車美仕 (KMX) 2023 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Fourth Quarter Fiscal Year 2023 CarMax Earnings Release Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, David Lowenstein, AVP, Investor Relations. Please go ahead.

女士們，先生們，謝謝你們的支持。歡迎來到 2023 財年第四季度 CarMax 收益發布電話會議。 （操作員說明）請注意，今天的會議正在錄製中。我現在想把會議交給今天的演講者，投資者關係部高級副總裁戴維·洛文斯坦 (David Lowenstein)。請繼續。

Thank you, Carlos. Good morning. Thank you for joining our fiscal 2023 fourth 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，卡洛斯。早上好。感謝您參加我們的 2023 財年第四季度財報電話會議。今天我和我們的總裁兼首席執行官 Bill Nash 一起來到這裡；我們的執行副總裁兼首席財務官 Enrique Mayor-Mora；和我們的 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 that 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. In providing projections and other forward-looking statements, we disclaim any intent or obligation to update them.

讓我提醒您，我們今天的陳述不是歷史事實的陳述，包括關於公司未來業務計劃、前景和財務業績的陳述是我們根據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，並受重大風險和不確定因素的影響，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，我們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 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.

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美國證券交易委員會提交的 8-K 表格以及我們之前向美國證券交易委員會提交的截至 2022 年 2 月 28 日財政年度的 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 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？

Great. Thank you, David. Good morning, everyone, and thanks for joining us. The current challenges in the used auto industry are well documented with affordability pressured by broad inflation, climbing interest rates, tightening lending standards and prolonged low consumer confidence. We are continuing to leverage our strongest assets, our associates, our experience and our culture to build momentum and manage through this cycle. While there are many macro factors that we cannot control, we have taken delivered steps to support our business, both the near term and the long run.

偉大的。謝謝你，大衛。大家早上好，感謝您加入我們。二手車行業當前面臨的挑戰有據可查，普遍的通貨膨脹、利率攀升、貸款標準收緊和消費者信心長期低迷給負擔能力帶來了壓力。我們將繼續利用我們最強大的資產、我們的員工、我們的經驗和我們的文化來建立勢頭並管理這個週期。儘管有許多我們無法控制的宏觀因素，但我們已採取措施在短期和長期內支持我們的業務。

This quarter, we reduced SG&A further. We delivered strong retail GPU through our vehicle acquisition, reconditioning and margin management strategies while continuing to test price elasticity. We adjusted offers to deliver strong wholesale GPU while increasing unit sales quarter-over-quarter. We aligned used saleable inventory units with market conditions while driving down total inventory dollars more than 25% year-over-year.

本季度，我們進一步減少了 SG&A。我們通過我們的車輛收購、翻新和利潤管理策略提供了強大的零售 GPU，同時繼續測試價格彈性。我們調整了報價以提供強勁的批發 GPU，同時增加單位銷售額的季度環比。我們根據市場情況調整二手可售庫存單位，同時將總庫存美元同比降低 25% 以上。

And finally, we raised CAF's consumer rates to help offset rising cost of funds while still growing CAF's penetration. We are prioritizing initiatives that drive efficiency and improve experiences for our associates and customers. We believe these steps will enable us to come out of this cycle leaner and more effective while also positioning us for future growth.

最後，我們提高了 CAF 的消費利率，以幫助抵消不斷上升的資金成本，同時仍然提高 CAF 的滲透率。我們正在優先考慮提高效率並改善員工和客戶體驗的舉措。我們相信這些步驟將使我們能夠更精簡、更有效地走出這個週期，同時也為我們未來的增長做好準備。

Reflecting on fiscal '23, we achieved a number of key milestones in each area of our diversified business model. We enabled online self-progression for all of our retail customers, enhanced our wholesale shopping experience and completed the nationwide rollout of our finance-based shopping prequalification product. All of these accomplishments further position our business for growth as the most customer-centric experience in the industry. I'll talk more about these later in the call.

回顧 23 財年，我們在多元化業務模式的每個領域都取得了一些重要的里程碑。我們為所有零售客戶啟用了在線自我升級，提升了我們的批發購物體驗，並完成了基於金融的購物資格預審產品的全國推廣。所有這些成就進一步使我們的業務發展成為業內最以客戶為中心的體驗。我稍後會在電話中詳細討論這些。

And now on to our results for the fourth quarter of FY '23. Our diversified business model delivered total sales of $5.7 billion, down 26% compared to last year, driven by lower retail and wholesale volume and prices. In our retail business, total unit sales declined 12.6% and used unit comps were down 14.1%. Average selling prices declined approximately $2,700 per unit or 9% year-over-year. In addition to the macro factors I mentioned previously, we believe our performance continued to be impacted by transitory competitive responses to the current environment.

現在來看我們 23 財年第四季度的業績。我們多元化的商業模式帶來了 57 億美元的總銷售額，與去年相比下降了 26%，這主要是受零售和批發量及價格下降的推動。在我們的零售業務中，單位總銷售額下降了 12.6%，二手單位銷售額下降了 14.1%。平均售價每單位下降約 2,700 美元，同比下降 9%。除了我之前提到的宏觀因素外，我們認為我們的業績繼續受到對當前環境的短暫競爭反應的影響。

Our market share data indicates that our nationwide share of 0 to 10-year-old vehicles remained at 4% for calendar year 2022. External title data shows that the market share gains we achieved during the first half of the year were offset by share losses during the second half of the year as we prioritize profitability over near-term market share. For context, we have lost some market share during prior down cycles. In those cases, we recovered the market share and then continue to grow to new heights as economic conditions improved. We remain focused on achieving profitable market share gains that can be sustained for the long-term and plan to continue running extensive price elasticity tests. The results from our most recent tests confirmed that holding margins during the quarter was the right profitability play.

我們的市場份額數據表明，到 2022 日曆年，我們在全國范圍內的 0 至 10 年車齡車輛的份額保持在 4%。外部產權數據顯示，我們在今年上半年取得的市場份額增長被份額損失所抵消在今年下半年，我們將盈利能力置於近期市場份額之上。就背景而言，我們在之前的下行週期中失去了一些市場份額。在這些情況下，我們恢復了市場份額，然後隨著經濟狀況的改善繼續增長到新的高度。我們仍然專注於實現可長期維持的有利可圖的市場份額增長，併計劃繼續進行廣泛的價格彈性測試。我們最近的測試結果證實，在本季度保持利潤率是正確的盈利方式。

Despite the decrease in average selling price, fourth quarter retail gross profit per used unit was $22.77, up $82 per unit year-over-year, demonstrating our ability to appropriately value vehicles and effectively manage margin and inventory. Wholesale unit sales were down 19.3% versus the fourth quarter last year but improved from the 36.7% decline during this year's third quarter as our total buys from consumers and dealers improved sequentially. Wholesale average selling price declined approximately $3,200 per unit or 28% year-over-year, though we saw some appreciation beginning in January.

儘管平均售價有所下降，但第四季度每輛二手車的零售毛利潤為 22.77 美元，同比增長 82 美元，表明我們有能力對車輛進行適當的估值，並有效地管理利潤和庫存。批發單位銷售額與去年第四季度相比下降了 19.3%，但比今年第三季度 36.7% 的降幅有所改善，因為我們從消費者和經銷商處的總購買量環比增加。批發平均售價每單位下降約 3,200 美元或同比下降 28%，但我們看到 1 月份開始有所升值。

Wholesale gross profit per unit was $11.87, which is consistent with last year's fourth quarter. Margin benefited from the recent price appreciation I just mentioned and from strong dealer demand, particularly at the end of the quarter. We bought approximately 262,000 vehicles from consumers and dealers during the quarter down 22% from last year's record but a sequential improvement from the 40% decline during this year's third quarter. Our self-sufficiency remained above 70% during the quarter. We purchased approximately 247,000 cars from consumers in the quarter with a little more than half of those [buys] coming through our online instant appraisal experience. We sourced approximately 15,000 vehicles through dealers, up 4% from last year.

每單位批發毛利潤為 11.87 美元，與去年第四季度一致。利潤率受益於我剛才提到的近期價格上漲以及強勁的經銷商需求，尤其是在本季度末。本季度我們從消費者和經銷商處購買了大約 262,000 輛汽車，比去年的記錄下降了 22%，但比今年第三季度 40% 的下降有所改善。本季度我們的自給率保持在 70% 以上。本季度我們從消費者那裡購買了大約 247,000 輛汽車，其中略多於一半的 [購買] 來自我們的在線即時評估體驗。我們通過經銷商採購了大約 15,000 輛汽車，比去年增長 4%。

In regard to our fourth quarter online metrics, approximately 14% of retail unit sales were online, up from 11% in the prior year. Approximately 52% of retail unit sales were omni sales this quarter, down from 55% in the prior year. Nearly all of our fourth quarter wholesale auctions and sales, which represents 18% of total revenue, remained virtual and are considered online transactions. We began a small wholesale auction simulcast test during the quarter to gauge dealer interest in resuming in-person attendance and will continue to test options for live attendance during FY '24.

關於我們第四季度的在線指標，大約 14% 的零售單位銷售額是在線的，高於去年的 11%。本季度約 52% 的零售單位銷售額為全方位銷售額，低於去年同期的 55%。我們第四季度幾乎所有的批發拍賣和銷售（佔總收入的 18%）仍然是虛擬的，並且被視為在線交易。我們在本季度開始了小型批發拍賣聯播測試，以衡量經銷商對恢復親自出席的興趣，並將在 24 財年繼續測試現場出席的選項。

Total revenue resulting from online transactions was approximately 30%, down slightly from last year. CarMax Auto Finance or CAF delivered income of $124 million, down from $194 million during the same period last year. Jon will provide more detail on customer financing, the loan loss provision and CAF contribution in a few moments.

在線交易產生的總收入約佔 30%，較去年略有下降。 CarMax Auto Finance 或 CAF 的收入為 1.24 億美元，低於去年同期的 1.94 億美元。 Jon 稍後將提供有關客戶融資、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 fourth quarter financial performance. Enrique?

在這一點上，我想把電話轉給恩里克，他將提供有關我們第四季度財務業績的更多信息。恩里克？

Thanks, Bill, and good morning, everyone. Our continued focus on managing what is in our control drove a sequential improvement from the third quarter across key financial metrics, including EPS, gross profit and SG&A.

謝謝，比爾，大家早上好。我們繼續專注於管理我們控制的內容，這推動了關鍵財務指標（包括 EPS、毛利和 SG&A）從第三季度開始連續改善。

Fourth quarter net earnings per diluted share was $0.44, down from $0.98 a year ago. Total gross profit was $611 million, down 14% from last year's fourth quarter. Used retail margin of $387 million and wholesale vehicle margin of $143 million declined 9% and 20%, respectively. The year-over-year decreases were driven by lower volume across used in wholesale. This was partially offset by strong margin per unit performance. Used unit margins increased from last year's fourth quarter and wholesale margins per unit were flat year-over-year.

第四季度每股攤薄淨收益為 0.44 美元，低於一年前的 0.98 美元。毛利潤總額為 6.11 億美元，比去年第四季度下降 14%。二手車零售利潤率為 3.87 億美元，批發汽車利潤率為 1.43 億美元，分別下降 9% 和 20%。同比下降是由於批發使用量減少所致。這部分被強勁的單位業績利潤率所抵消。使用單位利潤率比去年第四季度有所增加，每單位批發利潤率同比持平。

Other gross profit was $81 million, down 24% from last year's fourth quarter. This decrease was driven primarily by a decline in extended protection plan or EPP revenues. In addition to the impact of lower retail unit sales, profit sharing revenues from our partners decreased from $33 million in last year's fourth quarter to $16 million in this year's quarter. This was partially offset by stronger margins and a favorable year-over-year return reserve adjustment. Penetration was flat year-over-year at approximately 60%.

其他毛利潤為 8100 萬美元，比去年第四季度下降 24%。這一下降主要是由於擴展保護計劃或 EPP 收入下降所致。除了零售單位銷售額下降的影響外，我們合作夥伴的利潤分享收入從去年第四季度的 3300 萬美元減少到今年第四季度的 1600 萬美元。這部分被更高的利潤率和有利的同比回報準備金調整所抵消。滲透率同比持平，約為 60%。

Third-party finance fees were relatively flat over last year's fourth quarter, with lower volume and fee generating Tier 2, offset by lower Tier 3 volume for which we pay a fee. Service was also relatively flat over last year's fourth quarter, reflecting sequential improvement in year-over-year performance. We have maintained our technician staffing levels and have put in place key efficiency and cost coverage goals for our teams. This supports our expectation of improved performance in FY '24 compared to the full FY '23 year. The extent of this improvement will also be governed by sales performance given the leverage deleverage nature of service.

第三方融資費用與去年第四季度相比相對持平，二級交易量和費用產生率較低，被我們支付費用的較低的三級交易量所抵消。與去年第四季度相比，服務也相對持平，反映出同比業績連續改善。我們保持了我們的技術人員配置水平，並為我們的團隊制定了關鍵的效率和成本覆蓋目標。與整個 23 財年相比，這支持了我們對 24 財年業績改善的預期。考慮到服務的槓桿去槓桿性質，這種改善的程度也將取決於銷售業績。

On the SG&A front, expenses for the fourth quarter were $573 million, down 8% from the prior year's quarter and down 3% sequentially from this year's third quarter. SG&A as a percent of gross profit was higher than the fourth quarter last year, due primarily to the 14% decrease in total gross profit dollars compared to last year's quarter.

在 SG&A 方面，第四季度的支出為 5.73 億美元，比上年同期下降 8%，比今年第三季度下降 3%。 SG&A 佔毛利潤的百分比高於去年第四季度，這主要是由於總毛利潤與去年同期相比下降了 14%。

The change in SG&A dollars over last year was mainly due to the following factors. First, we reduced advertising by $34 million. Second, total compensation and benefits decreased $17 million which included an $18 million increase in share-based compensation. Excluding the latter, compensation and benefits was down $35 million, of which $18 million was due to a lower corporate bonus accrual in the quarter. Third, other overhead increased by $6 million. The year-over-year increase in investments in our technology platforms and strategic growth initiatives was primarily the result of decisions made in prior quarters. This was partially offset by a favorable year-over-year comparison due to costs incurred in last year's fourth quarter associated with a significant ramp in staffing and favorability in a variety of other smaller costs this year.

與去年相比，SG&A 美元的變化主要是由於以下因素。首先，我們減少了 3400 萬美元的廣告費用。其次，總薪酬和福利減少了 1700 萬美元，其中包括基於股份的薪酬增加 1800 萬美元。不包括後者，薪酬和福利減少了 3500 萬美元，其中 1800 萬美元是由於本季度公司應計獎金減少。第三，其他間接費用增加了 600 萬美元。我們對技術平台和戰略增長計劃的投資同比增長主要是前幾個季度做出的決定的結果。這部分被有利的同比比較所抵消，原因是去年第四季度發生的成本與人員配備的顯著增加以及今年其他各種較小成本的青睞有關。

During the quarter, we continued to take steps to better align our expenses to our sales. This included further reducing staffing through attrition in our stores and CECs, limiting hiring and contractor utilization in our corporate offices and continuing to align our marketing spend to sales. While our advertising expense on the dollar and per unit basis was lower year-over-year on the quarter, our investment for the quarter and full year on a per unit basis remains aligned with last year's full year spend level.

在本季度，我們繼續採取措施使我們的開支與銷售額更好地保持一致。這包括通過裁減我們的商店和 CEC 進一步減少人員配置，限制我們公司辦公室的招聘和承包商使用，以及繼續使我們的營銷支出與銷售保持一致。雖然本季度我們按美元和單位計算的廣告費用同比較低，但我們在本季度和全年按單位計算的投資與去年全年的支出水平保持一致。

For fiscal '24, in total, we anticipate maintaining per unit spend at a similar level to FY '23 with per unit spend varying from quarter-to-quarter. We believe that at this point, we largely have the resources in place to meet our near-term omnichannel and other digital investment needs. Accordingly, our expectation is that we will bend the expense growth curve on our omnichannel investments and our overall SG&A.

對於 24 財年，我們預計總體上將每單位支出維持在與 23 財年相似的水平，每單位支出因季度而異。我們相信，在這一點上，我們基本上擁有足夠的資源來滿足我們近期的全渠道和其他數字投資需求。因此，我們的預期是我們將扭轉全渠道投資和整體 SG&A 的費用增長曲線。

In FY '24, we expect to acquire low single-digit gross profit growth to lever SG&A, well below the levels we've guided to during the investment-heavy phases of our omni transformation. As a result, we expect to deliver a stronger flow-through of gross profit growth to profitability. While we expect that the front half of the year will benefit from the cost management actions we took in the back half of FY '23, the magnitude of the year-over-year benefit relative to the 8% decrease we experienced in Q4 may be muted, particularly in Q1. This dynamic stems from rolling over a more comparable period for advertising and the corporate bonus accrual in Q1 than the fourth quarter declines that I noted earlier.

在 24 財年，我們預計將獲得低個位數的毛利潤增長，以利用 SG&A，遠低於我們在全方位轉型的投資密集階段所指導的水平。因此，我們預計毛利增長將更強勁地轉化為盈利能力。雖然我們預計上半年將受益於我們在 23 財年下半年採取的成本管理行動，但相對於我們在第四季度經歷的 8% 的下降，同比收益的幅度可能是靜音，尤其是在第一季度。這種動態源於與我之前提到的第四季度下降相比，第一季度的廣告和企業獎金應計更具可比性。

While not providing specific guidance beyond FY '24, we expect that this bending of the SG&A growth curve will carry over beyond this year. This will support our pathway back to a lower SG&A leverage ratio with the initial goal of returning to the mid-70% range over time. Hitting this range will also require healthier consumer demand.

雖然沒有提供 24 財年之後的具體指導，但我們預計 SG&A 增長曲線的這種彎曲將延續到今年以後。這將支持我們回到較低的 SG&A 槓桿率，最初的目標是隨著時間的推移回到 70% 的中間範圍。達到這個範圍還需要更健康的消費者需求。

Regarding capital structure. Our first priority remains to fund the business. Given the recent performance and ongoing market uncertainty, we continue to take a conservative approach to our capital structure. While our adjusted net debt to capital ratio was slightly below our 35% to 45% targeted range, we are managing our net leverage to maintain the flexibility that allows us to efficiently access the capital markets for both CAF and CarMax as a whole. In keeping with this goal of maintaining flexibility, we continue to pause our share buybacks. Our $2.45 billion authorization remains in place as does our commitment to return capital to shareholders over time.

關於資本結構。我們的首要任務仍然是為業務提供資金。鑑於最近的表現和持續的市場不確定性，我們繼續對我們的資本結構採取保守的態度。雖然我們調整後的淨債務與資本比率略低於我們 35% 至 45% 的目標範圍，但我們正在管理我們的淨槓桿以保持靈活性，使我們能夠有效地為 CAF 和 CarMax 作為一個整體進入資本市場。為了實現保持靈活性的目標，我們繼續暫停股票回購。我們的 24.5 億美元授權仍然有效，我們承諾隨著時間的推移向股東返還資本。

For capital expenditures, we anticipate approximately $450 million in FY '24, similar to our FY '23 level. This spend is primarily being driven by investments in land and the build-out of facilities related to long-term growth capacity for production and auctions. New store development is also contributing to CapEx, albeit at a lower level as we have slowed the pace of openings in FY '24. In FY '24, we plan to open 5 new locations, including 2 more stores in the New York City metro market as well as our first off-site production location in the Atlanta metro market. Our extensive nationwide footprint and logistics network continues to be a competitive advantage for CarMax.

對於資本支出，我們預計 24 財年約為 4.5 億美元，與我們 23 財年的水平相似。這一支出主要是由土地投資和與生產和拍賣的長期增長能力相關的設施建設推動的。新店的開發也對資本支出做出了貢獻，儘管由於我們在 24 財年放慢了開店速度，因此處於較低水平。在 24 財年，我們計劃開設 5 個新地點，包括在紐約市地鐵市場再開設 2 家商店，以及我們在亞特蘭大地鐵市場的第一個場外生產地點。我們廣泛的全國足跡和物流網絡繼續成為 CarMax 的競爭優勢。

Our liquidity remains very strong, and we ended the quarter with approximately $315 million in cash on the balance sheet and no draw on our $2 billion revolver. Now I'd like to turn the call over to Jon.

我們的流動性仍然非常強勁，本季度末我們的資產負債表上有大約 3.15 億美元的現金，並且沒有動用我們的 20 億美元左輪手槍。現在我想把電話轉給喬恩。

Thanks, Enrique, and good morning, everyone. During the fourth quarter, CarMax Auto Finance originated $1.9 billion, resulting in penetration of 44.7% net of 3-day payoffs, up from the 41% seen in the same quarter last year and in line with Q3. The weighted average contract rate charged to new customers at 10.9% was up 110 basis points from Q3 and 270 basis points from the same period last year. We were pleased with our ability to increase consumer rates within the quarter while maintaining a consistent share of finance contracts sequentially and growing our share of finance contracts substantially on a year-over-year basis.

謝謝，恩里克，大家早上好。第四季度，CarMax Auto Finance 發起了 19 億美元的資金，導致扣除 3 天收益後的滲透率為 44.7%，高於去年同期的 41%，與第三季度持平。向新客戶收取的加權平均合同利率為 10.9%，較第三季度上升 110 個基點，較去年同期上升 270 個基點。我們很高興我們能夠在本季度內提高消費者利率，同時按順序保持一致的金融合同份額，並在同比基礎上大幅增加我們的金融合同份額。

Tier 2 penetration in the quarter was 19.4%, lower than typical seasonal levels. Tier 3 penetration was flat to last year at 6.9%. While our long-term lending partners continue to complement each other and providing strong credit offers to our customers, we did observe year-over-year tightening as both rising interest rates and delinquencies likely led to these adjustments. Of note, CAF has also adjusted its underwriting standards in reaction to the current environment, including towards the end of Q4 and reducing its targeted percentage of Tier 3 volume from 10% to 5%.

本季度二級滲透率為 19.4%，低於典型的季節性水平。 Tier 3 滲透率與去年持平，為 6.9%。雖然我們的長期貸款合作夥伴繼續相互補充並為我們的客戶提供強大的信貸優惠，但我們確實觀察到同比收緊，因為利率上升和拖欠都可能導致這些調整。值得注意的是，CAF 還根據當前環境調整了其承保標準，包括在第四季度末將其第三層級的目標百分比從 10% 降低到 5%。

CAF income for the quarter was $124 million, down from $194 million in the same period last year. The $70 million year-over-year decrease is primarily driven by a $44 million increase in loan loss provision as well as a $61 million increase in interest expense, partially offset by growth in interest and fee income. Within the quarter, total interest margin decreased to $262 million, down $22 million from the same quarter last year. The corresponding margin to receivables rate of 6.3% is down approximately 100 basis points year-over-year and 125 basis points from the near 10-year peak seen in this year's first quarter, driven mostly by the significant interest rate jumps absorbed during the past year.

本季度 CAF 收入為 1.24 億美元，低於去年同期的 1.94 億美元。同比減少 7,000 萬美元的主要原因是貸款損失準備金增加 4,400 萬美元以及利息支出增加 6,100 萬美元，部分被利息和費用收入的增長所抵消。在本季度內，總息差下降至 2.62 億美元，比去年同期下降 2200 萬美元。相應的應收賬款利潤率為 6.3%，同比下降約 100 個基點，較今年第一季度的近 10 年峰值下降 125 個基點，這主要是由於過去吸收了大幅利率躍升年。

In response, we have made numerous pricing moves over the last 12 months, including in the fourth quarter that should cause the reduction in margin to slow and allow this portfolio rate to level off in fiscal year 2024. The loan loss provision in Q4 of $98 million results in an ending reserve balance of $507 million or 3.02% of ending receivables. This is compared to a reserve of $491 million last quarter which was 2.95% of receivables. This sequential 7 basis point adjustment in the reserved receivable ratio reflects unfavorable performance within the portfolio as well as the uncertain macro environment. Along with the continued increase in cash Tier 2 and Tier 3 volume. We continue to target and operate within the 2% to 2.5% cumulative net credit loss range for our core Tier 1 portfolio, and we believe we are appropriately reserved for future losses.

作為回應，我們在過去 12 個月中採取了許多定價舉措，包括在第四季度，這應該會導致利潤率下降放緩，並使該投資組合利率在 2024 財年趨於平穩。第四季度的貸款損失準備金為 98 美元萬美元導致期末準備金餘額為 5.07 億美元，佔期末應收賬款的 3.02%。相比之下，上一季度的準備金為 4.91 億美元，占應收賬款的 2.95%。預留應收賬款比率的連續 7 個基點調整反映了投資組合的不利表現以及不確定的宏觀環境。隨著二級和三級現金數量的持續增加。我們繼續將核心一級投資組合的累計淨信用損失目標定在 2% 至 2.5% 的範圍內並在該範圍內運作，我們相信我們已為未來的損失適當保留。

Regarding further advancements in our credit technology, we continue to stabilize and improve upon our nationally available best-in-class prequalification product, Finance-based Shopping or FBS. During the fourth quarter, we fully deployed yet another of our large lending partners within the FBS platform now bringing the total to 5 well-established lenders that are providing decisions on the full vehicle inventory for an applicant and co-applicant, leveraging a soft credit pool. Note what truly makes this product distinct in the used auto industry is our ability to calculate over 6 million unique credit decisions every minute from multiple finance sources, each leveraging their own distinct credit models. And then to make these offers digitally available to customers wherever they are shopping in the store, at home or walking the lot.

關於我們信貸技術的進一步進步，我們繼續穩定和改進我們全國可用的一流資格預審產品，基於金融的購物或 FBS。在第四季度，我們在 FBS 平台內全面部署了我們的另一個大型貸款合作夥伴，現在使總數達到 5 個成熟的貸方，這些貸方利用軟信貸為申請人和共同申請人提供關於整車庫存的決策水池。請注意，真正讓該產品在二手車行業脫穎而出的是我們每分鐘計算來自多個金融來源的超過 600 萬個獨特信用決策的能力，每個金融來源都利用自己獨特的信用模型。然後以數字方式向客戶提供這些優惠，無論他們是在商店、家中還是在停車場購物。

During this upcoming first quarter, we hope to add additional finance partners to the platform as work is already well underway. Now I'll turn the call back over to Bill.

在即將到來的第一季度，我們希望在平台上增加更多的金融合作夥伴，因為工作已經在進行中。現在我將把電話轉回給比爾。

Thank you, Jon and Enrique. As I mentioned at the start of the call, even as we navigated the challenges of fiscal '23, we achieved a number of key milestones during the year by focusing on making our omnichannel experience faster, simpler and more seamless for our associates and customers. I'm proud of the progress that we've made on our journey to deliver the most customer-centric experience in the industry.

謝謝你，喬恩和恩里克。正如我在電話會議開始時提到的，即使我們應對了 23 財年的挑戰，我們通過專注於為我們的員工和客戶提供更快、更簡單和更無縫的全渠道體驗，在這一年中實現了一些關鍵的里程碑。我為我們在提供業內最以客戶為中心的體驗的旅程中取得的進展感到自豪。

Some highlights from this year that will have a lasting impact across our diversified business model are for retail, we enabled online self-progression capabilities for all of our customers. As we evolve our omnichannel experience, we're also updating our operating models to drive efficiency gains in our stores.

今年將對我們多元化的商業模式產生持久影響的一些亮點是零售，我們為所有客戶啟用了在線自我升級功能。隨著我們發展我們的全渠道體驗，我們也在更新我們的運營模式以提高我們商店的效率。

During the year, we launched self-checking capabilities for appraisal customers and also enhanced E-sign functionality to better enable self-progression. Our e-commerce engine, combined with our unparalleled nationwide fiscal footprint is a competitive advantage. Our ability to deliver integration across digital and physical transactions is a key differentiator in both the experience we provide in the total addressable market available to us.

年內，我們推出了評估客戶自查功能，並增強了電子簽名功能，以更好地實現自我進步。我們的電子商務引擎，加上我們無與倫比的全國財政足跡，是一項競爭優勢。我們提供跨數字和物理交易集成的能力是我們在我們可用的整個可尋址市場中提供的經驗的關鍵差異化因素。

For wholesale, we rolled out a modernized mobile-friendly vehicle detail page that displays the most relevant information from dealers that they need to preview our wholesale inventory. Creating a shopping experience for dealers that is similar to how consumers shop our retail inventory. We also expanded Max offer, our digital appraisal product for dealers to approximately 50 markets, which enable us to build on our leading position as a buyer of cars. We utilize our Edmond sales team to sign up new dealers for the service, which provides profitable incremental wholesale volume.

對於批發，我們推出了一個現代化的移動友好型車輛詳細信息頁面，該頁面顯示了來自經銷商的最相關信息，他們需要這些信息來預覽我們的批發庫存。為經銷商創造類似於消費者購買零售庫存的購物體驗。我們還將面向經銷商的數字評估產品 Max offer 擴展到大約 50 個市場，這使我們能夠鞏固我們作為汽車買家的領先地位。我們利用我們的 Edmond 銷售團隊為該服務簽約新的經銷商，從而提供有利可圖的增量批發量。

For credit and CAF, we completed the nationwide rollout of finance-based shopping, our multi-lender prequalification product, as Jon mentioned, this gives customers the flexibility to digitally receive quick credit decisions from a majority of our lenders across the entire vehicle inventory. Over 80% of our customers have used this online tool as they begin the credit process. In addition, CAF is equally focused on coming out of this cycle leaner and more effective. The team is already leveraging the new loan receivable system that we deployed a little over a year ago to deliver on savings opportunities with many more expected in the upcoming years.

對於信貸和 CAF，我們完成了基於金融的購物在全國范圍內的推出，這是我們的多貸方資格預審產品，正如 Jon 提到的那樣，這使客戶能夠靈活地以數字方式從我們的大多數貸方獲得整個車輛庫存中的快速信貸決策。我們超過 80% 的客戶在開始信貸流程時都使用過此在線工具。此外，CAF 同樣專注於以更精簡和更有效的方式走出這個週期。該團隊已經在利用我們一年多前部署的新應收貸款系統來提供儲蓄機會，預計在未來幾年還會有更多。

Looking ahead to fiscal '24, we will build on last year's initiatives and prioritize projects that unlock operating efficiencies and create better experiences for our associates and customers. We are confident that the actions we will take position us better to capture the upside when the market improves. Some examples include: for retail, we are leveraging data science, automation and AI to make it even easier for customers to complete key transaction steps on their own and to go back and forth between assisted health and self-progression. We are also building digital tools that will support customers across key transaction steps in their journey and give them better insight into their remaining steps. These tools will drive online sales and make it easier for customers to opt in to express pickup.

展望 24 財年，我們將以去年的舉措為基礎，優先考慮能夠提高運營效率並為我們的員工和客戶創造更好體驗的項目。我們有信心，我們將採取的行動使我們能夠在市場改善時更好地抓住上行空間。一些例子包括：對於零售業，我們正在利用數據科學、自動化和人工智能，使客戶更容易自行完成關鍵交易步驟，並在輔助健康和自我進步之間來回切換。我們還在構建數字工具，以支持客戶在他們的旅程中跨越關鍵交易步驟，並讓他們更好地了解他們的剩餘步驟。這些工具將推動在線銷售，並使客戶更容易選擇快遞取件。

This delivery option offers customers the ability to complete their transaction at one of our stores in as little as 30 minutes and represents a win-win opportunity. Our research shows that customers love this experience when utilized, and it will enable us to lower costs over time.

這種交付選項使客戶能夠在短短 30 分鐘內在我們的一家商店完成交易，這是一個雙贏的機會。我們的研究表明，客戶在使用時喜歡這種體驗，隨著時間的推移，它將使我們能夠降低成本。

For wholesale, we will leverage our modernized vehicle detail page to offer new services. Some examples include AI-enhanced condition reports and proxy bidding capabilities. We will also improve Max offer by rolling out our instant offer experience to all participating dealers. These tools will enable us to drive incremental operational efficiencies as we continue to scale our wholesale volume, all while providing a better experience. For CAF, we're working to integrate our finance based shopping product into our stores and customer experience centers more seamlessly so that all consumers can enjoy the full experience. As Jon mentioned, we will also continue to pursue opportunities to add additional lenders to the platform which will expand the breadth and depth of offers available to our customers.

對於批發，我們將利用我們現代化的車輛詳細信息頁面來提供新服務。一些示例包括 AI 增強的條件報告和代理投標功能。我們還將通過向所有參與的經銷商推出我們的即時報價體驗來改進 Max 報價。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，同時提供更好的體驗。對於 CAF，我們正在努力將我們基於金融的購物產品更無縫地整合到我們的商店和客戶體驗中心，以便所有消費者都能享受到完整的體驗。正如 Jon 所提到的，我們還將繼續尋找機會在平台上增加更多的貸方，這將擴大我們客戶提供的服務的廣度和深度。

While these are a few good examples, our entire organization from Edmond's to logistics is focused on improving efficiencies and experiences. We are confident in the future of our diversified business. We will continue to evaluate our performance relative to our long-term financial targets annually. As we start fiscal '24, we are affirming the targets that we updated in April '22, and selling between 2 million and 2.4 million vehicles through our combined retail and wholesale channels by fiscal '26, generating between $33 billion and $45 billion in revenue by fiscal '26 and growing our nationwide market share of 0 to 10-year-old vehicles to more than 5% by the end of calendar '25.

雖然這些只是一些很好的例子，但我們從 Edmond's 到物流的整個組織都專注於提高效率和體驗。我們對多元化業務的未來充滿信心。我們將繼續每年根據長期財務目標評估我們的業績。當我們開始 24 財年時，我們確認我們在 22 年 4 月更新的目標，到 26 財年通過我們的零售和批發渠道銷售 200 萬至 240 萬輛汽車，產生 330 億至 450 億美元的收入到 26 財年，到 25 年底，將我們在全國范圍內 0 至 10 年車齡車輛的市場份額增加到 5% 以上。

I want to thank and congratulate all of our associates for the work they do. They are our strongest differentiator and the key to our success. Last week, Fortune Magazine named CarMax as one of its 100 Best Companies to Work for, for the 19th year in a row. I am incredibly proud of this recognition, particularly as we faced a challenging year. It's due to our associates' commitment to supporting each other, our customers and our communities every day.

我要感謝並祝賀我們所有的同事所做的工作。它們是我們最強大的差異化因素，也是我們成功的關鍵。上週，《財富》雜誌連續第 19 年將 CarMax 評為 100 家最適合工作的公司之一。我為這一認可感到無比自豪，尤其是在我們面臨充滿挑戰的一年之際。這是因為我們的員工每天都致力於相互支持、支持我們的客戶和我們的社區。

Over our nearly 30-year history, we've navigated many challenging environments and have emerged stronger each time. This environment is no different, and I'm confident that the actions we are taking will enable us to drive robust growth as the market improves.

在我們近 30 年的歷史中，我們經歷了許多充滿挑戰的環境，並且每次都變得更加強大。這種環境也不例外，我相信我們正在採取的行動將使我們能夠隨著市場的改善而推動強勁增長。

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

這樣，我們很樂意回答您的問題。卡洛斯？

Absolutely. At this time, we will open the floor for questions. (Operator Instructions) And your first question comes from the line of John Healy with Northcoast Research.

絕對地。這時，我們將開始提問。 （操作員說明）您的第一個問題來自 Northcoast Research 的 John Healy。

Guys, I wanted to talk just a little bit about the CAF business to start off. Enrique, I was hoping maybe you could hit us with kind of maybe your thoughts on where maybe some of the key metrics might look out, maybe, say, the next quarter or so, maybe on kind of losses as well as recoveries and maybe the cross currents there. But also just kind of on your cost of funds and where that's kind of moving to of late as well as kind of the coupon rate that's going to the consumer? And is there a lag? Is there a catch-up period? Just how we can think about maybe some of those dynamics moving for -- as we start fiscal '24.

伙計們，我想先談談 CAF 業務。恩里克，我希望也許你能打動我們，也許你對一些關鍵指標可能會出現在哪裡的想法，也許，比如說，下個季度左右，也許是關於損失和復蘇，也許是那裡有交叉電流。但也只是關於你的資金成本，以及最近轉移到哪里以及消費者的票面利率？有滯後嗎？有追趕期嗎？當我們開始 24 財年時，我們如何考慮這些動態中的一些可能會發生變化。

Yes. Thanks for the question, John. I'll address the cost of funds and kind of how to think about that, and then I'll turn it over to Jon to talk about the business. So from a cost of funds perspective, what I'd tell you is that the securitization market, which we're largely dependent on, yes, the market is open, it's constructive currently. And what we've seen -- you saw it in our first deal where the cost of funds came down relative to the deal that ended in 2022, right?

是的。謝謝你的問題，約翰。我將解決資金成本以及如何考慮這個問題，然後我會把它交給喬恩來談談業務。所以從資金成本的角度來看，我要告訴你的是，我們主要依賴的證券化市場，是的，市場是開放的，目前是建設性的。我們所看到的——你在我們的第一筆交易中看到了，與 2022 年結束的交易相比，資金成本有所下降，對吧？

And so believe that the benchmarks continue to come down, spreads continue to be healthy, and we would expect that to kind of carry forward. Per timing, you would expect us to be in the market here in the near-term but we would expect to be able to execute our deal. And again, I think relative to a couple of deals ago, where the market really was compressed and the cost of funds was one of the highest we had seen in many, many, many years. It's come down from there. Still higher than obviously where we'd like them to be, but certainly better than where they had trended a couple of deals ago.

因此相信基準繼續下降，利差繼續保持健康，我們預計這種情況會繼續下去。根據時間，您會期望我們在短期內進入市場，但我們希望能夠執行我們的交易。再一次，我認為相對於之前的幾筆交易，市場確實被壓縮了，資金成本是我們多年來看到的最高水平之一。它是從那裡下來的。仍然明顯高於我們希望他們達到的水平，但肯定好於他們在幾筆交易前的趨勢。

Sure. And I'll jump in on the other metrics. Just to piggyback on the cost of funds. Obviously, the other component there is the kind of the APR that's in the deal as well. Last time we were in 909. We just cited that we were (inaudible) on our originations in this quarter. We've done a great job of raising rates through the year. So you can imagine that to drive through into future deals as well. So if spread settles in and our APRs are higher, that should benefit us.

當然。我將跳入其他指標。只是為了搭載資金成本。顯然，另一個組成部分也是交易中的 APR 類型。上次我們在 909。我們只是引用我們（聽不清）在本季度的起源。全年我們在提高利率方面做得很好。所以你可以想像這也會推動未來的交易。因此，如果利差穩定下來並且我們的 APR 更高，那應該對我們有利。

With regard to losses and delinquencies as mentioned in the prepared remarks, again, we've taken our reserve up to $507 million. That's 3.02% of receivables. I did mention that some of that is driven by unfavorability in the portfolio in the macro environment. I think the entire industry is feeling a higher sense of delinquency in the consumer for us in the existing book of business.

關於準備好的評論中提到的損失和拖欠，我們再次將儲備金提高到 5.07 億美元。那是應收賬款的 3.02%。我確實提到，其中一些是由宏觀環境中投資組合的不利因素驅動的。我認為整個行業在現有的商業書籍中對我們消費者的拖欠感有更高的感覺。

You've got definitely higher inflation, making it more challenging for consumers. Our newer originations are purchasing at a higher average selling price, therefore, there's a higher payment. So people haven't worked through having a higher auto payment than they might normally be used to. So all of these factors are things we're watching very carefully. We've reserved accordingly for it, but definitely a rise in delinquencies. We've done a nice job with and hasn't fully trended its way into losses, and we think we're going to be able to continue to serve the consumer well.

通貨膨脹率肯定更高，這對消費者來說更具挑戰性。我們較新的產品以更高的平均售價購買，因此付款更高。因此，人們還沒有通過比他們通常習慣的更高的自動付款來工作。所以所有這些因素都是我們正在非常仔細觀察的事情。我們為此保留了相應的費用，但拖欠率肯定會上升。我們在這方面做得很好，並沒有完全走向虧損，我們認為我們將能夠繼續為消費者提供良好的服務。

The other thing I'll add to that is we did mention in the prepared remarks, and we have tightened -- many lenders have tightened down there in our platform as well as outside of the industry, and we've tightened as well. It's something that we've done on a regular basis. We did it in the great recession. We did at the start of pandemic. We've done it many times in between. So we have tightened just to make it a little more conservative to watch this consumer carefully but again, with our tightening, our partners, we'll be happy to pick up that volume as we've done.

我要補充的另一件事是我們在準備好的評論中確實提到了，我們已經收緊了——許多貸方在我們的平台和行業外都收緊了，我們也收緊了。這是我們經常做的事情。我們在大蕭條時期做到了。我們在大流行開始時就這樣做了。中間我們做過很多次。因此，我們已經收緊，只是為了讓仔細觀察這個消費者更加保守，但再次，隨著我們的收緊，我們的合作夥伴，我們將很樂意像我們所做的那樣增加這個數量。

So looking out, hard to say where losses and delinquencies are going to be, but we think we're in that 2% to 2.5% range as we always have. We think we're well reserved, and we'll watch the consumer carefully.

所以放眼望去，很難說損失和拖欠會在哪裡，但我們認為我們一如既往地處於 2% 到 2.5% 的範圍內。我們認為我們很保守，我們會仔細觀察消費者。

And the next question comes from Michael Montani with Evercore ISI.

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

Just wanted to ask on retail and wholesale GPUs, those were both, I think, stronger than we were anticipating. If you could just provide some update on the pricing volatility that we're seeing pretty unprecedented, I think, both at retail as well as at wholesale. And then competitively, what you're seeing in the market, how sustainable is this kind of strong discipline in GPU, I guess, for those 2 segments?

只是想問一下零售和批發 GPU，我認為它們都比我們預期的要強大。如果你能提供一些關於我們在零售和批發方面看到的前所未有的定價波動的最新信息。然後競爭，你在市場上看到的，我猜，對於這兩個細分市場，GPU 中這種強大的紀律有多可持續？

Sure. Yes, on the rates on wholesale GPU, obviously, they did come in stronger. I think the wholesale benefited a little bit. We saw some appreciation in the latter part of the quarter, which when that generally happens, we usually trail when it goes up or comes down. So I think that added a little bit of favorability there. I think as you go forward thinking about wholesale, I would land probably more in the line of where we've been historically $900 to $1,000.

當然。是的，就批發 GPU 的費率而言，很明顯，它們確實變得更強了。我認為批發受益了一點。我們在本季度後半部分看到了一些升值，當這種情況普遍發生時，我們通常會在它上升或下降時追踪。所以我認為這增加了一點好感。我認為當你繼續考慮批發時，我可能會更多地落在我們歷史上 900 到 1,000 美元的水平上。

On the retail side, again, we did expansive price elasticity testing and determined that we could have sold a few more cars, but we actually would have made less money. So we held the retail GPU. They're pretty similar to the third quarter. They were up year-over-year. And that's more of a function of the fact that we continue to have a higher mix of older vehicles, which carry a little bit more margin. I think just in the retail pricing environment in totality, we did see some depreciation at the beginning of the quarter. We saw a little bit of appreciation at the latter part. If you go back a year ago, not this year that just completed the year before, prices appreciated about $7,500 and that's in the 0- to 5-year-old cars this year. By the end of the calendar year, they had come back about $5,000.

在零售方面，我們再次進行了廣泛的價格彈性測試，並確定我們可以多賣幾輛汽車，但實際上我們賺的錢會少一些。所以我們持有零售 GPU。它們與第三季度非常相似。他們同比增長。這更多是因為我們繼續擁有更多的老舊車輛，這些車輛的利潤率更高。我認為就整體零售定價環境而言，我們確實在本季度初看到了一些貶值。我們在後半部分看到了一點讚賞。如果你回到一年前，而不是前一年剛剛完成的今年，價格上漲了大約 7,500 美元，而且是今年 0 至 5 年車齡的汽車。到日曆年年底，他們已經收回了大約 5,000 美元。

I would expect, even though we've seen some recent appreciation, I would expect to probably start to see a little bit more depreciation as we go forward. So that should continue to give a little bit of relief on the overall retail sales price.

我預計，儘管我們最近看到了一些升值，但我預計隨著我們的前進，可能會開始看到更多的貶值。因此，這應該會繼續對整體零售銷售價格有所緩解。

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

下一個問題來自 Craig Kennison 與 Baird 的對話。

Thanks for taking my questions. We're hearing that at some bank.

感謝您回答我的問題。我們在某家銀行聽說過。

Carlos I think we may have lost Craig.

卡洛斯，我想我們可能失去了克雷格。

Craig, your line is open.

克雷格，你的線路是開放的。

Can you hear me?

你能聽到我嗎？

Yes, we can hear you, Craig. Go ahead.

是的，我們能聽到你的聲音，克雷格。前進。

Yes. So we've heard that some banks are pulling back on floor plan credit for some of your competitors. I'm wondering since you self-fund your inventory, would you expect an advantage sourcing inventory in this environment?

是的。因此，我們聽說一些銀行正在縮減對您的一些競爭對手的平面圖信貸。我想知道，既然你自己為你的庫存提供資金，你會期望在這種環境下採購庫存有優勢嗎？

Yes. I think it's hard to say. I mean what I would tell you is because our self-sufficiency is so high, we just really haven't had an issue on sourcing environment. It's not like we're going out and competing in the auction lanes as much as we used to. I think it remains to be seen what the impact is on competitors and where they get their funding. I guess, theoretically, it could cause prices to go down if they are not able to source financing to keep inventory on the lots. But that remains to be seen.

是的。我覺得很難說。我的意思是我要告訴你的是因為我們的自給率很高，我們在採購環境方面真的沒有問題。我們不像過去那樣經常出去參加拍賣。我認為這對競爭對手有什麼影響以及他們從哪裡獲得資金還有待觀察。我想，從理論上講，如果他們無法獲得融資來保持庫存，可能會導致價格下跌。但這還有待觀察。

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

下一個問題來自摩根大通的 Rajat Gupta。

Great. Just had like a question on SG&A and one within that. Maybe just on the store occupancy cost, it was lower quarter-over-quarter by roughly 10%, despite 5 new stores opened. Is there something we're missing there? We would have expected it to be up sequentially given the new openings, but I just want to make sure we're not missing any one timers there. And then I have a quick follow-up.

偉大的。只是有一個關於 SG&A 的問題，其中有一個問題。也許僅就店面佔用成本而言，儘管有 5 家新店開業，但環比下降約 10%。我們在那裡缺少什麼嗎？考慮到新的空缺，我們本來預計它會按順序啟動，但我只是想確保我們不會錯過任何一個計時器。然後我有一個快速跟進。

Yes. Thanks, Rajat. Yes, I don't think you're missing anything. I think a couple of points here. One is that there was some timing of spend from quarter-to-quarter, things will vary. So we had some timing favorability this quarter over the previous quarter. In addition, given the volumes and where they're at, we had a bit of a pullback in our rent. As volumes [flakes], we will move up in terms of our off-lot short-term capacity to accommodate volumes. And given where volumes are at, we did have a pullback in our off-site capacity. So you'll see that reflected in occupancy through a lower rent. So those are the 2 bigger items I'd tell you within the quarter.

是的。謝謝，拉賈特。是的，我認為你沒有遺漏任何東西。我認為這裡有幾點。一個是每個季度都有一些支出時間，情況會有所不同。因此，與上一季度相比，本季度我們有一些時間優勢。此外，考慮到數量和它們的位置，我們的租金有所回落。隨著銷量 [flakes]，我們將提高場外短期產能以適應銷量。考慮到交易量，我們的場外產能確實有所回落。所以你會看到通過較低的租金反映在入住率上。所以這些是我在本季度內告訴你的兩個更大的項目。

Understood. That's helpful. And in terms of just budgeting purposes for SG&A for the year. What kind of [view] are you taking on the used car market this year? I mean do you expect the industry specifically the 0- to 10-year-old space to grow this year? And do you expect to grow share within that with the level of ad spend that you're guiding to? Just curious like what kind of shape of recovery are you assuming in your budgeting plan?

明白了。這很有幫助。就當年 SG&A 的預算目的而言。您對今年的二手車市場持何種[觀點]？我的意思是，您是否預計該行業特別是 0 到 10 歲的空間今年會增長？您是否希望隨著您指導的廣告支出水平增加其中的份額？只是好奇您在預算計劃中假設了什麼樣的複蘇形式？

Yes, Rajat, thanks for the question. Look, we're certainly not economists, but I think there's some publications. I think like Cox, for example, has the used market overall being down a little bit this year. I think they also have it softer in the front part. I mean softer in the front part, a little bit better in the back half. I think that's kind of the way we think about it as well, but that remains to be seen.

是的，拉賈特，謝謝你的提問。看，我們當然不是經濟學家，但我認為有一些出版物。我認為像 Cox 一樣，今年二手市場整體有所下降。我認為他們的前部也更柔軟。我的意思是前半部分更柔軟，後半部分好一點。我認為這也是我們思考它的方式，但這還有待觀察。

And as always, on the market share, our goal is whether the market is a good market or a bad market. We want to gain profitable market share, and I spoke to just the transitory pressures that we continue to see in this quarter as it relates to market share. But given previous experiences, we would expect that to turn and then we get back into gaining market share.

和往常一樣，在市場份額方面，我們的目標是市場是好市場還是壞市場。我們希望獲得有利可圖的市場份額，我談到了我們在本季度繼續看到的與市場份額相關的暫時性壓力。但鑑於以往的經驗，我們預計這種情況會發生轉變，然後我們會重新獲得市場份額。

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

我們的下一個問題來自 Brian Nagel 與 Oppenheimer 的對話。

Question I want to -- so in the comments, it sounds like you are telegraphing for this year now a lower leverage point. You're going to leverage expenses at lower rates of growth. So I guess the question I have is to make sure I'm correct in that assessment. And then what changed? I mean, what leverage were you able to pull in order to allow them to happen? And then, again, kind of going back to your comments for clarification, should we assume then as the business eventually strengthens out of this cyclical trough, that leverage point will remain more subdued than it had been previously?

我想問的問題——所以在評論中，聽起來你現在正在為今年的低杠桿點打電報。您將以較低的增長率利用費用。所以我想我的問題是確保我的評估是正確的。然後發生了什麼變化？我的意思是，為了讓它們發生，你能夠拉動什麼槓桿？然後，再次回到您的評論進行澄清，我們是否應該假設隨著業務最終從這個週期性低谷中走強，槓桿點將比以前更加低迷？

Yes, Brian, thanks for the question. I'll give you my thoughts first. I'm sure Enrique will have some thoughts as well. But you're exactly right. We are sending the message that we expect this to be at a lower rate going forward. And if you think about the past few years, every year, we update and say, okay, this is what it's going to take to lever. And we were running that [5 to 8]. In this past year, prior year, we said, hey, it's going to require more than that because of the investments we knew we were making plus some of the carryover investments. We hadn't been giving longer-term guidance because quite honestly, while many companies have gone from a pure brick-and-mortar to more of an omnichannel, they're really hasn't been any other example of companies doing that with what I call a considered purchase where there's a lot of back and forth between physical and digital properties.

是的，布萊恩，謝謝你的提問。我會先給你我的想法。我相信恩里克也會有一些想法。但你完全正確。我們發出的信息是，我們預計未來會以較低的速度出現這種情況。如果你想想過去幾年，每年，我們都會更新並說，好吧，這就是槓桿所需要的。我們正在運行 [5 到 8]。在過去的一年，前一年，我們說，嘿，由於我們知道我們正在進行的投資以及一些結轉投資，這將需要更多。我們沒有提供長期指導，因為老實說，雖然許多公司已經從純粹的實體店轉變為更多的全渠道公司，但他們確實沒有任何其他公司這樣做的例子我稱之為深思熟慮的購買，其中在物理和數字資產之間有很多來回。

And so I almost equate this to renovating an old house, which unfortunately have an experience with that, too. You don't know what you don't know until you get into it. And every time you pull down a wall in old house, there's some new surprise there. Well, with this, every time we would turnover a rock as we -- as it related to the omnichannel experience. There were 2 other rocks underneath it. And I think what we've gotten to the point of is that we've built out our product organization, we feel really good about the resources there. We've got the base of the capabilities. Now it's about enhancing. And then as we enhance and finish some things, we'll shift people to work on different things. So we feel good about the resources that we have at this point. And I'll let Enrique add any other comment.

所以我幾乎把這等同於翻新一座老房子，不幸的是，它也有這方面的經驗。在你進入它之前，你不知道你不知道什麼。每次你推倒舊房子的牆，都會有一些新的驚喜。好吧，有了這個，每次我們都會翻過一塊石頭——因為它與全渠道體驗有關。它下面還有另外兩塊岩石。而且我認為我們已經達到的目的是我們已經建立了我們的產品組織，我們對那裡的資源感覺非常好。我們已經有了能力的基礎。現在是關於增強。然後當我們加強和完成一些事情時，我們會轉移人們去做不同的事情。因此，我們對目前擁有的資源感到滿意。我會讓Enrique 添加任何其他評論。

Just to build on that a little bit as I said in my prepared remarks, we are past the investment heavy phase of our omni transformation, we believe, largely speaking, that we have the resources in place, we're appropriately staffed and that was really a matter of executing on our plans, which are really focused around enhancing efficiencies, enhancing and strengthening experiences for our customers and for our associates, right? But we believe we passed that point.

正如我在準備好的發言中所說的那樣，我們已經過了全方位轉型的投資密集階段，我們相信，在很大程度上，我們擁有到位的資源，我們配備了適當的人員，那是真的是執行我們的計劃的問題，這些計劃真正專注於提高效率，增強和加強我們客戶和員工的體驗，對嗎？但我們相信我們已經過了那一點。

So we do think that now and for the guidance that we've given, low single-digit gross profit growth is what we're going to need to lever. And I would think about that as well as carrying beyond FY '24 and in Q1. We are not giving specific guidance, I would think about that, that is kind of where we are in our maturity curve as a company, and that's kind of how I think about it for the next period of time.

因此，我們確實認為，對於我們給出的指導，低個位數的毛利潤增長是我們需要利用的。我會考慮這一點，並在 24 財年和第一季度之後進行。我們沒有給出具體的指導，我會考慮這一點，這就是我們作為一家公司在成熟曲線中所處的位置，這就是我對下一段時期的看法。

Our next question comes from the line of Sharon Zackfia with William Blair.

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

A few things around SG&A. I just want to make sure I understand the context around leverage. So are you referring to SG&A leverage as a percent of sales or SG&A to gross profits. I just want to make sure we're all level set on what metric you're using? I also want to clarify the cadence in the first quarter. Are you referring to sequential moderation in the decline or year-over-year moderation? I think that's kind of important to quantify as well.

關於 SG&A 的一些事情。我只是想確保我了解槓桿的背景。那麼，您是指 SG&A 槓桿佔銷售額的百分比還是 SG&A 佔毛利潤的百分比。我只是想確保我們對您使用的指標有充分的了解？我還想澄清一下第一季度的節奏。您指的是下降的連續緩和還是同比緩和？我認為量化也很重要。

And then lastly, and I'm sorry, it's a multipronged question. It's just on the ad spend. So it was a little surprised to hear, and I think I heard correctly that ad spend per car would remain consistent year-over-year. And I just wondered the thought process behind that, given the environment we're in, which it sounds as if a lot of people are just priced out of cars period, so I wonder about keeping that ad spend kind of at the same level versus retracting maybe more towards the $300 level that you had historically?

最後，很抱歉，這是一個多方面的問題。它只是在廣告支出上。所以聽到有點驚訝，我想我沒有聽錯，每輛車的廣告支出將與去年同期保持一致。我只是想知道這背後的思考過程，考慮到我們所處的環境，聽起來好像很多人只是因為汽車價格而被淘汰，所以我想知道如何將廣告支出保持在與可能會回落到您歷史上的 300 美元水平？

Yes. Thank you, Sharon, for the multiple questions. And see if I can...

是的。莎倫，謝謝你提出的多個問題。看看我能不能...

A couple of clarifications. You can declare clarifications for next year.

一些澄清。您可以聲明明年的澄清。

I guess, yes, that is a new [odd] difference here, right? So on the first one, absolutely, we moved to leverage being defined as SG&A to gross profit, so not retail units, not sales because, as you know, as we've migrated and transformed ourselves, it's not about just solely per retail unit. It's also a about our wholesale business about our CAF business. So we take a holistic look and our leverage point specifically is on gross profit. So I think that was your first point of clarification.

我想，是的，這是一個新的 [奇怪] 區別，對吧？因此，在第一個方面，絕對是，我們轉向將定義為 SG&A 的槓桿作用轉化為毛利潤，而不是零售單位，而不是銷售額，因為正如您所知，隨著我們自身的遷移和轉型，它不僅僅是關於每個零售單位.這也是關於我們的 CAF 業務的批發業務。所以我們從整體上看，我們的槓桿點特別是毛利潤。所以我認為這是你澄清的第一點。

The second for the first quarter, yes, it is an important point, and I had it in my notes here that I spoke to. So in the fourth quarter, right, we -- year-over-year, we were down 8% in SG&A. So what we're communicating here is that in the first quarter of FY '24, upcoming year, that decrease may be muted compared the year-over-year decrease in the first quarter versus last year's first quarter would be muted compared to that 8%. And that's just because we'll be -- we'll have more comparables when it comes to the corporate bonus accrual, which in the fourth quarter was down pretty materially as I called out in my notes, as well, our fourth quarter last year, our marketing spend was much higher than what it was in this fourth quarter, which provided some relief in this fourth quarter. So that presents a little bit more of a challenge for the first quarter of FY '24 as compared year-over-year as compared to FY '23.

第一季度的第二個，是的，這是一個重要的觀點，我在這裡的筆記中有它，我與之交談過。所以在第四季度，我們 - 與去年同期相比，我們的 SG&A 下降了 8%。因此，我們在這里傳達的是，在 24 財年的第一季度，即將到來的一年，與第一季度的同比下降相比，與去年第一季度相比，這一下降可能會減弱 8 %。那隻是因為我們將 - 在公司應計獎金方面我們將有更多的可比性，正如我在去年第四季度的筆記中所指出的那樣，第四季度的公司獎金大幅下降，我們的營銷支出遠高於第四季度，這在第四季度緩解了一些壓力。因此，與 23 財年相比，與去年同期相比，這對 24 財年第一季度提出了更多挑戰。

And then lastly, on marketing for spend, we made a decision a few years ago to take our marketing per unit spend up along with our journey here in our transformation. And that's where we currently -- where we intend on keeping it. We believe we have a strong line of sight into ROI and very accretive properties and investments here. Our marketing team does a fantastic job in being able to track what is accretive, what is ROI generating and what is not ROI generating. So we have a pretty good understanding of our portfolio of investments when it comes to marketing. And currently, we think that 350 roughly per unit spend is appropriate for where we are.

最後，在支出營銷方面，我們在幾年前做出了一個決定，即在我們轉型的過程中提高每單位營銷支出。這就是我們目前——我們打算保留它的地方。我們相信我們對投資回報率以及這裡非常增值的財產和投資有很強的洞察力。我們的營銷團隊在跟踪什麼是增值的、什麼是投資回報率產生的以及什麼不是投資回報率產生方面做得非常出色。因此，在營銷方面，我們對我們的投資組合有很好的了解。目前，我們認為每單位支出大約 350 美元適合我們所處的位置。

And Sharon, the only other thing I would add to that is and Enrique said this in his comments, it can vary quarter-to-quarter. You may be up in some quarters, you may be down in some other quarters. And that will really be dictated by some of the ROI that we're seeing. We're always going to have some brand spend out there because I think it's important long-term.

Sharon，我要補充的唯一一件事是，Enrique 在他的評論中說了這一點，它可能會因季度而異。你可能在某些方面上升，你可能在其他方面下降。這真的取決於我們看到的一些投資回報率。我們總是會在品牌上花費一些錢，因為我認為這從長遠來看很重要。

So the other thing I think of note here is that when we think about advertising, we also -- it's not just about customer acquisition. It's also about vehicle acquisitions. So there may be sometimes where you spend up a little bit more and trying to buy cars from consumers. So again, we'll continue to monitor that.

所以我在這裡想到的另一件事是，當我們考慮廣告時，我們也 - 這不僅僅是關於客戶獲取。它還與車輛採購有關。因此，有時您可能會花更多的錢並試圖從消費者那裡購買汽車。因此，我們將再次對此進行監控。

Your next question comes from the line of Scot Ciccarelli with Truist Securities.

你的下一個問題來自 Scot Ciccarelli 與 Truist Securities 的合作。

Scot Ciccarelli. Obviously, retail prices are still up quite a bit. Average rates also up, and so monthly payments are up meaningfully. I know it's causing a double-digit decline in comps. But I guess what kind of impact is it having specifically on your conversion rate? In other words, like when we look at the sales decline, is it being driven more by a reduction in traffic or kind of the first swing at the plate that you guys get? Or is it more kind of people get close to the finish line and then just decide that they really can't afford what they're looking at? Like is it one more than the other? Or are they -- those factors about the same?

蘇格蘭奇卡雷利。顯然，零售價格仍然上漲了不少。平均利率也有所上升，因此每月還款額大幅增加。我知道這會導致收入出現兩位數的下降。但我想它對您的轉化率具體有什麼樣的影響？換句話說，就像當我們看到銷售下降時，它更多是由交通減少或你們得到的第一次擺動驅動的嗎？還是更多的人接近終點線，然後決定他們真的買不起他們正在看的東西？好像一個比另一個多？還是它們——那些因素差不多？

Yes. Great question, Scot, and welcome back to the call. It's -- we see the traffic top of funnel. So it's not top of funnel. The degradation really happens at the conversion point and which can make sense as you find a car that you like, you start working through it all of a sudden you realize, wow, that monthly payment is more than I can afford, and then you see where they fall out, which is the reason why we've been talking about vehicle affordability is one of the biggest factors that impact our sales. So it's all about conversion, not necessarily top of funnel.

是的。很好的問題，Scot，歡迎回到電話中。它是 - 我們看到漏斗的流量頂部。所以它不是漏斗的頂部。退化確實發生在轉換點，當你找到一輛你喜歡的車時，這是有道理的，你突然開始研究它，你意識到，哇，每月的付款超出我的承受能力，然後你看到他們失敗的地方，這就是為什麼我們一直在談論汽車負擔能力是影響我們銷售的最大因素之一的原因。所以這一切都與轉化有關，不一定是漏斗頂部。

Yes. And I'll just add on to that, Scot. Just one other thing that we mentioned, the FBS platform and one of the things we're so excited about that, right? So many people are shopping for that monthly payment online out the gate, not in the store necessarily. And so being able to -- if they pick vehicle X and it ends up being a higher payment for them, we're providing them the capability to see payments on all the vehicles with multiple lenders, so they can pivot relatively quickly.

是的。 Scot，我還要補充一點。我們提到的另一件事，FBS 平台和我們對此感到非常興奮的事情之一，對吧？很多人在網上購買每月支付的費用，不一定是在商店裡。因此能夠 - 如果他們選擇車輛 X 並且最終為他們支付更高的費用，我們正在為他們提供查看所有車輛與多個貸方的付款的能力，因此他們可以相對快速地進行調整。

So we think, again, once the shock of the higher ASP has come down over time, just having that tool out there to adjust that price point and that payment as needed will really benefit us and we'll springboard out of this thing.

因此，我們再次認為，一旦更高的 ASP 的衝擊隨著時間的推移而下降，只要有那個工具來調整價格點和按需付款就會真正使我們受益，我們將跳出這件事。

Okay. So total demand is still there. It's just the affordability or the ability to close is really the main challenge, if you will?

好的。所以總需求仍然存在。只是負擔能力或關閉能力才是真正的主要挑戰，如果你願意的話？

Yes, the interest is definitely there. And I think some of the web traffic continued strength in the web traffic is also because of the finance based shopping product that Jon just talked to people just trying to figure out what can I afford? Maybe they're not ready to buy a car, but maybe they're just looking to see what can I afford.

是的，興趣肯定是有的。而且我認為一些網絡流量在網絡流量中持續走強也是因為 Jon 剛剛與人們交談的基於金融的購物產品，只是想弄清楚我能買得起什麼？也許他們還沒有準備好買車，但也許他們只是想看看我能買得起什麼。

Your next question comes from Daniel Imbro with Stephens, Inc.

您的下一個問題來自 Stephens, Inc. 的 Daniel Imbro。

I want to ask on SG&A maybe a little bit different way. You talked about attrition for a few quarters now, and you're making -- it seems like good progress driving down the compensation line. Where are staffing levels today in the stores or CECs versus a year ago or before these attrition -- are we 15% lower, is headcount 20% lower? And then where should that go as growth improves? Because on one hand, I think Bill just mentioned you should stay more lean going forward. But I thought in your prepared remarks, you said working towards the mid-70s SG&A to gross ratio over time. So just trying to put those pieces together, if you could talk about kind of the staffing, where we're at and where that goes and what it means for long-term SG&A margins?

我想問 SG&A 的方式可能有點不同。你現在已經談論了幾個季度的減員問題，而且你正在取得——這似乎是推動薪酬線下降的良好進展。與一年前或這些減員之前相比，今天商店或 CEC 的人員配備水平在哪裡——我們減少了 15%，員工人數減少了 20%？那麼隨著增長的改善，它應該去哪裡呢？因為一方面，我認為比爾剛才提到你應該保持更苗條的身材。但我認為在你準備好的發言中，你說隨著時間的推移朝著 70 年代中期的 SG&A 與毛利率的方向努力。所以只是想把這些部分放在一起，如果你能談談人員配置的種類，我們在哪裡，去哪里以及它對長期 SG&A 利潤率意味著什麼？

Yes. What I'd tell you is that we believe we're largely speaking, appropriately staffed. There's still some pockets where there's probably some overstaffing that we're working through, right? And we do it in a healthy way, which is just through attrition. And that's the approach we've taken for the past period here. But largely speaking, we think we're appropriately staffed kind of across the board. Compared to last year, right? We were down when it comes to like what flows through SG&A because we do have a large service department, the service associates that flows through our COGS. But just through SG&A, we're down about 10% year-over-year, right? And that's really kind of staffing in our CECs as we've rightsized in our stores as we've rightsized as well, and that's what you'll see it offset a little bit by our corporate overhead staffing, but net-net, we're down about 10%. So that's kind of where we are.

是的。我要告訴你的是，我們相信我們在很大程度上是在說話，配備了適當的人員。仍然有一些地方可能存在我們正在解決的人浮於事的問題，對嗎？我們以一種健康的方式做到這一點，這只是通過減員。這就是我們過去一段時間在這裡採取的方法。但在很大程度上，我們認為我們在各方面都配備了適當的人員。與去年相比，對吧？當談到喜歡流經 SG&A 的內容時，我們感到很沮喪，因為我們確實有一個龐大的服務部門，即流經我們 COGS 的服務助理。但僅通過 SG&A，我們就同比下降了約 10%，對吧？這確實是我們 CEC 中的人員配置，因為我們在我們的商店中進行了調整，我們也進行了調整，這就是你會看到它被我們的公司間接人員配置所抵消的一點點，但淨淨，我們'再下降約 10%。這就是我們所處的位置。

When it comes to like the 70%, mid-70% yes, we're actually striving to get there. Our goal is to get back to a leverage rate that's more reflective of a stronger flow-through and the business model that we're striving to get to. Now that -- to get to that number, we're also going to need some help in sales, right, as well to support that, and we expect to get there over time. I think to get there in FY '24, I would tell you, it would be a strong stretch just kind of given where we ended FY '23 and kind of where volumes are at and just the environment that we're operating in. But we are controlling what is in our control, and I think we've done a pretty effective job here of taking our SG&A down and thinking about our business model and the maturity curve in terms of where we are with our omni transformation.

當談到喜歡 70% 時，是的，70% 左右，我們實際上正在努力實現這一目標。我們的目標是回到一個更能反映更強大的流通和我們正在努力實現的商業模式的槓桿率。現在——為了達到這個數字，我們還需要一些銷售方面的幫助，對，以及支持這一點，我們希望隨著時間的推移實現這一目標。我想在 24 財年到達那裡，我會告訴你，這將是一個很大的延伸，只是考慮到我們在 23 財年結束的地方以及交易量所在的位置以及我們所處的環境。但是我們正在控制我們控制的東西，我認為我們在這裡做了非常有效的工作，減少了我們的 SG&A，並根據我們在全向轉型中所處的位置來思考我們的商業模式和成熟度曲線。

And now it's really a matter of kind of reallocating resources internally to work on the most accretive projects that we have.

現在，這實際上是一種在內部重新分配資源以從事我們擁有的最具增值性的項目的問題。

Yes. And Daniel, the only other thing I would add to that is even as we as business returns, we're heavily focused on finding efficiencies. The business model has really changed within the store with omni. So we're looking at more efficiencies in the CEC. So as more volume comes in, CECs don't have to grow as fast. We've already taken -- we've reduced the salesforce because of the CECs because customers are coming more progressed, which is another reason why we're really focused on this self-progression. The more customers can progress on their own, our floor sales consultants can handle more associates.

是的。丹尼爾，我要補充的唯一一件事是，即使我們作為業務回報，我們也非常專注於提高效率。有了 omni，店內的商業模式真的發生了變化。所以我們正在尋找 CEC 的更高效率。因此，隨著更多的交易量進入，CEC 不必增長得那麼快。我們已經採取了 - 由於 CEC，我們已經減少了銷售人員，因為客戶正在取得更大的進步，這是我們真正專注於這種自我進步的另一個原因。越多的客戶可以自己進步，我們的場內銷售顧問就可以處理更多的員工。

So as we think about the future model, we're trying to get efficiencies, not only at the corporate side, which we feel pretty good about the teams we've got there, but also just become more efficient in the field operations.

因此，當我們考慮未來的模式時，我們正在努力提高效率，不僅是在公司方面，我們對我們在那裡的團隊感覺非常好，而且在現場運營方面也變得更有效率。

And if I could squeeze clarifier, on another question. I guess you guys used to be in the mid- to high 60s. It sounds like you reduced headcount 10%, the CECs making you more efficient. I guess why wouldn't that or something better than that be the target you're working towards Enrique rather than the mid-70s. I guess, have there been incremental expenses from the omni and admins that have just have raised that long-term SG&A margin.

如果我可以擠壓澄清器，在另一個問題上。我猜你們以前都在 60 年代中後期。聽起來你的員工人數減少了 10%，CEC 讓你更有效率。我想為什麼那個或比那個更好的東西不是你為恩里克而不是 70 年代中期努力的目標。我想，剛剛提高了長期 SG&A 利潤率的 omni 和管理員是否增加了開支。

Yes. And what I said is that our first step, right? So our initial goal is to the mid-70s. And then longer-term, we do have as part of our aspirations to get back to roughly where we were. I don't know if we'll get back fully to where we were in the medium term here, but certainly our first step is to get to the mid-70s.

是的。我說的是我們的第一步，對吧？所以我們最初的目標是到70年代中期。然後從長遠來看，我們確實希望回到大致的狀態。我不知道我們是否會完全回到中期的水平，但我們的第一步肯定是回到 70 年代中期。

Yes. And I think, Daniel, on that, keep in mind, part of the omni transformation is we've gone from an organization that worked with all legacy systems. It really didn't cost us anything to a combination of systems that we built in-house, but also Software as a Service and Software as a Service is an expense that we used to not have. So things like Software as a Service, the product organization that we built out, we've got 60 product teams that really enable having this omnichannel experience, both to have the store and the digital.

是的。我認為，丹尼爾，請記住，全方位轉型的一部分是我們已經離開了一個使用所有遺留系統的組織。對於我們內部構建的系統組合，我們確實沒有花費任何成本，但軟件即服務和軟件即服務是我們過去沒有的費用。所以像軟件即服務這樣的東西，我們建立的產品組織，我們有 60 個產品團隊，真正能夠擁有這種全渠道體驗，包括商店和數字。

So that expense isn't going away. We didn't use to have that expense. Theoretically, the CECs will be offset with the sales. So that should wash. But there are other things like cybersecurity that because we have so much of a digital presence now, you had to step up your spend there. So there are some things, which is why to Enrique's point, our first goal is, hey, let's get back to the 70s because we know we've got some headwinds on things that we didn't use to have. And then we'll continue to work on taking it below there.

所以這筆費用不會消失。我們以前沒有這筆費用。理論上，CEC 將被銷售額抵消。所以應該洗。但還有其他事情，比如網絡安全，因為我們現在擁有如此多的數字存在，所以你不得不加大在這方面的支出。所以有些事情，這就是為什麼恩里克的觀點，我們的第一個目標是，嘿，讓我們回到 70 年代，因為我們知道我們在過去沒有的事情上遇到了一些不利因素。然後我們將繼續努力把它帶到那裡。

Your next question comes from Seth Basham with Wedbush Securities.

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

My question is on retail GPU, pretty good performance this quarter. Curious to know whether or not you think the market dynamics help you on that metric. And then looking forward, should we be thinking about that flat year-over-year for 2024 fiscal? Or should there be a movement one way or the other based on your price elasticity, expectations and other factors?

我的問題是關於零售 GPU，本季度表現相當不錯。很想知道您是否認為市場動態可以幫助您衡量該指標。然後展望未來，我們是否應該考慮 2024 財年的同比持平？還是應該根據您的價格彈性、預期和其他因素以一種或另一種方式進行變動？

Yes, I think the market dynamics did help because, again, we were doing pricing elasticity tests. And as I said earlier, we could have sold some more cars, but overall profitability would have been down. So I think that did help, now as far as going forward, I think I'd probably get more in the range of where we historically. And part of it will depend on what the macro factors because we'll continue to test elasticity. But if you think about we've been kind of in the 2,100 to roughly 2,100, 2,150, 2,200 in that range. I would think somewhere in that range is probably a good target to think about for the upcoming year. But again, it's going to be dependent on what we see from the market factors.

是的，我認為市場動態確實有所幫助，因為我們再次進行了定價彈性測試。正如我之前所說，我們本可以賣出更多的汽車，但整體盈利能力會下降。所以我認為這確實有幫助，現在就未來而言，我想我可能會在我們歷史上的範圍內獲得更多。其中一部分將取決於宏觀因素，因為我們將繼續測試彈性。但是，如果您考慮一下，我們在該範圍內一直處於 2,100 到大約 2,100、2,150、2,200 之間。我認為這個範圍內的某個地方可能是來年考慮的一個很好的目標。但同樣，這將取決於我們從市場因素中看到的情況。

Okay. And just as a follow-up, thinking about the trade-off between unit sales and GPU. Market share is clearly an important goal of yours. Is there a point in time where you'll be more aggressive on price to regain market share to meet your long-term targets? Do you truly believe this is transitory. Is there any reason why it may not be?

好的。作為後續行動，考慮單位銷售和 GPU 之間的權衡。市場份額顯然是您的重要目標。是否有某個時間點您會在價格上更加激進以重新獲得市場份額以滿足您的長期目標？你真的相信這是暫時的嗎？有什麼理由不可以嗎？

Yes. No, that's a great question. And again, we've always said this idea of profitable market share and that hasn't changed. If I look at the market share for 2022, relatively flat. You could argue it was slightly up, but we call it relatively flat.

是的。不，這是一個很好的問題。再說一次，我們一直在說這種有利可圖的市場份額的想法並沒有改變。如果我看一下 2022 年的市場份額，則相對持平。你可以說它略有上升，但我們稱之為相對平穩。

For the first half of the year, we saw good market share gains. In fact, most -- several of the months were double-digit gains. We hit August, August, I would call was fairly flat. And then we saw declining gains really from September through December. And we've seen this before. If I go back to '08, '09, if I go back to COVID, although they're very different circumstances we've seen where we've lost market share for a period of time, then it flattens out. We start from a month over month, we start to grow it back. We get back to where we were before we started and then we continue to increase.

今年上半年，我們看到了良好的市場份額增長。事實上，大多數 - 幾個月都是兩位數的增長。我們到了 8 月，8 月，我認為是相當平穩的。然後我們看到從 9 月到 12 月的收益確實在下降。我們以前見過這個。如果我回到 08 年、09 年，如果我回到 COVID，儘管情況非常不同，但我們已經看到我們在一段時間內失去了市場份額，然後它就會趨於平緩。我們從一個月到一個月開始，我們開始恢復它。我們回到開始之前的狀態，然後繼續增加。

I would expect this to not be any different. I'm encouraged as I look at the data that we have so far, if you look at the August through -- or really September through December, it was decreasing market shares month-over-month, I think December, January, my hope is we've kind of bottomed out there. We don't have the February data yet but I'm hoping that we'll bot -- we bottomed out it, which means that, okay, market share should -- from month-over-month, will still be probably below year-over-year, but we should start to climb back out.

我希望這不會有任何不同。當我查看我們迄今為止的數據時，我感到很鼓舞，如果你看看 8 月到 - 或者實際上是 9 月到 12 月，它正在逐月減少市場份額，我認為是 12 月，1 月，我希望我們已經觸底了嗎？我們還沒有 2 月份的數據，但我希望我們會機器人 - 我們觸底反彈，這意味著，好吧，市場份額應該 - 從月環比來看，仍可能低於一年-超過一年，但我們應該開始重新爬出來。

Your next question comes from Scott (sic) [Chris] Bottiglieri with BNP Paribas.

你的下一個問題來自法國巴黎銀行的 Scott (sic) [Chris] Bottiglieri。

It's Chris Bottiglieri. I just wanted to ask on CapEx if you elaborate a little bit more there. The omnichannel is slowing a bit and you're only opening 5 stores. Just trying to get a sense for like why the CapEx is stepping up. Are you planning to reaccelerate store growth in FY '25 just inferring some upfront capital costs there? And then you mentioned -- so it's a long-winded question, but you said a lot in the call. You mentioned that you're opening up these off-site reconditioning centers and auction centers. Are these more capital-intensive in your stores, trying to understand what the strategy is and what these investments have to accomplish? Just elaborate that would be really helpful.

我是克里斯·博蒂列裡。我只是想問一下 CapEx 是否可以詳細說明一下。全渠道發展有點慢，你只開了 5 家店。只是想了解為什麼資本支出會增加。您是否計劃在 25 財年重新加速商店增長，只是推斷那裡有一些前期資本成本？然後你提到 - 所以這是一個冗長的問題，但你在電話中說了很多。你提到你正在開放這些場外修復中心和拍賣中心。這些在您的商店中是否更資本密集，試圖了解戰略是什麼以及這些投資必須完成什麼？詳細說明這將非常有幫助。

Yes, Chris, thanks for the question. Yes. So year-over-year in FY '24, we expect our CapEx spend to be roughly the same as what it was. But what's making it up is changing a little bit, right? And so by far, the largest contributor to our CapEx in FY '24 is going to be really starting to build out our off-site production, our off-site auction capabilities to ensure that over time, over the longer-term, that we're able to meet our long-term targets, right? We feel good about our near-term and our ability to hit kind of our sales, our auction levels but we also need to plan for the future at the same time. So that consists of buying land across the country. It also consists of this year building out and opening our first off-site production auction production sites, sorry, which will be in Atlanta and the metro market there.

是的，克里斯，謝謝你的提問。是的。因此，與 24 財年相比，我們預計我們的資本支出支出將與過去大致相同。但它的構成正在發生一點變化，對吧？因此，到目前為止，我們 24 財年資本支出的最大貢獻者將真正開始建立我們的場外生產，我們的場外拍賣能力，以確保隨著時間的推移，從長遠來看，我們能夠實現我們的長期目標，對吧？我們對我們的近期和我們達到某種銷售、我們的拍賣水平的能力感覺良好，但我們也需要同時計劃未來。因此，這包括在全國范圍內購買土地。它還包括今年建設和開放我們的第一個場外生產拍賣生產基地，對不起，這將在亞特蘭大和那裡的地鐵市場。

And the way to think about that is the size of that will be roughly -- and a way to think about that moving forward, our off-site production locations will be roughly the size of our largest production locations that we have in our stores currently, right? Large acreage, so 20-plus acres as well as how to think about them. And from a CapEx spend, they'll be similar to the CapEx that we had spent in the past on kind of our production locations just for those but that is actually driving the largest piece of our CapEx spend. There is some anticipation that stores will continue to grow in FY '25, right? Still, we're going to kind of see how the market and how we perform, how the macro environment is. We have lowered that amount for FY '24. As you know, we're at 5 new stores, and we'll see in FY '25, but there is some planning for that goes ahead even this early on in the year because it does take quite a bit of time to -- to get a store open.

考慮的方式是它的規模將是粗略的 - 以及考慮向前發展的一種方式，我們的場外生產地點將大致相當於我們目前在商店中擁有的最大生產地點的規模， 正確的？大面積，20 多英畝以及如何考慮它們。從資本支出來看，它們將類似於我們過去在我們的生產地點上花費的資本支出，但這實際上是我們資本支出中最大的一部分。有人預計商店將在 25 財年繼續增長，對嗎？儘管如此，我們還是要看看市場和我們的表現如何，宏觀環境如何。我們已經降低了 24 財年的金額。如您所知，我們有 5 家新店，我們將在 25 財年看到，但即使在今年年初，也有一些計劃會繼續進行，因為確實需要相當多的時間——開店。

Yes. And Chris, I would just add to that, that the planned spend for the capacity, it's no different than what we've done in the past. We used to build production stores as we're going into new markets. Well, what we've been doing here lately because we haven't opened up a bunch of production stores, we've been leveraging the existing production. So we had planned to add capacity, so it's really no different than what we've done in the past. It just happens to be, okay, now it's the time that we start to do some additional production builds. And really the only difference is that some of them will not be attached to stores, but still in close proximity to stores because that's a big competitive advantage.

是的。克里斯，我只想補充一點，容量的計劃支出與我們過去所做的沒有什麼不同。我們過去常常在進入新市場時建立生產商店。好吧，我們最近在這裡做的事情是因為我們沒有開設一堆生產商店，我們一直在利用現有的生產。所以我們計劃增加容量，所以這與我們過去所做的並沒有什麼不同。碰巧是，好吧，現在是我們開始做一些額外的生產構建的時候了。真正唯一的區別是，其中一些不會附屬於商店，但仍然靠近商店，因為這是一個很大的競爭優勢。

Got you. That's really helpful. And then just related I think you mentioned something effective opening up simulcast again in wholesale. Can you maybe just elaborate there? It seems you're getting really strong wholesale volumes and GPUs to understand like the motivation there and what that means for revenue and costs? Just any thoughts would be helpful.

明白了這真的很有幫助。然後只是相關，我認為你提到了一些有效的批發再次開放聯播。你能不能在那裡詳細說明一下？您似乎獲得了非常強勁的批發量和 GPU，以了解那裡的動機以及這對收入和成本意味著什麼？任何想法都會有所幫助。

Yes. No, it's a good question. We just want to make sure that we're both maximizing the experience for our dealers as well as maximizing the ultimate price that our cars sell for. And so we're just doing small tests just to see, hey, having a both a physical sale, but also virtually broadcasting it. Are there new dealers that might show up? Or do you get extra bids? So we -- in our efforts to make sure we're being efficient as possible, we don't want to leave any stones unturned. So I don't really think about it as a big SG&A spend because a lot of -- like the testing that we're doing is what I would call more of a post car sales.

是的。不，這是個好問題。我們只是想確保我們既能最大限度地提高經銷商的體驗，又能最大限度地提高我們汽車的最終售價。所以我們只是做一些小測試，看看，嘿，既有實體銷售，也有虛擬廣播。是否有可能出現的新經銷商？或者你會得到額外的出價嗎？所以我們——在我們努力確保我們盡可能高效的過程中，我們不想不遺餘力。所以我真的不認為這是一個大的 SG&A 支出，因為很多——比如我們正在進行的測試，我稱之為汽車後銷售。

So you actually don't have the cars running through, but you have the auction (inaudible) open for folks to bid in that kind of thing. So again, small test, we're going to continue to see what we can learn. But to your point, we feel great about the margins, what we can put on cars. But again, we always are looking to get a little better.

所以你實際上沒有汽車經過，但你有拍賣（聽不清）供人們競標。所以再一次，小測試，我們將繼續看看我們能學到什麼。但就您的觀點而言，我們對利潤率以及我們可以在汽車上投入的收益感到滿意。但同樣，我們總是希望變得更好。

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

你的下一個問題來自美國銀行的 John Murphy。

Just 2 very quick follow-ups or clarifications. In the press release, you said total interest margin would level off in 2024. I'm just curious, as we look at the last 3 years running in '21 and '20, you did about 7% collateral spreads in those pools. And in the last 4, you did 4% collateral spreads. Is there something in sort of the forward market or what you're about to launch where you think the spreads are going to open up quite a bit. It just seems hard to understand how -- if we think about this, that spreads could level off and maybe not compress. And then just a second question, Bill. On the franchise -- I'm sorry, on the market share gains, is there room to gain in the 6- to 10-year-old segment? I mean if you kind of think about that 4% in 1 -- in the 0- to 10-year-old market, is there significant room in these older vehicles where you might have higher grosses over time?

只有 2 個非常快速的跟進或澄清。在新聞稿中，你說總息差將在 2024 年趨於平穩。我很好奇，當我們回顧 21 年和 20 年的過去 3 年時，你在這些池中做了大約 7% 的抵押品利差。在過去的 4 年裡，你做了 4% 的抵押利差。是否有某種遠期市場或您即將推出的東西，您認為價差會擴大很多。似乎很難理解——如果我們考慮這一點，價差可能會趨於平穩，也許不會壓縮。然後是第二個問題，比爾。關於特許經營——對不起，關於市場份額的增長，6 到 10 歲的細分市場是否有增長空間？我的意思是，如果你考慮 1 中的 4%——在 0 到 10 歲的市場中，這些舊車是否有很大的空間，隨著時間的推移，你可能會有更高的毛利？

Sure. Yes. Thanks, John, for the question. I'll take the NIM one. So I think first, most important to point out is you're coming off of probably a 10-year peak in Q1 previous of this year. You really benefited from low funding costs, lenders were able to capture a lot of margin there. You look at some of those deals you referenced, I mean, very, very strong margins. So while we'd love to have been -- to stay up there, it was probably never going to happen. And you've seen us come down sequentially quarter-over-quarter.

當然。是的。約翰，謝謝你提出這個問題。我會拿 NIM 一個。所以我認為首先，最重要的是要指出的是，今年第一季度可能達到了 10 年的峰值。你真的受益於低融資成本，貸方能夠在那裡獲得大量利潤。你看看你提到的一些交易，我的意思是，非常非常高的利潤率。因此，雖然我們很想一直呆在那裡，但它可能永遠不會發生。你已經看到我們逐季下降。

I think if you look at what -- how we have been able to raise rates for our consumers, and obviously, Enrique already mentioned earlier, we do think that the ABS market is kind of improving we're probably better matched with our rates to how we'll do long-term funding costs out there. And so we think that when we look out -- you never know where funding costs are going to go. You never know what consumer is going to walk through the door. Ultimately, we need to remain competitive and make sure that we're able to sell cars and provide competitive rates for our consumers. But when we look out, we've come down off of this peak. We think that we're well matched with our rates versus what we can fund this stuff for in the future, and we do think we can level off in '24.

我想如果你看看我們如何能夠為我們的消費者提高利率，顯然，Enrique 已經在前面提到過，我們確實認為 ABS 市場正在改善，我們可能更適合我們的利率我們將如何處理長期融資成本。所以我們認為，當我們往外看時——你永遠不知道資金成本會去哪裡。你永遠不知道什麼樣的消費者會走進這扇門。最終，我們需要保持競爭力並確保我們能夠銷售汽車並為我們的消費者提供具有競爭力的價格。但是當我們向外看時，我們已經從這個高峰上下來了。我們認為我們的利率與我們未來可以為這些東西提供資金的情況非常匹配，我們確實認為我們可以在 24 年趨於平穩。

I'm sorry, does the match mean that you're going to get back to 5% to 6% collateral spreads you think, in the near future? That's where you've been when things are somewhat more normal. So I'm just curious if that's what you think you're going to get to soon?

抱歉，匹配是否意味著您將在不久的將來回到您認為的 5% 到 6% 的抵押品利差？當事情稍微正常一些時，你就去過那裡。所以我很好奇這是否是您認為您很快就會達到的目標？

Sure. Yes. If you just look at those previous deals, you look at the '23 one deal, again, an APR of [909], we just referenced that we were at (inaudible) this quarter. And I can tell you that's not where we ended the quarter. So you're going to see in subsequent deals, APR is higher if funding costs are more reasonable. I think we're absolutely going to be better matched funding costs for rate out there. That's exactly what I'm referring to.

當然。是的。如果你只看那些以前的交易，你再看看 23 年的一筆交易，APR 為 [909]，我們只是提到我們在本季度（聽不清）。我可以告訴你，這不是我們結束本季度的地方。所以你會在隨後的交易中看到，如果融資成本更合理，APR 會更高。我認為我們絕對會更好地匹配利率的融資成本。這正是我所指的。

And John, on the market share of the 16, remember, we always measure market share is 0% to 10%. I do think 6% to 10% is an opportunity. I mean if you look at our recent sales, like even this quarter, vehicles over 6 years, over 60,000 miles. If I look at where we were year-over-year, we're probably 10 points higher. We're probably high 30s as a percent of sale. The real question will be, as prices come down, do consumers start to go back to newer model vehicles. So we'll see. I think we're in a great position. We obviously have shown that we can acquire those vehicles and recondition them. So it's a great lever as we go forward.

約翰，關於 16 的市場份額，請記住，我們始終衡量市場份額是 0% 到 10%。我確實認為 6% 到 10% 是一個機會。我的意思是，如果你看一下我們最近的銷售情況，即使是本季度，也有超過 6 年、超過 60,000 英里的車輛。如果我看看我們與去年同期相比的位置，我們可能高出 10 個百分點。我們佔銷售額的百分比可能高達 30 多歲。真正的問題是，隨著價格下降，消費者是否會開始重新購買更新型號的汽車。所以我們拭目以待。我認為我們處於一個很好的位置。我們顯然已經表明，我們可以獲得這些車輛並對其進行修復。所以這是我們前進的一個很好的槓桿。

Wouldn't you just think of that as a structural opportunity right? I mean, if those consumers go back to the younger, cheaper vehicles, you still have those 10-year-old vehicles that you can sell. Wouldn't that just augment your sort of long-term structural growth. I'm just curious, I mean, it just seems like a huge opportunity.

您不會將其視為結構性機會嗎？我的意思是，如果這些消費者重新購買更年輕、更便宜的汽車，您仍然可以出售那些 10 年車齡的汽車。這難道不會增加你的長期結構性增長嗎？我只是好奇，我的意思是，這似乎是一個巨大的機會。

Yes, I think so. But again, some of it will be just on consumer demand. If the folks that are coming into our stores are looking for later model vehicles, lower mileage, we're certainly going to put more of those on our lots. So we'll manage to whatever the consumer is looking for.

是的，我想是這樣。但同樣，其中一些將只是根據消費者的需求。如果進入我們商店的人們正在尋找更新型號的車輛，行駛里程更低，我們肯定會在我們的停車場上放更多這樣的車輛。因此，我們將設法滿足消費者的需求。

Okay. Thank you.

好的。謝謝。

Your next question comes from Chris Pierce with Needham.

你的下一個問題來自 Chris Pierce 和 Needham。

About halfway through Q1 here. I was just curious if you could comment on used ASPs, retail ASPs and what you're seeing. It came down 7% sequentially in Q4, but I know Q3 was a little bit artificially inflated. Just given there's been talked about wholesale demand and strong wholesale price increases, I was curious if that's flowing through to retail or not as much because of the retail wholesale spread? Just kind of curious what you're seeing quarter-to-date for retail ASPs.

大約在第一季度進行到一半。我只是想知道您是否可以對二手 ASP、零售 ASP 和您所看到的發表評論。它在第四季度連續下降了 7%，但我知道第三季度有點人為膨脹。鑑於一直在談論批發需求和強勁的批發價格上漲，我很好奇這是否會因為零售批發價差而流向零售業？只是有點好奇您看到零售 ASP 的季度最新情況。

Yes. I think, Chris, it's a little early because the vehicles we're selling right now, we sourced in the last quarter. So I don't think it's really going to impact up to this point, what your retail ASPs are, so I would think about this quarter right now, our retail ASPs are probably similar to what they were for the quarter.

是的。我認為，克里斯，現在有點早，因為我們現在銷售的車輛是上個季度採購的。所以我不認為它真的會影響到這一點，你的零售平均售價是多少，所以我現在會考慮這個季度，我們的零售平均售價可能與本季度相似。

And again, we had a little bit of appreciation that we saw there. Keep in mind the depreciation flows through much quickly on the wholesale cars because you're turning that inventory every 7 days.

再一次，我們在那裡看到了一點點感激之情。請記住，批發汽車的折舊流轉得非常快，因為您每 7 天就要周轉一次庫存。

And the next question comes from David Whiston with Morningstar.

下一個問題來自晨星公司的大衛惠斯頓。

Just curious if you've seen a noteworthy pullback from CAF lending partners or I'm sorry, from your lending partners because your CAF gross penetration was up 330 bps. And related to that, Jon, I think you said earlier, you wanted to -- your goal is here to add new lenders. Were you talking about ABS lending or also for the 2 Tier, 2 and 3 partners.

只是好奇您是否看到 CAF 貸款合作夥伴顯著回落，或者對不起，您的貸款合作夥伴因為您的 CAF 總滲透率上升了 330 個基點。與此相關的是，喬恩，我想你之前說過，你想要——你的目標是增加新的貸方。您是在談論 ABS 貸款還是 2 級、2 級和 3 級合作夥伴。

Sure. Yes. Just to your first question, David. Yes, certainly, when partners pull back, the pie sums to 100, so CAF can benefit from that. But I think CAFs penetration is really, again, us remaining competitive in that tier space and winning the volume outright. But yes, we did see our Tier 2 partners certainly pulled back Tier 3 tends to benefit from that because those customers who typically would be Tier 2 may move down and get picked up by Tier 3. But I think that just speaks to the quality of our platform, right? If CAF pulls back Tier 2 picks up, if Tier 2 pulls back Tier 3 picks up or other partners in Tier 2, but we did see pullback in the Tier 2 space, certainly.

當然。是的。關於你的第一個問題，戴維。是的，當然，當合作夥伴退出時，餡餅總和為 100，因此 CAF 可以從中受益。但我認為 CAF 的滲透率真的再次讓我們在該層級空間保持競爭力並徹底贏得銷量。但是，是的，我們確實看到我們的第 2 層合作夥伴確實撤回了第 3 層往往會從中受益，因為那些通常是第 2 層的客戶可能會下移並被第 3 層接走。但我認為這只是說明了質量我們的平台，對吧？如果 CAF 撤回第 2 層的回升，如果第 2 層撤回第 3 層的回升或第 2 層的其他合作夥伴，但我們確實看到了第 2 層空間的回落。

And your second question was probably with regard to my prepared remarks and about adding a subsequent lender, we were referring to the FBS platform. We have 5, again, long-term lenders there, which means that they are operating with a soft pole. They are decisioning all the vehicles using their models in minutes and getting it back to us so we can provide that to the consumer provide as rich and offer as possible. Every lender you add -- we added one in Q4. We hope to add another one in Q1, just further strengthens the set of offers across all the inventory that the customer can see and helps them to convert. So that's what I was referring to.

你的第二個問題可能是關於我準備好的評論和關於添加後續貸方的，我們指的是 FBS 平台。我們在那裡有 5 個長期貸款人，這意味著他們在經營軟極。他們在幾分鐘內決定使用他們的模型的所有車輛並將其返回給我們，以便我們可以向消費者提供盡可能豐富的產品。您添加的每個貸方 - 我們在第四季度添加了一個。我們希望在第一季度添加另一個，只是進一步加強客戶可以看到並幫助他們轉換的所有庫存的報價集。這就是我所指的。

And those are -- David, those are long-term lenders that we already have that we're pulling into the...

那些是 - 大衛，那些是我們已經擁有的長期貸款人，我們正在進入......

Absolutely. It's not adding a brand-new lender, although I'm sure we have plenty of lenders that would love to come into our space. But this is existing in our typical in-store environment that we're going to add into this, again, very rich FBS environment.

絕對地。它並沒有增加一個全新的貸方，儘管我確信我們有很多貸方願意進入我們的領域。但這存在於我們典型的店內環境中，我們將再次添加到這個非常豐富的 FBS 環境中。

Okay. And are you seeing any increase in repossessions or do you expect that to happen later this year?

好的。你是否看到收回的數量有所增加，或者你預計今年晚些時候會發生這種情況？

So if your question is increased repossessions, yes, obviously, as losses go up as you're seeing delinquencies certainly in the industry, it will lead to losses then you're going to see added repossessions. So I think the entire industry is seeing that we are seeing that to some degree, if that's your question.

因此，如果您的問題是收回的增加，是的，很明顯，隨著損失的增加，因為您肯定會在行業中看到拖欠，這將導致損失，那麼您將看到增加的收回。所以我認為整個行業都看到我們在某種程度上看到了這一點，如果這是你的問題。

Yes. Thank you very much.

是的。非常感謝。

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

謝謝。我們目前沒有任何進一步的問題。我會把電話轉回給比爾，聽取任何結束語。

Great. Thank you, and thank you, everybody, for joining the call and your questions and support. I do want to congratulate all the associates again on being named a great place to work for 19 years in a row. And like I said earlier, we believe we're well-positioned to navigate this environment and emerge even stronger. We look forward to talking with everyone next quarter. Take care.

偉大的。謝謝，也謝謝大家加入電話會議以及提出問題和支持。我確實想再次祝賀所有員工連續 19 年被評為最佳工作場所。就像我之前說的，我們相信我們有能力駕馭這種環境並變得更加強大。我們期待在下個季度與大家交談。小心。

Thank you, ladies and gentlemen. That concludes the Fourth Quarter Fiscal Year 2023 CarMax Earnings Release Conference Call. You may now disconnect.

謝謝你們，女士們，先生們。 CarMax 2023 財年第四季度收益發布電話會議到此結束。您現在可以斷開連接。