車美仕 (KMX) 2024 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the FY '24 Q1 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，感謝你們的支持。歡迎參加 24 財年第一季度 CarMax 收益發布電話會議。 （操作員指示）請注意，今天的會議正在錄製中。現在我想將會議交給今天的發言人、投資者關係助理副總裁 David Lowenstein。請繼續。

Thank you, Chelsea. Good morning. Thank you, everyone, for joining our fiscal 2024 first 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，切爾西。早上好。感謝大家參加我們的 2024 財年第一季度收益電話會議。今天我和我們的總裁兼首席執行官比爾·納什一起來到這裡。 Enrique Mayor-Mora，我們的執行副總裁兼首席財務官；喬恩·丹尼爾斯 (Jon Daniels)，CarMax 汽車金融運營部高級副總裁。

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，我們今天的聲明不是歷史事實的聲明，包括有關公司未來業務計劃、前景和財務業績的聲明，而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聲明。 1995 年。這些陳述基於我們目前的知識、預期和假設，並受到重大風險和不確定性的影響，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，我們不承擔任何更新它們的意圖或義務。

For additional information on important factors that could affect these expectations, please see our Form 8-K filed with the SEC this morning in our annual report on Form 10-K for the fiscal year ended February 28, 2023, 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. Lastly, let me thank you in advance for asking only one question and getting back in queue for more follow-ups. Bill?

有關可能影響這些預期的重要因素的更多信息，請參閱我們今天早上向 SEC 提交的 8-K 表，以及之前向 SEC 提交的截至 2023 年 2 月 28 日的財年的 10-K 表年度報告。如果您在通話後還有任何後續問題，請隨時聯繫我們的投資者關係部門，電話：(804) 747-0422 分機 7865。最後，請允許我提前感謝您只提出一個問題並重新排隊等待。更多後續行動。賬單？

Great. Thank you, David. Good morning, everyone, and thanks for joining us. Although the first quarter remained challenging due to the same factors we cited in fiscal '23, we're seeing sequential quarterly improvements across our business. We are focused on controlling what we can as we take deliberate steps to support our business for both the near-term and the long run. This quarter, we reduced SG&A independent of the legal settlement. We delivered strong retail GPU, we increased use saleable inventory units while driving down total inventory dollars 13% year-over-year, we drove strong wholesale GPU as our unit volume continued to recover. And finally, we grew CAF's penetration even as we raised CAF's consumer rates to help offset higher cost of funds and tightened lending standards in reaction to the current environment.

偉大的。謝謝你，大衛。大家早上好，感謝您加入我們。儘管由於我們在 23 財年提到的相同因素，第一季度仍然充滿挑戰，但我們看到整個業務的季度連續改善。我們專注於控制力所能及的範圍，並採取審慎措施來支持我們的短期和長期業務。本季度，我們減少了 SG&A，與法律和解無關。我們提供了強勁的零售 GPU，我們增加了可銷售庫存單位的使用，同時使總庫存美元同比下降了 13%，隨著我們的單位數量持續恢復，我們推動了強勁的批發 GPU。最後，儘管我們提高了 CAF 的消費者利率以幫助抵消更高的資金成本，並針對當前環境收緊了貸款標準，但我們還是提高了 CAF 的滲透率。

For the first quarter of FY '24, our diversified business model delivered total sales of $7.7 billion, down 17% compared to last year, driven by lower retail and wholesale volume and prices. In our retail business, total unit sales declined 9.6% and used unit comps were down 11.4% which reflects an improvement from down 22.4% and 14.1% year-over-year during last year's third and fourth quarters. Average selling price declined approximately $1,600 per unit or 5% year-over-year. First quarter retail gross profit per used unit was $2,361, consistent with the $23.39 last year. Historically, margin tends to run higher during the first quarter compared to the rest of the year.

24 財年第一季度，由於零售和批發量及價格下降，我們的多元化業務模式實現總銷售額 77 億美元，比去年下降 17%。在我們的零售業務中，總銷量下降 9.6%，二手銷量下降 11.4%，較去年第三季度和第四季度同比下降 22.4% 和 14.1% 有所改善。平均售價每單位下降約 1,600 美元，同比下降 5%。第一季度每二手商品零售毛利潤為 2,361 美元，與去年的 23.39 美元一致。從歷史上看，與今年剩餘時間相比，第一季度的利潤率往往會更高。

In the current environment, we expect this year's second quarter and full year margins will be similar to last year, slightly ahead of the full year $2,100 to $2,200 range that we spoke to last quarter. As always, we'll continue to test price elasticity and monitor the competitive landscape. Wholesale unit sales were down 13.6% versus the first quarter last year, which reflects continued improvement from the 36.7% and a 19.3% year-over-year decline during last year's third and fourth quarter. Average selling price declined approximately $2,000 per unit or 18% year-over-year. Wholesale gross profit per unit was $1,042, in line with $1,029 during last year's first quarter. We bought approximately 343,000 vehicles from consumers and dealers during the quarter down 5% from last year and an improvement from the 40% and 22% year-over-year declines during last year's third and fourth quarters.

在當前環境下，我們預計今年第二季度和全年利潤率將與去年相似，略高於我們上季度談到的全年 2,100 美元至 2,200 美元範圍。一如既往，我們將繼續測試價格彈性並監控競爭格局。批發單位銷售額較去年第一季度下降 13.6%，反映出去年第三和第四季度同比下降 36.7% 和 19.3% 的情況持續改善。每件平均售價下降約 2,000 美元，同比下降 18%。每單位批發毛利潤為 1,042 美元，與去年第一季度的 1,029 美元持平。本季度我們從消費者和經銷商處購買了約 343,000 輛汽車，比去年下降 5%，比去年第三和第四季度同比下降 40% 和 22% 有所改善。

Of these vehicles, we purchased approximately 323,000 from consumers in the quarter with a little more than half of those buys coming through our online instant appraisal experience.

在這些車輛中，我們本季度從消費者那裡購買了大約 323,000 輛，其中一半以上是通過我們的在線即時評估體驗購買的。

As a result, our self-sufficiency remained above 70% during the quarter. We sourced the remaining approximately 20,000 vehicles through dealers, up 20% from last year, supported by our Edmond sales team. In regard to our first quarter online metrics, approximately 14% of retail unit sales were online, up from 11% last year. Approximately 54% of retail unit sales were omni sales this quarter, which is consistent with the prior year. Nearly all of our first quarter wholesale auctions in sales, which represents 20% of total revenue remain virtual in our considered online transactions. Total revenue resulting from online transactions was approximately 31%, which is in line with last year.

因此，本季度我們的自給率保持在 70% 以上。在我們的愛德蒙銷售團隊的支持下，我們通過經銷商採購了剩餘的約 20,000 輛汽車，比去年增加了 20%。就我們第一季度的在線指標而言，約 14% 的零售單位銷售額來自在線，高於去年的 11%。本季度約 54% 的零售單位銷售額為全方位銷售額，與上年持平。我們第一季度銷售中幾乎所有的批發拍賣（佔總收入的 20%）在我們考慮的在線交易中仍然是虛擬的。在線交易產生的總收入約為31%，與去年持平。

CarMax Auto Finance or CAF delivered income of $137 million, down from $204 million during the same period last year. Jon will provide more detail on customer financing, the loan loss provision and CAF contributions in a few moments. At this point, I'd like to turn the call over to Enrique, who will provide more information on our first quarter financial performance. Enrique?

CarMax Auto Finance（CAF）的收入為 1.37 億美元，低於去年同期的 2.04 億美元。喬恩將稍後提供有關客戶融資、貸款損失撥備和 CAF 繳款的更多詳細信息。現在，我想將電話轉給恩里克，他將提供有關我們第一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 another quarter of sequential improvement in year-over-year performance across key financial metrics, including unit sales, SG&A leverage, gross profit and EPS. First quarter net earnings per diluted share was $1.44, down from $1.56 a year ago. Included in our EPS this quarter was the equivalent of $0.28 or $59 million related to a legal settlement. Total gross profit was $817 million, down 7% from last year's first quarter. Used retail margin of $515 million and wholesale vehicle margin of $168 million declined 9% and 12%, respectively. The year-over-year decreases were driven by lower volume across retail and wholesale. This was partially offset by strong margin performance with both retail and wholesale per unit margins up slightly from last year's numbers.

謝謝比爾，大家早上好。我們持續專注於管理我們控制範圍內的內容，推動關鍵財務指標（包括單位銷售額、SG&A 槓桿、毛利潤和每股收益）的業績同比又連續改善一個季度。第一季度攤薄後每股淨利潤為 1.44 美元，低於去年同期的 1.56 美元。本季度的每股收益中包含相當於 0.28 美元或 5900 萬美元的法律和解費用。總毛利潤為8.17億美元，比去年第一季度下降7%。二手車零售利潤為 5.15 億美元，批發汽車利潤為 1.68 億美元，分別下降 9% 和 12%。同比下降是由於零售和批發業務量下降所致。這部分被強勁的利潤表現所抵消，零售和批發的單位利潤率均較去年略有上升。

Other gross profit was $135 million, up 12% from last year's first quarter. This increase was driven by service, which delivered $4 million in margin, a $26 million improvement over last year. As we communicated in our Q4 FY '23 year-end earnings call, our expectation is that service will deliver improved year-over-year performance in FY '24, driven by the efficiency and cost coverage measures that we put in place. Our first quarter has us off to a solid start. The improvement in service was partially offset by reductions in extended protection plan or EPP revenues and third-party finance fees. EPP revenues were down $5 million, primarily due to lower sales partially offset by stronger margins that were implemented at the end of last year's first quarter.

其他毛利潤為1.35億美元，比去年第一季度增長12%。這一增長是由服務推動的，該服務實現了 400 萬美元的利潤，比去年增加了 2600 萬美元。正如我們在 23 財年第 4 季度年終收益電話會議中所傳達的那樣，我們的預期是，在我們採取的效率和成本覆蓋措施的推動下，服務將在 24 財年實現同比業績的改善。第一季度讓我們有了一個良好的開端。服務的改善部分被擴展保護計劃或 EPP 收入和第三方財務費用的減少所抵消。 EPP 收入下降了 500 萬美元，主要是由於去年第一季度末實現的更高利潤率部分抵消了銷售額下降。

Third-party finance fees were down $3 million to last year's first quarter. Lower volume in Tier 2 for which we receive a fee was partially offset by a reduction in Tier 3 volume for which we pay a fee.

與去年第一季度相比，第三方融資費用減少了 300 萬美元。我們收取費用的第 2 層交易量的減少被我們支付費用的第 3 層交易量的減少部分抵消。

On the SG&A front, expenses for the first quarter were $560 million, down 15% from the prior year's quarter. Excluding the benefit from the legal settlement, SG&A was down 6% from the prior year's quarter as we continue to see the benefits of our cost management efforts. SG&A as a percent of gross profit was 68%. Excluding the benefit from the settlement, our SG&A leverage was 76%, roughly flat to last year's first quarter. The change in SG&A dollars over last year was mainly due to the following factors. First, other overhead decreased by $79 million, of which $59 million was due to the settlement. The balance of year-over-year favorability was driven by several factors, including favorability in [non-CAF] uncollectible receivables, which benefited partially from timing, favorability in costs associated with lower staffing levels and a variety of other smaller costs.

在 SG&A 方面，第一季度的支出為 5.6 億美元，比去年同期下降 15%。排除法律和解帶來的好處，SG&A 比去年同期下降了 6%，因為我們繼續看到成本管理工作的好處。 SG&A 佔毛利潤的百分比為 68%。排除和解帶來的好處，我們的 SG&A 槓桿率為 76%，與去年第一季度大致持平。 SG&A 美元較去年的變化主要是由於以下因素。首先，其他管理費用減少了 7900 萬美元，其中 5900 萬美元是由於和解所致。同比有利性的平衡是由多種因素驅動的，包括對[非CAF]無法收回的應收賬款的有利性，這部分受益於時機、與較低的人員配置水平相關的成本有利性以及各種其他較小的成本。

Second, we reduced advertising by $17 million. While our advertising expense on a total dollar and per unit basis was lower year-over-year on the quarter, our investments for the quarter on a per unit basis remained aligned with last year's second half spend level.

其次，我們減少了 1700 萬美元的廣告費用。雖然本季度我們的廣告費用總額和每單位廣告費用同比有所下降，但我們本季度的每單位投資仍與去年下半年的支出水平保持一致。

Third, total compensation and benefits, excluding a $13 million increase in share-based compensation decreased $15 million. This decrease was primarily driven by our continued focus in stores and CECs on aligning staffing levels to sales and driving efficiency gains. As I noted in our Q4 FY '23 year-end call, we expect to require low single-digit gross profit growth to lever SG&A for the full FY '24 year, well below the levels we 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 to profitability. Our first quarter performance has us on track to deliver on this goal.

第三，扣除增加的 1300 萬美元的股權薪酬後，薪酬和福利總額減少了 1500 萬美元。這一下降主要是由於我們持續關注商店和中央展覽中心，根據銷售情況調整人員配置水平並提高效率。正如我在 23 財年第 4 季度年終電話會議中指出的那樣，我們預計需要較低的個位數毛利潤增長才能在 24 財年整個財年撬動 SG&A，遠低於我們在 2019 年投資密集階段指導的水平。我們的全方位轉型。因此，我們預計毛利潤將更強勁地轉化為盈利能力。我們第一季度的業績使我們有望實現這一目標。

While we delivered SG&A leverage -- SG&A leverage point in the mid-70% range in the first quarter, it is important to remember that the first quarter is typically our strongest for SG&A leverage as it's historically our highest used unit volume and margin per unit quarter. Regarding capital structure, our first priority remains to fund the business. While our adjusted net debt to capital ratio was slightly below our 35% to 45% targeted range, given ongoing market uncertainties, we continue to appropriately manage our net leverage to maintain the flexibility that allows us to efficiently access the capital markets for both CAF and CarMax as a whole.

雖然我們在第一季度提供了 SG&A 槓桿——SG&A 槓桿點在 70% 左右，但重要的是要記住，第一季度通常是我們 SG&A 槓桿最強的，因為它是我們歷史上最高的使用單位數量和單位利潤率四分之一。關於資本結構，我們的首要任務仍然是為業務提供資金。雖然我們調整後的淨債務與資本比率略低於 35% 至 45% 的目標範圍，但考慮到持續的市場不確定性，我們將繼續適當管理我們的淨槓桿率，以保持靈活性，使我們能夠有效地進入 CAF 和 CAF 的資本市場。 CarMax 作為一個整體。

In keeping with this goal of maintaining flexibility, we continue to pause our share buybacks in the first quarter. Our $2.45 billion authorization remains in place as does our commitment to return capital to shareholders over time. Additionally, post quarter calendar end, we successfully renewed our $2 billion revolving lending facility with materially similar terms. We plan to include additional information in our forthcoming 10-Q, which we plan to file on Monday.

為了實現保持靈活性的目標，我們在第一季度繼續暫停股票回購。我們 24.5 億美元的授權仍然有效，我們隨著時間的推移向股東返還資本的承諾也仍然有效。此外，在季後日曆結束時，我們成功續簽了 20 億美元的循環貸款額度，條款實質上相似。我們計劃在即將於週一提交的 10-Q 中包含更多信息。

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. During the first quarter, CarMax Auto Finance originated $2.3 billion, resulting in penetration of 42.7% net of 3-day payoffs, up from 39.3% observed during the first quarter last year. This growth in penetration came despite cash credit tightening within the higher risk, higher APR portion of Tier 1 as well as the reduction of CAF's targeted volume of Tier 3 that began at the end of Q4. Despite the decrease of volume in these higher APR segments, the weighted average contract rate charged to new customers was 11.1% an increase of 20 basis points from Q4 and 200 basis points from the same period last year.

謝謝恩里克，大家早上好。第一季度，CarMax 汽車金融籌集了 23 億美元，扣除 3 天收益後的滲透率達到 42.7%，高於去年第一季度的 39.3%。儘管現金信貸在風險較高、一級一級的年利率較高的部分收緊，並且 CAF 從第四季度末開始減少了三級的目標數量，但滲透率還是出現了增長。儘管這些年利率較高的細分市場的交易量有所下降，但向新客戶收取的加權平均合同費率為 11.1%，比第四季度增加了 20 個基點，比去年同期增加了 200 個基點。

Tier 2 penetration in the quarter was 20.4% up from Q4, but still down from the historically high 25.2% seen in Q1 of (inaudible). Tier 3 penetration was 6.7%, down 40 basis points from last year. While CAF and other lending partners have tightened lending standards over the previous few quarters, our robust multi-lender credit platform was still able to approve approximately 95% of credit applications during the first quarter.

本季度 2 級滲透率較第四季度上升 20.4%，但仍低於（聽不清）第一季度的歷史最高水平 25.2%。第三層滲透率為 6.7%，比去年下降 40 個基點。儘管 CAF 和其他貸款合作夥伴在前幾個季度收緊了貸款標準，但我們強大的多貸方信貸平台仍然能夠在第一季度批准約 95% 的信貸申請。

CAF income for the quarter was $137 million, down from $204 million in the same period last year. This $67 million year-over-year decrease is primarily driven by a $23 million increase in loss provision as well as a $94 million increase in interest expense, partially offset by growth in interest and fee income. Note, our interest expense was impacted by a negative $9 million fair market value adjustment from our hedging strategy versus a positive $9 million adjustment seen in the same period last year.

本季度 CAF 收入為 1.37 億美元，低於去年同期的 2.04 億美元。同比減少 6700 萬美元主要是由於損失撥備增加 2300 萬美元以及利息支出增加 9400 萬美元，部分被利息和費用收入的增長所抵消。請注意，我們的利息支出受到對沖策略公平市場價值負 900 萬美元調整的影響，而去年同期則為 900 萬美元正調整。

Within the quarter, total interest margin decreased to $258 million, down $40 million from the same period last year. The corresponding margin to receivables rate of 6.1% continued to come down from the 10-year peak seen in last year's first quarter but has moderated in its decline from previous quarters, as was expected and previewed during last quarter's conference call. The slowing in NIM reduction comes as a result of targeted rate increases on new originations executed over the last year that effectively manage CAF penetration, finance margin and sales conversion to generate the most valuable outcome for CarMax as a whole.

本季度內，總息差下降至 2.58 億美元，比去年同期減少 4000 萬美元。相應的應收賬款利潤率為 6.1%，繼續低於去年第一季度的 10 年峰值，但降幅較前幾個季度有所放緩，正如上季度電話會議中所預期和預覽的那樣。淨息差下降速度放緩的原因是去年執行的新產品的目標利率提高，有效管理 CAF 滲透率、財務利潤和銷售轉化，從而為 CarMax 整體帶來最有價值的成果。

The loan loss provision in Q1 of $81 million results in an ending reserve balance of $535 million or 3.11% of ending receivables. This is compared to a reserve of $507 million last quarter, which was 3.02% of receivables. The sequential 9 basis point adjustment in the reserved receivable ratio reflects unfavorable performance within the existing portfolio as well as the uncertain macro environment.

第一季度的貸款損失準備金為 8100 萬美元，期末準備金餘額為 5.35 億美元，佔期末應收賬款的 3.11%。相比之下，上季度準備金為 5.07 億美元，占應收賬款的 3.02%。預留應收賬款比率連續調整9個基點反映了現有投資組合的不利表現以及宏觀環境的不確定性。

Despite this increase, the existing Tier 1 portfolio continues to trend within the targeted 2% to 2.5% cumulative net credit loss range and the recent tightening is expected to provide a reduction in loss rate for future originations. Regarding continued improvements in our best-in-class prequalification product. During the first quarter, we began broadly scaling yet another of our large lending partners within FBS, our finance-based shopping platform. This marks the sixth lender that is now capable of providing millions of additional customized credit decisions in minutes to our online customers. While we continue to add enhancements to our online credit experience, we believe our FBS platform is currently an industry leader and truly empowers consumers by providing simple access to penny perfect multi-lender credit decisions in seconds while having no impact to their credit score.

儘管有所增加，現有的一級投資組合繼續在 2% 至 2.5% 的累計淨信用損失目標範圍內發展，近期的緊縮預計將降低未來的損失率。關於我們一流的資格預審產品的持續改進。在第一季度，我們開始在基於金融的購物平台 FBS 內廣泛擴展我們的另一個大型貸款合作夥伴。這標誌著第六家貸方現在能夠在幾分鐘內向我們的在線客戶提供數百萬個額外的定制信貸決策。在我們不斷增強在線信貸體驗的同時，我們相信我們的 FBS 平台目前是行業領導者，通過在幾秒鐘內提供簡單的、完美的多貸方信貸決策，同時不影響他們的信用評分，真正賦予消費者權力。

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. Over the past several years, we've built a leading omnichannel platform that enables us to deliver what we believe is the most customer-centric experience in the industry. Our ability to offer integration across digital and physical transactions gives us access to the largest total addressable market and is a key differentiator. With our core omni capabilities now in place, we are continuing to prioritize projects that drive operating efficiencies and optimize experience for our associates and customers. We believe the steps we will be taking enable us to further expand our competitive moat and will position us well for the future.

謝謝你，喬恩。在過去的幾年裡，我們建立了一個領先的全渠道平台，使我們能夠提供我們認為是業內最以客戶為中心的體驗。我們提供跨數字和物理交易集成的能力使我們能夠進入最大的總體潛在市場，這是一個關鍵的差異化因素。憑藉我們的核心全方位能力現已到位，我們將繼續優先考慮可提高運營效率並優化員工和客戶體驗的項目。我們相信，我們將採取的步驟使我們能夠進一步擴大我們的競爭護城河，並將為我們的未來做好準備。

Some examples from the first quarter beyond what Jon just spoke about related to CAF include. One, as we work to deliver a seamless digital first shopping experience, we are increasingly leveraging [Sky], our 24/7 virtual assistant. Sky enables us to efficiently assist customers via chat functionality while taking work out of our CEC system. During the first quarter, we expanded these capabilities to include work flows related to finance applications, vehicle transfers and appointment reservations. Since going live, we've had great success reducing CEC work volume routed to associates, enabling us to provide a quicker response at a lower cost per transaction. We anticipate rolling out additional functionality to Sky throughout fiscal 2024.

除了喬恩剛才談到的與 CAF 有關的內容之外，第一季度的一些例子還包括。第一，當我們致力於提供無縫的數字首次購物體驗時，我們越來越多地利用我們的 24/7 虛擬助手 [Sky]。 Sky 使我們能夠通過聊天功能高效地幫助客戶，同時將工作從我們的 CEC 系統中解放出來。在第一季度，我們擴展了這些功能，包括與財務應用、車輛接送和預約預訂相關的工作流程。自上線以來，我們取得了巨大成功，減少了分配給員工的 CEC 工作量，使我們能夠以更低的每筆交易成本提供更快的響應。我們預計在 2024 財年向 Sky 推出更多功能。

Second, we are currently rolling out Express drop-off which enables customers with instant offer or store-generated appraisals to progress the selling process from home. When utilized this option offers customers the ability to complete their transaction at one of our stores in under 30 minutes and our research shows that customers and associates both love this experience. Finally, we're continuing to modernize our auction platform to enhance the experience for dealers.

其次，我們目前正在推出快速送貨服務，使客戶能夠通過即時報價或商店生成的評估來在家中推進銷售流程。使用此選項後，客戶可以在 30 分鐘內在我們的一家商店完成交易，我們的研究表明客戶和員工都喜歡這種體驗。最後，我們將繼續對拍賣平台進行現代化改造，以增強經銷商的體驗。

This quarter, we launched an integrated check-in experience that enables single sign-on across our systems and streamlines access to the information that dealers rely on the most when bidding on vehicles.

本季度，我們推出了集成登記體驗，支持跨系統的單點登錄，並簡化對經銷商在競價車輛時最依賴的信息的訪問。

Additionally, we initiated proxy bidding capabilities in a limited number of markets. This allows dealers to bid on vehicles in advance so they don't have to participate live during each auction. It also unlocks the ability to take part in multiple auctions and bid on multiple vehicles simultaneously. Feedback on both of these capabilities has been positive. We plan to expand proxy bidding to additional markets as well as launch other enhancements in upcoming quarters.

此外，我們還在有限數量的市場中啟動了代理競價功能。這使得經銷商可以提前對車輛進行競價，這樣他們就不必在每次拍賣期間現場參與。它還解鎖了參與多個拍賣並同時競標多輛車輛的能力。對這兩種功能的反饋都是積極的。我們計劃將代理競價擴展到其他市場，並在未來幾個季度推出其他增強功能。

With our focus on improving experiences and gaining efficiencies, we believe we are well-positioned to emerge from the current environment and even stronger company. We're confident in the future of our diversified business model and believe that the deliberate steps that we are taking will enable us to drive robust growth as the market improves.

我們專注於改善體驗和提高效率，相信我們已做好充分準備，能夠擺脫當前的環境，成為一家更強大的公司。我們對多元化業務模式的未來充滿信心，並相信我們正在採取的審慎步驟將使我們能夠隨著市場的改善而推動強勁增長。

With that, we will be happy to take your questions. Chelsea? Chelsea, can you remind folks how to enter the question portal.

這樣，我們將很樂意回答您的問題。切爾西？切爾西，你能提醒人們如何進入問題門戶嗎？

(Operator Instructions) Our first question will come from Brian Nagel with Oppenheimer.

（操作員說明）我們的第一個問題將來自布萊恩·內格爾和奧本海默。

Good morning, everyone. First I'll ask -- I'll have one question but follow up 2 parts of it. Just maybe you could talk about the market share dynamic you witnessed here early in (inaudible). I guess, so far in the year? And then secondarily, as you talked about in your script, we are seeing this improving [traffic] in used car sales, obviously, still down year-on-year, but better than it had been in the prior 2 quarters. If you look at the drivers behind that? Is that more what CarMax is doing? Or you've seen an excess solidifying backdrop within the sector?

大家，早安。首先我會問——我會問一個問題，但會跟進其中的兩個部分。也許您可以談談您早些時候在這裡目睹的市場份額動態（聽不清）。我想，今年到目前為止？其次，正如您在腳本中談到的那樣，我們看到二手車銷售的[流量]有所改善，顯然仍同比下降，但比前兩個季度要好。如果你看看背後的驅動因素？這就是 CarMax 正在做的事情嗎？或者您已經看到該行業內過度固化的背景？

Great. Thank you for the question, Brian. First of all, on the market share question, Brian, you might remember that last quarter, given the title data that we had, we thought we had bottomed out in the December, January timeframe. We actually have title data now through April, and we did bottom out in December. And although we aren't growing it year-over-year yet, we're pleased that January through April, we saw some good sequential growth, and we did that while maintaining strong margins. So we feel good about the trajectory we're on. And if I compare it to previous times when we had given up market share. Again, we talked about that last quarter, COVID in '08, '09. I would tell you the coming out of it is more similar to the COVID period than the '08,'09.

偉大的。謝謝你的提問，布萊恩。首先，關於市場份額問題，布萊恩，你可能還記得上個季度，鑑於我們擁有的標題數據，我們認為我們已經在 12 月、1 月的時間範圍內觸底。實際上，我們現在擁有截至 4 月份的產權數據，並且在 12 月份確實觸底。儘管我們還沒有實現同比增長，但我們很高興從 1 月到 4 月，我們看到了一些良好的連續增長，並且我們在保持強勁利潤的同時做到了這一點。因此，我們對目前的發展軌跡感覺良好。如果我將其與之前我們放棄市場份額的時期進行比較。我們再次討論了上個季度的 08、09 年的新冠疫情。我想告訴你，它的出現與新冠疫情時期比“08”、“09”時期更相似。

As far as your second question on just the used car sales, yes, I mean, the overall used market obviously is still depressed. I do think while depreciation is a little bit of a headwind on parts of the business, so for example, wholesale, I think it's good for the overall industry. So having vehicles depreciate during the quarter, I think, was a good thing. It's a little unusual quarter because it first started off appreciating and then it ended up actually decreasing a little bit. So I think that's I think that's good for the industry.

至於你關於二手車銷售的第二個問題，是的，我的意思是，整個二手車市場顯然仍然低迷。我確實認為，雖然折舊對部分業務（例如批發）來說有點不利，但我認為這對整個行業有利。因此，我認為車輛在本季度貶值是一件好事。這是一個有點不尋常的季度，因為它首先開始升值，然後最終實際上略有下降。所以我認為這對這個行業有利。

But I think there's also things that are specific to CarMax and how we're managing our inventory, how we're managing our margin, the right cars out there that are unique to CarMax. So I think it's probably a combination of both.

但我認為還有一些 CarMax 特有的事情，以及我們如何管理庫存、如何管理利潤、CarMax 獨有的合適汽車。所以我認為這可能是兩者的結合。

Our next question will come from Craig Kennison with Baird.

我們的下一個問題將由克雷格·肯尼森和貝爾德提出。

I'm trying to anticipate down the road when student loan payments are required again. Do you have a feel for the percentage of your buyers that are also making student loan payments and whether that could be a significant impact on demand?

我正在嘗試預測將來何時再次需要支付學生貸款。您是否了解同時支付學生貸款的買家比例以及這是否會對需求產生重大影響？

Yes. That's a great question, Craig. It's one that we've actually talked about internally, both from a sales standpoint and then from a finance standpoint. I think from a sales standpoint, it's hard to tell because folks have been taking consumer loans out for longer periods of time. And I would think probably the majority of our customers are outside of the student loan -- the majority of our retail customers are outside of that period. I think when you think about the CAF business, and Jon, you might have some different thoughts on this. But when you think about the CAF business, because we skew to a higher credit customer, that probably puts us in a little bit better position, but I don't know if you have any additional thoughts on that?

是的。這是一個很好的問題，克雷格。我們實際上已經在內部從銷售的角度和財務的角度討論過這個問題。我認為從銷售的角度來看，這很難說，因為人們申請消費貸款的時間較長。我認為我們的大多數客戶可能都在學生貸款之外——我們的大多數零售客戶都在該時期之外。我想當你想到CAF業務時，Jon，你可能對此有一些不同的想法。但是當你想到CAF業務時，因為我們偏向信用較高的客戶，這可能會讓我們處於更好的位置，但我不知道你對此是否有任何其他想法？

Yes. I agree, Bill. I mean, certainly, the prime customer is probably a little bit older. But I think when we are looking at our underwriting platform, our underwriting criteria and our models, we're always going to take into account total outstanding debt for the for the consumer evaluate the things that are most predictive of auto loan payback. And so that would be contemplated in our underwriting criteria.

是的。我同意，比爾。我的意思是，當然，主要客戶可能年齡稍大一些。但我認為，當我們考慮我們的承保平台、承保標準和模型時，我們總是會考慮未償債務總額，以便消費者評估最能預測汽車貸款償還的因素。因此，我們的承保標準將考慮這一點。

Our next question will come from Daniel Imbro with Stephens Inc.

我們的下一個問題將來自 Stephens Inc. 的 Daniel Imbro。

I wanted to start on our focus on the SG&A results, obviously impressive in the quarter. Maybe a 2-parter related to that. First, within other maybe overhead, historically, I thought a lot of that was IT kind of e-commerce investment. Other than headcount reduction, can you maybe talk about Enrique some of the operational changes you made to drive that improvement in that line item and maybe the sustainability? And then related, I think you said there was a onetime benefit from the timing of some CAF receivables in the quarter. Could you quantify that just to help investors underwrite that outlook as well as in the SG&A line?

我想首先關注 SG&A 業績，該季度的業績顯然令人印象深刻。也許是與此相關的二人關係。首先，在其他可能的管理費用中，從歷史上看，我認為其中很大一部分是 IT 類電子商務投資。除了裁員之外，您能否談談恩里克為推動該項目的改進以及可持續性而進行的一些運營變革？然後相關的是，我想你說過，本季度一些 CAF 應收賬款的時間安排有一個一次性的好處。您能否量化這一點，以幫助投資者認可這一前景以及 SG&A 線？

Sure. Great. Thank you for the question. Yes, let me take it kind of one by one. So let me first define [non-CAF] finance receivables. We haven't talked about it too much in the past. We have a little bit but not too much. So those are primarily loans that our financing partners issue to our customers that we end up writing off either due to title processing issues or down payment obligations. And if you go back to when we emerge from COVID, we had low staffing, we had high turnover and there were a lot of DMV delays, right? And emerging from that, we've restaffed, we've trained up our stores, DMV are moving faster. So we're actually able kind of catch up on these non-CAF finance receivables and execute better. Stores are executing. Our home office is executing. And again, the DMVs are executing as well better than they were.

當然。偉大的。感謝你的提問。是的，讓我一一分析。因此，讓我首先定義[非 CAF] 金融應收賬款。過去我們沒有談論太多。我們有一點，但不是太多。因此，這些主要是我們的融資合作夥伴向客戶發放的貸款，我們最終由於所有權處理問題或首付義務而註銷了這些貸款。如果你回顧一下我們剛從新冠疫情中恢復過來的時候，我們的人員配備很少，人員流動率很高，而且DMV 也有很多延誤，對嗎？從此之後，我們重新安排了人員，培訓了我們的商店，DMV 的行動速度更快。因此，我們實際上能夠趕上這些非 CAF 財務應收賬款並更好地執行。商店正在執行。我們的家庭辦公室正在執行。再說一次，DMV 的執行情況也比以前更好。

And as a result, we've seen some favorability in that line. I did talk to some favorability due to timing. So part of that is due to timing. What I'd tell you, that's not timing that will come back and hit us in the future. It's more of a change in estimates that we have and what we think we'll be writing off. So it's a little bit more of a hindsight change, so it won't hit us moving forward. So that's #1. That was kind of the biggest favorability we saw on the quarter year-over-year. As well, we did see some favorability related to headcount, which I mentioned, related to staffing levels. Specifically, as we've staffed down and rightsized, we have favorability in relocation expenses, as you'd imagine, in recruiting expenses, as you'd imagine, but then also in casual labor. And all of those hit the other bucket. So we see favorability there.

結果，我們看到了這方面的一些優勢。由於時間安排，我確實談過一些好感。部分原因在於時機。我要告訴你的是，這個時機不會在未來再次襲擊我們。這更多的是我們現有的估計以及我們認為我們將註銷的內容的變化。所以這更像是事後諸葛亮的改變，所以它不會影響我們前進。所以這是#1。這是我們在本季度看到的同比最大的優惠。此外，我們確實看到了一些與員工數量相關的好感度，我提到過，與人員配置水平相關。具體來說，隨著我們裁員和精簡人員，我們在搬遷費用（如你想像的那樣）、招聘費用（如你想像的那樣）以及臨時工方面也有優惠。所有這些都擊中了另一個桶。所以我們看到了那裡的好感度。

We are still seeing a little bit of pressure from decisions we made in prior quarters on our technology and strategic growth. So that's still growing a little bit within that bucket, but it's being offset pretty materially by the other areas.

我們仍然看到前幾個季度就我們的技術和戰略增長做出的決策帶來的一些壓力。因此，該領域仍在增長一點，但它被其他領域相當大地抵消了。

Our next question will come from Sharon Zackfia with William Blair.

我們的下一個問題將由莎朗·扎克菲亞和威廉·布萊爾提出。

I wanted to actually ask some questions about Sky because I don't recall you talking about Sky previously. So how -- I mean, how far do you think you can take -- I guess, what I'll call an AI technology to help kind of make the CECs more efficient? And how should we think about if there's any kind of step-up in investment that would be related to kind of enhancing or optimizing Sky further, if that makes sense.

我其實想問一些關於 Sky 的問題，因為我不記得你之前談論過 Sky。那麼，我的意思是，你認為你能走多遠——我猜，我稱之為人工智能技術來幫助提高 CEC 的效率？如果有意義的話，我們應該如何考慮是否有任何形式的投資增加與進一步增強或優化天空有關。

Yes. No, great question, Sharon. First of all, just AI in general, I think we're bullish on AI in general. We've been using Open AI for a period of time now. We think about it, there's lots of opportunities to enhance our associates' work, maybe take some of the more mundane stuff out.

是的。不，很好的問題，莎倫。首先，就總體而言，我認為我們總體上看好人工智能。我們使用開放人工智能已經有一段時間了。我們想一想，有很多機會可以增強我們同事的工作，也許可以去掉一些更平凡的東西。

Particular to Sky, we talked about Sky, I can't remember if we've actually named it Sky in the past, we talked about a virtual assistant. So that's what our virtual system that's called is Sky. And we're really pleased. One of the things that we've been on a path to is really making our CECs as efficient as possible and leveraging our associates for the really value-added work. And this quarter with the improvements that we saw with Sky, we really deflected a good amount of calls to the CEC that Sky was able to handle independent of calling in. And the areas that we put in there were the [pre-qual], the transfer process and appointment setting. And the way that it's working right now, which I think is really kind of the first version of it is, Sky hook them up with a link. We see a world where Sky will actually interact back and forth and not even necessarily have to hook up with a link. So I think that's an enhancement.

特別是Sky，我們談到了Sky，我不記得我們過去是否真的將其命名為Sky，我們談到了虛擬助手。這就是我們的虛擬系統 Sky。我們真的很高興。我們一直在努力實現的目標之一是真正使我們的 CEC 盡可能高效，並利用我們的員工開展真正增值的工作。本季度，隨著我們在 Sky 上看到的改進，我們確實將大量呼叫轉移到了 CEC，Sky 能夠獨立於呼入進行處理。我們在那裡設置的區域是 [資格預審]，轉接流程和預約設置。現在它的工作方式，我認為這確實是它的第一個版本，Sky 通過一個鏈接將它們連接起來。我們看到一個世界，Sky 實際上可以來回交互，甚至不一定需要連接鏈接。所以我認為這是一個增強。

Another enhancement we'll be looking at is just integrating IO with Sky. So I think there's opportunity -- still a lot of opportunity just in the CECs with Sky, but I also think there's a lot of opportunity just AI in general. We've used it in training our CECs consultants, and we think there's additional possibility there. We've used open AI to assist in our vehicle reviews and customer reviews, really allowing our content team to focus on more insightful stuff. And like I said, we're working on a proof-of-concept, a knowledge proof-of-concept for our CECs to allow them to access very specific state information. So again, we're excited about it.

我們將關注的另一個增強功能是將 IO 與 Sky 集成。因此，我認為存在機會——僅在 Sky 的 CEC 中仍然存在很多機會，但我也認為一般而言，人工智能也存在很多機會。我們已經用它來培訓我們的 CEC 顧問，我們認為那裡還有其他可能性。我們使用開放式人工智能來協助我們的車輛評論和客戶評論，真正讓我們的內容團隊能夠專注於更有洞察力的內容。正如我所說，我們正在為我們的 CEC 進行概念驗證、知識概念驗證，以允許他們訪問非常具體的狀態信息。我們再次對此感到興奮。

What I'd say as well just building on that is Sky has been a pretty strong contributor to helping us get our operating model even more efficient than where we've been in the past. We've shown sequential improvements now in quarter-over-quarter costs when it comes to the CECs and the operating model, and that's on a per retail unit basis. And when you consider total units, so use and wholesale, or even gross margin dollars, we -- the progress has been even stronger. So it has been a pretty material -- it had a pretty material impact to the efficiency of our model, and it's contributing to the SG&A gains that we're seeing.

我還要說的是，在此基礎上，Sky 做出了相當大的貢獻，幫助我們使我們的運營模式比過去更加高效。現在，就 CEC 和運營模式而言，我們已經顯示出季度環比成本的連續改善，而且這是以每個零售單位為基礎的。當你考慮總單位數、使用量和批發量，甚至毛利率時，我們的進展甚至更加強勁。所以它是一個非常重要的材料——它對我們模型的效率產生了相當大的實質性影響，並且它為我們所看到的銷售管理費用（SG&A）收益做出了貢獻。

Our next question will come from John Murphy with Bank of America.

我們的下一個問題將來自美國銀行的約翰·墨菲。

I just one very quick follow-up. Is there a way to quantify the timing that you got from -- or timing benefit you got on SG&A from the non-CAF uncollectible receivables just in a dollar sense?

我只是一個非常快速的跟進。有沒有一種方法可以量化您從非 CAF 無法收回的應收賬款中獲得的時間安排，或者您從非 CAF 無法收回的應收賬款中獲得的時間安排效益？

Yes. I would say the timing was not all that material in the scope of things. I'll give you a dollar number, but it's not all that material in the scope of things. The majority of the benefit really was from that improvement in execution, from our stores, from our home office and from the DMVs as well.

是的。我想說，就事情的範圍而言，時機並不是那麼重要。我會給你一個美元數字，但這並不是事情範圍內的全部內容。大部分收益實際上來自於執行力的改進，來自我們的商店、我們的家庭辦公室以及DMV。

Okay. And then just a question, Bill, as you think about the same-store sales comps, I mean, it's tough to call exactly when things went flat. I'd love to hear your opinion about when you think they may inflect. But if they don't, is there an opportunity to potentially get more aggressive on SG&A costs through headcount reduction or other areas in case we're in an environment where affordability and supply remain a pretty material issue?

好的。然後只是一個問題，比爾，當你考慮同店銷售比較時，我的意思是，很難準確地判斷事情何時變得平淡。我很想听聽您對它們何時可能發生變化的看法。但如果他們不這樣做，是否有機會通過裁員或其他領域來更積極地降低銷售、管理和管理成本，以防我們處於負擔能力和供應仍然是一個相當重大的問題的環境中？

Yes. So John, what I'd say on the cadence as far as being able to flip that. But really, the only thing I can point to, which is what I've talked about in the past is just when we've seen this in the past, how long is it generally taken? And I think if you go back to '08, '09, I think it took us about 7 to 8 months before we flattened and then started growing it year-over-year. You look at COVID, it was more in the 4- to 5-month range. So again, I feel good about the progress we're seeing there.

是的。約翰，我想說的是關於能夠翻轉這一點的節奏。但實際上，我唯一可以指出的是，這就是我過去所談論的，就是當我們過去看到這種情況時，通常需要多長時間？我想，如果你回到 08 年、09 年，我認為我們花了大約 7 到 8 個月的時間才趨於平緩，然後開始逐年增長。你看看新冠病毒，它的持續時間更多是在 4 到 5 個月的範圍內。再說一次，我對我們在那裡看到的進展感到滿意。

Now as far as your second part of the question, which is the SG&A reduction, look, hopefully, we made it very clear that we are very focused on this SG&A, so reduction. So whether wherever the market share goes, we're going to continue to move that. But regardless of that, we're going to continue to focus on continuing to improve SG&A with things like we've been talking about with Sky and becoming more efficient and the CEC, becoming more efficient in the stores. There really isn't one piece of the business where we don't have efficiency plays that we're currently looking at. So it doesn't matter if it's a business office, service operations, merchandising, every single department we have internal goals that we're going after. So regardless of the market share, we're going after continued efficiency.

現在，就問題的第二部分而言，即 SG&A 減少，希望我們已經明確表示，我們非常關注 SG&A，因此減少。因此，無論市場份額走向何方，我們都將繼續推動這一趨勢。但無論如何，我們將繼續專注於繼續改進 SG&A，比如我們一直在與 Sky 討論並提高效率，與 CEC 討論提高商店的效率。事實上，我們目前正在關注的業務中，沒有哪一項業務​​沒有提高效率。因此，無論是商務辦公室、服務運營、銷售部門，我們的每個部門都有我們要追求的內部目標。因此，無論市場份額如何，我們都追求持續的效率。

And that target of low 70%, I mean, is that a 1- or 2-year target? Or is that an eventual? How should we think about getting there? The timeframe?

我的意思是，低 70% 的目標是 1 年還是 2 年目標？或者這是最終的結果？我們應該如何考慮到達那裡？時間範圍？

We want to get there as fast as we can. It's also going to require the gross profit improves as well. So it's critical that the underlying business and the macro environment improves as well, and then we'll get there. This quarter was particularly strong. The first quarter, again, is usually the strongest quarter for the reasons I mentioned in my prepared remarks, right? But we do expect the rest of the year to continue to deliver on our commitment for this year, which is a low single-digit gross profit in order to lever, which is a material difference from where we've been over the past few years in our heavy investment phase. But 70% is our next step is what we mentioned. And from there, we can hopefully even lever even more in the years beyond. But 70% is our next step.

我們希望盡快到達那裡。它還需要提高毛利潤。因此，基礎業務和宏觀環境的改善至關重要，然後我們就能實現這一目標。本季度表現尤其強勁。出於我在準備好的發言中提到的原因，第一季度通常是最強勁的季度，對嗎？但我們確實預計今年剩餘時間將繼續兌現我們今年的承諾，為了槓桿化，毛利潤較低，為個位數，這與我們過去幾年的情況有很大不同在我們的大量投資階段。但70%是我們下一步的目標，就是我們提到的。從那時起，我們有望在未來幾年發揮更大的作用。但70%是我們的下一步。

Yes, John, I think we talked about last quarter that well, for this year, with the macro conditions to continue to improve to get there. If that doesn't happen this year, we wouldn't expect this to be a 2-year thing. We would expect to get back there next year.

是的，約翰，我認為我們在上個季度很好地討論了今年的情況，宏觀條件將繼續改善以實現這一目標。如果今年沒有發生這種情況，我們預計這不會持續兩年。我們預計明年會回到那裡。

Yes. And that's in the mid-70% range, right?

是的。這在 70% 的中間範圍內，對嗎？

Our next question will come from John Healy with NorthCoast Research.

我們的下一個問題將來自北海岸研究中心的約翰·希利。

We haven't heard the word affordability used on this call compared to the last couple. And my thought is that your performance probably reflects you guys kind of changing and adjusting the merchandise you have on the lots and the site to meet retail demand. Can you kind of talk about how the -- maybe the mix in the age or the mileage of the vehicles that you're selling today looks versus a few months ago?

與前幾次相比，我們在這次電話會議中沒有聽到“負擔能力”這個詞。我的想法是，你們的表現可能反映了你們在某種程度上改變和調整你們在停車場和網站上擁有的商品，以滿足零售需求。您能否談談您今天銷售的車輛與幾個月前相比，也許是車齡或里程的組合？

And maybe just the multiyear outlook for supply because I think there's some concern in the market about your ability to source vehicles kind of in that late model category given the fact that they might not exist for the next couple of years. So just love to kind of hear your thoughts about what you're selling today and what you think your merchandise mix might look like for the next year or 2?

也許只是多年的供應前景，因為我認為市場對您採購後期車型類別車輛的能力存在一些擔憂，因為事實上它們可能在未來幾年內不存在。所以只是想听聽您對今天銷售的產品的想法以及您認為未來一兩年您的商品組合可能會是什麼樣子？

Yes. Great. Thank you for the questions, John. So I think from an affordability, look, there's still an affordability issue out there even though our average selling price is down, it's still up substantially over where it used to be. And I think in the previous calls, we've said, hey, if you think about the affordability, 85% has been driven by the vehicle price, 15% is driven by the interest rates. I think we're probably more in a 75-25, which is more driven by the prices coming down, which automatically gets your interest rates makes a little bit more. But I think we've knock on wood, I think we've kind of peaked on what the increase in payments. I think we were running. If you look at just the CAF business, we were running about 150 monthly higher than pre normal times, and I think we're probably down to 130 or so.

是的。偉大的。謝謝你的提問，約翰。因此，我認為從承受能力來看，儘管我們的平均售價下降了，但仍然存在承受能力問題，但它仍然比以前大幅上漲。我想在之前的電話會議中，我們說過，嘿，如果你考慮負擔能力，85% 是由車輛價格驅動的，15% 是由利率驅動的。我認為我們可能更傾向於 75-25，這更多是受價格下降的推動，這會自動讓你的利率賺得更多一些。但我認為我們已經敲定了，我認為我們在付款增加方面已經達到了頂峰。我想我們正在跑步。如果你只看 CAF 業務，我們的每月運營量比正常時期高出約 150 個，我認為我們可能會下降到 130 個左右。

So there is still absolutely an affordability issue. I think your question is great when you think about the mix. Our prices were down roughly $1,600. But the interesting thing, while your acquisition price is down almost and that was more than 50% of the price swing. There's also a bit of an age mix thing here as well. And what I mean by that is if you look at the 0- to 4-year-old cars that we sold a year ago compared to the 0- to 4-year-old cars that we sold this year, we had less percent of those. So we dropped a few points, which means less of those newer cars and what you've shifted to is we've actually seen a little bit of uptick in the 8 plus. And so that obviously is going to drive down your overall selling price. It's also a little bit of a tailwind for us on margins as well, which played out in the quarter.

因此，仍然存在絕對的負擔能力問題。當你考慮混合時，我認為你的問題很好。我們的價格大約下降了 1,600 美元。但有趣的是，雖然你的收購價格幾乎下降了，而且價格波動幅度超過了 50%。這裡也有一些年齡混合的問題。我的意思是，如果你看看我們一年前銷售的 0 到 4 年車齡的汽車，與我們今年銷售的 0 到 4 年車齡的汽車相比，我們的那些。所以我們下降了一些點，這意味著新款汽車的數量減少了，而我們實際上已經看到 8+ 的銷量有所上升。因此，這顯然會降低您的整體售價。這對我們的利潤率也有一點推動作用，這一點在本季度得到了體現。

I think the last part of your question, which was the supply. We've gotten this question in the past. And what I would tell you is the fact that the new car sales rate has been off of what it traditionally is, that's not an environment that we're unfamiliar with working in because if I think back in the past, we've seen that before back in the '08, '09, the reduction in new car sales was actually more dramatic than it is now. If you look at the new car sales that we've been experiencing here more recently, we still haven't hit some of the numbers that you saw back coming out of '08 and '09. So and we were able to manage through that period very well. And I would tell you, we have a better tool in the toolbox this time with self-sufficiency being so high. So we're not worried about the availability of inventory, just like we haven't really been worried about it over the last year.

我認為你問題的最後一部分是供應。我們過去已經收到過這個問題。我要告訴你的是，新車銷量已經偏離了傳統水平，這不是我們不熟悉的工作環境，因為如果我回想過去，我們已經看到了這一點早在08年、09年之前，新車銷量的減少實際上比現在更加劇烈。如果你看看我們最近在這裡經歷的新車銷售情況，我們仍然沒有達到你在 08 年和 09 年看到的一些數字。所以我們能夠很好地度過那段時期。我想告訴你，這次我們的工具箱裡有一個更好的工具，自給率如此之高。因此，我們並不擔心庫存的可用性，就像我們去年從未真正擔心過一樣。

The only piece I'd add to that from an inventory mix standpoint is like for customers, over 25% of our cars are less than $20,000. And last year, in the first quarter, that was closer to 20%, right? So now we're up over 25%. So in terms of customers, we are mixing the right inventory to make sure we're being as affordable as we can.

從庫存組合的角度來看，我唯一要補充的是，對於客戶來說，我們超過 25% 的汽車價格低於 20,000 美元。去年第一季度，這一比例接近 20%，對吧？所以現在我們的漲幅超過 25%。因此，就客戶而言，我們正在混合正確的庫存，以確保我們盡可能負擔得起。

Our next question will come from Scot Ciccarelli with Truist.

我們的下一個問題將由 Scot Ciccarelli 和 Truist 提出。

Can you help us -- can you help us understand what the exit comp rate was in the quarter? And then related to that, your 95% credit approval rate. Is that actually higher on a year-over-year basis? In other words, did traffic drop more than what you saw in -- or what we saw in the comp results?

您能幫助我們了解本季度的退出補償率是多少嗎？與此相關的是，您 95% 的信用批准率。這實際上比去年同期更高嗎？換句話說，流量下降的幅度是否比您在比較結果中看到的或我們在比較結果中看到的要多？

I'll take the comps, and I'll pass it over to Jon to talk about the other questions. So the way I think about the kind of the comp cadence, it was pretty steady throughout the whole quarter. I mean there wasn't any remarkable difference month-to-month. If you look at the quarter as a whole, that's kind of how each month basically performed. And then Jon, I'll toss it to you on the credit.

我會拿走比較，然後把它交給喬恩來討論其他問題。因此，我對這種節奏的看法是，整個季度都非常穩定。我的意思是每個月沒有任何顯著差異。如果你把這個季度作為一個整體來看，每個月的表現基本上都是這樣的。然後喬恩，我會把它扔給你。

Yes. On the 95% credit approval, right, again, that's anybody that's applying for credit, whether it be online or directly in the store where they start. That's similar to what we've stated before. And I think, frankly, in this environment with the tightening that we've seen from the partner lenders and CAF. I think it just speaks to the robustness of our platform to maintain that level. So we feel real good about that number.

是的。 95% 的信貸批准率是指任何申請信貸的人，無論是在線申請還是直接在他們開始的商店申請。這與我們之前所說的類似。坦率地說，我認為在這種環境下，我們看到合作夥伴貸款機構和 CAF 採取了緊縮政策。我認為這只是說明了我們平台保持這一水平的穩健性。所以我們對這個數字感覺非常好。

Can I have a follow-up question on that? If everyone's tightening credit, how does the approval rates stay flat? Is it just fewer and fewer people and it's better qualified people coming in? Like, is that the way to interpret that?

我可以就此提出後續問題嗎？如果每個人都收緊信貸，那麼支持率如何保持平穩？是不是人數越來越少，而合格的人越來越多？就像，這是解釋的方式嗎？

Sure. Yes, fair question. And that speaks to the uniqueness of the platform. So let's say, perhaps the approval still there, but it's at a higher interest rate where you're asking for a little more money down or get moved from lender A to lender B further down the platform. But again, that's the benefit of having those multiple lenders and those multiple tiers is we're at least still able to provide some level of credit to the consumer to at least contemplate purchasing the car.

當然。是的，公平的問題。這說明了該平台的獨特性。這麼說吧，也許批准仍然存在，但利率更高，您要求多付一點錢，或者從貸款人 A 轉移到平台下方的貸款人 B。但同樣，擁有多個貸方和多層的好處是，我們至少仍然能夠向消費者提供一定程度的信貸，至少可以考慮購買汽車。

So the approval includes changes in what those terms are. So I (inaudible).

因此，批准包括對這些條款的修改。所以我（聽不清）。

That's correct. It does. So it might not be as strong of an approval, and that's sort of the tightening as opposed to maybe a single lender platform where it's just, look, I can't approve view period. We've got other lenders deploying alternatives.

這是正確的。確實如此。因此，批准的力度可能不那麼大，這可能是一種收緊，而不是單一貸款平台，在單一貸款平台上，我不能批准查看期。我們已經讓其他貸方部署了替代方案。

Our next question will come from Michael Montani with Evercore.

我們的下一個問題將來自 Evercore 的 Michael Montani。

Just first off, I was wondering if you could discuss at all, comp trends quarter-to-date. And then also what you're seeing in terms of inventory levels we had seen, I think, an increase now year-over-year to start the quarter. So I just wanted to understand that. And then I had a follow-up.

首先，我想知道您是否可以討論本季度至今的比較趨勢。然後，您所看到的庫存水平，我認為，從本季度開始，我們看到的庫存水平逐年增加。所以我只是想了解這一點。然後我進行了跟進。

Yes. So I think as far as comp trends quarter-to-date, I'd look similar to where we ended the quarter. I think on the inventory levels, look, I was really pleased the team has done a phenomenal job. As I said in my opening remarks, we actually took the total dollar amount down yet we increased our sale (inaudible) they're doing a great job making sure that we're getting cars through even with delays on parts, that kind of thing. So we typically go down a little bit of inventory. And this month -- this quarter, we actually -- when you go from Q4 to Q1. And this year, we actually went up a little bit. So we feel good. We're still -- if I think about the traditional stores, we're a little bit lighter than where we normally are, but I think that's appropriate in this type of selling environment. So I think from an inventory standpoint, we're in good shape.

是的。因此，我認為就本季度至今的比較趨勢而言，我看起來與本季度末的情況類似。我認為在庫存水平上，我真的很高興團隊做得非常出色。正如我在開場白中所說，我們實際上降低了總金額，但我們增加了銷售額（聽不清），他們做得很好，確保我們即使在零件延誤的情況下也能順利交付汽車，諸如此類的事情。因此，我們通常會減少一點庫存。這個月——這個季度，我們實際上——當你從第四季度進入第一季度時。今年，我們實際上上升了一點。所以我們感覺很好。如果我考慮一下傳統商店，我們仍然比平時要輕一些，但我認為這在這種類型的銷售環境中是合適的。所以我認為從庫存的角度來看，我們的狀況良好。

Okay. And then just a follow-up on the share components, understanding historically, it could be like a 7 to 9 month type of issue. But if that continues to persist, should we anticipate incremental investments, either from GPUs or potentially ad expense or headcount? Or do you think that basically that's not necessary because it's more industry demand dynamics that are driving it?

好的。然後只是對股票組成部分的跟進，從歷史上看，這可能是一個 7 到 9 個月的問題。但如果這種情況持續存在，我們是否應該預期增量投資，無論是來自 GPU 還是潛在的廣告費用或員工人數？或者您是否認為這基本上是沒有必要的，因為更多的行業需求動態正在推動它？

Yes. I feel good about where we are right now. Obviously, you've got to continue to monitor the competitive landscape. You've got to come in, continue to monitor price elasticity, especially when it comes to the GPUs. But as I said earlier, we're working on efficiencies regardless of market share. But again, I would just reiterate that I feel good about the growth that we're seeing so far. And I'm positive about the outlook in front of us.

是的。我對我們現在的處境感覺很好。顯然，您必須繼續監控競爭格局。你必須介入，繼續監控價格彈性，特別是在 GPU 方面。但正如我之前所說，我們正在努力提高效率，而不管市場份額如何。但我再次重申，我對我們迄今為止所看到的增長感到滿意。我對我們面前的前景持樂觀態度。

Our next question will come from Seth Basham with Wedbush Securities.

我們的下一個問題將來自 Wedbush Securities 的 Seth Basham。

My question is really around GPU and the better performance in retail GPU for the quarter. Can you give us a sense of how much of that was driven by market pricing dynamics relative to other internal factors?

我的問題實際上是關於 GPU 以及本季度零售 GPU 更好的性能。您能否讓我們了解其中有多少是由市場定價動態相對於其他內部因素驅動的？

Yes. What I would say is the -- as far as our price elasticity test goes, it really hasn't changed much, which is why we continue to see strong margins. We continue to have great self-sufficiency. We continue to have a mix of older vehicles, which are more profitable. All those certainly help. In my prepared remarks, I heard that I said that since the last quarter, we were talking about if you think about the full year, $2,100 to $2,200, we're actually updating on that a little bit just to be between $2,200 and $2,300 more similar to last year, especially as you look at the second quarter.

是的。我想說的是——就我們的價格彈性測試而言，它確實沒有太大變化，這就是為什麼我們繼續看到強勁的利潤率。我們仍然擁有很強的自給自足能力。我們繼續混合使用較舊的車輛，這些車輛的利潤更高。所有這些肯定有幫助。在我準備好的發言中，我聽說我說過，自上個季度以來，我們一直在討論全年的價格為 2,100 美元至 2,200 美元，實際上我們正在對此進行一些更新，以便增加 2,200 美元至 2,300 美元之間與去年類似，尤其是第二季度。

So again, I feel good about where we are. We'll continue to measure the macro factors but we do have some nice efficiencies that we've picked up that we've been able to take a little bit to the bottom line as well as continue to pass through the customer. So we feel great about our prices.

再說一遍，我對我們現在的處境感覺很好。我們將繼續衡量宏觀因素，但我們確實取得了一些不錯的效率，我們已經能夠提高一點底線，並繼續通過客戶。所以我們對我們的價格感覺很好。

And as a follow-up, do you think you can hit that $2 million unit sales both for fiscal '26 with retail GPUs in that [2,100 to 2,200] normalized range?

作為後續行動，您認為零售 GPU 在 [2,100 至 2,200] 標準化範圍內的情況下，您是否可以在 26 財年實現 200 萬美元的單位銷售額？

Yes. As we said the last quarter, we're going to stick by those long-term ranges. We'll update it at the end of the year. A lot can happen in 1 year. But yes, we're not changing that guidance at this point.

是的。正如我們上個季度所說，我們將堅持這些長期範圍。我們將在年底更新。一年內可能會發生很多事情。但是，是的，我們目前不會改變這一指導。

Our next question will come from Rajat Gupta with JPMorgan.

我們的下一個問題將來自摩根大通的 Rajat Gupta。

Just had a couple of quick ones. One on the other gross profit line, the services efficiency that you mentioned. Is there a way to give us a little more ground (inaudible) on the $25 million year-over-year improvement there because revenues did not go up that much. Does it come primarily from reduced headcount or any other areas that you can flag?

剛剛吃了幾個快速的。另一方面是毛利潤，即你提到的服務效率。有沒有辦法讓我們在 2500 萬美元的同比改善基礎上獲得更多的支持（聽不清），因為收入沒有增加那麼多。其主要來自於員工人數減少還是您可以標記的任何其他方面？

Yes. Thanks for the question, Rajat. So really 2 things drove that, right? Within bucket of service, service is really where we saw the year-over-year increase, about $26 million. And actually, we're able to deliver profitability and service, which we haven't done in a couple of years in the quarter here. So we're really pleased with the progress that we've made. Two things have driven that. Number one is we took cost coverage metrics -- measures, I'm sorry. So as you recall, we've been hit by inflation for a good period of amount of time here. And we took increase in rates in labor. We took increase in rates and parts, and that has allowed us to cover the inflationary pressures that we've been facing. That's number one.

是的。謝謝你的提問，拉賈特。所以確實有兩件事推動了這一點，對吧？在服務領域，服務確實是我們看到同比增長的地方，約為 2600 萬美元。實際上，我們能夠提供盈利能力和服務，這是我們在本季度幾年來都沒有做到的。因此，我們對所取得的進展感到非常滿意。有兩件事推動了這一點。第一是我們採取了成本覆蓋指標——措施，對不起。正如您所記得的，我們在很長一段時間內都受到通貨膨脹的打擊。我們的勞動力比率也有所提高。我們增加了費率和零部件，這使我們能夠應對一直面臨的通脹壓力。這是第一。

Number two, really strong focus on efficiency still a headwind year-over-year, especially with sales still being challenged. But we've shown now sequential improvement in driving efficiency in the service department. So we've reduced labor along with retaining our tech, which is critical right? But we have been able to reduce labor. We're also in a little bit more of a stable sales environment, which allows for more effective scheduling. And so those are the primary reasons why we've seen that benefit. I would expect that year-over-year benefit to continue for the rest of the year. Whether or not service will be profitable for the year, we'll see, right? But what we do know is that we do expect from a year-over-year basis to show some pretty considerable improvements year-over-year for the rest of the year.

第二，對效率的真正強烈關注仍然是同比的阻力，特別是在銷售仍然面臨挑戰的情況下。但我們現在已經證明服務部門的效率在不斷提高。因此，我們在保留技術的同時減少了勞動力，這很重要，對嗎？但我們已經能夠減少勞動力。我們還處於一個更加穩定的銷售環境中，這允許更有效的調度。這些就是我們看到這種好處的主要原因。我預計今年剩餘時間裡這種同比效益將持續下去。今年服務是否能盈利，我們拭目以待，對嗎？但我們所知道的是，我們確實預計今年剩餘時間裡將出現一些相當大的改進。

Got it. That's helpful. May I just ask one quick one on CAF since I haven't been much asked yet. Just on the provisioning improvement, on a year-over-year basis or more on a sequential basis. Is there an element of recoveries that you can talk about that might have benefited sequentially? Or if you could just generally talk about what you saw from a recovery standpoint, either frequency or severity and any way to think about provisions over the next couple of quarters?

知道了。這很有幫助。我可以簡單地問一下 CAF 上的問題嗎，因為我還沒有被問到太多。只是在撥備改善方面，同比或連續改善。您是否可以談論可能會連續受益的恢復因素？或者，您是否可以從復甦的角度籠統地談談您所看到的情況，無論是頻率還是嚴重程度，以及如何考慮未來幾個季度的準備金？

Sure. Yes. I appreciate the question, Rajat. Yes, I'll just talk about the provision sequentially quarter-over-quarter. I think that's driven primarily by some of the tightening that we've done. Obviously, you're going to provision for your new originations within the quarter. So if you tighten and that's going to come in at a lower loss rates then there's just less money that you need to put towards those receivables. I mean, obviously, we then make adjustments on existing portfolio accordingly. So I think that's some of what you're seeing there.

當然。是的。我很欣賞這個問題，拉賈特。是的，我將按季度依次討論該規定。我認為這主要是由我們所做的一些緊縮政策推動的。顯然，您將在本季度內為您的新產品做好準備。因此，如果你收緊政策，損失率就會降低，那麼你需要花在這些應收賬款上的錢就會減少。我的意思是，顯然，我們隨後會對現有投資組合進行相應調整。所以我認為這就是你所看到的一些內容。

With regard to your recovery rates, I'll just speak in general around that. Historically, we're between 40% to 60% on our recovery rate. Obviously, with vehicle values very high. We enjoyed recovery rates in the 70% range. Year-over-year, we're probably down 13 points -- 12 to 13 points were actually up sequentially. So yes, I don't think recovery rate though is playing a large piece of that. I think units still carry the day here and again, hopefully, that explains the provisioning down quarter-over-quarter.

關於你的康復率，我只是籠統地說一下。從歷史上看，我們的恢復率在 40% 到 60% 之間。顯然，車輛價值非常高。我們的恢復率在 70% 範圍內。與去年同期相比，我們可能下降了 13 個百分點——實際上比去年同期上升了 12 到 13 個百分點。所以，是的，我認為恢復率並沒有發揮很大的作用。我認為單位仍然一次又一次地佔據主導地位，希望這可以解釋供應量季度環比下降的原因。

Got it. Just to clarify, you mentioned 70% on the recovery in the quarter?

知道了。澄清一下，您提到本季度的複蘇率為 70%？

So the recovery rate for the quarter was -- I think the numbers were let's see, I think we'll show it about 59% to 60% when all was counted. So which we were 73% to 74% last year, we were about 57% last quarter. So just obviously down year-over-year, but a tick up quarter-over-quarter.

因此，本季度的恢復率是——我想讓我們看看這些數字，我想當所有數據都計算完畢後，我們會顯示大約 59% 到 60%。去年我們的比例是 73% 到 74%，上個季度我們的比例約為 57%。因此，同比明顯下降，但環比有所上升。

Our next question will come from Chris Pierce with Needham.

我們的下一個問題將由克里斯·皮爾斯和李約瑟提出。

Bill, you talked in your remarks about feeling better about the macro as wholesale prices come in quicker than they normally do at this time of the year, if I understood that right. Is your -- are you feeling better about the used car macro environment returning to a 40 million unit number at a sooner rate than you had previously thought based on kind of what you're seeing out there? Just wanted to get a sense of how you're thinking about bigger picture?

比爾，您在講話中談到，如果我理解正確的話，您對宏觀經濟的感覺會更好，因為批發價格的上漲速度比每年這個時候的正常情況要快。您是否對二手車宏觀環境以比您之前所看到的情況更快的速度恢復到 4000 萬輛的感覺更好？只是想了解一下您如何考慮更大的前景？

Yes. No, I don't -- I think it's too early to make that call. My comments around the depreciation, I think what we're seeing now is depreciation, which you would normally see. If you go back to the old normal -- the normalized environment, which is hard to remember back then, typically, you see depreciation this time of the year into the fall. So I think we're seeing that in -- and again, while it can be a bit of a headwind for the wholesale business, I think overall, it's good for the industry because it just makes those cars more affordable, especially for a consumer that budget pinch.

是的。不，我不——我認為現在做出這樣的決定還為時過早。我對折舊的評論，我認為我們現在看到的是折舊，這是你通常會看到的。如果你回到舊的常態——當時很難記住的標準化環境，通常情況下，你會在每年的這個時候看到貶值，直到秋季。因此，我認為我們再次看到這一點，雖然這對批發業務來說可能有點不利，但我認為總體而言，這對整個行業有利，因為它只會使這些汽車更便宜，尤其是對消費者而言預算緊張。

So I think it's still a little too early to say we're going to get back to 40 million right away, but I think the more prices move down, the better that is for the industry.

因此，我認為現在說我們將立即恢復到 4000 萬還為時過早，但我認為價格下降得越多，對行業來說就越好。

Okay. And then on used GPU. The question was asked about of lack of new car sales leading the lack of used car sales and you guys retailing older vehicles, if I understood that right. If you're going to be retailing older vehicles for the next multiple years, is that a multiyear tailwind for used GPU? I know you raised it to 2,200 to 2,300, what we just saw come in above at [2,361]. So I'm just curious if there will be upside to that number even if you're retailing more aged vehicles than you normally would prior?

好的。然後是使用的 GPU。如果我理解正確的話，有人問的問題是新車銷售不足導致二手車銷售不足以及你們零售舊車。如果您打算在未來幾年內零售舊車輛，這對二手 GPU 來說是否是一個多年的順風車？我知道您將其提高到 2,200 至 2,300，我們剛剛看到的是上面的 [2,361]。因此，我只是好奇，即使您零售的舊車數量比平時多，這個數字是否還會有上升空間？

Yes. No, I wouldn't think of it as more upside. I mean as Enrique said in his comments and in the script, the first quarter is generally your strongest quarter from a margin standpoint. The turns on inventory, less markdowns, that kind of thing. So while the older vehicle mix absolutely helps us from a margin standpoint. We've been seeing this play out over the last year because we've had a higher mix of older vehicles that we've been selling. And really that's being determined by the customer.

是的。不，我不認為它有更多的好處。我的意思是，正如恩里克在他的評論和劇本中所說，從利潤的角度來看，第一季度通常是最強勁的季度。庫存周轉、降價減少等等。因此，雖然從利潤的角度來看，較舊的車輛組合絕對對我們有幫助。去年我們就看到了這種情況，因為我們銷售的舊車比例更高。這實際上是由客戶決定的。

So if the customer wants to continue to see older vehicles, we'll make sure we have plenty of that inventory out there. If pricing comes back in line, over a period of time, and all of a sudden, your later model vehicles are more affordable, especially in comparison to new cars then some consumers may migrate there. I think that's the beauty of the business models that we can put out on the lot, whatever customers are looking for. And we have the capability to go older and we have the capability to go newer, just depends on what the customer is looking for.

因此，如果客戶想繼續看到舊車，我們將確保有足夠的庫存。如果價格在一段時間內恢復正常，突然之間，您的新款車輛變得更加實惠，特別是與新車相比，那麼一些消費者可能會遷移到那裡。我認為這就是我們可以在很多地方推出的商業模式的美妙之處，無論客戶想要什麼。我們有能力升級，也有能力升級，這取決於客戶的需求。

Our next question will come from David Whiston with Morningstar.

我們的下一個問題將來自晨星公司的大衛·惠斯頓。

Just curious on electric vehicles with such a huge surge in demand on the new vehicle side. Are you seeing that on the used vehicle side, too? Or is affordability kind of muting that EV demand for used buyers?

只是對新車需求如此猛增的電動汽車感到好奇。您在二手車方面也看到了這一點嗎？或者負擔能力是否會削弱二手車買家對電動汽車的需求？

Yes, David, thank you for the question. So I think if you think about CarMax as a whole and the number of EVs we actually sell, it's a very small percent. And I think probably last quarter, it was roughly on pure EVs around 1%, maybe a little bit more. And we've seen that number tick up a little bit. As you can imagine, there just hasn't been a lot of EVs out there in the marketplace for use.

是的，大衛，謝謝你的提問。所以我認為，如果你考慮一下 CarMax 的整體以及我們實際銷售的電動汽車數量，你會發現這個比例非常小。我認為上個季度，純電動汽車的佔比大約為 1%，甚至更多一點。我們看到這個數字略有上升。正如您可以想像的那樣，市場上還沒有大量電動汽車可供使用。

Now obviously, all the manufacturers are putting out more EV product. I do think -- I mean you point out a good thing on affordability. I think they have to become a little bit more affordable for the average consumer. But that being said, just like we're the retailer of used vehicles. We want to be the retailer, the largest retailer have used EVs. And so we're preparing for that. While it's a small percentage of our sales now, we think that, that will grow over time. And so we're already taking steps to make sure that we can be prepared for that.

現在顯然，所有製造商都在推出更多電動汽車產品。我確實認為——我的意思是你在負擔能力方面指出了一件好事。我認為它們必須變得對普通消費者來說更實惠一些。但話雖這麼說，就像我們是二手車零售商一樣。我們想成為零售商，最大的使用電動汽車的零售商。所以我們正在為此做好準備。雖然現在它只占我們銷售額的一小部分，但我們認為，隨著時間的推移，這一比例將會增長。因此，我們已經採取措施確保我們能夠為此做好準備。

Okay. And just one thing on FBS. Can FBS customers loan eventually go into a CAFs securitization? Or does it have to stay with an external lending partner?

好的。 FBS 上只有一件事。 FBS 客戶貸款最終能否進入 CAF 證券化？或者是否必須留在外部貸款合作夥伴手中？

No. CAF is 1 of the 6 lenders that are currently operating on FBS. And again, that's the online shopping tool. So yes, absolutely, all lenders -- all of those lenders are participating in CAF loans -- we'll absolutely underwrite folks in FBS and it will go through our normal funding channels.

不會。CAF 是目前在 FBS 上運營的 6 家貸方之一。再說一遍，這是在線購物工具。所以，是的，絕對，所有貸款人——所有這些貸款人都參與 CAF 貸款——我們絕對會為 FBS 的人員承保，並且它將通過我們正常的融資渠道。

Yes. David, that's the FBS is all the different lending partners. It's a very unique product out in the marketplace because it's not only CAF, but it's our additional lending partners that have been with us forever. And at the end of the day, that's what gets consumers, especially ones that are conscious about their monthly payment that gets them the best rate.

是的。大衛，FBS 就是所有不同的貸款合作夥伴。這是市場上非常獨特的產品，因為它不僅是 CAF，而且是我們永遠與我們在一起的其他貸款合作夥伴。歸根結底，這才是吸引消費者的原因，尤其是那些意識到每月付款可以獲得最優惠價格的消費者。

Did you give an FBS penetration number?

您提供了 FBS 滲透率數據嗎？

You mean as far as how many consumers are leveraging FBS?

您的意思是有多少消費者在使用 FBS？

Yes. I think what we would say is of the people that apply for credit, 80% plus are starting online and leveraging our online platform.

是的。我想我們想說的是，在申請信貸的人中，80% 以上是從網上開始並利用我們的在線平台的。

Yes. And everybody can do an FBS experience. It just depends on how they want to shop.

是的。每個人都可以體驗 FBS。這僅取決於他們想要如何購物。

Thank you. We have no further questions at this time. I'd like to hand the call back to Bill for closing remarks.

謝謝。目前我們沒有進一步的問題。我想將電話轉回給比爾，讓其作結束語。

Great. Thank you. Well, thanks, everybody, for joining us and your questions and your support. As always, I want to thank our associates for what they do, taking care of each other and the customers. They are absolutely our differentiator. I also would like to remind everybody that's on the call, we recently published our 2023 responsibility report, and I encourage everybody to listen to it.

偉大的。謝謝。好的，謝謝大家加入我們並提出問題和支持。一如既往，我要感謝我們的員工所做的一切，感謝他們互相照顧和照顧客戶。他們絕對是我們的與眾不同之處。我還想提醒各位與會者，我們最近發布了 2023 年責任報告，我鼓勵大家聆聽。

Let me read it, that's listening today. It provides some great updates on some key initiatives, including climate-related and the tangible impact that we're having on community. So again, we're proud of the values that we're living every day and I think we're well-positioned to drive long-term sustainable value for all of our shareholders. So again, thank you for your time today, and we'll talk again next quarter.

讓我讀一下，今天正在聽。它提供了一些關鍵舉措的重要更新，包括與氣候相關的舉措以及我們對社區產生的切實影響。再說一遍，我們為我們每天所踐行的價值觀感到自豪，我認為我們有能力為所有股東帶來長期可持續的價值。再次感謝您今天抽出時間，我們將在下個季度再次討論。

Thank you, ladies and gentlemen. This does conclude the FY '24 Q1 CarMax Earnings Release Conference Call. You may now disconnect.

謝謝你們，女士們、先生們。 24 財年第一季度 CarMax 收益發布電話會議到此結束。您現在可以斷開連接。