車美仕 (KMX) 2024 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Second Quarter Fiscal Year 2024 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。歡迎參加 2024 財年第二季 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, everyone. Thank you for joining our fiscal 2024 second quarter earnings conference call. I'm here today with Bill Nash, our President and CEO; Enrique Mayor-Mora, our Executive Vice President and CFO; and Jon Daniels, our Senior Vice President, CarMax Auto Finance Operations.

謝謝你，切爾西。大家，早安。感謝您參加我們的 2024 財年第二季財報電話會議。今天我和我們的總裁兼執行長比爾·納許一起來到這裡。 Enrique Mayor-Mora，我們的執行副總裁兼財務長；喬恩‧丹尼爾斯 (Jon Daniels)，CarMax 汽車金融營運部資深副總裁。

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 we make pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on our current knowledge, expectations and assumptions and are subject to substantial risks and uncertainties that could cause actual results to differ materially from our expectations.

讓我提醒您，我們今天的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1995 年《私人證券訴訟改革法案》的安全港條款做出的前瞻性聲明. 這些陳述是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有重大差異。

In providing projections and other forward-looking statements, we disclaim any intent or obligation to update them. For additional information on important facts 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, 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.

在提供預測和其他前瞻性陳述時，我們不承擔任何更新它們的意圖或義務。有關可能影響這些預期的重要事實的更多信息，請參閱我們今天上午向 SEC 提交的 8-K 表格以及之前向 SEC 提交的截至 2023 年 2 月 28 日的財年的 10-K 表格年度報告。如果您在通話後有任何後續問題，請隨時聯絡我們的投資者關係部門，電話 (804) 747-0422 分機 7865。

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回到隊列中以獲取更多後續問題。帳單？

Great. Thank you, David. Good morning, everyone, and thanks for joining us. Although our second quarter results largely reflect the same widespread pressures that we cited over the past year, we continued to see sequential quarterly improvement across our business. We believe the deliberate steps we are taking to control what we can are supporting our business now while also positioning us well for the future. This quarter, we delivered strong retail GPU. We further reduced SG&A year-over-year. We maintained used sellable inventory units at a similar level to the first quarter, while total inventory dollars decreased by 18% year-over-year, split approximately evenly between lower units and reduced acquisition costs.

偉大的。謝謝你，大衛。大家早安，感謝您加入我們。儘管我們第二季的業績在很大程度上反映了我們去年提到的同樣普遍的壓力，但我們繼續看到整個業務的季度連續改善。我們相信，我們為控制所採取的審慎措施正在支持我們現在的業務，同時也為我們的未來做好了準備。本季度，我們交付了強勁的零售 GPU。我們進一步減少了銷售管理費用（SG&A）。我們將二手可售庫存單位維持在與第一季相似的水平，而庫存總額同比下降了 18%，在單位數量減少和採購成本降低之間大致平均分配。

We drove strong wholesale GPU despite experiencing steep depreciation and we stabilized CAF's net interest margin while we maintained penetration. For the second quarter of FY '24 our diversified business model delivered total sales of $7.1 billion, down 13% compared to last year, driven by lower retail and wholesale volume and prices. In our retail business, while total unit sales declined 7.4% and used unit comps were down 9%, we continue to achieve sequential quarterly improvement.

儘管經歷了大幅貶值，我們仍推動了批發 GPU 的強勁發展，並在保持滲透率的同時穩定了 CAF 的淨利差。 24 財年第二季度，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了總銷售額 71 億美元，比去年下降 13%。在我們的零售業務中，雖然總銷量下降了 7.4%，二手銷量下降了 9%，但我們繼續實現季度環比改善。

Further, comp sales improved sequentially by month across the second quarter. Average selling price declined approximately $1,200 per unit or 4% year-over-year. Retail gross profit per used unit was $2,251, similar to last year's second quarter record high of $2282. We continue to expect this year's full year per unit margin will be similar to last year. As always, we will continue to test price elasticity and monitor the competitive landscape.

此外，第二季公司銷售額逐月較上季成長。平均售價每單位下降約 1,200 美元，較去年同期下降 4%。每二手商品的零售毛利為 2,251 美元，與去年第二季 2,282 美元的歷史新高相似。我們繼續預計今年全年的單位利潤率將與去年相似。一如既往，我們將持續測試價格彈性並監控競爭格局。

Wholesale unit sales were down 11.2% versus the second quarter last year. Like used unit sales, this reflect continued sequential improvement year-over-year from the second half of last year and this year's first quarter. Average selling price declined approximately $1,300 per unit or 12% year-over-year. Wholesale gross profit per unit was $963, up from $881 a year ago; we achieved this despite experiencing steep depreciation that was concentrated primarily in June and July.

批發單位銷售額比去年第二季下降 11.2%。與二手銷售一樣，這反映出去年下半年和今年第一季同比持續改善。平均售價每單位下降約 1,300 美元，較去年同期下降 12%。每單位批發毛利潤為 963 美元，高於一年前的 881 美元；儘管經歷了主要集中在六月和七月的急劇貶值，但我們還是實現了這一目標。

We bought approximately 292,000 vehicles from consumers and dealers during the quarter, down 15% from last year as we adjusted offers to reflect the steep depreciation that we are seeing in the marketplace. Of these vehicles, we purchased approximately 273,000 from consumers in the quarter, with a little more than half of those buyers coming through our online instant appraisal experience.

本季我們從消費者和經銷商處購買了約 292,000 輛汽車，比去年下降了 15%，因為我們調整了報價以反映我們在市場上看到的急劇貶值。在這些車輛中，我們本季從消費者那裡購買了大約 273,000 輛，其中略多於一半的買家是透過我們的線上即時評估體驗購買的。

As a result, our self-sufficiency remained above 70% during the quarter. Supported by our Edmunds Sales team, we sourced the remaining approximately 19,000 vehicles through dealers, down 5% from last year. In regard to our second quarter online metrics, approximately 14% of retail unit sales were online, up from 11% last year. Approximately 55% of retail unit sales were omni sales this quarter, up from 53% in the prior year.

因此，本季我們的自給率維持在 70% 以上。在 Edmunds 銷售團隊的支持下，我們透過經銷商購買了剩餘的約 19,000 輛汽車，比去年減少了 5%。就我們第二季的線上指標而言，約 14% 的零售單位銷售額來自在線，高於去年的 11%。本季約 55% 的零售單位銷售額為全方位銷售額，高於去年同期的 53%。

Nearly all of our second quarter wholesale auctions in sales, which represents 19% of total revenue, remain virtual and are considered online transactions. Total revenue resulting from online transactions was approximately 31%, up slightly from 30% last year. CarMax Auto Finance or CAF delivered income of $135 million, down from $183 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 minutes. At this point, I'd like to turn the call over to Enrique, who will provide more information on our second quarter financial performance. Enrique?

我們第二季銷售中幾乎所有的批發拍賣（佔總收入的 19%）仍然是虛擬的，並被視為線上交易。線上交易產生的總收入約為 31%，略高於去年的 30%。 CarMax Auto Finance（CAF）的營收為 1.35 億美元，低於去年同期的 1.83 億美元。喬恩將在幾分鐘內提供有關客戶融資、貸款損失準備金和 CAF 繳款的更多詳細資訊。現在，我想將電話轉給恩里克，他將提供有關我們第二季財務業績的更多資訊。恩里克？

Thanks, Bill, and good morning, everyone. As Bill noted, we drove another quarter of sequential improvement in year-over-year performance across key financial metrics, including unit sales, wholesale margin, gross profit, SG&A and EPS. Second quarter net earnings per diluted share was $0.75 versus $0.79 a year ago. Total gross profit was $697 million, down 5% from last year's second quarter. Used retail margin declined by 9% to $452 million, driven by lower volume at similar per unit margins. Wholesale vehicle margin declined by 3% to $137 million with a decrease in volume, partially offset by stronger per unit margin performance.

謝謝比爾，大家早安。正如比爾指出的那樣，我們在關鍵財務指標（包括單位銷售額、批發利潤率、毛利、SG&A 和每股收益）方面推動了另一個季度的同比業績環比改善。第二季攤薄後每股淨利為 0.75 美元，去年同期為 0.79 美元。總毛利為 6.97 億美元，比去年第二季下降 5%。二手零售利潤率下降 9%，至 4.52 億美元，原因是單位利潤率相似的情況下銷售下降。由於銷量減少，批發汽車利潤率下降 3%，至 1.37 億美元，但部分被單位利潤率表現強勁所抵消。

Other gross profit was $108 million, up 6% from last year's second quarter. This increase was driven by service which delivered a $20 million improvement over last year, with this quarter -- this year's quarter reporting a $14 million loss. As we communicated in our last 2 earnings calls, our expectation is that service will deliver improved year-over-year performance for FY '24 as a result of the efficiency and cost coverage measures that we've put in place.

其他毛利為1.08億美元，比去年第二季成長6%。這一增長是由服務推動的，該服務比去年增加了 2000 萬美元，而本季度（今年的季度）報告了 1400 萬美元的虧損。正如我們在最近兩次財報電話會議中所傳達的那樣，我們的預期是，由於我們採取了效率和成本覆蓋措施，服務將在 24 財年實現同比業績的改善。

The extent of the improvement will also depend on sales performance given the leverage-deleverage nature of service. The improvement in service was partially offset by a reduction in extended protection plan for EPP revenues and third-party finance fees. EPP revenues were down $8 million, primarily due to lower sales and were, to a lesser degree, impacted by slightly lower penetration rates partially due to recent pricing increases taken to offset cost pressures experienced by our third-party providers. These items were partially offset by favorability in year-over-year reserve adjustments. Third-party finance fees were down $4 million from last year's second quarter, driven by lower volume in Tier 2 for which we receive a fee.

鑑於服務的槓桿-去槓桿性質，改善的程度也取決於銷售業績。服務的改善被 EPP 收入和第三方財務費用擴展保護計劃的減少部分抵消。 EPP 收入下降了 800 萬美元，主要是由於銷售額下降，並且在較小程度上受到滲透率略有下降的影響，部分原因是最近為抵消第三方提供商所經歷的成本壓力而提高了價格。這些項目被同比準備金調整的優惠部分抵銷。由於我們收取費用的二級交易量減少，第三方融資費用比去年第二季減少了 400 萬美元。

On the SG&A front, expenses for the second quarter were $586 million, down 12% from the prior year's quarter as we continue to see the benefits of our cost management efforts. To a lesser degree, we also had some timing favorability in the quarter. SG&A as a percent of gross profit was 84%, a leverage of 6.3 points as compared to last year's second quarter. The decrease in SG&A dollars over last year was mainly due to the following: First, other overhead decreased by $41 million. This decrease was driven by several factors, including continued favorability in non-CAF uncollectible receivables, favorability in costs associated with lower staffing levels and from reductions in spend for our technology platforms and strategic initiatives, which included a timing benefit this quarter.

在 SG&A 方面，第二季的費用為 5.86 億美元，比去年同期下降 12%，因為我們繼續看到成本管理工作的好處。在較小程度上，我們在本季也有一些時機優勢。 SG&A 佔毛利潤的百分比為 84%，與去年第二季相比槓桿率為 6.3 個百分點。 SG&A 美元較去年減少的主要原因如下： 首先，其他管理費用減少 4,100 萬美元。這一下降是由多種因素推動的，包括對非CAF 無法收回的應收帳款的持續青睞、與人員配置水平降低相關的成本的青睞以及我們技術平台和戰略舉措支出的減少，其中包括本季度的時間效益。

We also had 2 smaller items in the quarter that largely offset each other. These consisted of additional settlement dollars from the same class action lawsuit we spoke to in the first quarter, offset by unfavorable self-insured losses related to multiple hailstorm events. Second, total compensation and benefits decreased $28 million, excluding a $7 million increase in share-based compensation. This decrease was primarily driven by our continued focus on driving efficiency gains and aligning staffing levels in stores and CECs to sales.

本季我們還有兩個較小的項目，它們在很大程度上相互抵消。其中包括我們在第一季談到的同一集體訴訟中獲得的額外和解金，並被與多起冰雹事件相關的不利自保損失所抵消。其次，薪資和福利總額減少了 2,800 萬美元，其中不包括增加的 700 萬美元的股權薪酬。這一下降主要是由於我們持續專注於提高效率以及根據銷售情況調整商店和 CEC 的人員配置水準。

Third, we reduced advertising by $17 million. This decrease was due to a reduction in per unit spend as compared to last year's peak per unit spend, lower volume and timing. As we communicated on our fourth quarter call, as we enter the back half of FY '24, we will have largely anniversaried over the year-over-year benefits from our cost management efforts.

第三，我們減少了 1700 萬美元的廣告費用。這一下降是由於與去年的單位支出高峰相比，單位支出減少、數量和時間減少。正如我們在第四季度電話會議上所傳達的那樣，隨著我們進入 24 財年後半段，我們將迎來成本管理工作所帶來的同比效益的周年紀念日。

With that said, we remain disciplined with our spend. We also expect timing and marketing and technology spend to impact the back half of FY '24. In regard to marketing, we still expect our full year spend on a per unit basis to be similar to FY '23 spend level. Accordingly, our spend in the back half of FY '24 will exceed the per unit spend from the front half. Regarding technology spend, approximately $10 million of the year-to-date year-over-year favorability experienced in other overhead will hit the back half of FY '24.

話雖如此，我們仍然嚴格控制支出。我們也預期時機、行銷和技術支出將影響 24 財年後半段。在行銷方面，我們仍然預期全年每單位支出將與 23 財年的支出水準相似。因此，我們在 24 財年後半段的支出將超過前半段的單位支出。關於技術支出，今年迄今在其他管理費用方面所經歷的同比優惠中大約有 1000 萬美元將在 24 財年後半段出現。

We remain committed to effectively managing our cost structure. Our performance in the first half of the year has us on track to deliver on our goal of low single-digit gross profit growth to lever SG&A for the full year, even when excluding the benefits from this year's legal settlement. Regarding capital structure, while we paused the repurchase of our common stock during the third quarter of fiscal 2023, we intend to restart our share repurchase program in this quarter. We expect a modest initial pace that will be below the average quarterly paces prior to our pause.

我們仍然致力於有效管理我們的成本結構。我們上半年的業績使我們預計將實現低個位數毛利成長的目標，以槓桿全年的銷售、管理及行政費用，即使不包括今年法律和解的收益。關於資本結構，雖然我們在 2023 財年第三季暫停了普通股回購，但我們打算在本季重新啟動股票回購計畫。我們預計初始成長速度將低於暫停前的平均季度增速。

Our objective is to appropriately manage our net leverage to maintain financial flexibility and to efficiently access capital markets for both CAF and CarMax as a whole, while also returning capital back to shareholders. As of the end of the quarter, we had $2.45 billion of repurchase authorization remaining. Now I'd like to turn the call over to Jon.

我們的目標是適當管理我們的淨槓桿率，以保持財務靈活性，並有效地為 CAF 和 CarMax 整體進入資本市場，同時將資本返還給股東。截至本季末，我們尚有 24.5 億美元的回購授權。現在我想把電話轉給喬恩。

Thanks, Enrique, and good morning, everyone. During the second quarter, CarMax Auto Finance originated $2.2 billion, resulting in penetration of 42.8% net of 3-day payoffs, which was consistent with Q1 and up from 41.2% observed during the second quarter last year. Within the quarter, CAF tightened further within Tier 3 and is retaining only a modest amount of volume at this time. We have, however, slightly increased our investment in the Tier 2 space in an effort to continue our learning and additional credit pockets that we believe will provide future opportunity.

謝謝恩里克，大家早安。第二季度，CarMax 汽車金融籌集了 22 億美元，扣除 3 天收益後的滲透率為 42.8%，與第一季一致，高於去年第二季的 41.2%。在本季度內，CAF 在第 3 級的範圍內進一步收緊，目前僅保留了少量的交易量。然而，我們略微增加了對二級領域的投資，以努力繼續我們的學習和額外的信貸口袋，我們相信這將提供未來的機會。

The weighted average contract rate charged to new customers was 11.1%, an increase of 170 basis points from the same period last year and in line with Q1. Tier 2 penetration in the quarter was 18.1% as a combination of previous lender tightening and consumer hesitation specially in the lower credit tiers drove the majority of reduction versus the 21.6% penetration observed last year. Tier 3 accounted for 6.4% of sales as compared to 6% last year as lenders benefited slightly from CAF's and Tier 2's tightening.

向新客戶收取的加權平均合約費率為11.1%，較去年同期成長170個基點，與第一季持平。本季 2 級滲透率為 18.1%，這是由於先前的貸款機構緊縮和消費者猶豫（特別是在較低信貸等級）的綜合作用，導致了大部分下降，而去年的滲透率為 21.6%。由於貸款機構從 CAF 和 2 級的緊縮政策中略有受益，3 級的銷售額佔銷售額的 6.4%，而去年為 6%。

CAF income for the quarter was $135 million, down from $183 million in the same period last year. This $48 million year-over-year decrease is driven by a $90 million increase in interest expense, partially offset by $60 million of growth in interest and fee income as well as a $14 million increase in loss provision. Note, our interest expense was impacted by a negative $1.2 million fair market value adjustment from our hedging strategy versus a positive $9.4 million adjustment seen in the same period last year.

本季 CAF 營收為 1.35 億美元，低於去年同期的 1.83 億美元。年減 4800 萬美元是由於利息支出增加 9000 萬美元，部分被利息和費用收入增長 6000 萬美元以及損失撥備增加 1400 萬美元所抵消。請注意，我們的利息支出受到對沖策略公平市場價值 120 萬美元負調整的影響，而去年同期則為 940 萬美元正調整。

Within the quarter, total interest margin on the full portfolio decreased to $265 million, down $30 million from the same period last year. The corresponding margin to receivables rate of 6.1%, however, has leveled off as expected and is in line with Q1. I am proud of the team's continued ability to effectively manage finance margin, CAF penetration and sales conversion to benefit CarMax as a whole. The loan loss provision in Q2 of $90 million results in an ending reserve balance of $538 million or 3.08% of ending receivables. This is compared to a reserve of $535 million last quarter, which was 3.11% of receivables.

本季內，整個投資組合的總息差下降至 2.65 億美元，比去年同期減少 3,000 萬美元。然而，相應的應收帳款利率為 6.1%，已按預期趨於平穩，與第一季的情況一致。我為該團隊持續有效管理財務利潤、CAF 滲透率和銷售轉換的能力感到自豪，從而使 CarMax 整體受益。第二季的貸款損失準備金為 9,000 萬美元，期末準備金餘額為 5.38 億美元，佔期末應收帳款的 3.08%。相比之下，上季準備金為 5.35 億美元，佔應收帳款的 3.11%。

The slight reduction in the reserve to receivables rate is a function of the portfolio tightening, partially offset by the modest additional investment in the Tier 2 business and adjustments on loss expectations within the existing portfolio. We believe the tightening will have a positive impact on the future required reserve, but we will also continue to look for opportunities to capture long-term profitability for CarMax while maintaining a targeted Tier 1 cumulative net credit loss rate of 2% to 2.5%. Now I'll turn the call back over to Bill.

應收帳款準備金率的小幅下降是投資組合收緊的結果，但部分被二級業務的適度額外投資以及現有投資組合內損失預期的調整所抵消。我們相信收緊政策將對未來的法定準備金產生正面影響，但我們也將繼續尋找機會為CarMax取得長期獲利能力，同時維持2%至2.5%的目標一級累積淨信用損失率。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, we believe the steps we are taking in response to the current environment are supporting our business in the near term, while also positioning us well for the long run. We will continue to focus on delivering what we believe is the most customer-centric experience in the industry as we prioritize initiatives that drive operational efficiencies and make our Omni Channel experience faster, simpler and more seamless for our associates and customers.

謝謝喬恩和恩里克。正如我在電話會議開始時提到的，我們相信我們為應對當前環境而採取的措施將在短期內支持我們的業務，同時也為我們的長期發展奠定了良好的基礎。我們將繼續專注於提供我們認為是業內最以客戶為中心的體驗，同時優先考慮提高營運效率的舉措，並使我們的全通路體驗更快、更簡單、更無縫地為我們的員工和客戶提供。

Some examples from the second quarter include for online, we're rolling out a number of new capabilities that enhance our digital shopping experience. In our Customer Experience Centers, or CECs, we launched a new order processing system. Sales orders generated through the new system automatically connect to customers' online accounts and to our progression tracker. This tool guides customers through each step of the car-buying journey and provides a more seamless experience for customers who prefer to blend self-progression with assistance from associates.

第二季度的一些例子包括線上方面，我們正在推出許多新功能來增強我們的數位購物體驗。在我們的客戶體驗中心（CEC）中，我們推出了新的訂單處理系統。透過新系統產生的銷售訂單會自動連接到客戶的線上帳戶和我們的進度追蹤器。該工具引導客戶完成購車旅程的每一步，並為喜歡將自我進步與同事幫助相結合的客戶提供更無縫的體驗。

We've begun testing the system in our stores, which will unlock this functionality for all of our customers regardless of where they start their buying journey. We are also expanding capabilities for Skye, our 24/7 virtual assistant. As you might recall, Skye enables us to efficiently assist customers via automated chat functionality while taking work out of our CEC system. In addition to supporting workflows related to the finance applications, vehicle transfers and appointment reservations, Skye is now able to identify customers who have an appraisal instant offer. Skye helps these customers complete the next steps for their trade-in, Previously, associates would have to reach out to provide further support.

我們已經開始在我們的商店中測試該系統，這將為我們所有的客戶解鎖此功能，無論他們從哪裡開始購買旅程。我們也擴展了 Skye（我們的 24/7 虛擬助理）的功能。您可能還記得，Skye 讓我們能夠透過自動聊天功能有效地幫助客戶，同時將工作從我們的 CEC 系統中解放出來。除了支援與財務應用、車輛接送和預約預訂相關的工作流程外，Skye 現在還能夠識別具有即時評估報價的客戶。 Skye 協助這些客戶完成以舊換新的後續步驟。以前，員工必須主動聯繫以提供進一步的支援。

We've been pleased with our customers' adoption of Skye as they progress in their shopping journey. For our stores, we're continuing to leverage data automation to reduce costs and improve transaction speed and accuracy. We have deployed an integrated payoff service in our business office, which allows associates to obtain automated payoff amounts for over 40% of the lenders holding titles for the cars we bought from consumers. In many instances, this service also enables us to receive titles faster by expediting payoffs.

我們對顧客在購物過程中採用 Skye 感到非常高興。對於我們的商店，我們將繼續利用數據自動化來降低成本並提高交易速度和準確性。我們在營業廳部署了綜合還款服務，讓員工能夠自動獲得超過 40% 的貸款人的還款金額，這些貸方持有我們從消費者處購買的汽車的所有權。在許多情況下，這項服務還使我們能夠透過加快付款速度更快地獲得圖書。

For our auctions, we continue to test enhancements to our platform by upgrading the information we provide dealers, which enables them to submit more informed bids. For example, we launched a test using technology from our investment in partnership with UVeye that provides more detailed information on tire conditions, including brand, speed, size and tread depth of each tire. Dealer feedback in this offering has been positive, and we plan to roll out other enhancements in the upcoming quarters.

對於我們的拍賣，我們繼續透過升級我們提供給經銷商的資訊來測試我們平台的增強功能，這使他們能夠提交更明智的出價。例如，我們利用與 UVeye 合作投資的技術啟動了一項測試，該技術提供了有關輪胎狀況的更詳細信息，包括每個輪胎的品牌、速度、尺寸和胎面深度。經銷商對此產品的回饋非常積極，我們計劃在未來幾季推出其他增強功能。

Before turning to Q&A, I want to recognize 2 significant milestones in the company's history. First, this June, we celebrated the 2-year anniversary of welcoming all the talented Edmunds associates to our team. We're very excited with the value that we have created together so far as we continue to build out our vehicle and customer acquisition programs. For example, as I previously mentioned, we utilized the Edmunds sales team to sign up and support dealers for our Max offer product, which has enabled us to extend our market-leading position as a buyer of cars.

在進行問答之前，我想先介紹公司歷史上的兩個重要里程碑。首先，今年六月，我們慶祝了兩週年紀念日，歡迎所有才華橫溢的 Edmunds 員工加入我們的團隊。到目前為止，我們對我們共同創造的價值感到非常興奮，因為我們繼續制定我們的車輛和客戶獲取計劃。例如，正如我之前提到的，我們利用 Edmunds 銷售團隊為我們的 Max Offer 產品註冊並支持經銷商，這使我們能夠擴大我們作為汽車買家的市場領先地位。

We also recently launched an appraisal tool for dealer websites that makes instant offers based on CarMax's algorithm that are redeemable via Max offer. We have received positive feedback from dealers that are utilizing this service and are pleased with the initial results. Additionally, Edmunds has launched a number of research and buy tools in support of our goal to be the leader in used EV sales. I'd like to speak to 3 of these.

我們最近也為經銷商網站推出了評估工具，該工具根據 CarMax 的演算法提供即時報價，並可透過 Max Offer 兌換。我們收到了使用這項服務的經銷商的正面回饋，並對初步結果感到滿意。此外，Edmunds 還推出了許多研究和購買工具，以支持我們成為二手電動車銷售領導者的目標。我想談談其中的三個。

First, Edmunds has conducted hands-on range testing of more than 60 EVs, which enables us to provide insights into how far a vehicle will go on a single charge in its energy consumption. Beginning in late 2022, we partnered with Recurrent, a leader in EV battery health analytics. This allowed Edmunds to become the first online car shopping resource to offer intelligence to consumers about the health and range of used EV batteries at the VIN level.

首先，Edmunds 對 60 多輛電動車進行了實際里程測試，這使我們能夠深入了解車輛一次充電可以行駛多遠的能耗。從 2022 年底開始，我們與電動車電池健康分析的領導者 Recurrent 合作。這使得 Edmunds 成為第一個線上汽車購物資源，為消費者提供有關 VIN 等級的廢棄電動車電池的健康狀況和範圍的情報。

Second, we've launched customized range maps on Edmunds.com that enable customers to determine how far they can drive on a single charge based on ZIP code specific to their route.

其次，我們在 Edmunds.com 上推出了客製化範圍地圖，使客戶能夠根據其路線特定的郵遞區號確定一次充電可以行駛多遠。

And third, we have built guide to help customers evaluate potential tax credits and incentives for EVs. These cover all available Federal and State EV programs plus thousands of incentive offers from local utilities and municipalities across the country with more to come. Also this month, we are celebrating CarMax's 30th anniversary.

第三，我們制定了指南來幫助客戶評估電動車的潛在稅收抵免和激勵措施。這些涵蓋了所有可用的聯邦和州電動車計劃，以及來自全國各地當地公用事業和市政當局的數千個激勵優惠，而且還會有更多優惠。同樣在本月，我們將慶祝 CarMax 成立 30 週年。

I want to thank and congratulate all of our associates for the work that they do. They are the differentiator and they are the key to our success. Not many companies have the opportunity to revolutionize an industry twice. We're proud to have reshaped the used car industry by driving integrity, honesty and transparency in every interaction. We are excited to reshape the industry again by offering a uniquely personalized car buying experience that enables customers to do as much or as little online and in-stores they want. We're confident in the future of our diversified business model and believe the deliberate steps we are taking today will drive growth in the years ahead.

我要感謝並祝賀我們所有同事所做的工作。他們是我們的差異化因素，也是我們成功的關鍵。沒有多少公司有機會兩次徹底改變一個產業。我們很自豪能夠透過在每次互動中推動誠信、誠實和透明來重塑二手車行業。我們很高興能夠透過提供獨特的個人化購車體驗來再次重塑該行業，使客戶能夠在線上和店內進行盡可能多或盡可能少的操作。我們對多元化業務模式的未來充滿信心，並相信我們今天採取的審慎步驟將推動未來幾年的成長。

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

這樣，我們將很樂意回答您的問題。切爾西？

(Operator Instructions) And our first question will come from Craig Kennison with Baird.

（操作員說明）我們的第一個問題將來自 Craig Kennison 和 Baird。

My question goes to trade-in cycles with rates moving higher, are you seeing elongated trade-in cycles from your customers that are reluctant to give up lower rates that they might have locked in during the pandemic?

我的問題是費率上升的以舊換新周期，您是否看到客戶的以舊換新周期延長，他們不願意放棄在大流行期間可能鎖定的較低費率？

Yes, Craig, I think what we're seeing is there's absolutely some customers that are because of either the affordability issue, which really goes into the monthly payment, customers staying on the sidelines. Which would answer the question, are the trade-in cycle is a little longer? Yes, I would say the trade-in cycle is a little longer. As far as how to quantify that, I can't give you a specific number, but we absolutely see traffic flow coming in at the top of the funnel, where there's interest and again, continue to fall off at the conversion point when people actually start to see their monthly payments. And this is especially true in the lower credit customers.

是的，克雷格，我認為我們看到的是，絕對有一些客戶是因為負擔能力問題，這實際上涉及每月付款，客戶保持觀望。這可以回答這個問題，以舊換新的週期是否會更長一點？是的，我想說的是，以舊換新的週期要長一些。至於如何量化，我無法給你一個具體的數字，但我們絕對看到流量進入漏斗的頂部，那裡有興趣，並且當人們實際上在轉換點繼續下降時開始看到他們的每月付款。對於信用較低的客戶尤其如此。

Our next question will come from Brian Nagel with Oppenheimer.

我們的下一個問題將來自布萊恩·內格爾和奧本海默。

So I have a couple of questions. I'll merge them together. First off, with regard to the buyback, just maybe talk further about the decision to restart here and then maybe explain a little bit your comment about the modest start, how you expect to start modestly?

所以我有幾個問題。我會把它們合併在一起。首先，關於回購，也許可以進一步討論在這裡重新啟動的決定，然後解釋一下您對溫和開始的評論，您希望如何溫和開始？

And then the second question, just with respect to demand. So as we're seeing, as you highlighted in your comments, there's been a sequential improvement in your used car unit comps and while still negative, is better than they've been. Comparison's getting easier. But as you look at the data, are you seeing anything that suggest that in certain pockets, you're actually seeing real demand improve? Or maybe some benefits of what you've done to merchandise better older, lower-priced vehicles?

然後是第二個問題，關於需求。因此，正如我們所看到的，正如您在評論中所強調的那樣，您的二手車單位比較有所改善，雖然仍然是負面的，但比以前要好。比較變得越來越容易。但當你查看數據時，你是否看到任何跡象表明在某些領域，你實際上看到了實際需求的改善？或者也許您在銷售更好的舊型、價格較低的車輛方面所做的工作有一些好處？

Yes, I'll jump in on the first question. So an important component of our capital allocation strategy has been returning capital back to shareholders. Our goal in that strategy is really to balance investing in the business, ensuring the capital structure that we have is where we want it to be and then returning capital back to shareholders. The past few quarters of our sequential improvement in our performances really places us in a position where we're able to restart, albeit at a modest pace.

是的，我將直接回答第一個問題。因此，我們資本配置策略的一個重要部分是將資本回饋給股東。我們該策略的目標實際上是平衡業務投資，確保我們擁有的資本結構符合我們的預期，然後將資本回饋給股東。過去幾季我們業績的連續改善確實使我們處於能夠重新開始的位置，儘管步伐不大。

Modest really means an initial amount below our average from the pre-pause quarterly pace, which was about $150 million a quarter. So initially, we're going to begin with roughly $50 million a quarter, plus or minus. It's a quarterly amount that when annualized would roughly offset annual dilution. So it could be a little heavy, it could be a little light to that goal, but that's what we're initially targeting.

適度實際上意味著初始金額低於暫停前季度速度的平均水平，即每季約 1.5 億美元。因此，最初，我們每季將投入約 5,000 萬美元（上下浮動）。這是一個季度金額，按年化後將大致抵銷年度稀釋。所以對於這個目標來說，它可能有點重，也可能有點輕，但這就是我們最初的目標。

Yes. And Brian, on the second part of your question, I'll go back a little bit of what I told, Craig. We're seeing good top of funnel folks shopping. It's just when it comes to actually meeting the monthly payments, that's where we see the falloff. I think specific to your question, we are seeing still an increased demand for a little bit older vehicles. In our own sales for the quarter, if I think about cars over 6 years old, 60,000 miles, the sales for that pocket sequentially ticked up not only quarter-over-quarter, but certainly year-over-year. So there still is that demand. I think the market data would also tell you, if you look at vehicles that are older than 10 years old, that sector of vehicle is actually performing a little bit better than the 0 to 10 at this point.

是的。布萊恩，關於你問題的第二部分，我將回顧我所說的，克雷格。我們看到漏斗頂部的人們在購物。只有當實際支付每月付款時，我們才會看到下降。我認為具體到你的問題，我們發現對舊一點車輛的需求仍然在增加。在我們本季的銷售中，如果我考慮車齡超過 6 年、行駛里程超過 60,000 英里的汽車，那麼該部分的銷量不僅會逐季度上升，而且肯定會逐年上升。所以這個需求還是有的。我認為市場數據也會告訴你，如果你看一下車齡超過 10 年的車輛，那麼此時該車輛的表現實際上比 0 到 10 歲的車輛要好一些。

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 on the competitive environment. How are you thinking about the outlook here over the next 6 months or so based on a shift in demand to those older vehicles as well as the potential ripple effects of the UAW strikes?

我的問題是關於競爭環境。根據對舊車的需求轉變以及 UAW 罷工的潛在連鎖反應，您如何看待未來 6 個月左右的前景？

Seth. Well, First of all, on the UAW strike, I think it's a little too early to know exactly what the precise impact of those strikes are going to be. Obviously, we're closely monitoring the situation to try to identify downstream impacts of the vehicle supply, pricing and parts and a lot of that's going to depend on how long the strike goes on. Obviously, this isn't the first time we've worked through an issue like this. And I think it's one of our strengths, having gone through cycles like this in the past and been able to navigate them, and I don't expect any difference there.

賽斯.嗯，首先，關於 UAW 罷工，我認為現在要確切了解這些罷工的具體影響還為時過早。顯然，我們正在密切關注局勢，試圖確定車輛供應、定價和零件對下游的影響，其中很大程度上取決於罷工持續的時間。顯然，這不是我們第一次解決這樣的問題。我認為這是我們的優勢之一，過去經歷過這樣的周期並能夠駕馭它們，我預計不會有任何區別。

I think as far as the competitive environment, again, I think consumers are pressured right now and we'll continue to monitor and provide vehicles that are a little bit older. Keep in mind, there's a large subset of 0 to 10-year-old cars that just don't meet our parameters so much. Our technicians are great. And no matter how good they are and how much money we put into them, they just can't make the cut as a CarMax car. And so we're not going to sacrifice on quality, but we'll continue to put out their vehicles that match our quality that they're looking for.

我認為就競爭環境而言，我認為消費者現在面臨壓力，我們將繼續監控和提供稍舊的車輛。請記住，有很大一部分 0 到 10 年車齡的汽車不太符合我們的參數。我們的技術人員很棒。無論它們有多好，無論我們投入多少錢，它們都無法躋身 CarMax 汽車之列。因此，我們不會犧牲質量，但我們將繼續推出符合他們所尋求的質量的車輛。

In terms of affordability as well, we still have over 1/4 of our inventory priced less than $20,000. So in terms of hitting that affordability, it certainly is a focus for us.

在負擔能力方面，我們仍然有超過 1/4 的庫存價格低於 20,000 美元。因此，就達到負擔能力而言，這當然是我們關注的焦點。

Just as a follow-up in terms of your ability to source late-model vehicles, just still the majority of what you're selling. Are you seeing any more challenges? Do you expect that to change going forward?

正如您購買新型車輛的能力的後續行動一樣，仍然是您銷售的大部分產品。您還看到更多挑戰嗎？您預計這種情況未來會改變嗎？

No, we aren't seeing any more. In fact, this quarter, I think compared to the previous quarter, we actually went up a little bit in the 0 to 4 category as far as sales go. And again, I think the fact that our self-sufficiency is above 70%, which doesn't take into consideration anything that we're getting through our Max offer and Max offer, there's a nice selection of retail cars in there as well. So haven't really seen much of a change there. And again, we've been through cycles like this where we've seen a shortage of late-model cars to a more extreme degree than we're seeing right now.

不，我們再也看不見了。事實上，我認為與上一季相比，本季我們在 0 到 4 類別的銷售額實際上有所上升。再說一遍，我認為我們的自給率高於 70%，這還沒有考慮到我們透過 Max 優惠和 Max 優惠獲得的任何東西，那裡還有很多不錯的零售汽車選擇。所以並沒有真正看到太大的變化。再一次，我們經歷了這樣的週期，我們看到新型汽車的短缺程度比我們現在看到的更嚴重。

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。

I just wanted to ask a follow-up question to the, your comment, Bill, about the conversion cycle. What's happening after that initial disappointment with the consumer that they can't afford the vehicle? Are you seeing them come back a couple of weeks later? Do you think they're going to the private market? Are they just sitting on the sidelines? I know your sales folks are persistent. So would just love to kind of get perspective of what's happening after they meet that surprise affordability roadblock?

比爾，我只是想就您關於轉換週期的評論提出一個後續問題。消費者最初因買不起汽車而感到失望之後，會發生什麼事？你看到他們幾週後回來嗎？您認為他們會進入私人市場嗎？他們只是袖手旁觀嗎？我知道你們的銷售人員很執著。那麼，是否想了解他們遇到令人驚訝的負擔能力障礙後發生的情況？

Yes. It's a great question, John. If I look at just web traffic, and kind of use that as a proxy. We're, we probably were averaging for the quarter about 37 million hits, which is up substantially year-over-year and even up over the quarter, probably by about 3 million -- 2 million to 3 million hits, which tells me, look, we've got a lot of folks that are out there and they're interested in their window shopping. And some of those are absolutely repeat offenders. Those aren't unique visits. As far as where they're going, look, I think there's a lot of folks unless they just, their car isn't running anymore, they're just delaying the purchase. I do think that for some of the folks that cannot delay the purchase, I absolutely think that some of them are going down to a different level of car, just to make sure that they can afford the monthly payments and to have reliable transportation.

是的。這是一個很好的問題，約翰。如果我只查看網路流量，並將其用作代理。我們這個季度的平均點擊量可能約為 3700 萬次，同比大幅增長，甚至比本季度增長了約 300 萬次——200 萬到 300 萬次點擊量，這告訴我，看，我們有很多人在在那裡，他們對櫥窗購物感興趣。其中一些絕對是慣犯。這些並不是獨特的訪問。至於他們要去哪裡，看，我認為有很多人，除非他們的車不再運行了，他們只是推遲了購買。我確實認為，對於一些不能推遲購買的人來說，我絕對認為他們中的一些人會購買不同級別的汽車，只是為了確保他們能夠負擔每月的付款並擁有可靠的交通。

And I'll tack on to that, John. I think, and that's one of the real values of our finance product. You can easily apply online and then providing the answers back on all the vehicles. You can very easily pivot and find something in your range, sort, filter accordingly. So I think that's one of the things that we're really excited about being able to provide that to our customer.

我會繼續討論這一點，約翰。我認為，這就是我們金融產品的真正價值之一。您可以輕鬆地在線申請，然後提供所有車輛的答案。您可以非常輕鬆地旋轉並找到您範圍內的內容，並進行相應的排序和過濾。所以我認為這是我們非常高興能夠為客戶提供這項服務的事情之一。

Well, and the fact that having so many lenders on the platform basically competing for the customers, also gives them the best interest rate, which is a key component of the monthly payment.

事實上，平台上有如此多的貸方基本上在爭取客戶，這也為他們提供了最好的利率，這是每月付款的關鍵組成部分。

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。

So I think on the call, you commented, Bill, that comps improved by month, but I think comparison challenges eased, if I'm not mistaken. So what would the monthly cadence look like on a 2- or 3-year stack basis? And then kind of related to that, I know you guys don't guide, haven't for a very long time. But any reason to believe comps shouldn't turn positive in the back half just based on current trends and comparisons?

因此，我認為，比爾，您在電話會議上評論說，對比情況逐月有所改善，但如果我沒記錯的話，我認為比較挑戰有所緩解。那麼，在 2 年或 3 年堆疊的基礎上，每個月的節奏會是什麼樣子呢？與此相關的是，我知道你們已經很久沒有提供指導了。但是，有什麼理由相信僅根據當前趨勢和比較，下半年業績不應該轉正呢？

Yes, Scot, if we look at the quarter specifically, I think I talked about the last call that the beginning of the quarter, we're starting out how the last quarter ended on average. And we did, as I said in the call, we did see improvement each month of the quarter. And September so far is very similar to a little bit of improvement to where August was. We're not going to give guidance on the rest of the year. But as you said, I mean, the comps do because of last year's performance, the comps do get a little bit easier.

是的，斯科特，如果我們具體看一下這個季度，我想我談到了本季初的最後一次電話會議，我們正在開始了解上個季度的平均結束情況。正如我在電話中所說，我們確實看到了本季每個月的進步。到目前為止，九月與八月的情況非常相似，略有改善。我們不會對今年剩餘時間提供指導。但正如你所說，我的意思是，由於去年的表現，比賽確實變得容易一些。

Okay. So if I were just to break down 2Q, not commenting on 3Q, obviously. If I was looking at stacks, like is there a way to kind of look at it on a 2- or 3-year stack and help us understand whether there is improvement on that basis?

好的。因此，如果我只是分解第二季度，而不是評論第三季度，顯然。如果我正在查看堆棧，有沒有一種方法可以在 2 年或 3 年的堆棧上查看它並幫助我們了解在此基礎上是否有改進？

On a 2-year stack, the second quarter was better than the first quarter. Though I think when it comes to intra-quarter, we try not to talk too much about the details of month-to-month, especially when looking over a year, but I would tell you that second quarter 2-year basis better than the first quarter, as like Bill said.

從兩年的數據來看，第二季比第一季好。雖然我認為當談到季度內時，我們盡量不要過多談論月度的細節，特別是在考慮一年以上的情況時，但我會告訴你，第二季度的兩年基礎比第二季度的基礎更好正如比爾所說，第一季。

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 apologize if you answered this, my cell cut out and I had to redial in. But obviously, you're resuming the share repurchase program. What are the thoughts at this point on store openings. I don't know if you even reiterated the plan for this year, and I know you kind of left the door open to maybe accelerating next year. So just thoughts on that or perhaps the idea has changed in terms of harvesting more sales at existing locations rather than growing the store base meaningfully?

如果你回答這個問題，我很抱歉，我的手機斷了，我不得不重撥。但顯然，你正在恢復股票回購計畫。目前對於開店有什麼想法？我不知道你是否重申了今年的計劃，但我知道你為明年的加速計劃敞開了大門。那麼，只是考慮一下這一點，或者也許這個想法已經改變，在現有地點獲得更多銷售額，而不是有意義地擴大商店基礎？

Sharon. Yes, our outlook at this point, what we've already said hasn't changed. So this year, we have a few more stores that we're going to open up. So that will get us to a total of 5 this year, plus the one stand-alone production facility that we've talked about down in the Atlanta market. We have not come out and said exactly the number of stores that we'll be building next year yet. We'll talk about that later on in the year, probably Q4 and let you know.

莎倫.是的，我們目前的觀點，我們已經說過的並沒有改變。因此，今年我們將開設更多商店。因此，今年我們的工廠總數將達到 5 個，再加上我們在亞特蘭大市場討論過的一個獨立生產工廠。我們還沒有明確透露明年我們將建造多少家商店。我們將在今年晚些時候（可能是第四季度）討論這個問題，並讓您知道。

Yes. And that's regular routine. We provide that update on an annual basis, along with our CapEx guidance for the year.

是的。這就是例行公事。我們每年都會提供該更新以及當年的資本支出指南。

Our next question comes from Michael Montani with Evercore ISI.

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

I just wanted to ask on the credit front, if you can provide an update on credit availability. And then also to the extent some of the credit behavior was less favorable. How should we think about provisioning given the current background is kind of $90 million the right number for now? Any color you can give there would be great.

我只是想在信貸方面詢問您是否可以提供有關信貸可用性的最新資訊。然後在某種程度上，一些信用行為也不太有利。鑑於目前的背景是 9000 萬美元，我們應該如何考慮供應？你可以給那裡任何顏色都會很棒。

Sure. Yes, I'll take them in order. So credit availability for CarMax, again, I think this is one of the values of having the multitude of lenders that we have. We really continue to provide our customers with great access to credit. Now I think it's not a surprise in the industry that obviously, lenders are always looking to shore up their portfolios, and they've tightened where they've needed to. We've seen most of our tightening from our partners, if you will, probably the back half of last calendar year. CAF has tightened over the course of the year.

當然。是的，我會按順序處理它們。因此，CarMax 的信貸可用性，我認為這是我們擁有眾多貸方的價值之一。我們確實繼續為客戶提供良好的信貸管道。現在我認為，顯然，貸款人總是尋求支撐他們的投資組合，並且他們在需要的地方收緊了資金，這在業界並不奇怪。如果你願意的話，我們可能會在去年下半年看到我們合作夥伴的大部分緊縮政策。 CAF 在這一年中收緊了。

And I think that's just standard lending practices that you're going to find right now. But ultimately, I think we provide fantastic access to credit. Certainly in the high 90% range from mid- to over and probably 95% approval rate to customers when they apply. And again, I think we give them access to see other vehicles that are available to them.

我認為這只是您現在會發現的標準貸款做法。但最終，我認為我們提供了極佳的信貸管道。當然，客戶申請時的批准率肯定在 90% 左右，甚至可能達到 95%。再說一次，我認為我們讓他們可以查看他們可以使用的其他車輛。

Regarding overall performance in the quarter for CAF in particular, we continue to look at our overall portfolio. I'm going to look at this from the lens of our Tier 1 business. We securitized everything we report on that on a monthly basis, how that's performing. If you really look at the older deals that you might compare the newer deals to, the '17, the '18, the 2019, even the 2020 deals, exceptionally low loss rates, well below the 2% to 2.5% range they're trending towards right now and obviously, for all the reasons that we've cited before, access to cash, government stimulus, all that. So they really outperformed.

特別是關於 CAF 本季的整體表現，我們將繼續關注我們的整體投資組合。我將從我們的一級業務的角度來看待這個問題。我們將每月報告的所有內容以及其表現進行了證券化。如果你仔細觀察舊交易，你可能會將新交易與 17 年、18 年、2019 年甚至 2020 年的交易進行比較，損失率極低，遠低於 2% 至 2.5% 的範圍。現在的趨勢顯然是，出於我們之前提到的所有原因，獲得現金、政府刺激等等。所以他們確實表現出色。

What we're seeing currently in the newer vintages is really highly expected. It's just a reversion back to sort of the normalized levels that the industry has seen from a lending perspective. So we were anticipating the '21 to '22 deals to go back to that 2% to 2.5% range. I would tell you, we're seeing with these higher monthly payments, we're probably at the higher portion of that range, and that's why we've done the tightening that we've done. We've done it over the course of the last year, to some degree in Tier 3 and also pockets in Tier 1, where we see opportunity to pull back. We want to make sure we operate well within that 2% to 2.5% range. And I think we've done a nice job there.

我們目前在較新年份中看到的情況確實令人非常期待。這只是行業從貸款角度來看的正常水平的回歸。因此，我們預計 21 至 22 年的交易將回到 2% 至 2.5% 的範圍。我想告訴你，我們看到每月付款較高，我們可能處於該範圍的較高部分，這就是我們採取緊縮措施的原因。我們在去年的過程中已經做到了這一點，在某種程度上，在第三級，也在第一級，我們看到了撤退的機會。我們希望確保我們在 2% 至 2.5% 的範圍內運作良好。我認為我們在這方面做得很好。

So ultimately, as you think about the provision going forward, it's a combination of several things I cited in the prepared remarks, the existing portfolio, which, again, I think we have a good handle on. I think it's going to operate in that 2% to 2.5% range, and we've done a nice job there. You've got the new originations, which are certainly going to come in lower, given the tightening. We've pulled back to some degree on the Tier 3. It's a small portion of our business. And the Tier 2, we're excited about that space, and we see great opportunity. So you put all that together, I think our reserve speaks for itself. We've come from 3.11% to 3.08%. I think it's relatively stable. We think we're well reserved, and we'll see how the consumer performs. But I think we're in a good spot right now.

因此，最終，當你考慮未來的條款時，它是我在準備好的評論中引用的幾件事的組合，現有的投資組合，我再次認為我們已經很好地處理了。我認為它將在 2% 到 2.5% 的範圍內運行，我們在這方面做得很好。你已經有了新的產品，考慮到緊縮政策，它們的價格肯定會更低。我們已經在一定程度上縮減了第三級業務。這只是我們業務的一小部分。對於第二層，我們對這個領域感到興奮，我們看到了巨大的機會。所以你把所有這些放在一起，我認為我們的儲備是不言而喻的。我們已經從 3.11% 上升到 3.08%。我覺得還是比較穩定的。我們認為我們已經做好了保留，我們將看看消費者的表現如何。但我認為我們現在處於一個很好的位置。

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 wanted to ask, Bill, as you go through periods of steep depreciation like you're talking about and we've seen in the used car market on pricing. Typically, they're accompanied by supply increases, which would drive same-store sales higher. I'm just curious what you're seeing in the market right now as far as availability and flow of vehicles maybe in the 0- to 6-year old bucket, which is the target and then maybe in the 6- to 10-year old, which is a growing target for you over time?

我只是想問，比爾，當你經歷你所說的急劇貶值時期，我們在二手車市場的定價上看到了這一點。通常，它們會伴隨著供應的增加，這將推動同店銷售額的上升。我只是好奇你現在在市場上看到的情況，就車輛的可用性和流量而言，可能是0到6年的車齡，這是目標，然後可能是6到10年的車齡老，隨著時間的推移，哪一個是您不斷成長的目標？

Yes, when I look back at the depreciation for the quarter, like I said, there was a steep depreciation in June and July and quite honestly, it started in May. So if you look at May, June and July, there was probably about $3,000 of depreciation, which is absolutely, it's steep. And the biggest impact it has on us, obviously, is really more on the buys because we're going to adjust accordingly and consumers are always thinking that their vehicles are worth more. So it impacts the buys early on until the rest of the market shift. So from a buy standpoint, it's a headwind in the short term.

是的，當我回顧本季的貶值時，就像我說的那樣，六月和七月出現了急劇的貶值，老實說，貶值是從五月開始的。因此，如果你看看 5 月、6 月和 7 月，可能會出現大約 3,000 美元的貶值，這絕對是非常陡峭的。顯然，它對我們最大的影響實際上更多的是在購買方面，因為我們將進行相應的調整，而消費者總是認為他們的車輛更有價值。因此，它會儘早影響購買，直到市場的其他部分發生變化。因此，從買入的角度來看，短期內這是一個阻力。

But again, I think the team did a phenomenal job not only maintaining the retail margins, but the wholesale margins, which we haven't talked about because year-over-year, they were up even in this steep environment. As far as availability, look, if you're having to rely on outside sources, there's just, there's a limit to the supply. And if I think back over at least my tenure here at CarMax, there's just less vehicles available through third-party auctions, and it's been that way for a while. So, and I don't foresee that changing greatly in the near term, which is also why we're thrilled to have our self-sufficiency so high, and we're continuing to look for avenues to continue to source inventory really retail or wholesale, however we can outside of those sources.

但我再次認為，該團隊做得非常出色，不僅維持了零售利潤率，而且還維持了批發利潤率，我們沒有談論這一點，因為即使在這種嚴峻的環境下，批發利潤率仍逐年上升。就可用性而言，如果您必須依賴外部資源，那麼供應是有限的。如果我至少回想起我在 CarMax 的任期，就會發現透過第三方拍賣獲得的車輛越來越少，而且這種情況已經有一段時間了。因此，我預計這種情況在短期內不會發生很大變化，這也是為什麼我們對自給率如此之高感到興奮，並且我們正在繼續尋找途徑來繼續採購真正的零售庫存或批發，但我們可以在這些來源之外。

And maybe just a follow-up. I mean, do you think you could ever get meaningfully above that 70% self-sufficiency that you're at right now, which is pretty damn good to start with. But I mean, are there other avenues maybe through Edmunds or other ways that you could increase that meaningfully?

也許只是後續行動。我的意思是，你認為你是否能夠有意義地高於目前 70% 的自給率，這對於開始來說是非常好的。但我的意思是，是否還有其他途徑可以透過埃德蒙茲或其他方式來有意義地增加這一點？

Yes. Look, we could take it to 100% tomorrow. It all depends on what you put on the vehicles. I think we probably I'd say this, we probably would never get to 100% self-sufficiency because you're always going to want to have little pockets of inventory that you're going to want to supplement or whatever. But again, our goal is to drive as much as -- drive it as high as possible. It's been pretty steady in that 70-ish in that range, which we feel good about. And again, I think, the key thing here is it's not only on the retail car but we'll also buy every wholesale car as well. So we're absolutely focused on that.

是的。你看，明天我們就可以達到 100%。這完全取決於您在車輛上放置的東西。我想我們可能會這麼說，我們可能永遠不會達到 100% 自給自足，因為你總是想要擁有一小部分庫存，你想要補充或其他什麼。但同樣，我們的目標是盡可能地推動它盡可能高。在這個範圍內，它一直相當穩定在 70 左右，我們對此感覺很好。我認為，這裡的關鍵是，它不僅適用於零售汽車，而且我們還將購買每輛批發汽車。所以我們絕對專注於此。

Our next question will come from Chris Bottiglieri with BNP Paribas.

我們的下一個問題將由法國巴黎銀行的 Chris Bottiglieri 提出。

Just hoping you could elaborate more on compensation expense. I know you said you're lapping cost cuts, but it seems like that compensation cost cuts have sequentially ramped each quarter. So my question is, like if you look at the 4-year CAGR that's gotten particularly better relative to units, particularly Q2 versus Q1. Are you still actively reducing head count if unit trends maintain normal seasonality from here? What would happen to compensation? Will that -- would that also behave normal? Or would that be better or worse than normal seasonality?

只是希望您能詳細說明賠償費用。我知道你說過你正在削減成本，但似乎補償成本削減每個季度都在依次增加。所以我的問題是，如果你看看 4 年複合年增長率，相對於單位而言，尤其是第二季與第一季相比，它變得特別好。如果單位趨勢從這裡開始保持正常的季節性，您是否仍在積極減少員工數量？賠償會怎樣？這會——這也會表現正常嗎？或者說這會比正常的季節性好還是差？

Thanks for the question, Chris. Yes, at this point with compensation, as I mentioned in our prepared remarks, we have pretty much anniversaried over the benefits of some of the stronger levers we put in place. So when thinking of compensation, I would think of that for the back half of the year, one of more pressure lines, if you will, relative to where we've been here for the past couple of quarters. So we've comped over those levers. At the same time, we go through the decision process at this time of the year about staffing for tax time, right? Depending on what the expectation is for tax time, we will start to ramp up our associate level there as well. So I do expect compensation would be one of the line items moving forward. That will be a little bit more pressured relative to where we've been for the past few quarters here.

謝謝你的提問，克里斯。是的，在這一點上，正如我在準備好的發言中提到的那樣，在補償的情況下，我們已經為我們實施的一些更強有力的槓桿所帶來的好處幾乎週年紀念了。因此，在考慮薪資時，我會考慮今年下半年的情況，如果你願意的話，相對於我們過去幾個季度的情況，這是更多的壓力線之一。所以我們已經對這些槓桿進行了比較。同時，我們會在每年的這個時候進行有關納稅時間人員配置的決策過程，對吧？根據對納稅時間的預期，我們也將開始提高我們的員工等級。因此，我確實預計薪酬將成為未來的項目之一。與我們過去幾個季度的情況相比，這將面臨更大的壓力。

Yes, Chris. And just to bring it down with some numbers, if you look at a year ago, staffing-wise total company, we're down about 3,000 or so associates, and that's pretty consistent with what the first quarter was as well. So we've kind of, as long as we're keeping staffing to where we feel like we need sales to Enrique's point, it will be -- the back half of the year will just be, you won't see as much pickup there.

是的，克里斯。為了減少一些數字，如果你看看一年前的公司員工總數，我們減少了大約 3,000 名員工，這與第一季的情況非常一致。因此，只要我們將人員配置保持在我們認為需要恩里克所說的銷售水平的水平，今年下半年，你就不會看到那麼多的增長那裡。

Yes, which we believe we're appropriately staffed. So those cost management efforts we undertook successfully. At this point, we're largely successfully staffed and appropriately staffed.

是的，我們相信我們配備了適當的人員。因此，我們成功地進行了這些成本管理工作。至此，我們基本上已經成功地配備了人員並且配備了適當的人員。

Yes. The only other thing would be that Enrique touched on in his earlier remarks, for everyone to keep in mind, is as the back half of the year progresses, that's generally from a seasonality standpoint, when we start to think about next year's tax time and building for that. And so that generally requires a little bit larger head count. So we'll be monitoring that as we go through the back half.

是的。唯一的另一件事是，恩里克在他之前的演講中提到，每個人都要記住，隨著下半年的進展，這通常是從季節性的角度來看，當我們開始考慮明年的納稅時間和為此而建設。因此，這通常需要更多的人員數量。因此，我們將在後半部分進行監控。

Got you. That makes sense. And then just quickly on car buying. I think you called that out. It seemed like it was July and August when pricing was the worst, or sorry, June and July. Has pricing kind of stabilized a bit in September and lesser extent, August? Have you seen, are you buying cars more often or more frequently higher conversion from customers? Or is that kind of trying to maintain its pace?

明白你了。這就說得通了。然後很快就開始買車了。我想你已經說過了。看起來價格最差的是七月和八月，或者抱歉，六月和七月。 9 月份和 8 月份的價格是否有所穩定？您是否發現，您購買汽車的頻率更高，還是客戶的轉換率更高？或者說這是一種試圖保持其節奏的方式？

Yes. So June and July were the worst. August, actually was up a little bit. And then September in AAA data is probably flattish to a little bit up from a depreciation standpoint or an appreciation standpoint. So, I would call August and September fairly similar, but it was a reversal of the steep depreciation. And I think as we look forward to the rest of the year, I think what we'll probably see now this is assuming no other macro factors. And obviously, there's a lot of things out there, especially when you start thinking about the strike. But outside of that, I would think we would continue to see probably more normal seasonal depreciation barring any other new event.

是的。所以六月和七月是最糟糕的。八月，實際上上漲了一點。然後，從貶值或升值的角度來看，9 月的 AAA 數據可能持平或略有上升。因此，我認為八月和九月相當相似，但這是急劇貶值的逆轉。我認為，當我們展望今年剩餘時間時，我認為我們現在可能會看到的情況是假設沒有其他宏觀因素。顯然，外面有很多事情，尤其是當你開始考慮罷工時。但除此之外，我認為，除非發生任何其他新事件，否則我們可能會繼續看到更正常的季節性貶值。

And that helps your car buying, like you expect that to pick back up from here? Or is that, or do you think it's hit the level?

這對您的汽車購買有所幫助，就像您希望從這裡開始回升一樣？或者是這樣，或者你認為它達到了這個水平嗎？

I think what that does is it does a couple of things. One, as depreciation continues, obviously, that feeds that onto your front line prices. So I think that helps some on the affordability issue. I think also more stable depreciation. It just makes, it's easier to run the business. We do a phenomenal job and the team did a phenomenal job even with that steep depreciation that we saw in the quarter. But when you're starting to see normal depreciation, that's just that's kind of business as usual for us.

我認為它的作用是它做了幾件事。第一，隨著貶值的持續，顯然，這會影響到你的一線價格。所以我認為這對解決負擔能力問題有所幫助。我認為貶值也比較穩定。它只是讓經營業務變得更容易。即使我們在本季度看到了急劇的貶值，我們也做了出色的工作，團隊也做了出色的工作。但當你開始看到正常的折舊時，這對我們來說就是正常的業務。

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。

Great. I just had one question, one clarification. On retail GPU, it was a little larger than seasonal decline in the second quarter versus first quarter. Last 10 plus years, the average sequential move has been $50 lower. I mean, this quarter was more than $100. Just curious if there were any onetime items that impacted that? Or were there any pricing tests? Anything you would call out and one clarification.

偉大的。我只有一個問題，一個澄清。在零售 GPU 方面，第二季與第一季相比季節性下降幅度略大。過去 10 多年，平均連續變動幅度降低了 50 美元。我的意思是，這個季度的收入超過 100 美元。只是好奇是否有任何一次性物品會影響這一點？或是否有任何定價測試？您提出的任何問題和一項澄清。

Yes. Thanks for the question, Rajat. Yes, when I think about this quarter, actually, I'm pleased. I'm pleased with it because we talked about last quarter coming into more in line with where we were last year, which -- remember, last year was a record high for us. And as you point out, I mean, $30 is within the noise for us. So I feel good about that, especially considering the environment that's out there. I think the first quarter obviously, was a record high.

是的。謝謝你的提問，拉賈特。是的，當我想到這個季度時，實際上我很高興。我對此感到滿意，因為我們談到上個季度與去年的情況更加一致，請記住，去年對我們來說是創紀錄的高點。正如你所指出的，我的意思是，30 美元對我們來說是在可接受的範圍內。所以我對此感覺很好，特別是考慮到那裡的環境。我認為第一季顯然創下了歷史新高。

And I think there were some dynamics in that quarter where you purchased the vehicles, and then we saw some appreciation in that quarter, which keeps you from having to do markdowns, that kind of thing. So I look at the first quarter as more of anomaly, which is why we said what we did last quarter, we thought we would be more in line in the second quarter -- with the second quarter last year. And we reiterate we think we'll be more in line for the whole year -- with the whole year of last year, which is still a step up from where we've historically run of $80 to $100.

我認為在您購買車輛的那個季度出現了一些動態，然後我們在該季度看到了一些升值，這使您不必進行降價之類的事情。因此，我認為第一季更多的是異常情況，這就是為什麼我們說我們上季度所做的事情，我們認為第二季度會與去年第二季度更加一致。我們重申，我們認為全年的價格將與去年全年的價格更加一致，這仍然比我們歷史上 80 美元到 100 美元的水平有所提高。

And Rajat, just as a reminder, the first quarter, there's some seasonality benefit too, right? So the first quarter tends to be our strongest from a GPU standpoint just within tax time. So it is that happening as well.

Rajat，提醒一下，第一季也有一些季節性好處，對嗎？因此，從 GPU 的角度來看，第一季往往是我們在報稅時間內表現最強勁的季度。所以這也是正在發生的事情。

Great. Right. That's helpful. And, I guess, you mentioned earlier around the supply situation and the fact that there are several cars in the 0-10 year-old that may not meet your reconditioning needs. As we look into later this year into the next couple of years, it looks like there will be more dependency on the greater than 6-year-old cars, to grow your business. How do you get around some of those quality constraints, recondition constraints for the old cars? Because the 0- to 4-year-old supply is likely going to get worse before it gets better. So how do you manage through that in order to return to growth in the business in the next couple of years?

偉大的。正確的。這很有幫助。而且，我想，您之前提到了供應情況，以及有幾輛0-10歲的汽車可能無法滿足您的翻新需求的事實。當我們展望今年晚些時候和未來幾年時，看起來您將更加依賴使用超過 6 年的汽車來發展您的業務。如何克服舊車的一些品質限制和翻新限制？因為 0 至 4 歲兒童的供應在好轉之前可能會變得更糟。那麼，您該如何應對這一問題，以便在未來幾年內恢復業務成長？

Well, what I would remind you, Rajat, is if you go back when we had the last big bubble go through on late-model cars, back in the financial crisis, the new car sales rate in '08, '09, '10, '11, it bounced around anywhere between $10.5 million and a little over $13 million. If you look at the period from like 2020, '21, '22 and even the estimate for this year, you're talking about $14 million to over $15 million. So my point in pointing that out is we've been through far worse situations than what we're seeing now as far as a bubble of 0- to 4- or 0- to 6-year old cars that we're going to be facing. And again, we're in a better position than we were back then because our self-sufficiency is so high, and we're getting those cars directly from consumers and other sources.

好吧，我要提醒你的是，Rajat，如果你回到我們上次在新型汽車上經歷大泡沫的時候，回到金融危機時期，2008 年、09 年、10 年的新車銷量，'11，它的反彈幅度在1,050 萬美元到略高於1,300 萬美元之間。如果你看看 2020 年、21 年、22 年期間甚至今年的估計，你會發現大約是 1400 萬美元到超過 1500 萬美元。所以我要指出的是，我們經歷過的情況比我們現在看到的情況要糟糕得多，就我們將要出現的 0 到 4 或 0 到 6 年車齡的汽車泡沫而言面對。再說一次，我們的處境比當時更好，因為我們的自給自足程度如此之高，而且我們直接從消費者和其他來源獲得這些汽車。

So we feel very good about our ability to navigate the future, whether it's consumers wanting 0- to 6-year old cars or whether it's consumers wanting to buy something a little bit older.

因此，我們對自己駕馭未來的能力感到非常滿意，無論是消費者想要 0 到 6 年車齡的汽車，還是消費者想要購買稍微舊一點的汽車。

Our next question comes from Daniel Imbro with Stephens.

我們的下一個問題來自丹尼爾·因布羅和史蒂芬斯。

I wanted to ask a follow-up on CAF and maybe it ties into the affordability discussion. But the weighted average rate here was flat, I think, sequentially at 11.1% despite maybe rising benchmark rates and your recent trend of passing through price. So I guess, are we seeing customers push back on rates? Should we maybe take that as a sign customers have reached their limit on affordability? And are you guys at maybe the end of your ability to pass through more APR at CAF despite the rising kind of rate environment? Just curious why that's sequentially flatline from here?

我想詢問 CAF 的後續情況，也許它與負擔能力的討論有關。但我認為，這裡的加權平均利率持平，環比為 11.1%，儘管基準利率可能會上升，而且最近有價格傳遞的趨勢。所以我想，我們是否看到客戶延後價格？我們是否應該將此視為客戶的承受能力已達到極限的標誌？儘管利率環境不斷上升，但你們在 CAF 獲得更多年利率的能力是否已經到了極限？只是好奇為什麼從這裡開始順序是平的？

Sure. Yes. Great question, Daniel. A couple of things that are settled in there to point out. First, the flat quarter-over-quarter also realized we did some tightening in there. If you pull back in the Tier 3 space, we pick pockets in the Tier 1 space, that's going to offset any sequential growth in the APR. I can tell you that we did continue to test and raise APRs within the quarter. But bear in mind, I think one of the key things for us is we're not looking to maximize finance margin. When we do our testing and pass this along to the customer, we're taking into account, are they able to purchase the car? Are they going to end up paying off with someone else where we wouldn't gain any finance income?

當然。是的。好問題，丹尼爾。有幾件事需要指出。首先，環比持平也意識到我們在那裡採取了一些緊縮政策。如果你在第三層空間中撤出，我們會在第一層空間中掏錢，這將抵消年利率的任何連續增長。我可以告訴你，我們確實在本季繼續測試並提高了年利率。但請記住，我認為對我們來說最重要的事情之一是我們不尋求最大化財務利潤。當我們進行測試並將其傳遞給客戶時，我們會考慮他們是否能夠購買汽車？他們最終是否會與其他人一起償還債務，而我們卻無法獲得任何財務收入？

So we very carefully test different rates and then adjust those rates in smaller pockets to optimize the overall CarMax value. So I think that's why you're seeing the sequential piece. But certainly, obviously, there are payment pressures, as Bill mentioned, so we continue to be very careful with that. But that's why you're seeing sequential quarter-over-quarter flat. It's the tightening that is offsetting it.

因此，我們非常仔細地測試不同的費率，然後在較小的範圍內調整這些費率，以優化 CarMax 的整體價值。所以我認為這就是你看到連續片段的原因。但當然，正如比爾所提到的，顯然存在付款壓力，因此我們仍然對此非常小心。但這就是為什麼您會看到環比持平的原因。正是收緊抵消了它。

So to follow up on that question, your strategy would more be to maximize units sold, not maximize margin at CAF. Did we hear that right?

因此，為了跟進這個問題，您的策略更多的是最大化銷售量，而不是最大化 CAF 的利潤。我們沒聽錯吧？

No, I would say we contemplate that in the decision we look at units sold. We look at amount of finance margin that CAF captures and also contemplate, remember, they can pay off in 3 days. So we could sell the car, but CAF could lose the financing if they choose to go down the street to their bank or their credit union. So we put all that together to optimize for CarMax in total, not just maximize one dimension or the other.

不，我想說的是，我們考慮在決策中考慮已售出的單位。我們查看 CAF 獲得的財務利潤金額，並考慮，記住，他們可以在 3 天內還清。所以我們可以賣掉汽車，但如果 CAF 選擇去街上的銀行或信用合作社，他們可能會失去融資。因此，我們將所有這些放在一起，對 CarMax 進行整體優化，而不僅僅是最大化一個維度或另一個維度。

That is CarMax's total profitability right, that's how we think about it.

這就是 CarMax 的總獲利能力，這就是我們的想法。

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 sticking with those other financing channels you just mentioned Enrique. I'm just curious why this year, Other is gaining a lot at the expense of Tier 2? Are there just more cash-only buyers in the market now? Or is there a problem with Tier 2 consumers willing to buy or other lenders just taking the opportunity from you?

繼續使用您剛才提到的其他恩里克融資管道。我只是好奇為什麼今年其他公司卻以犧牲二級為代價而獲得了許多收益？現在市場上是否有更多只用現金的買家？或者二級消費者是否願意購買或其他貸款機構只是從您那裡獲取機會是否有問題？

Sure. Yes, David. I think there's a couple of things going on there. First, I think what you really do see is the affordability is definitely a challenge in the bottom portion of the credit spectrum kind of that mid-tier to the subprime space. We see great demand across the credit spectrum, but ultimately, when they see the monthly payment, it's the higher-end guys that are able to follow through with the purchase.

當然。是的，大衛。我認為那裡發生了一些事情。首先，我認為你真正看到的是，負擔能力絕對是信用譜底部（即中層到次級貸款領域）的一個挑戰。我們看到整個信貸領域都有巨大的需求，但最終，當他們看到每月付款時，只有高端人士能夠完成購買。

So that's going to benefit both CAF and kind of the outside financing population. You did see some pullbacks, as I mentioned, the back half of last year in the Tier 2 space. So there's also some tightening that's hurting the penetration there, just to round it out in Tier 3, they did benefit from that tightening, right? Those customers slow down to the Tier 3 space. But I think predominantly, it's affordability. Those higher-end customers can buy, and that's why you see the percentage of sales a little more skewed to the high end. I think there's demand everywhere, but that's really what's driving it.

因此，這將使 CAF 和外部融資群體受益。正如我所提到的，去年下半年，二級市場確實出現了一些回檔。因此，還有一些緊縮措施損害了那裡的滲透率，只是為了在第 3 級中完善它，他們確實從這種緊縮中受益，對嗎？這些客戶放慢腳步，轉向三級空間。但我認為主要是負擔能力。那些高端客戶可以購買，這就是為什麼你會看到銷售百分比稍微偏向高端。我認為到處都有需求，但這才是推動需求的真正原因。

Okay. And could you just briefly give me some examples of what non-CAF uncollectible receivables are?

好的。您能否簡單舉幾個例子來說明什麼是非 CAF 無法收回的應收帳款？

Yes. So those are going to be, so this hits in the SG&A bucket, right? And these are going to be receivables that our finance partners originate and underwrite that end up having a title processing issue or a down payment challenge that we end up having to buy back. So that's an area of focus for us over the past year. We've made material improvements, as I've talked about on previous quarters, both in execution in our stores and our home office. The DMVs have also got better in terms of turning around those titles as well as the banks in terms of turning around the processing.

是的。所以這些都會是，所以​​這會落在SG&A 桶中，對嗎？這些將是我們的財務夥伴發起和承保的應收帳款，最終將出現產權處理問題或首付挑戰，我們最終不得不回購。所以這是我們過去一年關注的領域。正如我在前幾個季度談到的那樣，我們在商店和家庭辦公室的執行中都做出了重大改進。 DMV 在扭轉這些所有權方面也取得了更好的進展，銀行在扭轉處理方面也取得了更好的進展。

So we saw another quarter of benefit this quarter. We expect to see some more benefit in the back half of the year, probably not as strong as the first half of the year as we start to lap over the accentuated focus last year that we had on making sure we're managing those.

因此，本季我們又看到了四分之一的收益。我們預計今年下半年會看到更多收益，但可能不會像上半年那麼強勁，因為我們開始專注於去年我們強調的重點，確保我們能夠管理這些收益。

And I'm sorry, do you do 100% of that servicing for the third-party lenders in terms of the collection stuff?

抱歉，在催收方面，你們是否 100% 為第三方貸款人提供服務？

No, we do not. That's, we do not underwrite it. That's the third-party partner, they underwrite it and then service it.

不我們沒有。也就是說，我們不承保。那是第三方合作夥伴，他們承保並提供服務。

We do have another question from Michael Montani with Evercore ISI.

Michael Montani 向 Evercore ISI 提出了另一個問題。

Just wanted to ask about if you could give any incremental color around the sales trends by income level. And when you think about the improvement sequentially to the down 9% comp and then throughout the quarter, what are you seeing for upper income versus lower income consumers? And then how does that filter into your desire to spend into ad dollars for the back half of the year?

只是想問一下您是否可以按收入水平對銷售趨勢進行增量顏色顯示。當您考慮到年減 9% 以及整個季度的改善情況時，您對高收入消費者和低收入消費者有何看法？那麼，這如何影響您在今年下半年花費廣告費用的意願呢？

Okay. Yes. So as I said earlier, I mean, we're seeing the biggest pinch probably on the, not probably on the -- we are seeing it on the lower consumer. And think about it from a monthly household income of, let's say, $3,000 to $4,000. That segment of sales for us has shrunk dramatically. So it's probably, in the last couple of years, it's down probably and it's probably down about 50% in the $3,000 and less -- household income is about 50% less than what it used to be. So that's absolutely a headwind, which again speaks to the affordability.

好的。是的。正如我之前所說，我的意思是，我們看到最大的壓力可能是在，而不是在——我們看到的是低端消費者。假設家庭月收入為 3,000 美元到 4,000 美元，請考慮一下。我們這部分的銷售額急劇萎縮。所以，在過去的幾年裡，它可能會下降，在 3,000 美元及以下的家庭收入可能會下降約 50%，家庭收入比以前減少約 50%。所以這絕對是一個逆風，這再次說明了負擔能力。

As far as advertising goes, that's an area where Jim and Sarah and team, they constantly are looking at it. And I think an interesting thing that everybody needs to keep in mind is because we've got this big buying engine also, when we talk about advertising, it's advertising for sales, but it's also advertising for buy. So while you may pull back on sales, you may do more on buy. So it's a walk that we do. And that team does a great job measuring the ROI. So to Enrique's comments earlier, what we're expecting to do in the back half, that certainly could shift if we see something in the marketplace that says, "Hey, you don't need to spend as much. It's not fruitful" or on the flip side, "Hey, you may want to spend a little bit more."

就廣告而言，吉姆和莎拉及其團隊一直在關注這個領域。我認為每個人都需要記住的一件有趣的事情是，因為我們也有這個巨大的購買引擎，當我們談論廣告時，它是銷售廣告，但它也是購買廣告。因此，雖然你可能會減少銷售，但你可能會加強購買。所以我們就是這樣散步。該團隊在衡量投資報酬率方面做得非常出色。因此，對於恩里克之前的評論，我們期望在後半段做的事情，如果我們在市場上看到一些東西說：「嘿，你不需要花那麼多錢。它沒有成果」或另一方面，“嘿，你可能想多花一點錢。”

And so we're constantly monitoring that. But I think the guidance that Enrique gave is really the way to think about it, and then we'll continue to monitor it.

所以我們一直在監控這一點。但我認為恩里克給出的指導確實是思考這個問題的方法，然後我們將繼續關注它。

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

目前我們沒有任何進一步的問題。我會將電話轉回給比爾，讓其結束語。

Great. Well, thank you all for joining the call today and for your questions and your continued support. I do want to, one more time, congratulate the CarMax team on achieving our 30th anniversary, and I just want to thank them for everything that they do every day to take care of each other and our customers and the communities, and we will talk again next quarter. Thank you.

偉大的。好的，感謝大家今天加入電話會議並提出問題和持續的支持。我確實想再次祝賀 CarMax 團隊成立 30 週年，我只想感謝他們每天為互相照顧以及我們的客戶和社區所做的一切，我們將討論下個季度再次。謝謝。

Thank you, ladies and gentlemen. That concludes the Second Quarter Fiscal Year 2024 CarMax Earnings Release Conference Call. You may now disconnect.

謝謝你們，女士們、先生們。 2024 財年第二季 CarMax 收益發布電話會議至此結束。您現在可以斷開連線。