車美仕 (KMX) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the second-quarter fiscal year 2025 CarMax earnings release conference call. (Operator Instructions)

女士們、先生們，感謝你們的支持。歡迎參加 CarMax 2025 財年第二季財報發布電話會議。（操作員指示）

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.

請注意，今天的會議正在錄音。現在我想將會議交給今天的發言人。David Lowenstein，投資者關係副總裁。請繼續。

Thank you, Todd. Good morning everyone. Thank you for joining our fiscal 2025 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，托德。大家早安。感謝您參加我們的 2025 財年第二季財報電話會議。今天我和我們的總裁兼執行長 Bill Nash 一起來到這裡；我們的執行副總裁兼財務長 Enrique Mayor-Mora；以及我們的 CarMax 汽車金融營運資深副總裁 Jon Daniels。

Let me remind you our statements today that are not statements of historical fact, including statements regarding the company's future business plans, prospects and financial performance are forward-looking statements. We make pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.

讓我提醒大家，我們今天的聲明不是歷史事實的陳述，包括有關公司未來業務計劃、前景和財務業績的陳述都是前瞻性的陳述。我們根據 1995 年私人證券訴訟改革法案的安全港條款做出此舉。

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.

這些聲明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。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 and risks that could affect these expectations. Please see our Form 8-K filed with the SEC this morning, our annual report on Form 10-K for fiscal year 2024 and our quarterly results on Form 10-Q previously filed with the SEC.

有關可能影響這些預期的重要因素和風險的更多資訊。請參閱我們今天上午向美國證券交易委員會提交的 8-K 表格、我們 2024 財年的 10-K 表格年度報告以及我們之前向美國證券交易委員會提交的 10-Q 表格季度業績。

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，請隨時致電我們的投資者關係部門：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.

最後，請允許我提前感謝您只問了一個問題，並再次排隊等待更多後續問題。

Bill?

帳單？

Great. Thank you David. Good morning, everyone and thanks for joining us. We're pleased with our team's execution in the second quarter as we achieve positive sales trends, strong margins, cost efficiencies and EPS growth while managing through industry wide auto loan loss pressure.

偉大的。謝謝你，大衛。大家早安，感謝大家的參與。我們對團隊在第二季度的表現感到滿意，因為我們實現了積極的銷售趨勢、強勁的利潤率、成本效率和每股收益成長，同時管理了全行業的汽車貸款損失壓力。

Beyond great execution, our results also reflect the positive impact of delivering associate customer experience enhancements alongside declining prices in a more stable environment for vehicle valuations. In the second quarter, we grew retail unit volume year-over-year. We delivered strong retail and wholesale GPUS and expanded EPP and service gross profit. We bought more vehicles from dealers, achieving a second quarter record.

除了出色的執行力之外，我們的業績也反映了在更穩定的汽車估價環境下，提升客戶體驗以及降低價格所帶來的正面影響。第二季度，我們的零售單位數量較去年同期成長。我們提供了強勁的零售和批發 GPUS，並擴大了 EPP 和服務毛利潤。我們從經銷商處購買了更多車輛，創下了第二季的最高紀錄。

We maintained stable cast net interest margin and began to test our new full spectrum underwriting model. We materially levered SG&A as a percent of gross profit and we achieved double digit EPS growth.

我們保持了穩定的淨利差，並開始測試新的全方位承保模式。我們大幅提高了銷售、一般及行政費用佔毛利潤的百分比，並實現了兩位數的每股收益成長。

For the second quarter of FY25, our diversified business model delivered total sales of $7 billion down 1% compared to last year, reflecting lower retail and wholesale prices partially offset by higher retail volume. In our retail business total unit sales increased 5.1% and used unit comps were up 4.3%. Average selling price declined approximately $1,250 per unit or 5% year-over-year.

2025 財年第二季度，我們多元化的商業模式實現了 70 億美元的總銷售額，較去年同期下降 1%，這反映了零售和批發價格的下降，但零售量的增加部分抵消了這一影響。我們的零售業務總單位銷售額成長了 5.1%，二手單位銷售額成長了 4.3%。平均售價每台下降約 1,250 美元，較去年同期下降 5%。

Second quarter, retail gross profit per use unit was $2,269 consistent with last year's $2,251. Also, unit sales are down 0.3% versus the second quarter last year and improved sequentially from being down 8.3% in the first quarter of this year.

第二季度，每使用單位零售毛利為 2,269 美元，與去年同期的 2,251 美元持平。此外，單位銷售額與去年第二季相比下降了 0.3%，與今年第一季 8.3% 的降幅相比有所改善。

Average selling prices declined approximately $1,150 per unit or 13% year-over-year. Second quarter, wholesale gross profit per unit was $975 in line with $963 a year ago. We bought approximately 300,000 vehicles during the quarter, up 3% from last year. We purchased approximately 269,000 vehicles from consumers with more than half of those buyers coming through our online instant appraisal experience.

平均售價每台下降約 1,150 美元，較去年同期下降 13%。第二季度，每單位批發毛利潤為 975 美元，與去年同期的 963 美元持平。本季我們購買了約 30 萬輛汽車，比去年增長了 3%。我們從消費者那裡購買了大約 269,000 輛汽車，其中超過一半的買家是透過我們的線上即時評估體驗購買的。

With the support of our Edmund sales team, we sourced the remaining approximately 31,000 vehicles through dealers, up 60% from last year. We continue to see increased adoption of our omni channel retail experience. For our second quarter online metrics, approximately 15% of retail unit sales were online, up from 14% last year.

在 Edmund 銷售團隊的支持下，我們透過經銷商購買了剩餘的約 31,000 輛汽車，比去年增長了 60%。我們持續看到全通路零售體驗的採用率不斷提高。根據我們第二季的線上指標，大約 15% 的零售單位銷售額來自線上銷售，高於去年的 14%。

Approximately 57% of retail unit sales were omni sales this quarter up from 55% in the prior year. Total revenue from online transactions was approximately 29% slightly down from last year due to wholesale pricing coming down.

本季零售單位銷售額中約有 57% 為全通路銷售，高於去年同期的 55%。由於批發價格下降，線上交易總收入比去年略有下降約 29%。

All of our second quarter, wholesale auctions and sales were virtual and are considered online transactions which represented 17% of total revenue for the quarter.

我們第二季的所有批發拍賣和銷售都是虛擬的，被視為線上交易，佔本季總收入的 17%。

CarMax Auto Financer, CAF delivered income of $116 million down 14% from the same period last year. CAF results were pressured by an uptick in losses that are being experienced industry wide. In a few minutes, John will provide more detail on customer financing, the loan loss provision, cap contribution and our progress on becoming a full credit spectrum lender.

CarMax 汽車金融公司 (CAF) 的營收為 1.16 億美元，比去年同期下降 14%。由於全行業虧損增加，CAF 的業績受到壓力。幾分鐘後，約翰將提供有關客戶融資、貸款損失準備、上限貢獻以及我們成為全方位信貸貸款機構的進展的更多詳細資訊。

But at this point, I'd like to turn the call over to Enrique, who will share more information on our second quarter, financial performance. Enrique?

但現在，我想把電話轉給恩里克，他將分享更多關於我們第二季的財務表現。恩里克？

Thanks, Bill. And good morning everyone. As Bill noted we delivered on multiple fronts in the quarter. Positive retail unit comps, robust vehicle margins, material growth, and other gross profit per retail unit, maintaining cash net interest margin, and strong flow through to the bottom line.

謝謝，比爾。大家早安。正如比爾指出的那樣，我們在本季度在多個方面都取得了成果。零售單位較去年同期表現積極，整車利潤率強勁，材料增長，以及每零售單位其他毛利潤，保持現金淨息差，並實現強勁的盈利增長。

Second quarter, net earnings per diluted share was $0.85 up 13% versus a year ago. This was despite the increase in our loan loss provision. Total gross profit was $760 million, up 9% from last year's second quarter. Used retail margin of $479 million increased by 6% with higher volume and relatively flat per unit margins.

第二季度，每股淨收益為 0.85 美元，較去年同期成長 13%。儘管我們的貸款損失準備金有所增加，但情況仍然如此。總毛利為 7.6 億美元，較去年第二季成長 9%。二手零售利潤為 4.79 億美元，成長 6%，銷售量增加且單位利潤率相對穩定。

Wholesale vehicle margin of $138 million, grew by 1% with margins offsetting a slight decrease in volume. Other gross profit was $144 million, up 33% from a year ago. This was driven primarily by a combination of EPP and service.

批發汽車利潤為 1.38 億美元，成長 1%，抵消了銷量的輕微下降。其他毛利為1.44億美元，比去年同期成長33%。這主要是由 EPP 和服務的結合所推動的。

EPP increased by $20 million as we continue to benefit from the higher max care margins per contract that we previously ruled out. Service delivered $3 million in margin up $17 million from last year's second quarter. This performance reflected the combined impact of successful efficiency and cost coverage measures and positive sales growth.

EPP 增加了 2000 萬美元，因為我們繼續受益於先前排除的每份合約更高的最高護理利潤率。該服務業務的利潤為 300 萬美元，較去年第二季增加了 1,700 萬美元。這一業績體現了成功的效率和成本覆蓋措施以及積極的銷售成長的綜合影響。

We expect continued year-over-year improvement for the balance of the year as governed by sales performance, given the leverage, deleveraged nature of service.

考慮到服務的槓桿和去槓桿性質，我們預計今年剩餘時間的業績將受銷售業績的限制，繼續同比改善。

On the SG&A front expenses for the second quarter were $611 million, up 4% or $25 million from the prior year quarter. But leveraged 4% points supported by our continued discipline in spend and investment levels. This SG&A leverage would have been even stronger if not for two main factors that impacted the second quarter.

第二季銷售、一般及行政費用為 6.11 億美元，較去年同期成長 4% 或 2,500 萬美元。但我們在支出和投資水準上的持續約束支持了 4% 的槓桿率。如果不是有兩個主要因素影響第二季度，銷售、一般和行政費用槓桿率可能會更高。

First total compensation and benefits increased by $16 million. This was primarily driven by our corporate bonus accrual which was lowered in last year's second quarter. Second occupancy costs rose by $7 million, a higher increase in recent trends driven by the timing of store maintenance related spend.

首先，總薪資和福利增加了1600萬美元。這主要是由於我們去年第二季的公司獎金累積降低。第二家店的入住成本增加了 700 萬美元，這是近期趨勢中較高的增幅，是由商店維護相關支出的時間安排所驅動的。

I also want to point out two noteworthy items. First, our omni channel selling model which includes commissions plus the cost of operating, our CECs continues to be more efficient as we further strengthen our digital progression tools and the optimal use of CECs labor.

我還想指出兩點值得注意的事情。首先，我們的全通路銷售模式包括佣金和營運成本，隨著我們進一步加強數位化進步工具和 CEC 勞動力的最佳利用，我們的 CEC 將繼續變得更有效率。

This quarter, we were more efficient year-over-year and versus pre omni in the three key metrics. For retail unit, for total unit, and per gross margin dollar. Second, as Bill will discuss further, we continue to evaluate all aspects of our logistics operations to drive efficiencies. This includes equipment and leasing arrangements.

本季度，我們在三個關鍵指標的效率比去年同期和前五年都有所提高。針對零售單位、總單位及每美元毛利。其次，正如比爾將進一步討論的那樣，我們將繼續評估物流運營的各個方面，以提高效率。這包括設備和租賃安排。

As part of this evaluation, we may incur charges that we estimate will be less than $10 million in the near term that would likely hit other income expense line. These charges will be more than offset by the efficiencies gained in our logistics operations over time.

作為此次評估的一部分，我們估計短期內可能會產生不到 1,000 萬美元的費用，這些費用可能會影響其他收入支出項目。隨著時間的推移，我們的物流營運效率的提高將足以抵消這些費用。

Regarding capital allocation during the second quarter, we repurchased approximately 1.4 million shares for a total spend of $106 million. As of the end of the quarter, we had approximately $2.15 billion of repurchase authorization remaining.

關於第二季的資本配置，我們回購了約 140 萬股，總支出為 1.06 億美元。截至本季末，我們剩餘的回購授權約為 21.5 億美元。

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

現在，我想把電話轉給喬恩。

Thanks, Enrique. And good morning everyone. During the second quarter, CarMax Auto Finance originated approximately $2.2 billion resulting in sales penetration of 42%, net a three day payoffs. As compared to 42.8% during last year's second quarter.

謝謝，恩里克。大家早安。第二季度，CarMax 汽車金融發放貸款約 22 億美元，銷售滲透率達 42%，三天即可收回貸款。相比之下，去年第二季這一比例為 42.8%。

The weighted average contract rate charged to new customers was 11.5% and increased to 40 basis points from a year ago. Third party Tier 2 penetration in the quarter was 17.7% down slightly from 18.1% a year ago. And third party Tier 3 volume accounted for 6.7% of sales compared to the 6.4% seen in last year's second quarter.

新客戶收取的加權平均合約利率為11.5%，比去年同期增加40個基點。本季第三方二級滲透率為 17.7%，較去年同期的 18.1% 略有下降。第三方三級銷量佔銷售額的 6.7%，去年第二季為 6.4%。

The combined third party penetration of 24.4% remains in line with Q2 FY24. Cap income for the quarter was $116 million, down $19 million from the same period last year, predominantly impacted by a year-over-year provision increase of $23 million.

第三方滲透率為 24.4%，與 2024 財年第二季持平。本季的資本收入為 1.16 億美元，比去年同期減少 1,900 萬美元，主要受到同比增加 2,300 萬美元的撥備的影響。

Net interest margin for the quarter was 6.1% in line with last year. The provision for loan losses for the quarter was $113 million and resulted in a reserve balance of $501 million. This compares to a provision of $90 million in last year's second quarter. Included in the $113 million provision is a $52 million, roughly 11% increase in our estimate of lifetime losses on existing loans which we believe reflects industrywide credit challenges.

本季淨利差為6.1%，與去年同期持平。本季貸款損失準備金為 1.13 億美元，儲備餘額為 5.01 億美元。相比之下，去年第二季的撥備為 9,000 萬美元。1.13 億美元的撥備包括 5,200 萬美元，比我們對現有貸款終身損失的估計增加了約 11%，我們認為這反映了整個行業面臨的信貸挑戰。

Also, included in the provision is $61 million for expected losses on current quarter originations. The resulting reserve to receivables ratio was 2.82% as compared to 2.79% at the end of Q1 and 3.08% from a year ago.

此外，該準備金還包括 6,100 萬美元，用於彌補本季預計的損失。最終的準備金與應收帳款比率為 2.82%，而第一季末為 2.79%，去年同期為 3.08%。

Despite the growth in year-over-year provision, the reserve to receivables percentage only increased 3 basis points, which is a result of credit tightening measures we deployed over the course of the last two years and their growing impact on the near $18 billion portfolio.

儘管撥備金額年增，但準備金與應收帳款的比率僅增加了 3 個基點，這是由於我們在過去兩年中實施的信貸緊縮措施及其對近 180 億美元投資組合的影響日益增大。

Regarding the broader credit industry, it has been well cited that a number of auto loan consumers are struggling in this inflationary environment, especially those borrowers who originated contracts in 2022 and 2023. When elevated prices were coupled with high interest rates. To combat these results, lenders have generally tightened underwriting where necessary and have adjusted lifetime loss expectations based on weakening performance.

就更廣泛的信貸產業而言，眾所周知，許多汽車貸款消費者在這種通膨環境下苦苦掙扎，尤其是那些在 2022 年和 2023 年簽訂合約的借款人。當價格上漲的同時，利率也上漲。為了應對這些結果，貸款人通常會在必要時收緊承保，並根據疲軟的業績調整終身損失預期。

CAF has to some degree experienced similar challenges emerging within the industry. But our customers have largely shown an ability to navigate this added inflationary burden. During this last quarter, we observed additional pressure on the consumer and as a result, we added to our provision accordingly.

在某種程度上，CAF 也經歷過業界出現的類似挑戰。但我們的客戶基本上已經表現出應對這一額外通膨負擔的能力。在上個季度，我們觀察到消費者面臨額外的壓力，因此我們相應地增加了撥備。

Despite the adjustment, these higher ASP originations from 2022 and 2023 remain significantly profitable for CarMax. And it is clear that the material tightening deployed in early 2023 has had a meaningful impact on our vintage level loss rates.

儘管進行了調整，但 2022 年和 2023 年這些較高的平均銷售價格仍然為 CarMax 帶來了可觀的利潤。很明顯，2023 年初實施的材料緊縮措施對我們的年級損失率產生了重大影響。

In addition, we observed a pocket of customers generally concentrated at the lower end of the Tier 1 credit spectrum that were of noticeably higher risk, which we addressed through the further tightening of our underwriting strategy for cautionary reasons beginning in April 2024.

此外，我們觀察到一小部分客戶通常集中在一級信用評級的低端，風險明顯較高，出於謹慎考慮，我們從 2024 年 4 月開始進一步收緊承保策略來解決這個問題。

While the loss allowance was previously adjusted for this pocket in the first quarter, as a part of our standard loan loss modeling process. During the second quarter, we observed further deterioration which necessitated an additional adjustment on the pre-existing receivables.

雖然損失準備金已在第一季針對這一部分進行了調整，但作為我們標準貸款損失建模流程的一部分。在第二季度，我們觀察到情況進一步惡化，因此需要對預先存在的應收帳款進行額外調整。

We believe this quarter's provision adequately captures the performance within the quarter and the resulting reserve is our best estimate of the remaining lifetime loss for the portfolio. As always capital will continue to balance credit risk, driving CarMax sales and capturing its optimal share of highly profitable finance contracts.

我們認為本季的撥備充分反映了本季的表現，而由此產生的準備金是我們對投資組合剩餘終身損失的最佳估計。與往常一樣，資本將繼續平衡信用風險，推動 CarMax 的銷售並獲得高利潤融資合約的最佳份額。

Now, I will share an update on cap securitization program and full spectrum lending initiative. During the month of June, we successfully executed our first non-prime ABS transaction and followed in July with our first higher prime ABS deal. The success of these transactions reaffirms our belief that these complementary programs will provide significant additional funding capacity to support CarMax growth, while giving us the flexibility to capture a larger piece of the Tier 2 and Tier 3 landscape.

現在，我將分享有關上限證券化計劃和全方位貸款計劃的最新情況。六月份，我們成功執行了首筆非優質 ABS 交易，七月又成功執行了首筆優質 ABS 交易。這些交易的成功再次證實了我們的信念，即這些互補計劃將提供大量額外的融資能力來支持 CarMax 的成長，同時使我們能夠靈活地佔領更大的二線和三線市場份額。

Also during the second quarter CAF successfully began testing its new full spectrum credit scoring models and corresponding strategies across both the Tier 1 and Tier 2 spaces. And we expect our Tier 3 testing of the new model to begin during the third quarter.

此外，在第二季度，CAF 成功開始在 Tier 1 和 Tier 2 領域測試其新的全方位信用評分模型和相應的策略。我們預計新車型的 Tier 3 測試將於第三季開始。

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

現在我將把電話轉回給比爾。

Thank you, John, Enrique. As I mentioned on our last earnings call, I'm proud of the durable actions we've been taking to support our business and further differentiate our offering. We are continuing to refine the experience and realize efficiencies that will support future growth.

謝謝你，約翰，恩里克。正如我在上次財報電話會議上提到的那樣，我為我們為支持業務和進一步差異化我們的產品而採取的持久行動感到自豪。我們將繼續完善經驗並提高效率，以支持未來的成長。

Some examples include, we've completed the nationwide roll out of our new order processing system across our stores and customer experience centers. As a reminder, this system helps associates, guide customers through each step of the buying journey and provides a more seamless experience for customers who prefer to blend self-progression with assistance from associates.

例如，我們已經在全國各地的商店和客戶體驗中心完成了新訂單處理系統的推廣。提醒一下，該系統可以幫助店員引導顧客完成購買過程的每個步驟，並為喜歡將自我進步與店員協助相結合的顧客提供更無縫的體驗。

We're now focused on customer shopping accounts. These make it even easier for customers to see the steps they have taken on their shopping journey, whether on their own or with help from an associate. These accounts guide next steps and promote max care. Our extended service plan offering.

我們現在專注於客戶購物帳戶。這些使顧客更容易看到他們在購物過程中採取的步驟，無論是自己購物還是在店員的幫助下。這些說明指導了下一步並促進了最大程度的護理。我們提供延長的服務計劃。

We're currently testing in several stores and plan to deploy nationwide later this year. Our data science, CEC and product teams have recently developed a new knowledge management system that we are testing in our CEC, which leverages generative AI to empower associates with instant access to the information they need.

我們目前正在多家商店進行測試，並計劃今年稍後在全國推廣。我們的數據科學、CEC 和產品團隊最近開發了一個新的知識管理系統，我們正在 CEC 中測試該系統，該​​系統利用生成式人工智慧使員工能夠即時存取他們需要的資訊。

Associates can ask questions through a chat bot and receive an immediate response. We are finding this tool especially helpful for customer questions where the response varies from state to state. This will enable our CECs to be more effective and efficient and we plan to launch the system across all CECs later this year.

員工可以透過聊天機器人提出問題並立即得到答案。我們發現此工具對於不同州的答覆不同的客戶問題特別有用。這將使我們的 CEC 更加有效和高效，我們計劃在今年稍後在所有 CEC 中推出該系統。

For finance based shopping, we released an enhancement that seamlessly incorporates existing instant appraisal offers into a pre-qualification offering giving customers more precise credit terms. And finally, we launched an EV hub on carmax.com. The hub contains information and research tools that address top questions shoppers have about electric vehicles including hybrids and helps consumers determine if an electric vehicle is right for them.

對於基於金融的購物，我們發布了一項增強功能，將現有的即時評估服務無縫整合到預審資格服務中，為客戶提供更精確的信用條款。最後，我們在 carmax.com 上推出了一個電動車中心。該中心包含的資訊和研究工具可以解答購物者對電動車（包括混合動力汽車）的主要疑問，並幫助消費者確定電動車是否適合他們。

As I mentioned last quarter, we're focused on driving down cost of goods sold by pursuing incremental efficiency opportunities that we've identified across our logistics network and reconditioning operations. This supports affordability as we pass savings on to our customers and also supports our margins.

正如我上個季度提到的，我們致力於透過尋求我們在物流網絡和修復業務中發現的增量效率機會來降低銷售成本。這有利於提高可負擔性，因為我們將節省的錢轉嫁給客戶，同時也有利於提高我們的利潤率。

After completing a comprehensive review of our logistics operation, we determined that centralizing some key functions will help us best leverage our network.

在對我們的物流營運進行全面審查後，我們確定集中一些關鍵功能將有助於我們最大限度地利用我們的網路。

During the second quarter, we centralized our home delivery appraisal pickup and Max offer moves by market. We plan to achieve further efficiencies in upcoming quarters as we roll out our enhanced transportation management system, which provides new planning and execution capabilities.

在第二季度，我們集中了送貨上門評估提貨和按市場進行的最大報價行動。我們計劃在未來幾季推出增強型運輸管理系統，以提供新的規劃和執行能力，從而進一步提高效率。

In conclusion, we're encouraged by our second quarter performance and assuming current market conditions continue, we feel good about our sales in the second half of the year. We're excited about our future and our ability to grow sales and earnings while continuing to enhance our best in class omni-channel experience for our associates and customers, strengthening our competitive mode.

總而言之，我們對第二季的業績感到鼓舞，並假設當前的市場狀況持續下去，我們對下半年的銷售情況充滿信心。我們對我們的未來以及我們增加銷售額和收益的能力感到興奮，同時繼續為我們的員工和客戶提供一流的全通路體驗，增強我們的競爭模式。

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

我們很樂意回答您的問題。托德？

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Seth Basham, Wedbush Securities.

韋德布希證券公司的塞思·巴沙姆（Seth Basham）。

Thanks a lot and good morning. Great to see the progress on sales. And my first question is just if you could give us an update on how unit comps are trending, according today.

非常感謝，早安。很高興看到銷售取得進展。我的第一個問題是，您能否向我們介紹一下今天的單位比較趨勢。

Yeah, sure Seth. So first of all, we're pleased with how the sales have progressed. If I look at the comp cadence for the quarter, they actually sequentially got better, which was great to see. For September with almost one full month into the third quarter.

是的，當然了，塞思。首先，我們對銷售進展感到滿意。如果我看一下本季的競爭節奏，他們實際上已經連續變得更好了，這真是令人高興。9 月已接近進入第三季一個月。

We're trending positive for the quarter in line with the second quarter, but a little bit softer at this point. I would also just point out that September has some heavy day of the week, headwinds, -- one less Friday, one less Saturday, pick up a Sunday, but we get all that back in the quarter,

本季的趨勢與第二季一致，但目前略顯疲軟。我還要指出的是，9 月的一周中有一些繁忙的日子，逆風——少了一個星期五，少了一個星期六，增加了一個星期天，但我們在本季度會把這些都恢復過來，

That's helpful color. And then secondly, on task, if you can get some color on your view of the market at this juncture, does it make sense to push forward with the full spectrum lending, given the credit headwinds? And do you expect further tightening on your underwriting standards?

這是很有幫助的顏色。其次，關於任務，如果您能對當前市場的看法有所了解，那麼在信貸逆風的情況下，推動全方位貸款是否有意義？您是否預期承保標準會進一步收緊？

Sure, I appreciate the question, Seth. So, first on the overall market again, I think we stated, clearly and I think, you've reported this, industry wide loss rates clearly are out there. It's a stress consumer, I think that's why we've done the tightening that we've done.

當然，我很感謝你提出這個問題，塞思。因此，首先再次談到整體市場，我認為我們已經明確地表明了這一點，而且我認為您已經報告了這一點，整個行業的損失率顯然是存在的。這是一種壓力消費者，我認為這就是我們採取緊縮措施的原因。

April 2023, we're clearly seeing improvement in losses on those vintages mentioned again, further tightening in April 2024, I'll address your tightening question right now. Right now, we feel good about where we sit.

2023 年 4 月，我們明顯看到再次提到的那些年份的損失有所改善，2024 年 4 月將進一步收緊，我現在就回答您的收緊問題。現在，我們對自己的處境感到滿意。

Everything that we've tightened on previously highly profitable for CarMax, but just moves that we felt we wanted to make proactively on a cautionary basis. But right now, we feel good about where we are again, never say never. We'll watch our portfolio very closely, but we feel good about what we're originating right now.

我們先前收緊的所有措施都為 CarMax 帶來了豐厚的利潤，但我們認為這些措施是出於謹慎考慮而主動採取的。但現在，我們對自己的處境感到滿意，永不言敗。我們會密切關注我們的投資組合，但我們對目前的創新感到滿意。

And with regard to, is this the right time for Tier 2 and Tier 3? Well, we're in learning mode and we're really excited about it. We deployed our Tier 2 underwriting model and strategies in the back, the back portion of Q2, we're looking to get into the Tier 3 in probably the back portion of Q3 and we're excited to learn and we're going to continue to learn throughout probably the fiscal quarter.

那麼，現在是 Tier 2 和 Tier 3 的正確時機嗎？嗯，我們處於學習模式，我們對此感到非常興奮。我們在第二季後半段部署了我們的二級承保模型和策略，我們希望在第三季後半段進入三級承保，我們很高興學習，並且可能會在整個財政季度繼續學習。

We will decide when it makes sense to go in to go after more volume. We think it's great for the customer that there's going to be CAF in there. We know it's great for CarMax that cap's going to be there. We think there's more opportunity there as we've all stated. So we'll pick the right time, but we're excited to learn and we'll move in prudently and when it makes sense.

我們將決定何時進入以追求更大的交易量。我們認為，對於客戶來說，在那裡設立 CAF 是一件好事。我們知道，對 CarMax 來說，這個上限是件好事。正如我們都說過的，我們認為那裡有更多的機會。因此，我們會選擇合適的時機，但我們很高興學習，並且會在合理的時候謹慎行事。

Seth, what I say is even in this kind of environment, I mean, these are really profitable loans that John and team can target and do an excellent job of targeting those loans in origination. So, we're really excited about the full credit spectrum and yeah, we'll continue to test in the back of the year.

塞斯，我的意思是，即使在這種環境下，這些都是真正有利可圖的貸款，約翰和他的團隊可以瞄準這些貸款，並且在發起這些貸款時做得非常出色。因此，我們對整個信用範圍感到非常興奮，是的，我們將在今年年底繼續進行測試。

And I'd be remiss, if I didn't finish up with, and that's what made the securitization program this summer. So exciting for us, it really was a great success, both of those issuances and I think it really sets us up well for the future, both in capacity and flexibility.

如果我沒有完成的話，那我就太失職了，這就是今年夏天證券化計畫的由來。這對我們來說非常令人興奮，這兩次發行確實是一個巨大的成功，我認為這為我們未來的產能和靈活性奠定了良好的基礎。

Sharon Zakia, William Blair.

莎朗‧札基亞、威廉‧布萊爾。

Hi, good morning. Thanks for taking the call. Our question, I guess another question on the finance business. How do we think about the profitability of CAF, when you've got the higher losses on the one hand, but we also are seeing funding costs, obviously start to come down. Is this kind of the trough in terms of year-over-year decrease that we should expect. I mean, when do you think CAF, can start to grow again and income? Just any kind of perspective around that would be helpful?

嗨，早安。謝謝您接聽電話。我們的問題，我想是另一個有關金融業務的問題。一方面損失較大，但另一方面融資成本明顯開始下降，我們如何看待 CAF 的獲利能力？就同​​比下降而言，這是否是我們應該預料到的低谷？我的意思是，您認為 CAF 什麼時候可以再次開始成長和增加收入？任何有關這一問題的觀點都會有幫助嗎？

Yeah, I appreciate the question, Sharon. So I'm kind of break it down between two of our, I obviously our biggest fine items. You mentioned the interest rate aspect. So, right, that's going to show through in our nim. Obviously, we've been very pleased with how we've managed nim in this environment.

是的，我很感謝你的提問，莎倫。因此，我將其分為兩個部分，顯然是我們最大的精品。您提到了利率方面。所以，對的，這將在我們的 nim 中顯示出來。顯然，我們對在這種環境下管理 nim 的方式感到非常滿意。

You know, we've said six felt about the right level. We've hovered around that area and we've done that in the face of tightening, which actually is generally going to put pressure on them. And obviously, we've been able to capture our share of finance contracts, while in a raised rate environment. So we've been pleased about how that's operated.

你知道，我們已經說過六個感覺是正確的層次。我們一直在該區域徘徊，並且在緊縮政策面前我們這樣做了，這實際上會給他們帶來壓力。顯然，在利率上升的環境下，我們已經能夠獲得自己的融資合約份額。我們對它的運作方式感到滿意。

Obviously, as rates trend down. Often there's an opportunity for a lender to enjoy stickier rates and maybe capture a little bit more. But, largely, you've got an $18 billion portfolio at the current name. It's going to be hard to make a lot of headway against that. But we would hope that would be a tail wind for us.

顯然，利率呈下降趨勢。貸款人通常有機會享受更固定的利率，並可能獲得更多收益。但總體而言，以目前的名稱來看，你的投資組合價值高達 180 億美元。要取得很大進展將會十分困難。但我們希望這對我們來說是一個順風。

With regard to the loss environment, which is kind of the other end of the spectrum. I really want to point out our provision, let's talk about that this quarter. Ultimately, if you think about it, when we set our provision in our reserve at the end of a quarter, our goal clearly is to only have to in the successive quarter, set a provision for what we newly originated in that quarter.

至於損失環境，這有點類似另一個極端。我確實想指出我們的規定，讓我們在本季討論一下。最終，如果你仔細想想，當我們在一個季度末設定儲備金時，我們的目標顯然是只需要在下一個季度為該季度新產生的資金設定儲備金。

It never happens that way. As you're well aware. You're going to have points where sometimes it's going to be; you're going to have the ability to release loans because release provision because performance is excellent. You're going to have in a higher delinquency environment, high loss environment, which we're operating in right now. We've seen change that we've had to make in the $10 million, $20 million, $30 million range.

這樣的事從來不會發生。正如您所知。有時會遇到這樣的情況；您將有能力發放貸款，因為由於業績優異而發放撥備。你將面臨更高的違約率和高損失的環境，而我們現在就處於這樣的環境中。我們已經看到我們必須在 1000 萬美元、2000 萬美元、3000 萬美元範圍內做出改變。

Let's make clear, we felt the $52 million adjustment on the existing portfolio was outsized versus previous quarters. And it was important, we noted that for everyone, and we would hope that obviously we have the provision and the reserve nailed for this quarter. But it's a big deal.

讓我們明確一點，我們認為現有投資組合的 5,200 萬美元調整額與前幾季相比過大。我們注意到，這對每個人都很重要，我們希望本季的撥備和儲備金能夠到位。但這是一件大事。

So the difference between the 50, what I would say is in the last seven, eight quarters $10 million, $20 million, $30 million on the high side a year ago. I think the 50 is certainly more than we would hope to do going forward. So, again, you've got a gauge, what you think our origination volume is. The provision there and then what the true up is going to be. But again, I think this is outsized, hopefully on a go forward basis.

因此，我想說的是，這 50 億美元之間的差異在過去七、八個季度中分別高達 1,000 萬美元、2,000 萬美元和 3,000 萬美元，比去年同期高出不少。我認為 50 這個數字肯定比我們未來希望達到的數字還要多。所以，再說一次，您已經知道我們的發起量是多少了。那裡的規定以及真實的情況將會是什麼。但我再次認為，這個數字已經過大，希望能夠繼續向前邁進。

Yeah, I think a way to think about that is of the 50, -- probably 2025 is probably what we've seen over the past year here, I'd say. So you're looking at probably like a $30 million adjustment versus what we typically would have seen on the quarter.

是的，我認為可以這樣想，那就是在 50 年中——大概 2025 年可能就是我們在過去一年中看到的情況，我想說。因此，與我們通常在本季看到的相比，您可能正在考慮 3000 萬美元的調整。

John Murphy, Bank of America.

美國銀行的約翰‧墨菲。

Good morning, maybe just to stay on credit here. I mean, as you see the trajectory, get a bit worse, but it's still within the bounds of normal and even the lower end of the normal range. I'm just curious how you gauge sort of absolutely, how you think about this going forward or sort of the rate of change.

早安，也許只是為了在這裡保持信用。我的意思是，正如你所看到的軌跡，情況會變得更糟一些，但它仍然在正常範圍內，甚至是正常範圍的低端。我只是好奇您如何絕對地衡量這一點，您如何看待這一趨勢或變化的速度。

Other specific, metrics you guys are looking at internally, I mean, you kind of cited tightening in April and then tighten again during the quarter. So it seems like you're moving with this but I mean, how do you gauge where this may ultimately land?

你們內部正在關注的其他具體指標，我的意思是，你們提到 4 月的緊縮政策，然後在本季再次緊縮。所以看起來你正在朝著這個方向前進，但我的意思是，你如何判斷這最終會走向何方？

Yeah, I appreciate the question John. I'll point to one metric which is again our reserve to receivables, which is 2.82. And I think what that number highlights quarter-over-quarter in the face of a provision of $50 million which we've just said is relatively outsized, is the tightening that we've done.

是的，我很感謝約翰提出的問題。我要指出的一個指標是我們的應收帳款準備金比率，即 2.82。我認為，面對我們剛才所說的相對過高的 5000 萬美元撥備，這個數字與上一季相比凸顯了我們採取的緊縮措施。

And you mentioned that the tightening that we've done, we've looked at our portfolio, we've looked at what we originate highly profitable loans. We feel good about what's on our books, no doubt about that. But we really wanted to pinpoint those receivables and those customers that we felt could sustain, or really perform extremely well in a stressed environment like [Ryan] and we've done that. And we've tightened and we're seeing the relative performance play through in our vintage level early looks at losses.

您提到，我們已經採取了緊縮措施，我們已經審視了我們的投資組合，我們已經審視了我們發放的高利潤貸款。毫無疑問，我們對書中的內容感到滿意。但我們確實想找出那些我們認為可以維持的應收帳款和客戶，或者在像 [Ryan] 這樣緊張的環境中表現非常出色的應收帳款和客戶，我們已經做到了。我們已經收緊了政策，我們看到了相對錶現在我們對損失的早期觀察中發揮的作用。

How bad could it get? You know, again, hard to say. We feel good about what we have. You've seen a provision that we think really captures where we think losses are headed. We've tightened to the right pockets. It's all very profitable. It's the question of what loss rate are we willing to accept provision for accordingly. We have the funding; we think in place to really do whatever we want to do going forward. But again, we're going to be cautious and careful and do what we think makes sense in the quarters to go. So hopefully that addresses your question and,

情況會變得多糟？你知道，這又很難說。我們對自己所擁有的一切感到滿意。你已經看到了一項規定，我們認為它確實反映了我們認為的損失走向。我們已經收緊了正確的口袋。這一切都非常有利可圖。問題在於我們願意接受什麼樣的損失率作為相應準備。我們有資金；我們認為，未來我們真的可以做任何我們想做的事情。但再次強調，我們將謹慎小心，並在接下來的幾季中做我們認為有意義的事情。希望這能解答你的疑問，

And John, just a point of clarification. I think you said tightening in this quarter. We actually in the, we didn't do any tightening in this quarter. We didn't see the need to, we tightened in the previous quarter.

約翰，我只是想澄清一點。我認為您說的是本季的緊縮政策。實際上，我們本季沒有採取任何緊縮措施。我們認為沒有必要，我們在上一季就收緊了。

Yeah. Thanks for the clarification. 2023 April and 2024 April, we have not done anything significant since April 2024 and don't see anything in the horizon right now.

是的。感謝您的澄清。2023 年 4 月和 2024 年 4 月，自 2024 年 4 月以來我們沒有做任何重大的事情，現在也看不到任何進展。

I just want one, just a quick follow up on the sourcing side. I mean, everybody we talked to in the industry is having a tough time finding late model vehicles. It seems like you guys did a really good job in the quarter and actually got the 31,000 out of dealer. So I'm just curious what is changing there?

我只想要一個，只是對採購方面進行快速跟進。我的意思是，我們採訪過的業內每個人都在尋找最新的車輛。看起來你們在本季度做得非常好，實際上從經銷商那裡獲得了 31,000 美元。所以我只是好奇那裡發生了什麼變化？

What Edmunds is doing to help you source from dealers who seem like they have a pretty tight hold of these vehicles and don't want to let them go. And what kind of an impact can that have going forward because there is a real shortage and, but you did a good job this quarter. So, just trying to understand what changed.

Edmunds 所做的就是幫助您從經銷商處採購，而這些經銷商似乎對這些車輛控制得非常嚴格，不想放棄它們。由於確實存在短缺，這會對未來產生什麼樣的影響，但你本季做得很好。因此，只是想了解發生了什麼變化。

Yeah, I think the, the shortage is really highlighted by the off lease, John, which, it's, I think it actually bottomed out in 2022. I think there's a little bit of a step down next year in 2025 and then it'll start going back up.

是的，我認為租約到期確實凸顯了短缺問題，約翰，我認為短缺問題實際上在 2022 年觸底。我認為明年（2025年）會略有下降，然後開始回升。

But the reality is because of our diversification of buys, whether the increase in our instant appraisal offers. And certainly the Max offer, the Edmunds team has done a great job. If I look at year-over-year, we've probably got 50% more dealers that are active on it than they were a year ago.

但實際情況是，由於我們的購買多樣化，我們的即時評估報價是否增加。當然，對於 Max 的報價，Edmunds 團隊做得非常出色。如果按年來看，我們活躍的經銷商數量可能比一年前增加了 50%。

And when it comes to like for example, leases that's never been a significant part of our sales. But the interesting thing is with our IO and Max offer, we actually have better access to them than we did historically, even though the volume is down. So for us, the supply just hasn't been an issue.

例如，租賃從來都不是我們的銷售額的重要組成部分。但有趣的是，透過我們的 IO 和 Max 服務，儘管數量有所下降，但實際上我們比以前更容易獲得它們。所以對我們來說，供應不是問題。

But the interesting thing is with our IO and Max offer, we actually have better access to them than we we did historically, even though the volume is down. So for us, the supply just hasn't been an issue.

但有趣的是，透過我們的 IO 和 Max 服務，儘管數量有所下降，但實際上我們比過去更容易獲得它們。所以對我們來說，供應不是問題。

Got it. Impressive in maintaining grosses. Thank you.

知道了。在維持總收入方面令人印象深刻。謝謝。

Thank you, John.

謝謝你，約翰。

Brian Nagel, Oppenheimer.

奧本海默的布萊恩·納格爾。

Good morning. Thanks for taking my questions. So I have two quick questions, I'll merge them together. Yeah, first off with regard to the improvement use card unit comp so first off, congratulations, but is there anything you could really point to in the core of that sort of say underpinned that strengthen what we've seen in prior quarters.

早安.感謝您回答我的問題。我有兩個簡單的問題，我將它們合併在一起。是的，首先關於使用卡片單位補償的改進，所以首先要祝賀你，但是你能否真正指出這種說法的核心，以加強我們在前幾個季度所看到的情況。

And then the second question I have with regard to finance. As you look at this the higher loan loss provision that you took here in the fiscal second quarter, is that more a reflection of what you're seeing in your portfolio or you the inputs that come as a result of your analysis of the overall environment?

我的第二個問題是關於財務的。從您的角度來看，您在第二財季提取的更高的貸款損失準備金，這更多地反映了您的投資組合的情況，還是您對整體環境分析的結果？

All right. So I'll take the first part of that and Jon will tackle the second part. So Brian, on your first part just kind of improvements and comp kind of drivers, II I talked a little bit about this in my opening remarks. I think it's both internal things that we're doing. I also think there's some macro benefits as well.

好的。因此我將負責第一部分，而喬恩將負責第二部分。那麼 Brian，關於你的第一部分只是一些改進和計算機類型的驅動程序，我在開場白中談到了這一點。我認為我們正在做的都是內在的事情。我也認為這也有一些宏觀好處。

From an internal standpoint, I'm really pleased with the team and the execution across the Board, whether it's finding efficiencies and in areas of cost of goods sold, which allow us to do different things with, better conversion in our CECs and stores. The experience, I highlighted that we got order processing. Last quarter, I talked about the fact that we were testing that we had it in some stores.

從內部角度來看，我對團隊和整個董事會的執行情況感到非常滿意，無論是在提高效率方面，還是在銷售成本方面，這使我們能夠做不同的事情，從而在我們的 CEC 和商店中實現更好的轉換。我強調的經驗是我們得到了訂單處理。上個季度，我談到了我們正在一些商店測試它的事實。

We plan to get it out everywhere. By the end of the year, we actually got it all out in this -- the very next quarter which we're thrilled about, which really puts all of our stores to CECs and the customer all on the same format. So it makes it much easier and seamless to go back and forth between assistance and help.

我們計劃將它推廣到各地。到今年年底，我們實際上在下一季就完成了所有工作，對此我們感到非常興奮，這確實將我們所有的商店、CEC 和客戶都置於相同的格式中。因此，在援助和幫助之間來回切換變得更加輕鬆和無縫。

So I think that's great from a macro standpoint. Look, prices continue to come down and I think Enrique help me out on this, but I think this is the seventh quarter in a row of year-over-year price declines in our ASP, which certainly they're not back to where they were, but every bit helps.

所以我認為從宏觀角度來看這很棒。你看，價格繼續下降，我想恩里克在這方面幫助了我，但我認為這是我們的平均銷售價格連續第七個季度同比下降，當然它們還沒有回到原來的水平，但每一點都有幫助。

And then of course, interest rates. The future of interest rates coming down, I think will help that. We were able to source and half for sale more, less than $25,000 cars and more 0 to 4 cars, which I think is great. And then of course, we also in this much more of a stable pricing environment, we've talked about that many times over the last few quarters about what happens when you see big price swings with, of which we saw two last fiscal year, one year before. We've got up and down depreciation, but it's much more normal. So I think it's a combination of things.

當然還有利率。我認為未來利率下降將會對此有所幫助。我們能夠購買並出售價格低於 25,000 美元的汽車以及 0 到 4 輛汽車，我認為這很棒。當然，我們也處於一個更穩定的定價環境中，過去幾季我們已經多次討論過當價格出現大幅波動時會發生什麼，上個財年和前年我們就看到過兩次這樣的價格波動。我們的貶值有起有落，但這是比較正常的。所以我認為這是多種因素的綜合作用。

All right, Brian, and I'll take your second question. And basically, it was with our larger provision this quarter. But your question was, is it really on our portfolio or is it the broader economic environment of paraphrasing? But I want to be precise in my answer here.

好的，布萊恩，我來回答你的第二個問題。基本上，這是我們本季提供的更大金額的準備金。但你的問題是，它真的在我們的投資組合中嗎，還是說它是更廣泛的經濟環境？但我希望在這裡給出準確的答案。

So firstly, so and for our reserve methodology, we look at economic factors that are out there as you might imagine. And so we weigh them into our decision. But more specifically, our adjustments are based on the observations that we have on our portfolio and the performance that we believe is broad in the industry.

首先，對於我們的儲備方法，我們會考慮您可能想像的經濟因素。因此，我們會根據這些因素來權衡後再做決定。但更具體地說，我們的調整是基於我們對投資組合的觀察以及我們認為的行業普遍表現。

You take banks, obviously the Ally banks of the world or other banks, other finance companies, you can see that they're citing similar performance issues. So I think it's occurring on books across the industry. We observed it on ours. We take into account economic factors, but it's largely on us -- like on us on industry performance.

以銀行為例，顯然是世界各地的聯盟銀行或其他銀行、其他金融公司，你可以看到他們都提到了類似的績效問題。所以我認為整個圖書業都在發生這種情況。我們在自己身上觀察到了這一點。我們會考慮經濟因素，但這很大程度上取決於我們自己——例如產業表現。

Right. I appreciate the color. Thanks guys.

正確的。我很欣賞這個顏色。謝謝大家。

Thank you, Brian.

謝謝你，布萊恩。

Rajat Gupta, JP Morgan.

摩根大通的 Rajat Gupta。

Great. Thanks for taking the question. Just have one clarification and another question. On the September comes, just, hear correctly that you're tracking positive? -- on the same string basis so far?

偉大的。感謝您回答這個問題。只需澄清一點並提出另一個問題。九月來臨，您聽得對嗎，您的追蹤結果呈現正向趨勢？ ——到目前為止都是基於相同的字串嗎？

Yeah, for the September, well, really, I'm talking about the quarter trend, is tracking positive for the quarter. It's in line with the second quarter. It's a little bit softer, but again, I want to point out Rajat that there is a day of week, headwind there for sure. With the one last Friday, one less Saturday, picking up a Sunday where a bunch of our stores are closed. All that will square away throughout the quarter.

是的，對於九月份，嗯，實際上，我說的是季度趨勢，本季呈現正面趨勢。這與第二季一致。它稍微柔和一些，但我再次想指出 Rajat，一周中肯定有一天會遇到逆風。加上上週五，就少了一個週六，剩下一個週日，我們的許多商店都關門了。所有這些都將在本季度得到解決。

So you mean for the quarter, you would expect it to be positive still? That was the comment you were making?

所以您的意思是，對於本季而言，您預計其業績仍將為正數嗎？這就是您所發表的評論嗎？

That's the current trend of sales, yeah.

是的，這就是當前的銷售趨勢。

Okay. Got it. And then just on the advertising spending, I was surprised to see a big drop there. Curious, like is there, what's happening there? I mean, is there like some efficiency you're getting with the advertising spending? I mean, is this the right level of four unit spending we should be expecting. Any sort of thought there, would be helpful. Thanks.

好的。知道了。然後，就廣告支出而言，我很驚訝地發現它出現了大幅下降。很好奇，那裡到底發生了什麼事？我的意思是，你們的廣告支出是否提高了效率？我的意思是，這是我們應該預期的四個單位支出的正確水準嗎？任何想法都會有幫助。謝謝。

Yeah. No, absolutely. I would say that quarter to quarter, there's going to be some variation, right? But if you look at the first half of this year, we're pretty much in line with where I always communicated is our target. And if you take a look at the back half of the year, it's going to be very similar.

是的。不，絕對不是。我想說的是，每季都會有一些變化，對嗎？但如果你看看今年上半年，我們基本上符合我一直在傳達的目標。如果你看一下今年下半年的情況，你會發現情況非常相似。

So I wouldn't read anything into this particular quarter with the marketing spend a year-over-year or on the total unit basis. It's just variances within a quarter. But again, first half of the year, pretty much in line with what our expectations are and the back half of the year is in line with what we've communicated.

因此，我不會根據本季的行銷支出年比或總單位數來解讀任何數據。這只是一個季度內的差異。但同樣，上半年的表現基本上符合我們的預期，下半年的表現也符合我們所傳達的預期。

Understood. Great. Thank you.

明白了。偉大的。謝謝。

David Bellinger, Mizuho.

瑞穗的戴維·貝林格。

Hey, thanks for the questions. First one, just on the worst thing, trends in the broader auto loan market. You've already got tier three down to about a 7% penetration today. You've tightened up again. Just what's next year? Are you beginning to plan the business with any type of contingencies or any potential down shift in volumes over the next few quarters. May maybe just help us think through any further offsets or cost pull backs you could have in a weakening credit environment.

嘿，謝謝你的提問。首先，最糟糕的是，更廣泛的汽車貸款市場的趨勢。如今，第三級滲透率已降至約 7%。你又收緊了。明年會怎樣？您是否已經開始為未來幾季可能發生的意外事件或業務量下降制定業務計劃？也許只是幫助我們思考在信貸環境疲軟的情況下您可以採取的任何進一步的抵消或成本削減措施。

Yeah, so I guess let's speak about, you mentioned the Tier 3%. I think there's a couple things going on in the industry. You've got, again, worsening performance, that we've talked about. And cash cited, they're tightening. I think again, there's tightening that has occurred across the industry as well. That's well documented too. So I think we've done a great job of absorbing that tightening. Our lenders on our local business, we think we have the best credit platform in the industry. We have very loyal partners and they've done some tightening. No doubt. Every lender is going to do their own thing, but they've done some tightening just as we have.

是的，我想讓我們談談您提到的 3% 級。我認為這個行業正在發生一些事情。您再次遇到了我們討論過的績效惡化問題。現金儲備正在收緊。我再次認為，整個產業也出現了緊縮現象。這也有詳細記載。所以我認為我們在吸收這種緊縮措施方面做得很好。對於我們本地業務的貸款人，我們認為我們擁有業內最好的信貸平台。我們擁有非常忠誠的合作夥伴，他們已經做了一些收緊工作。無疑。每個貸款機構都會採取自己的措施，但他們也像我們一樣採取了一些收緊措施。

Yeah, and we don't know what they're going to do going forward. They've -- when we speak to them, they feel like they're in a spot similar to us where they feel good about what they're originating. I want to mention your speak to your Tier 3, comment down to 7%. I think that's maybe less about the tightening.

是的，我們不知道他們接下來會做什麼。當我們與他們交談時，他們感覺自己與我們處境相似，對自己所做的事情感到滿意。我想提一下您對第 3 層的評價，評論降至 7%。我認為這可能與緊縮政策關係不大。

Sure, there's some in there, but a lot of the Tier 2 and Tier 3 volume being down. I think that's really an affordability challenge that we've mentioned repeatedly where the consumer that's looking to purchase. That is shopping is just not in a position to pull the trigger given the payments and the situation that occurs.

當然，其中有一些，但是很多 Tier 2 和 Tier 3 的數量都在下降。我認為這確實是一個負擔能力的挑戰，我們曾多次提到，消費者正在尋求購買。也就是說，考慮到付款和發生的情況，購物根本無法扣動扳機。

Some of that could be from tightening, no doubt. But if you look at the sheer price point and the monthly payment, I think that's where they're struggling. So I think that's coming from as much the consumer as it is the tightening. So I don't think

毫無疑問，部分原因可能是緊縮政策。但如果你看一下純粹的價格點和每月的付款，我認為這就是他們苦苦掙扎的地方。所以我認為這既來自消費者，也來自緊縮政策。所以我不認為

The only thing I would, I mean, the only other thing I would add is David is that look, I think we feel great about the actions we've done. We feel great about the tightening that we've done. Our lenders and having conversations with them, they've already tightened, they feel good about the Carmax Book of Business.

我唯一想說的是，我的意思是，我唯一想補充的是，大衛，看，我認為我們對我們所做的行動感覺很好。我們對所採取的緊縮措施感到非常滿意。我們的貸款人已經與他們進行了交談，他們已經收緊了信貸條件，並且對 Carmax 業務帳簿感覺良好。

Jon talked about this lower income customer and he's absolutely right. I think the where you're seeing the tier three is not because of necessarily tightening. Sure where there's been tightening, it's just an affordability issue. And when I look at lower income, household income, consumers, it's still a fraction of what it used to be. So we actually think at some point that that will come back,

喬恩談到了這個低收入客戶，他完全正確。我認為您看到的第三層不一定是因為收緊。當然，雖然已經收緊，但這只是負擔能力的問題。當我觀察低收入家庭收入和消費者時，我發現它們仍然只是過去的一小部分。所以我們實際上認為，在某個時候，這種情況會再次出現，

Got it. If I could just ask one more on the digital progression tools, you mentioned order processing. I think there's a new functionality where consumers can complete a track transaction from home, that sort of in store. So is that something available in every location now? And can you talk about any improvement in conversion that you're seeing early on with this?

知道了。如果我可以再問一個有關數位化進步工具的問題，您提到了訂單處理。我認為有一個新功能，消費者可以在家中完成追蹤交易，就像在商店一樣。那麼現在每個地方都可以使用這個嗎？您能談談您早期看到的轉換方面的任何改進嗎？

Yeah. So we just rolled it out everywhere recently. You're exactly right. It makes it more seamless whether you start in the store or you start online. What was happening before is if you started it online and you work with the CECs and you did the whole thing through the CECs online. Great. It because all of our CECs were up on it. But if you started online work with the CECs and then when you, then you went into the store, it wasn't as seamless because we didn't have the stores on the new order processing.

是的。所以我們最近就在各地推廣了它。你說得完全正確。無論您是在商店開始還是在線開始，它都會讓一切變得更加無縫。以前的情況是，如果您在線啟動它，並且與 CEC 合作，則可以透過 CEC 在線完成整個事情。偉大的。這是因為我們所有的 CEC 都了解這一點。但是，如果您開始與 CEC 進行線上工作，然後當您進入商店時，它就不會那麼無縫，因為我們沒有商店進行新訂單處理。

Now we have it everywhere. So it doesn't matter where you start. And this is a benefit not only for the customer but for the associate as well because when a store associate is working with a customer that's been doing something online, it's now transparent what they did.

現在我們到處都有它。因此從哪裡開始並不重要。這不僅對顧客有好處，對店員也有好處，因為當店員與在網上做某事的顧客打交道時，他們所做的事情就變得透明了。

The next thing that we're doing, which I talked about is really this shopping cart is what I kind of call it. Where now the consumer -- because you had to get order processing everywhere first. Now when they log into my Carmax account, they see everything they did in the store, they see everything they've done online. So again, it's a nice little continuation and it prompts them on the next step.

我們接下來要做的，也就是我剛才談到的，其實就是我所說的購物車。現在的消費者在哪裡——因為你必須先在各處進行訂單處理。現在，當他們登入我的 Carmax 帳戶時，他們可以看到他們在商店裡所做的一切，也可以看到他們在網路上所做的一切。所以，這又是一個很好的小延續，它促使他們採取下一步行動。

So it's a little early to talk about what it's generating from a conversion standpoint. Although our conversion was up both in the CECs and the stores. We feel like it's just a better customer experience and it will pay off in dividends in the future because the consumers are going to continue to want more.

因此，從轉換的角度談論它產生了什麼還為時過早。儘管我們的 CEC 和商店的轉換率都有所上升。我們覺得這只是一種更好的客戶體驗，它將在未來帶來回報，因為消費者會繼續想要更多。

Very good. Thanks, Bill.

非常好。謝謝，比爾。

Thank you.

謝謝。

Craig Kennison, Baird.

克雷格·肯尼森，貝爾德。

Hey, good morning. Thanks for taking my question. It somewhat of a follow up to the last question. But online sales as a percentage of total sales moved up to 15% from 14%. I think it was stuck around 14% for a while.

嘿，早安。感謝您回答我的問題。這在某種程度上是對上一個問題的後續。但網路銷售額佔總銷售額的比例從 14% 上升至 15%。我認為它一度停留在 14% 左右。

Where do you think that metric should be in the coming years? And then as you shift to a lower touch process, should we start to see a benefit in unit profitability because of the low touch nature of that transaction?

您認為未來幾年該指標應該達到什麼水準？然後，當您轉向低接觸流程時，我們是否應該開始看到單位盈利能力因交易的低接觸性質而受益？

Yeah. So on the 15% -- it's been around 14%, I think for a couple quarters. They did take up a little more. Quite honestly, I'm more excited about the, the 2 point pick up in omni because that's where most of the customers are. There's an only so many folks that just want to do everything online. And I would point out -- the 15% of people that did it online, the vast majority of them still wanted to come into the store to actually do the pickup, talk about the car, that kind of thing.

是的。所以在 15% 左右——我認為已經有幾個季度處於 14% 左右了。他們確實佔用了更多一點。坦白說，我對 omni 中的 2 點提貨更感興趣，因為大多數客戶都在那裡。只有少數人只想在網路上做所有事情。我想指出的是，在網上購物的 15% 的人中，絕大多數人仍然想到店裡來實際提車、討論汽車之類的事情。

As far as more -- look, the more self-progression customers do that is from an efficiency standpoint. That is a win and I'll let Enrique talk about that.

就更多而言－從效率的角度來看，客戶進行的自我進步越多。這是一場勝利，我會讓恩里克來談論這件事。

Yeah, as I mentioned in my prepared remarks, we're really excited about the progress that we've made on our omni selling model as compared to their pre omni time period. Not only from a year-over-year basis, but also relevant pre omni. This quarter, we were actually more efficient on those key metrics, right. So this key metrics that we've been talking about consistently here for a while on a per total unit basis, on per gross margin basis. And then also on a per retail unit basis, which uh we were more efficient.

是的，正如我在準備好的演講中提到的那樣，與全通路銷售模式之前相比，我們對全通路銷售模式所取得的進展感到非常興奮。不僅從同比來看，而且從相關的預全方位來看。本季度，我們在這些關鍵指標上實際上效率更高了，對吧。因此，我們一直在討論的關鍵指標是按總單位數和毛利率計算的。然後以每個零售單位為基礎，我們的效率更高。

So we had committed to making progress on that and being as efficient and even more efficient and we're delivering on that and that should continue to accelerate here in an environment where sales come back and we should continue to see that flow through. So we're really, really pleased.

因此，我們致力於在這方面取得進展，提高效率，甚至更高，我們正在實現這一目標，在銷售回升的環境下，這一進程應該會繼續加速，我們應該繼續看到這種流動。所以我們真的非常高興。

Bill just to push back on your point, customers that wanted in a purely digital experience really only have a couple of choices you and a top competitor. And I would think that your perspective is you should have your fair share of that. Do you think you're getting it?

比爾只是想反駁你的觀點，想要純數位體驗的客戶其實只有你和一個頂級競爭對手這兩個選擇。我認為你的觀點是你應該得到公平的份額。你認為你明白了嗎？

Yeah. The way I think about it is I don't have a target for any -- whether they want to do it all in the store, whether they want to do a combination of the two, which is really what omni is all about it. They want to do everything.

是的。我對此的想法是，我沒有任何目標——他們是否想在商店裡完成所有工作，是否想將兩者結合起來，這才是全能的真正意義所在。他們想做所有的事情。

We want to have the best process for all three of those. So we're kind of agnostic when it comes to how they want it delivered. I think it's great 15% of them, but we don't force them one way or the other. So yeah, I want my -- I definitely want our fair share of that, but I also don't mind if they think that's what they want to do and they end up coming in or doing everything in the store.

我們希望為這三個方面提供最佳的流程。因此，當談到他們希望如何交付時，我們有點不可知。我認為 15% 已經很不錯了，但我們不會強迫他們這樣做。所以是的，我想要我的——我絕對想要我們公平地分享，但我也不介意他們認為這就是他們想做的，並且他們最終會來或在商店裡做所有事情。

That's fair. Thanks, Bill.

這很公平。謝謝，比爾。

Thank you, Craig.

謝謝你，克雷格。

Scot Ciccarelli, Truist.

斯科特·西卡雷利（Scot Ciccarelli），Truist。

Good morning guys. Apologies in advance for another finance question. Previously, you guys have been lowering provisions despite higher delinquencies and I know Jon, you were talking about a lot of different factors that you guys consider. But was the provision change based primarily on delinquencies increasingly converting into write offs in your book and then relate to that with delinquencies hitting 8% rates on your subprime after about three months. What are your initial loss expectations for the subprime pools? Thanks.

大家早安。對於另一個財務問題，提前致歉。此前，儘管拖欠率較高，但你們一直在降低撥備，我知道喬恩，你談到了很多你們考慮的不同因素。但是，撥備的變更是否主要基於拖欠率不斷轉化為帳簿上的註銷，然後與拖欠率在大約三個月後達到次級抵押貸款的 8% 相關。您對次級房貸池的初始損失預期是多少？謝謝。

Sure. Yeah, on your first question. Yeah, if you look at kind of -- and again, we, we've said our provision is going to function of our origination mix, which is going to have different levels of provision at any point in time. But certainly there's this added component and if you look, we have been -- we call it chewing up adding volume based on the performance we've seen site at the delinquency level.

當然。是的，關於你的第一個問題。是的，如果你看一下——我們再說一遍，我們已經說過，我們的供應將根據我們的發起組合發揮作用，在任何時間點都會有不同級別的供應。但肯定有這個附加組件，如果你仔細觀察，就會發現我們已經 - 根據我們在拖欠水平上看到的表現，我們稱之為咀嚼增加量。

At any given month, and I think we said this, we've definitely had seen our customers operate fine and delinquency, they might come in, they might come out, but they were not rolling to loss at nearly the historic levels that we may have seen 5 years, 10 years ago.

在任何一個月，我想我們都說過，我們肯定看到我們的客戶經營良好，也看到過拖欠，他們可能會進來，也可能會出去，但他們的虧損並沒有達到我們 5 年前、10 年前可能看到的歷史水平。

It clearly was somebody that was net navigating the environment fairly well. It so happens in this quarter. We sold that erode a little bit and that's why we made the outsized adjustment. But again, it's always sort of on us performance what we're seeing coupled with obviously the external or the economic factors, but it's mostly the on us performance.

顯然，這是一個能夠很好地利用網路環境的人。本季就發生了這樣的事。我們賣出了一點侵蝕產品，這就是我們做出超大調整的原因。但同樣，我們看到的總是某種程度上的「我們」的表現，顯然還加上外在或經濟因素，但主要還是「我們」的表現。

We feel good about where we sit today with our reserve, we've made the adjustment. It was certainly outsized. It captures the performance and we think our tightening will drive through to actually, ultimately, hopefully not having to make additional adjustments.

我們對目前的儲備狀況感到滿意，我們已經做出了調整。它的尺寸確實太大了。它捕捉到了性能，我們認為我們的緊縮措施將最終真正實現，希望不需要額外的調整。

Yeah. It's got, I mean, I think that's a fine point that I want to make sure, I kind of reinforce in that. Just because you're lowering the provision in previous months doesn't mean you're not doing true up. We were doing true up. It just the origination piece just speaks to the tightening that we've been doing. So again, I just want to make sure that point resonates with everyone.

是的。我的意思是，我認為這是一個很好的觀點，我想確保這一點，我會強化這一點。僅僅因為你降低了前幾個月的撥備，並不代表你沒有做到位。我們正在做真實的事。這只是起源部分，說明了我們一直在進行的緊縮措施。所以，我再次強調，我只是想確保這一點能引起大家的共鳴。

Okay. And then I'll touch on your last question. I think you spoke about the subprime. So let's just talk about the different pockets. And again, it's more of a continuous rather than this sort of discreet the way I'll describe it. But the tier one book of business, obviously, we've cited that is our bread and butter, that's where we have operated.

好的。然後我將談談你的最後一個問題。我認為您談到了次貸問題。那我們就只討論不同的口袋。再說一次，它更像是一種連續的，而不是我所描述的這種離散的。但顯然，我們已經提到一級業務就是我們的衣食父母，這就是我們經營業務的地方。

Historically, it has been that 2% to 2.5% loss range. Obviously, we're excited about getting more full spectrum. We've operated in the tier 3 space. We've said yes, certainly a higher loss level. It's been way back in the day. It was maybe 1% of our portfolio, but 10% of our losses. So you can do the math there on the loss level you'd expect.

從歷史上看，損失範圍一直在 2% 到 2.5% 之間。顯然，我們對獲得更全面的頻譜感到興奮。我們已在三級領域開展業務。我們的答案是肯定的，損失水準肯定會更高。已經過去很久了。這可能只占我們投資組合的 1%，但卻占我們損失的 10%。因此，您可以計算出您預期的損失水準。

And then Tier 2 is somewhere in between at different continuum. So when we look at a higher delinquency book, it is something that we manage. We believe it's highly profitable. We provide a great credit offer to the customer. I think for an earlier question, we'll go in that space when we think it makes sense and with the volume, it makes sense, we're just excited for the flexibility to be able to do it, have the models that we're going to hone to be able to do it. And again, we think it's just good business to be a part of.

然後第 2 層處於不同的連續體之間。因此，當我們查看較高拖欠帳簿時，這是我們可以管理的事情。我們相信它利潤豐厚。我們為客戶提供優厚的信用優惠。我認為對於先前的問題，當我們認為它有意義並且數量充足時，我們就會進入該領域，這是有意義的，我們只是對能夠做到這一點的靈活性感到興奮，並擁有我們將要磨練的模型以便能夠做到這一點。再次強調，我們認為這是一件值得參與的好生意。

Great. Thanks a lot guys.

偉大的。非常感謝大家。

Thanks Scott.

謝謝斯科特。

Chris Pierce, Needham.

克里斯·皮爾斯，尼德姆。

Hey, good morning. Just two questions. Do you think CDK helped the comp at all in the quarter given more independent dealers kind of rely on their software suite? And then other gross margins. You called out some -- we've seen headwinds, you called out some tail winds. I just want to know the right way to kind of think what the piece is going forward.

嘿，早安。僅兩個問題。鑑於更多獨立經銷商依賴他們的軟體套件，您認為 CDK 在本季對公司有幫助嗎？然後是其他毛利率。您喊出了一些——我們看到了逆風，您喊出了一些順風。我只是想知道如何正確地思考這個作品的未來方向。

Okay. On the CDK, look, I don't think it really had any, any material impact. I think a lot of dealers had some more ground, plus if I just look at our comp cadence through the quarter, it got better each month. So August was over July and I think CDK kind of worked itself out through that point. So that's why I just don't think it had a material impact. And then what, what was your second question?

好的。關於 CDK，我認為它實際上並沒有產生任何實質的影響。我認為很多經銷商都取得了一些進步，而且如果我只看我們整個季度的業績節奏，就會發現每個月的業績都在好轉。所以八月已經過了七月，我認為 CDK 已經透過那個時間點解決了問題。所以這就是為什麼我認為它不會產生實質影響。那麼，你的第二個問題是什麼？

On the gross margins. Yeah, it's trending quite positively and then we have the EPP tailwinds but you called out some equipment headwinds. I just want to know kind of the right way to think about it if I heard that, right.

關於毛利率。是的，趨勢非常積極，然後我們有 EPP 順風，但你也提到了一些設備逆風。我只是想知道如果我聽到這個，我該如何正確思考這個問題，對吧。

Yeah. No, absolutely. So for other margins, look, we are really pleased with our performance and other gross margin, it rose by $36 million this quarter. That's a 33% year-over-year increase really driven by two components, right? Service continues to see year-over-year improvement which we committed to at the beginning of the year. I expect to continue to see that improvement in the back half of the year.

是的。不，絕對不是。因此，對於其他利潤率，我們對我們的業績和其他毛利率感到非常滿意，本季成長了 3,600 萬美元。這是 33% 的同比增長，實際上是由兩個因素推動的，對嗎？服務品質持續逐年改善，正如我們在年初所承諾的那樣。我預計今年下半年將繼續看到這種改善。

It is somewhat governed by sales, given the leverage to leverage nature, but all things being equal. I would expect to see continued improvement year-over-year. And for EPP, we just again, continue to see improvement. I'd expect to see that because it's really margin that we took earlier periods. And so I'd expect to see that increase in Q3, and then in Q4, we're going to start copying over some of the margin testing that we've done the previous year.

它在某種程度上受銷售的支配，考慮到槓桿的性質，但所有條件都是相同的。我希望看到業績逐年持續改善。對於 EPP，我們再次看到繼續改善。我希望看到這一點，因為這確實是我們早期所取得的利潤。因此，我預計第三季度會出現成長，然後在第四季度，我們將開始複製去年進行的一些利潤測試。

But nevertheless, we still expect to see some favorability year-over-year. So we're bullish on our other margin performance. In relation to -- in my prepared remarks, I talked about a potentially, there may be up to $10 million impact. That would not be in gross margin, that would be in other income and expense. So a non-gross margin, non SGN impact. And that's really just taking a potentially taking a charge on as we optimize our logistics network.

但儘管如此，我們仍然預期同比情況會有所好轉。因此，我們對其他利潤表現持樂觀態度。關於——在我準備好的發言中，我談到了潛在的，可能高達 1000 萬美元的影響。這不屬於毛利率，而是屬於其他收入和支出。因此，這不是毛利率，也不是 SGN 的影響。這其實只是在我們優化物流網路時所承擔的潛在責任。

We took a look at the associate side. We got to take a look at the truck side as well. So we need to make sure that we have the right amount of trucks ourselves, that our dedicated partners also have the right amount of trucks. And we expect that there may be a charge off there, but we're still working through that and that would be a onetime hit. So just wanted to call that out for the third quarter or fourth quarter.

我們看了看關聯方。我們也得看看卡車的側面。因此，我們需要確保我們自己擁有適量的卡車，我們的專門合作夥伴也擁有適量的卡車。我們預計這可能會產生費用，但我們仍在努力解決這個問題，這將是一次性的打擊。所以只是想針對第三季或第四季提出這一點。

Perfect. And then just one last one, we've seen strength in the wholesale market, kind of non-seasonal strength and I don't think, used car retailers have much pricing power right now. So how should we think about GPUs from here? Could there be modest GPUs compression around that? Or am I over reading into a month of strength in the wholesale market?

完美的。最後一點，我們看到批發市場的強勁表現，這是一種非季節性的強勁表現，我認為二手車零售商目前沒有太大的定價權。那我們該如何看待 GPU 呢？是否有適度的 GPU 壓縮？還是我過度解讀了批發市場本月的強勁表現？

You mean, are we thinking that our GPUs would come under strain going forward? Is that the question?

您的意思是，我們是否認為我們的 GPU 將來會面臨壓力？這是問題嗎？

Yeah, it's been -- it's cost to use car dealers more to buy cars in the wholesale market. And pricing power is sort of limited right now based on where we're at as far as affordability.

是的，透過汽車經銷商在批發市場購買汽車的成本更高。就我們目前的負擔能力而言，定價權是有限的。

Yeah, look, our self-sufficiency when you look at what we're buying through the appraisal lane and through dealers is well over 70%. I think that plays a lot into our ability to get uh supply. I feel great about our own wholesale business. The team's doing a phenomenal job. If I look at -- and this probably speaks to your point.

是的，從我們透過評估通道和經銷商購買的產品來看，我們的自給率遠遠超過 70%。我認為這對我們獲取供應的能力有很大影響。我對我們自己的批發業務感到非常滿意。該團隊表現出色。如果我看一下——這可能就證明了你的觀點。

I look at the how many dealers are for every car that continues to improve, which, obviously helps us continue to manage margin, build off the customer as much as possible for their vehicles. So again, I think some of the concerns on the supply side -- again, we just have not because of our self-sufficiency is so high. We just have not had an issue.

我關注每輛不斷改進的汽車有多少家經銷商，這顯然有助於我們繼續管理利潤，並盡可能為客戶銷售他們的汽車。所以，我再次認為，供應上的一些擔憂——我們之所以沒有這樣做，是因為我們的自給自足程度太高了。我們只是沒有遇到問題。

Okay, perfect. Thank you.

好的，完美。謝謝。

Thank you.

謝謝。

Chris Bottiglieri, BNP Paribas.

克里斯‧波蒂列裡 (Chris Bottiglieri)，法國巴黎銀行。

Hey guys, this is Ian Davis on for Chris, thanks for taking the question. Another one on credit, but hopefully a little bit more high level. What are your peers, online peers has been able to meaningfully expand their credit for penetration at a level that we would estimate to be in the mid-80s versus your low 70s today?

大家好，我是伊恩戴維斯，代表克里斯回答這個問題，謝謝你回答這個問題。另一個是賒賬，但希望水平更高一些。您的同行、線上同儕是否能夠顯著擴大其信用滲透率，我們估計這一水平將達到 80 年代中期，而您今天的水平是 70 年代初期？

So acknowledging some of the conditions in the current environment that you've alluded to previously, what are the constraints that prevent you from getting to those levels today? And maybe what could you tell us about the make-up of the other 30% of customers that aren't procuring financing from Carmax or your lending partners?

那麼，考慮到您之前提到的當前環境中的一些條件，有哪些限制因素阻礙您達到今天的水平？您能否告訴我們另外 30% 未從 Carmax 或您的貸款合作夥伴處獲得融資的客戶組成？

Sure. Yeah, I mean, I think speaking to us specifically, I'll just break down our penetration again. We are looking to be a full spectrum lender provide all customers availability to credit. So we think that's why we have many lenders in our platform that have been there a long time and we think we provide great credit offers across this credit spectrum. We not trying to focus on a lower end, middle end to high end. We want to provide it to all customers.

當然。是的，我的意思是，我認為具體地和我們交談，我會再次分解我們的滲透率。我們希望成為一家全方位貸款機構，為所有客戶提供信貸服務。因此，我們認為這就是為什麼我們的平台上有許多長期存在的貸款人，我們認為我們在整個信貸範圍內提供優質的信貸服務。我們不想把重點放在低端、中端和高端。我們希望將其提供給所有客戶。

And so therefore, we have additional lenders. Everybody has -- is going to benefit from Carmax. Our partner lenders want volume as well. We have volume, we know there's opportunity potentially to grow our volume. But we're looking to provide great offers to all customers within the credit spectrum. That's just an overarching goal of ours.

因此，我們有了額外的貸款人。每個人都會從 Carmax 中受益。我們的合作貸款機構也希望獲得足夠的貸款量。我們的數量已經足夠，我們知道還有機會進一步增加產量。但我們希望為信用範圍內的所有客戶提供優惠。這只是我們的一個總體目標。

With regard to the -- what prevents c from growing uh meaningfully, I think we've decided we're very excited about the ability to choose to grow when it makes sense. But again, we're not going to target one particular pocket. We want to make sure we're making offers across Tier 2, across Tier 3, but staying true to who we are in Tier 1. That is what we do.

關於——是什麼阻礙了 c 有意義地增長，我想我們已經決定，我們對在合理的情況下選擇增長的能力感到非常興奮。但再次強調，我們不會針對某個特定的群體。我們希望確保我們能在第 2 層和第 3 層提供報價，但同時保持我們在第 1 層的地位。這就是我們所做的。

So that's specifically to CAF. You asked the question about those not procuring finance from Carmax and using a third party. Again, those customers are absolutely going to be your higher end consumer. It's going to be those that are going to come down and put cash right down because they don't want to pay higher interest rates that are out there in this environment.

這是專門針對 CAF 的。您詢問的是那些不從 Carmax 獲得融資並使用第三方的人的問題。再說一遍，這些客戶絕對會成為你的高端消費者。這些人將放下手中的錢，直接存入現金，因為他們不想在這種環境下支付更高的利率。

They're affiliated with the credit union, who absolutely is operating at a cost of fund advantage. So they're very rate sensitive and those are folks that we try to compete with at CAF but sometimes it's an environment where it's difficult to do so. And as long as we're looking to sell cars to those consumers and focusing on those consumers, which we are, we are going to have percentage of volume.

他們與信用合作社有聯繫，而信用合作社絕對是以資金優勢為代價來運作的。因此，他們對利率非常敏感，而這些人正是我們在 CAF 中試圖與之競爭的人，但有時在這樣的環境下這樣做會很困難。只要我們想向這些消費者銷售汽車並專注於這些消費者，我們就會有一定比例的銷售量。

In this case, it's maybe a little more outsized more than 30% this quarter of using external financing. That will shrink as the lower rank consumer comes back. We believe that 100% because they will again increase their size of the pie. Thus lowering other -- the non-finance size of the pie. So a lot in that answer, a lot of your question, I want to make sure I captured it holistically.

在這種情況下，本季使用外部融資的比例可能略高一些，超過 30%。隨著低階消費者的回歸，這一數字將會縮小。我們百分之百地相信這一點，因為他們將再次增加他們的市場份額。從而降低了其他非金融部門的份額。因此，對於該答案中的許多內容、您的許多問題，我想確保我全面地掌握了它。

Yeah. And I'm going to add a little bit, I'm going to add a little bit more of that answer, which is -- look, we could absolutely go there tomorrow. We would just limit the number of partners. We wouldn't allow three day payoffs. But in reality, when you sell this many cars to the wide spectrum, especially your rate sensitive customers having more partners for lots of reasons is a great thing.

是的。我要補充一點，我要補充一點這個答案，那就是──看，我們明天絕對可以去那裡。我們只是限制合作夥伴的數量。我們不允許三天還款。但實際上，當你向廣泛的客戶群銷售這麼多汽車時，特別是對價格敏感的客戶，出於多種原因擁有更多的合作夥伴是一件很棒的事情。

Now, do we have an opportunity to continue to increase our penetration? Absolutely. And we absolutely will over time. But I think you have to do it in a thoughtful way, especially as your volume grows.

現在，我們還有機會繼續提高我們的滲透率嗎？絕對地。隨著時間的推移，我們一定會這樣做。但我認為你必須以深思熟慮的方式來做這件事，尤其是當你的數量增長時。

Got it. Really appreciate the answer from you.

知道了。非常感謝您的回答。

John Healy, Northcoast Research.

約翰希利 (John Healy)，Northcoast Research。

Thanks for taking my question. Just wanted to ask just one big picture type question. You guys have talked about doing some things on the logistics side which kind of get you to where you want to be. But I haven't heard a lot of talk about the recon side of things and was just curious if you could address that if you're kind of happy with the state and approach to reconditioning and the ability to get. Solid margin out of the business, or you may be rethinking or retooling some things there in the background. Thanks.

感謝您回答我的問題。我只是想問一個宏觀類型的問題。你們談到了在物流方面所做的一些事情，這些事情可以幫助你們達到想要的目標。但是我還沒有聽到太多關於偵察方面的討論，我只是好奇，如果您對現狀和修復方法以及修復能力感到滿意，您是否可以解決這個問題。從業務中獲得穩定的利潤，或者您可能正在重新考慮或重新調整後台的一些事情。謝謝。

Yeah. No John, I mean look, this is an area of focus. I talked about it last quarter. I mentioned it in the marks just high level. I didn't give any specific examples, but I feel great about the initiatives that we're doing on the reconditioning side. The difference between reconditioning and logistics is, reconditioning is going to be a lot of little things adding up.

是的。不，約翰，我的意思是，這是一個重點領域。我上個季度討論過這個問題。我在高水準的標記中提到了這一點。我沒有給出任何具體的例子，但我對我們在修復方面所做的舉措感到非常高興。修復和物流之間的差異在於，修復將由許多小事累積而成。

So think about -- we're seeing some great improvements in some part utilization whether it's OEM, non-OEM when to replace, not to replace, we've got bringing some stuff in house, so not subletting as much better capacity, utilization, outlier store performance. Whip improvements, time frame, there's a lot of things that will add up to some of the internal goals that we talked. But -- and quite honestly, last quarter, I said, look, we're going after a couple 100 bucks between reconditioning and logistics, which that's not insignificant.

所以想想看——我們看到一些零件利用率有了很大的提高，無論是 OEM 還是非 OEM，什麼時候更換，什麼時候不更換，我們都把一些東西帶回公司，所以不是轉租，而是更好的容量、利用率和異常商店表現。鞭策改進、時間框架，有很多事情將會增加到我們談論的一些內部目標。但是——說實話，上個季度，我說，看，我們在修復和物流方面要花費幾百美元，這並不是微不足道的。

And obviously, as you realize that you then have the luxury of what to do with it, pass it on to customers or take it to margin. So we feel good about our progress there on both fronts, whether it's logistics or it's in the reconditioning and both of which, we're going to continue to get things over the next year from a benefit standpoint.

顯然，當您意識到這一點時，您可以自行決定如何處理它，將其傳遞給客戶或將其作為保證金。因此，我們對這兩個方面取得的進展感到滿意，無論是在物流方面還是在修復方面，從效益的角度來看，我們都將在明年繼續取得進展。

Got it and, and just one minutia question for me, I think a expense, advertising expense was actually down year-over-year for you guys and the costs were up. So just kind of wondering if there was some timing thing there or if you guys are maybe holding back or changing the way you're thinking about ad spending? Thanks.

明白了，我只想問一個細節問題，我認為你們的廣告費用實際上比去年同期下降了，但成本卻上升了。所以我只是有點好奇是否存在一些時間問題，或者你們可能抑製或改變了對廣告支出的看法？謝謝。

Yeah. No, it was purely timing. If you look at the first half of the year, we're pretty much on course for what we had communicated with the target for the year. And so the first half of the year I expect is going to be the similar to the back half in terms of the per total unit spend. So it was purely some timing in the second quarter.

是的。不，這純粹是時間問題。如果你看今年上半年的情況，你會發現我們基本上已經實現了我們之前所傳達的年度目標。因此，我預計上半年的單位總支出將與下半年相似。所以這純粹是第二季的一些時間問題。

Great. Thank you.

偉大的。謝謝。

(Operator Instructions)

（操作員指示）

David Whiston, Morningstar.

晨星公司的戴維‧惠斯頓。

Thanks. Good morning. Wanted to go back to that explanation on the other financing channel. You said that they're very interest rate sensitive consumers but you also said that they're more able to pay cash. So are most pe uh buyers in that bucket? Are they more budget conscious or are they more wealthy or unable to pay cash? Or in other words, are they borrowing more or they just more ca all cash buyers?

謝謝。早安.想回到其他融資管道上的解釋。您說他們是對利率非常敏感的消費者，但您也說他們更有能力支付現金。那麼大多數 pe uh 買家都屬於這一類嗎？他們是否更注重預算，或者他們是否更富有或無力支付現金？或者換句話說，他們是否借款更多，或者他們只是更多全現金買家？

Yeah, that consumer typically is definitely your higher end consumer. Again, they're coming in with the affinity check with their bank or the credit union, but generally a very rate sensitive consumer. But absolutely majority of that is cash, it's in cash in some form. It may be true cash, it may be home equity loan, it may be personal loan. But those are people that have -- generally have the wherewithal to not pay the higher interest rates that are out there today and you'll find people that are going to do that in all interest rate environments but especially in this environment, it's cash users highly rate sensitive.

是的，這個消費者通常肯定是高端消費者。再次，他們透過銀行或信用社的親和力檢查來到這裡，但一般來說，他們是利率非常敏感的消費者。但其中絕大多數是現金，以某種形式存在。它可能是現金，可能是房屋淨值貸款，可能是個人貸款。但這些人通常有足夠的資金來避免支付當今更高的利率，你會發現人們在所有利率環境下都會這樣做，但特別是在這種環境下，現金用戶對利率高度敏感。

Okay. And on the capital allocation, do you see buybacks continuing? or are you feeling more cautious given the declines in credit quality?

好的。在資本配置方面，您認為回購會持續下去嗎？或者鑑於信貸品質的下降，您是否感到更加謹慎？

I'm feeling like we're on the pace that we communicated and I would expect to continue to see that pace for the balance of the year.

我感覺我們正按照我們溝通的步伐前進，我希望在今年餘下的時間裡繼續保持這種步伐。

Okay. Thank you.

好的。謝謝。

Thank you at this time, I'm showing no further questions in queue. I'll turn the call back to Bill for any closing remarks.

非常感謝，隊列中沒有其他問題。我將把電話轉回給比爾，請他做最後發言。

Alright. Thank you, Todd. Listen, I want to thank everybody for joining the call and your questions and your support. Obviously, we feel good about our progress. Also, I just want to share my thoughts are definitely with our associates and their families in the communities. As Hurricane, Helene approaches, we have a number of stores in the storm's path and as always, the safety of our associates is our top priority to those associates and everyone that's been impacted. Please stay safe and we will talk again next quarter. Thank you.

好吧。謝謝你，托德。聽著，我想感謝大家參加電話會議、提出問題並給予支持。顯然，我們對自己的進步感到滿意。此外，我只想與社區中的我們的同事及其家人分享我的想法。隨著颶風海倫的逼近，我們的許多商店都處於風暴路徑上，與往常一樣，我們員工以及所有受影響人員的安全是我們的首要任務。請注意安全，我們下個季度再談。謝謝。

Thank you, ladies, and gentlemen, that concludes the second quarter fiscal year 2025 earnings release conference call. You may disconnect your line at this time and have a wonderful day.

謝謝各位，女士們，先生們，2025 財年第二季財報發布電話會議到此結束。此時您可以斷開線路並享受美好的一天。