healthy advertising spend per unit. But I'm just curious, like in terms of like the focus of the company right now, is it more to make sure we're able to continue to gain market share? Or is it more around managing overall profitability with maybe higher interest rates or maybe lack of pricing discounts? Just as curious as to like what's really the strategy in the near term. Is it -- is there one for the other? Or you think you could get both at the same time in terms of volume and profitability?

知道了。知道了。也許只是為了跟進恩里克關於廣告的評論。看起來您仍希望保持健康的每單位廣告支出。但我只是好奇，就公司目前的關注點而言，是否更多的是確保我們能夠繼續獲得市場份額？還是更多地通過更高的利率或可能缺乏定價折扣來管理整體盈利能力？就像對近期真正的策略感到好奇一樣。是不是——有一個適合另一個嗎？或者你認為你可以同時獲得數量和盈利能力？

Yes. So I'll answer and then I'll let -- I'll just give you some thoughts, and if Enrique has any more. But as far as advertising goes, as Enrique said, look, we still are -- we're really excited about this industry and where the industry is going. Granted, we've got some challenging things right now. But we still want to continue to invest in advertising. We're going to do it. We kind of think about it on a per-unit level. So ultimately, advertising as a whole will come down if the sales are down. But we feel like continuing to invest in the business.

是的。所以我會回答，然後我會讓--我只是給你一些想法，如果恩里克有更多想法。但就廣告而言，正如恩里克所說，看，我們仍然是——我們對這個行業以及行業的發展方向感到非常興奮。當然，我們現在遇到了一些具有挑戰性的事情。但我們仍想繼續投資於廣告。我們要去做。我們在單位級別上考慮它。所以最終，如果銷售額下降，整個廣告就會下降。但我們想繼續投資這項業務。

Now obviously, you may change where you spend it. For this quarter, the majority of it was awareness. And from an acquisition standpoint, it was more customers versus buying vehicles. But it's also one that we can continue to monitor. Everything we do from an advertising standpoint, we measure ROI. And so we have certain targets that we're going to have -- if we see things that aren't panning out, we'll certainly pull back or pivot to something else that is. So Enrique, you have any thoughts on that?

現在很明顯，你可以改變你花錢的地方。對於本季度，大部分是意識。從收購的角度來看，更多的是客戶而不是購買車輛。但這也是我們可以繼續監控的一項。從廣告的角度來看，我們所做的一切都會衡量投資回報率。所以我們有一些我們將要實現的目標——如果我們看到沒有成功的事情，我們肯定會撤回或轉向其他目標。那麼恩里克，你對此有什麼想法嗎？

Yes. What I would say is compared to a few years ago, the marketing team overall has done a tremendous job of really giving us a line of sight into profitability and the dollars we're investing in, how that then translates to an ROI. So we feel really good about the investments we've been making over the past couple of years.

是的。我想說的是，與幾年前相比，營銷團隊總體上做了巨大的工作，真正讓我們了解盈利能力和我們投資的美元，然後將其轉化為投資回報率。因此，我們對過去幾年的投資感覺非常好。

If you compare ourselves to 2 years ago, I think we've increased the dollars per unit by over 50%, right? And that's because we feel really good about our ability to get visibility. So I think we can continue to drive awareness, and at the same time, drive that profitability. So we had, I think we can get the best of both worlds.

如果您將自己與 2 年前相比，我認為我們每單位的美元增加了 50% 以上，對吧？那是因為我們對自己獲得知名度的能力感覺非常好。所以我認為我們可以繼續提高知名度，同時提高盈利能力。所以我們有，我認為我們可以兩全其美。

Yes. I think the other thing that's important to remember, too, Rajat, is we had a lot of great things going on. I'll give you an example. The prequalification that both Jon and I talked about, we haven't even marketed that yet. And so that's an area for opportunity. So again, as we think about advertising, it really allows us to kind of say, "Okay, what do we want to highlight? Do we want to highlight online offers? Do we want to highlight the omni experience? Do we want to highlight being able to buy online? Do we want to highlight prequalification?" There's lots of things. So we're constantly moving it around. So again, that's kind of how we're thinking about it.

是的。我認為另一件重要的事情也要記住，Rajat，我們有很多很棒的事情正在發生。我給你舉個例子。我和喬恩都談到了資格預審，我們甚至還沒有上市。所以這是一個充滿機會的領域。再說一次，當我們考慮廣告時，它真的可以讓我們說，“好吧，我們要強調什麼？我們要強調在線優惠嗎？我們要強調全方位體驗嗎？我們要強調能夠在線購買？我們要強調資格預審嗎？有很多東西。所以我們不斷地移動它。再說一次，這就是我們正在考慮的方式。

Maybe just on the cash base, are you still able to -- do you feel comfortable being able to continue to pass on interest rate increases to the consumer? Or is that also going to be more thoughtful based on just more competitive lenders out there?

也許只是在現金基礎上，您是否仍然能夠 - 您對能夠繼續將加息轉嫁給消費者感到滿意嗎？或者，基於更具競爭力的貸方，這是否也會更加周到？

Yes. Rajat, I appreciate the question. Yes, as I said in my prepared remarks, I was extremely pleased with the penetration we had. It did show that we were able to pass along some of the increases on to our customers yet still manage the elasticity, capture the volume that we could. Again, 3 things we're trying to manage here is stay highly competitive for our consumers from our offer standpoint, manage that margin and then make sure that we can capture the right amount of sales. And it's a delicate balance, but I think we've done a great job, and I think we'll continue to do that.

是的。 Rajat，我很欣賞這個問題。是的，正如我在準備好的發言中所說，我對我們的滲透力非常滿意。它確實表明，我們能夠將一些增長轉嫁給我們的客戶，但仍然可以管理彈性，盡可能地抓住交易量。同樣，我們在這裡試圖管理的三件事是從我們的報價的角度保持對我們的消費者的高度競爭力，管理該利潤，然後確保我們能夠獲得適量的銷售額。這是一個微妙的平衡，但我認為我們做得很好，我認為我們將繼續這樣做。

And we'll take our next question from Seth Basham with Wedbush Securities.

我們將向 Wedbush Securities 的 Seth Basham 提出下一個問題。

My first question is on CAF and just thinking about your loan loss reserves and where you're at right now. What does that imply for what you're reserving, what your allowance rate is for your core Tier 1 securitized managed receivables?

我的第一個問題是關於 CAF 的，只是考慮您的貸款損失準備金以及您現在的情況。這對您的儲備意味著什麼，您的核心一級證券化託管應收賬款的備抵率是多少？

Yes. So right now, we are comfortably set within the 2% to 2.5% range. The increase that you saw, as I mentioned, is predominantly coming from that Tier 2 and Tier 3 volume. That's a larger percentage in the new originations than it is in the portfolio. So we feel real good about staying in that targeted range, and that's reflected in the reserve.

是的。所以現在，我們輕鬆地設定在 2% 到 2.5% 的範圍內。正如我所提到的，您看到的增長主要來自第 2 層和第 3 層的交易量。這在新發起的項目中比在投資組合中的比例更大。因此，我們對保持在目標範圍內感覺非常好，這反映在儲備中。

Got it. So you haven't really taken up your allowance rate for those receivables despite the fact that we've seen collateral values come in sharply and the macro environment deteriorate. How should we think about dynamics there and the potential for higher loan losses for those core receivables?

知道了。因此，儘管我們已經看到抵押品價值大幅上漲且宏觀環境惡化，但您並沒有真正為這些應收賬款承擔準備金率。我們應該如何考慮那裡的動態以及這些核心應收賬款的更高貸款損失的可能性？

Yes. We modeled that pretty extensively. And we felt like, again, assuming there isn't just an absolute plummeting of the values, you've got people that are buying vehicles on our books that bought it 5 years ago, 3 years ago. So there's a -- obviously, it's been a slow ramp up, and hopefully, it's a slow ramp down. But modeling that, it really was relatively immaterial in a $477 million reserve. So we feel we are well reserved. We can absolutely absorb that in what we have today. So we've considered it, but we think we've got the right reserve as it sits today.

是的。我們對此進行了相當廣泛的建模。我們覺得，再一次，假設價值不只是絕對暴跌，你會有人在我們的賬簿上購買車輛，他們在 5 年前，3 年前購買了它。所以有一個 - 顯然，這是一個緩慢的上升，希望它是一個緩慢的下降。但建模，在 4.77 億美元的儲備金中確實相對無關緊要。所以我們覺得我們很保守。我們絕對可以在我們今天擁有的東西中吸收這一點。所以我們已經考慮過了，但我們認為我們擁有正確的儲備，就像它今天一樣。

We'll take our next question from Joe Enderlin with Stephens.

我們將回答喬恩德林和斯蒂芬斯的下一個問題。

So a question for the older vehicle mix. As the vehicle spot normalizes, could you see these older vehicles remain part of the mix to support higher GPUs than historical levels? Or how are you thinking about that moving forward?

因此，對於較舊的車輛組合來說，這是一個問題。隨著車輛位置的正常化，您是否會看到這些舊車輛仍然是支持比歷史水平更高的 GPU 的組合的一部分？或者你是如何考慮向前發展的？

Yes. No, it's a great question. It's -- the great thing about that is we -- now that we have so much more of that inventory available, we can put out whatever the customer wants. So as we go forward and maybe get to a more normalized area or period. If consumers are looking for this, we can -- we now have a source to make sure that we put it out there.

是的。不，這是一個很好的問題。這是 - 最棒的是我們 - 現在我們有更多可用的庫存，我們可以提供客戶想要的任何東西。因此，隨著我們前進，也許會進入一個更加規範化的區域或時期。如果消費者正在尋找這個，我們可以 - 我們現在有一個來源來確保我們把它放在那裡。

So I think this also will benefit us. If you think about the fact that new cars right now, there aren't as many being sold. There'll have to be something that fills that gap. This is a great -- I think this will be a great tool to do that. So again, we'll put out there whatever the consumers want.

所以我認為這也會使我們受益。如果您考慮一下現在的新車銷售量並不多的事實。必須有一些東西來填補這個空白。這太棒了——我認為這將是一個很好的工具。再說一次，我們會提供消費者想要的任何東西。

(Operator Instructions) And we'll take our next question from David Whiston with Morningstar.

（操作員說明）我們將回答 David Whiston 和 Morningstar 的下一個問題。

Buyback spending was roughly flat from Q1. Stock's obviously a lot cheaper now, but of course, there's macroeconomic pressures, which can make one want to conserve cash. It's that delicate balance. But do you anticipate being able to be at least flat in second half versus first half? Are you going to pull back on buybacks or be even more aggressive?

回購支出與第一季度大致持平。股票現在顯然便宜了很多，但當然，存在宏觀經濟壓力，這可能會讓人們想要節省現金。就是那種微妙的平衡。但是您是否預計下半場與上半場至少持平？你打算撤回回購還是更加激進？

David, thanks for the question. And as you pointed out, in the second quarter, we are on the same pace as we were in the first quarter, so continue to buy back our shares. What I'd tell you is that our capital allocation philosophy remains, first and foremost, our cash goes into growing the core business, so that's our retail business, that's our wholesale business, it's our CAF business, and making sure those are in a position to continue to grow. From there, we also look for growth opportunities, investments that we make, and then we return capital back to shareholders. So our philosophy has remained the same.

大衛，謝謝你的問題。正如你所指出的，在第二季度，我們與第一季度的步伐相同，所以繼續回購我們的股票。我要告訴你的是，我們的資本配置理念仍然是，首先，我們的現金用於發展核心業務，這是我們的零售業務，這是我們的批發業務，這是我們的 CAF 業務，並確保這些業務處於位置繼續增長。從那裡，我們還尋找增長機會，我們進行的投資，然後我們將資本返還給股東。所以我們的理念保持不變。

Okay. And just on your SG&A control, I just want to make sure I understand the comment you made earlier on staffing. Are you doing any replacement hiring if someone does leave voluntarily?

好的。就您的 SG&A 控製而言，我只是想確保我理解您之前對人員配備的評論。如果有人確實自願離職，您是否會進行任何替代招聘？

Yes. So we absolutely -- we don't have a pause on hiring at this point. We are very strategic. We have a prioritization of hiring. So as folks leave in the positions -- critical positions, we absolutely will replace them. But at the same time, if you have a vacancy, you want to make sure, okay, is this something that's supporting our near-term initiatives, that kind of thing. But while we've prioritized, we have not paused overall hiring.

是的。所以我們絕對 - 我們現在沒有暫停招聘。我們非常具有戰略意義。我們優先考慮招聘。因此，當人們離開關鍵職位時，我們絕對會取代他們。但與此同時，如果你有空缺，你想確定，好吧，這是支持我們近期計劃的東西，那種東西。但是，儘管我們已經確定了優先級，但我們並沒有暫停整體招聘。

Yes. And just to be clear, that managing headcount is also done through attrition as well, right? It's how we've been managing that. So we'll see those benefits again more sharply as we progress into the future quarters.

是的。需要明確的是，管理員工人數也是通過減員來完成的，對吧？這就是我們一直在管理的方式。因此，隨著我們進入未來幾個季度，我們將再次更加明顯地看到這些好處。

And it appears there are no further questions at this time. I'd like to turn the conference back to Bill Nash for any additional or closing remarks.

目前似乎沒有進一步的問題。我想把會議轉回比爾納什來做任何補充或結束髮言。

Thank you. As always, I want to thank our associates for everything they do, how they take care of each other and the customers and the communities. Again, my thoughts are definitely with those being impacted by the hurricane. Please, please stay safe. Thank you all for joining the call, and we'll talk again next quarter.

謝謝你。與往常一樣，我要感謝我們的員工所做的一切，以及他們如何照顧彼此以及客戶和社區。同樣，我的想法肯定與那些受到颶風影響的人有關。請，請保持安全。感謝大家加入電話會議，我們將在下個季度再次交談。

This concludes today's call. Thank you for your participation. You may now disconnect.

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。