車美仕 (KMX) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Q1 quarter fiscal year 2025 CarMax earnings release conference call. (Operator instructions) Please be advised that today's conference is being recorded, and I would now like to hand the conference over to your speaker today, David Lowenstein, VP, Investor Relations. Please go ahead.

女士們先生們，謝謝你們的支持。歡迎參加 CarMax 2025 財年第一季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中，我現在想將會議交給今天的發言人，投資者關係副總裁 David Lowenstein。請繼續。

Thank you, Savannah. Good morning, everyone. Thank you for joining our fiscal 2025 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，薩凡納。大家，早安。感謝您參加我們的 2025 財年第一季財報電話會議。今天，我與我們的總裁兼執行長 Bill Nash、我們的執行副總裁兼財務長 Enrique Mayor-Mora 以及 CarMax 汽車金融營運部高級副總裁 Jon Daniels 一起出席。

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. 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《私人證券訴訟改革法》的安全港條款做出的前瞻性聲明1995 年發布的。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 and our annual report on Form 10-K for the fiscal year ended February 29, 2024, previously filed with the SEC.

有關可能影響這些預期的重要因素的更多信息，請參閱我們今天上午向 SEC 提交的 8-K 表格以及之前向 SEC 提交的截至 2024 年 2 月 29 日的財年的 10-K 表格年度報告。

Should you have any follow-up questions after the call, please feel free to contact our Investor Relations department at 804-747-0422, extension 7865.

如果您在通話後有任何後續問題，請隨時聯絡我們的投資者關係部門，電話：804-747-0422，分機號碼：7865。

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

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。

Bill?

帳單？

All right, thank you, David. Good morning, everyone, and thanks for joining us.

好的，謝謝你，大衛。大家早安，感謝您加入我們。

During the quarter, we saw continued positive trends, including year-over-year price declines, improvement in vehicle value stability, and ongoing growth in upper funnel demand. We're encouraged by what we are seeing and are continuing to strengthen our business by delivering associate and customer wins that are differentiated and durable.

在本季度，我們看到了持續的正面趨勢，包括價格年減、車輛價值穩定性改善以及漏斗上層需求持續成長。我們對所看到的情況感到鼓舞，並將繼續透過為員工和客戶提供差異化且持久的勝利來加強我們的業務。

In the first quarter, we delivered strong retail and wholesale GPUs and grew EPP margins. We sourced approximately 35,000 vehicles from dealers, an all-time record. We increased used salable inventory units 5% year over year, while decreasing used total inventory units 4%. We grew CAF income 7% year over year under tight lending standards and post quarter end, we launched our first non-prime securitization deal. We continued to actively manage our SG&A, and we repurchased over $100 million in shares.

第一季度，我們交付了強勁的零售和批發 GPU，並實現了 EPP 利潤率的成長。我們從經銷商處採購了約 35,000 輛汽車，創下歷史記錄。我們使用的可售庫存單位較去年同期增加了 5%，同時使用的總庫存單位減少了 4%。在嚴格的貸款標準下，我們的 CAF 收入年增了 7%，季末後，我們推出了首筆非優質證券化交易。我們繼續積極管理 SG&A，並回購了超過 1 億美元的股票。

For the first quarter of FY25, our diversified business model delivered total sales of $7.1 billion, down 7% compared to last year, reflecting lower retail and wholesale volume and prices. In our retail business, total unit sales declined 3.1% and average selling price declined approximately $700 per unit or 3% year over year.

2025 財年第一季度，我們的多元化業務模式實現總銷售額 71 億美元，比去年下降 7%，反映出零售和批發數量和價格的下降。在我們的零售業務中，總銷量下降了 3.1%，平均售價每單位下降約 700 美元，年減 3%。

Used unit comps were down 3.8% and we saw comp performance strengthen in the back half of the first quarter. First quarter retail gross profit per used unit was $2,347 in line with last year's $2,361. Wholesale unit sales were down 8.3% versus the first quarter last year as the industry experienced lower seasonal appreciation year over year. Average selling price declined approximately $900 per unit or 10%.

二手設備比較下降了 3.8%，我們看到第一季後半段的比較表現有所增強。第一季每二手商品零售毛利潤為 2,347 美元，與去年同期的 2,361 美元持平。由於該行業季節性升值年減，批發單位銷售額較去年第一季下降 8.3%。平均售價下降約每單位 900 美元，或 10%。

Wholesale gross profit per unit was a first-quarter record of $1,064, up from $1,042 a year ago. We bought approximately 314,000 vehicles during the quarter, down 9% from last year. The appreciation dynamics that I just mentioned impacted our overall buys as well. We purchased approximately 279,000 vehicles from consumers with slightly more than half of those buys coming through our online instant appraisal experience. With the support of our admin sales team, we source the remaining approximately 30 -- 35,000 vehicles through dealers, up 70% from last year.

第一季每單位批發毛利潤創歷史新高，達到 1,064 美元，高於一年前的 1,042 美元。本季我們購買了約 314,000 輛汽車，比去年下降 9%。我剛才提到的升值動態也影響了我們的整體購買。我們從消費者那裡購買了大約 279,000 輛汽車，其中一半以上是透過我們的線上即時評估體驗購買的。在我們管理銷售團隊的支持下，我們透過經銷商購買了剩餘的約 30 - 35,000 輛車輛，比去年增加了 70%。

For our first-quarter online metrics, approximately 14% of retail unit sales were online consistent with last year. We continue to see ongoing adoption of our omnichannel retail experience, approximately 57% of retail unit sales were omni-sales this quarter, up from 54% in the prior year.

對於我們第一季的線上指標，大約 14% 的零售單位銷售額來自在線，與去年持平。我們繼續看到我們的全通路零售體驗持續被採用，本季約 57% 的零售單位銷售額是全通路銷售額，高於前一年的 54%。

Total revenue from online transactions was approximately 30%, in line with last year. All of our first-quarter wholesale auctions and sales were virtual and are considered online transactions, which represent 18% of total revenue for the quarter.

線上交易的總收入約為30%，與去年持平。我們第一季所有的批發拍賣和銷售都是虛擬的，被視為線上交易，佔該季度總收入的 18%。

CarMax Auto Finance or CAF delivered income of $147 million, up 7% from the same period last year. In a few minutes, Jon will provide more detail on customer financing, the loan loss provision, CAF contribution, and our progress in becoming a full spectrum -- full credit spectrum lender, which enables incremental growth in finance income.

CarMax Auto Finance（CAF）營收1.47億美元，比去年同期成長7%。幾分鐘後，喬恩將提供有關客戶融資、貸款損失撥備、CAF 貢獻以及我們在成為全譜（全信用譜貸方）方面取得的進展的更多詳細信息，這將實現財務收入的增量增長。

At this point, I'd like to turn the call over to Enrique, who will provide more information on our first-quarter financial performance.

現在，我想將電話轉給恩里克，他將提供有關我們第一季財務業績的更多資訊。

Enrique?

恩里克？

Thanks, Bill, and good morning, everyone.

謝謝比爾，大家早安。

As Bill noted, we drove a strong per-unit margins this quarter for both used and wholesale. We also delivered growth in other gross profit margins and cash contribution while staying focused on managing SG&A.

正如比爾指出的那樣，本季我們的二手產品和批發產品的單位利潤率都很高。我們也實現了其他毛利率和現金貢獻的成長，同時繼續專注於管理銷售、管理和行政費用。

First-quarter net earnings per diluted share was $0.97 versus $1.44 a year ago. As a reminder, last year's quarter had a benefit of $59 million, which translates to a $0.28 per share from a legal settlement.

第一季攤薄後每股淨利為 0.97 美元，去年同期為 1.44 美元。提醒一下，去年季度的收益為 5,900 萬美元，相當於每股 0.28 美元的法律和解收益。

Total gross profit was $792 million, down 3% from last year's first quarter. Used retail margin of $495 million declined by 4% with lower volume and relatively flat per unit margins. Wholesale vehicle margin of $157 million, declined by 6%, with lower volumes, partially offset by higher per unit margins.

總毛利為7.92億美元，比去年第一季下降3%。二手零售利潤為 4.95 億美元，下降 4%，銷售下降，單位利潤相對相當。車輛批發利潤為 1.57 億美元，下降 6%，銷售減少，但被單位利潤增加部分抵銷。

Other gross profit was $139 million, up 3% from a year ago. This was driven by an $8-million increase in EPP. As a reminder, in the fourth quarter of FY24, we tested raising MaxCare margins per contract, which drove overall product profitability despite a lower product penetration rate. With that, we rolled out the margin increases in late Q4 FY24.

其他毛利為 1.39 億美元，較去年同期成長 3%。這是由 EPP 增加 800 萬美元推動的。提醒一下，在 2024 財年第四季度，我們測試了提高 MaxCare 每份合約的利潤率，儘管產品滲透率較低，但這推動了整體產品獲利能力。至此，我們在 2024 財年第四季末推出了利潤率上調計劃。

Service delivered $3 million in margin, flat with last year's first quarter. Performance was primarily supported by efficiency and cost coverage measures offset by deleverage due to lower year-over-year sales in the quarter as well as by timing. We expect year-over-year improvement for the balance of the year as governed by sales performance given the leverage, de-leverage nature of service.

服務利潤率為 300 萬美元，與去年第一季持平。業績主要受到效率和成本覆蓋率措施的支持，但由於本季度銷售額同比下降以及時間安排而被去槓桿化所抵消。鑑於服務的槓桿、去槓桿性質，我們預計今年剩餘時間將出現同比改善，這取決於銷售業績。

On the SG&A front, expenses for the first quarter were $639 million, up 3% or $19 million. From the prior year's quarter, when excluding the benefit from the $59 million legal settlement received during the first quarter of FY24. Also pressuring SG&A this quarter was approximately $22 million of expense from share-based compensation for certain retirement eligible executives and the lapping of favorable reserve adjustments related to noncash uncollectible receivables during last year's first quarter.

在 SG&A 方面，第一季支出為 6.39 億美元，成長 3%，即 1,900 萬美元。與上一年季度相比，不包括 2024 財年第一季收到的 5,900 萬美元法律和解金中的收益。本季SG&A 面臨的另一個壓力是，為某些符合退休資格的高階主管提供以股份為基礎的薪酬，以及去年第一季與非現金無法收回的應收帳款相關的優惠準備金調整，產生約2200萬美元的費用。

Excluding these items, which we noted in our FY24 year-end call, SG&A total dollars were down year over year in the first quarter due to our continued discipline in spend levels. SG&A dollars for the first quarter were mainly impacted by two additional factors.

不包括我們在 2024 財年年終電話會議中指出的這些項目，由於我們對支出水準的持續嚴格控制，第一季的 SG&A 總額較去年同期下降。第一季的銷售、管理及行政費用主要受到另外兩個因素的影響。

First, other overhead increased by $6 million when excluding last year's favorable legal settlement, continued year-over-year favorability in non-CAF uncollectible receivables was more than offset by lapping over last year's first quarter favorable reserve adjustments.

首先，如果排除去年有利的法律​​和解，其他管理費用增加了 600 萬美元，非 CAF 無法收回的應收帳款持續同比有利的情況被去年第一季有利的準備金調整所抵消。

Second, total compensation and benefits, excluding share-based compensation expense, decreased by $3 million, mostly driven by our ongoing focus on efficiency in stores and CECs.

其次，總薪酬和福利（不包括基於股份的薪酬費用）減少了 300 萬美元，這主要是由於我們持續關注商店和 CEC 的效率。

Regarding capital allocation, during the quarter, we repurchased approximately 1.4 million shares for a total spend of $104 million, which was an acceleration in the pace from the repurchase levels in the second half of fiscal year '24. As of the end of the quarter, we had approximately $2.3 billion of repurchase authorization remaining. In the first quarter, we also paid off our $300 million floating rate term loan, which was scheduled to mature in early June.

關於資本配置，本季我們回購了約 140 萬股股票，總支出為 1.04 億美元，較 24 財年下半年的回購水準加快。截至本季末，我們剩餘約 23 億美元的回購授權。第一季度，我們還清了原定於 6 月初到期的 3 億美元浮動利率定期貸款。

Now I'd like to turn the call over to [Jon].

現在我想把電話轉給[喬恩]。

Thanks, Enrique, and good morning, everyone.

謝謝恩里克，大家早安。

During the first quarter, CarMax Auto Finance originated approximately $2.3 billion, resulting in sales penetration for 43.3% net of three-day payoffs, which was up 60 basis points from last year's first quarter. The weighted average contract rate charged to new customers was 11.4%, an increase of 30 basis points from a year ago.

第一季度，CarMax 汽車金融產生了約 23 億美元，扣除三天回款後的銷售滲透率為 43.3%，比去年第一季成長了 60 個基點。向新客戶收取的加權平均合約費率為11.4%，較去年同期上升30個基點。

Partner Tier 2 penetration in the quarter was 18.7%, down from 20.4% observed last year. Partner Tier 3 volume accounted for 7.5% of sales, up from 6.7% compared to last year, as our partners' improved offers were in place for the entirety of the first quarter. Both Tiers saw less application volume year over year as lower credit customers remained [challenged] with affordability. Also impacting each of these year-over-year results but to a lesser degree as CAFs continued decreased volume and Tier 3 as well as the increase test volume in Tier 2.

本季合作夥伴二級滲透率為 18.7%，低於去年的 20.4%。由於我們的合作夥伴在整個第一季都提供了改進的報價，因此第三級合作夥伴銷售佔銷售額的 7.5%，高於去年的 6.7%。由於信用較低的客戶仍面臨負擔能力的挑戰，兩個層級的申請量均逐年減少。也影響了這些逐年結果，但影響較小，因為 CAF 繼續減少數量和第 3 層以及增加第 2 層的測試量。

CAF income for the quarter was $147 million, up $10 million from the same period last year, primarily driven by an increase in total interest margin. Note, fair market value adjustments from our hedging strategy accounted for $3 million in expense this quarter versus $9 million in expense during last year's first quarter.

該季度CAF收入為1.47億美元，比去年同期增加1000萬美元，主要是由於總息差的增加。請注意，我們對沖策略的公平市價調整導致本季的費用為 300 萬美元，而去年第一季的費用為 900 萬美元。

The net interest margin percentage for the quarter was 6.2%, up from last quarter, but in line with our expected level of near 6%. The provision for loan losses was flat to last year at $81 million and resulted in a reserve balance of $493 million or 2.79% of receivables compared to 2.78% at the end of last quarter. CAFs continued investment in the Tier 2 space, offset by the previously implemented tightening in Tier 1 contributed to a consistent reserve to receivable ratio.

本季淨利差率為 6.2%，較上季有所上升，但符合我們接近 6% 的預期水準。貸款損失撥備與去年持平，為 8,100 萬美元，準備金餘額為 4.93 億美元，佔應收帳款的 2.79%，而上季末為 2.78%。非洲金融機構繼續對二級市場進行投資，但被先前在一級市場實施的緊縮政策所抵消，這有助於維持穩定的準備金與應收帳款比率。

As was highlighted last quarter, CAF has been building the capability and infrastructure to scale its participation across all credit Tiers. First, CAF has leveraged its learning in Tier 2 along with its experience operating in both Tiers 1 and 3 to develop a new full spectrum underwriting model, which we will begin to test in the second quarter.

正如上季所強調的那樣，CAF 一直在建立能力和基礎設施，以擴大其在所有信貸層級的參與。首先，CAF 利用其在 2 級的學習以及在 1 級和 3 級的營運經驗，開發了一種新的全譜承保模式，我們將在第二季開始測試該模式。

From a funding perspective, we plan to expand our current asset-backed securitization program from a single platform to one that more broadly incorporates cash receivables across distinct prime and non-prime segments. We believe this will allow us to better align our offering with each investor base and ultimately generate added funding capacity.

從融資角度來看，我們計劃將目前的資產支持證券化計劃從單一平台擴展到更廣泛地涵蓋不同主要和非主要細分市場的應收現金。我們相信，這將使我們能夠更好地使我們的產品與每個投資者基礎保持一致，並最終產生更多的融資能力。

To that end, our first non-prime ABS transaction is currently in the market with $625 million of offered notes. Having the ability to both successfully decision and efficiently fund the entirety of the credit spectrum at scale, puts CAF in a strategic position to further complement our full roster of lending partners while also driving additional finance income for the business.

為此，我們的第一筆非主要 ABS 交易目前已在市場上進行，發行票據金額為 6.25 億美元。 CAF 具有成功決策和高效為整個信貸範圍提供資金的能力，這使得 CAF 處於戰略地位，可以進一步補充我們的全部貸款合作夥伴名單，同時也為業務帶來額外的財務收入。

Now I'll turn the call back over to Bill.

現在我將把電話轉回給比爾。

Great. Thank you.

偉大的。謝謝。

As I mentioned earlier, we are encouraged by the positive trends we're seeing in pricing and vehicle value stability. I am proud of the durable actions we've been taking to support our business to further differentiate our offerings, which are setting us up for continued improvements in our performance and future growth.

正如我之前提到的，我們對定價和車輛價值穩定性方面看到的積極趨勢感到鼓舞。我為我們為支持我們的業務、進一步差異化我們的產品而採取的持久行動感到自豪，這為我們的業績和未來成長的持續改進奠定了基礎。

Some examples include, we've expanded our vehicle sourcing capabilities by attracting more dealers to max offer through product enhancements that make it even easier to use. We achieved record sourcing volume each month of the quarter and are excited about launching this capability in New York during the second quarter.

一些例子包括，我們透過產品增強吸引更多經銷商提供最大報價，使其更易於使用，從而擴大了我們的車輛採購能力。我們在本季的每個月都實現了創紀錄的採購量，並對第二季度在紐約推出此功能感到興奮。

We've increased use salable inventory units while lowering total used inventory units through [WIP] reductions from new title management capabilities and focused inventory management nonproduction stores. We've enhanced CAF stability to become a full spectrum lender, which positions us to further grow CAF income over time.

我們增加了可銷售庫存單位的使用量，同時透過新的產權管理功能和集中庫存管理非生產商店的 [WIP] 減少來降低已用庫存單位總量。我們增強了 CAF 的穩定性，成為全方位貸款機構，這使我們能夠隨著時間的推移進一步增加 CAF 收入。

We've raised our EPP margins and improved service gross profit. We have achieved efficiency gains in our stores in CECs that will scale very well as we buy and sell more cars. We have launched a number of EV research tools through Edmunds to help educate and build trust with consumers. We've also established test stores in California to evaluate new capabilities that support our operational readiness for increased EV sales and also enhance the customer experience.

我們提高了 EPP 利潤率並提高了服務毛利。我們在 CEC 的商店實現了效率提升，隨著我們購買和銷售更多汽車，這種效率將得到很好的擴展。我們透過 Edmunds 推出了許多電動車研究工具，以幫助教育消費者並建立信任。我們還在加州建立了測試店，以評估新功能，以支持我們為增加電動車銷售做好營運準備並增強客戶體驗。

Finally, we have continued to further enhance our omnichannel capabilities. We are rolling out our new order processing system to our stores and plan for it to be available nationwide later this year. The system helps associates guide customers through each step of the buying journey and provides a more seamless experience for consumers who prefer to blend self progression with assistance from associates.

最後，我們繼續進一步增強我們的全通路能力。我們正在向我們的商店推出新的訂單處理系統，並計劃於今年稍後在全國推出。該系統幫助員工引導顧客完成購買過程的每一步，並為喜歡將自我進步與員工幫助結合的消費者提供更無縫的體驗。

In addition to these actions, we are focused on driving down cost of goods sold by pursuing incremental efficiency opportunities that we've identified across our logistics network and reconditioning operations.

除了這些行動之外，我們還致力於透過在物流網絡和整修業務中尋求提高效率的機會來降低銷售商品的成本。

For Logistics, we are testing a transportation management system that dispatches -- moves through a centralized team. The system automates communication between drivers and stores and provides new planning and execution capabilities.

對於物流，我們正在測試一個運輸管理系統，該系統透過集中團隊進行調度和移動。該系統可自動實現司機和商店之間的通信，並提供新的規劃和執行功能。

For reconditioning, we've identified opportunities to reduce costs such as parts acquisition, bringing elements of sublet work in-house, and optimizing production workflow. In addition, we believe that balancing production capacity across our stores and stand-alone reconditioning centers will drive further efficiencies and potentially enable us to take on more MaxCare work over time. All of these actions continue to make us stronger, better positioned to support consumers, and fuel our excitement about our future growth in sales and profitability.

對於翻修，我們找到了降低成本的機會，例如零件採購、將轉租工作的要素引入內部以及優化生產工作流程。此外，我們相信，平衡我們商店和獨立翻新中心的生產能力將進一步提高效率，並有可能使我們能夠隨著時間的推移承擔更多的 MaxCare 工作。所有這些行動繼續使我們變得更強大，更好地支持消費者，並激發我們對未來銷售和獲利成長的興奮。

With that, we will be happy to take your questions.

這樣，我們將很樂意回答您的問題。

Savannah?

薩凡納？

(Operator instructions)

（操作員說明）

Jon Healy, Northcoast Research.

喬恩希利，北海岸研究中心。

Bill, I'd love to just start with the top of the funnel for you guys, just on same-store sales. I think you mentioned the comp trends improved as we moved through Q1, and we'd just love to get your thoughts on maybe how those improved and maybe what you're seeing now?

比爾，我很樂意從你們漏斗的頂部開始，只是同店銷售。我想您提到了隨著我們進入第一季度，比較趨勢有所改善，我們很想了解您對這些改善的想法以及您現在看到的情況？

And just as a follow-up to that, how do you answer the share question because I think that's the biggest one investors bring up as we see these numbers for CarMax, but how do you feel you guys are performing in the market versus peers? And if there is a delta, how do you explain that delta?

作為後續行動，你如何回答股票問題，因為我認為這是投資者在看到 CarMax 的這些數據時提出的最大問題，但你認為你們在市場上的表現與同業相比如何？如果存在增量，您如何解釋該增量？

Thanks.

謝謝。

Thank you, John.

謝謝你，約翰。

On your first question, I think what you're asking is basically comp cadence. So again, if you go back to the fourth quarter, the last call we did halfway through the quarter, we were running mid-single digit negative comps. Obviously, the back half of the quarter was better than the first half of the quarter, which we were encouraged by. And then if you look at June month to date for the new quarter, we're also continued -- we continue to see some improved performance and we're actually running slightly positive comp June month to date, so we're encouraged to see this continued improvement there.

關於你的第一個問題，我認為你問的基本上是節奏。再說一次，如果你回到第四季度，也就是我們在本季中途進行的最後一次電話會議，我們的業績是中個位數的負值。顯然，本季後半段的表現比上半段好，這讓我們感到鼓舞。然後，如果你看看新季度 6 月至今的情況，我們還會繼續——我們繼續看到業績有所改善，而且實際上 6 月至今我們的業績略有改善，因此我們很高興看到那裡的情況持續改善。

As far as market share data, if we look at the first three calendar months of the year, which we have the title data for, we're higher in the first calendar quarter of '24 than we were in fourth quarter of calendar 2023. We're also similar to where we were last year in the first-quarter -- calendar quarter. And just to remind you, the last two fourth quarters, we've seen big price corrections. And so that's -- this one was similar. We bottomed out December. We're coming back up. It looks like we're coming up about the same rate as we did last year, so year over year market shares it's fairly similar.

就市佔率數據而言，如果我們查看今年的前三個月（我們有標題數據），就會發現 24 年第一季的市佔率高於 2023 年第四季的市佔率數據。第一季（日曆季度）的情況類似。只是提醒您，在過去的兩個第四季度，我們看到了大幅的價格調整。這就是——這個是相似的。 12 月我們觸底。我們要回來了。看起來我們的成長率與去年大致相同，因此逐年市佔率相當相似。

On the market share. Look, there's a lot of volatility there on short periods, barring any other big price correction, my plan is not necessarily talk about the market share gain until the end of the year because already we're seeing -- we had some markets that are up, some markets that are down. I think looking over the longer period of time is the way to really look at it. So again, I'll update this again at the end of the year unless we see some big macro factor that's having an outsized impact on it, but we feel good about the trend.

論市場佔有率。看，短期內有很大的波動，除非有任何其他大的價格調整，我的計劃不一定是在年底之前談論市場份額的增長，因為我們已經看到 - 我們有一些市場一些市場上漲，一些市場下跌。我認為放眼更長遠的時間才是真正看待它的方式。所以，我將在今年年底再次更新這一點，除非我們看到一些對其產生巨大影響的宏觀因素，但我們對這一趨勢感到滿意。

Seth Basham, Wedbush Securities.

塞思‧巴沙姆 (Seth Basham)，韋德布希證券公司。

My multipart questions on cash.

我關於現金的多部分問題。

First, looking at the loss trends on your reserves continuing to see losses increase in your securitized portfolio. Your reserves looked a little bit like do you think that you're going to have to reserve more aggressively if the loss trends continue?

首先，觀察您的準備金損失趨勢，您會發現您的證券化投資組合的損失持續增加。您的準備金看起來有點像，您是否認為如果損失趨勢繼續下去，您將不得不更積極地準備金？

And then secondly, how quickly can you ramp Tier 2 and Tier 3 lending as you now have a non-prime securitization program?

其次，由於您現在擁有非優質證券化計劃，您能以多快的速度增加二級和三級貸款？

Yeah, appreciate the question, Seth. Is that Seth?

是的，感謝這個問題，賽斯。那是賽斯嗎？

So with regard to losses and delinquencies within the quarter, I'd say largely we were very much in line with what we expected for the quarter. And I think that's reflected in the provision year over year is basically flat. If you look at our reserve to receivable ratio flat sequentially. Certainly, we published data on a quarterly basis. Remember, that's roughly 60% of our portfolio.

因此，關於本季的損失和拖欠情況，我想說，很大程度上我們與本季的預期非常一致。我認為這反映在撥備上同比基本持平。如果你看看我們的準備金與應收帳款比率連續持平。當然，我們按季度發布數據。請記住，這大約占我們投資組合的 60%。

But again, the trends there as expected and bear in mind in the quarter, this quarter is typically a high volume quarter. So your actual provision will typically be higher because you've originated more and it's typically a lower credit quality quarter because of tax time as well. So add that, but for the most part, a nonevent for us from a delinquency and losses as it was right in line with our expectations.

但同樣，該季度的趨勢符合預期，請記住，該季度通常是一個高銷量季度。因此，您的實際準備金通常會更高，因為您發起的資金更多，而且由於納稅時間的原因，通常是信用品質較低的季度。所以補充一點，但在很大程度上，對我們來說，拖欠和損失並不是什麼大事，因為它符合我們的預期。

To your second question, how quickly can we ramp the Tier 2 and Tier 3 volume. I think the easier way to answer that is let's anchor to what we originate today. So 43% of sales, give or take in any given point is largely what we're doing today. The vast majority clearly is in Tier 1.

對於你的第二個問題，我們能以多快的速度增加第 2 層和第 3 層的銷售量。我認為回答這個問題的更簡單的方法是讓我們立足於我們今天的初衷。因此，43% 的銷售額（在任何給定點上給予或接受）很大程度上都是我們今天所做的。絕大多數顯然屬於第一級。

And Tier 3, we've been historically larger, but we're at a small piece because we're really investing in Tier 2 and trying to understand that. It's in the higher portion of Tier 2. We are really excited about our non-prime securitization program. We think that's truly going to enable growth both in the lower end of the credit spectrum for us to take a larger percentage of sales, but also to expand what we do in the higher end in what we call our higher prime segment, so we're looking forward to that.

而第三層，我們在歷史上一直規模較大，但我們只佔一小部分，因為我們真正投資於第二層並試圖理解這一點。它位於第二級的較高部分。我們認為，這確實會促進低端信貸領域的成長，讓我們獲得更大的銷售份額，同時也能擴大我們在高端領域的業務，即我們所謂的高端細分市場，所以我們」對此我們很期待。

Now as far as ramping and the timing of the ramp, I would say in the near term, maybe for the balance of the year, we're going to continue to just learn about the Tier 2 space. We're going to roll out our new models -- test our new models in the quarter. We're going to begin to learn about the entirety of the Tier 2 spectrum, and that will take some time. And as we grow that, we will certainly let folks know but beyond that, we do think there's room for us to grow beyond 43%. Will it be 45%, 47%, 50%, remains to be seen the timing of how much and when but we do believe it's substantial, but probably not doing much more than what we're doing today for the balance of the year.

現在就成長和成長的時間而言，我想說在短期內，也許在今年的剩餘時間裡，我們將繼續了解二級空間。我們將推出新型號——在本季測試我們的新型號。我們將開始了解整個 2 級頻譜，這需要一些時間。隨著我們的成長，我們肯定會讓人們知道，但除此之外，我們確實認為我們還有成長超過 43% 的空間。是 45%、47% 還是 50%，具體時間和數量還有待觀察，但我們確實相信這一數字很大，但可能不會比我們今天在今年餘下時間裡所做的更多。

I do think longer term as well when you -- Seth, when you think about funding capacity -- entering into this market, which we're really excited about is probably another $2 million to $3 billion worth of funding capacity that we're going to give ourselves when you think about how deep we can eventually go over time. So this is a really exciting program, and we expect to drive our financing income incrementally moving forward.

我確實認為，從長遠來看，當你——Seth，當你考慮融資能力時——進入這個市場，我們真正感到興奮的是，我們可能會獲得另外價值 200 萬至 30 億美元的融資能力。當你想到隨著時間的推移我們最終能走多遠時，我們就會付出自己的努力。所以這是一個非常令人興奮的計劃，我們預計將推動我們的融資收入逐步向前發展。

David Bellinger, Mizuho.

大衛貝林格，瑞穗。

Just on the expense side. So if you give the ad spend per total I think that was up about 5% year over year compares to your guidance for flattish. And maybe just walk us through any changes you're seeing there on the ad spend line and just overall how we should think about SG&A dollars in Q2 and over the balance of the year.

只是在費用方面。因此，如果您給出總廣告支出，我認為與您對扁平化的指導相比，該支出同比增長了約 5%。或許請向我們介紹一下您在廣告支出線上看到的任何變化，以及我們應該如何考慮第二季和今年剩餘時間的銷售管理費用。

Thanks for the question. I would tell you that's pretty benign, right? I think quarter to quarter, it's going to be a plus here, a little bit negative here on the total unit basis, which is again how we manage our total advertising spend. So I wouldn't look at that as anything other than just quarter-to-quarter fluctuations. But we are committed to managing to that roughly $200 per total unit for the balance of the year -- for the entire year, I should say.

謝謝你的提問。我會告訴你這很良性，對吧？我認為從季度到季度，從總單位數量來看，這將是一個優點，但這裡會有點負面，這也是我們管理總廣告支出的方式。因此，我不會將其視為季度波動之外的任何其他情況。但我們致力於在今年餘下時間（我應該說是全年）將每個總單位的成本控制在大約 200 美元。

(multiple speakers) on the rest of the year.

（多位發言者）今年剩餘時間。

SG&A for the rest of the year? Sorry, can you repeat the question again?

今年剩餘時間的SG&A？抱歉，您能再重複這個問題嗎？

Yeah, and just the second part is overall SG&A expense dollars, just how should we think about that level through the balance of the year.

是的，第二部分是整體 SG&A 費用，我們應該如何透過今年的餘額來考慮這個水準。

Yeah, I think for the entire year, we're really focused in the first quarter, we're really proud of the fact that once you back out some of the noise that I spoke to, we were actually down SG&A year over year. I would expect that for the balance of the year, that's going to be a little bit more challenging from a total dollar standpoint. But what I'll reemphasize here is what we're focused on and what we're focused on is putting ourselves in a position through active cost management to be able to lever on low-single digit gross profit growth. And that's really what we're focused on.

是的，我認為全年來看，我們確實專注於第一季度，我們真的很自豪，一旦你收回我談到的一些噪音，我們的銷售管理費用實際上逐年下降。我預計，從總美元的角度來看，今年剩下的時間將更具挑戰性。但我要在這裡再次強調的是，我們的重點是什麼，我們的重點是透過積極的成本管理使自己能夠利用低個位數的毛利成長。這確實是我們關注的重點。

And so when you look at where we've been for the past several years in our heavy investment phase, that's a different story, right? And it really speaks to us migrating more to a little bit more of a fixed cost structure and an ability to lever when sales roll around which they will come in so that's how we think about our ability to leverage moving forward.

因此，當你看看我們過去幾年在巨額投資階段的表現時，情況就不同了，對吧？這確實告訴我們，更多地轉向固定成本結構，以及當銷售出現時利用槓桿的能力，這就是我們如何看待我們利用槓桿向前發展的能力。

Brian Nagel, Oppenheimer.

布萊恩·內格爾，奧本海默。

A couple of questions. I'll lump them together.

有幾個問題。我會把它們放在一起。

I mean, first, just with regard to the -- this first non-prime securitization. I think it's a follow-up to Seth's question before but as we think about this development, I mean, how -- what are the ramifications longer term for CarMax? Is this going to be a potential vehicle to drive better share and better profitability, both? Again how should we think about the model question now with this capability?

我的意思是，首先，關於第一個非優質證券化。我認為這是 Seth 之前問題的後續，但當我們思考這一發展時，我的意思是，CarMax 的長期影響是什麼？這是否會成為推動更高份額和更高獲利能力的潛在工具？再次，我們現在應該如何考慮具有此功能的模型問題？

And then my second question, unrelated, you keep calling out the sourcing vehicles from dealers. I guess the question is the sustainability of that and just also the potential positives for margins or other sourcing.

然後是我的第二個問題，與此無關，您一直在向經銷商呼籲採購車輛。我想問題在於其可持續性，以及利潤率或其他採購的潛在積極作用。

Thank you.

謝謝。

Yeah, Brian, appreciate the question. I'll take the first one with regard to the non-prime securitization.

是的，布萊恩，謝謝你提出這個問題。我將選擇第一個關於非優質證券化的問題。

Yeah, I'm going to continue to anchor us to this 43% of sales. As mentioned, we think there is some substantive volume that we can take above that and the best way to give orders of magnitude of the value, the long-term value here is we see it under the current financial situation, the current economics for every one point of sales that we can grab, we think that can drive $10 million to $12 million worth of value to CarMax.

是的，我將繼續將我們的銷售額固定在 43% 的水平上。如前所述，我們認為我們可以在上面考慮一些實質性的數量，以及給出價值數量級的最佳方式，這裡的長期價值是我們在當前的財務狀況、當前的經濟狀況下看到的我們認為，只要我們能夠抓住一個銷售點，就能為CarMax 帶來1000 萬至1200 萬美元的價值。

Now bear in mind that doesn't start day one when you begin to add that volume. Initially, you originate additional volume, you need to provision for loan losses but eventually becomes accretive. And once you get to steady state, that's where I'm referring to the $10 million to 12 million. So as you can imagine, as you tack on additional points you tack on additional value for CarMax. And in the long run, we think it's very substantial and something we're looking forward to going after.

現在請記住，這並不是從您開始添加該卷的第一天開始的。最初，您產生額外的交易量，您需要準備貸款損失，但最終會增加。一旦達到穩定狀態，這就是我所說的 1000 萬至 1200 萬美元。正如您可以想像的那樣，當您增加額外的積分時，您將為 CarMax 增加額外的價值。從長遠來看，我們認為這是非常重要的，也是我們期待實現的目標。

Yeah. And as far as the second part of your question, Brian, on dealer sourcing, look, we're all about sourcing vehicles wherever we can find. And then traditionally for us, we've been sourcing through consumers and then what we don't get from consumers, we've been buying at off-site auctions. This is just another step to diversify. We buy from consumers. We can buy directly from dealers and the ones that we're buying for dealers, the bulk of that, it's a little different that we bought to consumers. The majority of those are -- there's a higher percentage of retail cars that we're buying from dealer.

是的。至於你問題的第二部分，布萊恩，關於經銷商採購，你看，我們都在盡可能地採購車輛。傳統上，對我們來說，我們一直透過消費者進行採購，然後我們從消費者那裡得不到的東西，我們一直在場外拍賣中購買。這只是多元化的又一步。我們從消費者那裡購買。我們可以直接從經銷商處購買，我們為經銷商購買的大部分，與我們向消費者購買的有點不同。其中大部分是——我們從經銷商購買的零售汽車比例較高。

So while they're not as profitable as the ones we've got from consumers, they're certainly more profitable than when we have to go off-site for. So we're encouraged by it. We think it's a -- this is an area that we can continue to grow and we're getting great responses from the dealers. We've made some improvements to the platform, which I think is part of why you're seeing this continued demand. And if I look at a year ago versus now, we've -- the dealers that are actively using it have bumped up, let's call it roughly 50% in the last year. And we really haven't added them. We've added a few more markets, but really haven't added that many more markets, so we're encouraged by it.

因此，雖然它們的利潤不如我們從消費者那裡獲得的利潤，但它們肯定比我們必須去異地獲取的利潤更高。所以我們對此感到鼓舞。我們認為這是一個我們可以繼續發展的領域，我們得到了經銷商的熱烈回應。我們對該平台進行了一些改進，我認為這是您看到這種持續需求的部分原因。如果我對比一年前和現在，我們發現積極使用它的經銷商數量有所增加，我們可以稱之為去年大約 50%。我們確實還沒有添加它們。我們又增加了一些市場，但實際上還沒有增加那麼多市場，所以我們對此感到鼓舞。

Sharon Zackfia, William Blair.

莎朗·扎克菲亞，威廉·布萊爾。

I guess it's on the improvement in sales you've been seeing. I mean, do you think that's broader industry dynamics? Do you think there's something operationally you're doing? I know, obviously at the top of the funnel is increasing conversions, then down a little bit is that starting to improve for you and if so, where and why?

我想這是因為你所看到的銷售業績的改善。我的意思是，您認為這是更廣泛的行業動態嗎？您認為您正在做一些實際操作嗎？我知道，很明顯，漏斗的頂部是增加轉換率，然後向下一點就是開始為您帶來改善，如果是這樣，在哪裡以及為什麼？

Thanks.

謝謝。

Yeah, thank you for the question. Sharon.

是的，謝謝你的提問。莎倫.

Look, I think it's a combination of things. I think it reflects on just some of the continued work that we're doing internally, but it's also -- look, vehicle prices -- even though they were up quarter over quarter, they're always up from the fourth to the first. They were down $700 year over year. So we're seeing vehicle values be a little bit more stable. If you look at depreciation trends, for example, if you look the last two years, they're all over the board from appreciation to depreciation and they are steep, both ways. This year is a little bit more what I would call normal, although there is a difference in the first quarter last year.

聽著，我認為這是多種因素的結合。我認為這反映了我們內部正在進行的一些持續工作，但它也是——看，車輛價格——儘管它們逐季上漲，但總是從第四名上升到第一名。年比下降了 700 美元。因此，我們看到車輛價值更加穩定。例如，如果你看一下貶值趨勢，如果你看一下過去兩年，你會發現它們從升值到貶值都是全面的，而且雙向都很陡峭。今年的情況比我所說的正常一些，儘管與去年第一季有所不同。

Just to expand on some of my commentary last year, we saw appreciation in this first time period of the year of about $2,500 and then we saw about a $1,100 depreciation this year. We only went up about $1,000 and then it's flat by the end of the quarter. So you have a little bit of year over year dynamics. But again, just the value stability, that's nice. I mean, we've always worked in an environment where there's been appreciation, depreciation, what's more impacted us the last 1.5 years, 2 years is the big price corrections. So I think it's a combination of factors.

只是為了擴展我去年的一些評論，我們在今年的第一個時間段看到了約 2,500 美元的升值，然後今年我們看到了約 1,100 美元的貶值。我們只上漲了大約 1,000 美元，然後到季度末就持平了。所以你有一點年復一年的動態。但話又說回來，只要價值穩定，那就太好了。我的意思是，我們一直在升值、貶值的環境中工作，過去1.5年、2年對我們影響更大的是價格大幅調整。所以我認為這是多種因素綜合作用的結果。

Rajat Gupta, JPMorgan.

拉賈古普塔，摩根大通。

Bill, I just had a question on the strategy and operation. I think you can all see like the factual data on the unit comps, the market share. It's not where CarMax used to be historically. And if you look at your margins and like the EBITDA per unit, as you exclude the one-time items this quarter, they have not changed or improved. So I'm curious if you think the current strategy that you have around sourcing, the impact omnichannel has had on your in-store culture? Is all of that still the right approach?

比爾，我只是有一個關於策略和營運的問題。我想你們都可以看到有關單位比較的事實數據、市場佔有率。這不是 CarMax 歷史上曾經存在過的地方。如果你看看你的利潤率並喜歡每單位的 EBITDA，當你排除本季的一次性項目時，它們並沒有改變或改善。所以我很好奇您是否認為目前圍繞採購的策略、全通路對您的店內文化產生了影響？所有這些仍然是正確的方法嗎？

Or do you think something needs to change? Or are we just waiting for the industry backdrop to improve for CarMax to do better on all these metrics, especially when some of the public peers are doing better.

或者您認為有什麼需要改變嗎？或者我們只是在等待行業背景改善，以便 CarMax 在所有這些指標上做得更好，尤其是當一些公共同行做得更好時。

Thanks.

謝謝。

Yeah, Rajat. Look, I feel great about the strategy. I feel great about all the things that you talked about. I think what's really been the story for us, particularly is really what you've seen over the last 1.5 years, and it's been more about these big price corrections and what's going on the market, the fact that we sell a late-model high-quality car from an affordability standpoint.

是的，拉賈特。聽著，我對這個策略感覺很好。我對你談論的所有事情感覺很好。我認為對我們來說真正的故事是什麼，特別是你在過去1.5 年中所看到的，更多的是關於這些重大的價格調整和市場上正在發生的事情，事實上我們出售的是最新型號的高價-從負擔能力的角度來看，優質汽車。

So if you look at the data, you're seeing more 10-year-old-plus cars being sold here in the last two years. I think that even the same case for the first calendar quarter. So I think the impact on the business have been more macro related, but we certainly have not been sitting here waiting for them to get better. We've been making ourselves stronger.

因此，如果您查看數據，您會發現過去兩年這裡銷售的車齡超過 10 年的汽車有所增加。我認為即使是第一季也是如此。因此，我認為對業務的影響更與宏觀相關，但我們當然沒有坐在這裡等待他們變得更好。我們一直在讓自己變得更強大。

And I think those dividends will continue to come back. They'll pay dividends as we go forward as sales come back and keep in mind, last year, I think the total used cars exchange was $35.5 million. It's typically north of $40 million. And the most impacted share of that group is the less than six-year-old. Again, it goes back to the affordability. So we feel great about our strategy. We feel great about the durable actions I told you that we've taken, which will continue to give us benefits as we go forward.

我認為這些股息將繼續回來。隨著銷售回升，他們將支付股息，請記住，去年，我認為二手車交易總額為 3550 萬美元。通常在 4000 萬美元以上。該群體中受影響最大的是六歲以下的孩子。再次，這又回到了負擔能力。所以我們對我們的策略感覺很好。我們對我告訴你們的我們所採取的持久行動感到非常高興，這些行動將在我們前進的過程中繼續為我們帶來好處。

And I do think it's important to point out as well. And Bill talked about it in his prepared remarks. Going after -- aggressively going after reconditioning costs, going after logistics costs and bringing those down. Those are materia items moving forward that we anticipate, that can support sales, that can support margin, both of those items. So we're excited about those. So Rajat, it's a matter of aggressive also going after what we can control and we can control that.

我認為指出這一點也很重要。比爾在他準備好的演講中談到了這一點。追求－積極追求修復成本、追求物流成本並降低這些成本。我們預計這些是未來的材料項目，可以支持銷售，可以支持利潤，這兩個項目。所以我們對此感到興奮。所以，拉賈特，這也是一個積極追求我們可以控制的事情的問題，我們可以控制它。

The only other thing I would add to that, Rajat, is when you go through experiences like this, you want to be a better, stronger company. So if this was to happen again in the future, what might you do different? Some of the things we've already talked about, the expanding our sourcing.

Rajat，我要補充的唯一另一件事是，當你經歷這樣的經歷時，你想成為一家更好、更強大的公司。那麼，如果將來再次發生這種情況，您會採取什麼不同的做法？我們已經討論過一些事情，即擴大我們的採購。

Enrique just talked about really focusing on the cost of goods sold. Jon talked about the financing. I actually think the financing now they're going to allow us to grow cap income. I think there's an opportunity to actually grow units because I think there's little pockets that maybe our partners aren't picking up that we think are actually good little pockets that we can now do.

恩里克剛才談到真正專注於銷售商品的成本。喬恩談到了融資問題。我實際上認為現在的融資將使我們能夠增加收入上限。我認為有機會真正增加單位，因為我認為我們的合作夥伴可能沒有抓住一些我們認為實際上是我們現在可以做的小口袋。

I think the work that we've done on the variable cost, for example, a lot of those factors, the EPP, the increase net, all those factors also enter into the equation on elasticity when it comes to measuring, like should we lower prices, should we keep the prices the same?

我認為我們在變動成本方面所做的工作，例如，很多因素、EPP、淨成長，所有這些因素在衡量時也會進入彈性方程，例如我們是否應該降低價格，我們應該保持相同的價格嗎？

So again, I think we've learned a lot. We've made a lot of improvements. So if the situation has to happened together, we have more tools in our tool chest.

再說一次，我認為我們學到了很多。我們已經做了很多改進。因此，如果這種情況必須同時發生，我們的工具箱裡就有更多的工具。

Maybe just like on the June commentary, I mean is it fair to expect that the positive trends you're seeing should only get better through the course of the quarter? Or is there some monthly seasonality or comps to keep in mind there?

也許就像六月的評論一樣，我的意思是，可以公平地期望您所看到的積極趨勢只會在整個季度中變得更好嗎？或是需要記住一些每月的季節性或比較？

Thanks.

謝謝。

Look, we're encouraged by the -- really the trend since the second half of the first quarter. Like I said, it's even -- continued into June. So we're encouraged by that and we're going to keep getting after it. So I don't have a crystal ball to tell you exactly what's going to happen this year, but we feel good about the trajectory.

看，我們對自第一季下半年以來的趨勢感到鼓舞。就像我說的，這種情況甚至持續到六月。因此，我們對此感到鼓舞，並將繼續努力。所以我沒有水晶球可以準確地告訴你今年會發生什麼，但我們對發展軌跡感覺很好。

Craig Kennison, Baird.

克雷格·肯尼森，貝爾德。

Bill, you mentioned some cost of goods sold initiatives related to logistics and reconditioning. Do you expect those savings to flow through to the bottom line or drives lower prices? And then is there any way for you to quantify the per unit impact of those initiatives?

比爾，您提到了一些與物流和翻新相關的銷售成本措施。您預計這些節省下來的資金會帶來利潤還是會推動價格下降？那麼有什麼方法可以量化這些舉措的單位影響呢？

Yeah. Great questions, Craig.

是的。很好的問題，克雷格。

And yeah, from a quantification standpoint, look, I think we have a couple of hundred bucks per unit -- per retail unit that we're going after over the next year or two between reconditioning and logistics. So as you know, that's not insignificant at all. And we're excited about it's not going to hit day one tomorrow, but the across the two, we feel like there is that amount of opportunity there.

是的，從量化的角度來看，我認為我們每個單位有幾百美元——每個零售單位，我們將在未來一兩年內進行翻新和物流。如你所知，這根本不是無足輕重的。我們很高興它不會在明天的第一天出現，但在這兩天中，我們覺得那裡有很多機會。

And then the other part of your question--?

然後你問題的另一部分──？

Do you expect that to hit the bottom line or is that--?

你認為這會達到底線嗎？

Oh, yeah, yeah. So what I would tell you, as I mean, obviously, you have a decision to make when you start to pull that in. As I sit here right now, I would say, look, we're probably slow that through in the form of pricing but certainly, you have decisions to make as you realize some of those efficiencies.

哦，是啊，是啊。所以我要告訴你的是，正如我的意思，顯然，當你開始考慮這一點時，你必須做出決定。通過但當然，當您意識到其中一些效率時，您就需要做出決定。

I guess just to follow up, why not take -- if your prices are competitive today, why not take those efficiencies to the bottom line?

我想只是為了跟進，為什麼不採取——如果你的價格今天有競爭力，為什麼不把這些效率提高到底線呢？

So again, you have decisions to make. And again, we will be looking at the affordability. We will be looking at elasticity. There's lots of -- it's hard for me to say what the situation is going to look like once we get thier because there's a lot of factors that play into that. We may take some of that. We may take -- in the past, I mean you've followed us long enough. You know that at one point we've picked up some reconditioning savings. We took them to the bottom line, but a lot of the year since then we've been passing along, and it helps us just manage overall margins and helps manage the price. So I just think there's a lot that goes into the equation and what to look at at that point in time.

再說一次，你需要做出決定。再次，我們將關注負擔能力。我們將關注彈性。有很多——我很難說一旦我們達到了這種情況，情況會是什麼樣子，因為有很多因素會影響這一點。我們可能會採取一些。我們可能會——在過去，我的意思是你已經跟隨我們足夠長的時間了。您知道，我們曾經節省過一些翻新費用。我們把它們帶到了底線，但從那時起的一年中的很多時間我們一直在傳遞，它幫助我們管理整體利潤並幫助管理價格。所以我只是認為這個方程中有很多內容以及在那個時間點需要關注的內容。

Yeah, yeah. Makes sense, Bill. Thank you.

是啊是啊。有道理，比爾。謝謝。

Chris Bottiglieri, BNP Paribas.

克里斯‧波蒂列裡 (Chris Bottiglieri)，法國巴黎銀行。

So first, just wanted to follow up that last question, actually. Can you please elaborate more on the parts acquisition? It sounds pretty material. Are you going direct to vendor, sourcing yourself, are you asking your retail partners to reduce pricing?

首先，實際上我只是想跟進最後一個問題。能詳細說明一下零件採購嗎？聽起來很物質。您是否直接向供應商採購，自己採購，是否要求您的零售合作夥伴降低價格？

And I have a question on credit. I know I'm breaking David's rule, I apologize. I hope I'm not doing intentionally, so sorry but the prospectus on new -- new non-prime securitization would suggest there's $5 billion of this type of receivable. How does that $5 billion legacy portfolio that's behind that securitization? How does that differ between Tier 2, like is Tier 2, just like a higher [C&L] than the legacy five. Can you just elaborate like how this is different [and where is the ceiling]?

我有一個關於信用的問題。我知道我違反了大衛的規則，我道歉。我希望我不是故意的，很抱歉，新的非優質證券化的招股說明書表明此類應收帳款有 50 億美元。證券化背後的 50 億美元遺留投資組合如何運作？這與第 2 級有何不同，就像第 2 級一樣，就像比傳統 5 級更高的 [C&L] 一樣。您能否詳細說明這有什麼不同[以及上限在哪裡]？

Thank you.

謝謝。

Sure, Chris.

當然，克里斯。

First of all, breaking David's rule. You're the only one that apologized, and everybody broken it up to this point. So we forgive you.

首先，打破了大衛的規則。你是唯一一個道歉的人，到目前為止，每個人都打破了這件事。所以我們原諒你。

So the first part of question, I'll answer and then I'll pass it over to Jon on the [non-prime]. So look, we've got unbelievable part partners. Parts partners have been around for a long time. So we have national relationships with. So that's been great. We just see that there's some parts optimization internally that we can do better on and which parts we're getting from which source and which parts are being applied and not being applied.

所以問題的第一部分，我會回答，然後我會將其傳遞給[非素數]上的喬恩。所以看，我們有令人難以置信的零件合作夥伴。零件合作夥伴已經存在很久了。所以我們有國家關係。所以這太棒了。我們只是看到內部有一些部分優化可以做得更好，哪些部分是從哪個來源獲得的，哪些部分正在應用，哪些部分沒有應用。

So that's just one of many things that we're working on, but I don't want you to come away. I think we had this. We don't have good parts partners or whatever because we do have great national relationships and we're pleased with those partners. We just think we can do a better job optimizing the parts.

這只是我們正在努力的眾多事情之一，但我不希望你離開。我想我們有這個。我們沒有好的零件合作夥伴或其他什麼，因為我們確實擁有良好的國家關係，並且我們對這些合作夥伴感到滿意。我們只是認為我們可以更好地優化零件。

So, Jon?

那麼，喬恩？

Yeah, I appreciate the question, Chris.

是的，我很欣賞這個問題，克里斯。

So if we think about the legacy $5 billion you referred to. If I look at our overall portfolio or what we originate across our 43%. Again, we've historically operated our current program. The vast majority of that has been Tier 1 that we're putting into the current ABS program. If we think about that, those receivables, we're going to basically split that and we're going to create a higher prime program, which is going to target again, we think a different investor base really give us scale across what we would consider the higher portion of those historically securitized receivables.

因此，如果我們考慮您提到的 50 億美元遺產。如果我看看我們的整體投資組合或我們 43% 的產品組合。再說一次，我們過去一直在運作目前的計劃。其中絕大多數是我們納入目前 ABS 計劃的一級。如果我們考慮這些應收帳款，我們基本上將其分開，我們將創建一個更高的主要計劃，該計劃將再次瞄準，我們認為不同的投資者基礎確實使我們能夠擴大規模考慮那些歷史上證券化的應收帳款的較高部分。

And then we dropped down the residual there, including and then add to that the Tier 2 and Tier 3 volume. And we have not historically securitized, we'll be able to be lumped together into this non-prime program. So that's how you think about what we originate today. If you think about what we might go after in the future, there are small pockets of Tier 1 that we've taken one today that we would be able to capture back, and we're always looking to do that. But then if you look at the entirety of Tier 2 and Tier 3 call that today, it's 27% of sales. That's a wide spectrum in all honesty across that 27%. And so we think there's volume being captured across all of that and we will figure out what the right spot to be in is so but again, this will enable us to grow down there.

然後我們把剩餘的部分去掉，包括然後加到第 2 層和第 3 層的體積。而且我們歷史上沒有證券化，我們將能夠被歸類為這個非主要項目。這就是您對我們今天的起源的看法。如果你想想我們將來可能會追求什麼，就會發現我們今天已經奪回了一小部分 1 級資源，我們將能夠奪回這些資源，而且我們一直在尋求這樣做。但如果你看看今天整個 2 級和 3 級的情況，你會發現它佔銷售額的 27%。就誠實度而言，這 27% 的人範圍很廣。因此，我們認為所有這些都已捕獲了量，我們將找出正確的位置，但這將使我們能夠在那裡成長。

And now the last thing I'd want to make a point on is our partners have enjoyed that volume and we love that they enjoy that volume. We anticipate selling a lot of cars in the future and we want our partners right there with us a lot along for the ride. So we will go after some of that volume in that Tier 3 and Tier 3 space, we don't want at all but we do think there's opportunity to grow there. So hopefully, that broad answer -- answers your question.

現在我想強調的最後一件事是我們的伴侶很喜歡這本書，我們很高興他們喜歡這本書。我們預計未來會銷售大量汽車，並希望我們的合作夥伴能夠與我們一路同行。因此，我們將在第三層和第三層空間中追求一些銷量，我們根本不想要，但我們確實認為那裡有成長的機會。希望這個廣泛的答案能回答您的問題。

I would just add one thing -- just add one thing, Chris.

我只想添加一件事——只是添加一件事，克里斯。

I think a general way to think about that split in the program between high-prime and non-prime from a FICO perspective is think of the non-prime is less than [650] and then the high prime is greater than 650. Just a general way to think about the two pools.

我認為從 FICO 角度考慮程序中高素數和非素數之間的劃分的一般方法是認為非素數小於 [650]，然後高素數大於 650。

Scot Ciccarelli, Truist.

斯科特·西卡雷利，真理論者。

Bill, I know you've had a couple of different questions on market share, but I'm going to try -- swing out a little bit differently here. From the outside, I guess we can see growth rates of Carvana and the public dealers. Given your commentary earlier on mix, do you think it's your mix of late-model products that's the key driver to the relative growth rates that we're seeing? Where could there be other factors at play, whether it's credit approvals or something else?

比爾，我知道您對市場份額有幾個不同的問題，但我會嘗試 - 在這裡採取一些不同的方法。從外部來看，我想我們可以看到 Carvana 和公共經銷商的成長率。鑑於您先前對混合的評論，您認為您的最新型號產品的組合是我們所看到的相對成長率的關鍵驅動力嗎？哪裡可能還有其他因素在起作用，無論是信貸審批還是其他因素？

No, Scot, I think the biggest factor is really coming off that big price correction at the end of the calendar year last year. Remember, we hold our margins. Obviously, it's a highly fragmented market. There's lots of folks that don't hold their margins, they're getting rid of inventory. So I think that's been a big factor most recently in the drop in the fourth quarter and now we're starting to climb back out. But certainly I think beyond that, look, I said earlier, I think there's more cars that are being sold at for example, that are 10 years and older, and that's just not a space that we really do anything.

不，斯科特，我認為最大的因素實際上是去年年底的大幅價格調整。請記住，我們保持利潤。顯然，這是一個高度分散的市場。有很多人無法保持利潤，他們正在擺脫庫存。所以我認為這是最近第四季下降的一個重要因素，現在我們開始回升。但我當然認為除此之外，你看，我之前說過，我認為有更多的汽車正在出售，例如，10 年或更舊的汽車，而這並不是我們真正做任何事情的空間。

And I think the other thing is our bread and butter has always been [0% to 4%]. That's probably 70% of historically what our sales are. And that's been -- it's been an expensive ticket for folks. And so there -- we've seen people migrate down. It seems like throughout the last couple of years, when you look at credit apps, people are looking for a little bit cheaper car and that's cross all the credit spectrum. So I think there's a combination of things that are going on. And the other thing is we're just not going to -- we've spent 30 years making sure that we have a high-quality product and we want to maintain that high-quality product. And so we understand that there's going to be some consumers that have traded down, so I think it's a combination of things.

我認為另一件事是我們的麵包和黃油一直是[0%到4%]。這可能是我們歷史銷售額的 70%。這對人們來說是一張昂貴的門票。因此，我們看到人們向下遷移。似乎在過去幾年中，當你查看信貸應用程式時，人們正在尋找便宜一點的汽車，而且這跨越了所有信貸範圍。所以我認為正在發生的事情是多種因素綜合作用的。另一件事是我們不會這樣做——我們花了 30 年來確保我們擁有高品質的產品，並且我們希望保持這種高品質的產品。所以我們知道會有一些消費者進行降價購買，所以我認為這是多種因素共同作用的結果。

Okay. Can I ask a follow-up? Where is -- when you look across your markets, I know historically the older management team used to refer to 10% market share in certain markets, like what is your highest market share in a specific market just so we can compare the 4% average to it?

好的。我可以問後續嗎？當你縱觀你的市場時，我知道歷史上老一輩的管理團隊過去常常指的是某些市場中10% 的市場份額，例如你在特定市場中的最高市場份額是多少，這樣我們就可以比較4% 的平均值到它？

Yeah. So we're -- our highest markets are over 10% still. And when we talked about this in the past, when we rolled out on the originally in '20, we looked at those 15 oldest markets, and we actually saw a nice little acceleration in March. Obviously, they grow a lot slower than the younger stores, but I don't know where the top end of that is, but it is the older ones, they're over double digit, over 10%.

是的。所以我們的最高市場仍然超過 10%。當我們過去談論這個問題時，當我們在 20 世紀推出最初的版本時，我們研究了這 15 個最古老的市場，實際上我們在 3 月看到了一個不錯的小加速。顯然，它們的成長速度比年輕的商店慢很多，但我不知道最高點在哪裡，但老店的成長速度超過兩位數，超過 10%。

Chris Pierce, Needham.

克里斯皮爾斯，李約瑟。

Can you talk about supply? I know we're seeing commercial vehicles at auction grow year over year with more growth ahead. But is that the supply of cars that you need to come back, that will help the overall share of newer cars in the market gained share versus older share -- older cars. And that helps you gain share? Like what are you seeing from a supply perspective?

能談談供應嗎？我知道我們看到拍賣的商用車逐年成長，未來還會有更多成長。但是，你需要恢復的汽車供應量，將有助於市場上新車的整體份額相對於較舊的份額（舊車）獲得成長。這可以幫助您獲得份額嗎？您從供應角度看到了什麼？

Yeah, and a lot has been written and folks saying that we have a supply problem. Then the reality is we're not having a problem sourcing the cars. If there's any impact on supply or from supply, it's just that it goes into the overall affordability question, but we can get the supply.

是的，已經寫了很多文章，人們說我們有供應問題。那麼現實是我們在採購汽車方面沒有問題。如果對供應或供應有任何影響，那隻是它涉及整體負擔能力問題，但我們可以獲得供應。

Now having said that, I think it's great that the SAAR continues to go up. I think the most recent number I saw was like [15, 7]. Eventually, and we've already started to see it to your point. More cars that come into the market, again, help bring the price down of the used cars and more specifically 0% to 4%. So I think it's more inventory interest. And I think that's good for the industry and I think it's good for us.

話雖如此，我認為 SAAR 繼續上升是件好事。我認為我最近看到的數字是 [15, 7]。最終，我們已經開始看到你的觀點了。更多的汽車進入市場，再次有助於降低二手車的價格，更具體地說是 0% 到 4%。所以我認為更多的是庫存利息。我認為這對這個行業有好處，對我們也有好處。

Okay, so you're not having problems getting supply, but you're choosing not to source older vehicles. And that's what's hurting the share. But I just wanted to make sure I'm understanding where supply is going and the supply decisions you're making.

好吧，所以你在獲得供應方面沒有問題，但你選擇不購買舊車輛。這就是損害份額的原因。但我只是想確保我了解供應的去向以及您正在做出的供應決策。

Yeah, I appreciate the clarification because when you asked the question, you're talking more about the supply about later model cars. If there's any supply issue, it's just -- if you're looking for an older vehicle, for us, we buy lots of older vehicles, but there's only so many of them that you can bring up to the quality standards. So if we have any supply issue at all, it would be more in the older vehicles that meet the CarMax standards. But again, I mean, we've had roughly -- a third of our cars are, let's call it more than six years old that's quite -- it's up a lot from where it was before, but if there's any supply issue probably more in that bucket versus the late model bucket.

是的，我很感謝您的澄清，因為當您提出問題時，您更多地談論的是後期車型的供應。如果有任何供應問題，那就是——如果您正在尋找一輛舊車，對我們來說，我們會購買很多舊車，但只有這麼多車可以達到品質標準。因此，如果我們確實存在任何供應問題，那麼更多的是符合 CarMax 標準的舊車。但我的意思是，我們大約有三分之一的汽車，我們可以說它已經有六年多了，這比以前增加了很多，但如果有任何供應問題，可能會更多在該桶中與最新型號的桶子中。

So is the supply of vehicles that meet the CarMax standard growing or has it been flat, not changing? What's the right way to think about the supply of vehicles that you're going to retail?

那麼，符合 CarMax 標準的車輛供應量是在成長還是一直持平、沒有變化？考慮要零售的車輛供應的正確方法是什麼？

Yeah. I think as we look forward, you look holistically, whether it's an older CarMax vehicle that meets our parameters or younger one? I think the supply is improving just because of what the dynamic that you talked about earlier, because the SAAR is continuing to go up, eventually, those cars come in. So the impact has on us as well prices just start to come down. And I think that's good for the industry and it's good for us.

是的。我認為，當我們展望未來時，您會從整體上看待，無論是符合我們參數的舊款 CarMax 車輛還是較年輕的車輛？我認為供應正在改善只是因為您之前談到的動態，因為 SAAR 繼續上漲，最終這些汽車進來了。我認為這對這個行業有好處，對我們也有好處。

(Operator instructions)

（操作員說明）

David Bellinger, Mizuho.

大衛貝林格，瑞穗。

Just another one.

只是另一個。

Regarding the CDK and the dealer software issues that are pretty widespread right now. Does CarMax have any exposure there? Are you seeing any changes in volumes or consumer activity? Just any clarity you can provide on just some of the near-term implications from this widespread issue?

關於目前相當普遍的 CDK 和經銷商軟體問題。 CarMax在那裡有曝光嗎？您是否發現數量或消費者活動有任何變化？您能否澄清這個普遍問題的一些近期影響？

Yeah, it's unfortunate for those dealers because I know there are a lot of them. We do not use CDK as our DMS. It has a small impact on us and the way it has an impact on us is we obviously work with a lot of other dealers from a parts standpoint. And if their systems are down, it can slow down parts, there is a low impact on title work as well but I would say it's just minor in the scheme of things as far as the impact on us.

是的，這對那些經銷商來說很不幸，因為我知道他們有很多。我們不使用 CDK 作為我們的 DMS。它對我們的影響很小，而它對我們產生影響的方式顯然是我們從零件的角度與許多其他經銷商合作。如果他們的系統出現故障，它可能會減慢零件的速度，對標題工作的影響也很小，但我想說，就對我們的影響而言，這在整個計劃中只是很小的。

(technical difficulty) out of time, I'll hand the call back to Bill for any closing remarks.

（技術困難）時間不夠了，我會將電話交還給比爾以供結束語。

Okay, great. Well, I want to thank -- as always, I want to thank all of our associates for everything they do. I also want to thank you all for joining the call today. And just let you know, we just recently published the 2024 responsibility report, and I would encourage all of you to read it. It provides great updates on several of our key initiatives from climate related to the tangible impact we're making on our local communities. I think we're proud. I think it demonstrates our values and how we live. And it also positions us well to drive long-term sustainable value for all of our shareholders.

好的，太好了。嗯，我要感謝——一如既往，我要感謝我們所有的同事所做的一切。我還要感謝大家今天加入電話會議。讓您知道，我們最近剛發布了 2024 年責任報告，我鼓勵大家閱讀它。它提供了我們與氣候相關的幾項關鍵舉措的重要最新信息，這些舉措與我們對當地社區產生的切實影響有關。我想我們很自豪。我認為它體現了我們的價值觀和我們的生活方式。這也使我們能夠為所有股東帶來長期可持續的價值。

So again, we appreciate your time today, and we'll talk again next quarter.

再次感謝您今天抽出時間，我們將在下個季度再次討論。

And this will conclude today's conference. Thank you for your participation, and you may now disconnect.

今天的會議到此結束。感謝您的參與，您現在可以斷開連接。