車美仕 (KMX) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們先生們，謝謝你們的支持。

Welcome to the Third Quarter Fiscal Year 2025 Carmax Earnings Release Conference Call.

歡迎參加 2025 財年第三季 Carmax 收益發布電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, David Lowenstein, VP, Investor Relations.

現在我想將會議交給今天的發言人、投資者關係副總裁 David Lowenstein。

Please go ahead.

請繼續。

Thank you, Todd.

謝謝你，托德。

Good morning, everyone.

大家早安。

Thank you for joining our fiscal 2025 third quarter earnings conference call.

感謝您參加我們的 2025 財年第三季財報電話會議。

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.

今天我和我們的總裁兼執行長比爾·納許一起來到這裡。 Enrique Mayor-Mora，我們的執行副總裁兼財務長；喬恩‧丹尼爾斯 (Jon Daniels)，Carmax 汽車金融業務資深副總裁。

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

讓我提醒您，我們今天的聲明不是歷史事實的聲明，包括有關公司未來業務計劃、前景和財務業績的聲明，而是我們根據1995 年《私人證券訴訟改革法案》的安全港條款做出的前瞻性聲明。

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.

這些陳述是基於我們目前的知識、預期和假設，並受到重大風險和不確定性的影響，可能導致實際結果與我們的預期有重大差異。

In providing projections and other forward-looking statements, we disclaim any intent or obligation to update them.

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 reports 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信息，請參閱我們今天早上向 SEC 提交的 8-K 表格、2024 財年 10-K 表格年度報告以及之前的 10-Q 表格季度報告向SEC 提交。

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

如果您在電話會議上有任何後續問題，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？

Great.

偉大的。

Thank you, David.

謝謝你，大衛。

Good morning, everyone, and thanks for joining us.

大家早安，感謝您加入我們。

We're very pleased with the continued positive trends across our diversified business during the third quarter with retail, wholesale and CAF all posting year-over-year gains.

我們對第三季多元化業務的持續積極趨勢感到非常高興，零售、批發和 CAF 均實現同比增長。

Our solid execution in a more stable environment for vehicle valuations enabled us to deliver robust EPS growth as we drove unit volume increases in sales and buys, maintain strong margins, stabilized the provision for loan losses and realized cost efficiencies.

我們在更穩定的車輛估值環境中的穩健執行使我們能夠實現強勁的每股收益增長，因為我們推動了銷量和購買量的增加，保持了強勁的利潤率，穩定了貸款損失撥備並實現了成本效率。

Our results reflect the strength of our business model, and we're excited about the opportunities that lie ahead.

我們的業績反映了我們商業模式的優勢，我們對未來的機會感到興奮。

Our best-in-class omnichannel experience is and will continue to be a key differentiator that gives us access to the largest total addressable market in the used car space and provides a strong runway for future growth.

我們一流的全通路體驗現在並將繼續成為關鍵的差異化因素，使我們能夠進入二手車領域最大的整體潛在市場，並為未來的成長提供強大的跑道。

In the third quarter, we grew retail and wholesale unit volume year over year.

第三季度，我們的零售和批發單位量年增。

We delivered strong retail and wholesale GPUs, expanded EPP gross profit and improved service gross profit year over year.

我們交付了強勁的零售和批發 GPU，年比擴大了 EPP 毛利潤並提高了服務毛利潤。

We bought more vehicles from both consumers and dealers year-over-year, achieving a third quarter record with dealers.

我們從消費者和經銷商購買的車輛年增，第三季經銷商數量創歷史新高。

We grew CAP income year-over-year and continued to advance our full credit spectrum underwriting model.

我們的 CAP 收入逐年增長，並繼續推進我們的全信用範圍承保模式。

We materially levered SG&A as a percent of gross profit, and we achieved double-digit EPS growth.

我們大幅提高了銷售、管理及行政費用佔毛利的比例，並且實現了兩位數的每股收益成長。

For the third quarter of FY25, our diversified business model delivered total sales of $6.2 billion, up 1% compared to last year, reflecting higher volume, partially offset by lower prices.

2025 財年第三季度，我們的多元化業務模式實現總銷售額 62 億美元，比去年增長 1%，反映出銷量增加，但部分被價格下降所抵消。

In our retail business, total unit sales increased 5.4% and used unit comps were up 4.3%.

在我們的零售業務中，總銷量成長了 5.4%，二手銷量成長了 4.3%。

Average selling price declined approximately $1,100 per unit or 4% year over year.

平均售價每單位下降約 1,100 美元，較去年同期下降 4%。

Third quarter retail gross profit per used unit was $2,306 [in line with] last year's $2,277.

第三季每二手商品零售毛利為 2,306 美元，與去年的 2,277 美元一致。

Wholesale unit sales were up 6.3% versus the third quarter last year.

批發單位銷售額比去年第三季成長 6.3%。

Average selling price declined approximately $500 per unit or 6% year over year.

平均售價每單位下降約 500 美元，年減 6%。

Third quarter wholesale gross profit per unit was $1,015, up from $961 a year ago.

第三季每單位批發毛利潤為 1,015 美元，高於去年同期的 961 美元。

We bought approximately 270,000 vehicles during the quarter, up 8% from last year.

本季我們購買了約 27 萬輛汽車，比去年增長 8%。

We purchased approximately 237,000 vehicles from consumers with more than half of those buyers coming through our online instant appraisal experience.

我們從消費者那裡購買了大約 237,000 輛汽車，其中一半以上是透過我們的線上即時評估體驗獲得的。

With the support of our Edmond sales teams, we sourced the remaining approximately 33,000 vehicles through dealers, which is up 47% from last year.

在愛德蒙銷售團隊的支持下，我們透過經銷商購買了剩餘的約 33,000 輛汽車，比去年增加了 47%。

We continue to see increased adoption of our omnichannel retail experience.

我們繼續看到我們的全通路零售體驗得到越來越多的採用。

For the third quarter, approximately 15% of retail unit sales were online, up from 14% last year.

第三季度，約 15% 的零售單位銷售額來自線上，高於去年的 14%。

Approximately 56% of retail unit sales were omni sales this quarter, up from 55% in the prior year.

本季約 56% 的零售單位銷售額為全方位銷售額，高於去年同期的 55%。

Total revenue from online transactions was approximately 32%, up from 31% last year.

來自線上交易的總收入約為 32%，高於去年的 31%。

All of our third quarter wholesale auctions and sales were virtual and are considered online transactions, which represents 19% of total revenue for the quarter.

我們第三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 19%。

Carmax Auto Finance or CAF delivered income of $160 million, up 8% from the same quarter last year.

Carmax Auto Finance（CAF）營收 1.6 億美元，比去年同期成長 8%。

In a few minutes, John will provide more detail on customer financing, the loan loss provision, CAP contribution and our progress on full credit spectrum lending.

幾分鐘後，約翰將提供有關客戶融資、貸款損失準備金、CAP 貢獻以及我們在全信用範圍貸款方面的進展的更多詳細資訊。

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

現在，我想將電話轉給恩里克，他將分享有關我們第三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。

The momentum that we have been building over the last several quarters carried into the third quarter as we delivered on all key financial fronts, positive retail unit comps growth in wholesale unit volumes, robust vehicle margins, material growth in other gross profit per retail unit growth in CAP income and strong flow-through to the bottom line.

我們在過去幾季建立的勢頭延續到了第三季度，因為我們在所有關鍵財務方面都取得了進展，批發單位銷售的零售單位比較積極增長，汽車利潤率強勁，每零售單位其他毛利潤的大幅成長CAP 收入和強勁的利潤流入。

Third quarter net earnings per diluted share was $0.81, up 56% versus a year ago.

第三季攤薄後每股淨利為 0.81 美元，較去年同期成長 56%。

Total gross profit was $678 million, up 11% from last year's third quarter.

總毛利為 6.78 億美元，比去年第三季成長 11%。

Used retail margin of $425 million increased by 7% with higher volume and relatively flat per unit margins.

二手零售利潤成長 7%，達到 4.25 億美元，銷售量增加，單位利潤相對相當。

Wholesale vehicle margin of $138 million grew by 12% due to increases in both volume and unit margins.

由於數量和單位利潤的增加，批發車輛利潤增加了 12%，達到 1.38 億美元。

Other gross profit was $115 million, up 25% from a year ago.

其他毛利為 1.15 億美元，較去年同期成長 25%。

This was driven primarily by a combination of EPP and service.

這主要是由 EPP 和服務的結合所推動的。

EPP increased by $15 million as we continue to benefit from higher MaxCare margins per contract.

由於我們繼續受益於每份合約 MaxCare 利潤率的提高，EPP 增加了 1500 萬美元。

We expect margins per unit to be up slightly year over year in the fourth quarter, not by as much as we have experienced year-to-date as we will be lapping over the initial rollout of margin increases that took place in last year's fourth quarter.

我們預計第四季度的單位利潤率將同比略有上升，但增幅不會達到今年迄今的水平，因為我們將超越去年第四季最初推出的利潤率成長。

Service margin improved by $10 million over last year's third quarter, recording an $11 million less.

服務利潤率比去年第三季提高了 1,000 萬美元，減少了 1,100 萬美元。

We achieved this performance improvement through successful cost coverage and efficiency measures and positive sales growth.

我們透過成功的成本覆蓋率和效率措施以及積極的銷售成長實現了這項績效改進。

We expect continued year over year improvement in the fourth quarter. as governed by sales performance, given the leverage, deleverage nature of service.

我們預計第四季將繼續年比改善。考慮服務的槓桿、去槓桿性質，由銷售業績決定。

On the SG&A front, expenses for the third quarter were $576 million, up 3% or $16 million from prior year.

在 SG&A 方面，第三季支出為 5.76 億美元，比去年同期成長 3%，即 1,600 萬美元。

SG&A leveraged by 640 basis points [driven] by the growth in gross profit and our continued expense efficiency actions.

由於毛利的成長和我們持續的費用效率行動，SG&A 槓桿率提高了 640 個基點。

SG&A dollars in the third quarter versus last year were mainly impacted by two factors; First, total compensation and benefits increased by $28 million.

與去年相比，第三季的銷售、管理及行政費用主要受到兩個因素的影響；首先，薪資和福利總額增加了 2,800 萬美元。

This was primarily driven by our corporate bonus accrual, which had been reduced in the last year's third quarter; second, advertising was favorable by $9 million due to timing.

這主要是由於我們的公司應計獎金在去年第三季有所減少；其次，由於時機的原因，廣告獲得了 900 萬美元的優惠。

Regarding advertising, we expect our spend in the fourth quarter on a total unit basis will be higher than our year-to-date rate and last year's fourth quarter, which was $219 per total unit.

關於廣告，我們預計第四季的總單位支出將高於今年迄今和去年第四季的總單位支出 219 美元。

This aligns with the previous guidance we have given on advertising and we expect full year spend to be approximately $200 on a total unit basis.

這與我們之前給出的廣告指導一致，我們預計全年總單位支出約為 200 美元。

I also want to point out one noteworthy item.

我還想指出一件值得注意的事情。

As discussed last quarter, as part of our focus on efficiency, we have been evaluating our logistics operations.

正如上季所討論的，作為我們關注效率的一部分，我們一直在評估我們的物流運作。

This quarter, we incurred a onetime charge of $5 million related to equipment and leasing arrangements that hit the other expense line.

本季度，我們一次性支付了 500 萬美元與設備和租賃安排相關的費用，這些費用影響了其他費用項目。

This is more than offset by efficiencies gained in our logistics operations.

我們物流營運所提高的效率足以抵銷這項影響。

Regarding capital allocation.

關於資本配置。

During the third quarter, we repurchased approximately 1.5 million shares for a total spend of $115 million.

第三季度，我們回購了約 150 萬股股票，總支出達 1.15 億美元。

As of the end of the quarter, we had approximately $2.04 billion of repurchase authorization remaining.

截至本季末，我們剩餘約 20.4 億美元的回購授權。

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 third quarter, Carmax Auto Finance originated approximately $1.9 billion, resulting in sales penetration of 43.1% net of three-day payoffs as compared to 44% during last year's third quarter.

第三季度，Carmax Auto Finance 籌集了約 19 億美元，扣除三天回款後的銷售滲透率為 43.1%，而去年第三季為 44%。

The weighted average contract rate charged to new customers was 11.2%, a decrease of 10 basis points from a year ago.

向新客戶收取的加權平均合約費率為11.2%，比去年同期下降10個基點。

Third-party Tier 2 penetration in the quarter was 17.9% and in line with a year ago, while third-party Tier 3 volume accounted for 6.5% of sales compared to the 6.9% seen in last year's third quarter.

本季第三方二級市場滲透率為 17.9%，與去年同期持平，而第三方三級市場銷售佔銷售額的 6.5%，而去年第三季為 6.9%。

CAF income for the quarter was $160 million, which was up $11 million from the same period last year and was predominantly impacted by our net interest margin, which increased 35 basis points year-over-year to 6.2%.

本季 CAF 營收為 1.6 億美元，比去年同期增加 1,100 萬美元，主要受到淨利差的影響，淨利差年增 35 個基點至 6.2%。

The provision for loan losses was $73 million versus last year's provision of $68 million, and results in a reserve balance of $479 million.

貸款損失準備金為 7,300 萬美元，而去年的準備金為 6,800 萬美元，準備金餘額為 4.79 億美元。

While the $113 million provision for losses in the second quarter of this year was outsized and included a significant adjustment for the preexisting receivable base, this quarter's $73 million provision represents our belief that based on observed performance within the quarter, our adjustment in Q2 adequately accounted for future lifetime losses.

雖然今年第二季1.13 億美元的損失準備金規模過大，並且包括對現有應收帳款基礎的重大調整，但本季7,300 萬美元的準備金表明我們相信，根據本季度觀察到的業績，我們在第二季的調整充分考慮了為未來一生的損失。

The $479 million reserve balance results in reserve to receivables ratio of 2.70% as compared to 2.82% at the end of Q2.

4.79 億美元的準備金餘額導致準備金與應收帳款比率為 2.70%，而第二季末為 2.82%。

This 12 basis point reduction is due to the combined effect of the more normalized provision within the quarter and the previous credit tightening still in place.

這一 12 個基點的減少是由於本季度撥備更加正常化以及先前的信貸緊縮仍然存在的綜合影響。

As a normal course of business, we are continuously exploring opportunities to help our customers through adjustments in our account servicing strategies.

作為正常業務流程，我們不斷探索機會，透過調整我們的帳戶服務策略來幫助我們的客戶。

One such example is with payment extensions, which have historically impacted less than 1% of our portfolio in any given month and have been below industry levels.

其中一個例子是延期付款，從歷史上看，延期付款對我們的投資組合在任何特定月份的影響都不到 1%，並且低於行業水平。

This tool has proven successful in helping customers navigate temporary challenges.

事實證明，該工具可以成功幫助客戶應對臨時挑戰。

During the quarter, we began testing an enhancement to our policy that further empowers delinquent customers to take advantage of a payment extension and more aligns with industry levels.

在本季度，我們開始測試政策的增強功能，進一步使拖欠客戶能夠利用付款延期，並更加符合行業水平。

While early performance results are encouraging and similar to those witnessed under the existing policy, we recognize that some customers will eventually return to delinquency and result in a charge-off.

雖然早期的績效結果令人鼓舞，並且與現有政策下的結果相似，但我們認識到，一些客戶最終將再次拖欠並導致沖銷。

And for this, we have reserved accordingly.

為此，我們進行了相應的保留。

Regarding our full spectrum lending initiative, during Q3, we continued to test our new credit scoring models and corresponding strategies across the entirety of both the Tier 1 and Tier 2 spaces.

關於我們的全方位貸款計劃，在第三季度，我們繼續在整個一級和二級領域測試我們的新信用評分模型和相應策略。

And in November, we began initial testing of our new Tier 3 model.

11 月，我們開始對新的 Tier 3 模型進行初步測試。

During the quarter, we also successfully executed our second higher prime ABS deal.

在本季度，我們也成功執行了第二筆更高的優質 ABS 交易。

In the next several quarters, we will remain disciplined in our testing plan, but we are excited for the significant growth opportunity that lies ahead for CAF.

在接下來的幾個季度中，我們將繼續嚴格執行我們的測試計劃，但我們對 CAF 未來的重大成長機會感到興奮。

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

現在我將把電話轉回給比爾。

Thank you, Jon and Enrique.

謝謝喬恩和恩里克。

As I mentioned at the start of the call, I'm pleased with the continued momentum we are seeing across our business.

正如我在電話會議開始時提到的，我對我們整個業務的持續發展勢頭感到高興。

The differentiated omnichannel capabilities we've built over the past few years have strengthened our business model and are key to our performance.

我們過去幾年建立的差異化全通路能力增強了我們的業務模式，也是我們業績的關鍵。

With these core capabilities in place, we are focused on refining the experience for associates and customers and are well positioned to leverage what we have built to support future top and bottom line growth across our diversified business.

有了這些核心能力，我們就專注於改善員工和客戶的體驗，並處於有利位置，可以利用我們所建立的能力來支持我們多元化業務未來的收入和利潤成長。

Some examples include: This quarter, we completed the nationwide rollout of our customer shopping accounts.

一些例子包括： 本季度，我們完成了客戶購物帳戶的全國推廣。

As a reminder, 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.

提醒一下，這些可以讓顧客更容易看到他們在購物過程中採取的步驟，無論是自己還是在同事的幫助下。

In addition, these accounts guide customers' next steps and create operational efficiencies by entiring associates to seamlessly search and update customer records regardless of where they originated.

此外，這些帳戶還可以讓員工無縫搜尋和更新客戶記錄（無論其來源為何），從而指導客戶的後續步驟並提高營運效率。

In addition to the customer shopping accounts, tools such as Sky our AI-powered virtual assistants are creating operating efficiencies and providing help when consumers need it.

除了客戶購物帳戶之外，我們的人工智慧虛擬助理 Sky 等工具還可以提高營運效率，並在消費者需要時提供協助。

Our data show that customers are completing more remote steps year-over-year, and this increase in remote steps is also improving conversion across all of our channels online; in-store; and through our CECs.

我們的數據顯示，客戶完成的遠端步驟逐年增加，遠端步驟的增加也提高了我們所有線上管道的轉換率；店內；並透過我們的 CEC。

We continue to add helpful shopping information tools to our website.

我們繼續在我們的網站上添加有用的購物資訊工具。

For example, now we show vehicle-specific battery health information on most EVs.

例如，現在我們在大多數電動車上顯示特定於車輛的電池健康資訊。

We also highlight tax credit eligible vehicles and allow customers to filter searches by cars that are eligible for the used EV tax credit.

我們還突出顯示符合稅收抵免資格的車輛，並允許客戶按符合二手電動車稅收抵免資格的汽車過濾搜尋。

For supply, we've enhanced our industry-leading online appraisal experience.

在供應方面，我們增強了業界領先的線上評估體驗。

We are now able to give digital offers to approximately 99% of the customers who come to carmax.com for an appraisal.

我們現在能夠向大約 99% 造訪 carmax.com 進行評估的客戶提供數位報價。

For finance, as John mentioned, we recently began testing our new Tier 3 origination model.

對於金融領域，正如約翰所提到的，我們最近開始測試新的第 3 層發起模型。

We're now testing new credit scoring models and the corresponding strategies across the full credit spectrum, which positions us to further grow CAF income over time.

我們現在正在整個信用範圍內測試新的信用評分模型和相應策略，這使我們能夠隨著時間的推移進一步增加 CAF 收入。

And finally, we continue to focus on cost efficiencies.

最後，我們持續關注成本效率。

For example, we expanded our test of new transportation management process that leverages data science algorithms and AI to provide new planning and execution capabilities.

例如，我們擴大了新運輸管理流程的測試，利用數據科學演算法和人工智慧來提供新的規劃和執行能力。

The process essentially dispatches moves and automates communication between drivers and stores.

該流程本質上是調度移動並自動實現司機和商店之間的通訊。

We're pleased with the results and expect to see benefits to cost of goods sold over time.

我們對結果感到滿意，並希望隨著時間的推移看到銷售成本的改善。

In closing, we're excited about the future and our ability to grow sales and earnings.

最後，我們對未來以及我們增加銷售和收入的能力感到興奮。

Our best-in-class omnichannel experience which is enabled by our great associates, physical footprint, technology and digital capabilities, all tied seamlessly together is a key differentiator that strengthens our competitive moat, and we believe will be increasingly important to win consumers going forward.

我們一流的全通路體驗是由我們優秀的員工、實體足跡、技術和數位能力實現的，所有這些都無縫地結合在一起，這是加強我們競爭護城河的關鍵差異化因素，我們相信這對於贏得未來的消費者將變得越來越重要。

We're excited to be in a position to pivot from building capabilities to leveraging and enhancing them to drive growth, better execution, innovation efforts and experiences.

我們很高興能夠從建立能力轉向利用和增強能力來推動成長、更好的執行、創新努力和經驗。

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

這樣，我們將很樂意回答您的問題。

Todd?

托德？

(Operator Instructions)

（操作員說明）

Brian Nagel, Oppenheimer.

布萊恩·內格爾，奧本海默。

First off, congratulations.

首先，恭喜你。

Nice quarter.

不錯的季度。

Thanks Brian.

謝謝布萊恩。

So I'm going to -- I have two questions, but I'll merge them to one, just to comply with -- have rules.

所以我要——我有兩個問題，但我會將它們合併為一個，只是為了遵守——制定規則。

But I get the first question.

但我明白第一個問題。

So look, now we have the second consecutive quarter, solid, positive used car unit comps.

所以看，現在我們已經連續第二季實現了穩健、積極的二手車單位比較。

The question I want to ask there is, as you're thinking about the model and recognizing you don't give -- you don't provide guidance.

我想問的問題是，當你思考這個模型並認識到你沒有給予 - 你沒有提供指導。

But as you look at the model flex now, I mean what's -- what should we consider to be kind of a normalized used car unit comp for Carmax?

但當你現在看到這個模型時，我的意思是——我們應該考慮什麼是 Carmax 的標準化二手車單位補償？

And then the second part of the question, look, we've seen now starting to see really nice expense leverage as these comps have turned positive.

然後問題的第二部分，看，我們現在開始看到非常好的費用槓桿，因為這些比較已經轉為正值。

How should we think about the kind of the path forward on that, assuming comps now on a better trajectory?

假設現在比較處於更好的軌道上，我們該如何思考前進的道路？

Okay.

好的。

On the first part of the question, Brian, as far as the normalized unit comp, I think it's a -- I think it's a little hard to say at this point.

關於問題的第一部分，布萊恩，就標準化單位補償而言，我認為這是——我認為目前有點難說。

What I would tell you is we're really pleased with the sales momentum.

我想告訴您的是，我們對銷售動能非常滿意。

If we look at the comps during the quarter, and you go back to some of my commentary at the end of the second quarter, where I said we were running a little bit lighter.

如果我們看看本季的比較，你會回到我在第二季末的一些評論，我說我們的運行稍微輕鬆一些。

We actually performed better throughout the quarter.

事實上，我們整個季度的表現都更好。

And even if you normalize for the day of week adjustment that I talked about last quarter, sequentially, each month got better.

即使你將我上個季度談到的每週調整正常化，每個月都會依次變得更好。

And quite honestly, as we're going forward, obviously, December is a little early on, but December's performance month-to-date has accelerated beyond the comp of the third quarter.

老實說，隨著我們的前進，12 月顯然有點早，但 12 月迄今為止的表現已經超過了第三季度的表現。

So we feel good about that, and we feel good about the trajectory of sales.

所以我們對此感覺良好，對銷售軌跡也感覺良好。

And all else equal, I would tell you, as we think about the fourth quarter, what I would tell you is we think the fourth quarter will be stronger from a comp performance than the third quarter, and that's despite having some headwinds of a day a week, we lose a Saturday in the fourth quarter.

在其他條件相同的情況下，我會告訴你，當我們考慮第四季度時，我會告訴你的是，我們認為第四季度的業績表現將比第三季度更強，儘管一天中遇到了一些阻力一周，我們在第四節失去了一個星期六。

We also lose Leap Day, which we had last year.

我們還失去了去年的閏日。

So again, we feel good about the momentum going forward.

因此，我們對未來的勢頭再次感到良好。

And what was the second part of your question?

你問題的第二部分是什麼？

On SG&A and the leverage, I can talk to.

關於SG&A和槓桿，我可以談談。

So Brian, we continue to make progress on our goal of hitting a mid-70% SG&A to gross profit.

Brian，我們繼續朝著實現 SG&A 毛利 70% 左右的目標取得進展。

And that's going to require continued improvement in sales volumes, and Bill has talked about our recent trends here.

這將需要銷量的持續提高，比爾在這裡談到了我們最近的趨勢。

In addition to the cost management efforts that we have been undertaking now for a couple of years.

除了我們幾年來一直在進行的成本管理工作之外。

And just to point you back to some of Bill's prepared remarks, we're past the heavy investment phase of our evolution.

只是為了讓您回顧比爾準備好的一些言論，我們已經度過了發展過程中的大量投資階段。

We're at a point where we're pivoting from building capabilities to leveraging and enhancing them to drive growth and efficiencies, right?

我們正處於從建立能力轉向利用和增強能力來推動成長和效率的階段，對吧？

What this means is lower gross profit growth to leverage SG&A as compared to our heavy investment phase.

這意味著與我們的大量投資階段相比，利用 SG&A 的毛利成長較低。

So we feel really good about our ability to leverage.

因此，我們對自己的槓桿能力感到非常滿意。

At the same time, we're going to take a look at investment opportunities.

同時，我們也會關注投資機會。

We're not going to leverage just for the sake of leveraging.

我們不會只是為了利用而利用。

If there are opportunities to grow the top line and bottom line robustly, we will do that.

如果有機會實現營收和利潤的強勁成長，我們就會這樣做。

But yes, we remain committed to our mid-70% SG&A leverage ratio as well.

但是，我們仍然致力於將 SG&A 槓桿率維持在 70% 左右。

So we're encouraged by the trends.

因此，我們對這些趨勢感到鼓舞。

Well, I appreciate the call.

嗯，我很感謝您的來電。

Thank you.

謝謝。

Congrats again.

再次恭喜。

Thanks, Brian.

謝謝，布萊恩。

Sharon Zackfia, William Blair.

莎朗·扎克菲亞，威廉·布萊爾。

And I guess when you think about the improvement you've seen over the last six, seven months, has it been a reflection more of conversion than traffic to the web or the stores?

我想，當您考慮過去六到七個月所看到的改進時，是否更多地反映了轉換而不是網路或商店的流量？

And I guess if it has been more conversion, how much of that would you attribute to kind of prices coming down industry-wide versus what you've been doing internally to kind of lessen the friction of the consumer experience?

我想，如果轉換率提高了，您會將多少歸因於全行業價格的下降，而不是您內部為減少消費者體驗的摩擦而採取的措施？

Yes.

是的。

Sharon, look, when I think about it, like if I look at this quarter, for example, I would tell you, I think the performance is primarily driven by conversion because if you look at our web traffic, it was fairly flat.

莎倫，聽著，當我思考這個問題時，例如，如果我看看這個季度，我會告訴你，我認為性能主要是由轉換驅動的，因為如果你看看我們的網路流量，它相當平坦。

And it's conversion, both looking at remote engage customers, but it's also conversion improvements in the actual store when customers are coming into the stores.

這是轉化，既著眼於遠端參與的客戶，也是當客戶進入商店時實際商店中的轉化改進。

And I think at the heart of your question is really what's driving this.

我認為你問題的核心是真正的推動因素。

And what I would tell you is I do think it's a combination of internal and external factors.

我要告訴你的是，我確實認為這是內在和外在因素的結合。

To your point, obviously, this is, I think, our eighth quarter down -- or eighth quarter in a row where we have sales price is actually down a little bit year over year.

就你的觀點而言，顯然，我認為這是我們第八個季度的下降，或者說是連續第八個季度的銷售價格實際上比去年同期下降了一點。

So certainly, as prices come down, I think that's a tailwind for us.

當然，隨著價格下降，我認為這對我們來說是一個順風車。

I think having price stabilization, not a bunch of big price swings from an appreciation or depreciation, more specifically, depreciation.

我認為價格穩定，而不是由於升值或貶值，更具體地說，貶值而導致價格大幅波動。

I think that's a tailwind.

我認為這是順風。

But I would tell you, equally important is to focus internally on execution through like experiences and efficiencies.

但我想告訴你，同樣重要的是透過類似的經驗和效率在內部關注執行。

And when I think about remote progression conversion or in-store conversion improvement, it's because we've improved the experience.

當我想到遠端進度轉換或店內轉換改進時，這是因為我們改進了體驗。

I mean even this quarter, talking about the customer shopping hub, that's helping us convert more customers by taking out friction.

我的意思是，即使在本季度，談到客戶購物中心，它也透過消除摩擦力幫助我們轉換更多客戶。

The CECs, we've been rolling out some tools there.

CEC，我們已經在那裡推出了一些工具。

Knowledge management tool, which will finish rolling out the fourth quarter, helping our CECs to provide better experiences.

知識管理工具，將於第四季完成推出，幫助我們的CEC提供更好的體驗。

It's the work we're doing on our cost of goods sold and taking waste out of the process there so that we can take that and make sure our prices continue to be more competitive.

這是我們在銷售商品成本方面所做的工作，並消除流程中的浪費，以便我們能夠利用這些浪費並確保我們的價格繼續更具競爭力。

It's the inventory management and the quicker turns that we're doing.

我們正在做的是庫存管理和更快的周轉。

There's just a lot of different things that we're working on internally that I think are also complementary to some of the tailwinds that we see externally.

我們內部正在做很多不同的事情，我認為這些事情也與我們外部看到的一些有利因素互補。

So I wouldn't say it's all one or the other.

所以我不會說這都是其中之一。

I think it's somewhere in between.

我認為它介於兩者之間。

Okay.

好的。

Thank you.

謝謝。

John Murphy, Bank of America.

約翰‧墨菲，美國銀行。

Good morning guys.

早安，夥計們。

Just, Bill, to ask about the same-store sales comp in a different way.

只是，比爾，以不同的方式詢問同店銷售情況。

Everybody in the industry, including the folks at the auction houses are saying that there's a real shortage of used supply, and it's tough to get vehicles.

業內人士，包括拍賣行的工作人員都表示，二手車供應確實短缺，而且很難買到車輛。

But you're putting up good numbers.

但你的數據不錯。

So obviously, you're doing well on the sourcing side.

顯然，你們在採購方面做得很好。

But one thing that's interesting, I think the average price was down about $1,000 year-over-year.

但有趣的是，我認為平均價格比去年同期下降了約 1,000 美元。

So I'm just curious if you're making a considered decision on sourcing to maybe go down market a little bit in age and maybe trim, to open up the market to yourselves and get away from some of the competition where things are tighter sort of at the high end?

所以我只是好奇你是否在採購方面做出了深思熟慮的決定，可能會在年齡上稍微降低一點，或者修剪一下，向自己開放市場，並擺脫一些情況更緊張的競爭在高端？

And is that something that might be able to continue going forward to support same-store sales comp?

這是否能夠持續支持同店銷售競爭？

Yes, John, it's a great question.

是的，約翰，這是一個很好的問題。

First of all, we feel great about our diversified sourcing both from consumers and dealers.

首先，我們對消費者和經銷商的多元化採購感到滿意。

And specifically to your questions, when you think about the age, if you look at year-over-year mix, like zero to five, five to seven, eight-plus year over year, they're very similar.

具體到你的問題，當你考慮年齡時，如果你看看逐年的組合，例如零到五、五到七、八歲以上，它們非常相似。

I mean zero to four is up 1 point.

我的意思是從 0 到 4 領先 1 分。

It's actually up a little bit, a little bit newer vehicles.

事實上，它的車輛有所更新。

So there really wasn't a big mix shift in age of vehicles.

因此，車輛的年齡確實沒有發生大幅的混合變化。

And I think from a supply standpoint for us, because we're buying so many vehicles, both from consumers and dealers directly, I think that's a nice benefit and helps to allow us to source vehicles that are just hard to find out there, to your point, if you're having to rely on third party.

我認為從我們的供應角度來看，因為我們直接從消費者和經銷商那裡購買瞭如此多的車輛，我認為這是一個很好的好處，有助於我們採購那些很難在那裡找到的車輛，如果您必須依賴第三方，請說明您的觀點。

Got it.

知道了。

But so -- but no change in what you're doing as far as age, obviously, what you just mentioned, or trim.

但是，就年齡而言，顯然，你剛才提到的或修剪方面，你所做的事情並沒有改變。

I mean are you able to kind of go downstream levels to try to open up a better pricing?

我的意思是，你是否能夠在下游層級嘗試開放更好的定價？

Because I mean use to go pricing sequentially is not actually going down.

因為我的意思是按順序定價實際上並沒有下降。

It's actually gone up a little bit in the industry.

實際上在行業中已經上漲了一些。

Yes.

是的。

No, I wouldn't say there's anything remarkable there.

不，我不會說那裡有什麼了不起的。

I think the only thing to note is the team has done a great job.

我認為唯一值得注意的是團隊做得很好。

If you look at our under $20,000 vehicles, we've done a great job bumping that number up kind of year over year.

如果您看看我們價值 20,000 美元以下的車輛，您會發現我們做得很好，這個數字逐年增加。

Quarterly, sequentially, it's pretty similar, but year over year, it's a nice little bump up.

按季度、按順序，情況非常相似，但年復一年，這是一個不錯的小提升。

And again, I think that goes back to the work that the team is doing on sourcing.

再說一遍，我認為這可以追溯到團隊在採購方面所做的工作。

Yes. 30% of our sales were cars less than $20,000.

是的。我們銷售額的 30% 是 20,000 美元以下的汽車。

So tremendous work there.

那裡的工作非常艱鉅。

Last year -- yes.

去年——是的。

What was that last year, I'm sorry?

去年那是什麼，對不起？

25%.

25%。

So pretty material increase.

如此漂亮的物質增長。

That's good focus.

這是很好的焦點。

Thank you very much guys.

非常感謝你們。

I appreciate it.

我很感激。

Seth Basham, Wedbush Securities.

塞思‧巴沙姆 (Seth Basham)，韋德布希證券公司。

Thanks a lot and good morning and nice quarter.

非常感謝，早安，美好的季度。

My first question is on your GP performance in retail and then wholesale.

我的第一個問題是關於你們的全科醫生在零售和批發方面的表現。

Within retail, can you give us an update on your cost-out initiatives.

在零售業，您能為我們介紹一下您的成本支出計畫的最新情況嗎？

Are you still on track for $200 per unit?

您還在為每台 200 美元的價格走下去嗎？

How much have you achieved so far?

到目前為止你取得了多少成就？

And what are you doing with that savings?

您用這筆積蓄做什麼？

How much are you reinvesting in price?

您在價格上再投資了多少？

Great.

偉大的。

Yes, the $200, just to remind everybody, that's really being driven by to large buckets, our reconditioning and our logistics.

是的，200 美元，只是提醒大家，這實際上是由我們的翻新和物流推動的。

And I spoke previously about the fact the way to think about it is probably 50-50 split $100, $100.

我之前說過，思考這個問題的方式可能是 50-50 平分 100 美元，100 美元。

I'd tell you, on that journey, we're probably realizing about half of that, and I would split it up about half one reconditioning and half on logistics with the remainder coming in the upcoming quarters.

我想告訴你，在這段旅程中，我們可能會實現其中的一半，我會將其分為一半用於翻新，一半用於物流，其餘部分將在接下來的幾個季度中完成。

We got a lot of good work going on there.

我們在那裡開展了很多出色的工作。

I feel really good about it.

我對此感覺非常好。

And so far, what we're doing is we're passing the bulk of that on to the consumers, but it also allows us to make sure that we've got solid margins as well.

到目前為止，我們正在做的是將大部分轉嫁給消費者，但這也使我們能夠確保我們也擁有穩固的利潤。

So -- and I would think that you should think about that going forward.

所以——我認為你應該考慮一下這個問題。

I mean, we'll continue to look at it and we'll have decisions to make as we find it.

我的意思是，我們將繼續關注它，並在發現它後做出決定。

But right now, I'd say the bulk of that is going to the consumer.

但現在，我想說大部分都流向了消費者。

That's helpful.

這很有幫助。

And then as a follow-up on the wholesale side, how much implemented do you think is because of market conditions relative to some of the things you're doing like max offer, you posted some really good numbers this quarter.

然後，作為批發方面的後續行動，您認為實施了多少是因為相對於您正在做的一些事情（例如最大報價）的市場狀況，您本季度發布了一些非常好的數字。

Yes.

是的。

I think similar to the response to share, I think it's a combination.

我認為與分享的回應類似，我認為這是一個組合。

I mean, certainly, this is a better environment than a year ago.

我的意思是，當然，現在的環境比一年前更好。

You can remember there was some big depreciation.

您還記得有一些大幅貶值。

And when depreciation -- steep depreciation happens like that, we're generally ahead of the curve marking down our offers.

當貶值——急劇貶值發生時，我們通常會領先於我們的報價。

So that impacts your buy rate.

所以這會影響你的購買率。

So you certainly can't discount that and having a more stabilized price environment has helped.

因此，你當然不能忽視這一點，而更穩定的價格環境會有所幫助。

But on the Max offer, I'd tell you, the team, the Edmond team has done a phenomenal job with that product.

但在 Max 報價上，我想告訴你，Edmond 團隊在該產品上做得非常出色。

And as I look at it, we increased our active dealers on that pretty substantially.

據我觀察，我們的活躍經銷商數量大幅增加。

From where we were before to where we are now, I mean, I think our active dealers is up probably close to 40% or so year over year.

我的意思是，從我們之前的情況到現在的情況，我認為我們的活躍經銷商可能比去年同期成長了近 40% 左右。

And so when you have more dealers in there, do a Max offer, you can also buy volume.

因此，當你有更多的經銷商時，進行最大報價，你也可以購買數量。

So I think it's a combination of the two.

所以我認為這是兩者的結合。

Wonderful.

精彩的。

Thank you and happy holidays.

謝謝你，節日快樂。

You too.

你也是。

Chris Bottiglieri, BNP Paribas.

克里斯‧波蒂列裡 (Chris Bottiglieri)，法國巴黎銀行。

I just wanted to just to -- wanted to just go with the allowance a little bit more detail, hopefully.

我只是想——希望能把津貼說得更詳細一些。

Can you just give us a sense like what's your -- I think the past, you've given like the expected loss on new originations and get a sense like what kind of led the cut to the allowance?

你能否讓我們了解一下你的情況——我認為過去，你已經給予了新產品的預期損失，並了解了是什麼樣的原因導致了津貼的削減？

Is it more just the remaining bit?

是不是只剩下剩下的一點了？

Or are you cutting the provision on new originations as well?

或者您也削減了對新產品的規定？

Sure.

當然。

Yes.

是的。

And just to clarify, the cut to provision, I just want to clarify how to think about that.

只是為了澄清，削減撥款，我只是想澄清如何思考這個問題。

Our provision as we've laid out is going to be, obviously, on new originations, Chris, you referenced that new originations, what our expected loss of the life of those receivables are and then any true-up that we need to do on the existing receivables based on observed performance in the quarter.

顯然，我們所製定的規定將是關於新的起源，克里斯，你提到了新的起源，我們對這些應收款壽命的預期損失是多少，然後是我們需要做的任何調整現有應收賬款是基於本季觀察到的業績。

Again, we said there's always going to be some form of a true-up.

我們再說一遍，總是會有某種形式的調整。

Obviously, we said last quarter, there was a sizable true-up.

顯然，我們上個季度說過，出現了相當大的調整。

No doubt that brought the total provision to $113 million, but there's always going to be a composition of those two things.

毫無疑問，這使得總撥款達到 1.13 億美元，但總是會有這兩件事的組合。

If you look at our provision this quarter of those two things, again, it's a much more normalized level, which suggests that, to your point, the originations plus the true-up, our true-up was just not to the size that it was before, which is really ideally, what we want to have happen.

如果你再看看我們本季對這兩件事的規定，你會發現這是一個更加標準化的水平，這表明，就你的觀點而言，起源加上調整，我們的調整隻是沒有達到它的規模。

To your question of originations.

關於你的起源問題。

So we did $1.9 billion this quarter.

所以我們本季賺了 19 億美元。

Remember, that's against Tier 1 and the testing that's happening in Tier 2 and Tier 3, if you can assign some loss rate to that.

請記住，這是針對第 1 層以及第 2 層和第 3 層中發生的測試（如果您可以為其指定一些丟失率）。

You could see where it'd be maybe in the $60 million range from an origination standpoint.

從起源的角度來看，你可以看到它可能在 6000 萬美元的範圍內。

Again, we've tightened remember in Tier 1, so that's helping us to some degree, but we are testing in Tier 2 and Tier 3 is going to offset that a little bit.

同樣，我們在第 1 層中加強了記憶，因此這在某種程度上對我們有幫助，但我們正在第 2 層進行測試，而第 3 層將稍微抵消這一點。

And then the remaining, obviously, is going to be the true-up.

然後剩下的，顯然，將是真實的。

But again, a true-up in a reasonable level, very different than last quarter, and probably, again, that's why we referred to it as a normalized level of provision.

但同樣，這是一個合理水平的調整，與上季度有很大不同，這可能是為什麼我們將其稱為正常化撥備水平的原因。

Okay, thank you.

好的，謝謝。

Craig Kennison, Baird.

克雷格·肯尼森，貝爾德。

Hey, good morning.

嘿，早安。

Thanks for taking my question.

感謝您提出我的問題。

Bill, I know you like to measure market share annually, but I think perceived market share has probably been something that held back your stock relative to peers, at least this year.

比爾，我知道你喜歡每年衡量市場份額，但我認為感知市場份額可能是阻礙你的股票相對於同業的因素，至少今年是如此。

I'm curious, as prices stabilize, do you have any evidence that you're back to gaining share?

我很好奇，隨著價格穩定，你們有沒有任何證據顯示你們的市佔率又恢復了？

Yes.

是的。

Craig, what I'd tell you, the last two quarters, as I said, look, at market share, I want to get back on to the annual cadence.

克雷格，我要告訴你的是，正如我所說，過去兩個季度，看看市場份額，我想回到年度節奏。

Barring any type of big price swings, and we just haven't seen any big price swings.

除非出現任何類型的大幅價格波動，否則我們還沒有看到任何大幅價格波動。

So we'll update it at the end of the year.

所以我們會在年底更新它。

But I'll tell you, we feel great about our sales momentum, and we feel great about our ability to gain market share.

但我會告訴你，我們對我們的銷售勢頭感到非常滿意，我們對我們獲得市場份額的能力感到非常滿意。

Scot Ciccarelli, Truist.

斯科特·西卡雷利，真理論者。

Good morning guys.

早安，夥計們。

Two-part question.

兩部分的問題。

First, outside of the price stabilization, what else would you attribute the magnitude of industry improvement to, Bill, just given your long experience in the industry?

首先，比爾，鑑於您在該行業的長期經驗，除了價格穩定之外，您還將行業的改善幅度歸因於什麼？

And then kind of part 2 there is, can you guys provide some more color around the payment extension, like how's that process work?

然後是第 2 部分，你們能否提供有關付款擴展的更多信息，例如該流程是如何運作的？

And how is it reflected in the P&L?

它如何反映在損益表中？

Thanks.

謝謝。

Sure.

當然。

So Scot, on your first question as far as the market -- I mean, I think there's conflicting numbers out there as far as the growth of the overall used car market.

史考特，關於你關於市場的第一個問題——我的意思是，我認為就整個二手車市場的成長而言，存在著相互矛盾的數字。

I think it's very volatile from a month-to-month standpoint.

我認為從每個月的角度來看，它的波動性很大。

But outside of price stabilization, and I assume what you're talking about there is kind of how I refer to it.

但除了價格穩定之外，我想你所說的就是我所說的。

You don't see a lot of appreciation or depreciation, which that, in fact, kind of -- if you look at the depreciation curves, historically, for this time of the year, they line up fairly nicely, which we haven't seen that in a while.

你看不到太多的升值或貶值，事實上，如果你看歷史上每年這個時候的貶值曲線，它們排列得相當好，而我們還沒有看到過了一會兒就看到了。

I think the other thing is just something I talked about earlier.

我想另一件事就是我之前談到的。

It's just the prices continue to moderate.

只是價格繼續溫和。

And I think having a gap between the late-model used car and new car, I think that has continued to expand a little bit.

我認為新型二手車和新車之間的差距還在持續擴大。

I think that helps the industry, especially on the late model used cars.

我認為這對整個行業有幫助，尤其是對新二手車。

So the only other thing that I would tell you is I think consumers are still pinched from an inflationary standpoint.

因此，我要告訴你的唯一一件事是，我認為從通貨膨脹的角度來看，消費者仍然受到擠壓。

So they're looking for alternatives and used cars, whether it's a two-year-old used car or a 14-year-old used car.

因此，他們正在尋找替代品和二手車，無論是車齡兩年的二手車還是車齡 14 年的二手車。

I think that helps the industry as well.

我認為這對這個行業也有幫助。

Scot, and I'll take your payment extension question.

史考特，我來回答你的延期付款問題。

First, I'll level set on kind of how we think about extensions and then specifically, what we did.

首先，我將闡述我們如何看待擴展，然後具體闡述我們做了什麼。

So we really wanted to cite an example of where we're continuing to look for opportunity to help the consumer navigate again, temporary hardships.

因此，我們真的想舉一個例子來說明我們正在繼續尋找機會來幫助消費者再次度過暫時的困難。

It's something that we've always done.

這是我們一直在做的事情。

It's very standard in the industry.

這在業界是非常標準的。

Historically, as I said in my prepared remarks, that's generally less than 1% of our units in any given month and we've done some testing that has brought it just slightly above that level.

從歷史上看，正如我在準備好的演講中所說，在任何給定月份，這個比例通常都不到我們單位的 1%，而且我們已經做了一些測試，使其略高於該水平。

But we think this is a really good opportunity to help the consumer and ultimately, lower loss.

但我們認為這是一個幫助消費者並最終降低損失的好機會。

That's the goal that we're trying to do, help people stay in their car.

這就是我們正在努力實現的目標，幫助人們留在車上。

So specifically, what happened within the quarter is if you look at our extension policy historically, it's been -- and we're really kind of targeted that customer that's a couple of payments behind.

因此，具體而言，本季發生的情況是，如果您回顧我們歷史上的延期政策，您會發現，我們確實是針對那些拖欠了幾次付款的客戶。

So if they're a few payments behind, historically, we've said, look, I need you to make both of those payments and then we can give you a payment extension.

因此，如果它們拖欠了一些付款，從歷史上看，我們會說，看，我需要您支付這兩筆付款，然後我們可以給您延期付款。

In this environment, certainly higher payments people were unable to take advantage of those opportunities.

在這種環境下，收入較高的人當然無法利用這些機會。

So we looked at customers who said, hey, if you cannot make due, we try to see if they could make both.

因此，我們研究了一些客戶，他們說，嘿，如果你不能按時付款，我們會嘗試看看他們是否可以同時付款。

But if they can't, can you make one payment.

但如果他們不能，你可以一次性付款嗎？

And there were incremental customers that were able to do that.

而且有越來越多的客戶能夠做到這一點。

And so that allows them to take a period to kind of get their finances in order.

這樣他們就可以花一段時間來整理財務狀況。

Now we've started that at the beginning of the quarter.

現在我們已經在本季初開始了。

We've been able to watch people come out of that extension period and then see how they're behaving and we're very pleased with what we're seeing.

我們已經能夠觀察人們走出延長期，然後看看他們的行為如何，我們對所看到的感到非常滿意。

It's very much in line with our previous policy.

這非常符合我們先前的政策。

And so we feel really good about this action we've taken for the consumer.

因此，我們對我們為消費者採取的這項行動感到非常滿意。

Now that being said, we know that some customers may unfortunately revert back into delinquency and loss.

話雖這麼說，我們知道有些客戶可能會不幸地再次陷入拖欠和損失。

So that being said, we need to make sure that we have reserved accordingly for the actions that we've taken.

話雖這麼說，我們需要確保我們為我們所採取的行動做好了相應的保留。

And that's how it's placed around the P&L.

這就是它在損益表中的放置方式。

It's embodied in our provision and in our reserve.

它體現在我們的供給和儲備中。

And we know that will happen, but we feel good about what we've done.

我們知道這將會發生，但我們對我們所做的事情感到滿意。

We like the early results.

我們喜歡早期的結果。

Again, relatively small number of customers we've impacted, but we like what's occurred.

同樣，我們影響的客戶數量相對較少，但我們喜歡所發生的事情。

Happy holidays.

節日快樂。

Thanks.

謝謝。

Jeff Lick, Stephens

傑夫·利克、史蒂芬斯

Good morning.

早安.

Congrats on the second consecutive part of the quarter and the progress. question revolves around the wholesale is some pretty interesting growth there in Dynamics, 73 or 74 units wholesale for retail, 50% growth in dealer buys and with gross profit margins up as well.

恭喜本季的連續第二部分和進展。問題圍繞著批發，Dynamics 中有一些非常有趣的成長，批發零售 73 或 74 台，經銷商購買成長 50%，毛利率也上升。

I'm just curious where you think you can take that?

我只是好奇你認為你可以把它帶到哪裡？

I think that's kind of a hidden source of gross profit dollar growth rate.

我認為這是毛利成長率的一個隱藏來源。

I'd love to know where you think this is going and how sustainable these games are.

我很想知道你認為這會發生什麼以及這些遊戲的可持續性如何。

Yes, Jeff.

是的，傑夫。

Look, I want to take it as high as we can get it.

聽著，我想把它拿到盡可能高的高度。

I mean there's a big focus internally.

我的意思是內部有一個很大的焦點。

We've had it for a while to continue to buy more cars, whether they're retail cars or whether they're wholesale cars.

一段時間以來，我們一直在繼續購買更多汽車，無論是零售汽車還是批發汽車。

And like I said earlier, this is a focus.

正如我之前所說，這是一個焦點。

Edmonds has been able to really get more dealers signed up for this.

埃德蒙茲確實能夠讓更多經銷商簽約。

I kind of think about the product.

我有點在想這個產品。

The product is in, let's call it, a majority of the population.

我們可以這麼說，該產品適用於大多數人口。

But in that majority of the population, there's there's a lot more opportunity with dealers out there.

但對大多數人來說，經銷商有更多的機會。

So we'll continue to push this as hard as we can because, again, we want every single car, whether it's a wholesale car or a retail car.

因此，我們將繼續盡最大努力推動這一目標，因為我們想要每一輛汽車，無論是批發汽車還是零售汽車。

And who do you think you're taking share from?

你認為你從誰那裡獲得了份額？

Well, I think it's just a nice alternative for dealers.

嗯，我認為這對於經銷商來說是一個不錯的選擇。

They have different avenues of getting rid of unwanted cars, whether it's through your traditional brick-and-mortar auctions, whether it's through virtual auctions with other wholesalers.

他們有不同的途徑來處理不需要的汽車，無論是透過傳統的實體拍賣，還是透過與其他批發商的虛擬拍賣。

This is just one more tool that they have in their toolbox to leverage.

這只是他們工具箱中可以利用的另一個工具。

And we see where a lot of dealers, they like using it.

我們看到很多經銷商喜歡使用它。

And so we don't expect it to replace those other things, but it just gives them another opportunity to look at a different valuation.

因此，我們並不指望它會取代其他東西，但這只是給了他們另一個審視不同估值的機會。

Awesome.

驚人的。

Well, congrats again and look forward to speaking.

好吧，再次恭喜並期待演講。

Thanks, Jeff.

謝謝，傑夫。

David Bellinger, Mizuho.

大衛貝林格，瑞穗。

Hey, good morning.

嘿，早安。

Thanks for the question.

謝謝你的提問。

In terms of the operating environment, any noticeable differences lately or change in tone from your lending partners?

就經營環境而言，最近您的貸款合作夥伴是否有任何明顯的差異或語氣改變？

Have they turned more aggressive postelection and willing to take on additional volume, maybe even those down the credit spectrum?

他們是否在選舉後變得更加激進並願意承擔額外的交易量，甚至是那些信用範圍較低的交易量？

Any additional color you can add as we gauge some of the lending appetite into 2025?

當我們評估 2025 年的部分貸款需求時，您還有什麼可以補充的嗎？

Thank you.

謝謝。

Yes.

是的。

Thanks for your question, David.

謝謝你的提問，大衛。

Yes, I think short answer there is, I think they're kind of steady as she goes right now.

是的，我認為簡短的回答是，我認為隨著她現在的發展，它們有點穩定。

They really haven't made significant adjustments.

他們確實沒有做出重大調整。

I think that plays through in the penetration that they see.

我認為這體現在他們所看到的滲透力中。

And again, that's going to be a function of the lender and also the consumers that are coming to shop.

再說一次，這將是貸方和前來購物的消費者的功能。

But yes, I think generally, our partners love the Carmax business.

但是，是的，我認為總的來說，我們的合作夥伴喜歡 Carmax 業務。

They're supportive in tough times, and they're obviously supportive in good times, but they're being as careful as any lender should be right now.

他們在困難時期提供支持，顯然在經濟繁榮時期也提供支持，但他們像任何貸方現在應該採取的那樣謹慎。

So I don't think a lot has changed over the quarter.

因此，我認為本季沒有發生太大變化。

Great.

偉大的。

If I could just add 1 other quick one.

如果我能再快速加 1 個就好了。

You had pretty significant earnings growth this quarter on the 4% comp.

在 4% 的比較中，本季您的獲利成長非常顯著。

Maybe a bigger picture question.

也許是一個更大的問題。

But as you begin to leverage and harvest a lot of this investment spend in the past few years and pushing more volume through the system.

但當你開始利用並收穫過去幾年的大量投資支出並透過系統推動更多交易量時。

Should we expect a comp in that low single-digit, mid-single-digit type range to yield double-digit earnings growth from here?

我們是否應該預期這種低個位數、中個位數類型範圍的比較能產生兩位數的獲利成長？

And then maybe the buyback is an accelerant on top of that.

除此之外，也許回購是一種促進劑。

How should we think about the earnings growth and the sustainability from here?

我們該如何思考獲利成長和永續性？

I mean our objective is for robust top line and bottom line growth.

我的意思是我們的目標是實現強勁的營收和利潤成長。

And I think that's the position that we put ourselves in with the investments that we've made.

我認為這就是我們在投資中所處的位置。

The operating environment out there has been challenging for the past couple of years, which has kind of hit some of those benefits.

過去幾年，營運環境充滿挑戰，這在一定程度上影響了其中一些優勢。

But I think as we come out of that here, we've had two positive quarters of comps.

但我認為，當我們走出困境時，我們已經有了兩個正面的季度業績。

And as Bill talked about, that accelerated our comps have accelerated here into the fourth quarter.

正如比爾所說，這加速了我們的業績加速進入第四季。

And I would expect moving forward that, like you said, we're in a position to harvest the investments we've made.

我預計，正如您所說，我們有能力收穫我們所做的投資。

So we're excited about where we are today and kind of our path moving forward.

因此，我們對今天的處境和前進的道路感到興奮。

Great.

偉大的。

Thank you.

謝謝。

Michael Montani, Evercore.

邁克爾·蒙塔尼，Evercore。

Yes, good morning.

是的，早安。

Congrats on the quarter and thanks for taking the question.

恭喜本季度，感謝您提出問題。

Good morning, Mike.

早上好，麥克。

I just wanted to ask -- follow the two-parter trend.

我只是想問——追隨兩人的潮流。

First, Bill, can you just talk about, I think 245 stores today?

首先，Bill，你能談談今天的 245 家商店嗎？

Is there opportunity to get that to 300 stores again?

是否有機會再次推廣至 300 家商店？

And how should we think about the cadence of build-out?

我們該如何考慮擴建的節奏？

Or can you lever multichannel at this point?

或者此時您可以利用多管道嗎？

And then I guess the related question is on the labor compensation and benefits growth now. given that the model is more fixed cost structure, should we assume that compensation and benefits will grow slower than kind of top line units at this point for some nice leverage?

然後我想相關的問題是現在的勞動報酬和福利成長。考慮到該模型的成本結構更為固定，我們是否應該假設薪資和福利的成長速度將慢於此時的收入單位，以獲得一些不錯的槓桿作用？

Or how should we think through that?

或者說我們該如何思考這個問題？

Yes, I'll take the first part, and then I'll let Enrique weigh in on the second part.

是的，我會先講第一部分，然後我會讓恩里克討論第二部分。

So yes, we actually, 249 stores.

是的，我們實際上有 249 家商店。

So Michael, I want credit for there's other four.

邁克爾，我想感謝其他四個人。

So 249 stores.

所以有249家商店。

And look, we think we can go beyond for the long term, we say 200, 300 stores.

看，我們認為從長遠來看我們可以超越，我們說 200、300 家商店。

Obviously, we well back to 200 stores.

顯然，我們很快就會恢復到 200 家商店。

We can go past 300 stores.

我們可以經過 300 家商店。

And I think the way we think about it is every year, we're evaluating the pipeline, and there's plenty of stores out there to go.

我認為我們每年都會考慮這個問題，我們都會評估管道，並且有很多商店可供選擇。

And although we're reaching a lot of the population, there's a lot of opportunity to still put some stores even in markets that we're in.

儘管我們涵蓋了許多人口，但即使在我們所在的市場中，仍然有很多機會開設一些商店。

And then there are some markets that we're still not in yet.

還有一些我們還沒進入的市場。

So the way we think about it is we look at that pipeline every single year.

所以我們思考這個問題的方式是我們每年都會檢視這條管道。

Sometimes stores get added in pipeline, time stores get taken off of the pipeline.

有時商店會添加到管道中，有時商店會從管道中刪除。

And what I would tell you is I think we've got a strategic footprint.

我要告訴你的是，我認為我們已經有了策略足跡。

And as we continue to go in the progress with the omnichannel experience.

隨著我們繼續推進全通路體驗。

If consumers are continuing to do more, and we can sell more out of the existing footprint than we have, and we end up taking some stores off of the end of the pipeline have been great.

如果消費者繼續做更多的事情，我們可以從現有的​​足跡中銷售出比我們現有的更多的產品，並且我們最終會從管道末端撤掉一些商店，這真是太好了。

But I think you should feel pretty good about getting beyond the 300 stores even with improvements of the Omni because I think having a strategic footprint is critical.

但我認為，即使 Omni 有所改進，您也應該對超越 300 家商店感到非常滿意，因為我認為擁有策略足跡至關重要。

In regard to comp and benefits in terms of leverage, we would expect to lever more strongly than we had in the past on that line item as we've been lowering the variable cost of our business.

就槓桿方面的補償和效益而言，我們預計該專案的槓桿作用將比過去更強，因為我們一直在降低業務的可變成本。

We've certainly been talking about our direct selling model, the omnichannel model, right?

我們當然一直在談論我們的直銷模式、全通路模式，對吧？

And what I'd tell you is that we're in the very late innings of efficiency relative to having that direct selling model.

我要告訴你的是，相對於直銷模式，我們正處於效率的最後階段。

It's more efficient than the previous model.

它比以前的模型更有效。

This quarter, previous pre-Omni model.

本季度，之前的 Omni 型號。

This quarter, we were more efficient year over year when it came to per retail unit, total unit gross profit as well.

本季度，我們在單位零售單位和總單位毛利方面同比效率更高。

And I'll point to a couple of things here that can really give you a sense of what's driving that.

我將在這裡指出一些事情，它們可以真正讓您了解推動這一趨勢的因素。

This quarter, year over year, our web chats through Sky were up 10% year over year.

本季度，我們透過 Sky 進行的網路聊天年增了 10%。

So that's driving, again, the consumer doing more of those activities on their own less need for labor.

因此，這再次推動消費者自己進行更多的此類活動，從而減少對勞動力的需求。

Containment rate was up 50% to 51% from 41%.

遏制率從 41% 上升 50% 至 51%。

That's more than a 25% increase in containment rate.

遏制率提高了 25% 以上。

Again, customer being able to do more of the work on their own.

同樣，客戶能夠自己完成更多的工作。

At the same time, our SLAs on the web and phone were up year over year.

與此同時，我們在網路和電話上的 SLA 逐年上升。

So from a customer service standpoint, it's getting better.

因此，從客戶服務的角度來看，情況正在變得更好。

So you can see we're really fine-tuning that model.

所以你可以看到我們確實正在對該模型進行微調。

We feel really good and what that means at the end of the day is less labor, but more effective labor, and that should help us drive down our comp and benefits relative to where we had been on a leverage standpoint moving forward.

我們感覺非常好，這最終意味著更少的勞動力，但更有效的勞動力，這應該有助於我們相對於我們前進的槓桿角度降低我們的薪資和福利。

So we're really excited about it.

所以我們對此感到非常興奮。

Thank you and good luck.

謝謝你，祝你好運。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Chris Pierce, Needham.

克里斯皮爾斯，李約瑟。

Hey, Bill, you sort of mentioned it on your -- one of your remarks to a prior question, but do you guys keep data on pay, the consumer has pinched they're transferring from -- they're shifting from new to use?

嘿，比爾，你在你對之前問題的評論之一中提到了這一點，但是你們是否保留付費數據，消費者已經捏緊他們正在從新的轉移到使用的數據？

Like do you have data that you're picking up new customers and that's why they're preferencing used and could debut by these markets been strong?

例如您是否有數據表明您正在吸引新客戶，這就是為什麼他們更喜歡使用並且可能在這些市場上首次亮相的原因很強勁？

Yes.

是的。

No, the data, if I think about it, we look at kind of overall used -- the overall used industry.

不，數據，如果我考慮一下，我們會關注整體二手產業的整體情況。

So if I go back to last calendar quarter, traditionally, million, 40 million used cars based on exchange hands.

因此，如果我回到上個日曆季度，傳統上，有 100 萬、4000 萬輛二手車是基於交換。

Last year -- last calendar year, only like 35.5 million exchange hands.

去年——去年，大約只有 3550 萬人交換了手。

And so when you think about that decline, the biggest part of that decline was in the 0% to 4%.

因此，當你考慮下降時，下降的最大部分是 0% 到 4%。

So while the whole decline was down, whatever that is 12%, I think the 0% to 4%, 0% to 6% was down more like 18%.

因此，雖然整體下降幅度是下降的，但無論是 12%，我認為 0% 到 4%、0% 到 6% 的下降幅度更像是 18%。

That's obviously a sweet spot for us.

這對我們來說顯然是一個最佳選擇。

So I think just overall, consumers have been pinched.

所以我認為總體而言，消費者受到了擠壓。

I think the fact that the used car industry has been depressed a little bit, and I think it's impacted anybody that sells late model cars a little bit more over the last couple of years has been something to navigate.

我認為二手車行業有點蕭條，而且我認為這對過去幾年銷售新車更多的人產生了影響，這是值得引導的事情。

But I also look at this as an opportunity that look, consumers will come back.

但我也認為這是一個機會，消費者會回來的。

We will get back to the $40 million plus.

我們將回到 4000 萬美元以上。

I just think at this point, consumers have been managing their own pressures that they're realizing from an inflationary standpoint and everything else that they basically have to deal with on a daily basis.

我只是認為，在這一點上，消費者一直在管理自己從通貨膨脹的角度意識到的壓力以及他們基本上每天必須處理的其他一切。

Okay, thank you.

好的，謝謝。

Sure.

當然。

Rajat Gupta.

拉賈·古普塔。

JPMorgan.

摩根大通。

Great.

偉大的。

Thanks for taking the questions and good execution on the cost side here.

感謝您在這裡提出問題並在成本方面取得良好的執行力。

I just had one clarification on the comps and then had a CAF question.

我只是對比較做了一個澄清，然後提出了一個 CAF 問題。

On the comps, I mean, just to tap in a bid on some of the comments that you made the industry acceleration that you've seen in November, it looks like it's continuing into December.

在比較方面，我的意思是，只是為了利用一些評論，您在 11 月看到了行業加速發展，看起來它會持續到 12 月。

Clearly, your results are benefiting as well.

顯然，您的結果也受益匪淺。

John mentioned earlier, like used car prices have actually probably gone up recently.

約翰之前提到過，就像二手車價格最近實際上可能上漲了。

So I'm curious like what do you think has really changed in terms of just the consumer mindset here?

所以我很好奇，您認為這裡的消費者心態有了哪些真正的改變？

Is it just pent-up demand being unleashed somewhat both election anxiety, I don't know was there some hurricane benefit?

只是被壓抑的需求在某種程度上被釋放出來，既是選舉焦慮，我不知道颶風是否有一些好處？

Just curious if you could just add some color on those aspects?

只是好奇你是否可以在這些方面添加一些顏色？

And I just had one quick one on the cash reserves.

我的現金儲備只有一筆。

Thanks.

謝謝。

Yes.

是的。

I don't -- I can't necessarily say that something has changed in the consumer mindset.

我不——我不一定說消費者的心態改變了。

I would go back to some of my comments that I said earlier about the things that we've done internally to make the experience better, make friction, less friction, improve conversion.

我想回到我之前所說的關於我們內部所做的一些事情的評論，這些事情是為了讓體驗更好，減少摩擦，提高轉換率。

The fact that our prices are down year-over-year, I think that certainly helps as well.

事實上，我們的價格逐年下降，我認為這當然也有幫助。

I mean there's still some consumers that are pinched out there.

我的意思是，仍然有一些消費者受到擠壓。

For example, the consumers, I've talked about this in the past that make less than $3,000 in a monthly household.

例如，我過去談到家庭月收入低於 3,000 美元的消費者。

They're still half of what they used to be for us.

對我們來說，它們仍然是過去的一半。

And so they're still struggling.

所以他們仍然在掙扎。

So I'm not sure that the consumer mindset has necessarily changed.

所以我不確定消費者的心態是否一定會改變。

I think it's more being driven by things that we're doing and just overall bigger kind of macro factors.

我認為這更多是由我們正在做的事情以及整體上更大的宏觀因素所驅動的。

As far as hurricanes go, I mean, it was immaterial.

我的意思是，就颶風而言，這並不重要。

I mean, you're less than 0.5 point, I would think it's small.

我的意思是，你的分數還不到0.5分，我認為它很小。

Got it.

知道了。

Got it.

知道了。

That's helpful.

這很有幫助。

So clearly, there was like some meaningful shift around just the omni experience this quarter.

很明顯，本季的全方位體驗發生了一些有意義的轉變。

I know you mentioned that the [Andes] event in October that you had the later innings getting the fruit service investments.

我知道你提到過十月份的[安第斯山脈]賽事，你在後來的幾局中獲得了水果服務投資。

It does look like that kind of had a big benefit, would you say this quarter relative to just the last quarter?

看起來這確實有很大的好處，你認為這個季度相對於上個季度嗎？

Well, I think we've been -- it's not like it just happened this quarter.

嗯，我認為我們一直——這並不是本季才發生的。

This is a build.

這是一個構建。

And I think we saw some of the nice benefits last quarter.

我認為上個季度我們看到了一些不錯的好處。

I think in the second quarter and now this quarter, third quarter, I think we just see a continued building here.

我認為在第二季度以及現在的本季、第三季度，我認為我們會看到這裡的持續建設。

I mean when you look at conversion, especially like the remote, if you can give customers to do more things from , they're going to convert better.

我的意思是，當你考慮轉換時，尤其是像遙控器一樣，如果你能讓客戶做更多的事情，他們就會更好地進行轉換。

And when we look at remote activities like a vehicle reservation or a pre-qual or an appointment, an instant offer.

當我們查看車輛預訂、資格預審或預約等遠端活動時，我們會立即提供報價。

The more customers that do that, the more are going to convert.

這樣做的客戶越多，轉換的客戶就越多。

And we saw a nice little continued improvement in customers doing remote progression.

我們看到客戶在進行遠端升級方面取得了持續的小進步。

And then like I said, we also saw nice conversion improvements in the stores, where the stores are doing a great job just executing, leveraging some of the tools that they've been giving some of the seamlessness between working with customers that may start in the store, maybe they go online later, having that information for our sales folks.

然後就像我說的那樣，我們也看到商店的轉換率得到了很好的改善，商店在執行方面做得很好，利用了他們一直在提供的一些工具，在與客戶合作之間實現了無縫性，這些工具可能開始於商店，也許他們稍後會上網，為我們的銷售人員提供這些資訊。

There's just a lot of goodness that once we got past building the capabilities, we've really been focused on now removing that friction.

一旦我們完成了能力建設，我們現在就真正專注於消除這種摩擦，這是有很多好處的。

And I think last quarter with order processing being rolled out everywhere.

我認為上個季度訂單處理已在各地推廣。

This quarter, you had to have order process anywhere.

本季度，您必須在任何地方進行訂單流程。

We have the shopping count this quarter, getting the shopping account out there.

我們有本季的購物計數，並列出了購物帳戶。

There's just a lot of good momentum here, and we're going to continue this.

這裡有很多良好的勢頭，我們將繼續下去。

And like I said in our in my opening remarks.

正如我在開場白中所說的。

I think this is going to matter as we go forward.

我認為這對我們前進來說很重要。

I think consumers are going to -- they're going to want this type of experience.

我認為消費者將會——他們將會想要這種類型的體驗。

And the more that you can have it seamless and frictionless, I think that's who's going to win.

而且你越能做到無縫和無摩擦，我認為誰就會獲勝。

Got it.

知道了。

That's great color.

那顏色真棒。

And I think you probably answered like my CAF question as well.

我想你可能也回答了我的 CAF 問題。

I mean it doesn't seem like there was a big change in the macro backdrop.

我的意思是，宏觀背景似乎沒有太大變化。

So the reserve -- the lowering of the reserve in CAF, was just based on just recent tightening in your initial observed performance.

因此，準備金——CAF準備金的降低，只是基於您最初觀察到的最近表現的收緊。

Is that fair?

這樣公平嗎？

And then nothing has changed in your macro outlook to drive that reserve lower?

那麼您的宏觀前景沒有發生任何變化來降低儲備金？

Yes.

是的。

And again, I probably wouldn't think about like the reserve as being cut.

再說一遍，我可能不會想到儲備金會被削減。

I know that you're looking at a benchmark from like last quarter, but I'd probably reverse the thinking and say, you look last quarter, we looked at the overall performance, and we made an adjustment that really kind of refilled that reserve bucket significantly, and we feel that was adequate and it's kind of what we said in our prepared remarks.

我知道您正在查看上個季度的基準，但我可能會扭轉想法並說，您看看上個季度，我們查看了整體表現，並且我們進行了調整，確實重新填充了該儲備我們認為這已經足夠了，這就是我們在準備好的發言中所說的內容。

So I think about this return to normal, if you will, is just a recognition that, that volume that we put aside at the end of Q2 was adequate for the receivable base that we have.

因此，我認為，如果你願意的話，這種恢復正常只是一種認識，即我們在第二季末預留的數量足以滿足我們現有的應收帳款基礎。

So that's just how I just ask you to rethink about it.

所以這就是我要求你重新考慮的方式。

Yes, I would definitely -- I echo what Jon said because let me just put it a different way.

是的，我肯定會——我同意喬恩所說的，因為讓我換個說法。

If we didn't get that adjustment last quarter, then it would have been higher.

如果我們上個季度沒有進行調整，那麼它會更高。

Like we would expect it to come down because last quarter, we thought; Hey, this is what we need.

就像我們預期它會下降一樣，因為我們認為上個季度；嘿，這就是我們需要的。

But sure enough, Jon and his team did a great job on estimating that.

但可以肯定的是，喬恩和他的團隊對此做出了出色的估計。

So you would expect it to come down.

所以你會期望它會下降。

So I agree with Jon.

所以我同意喬恩的觀點。

Don't think about it as a cut because if it went the other way, that would have been -- we just didn't get it right last quarter.

不要將其視為削減，因為如果情況相反，那就是——我們只是上個季度沒有做對。

So I think that this is -- and really, year-over-year, it's actually up a little bit, so.

所以我認為，實際上，逐年上升，所以。

Got it, got it.

明白了，明白了。

Thanks for all the color and good luck.

感謝所有的顏色和祝你好運。

David Whiston, Morningstar.

大衛‧惠斯頓，晨星公司。

Thanks.

謝謝。

Good morning.

早安.

It looks like inventory was a free cash flow drain for the quarter.

看起來庫存是本季的自由現金流消耗。

I was just curious, is that building up for tax season?

我只是好奇，這是在為報稅季做準備嗎？

Or is there something else going on there working capital-wise?

或者營運資金方面還有其他事情發生嗎？

Yes.

是的。

So inventory -- total inventory was up a little bit.

所以庫存——總庫存略有增加。

And yes, that's really all that is, is just built we're in production mode right now, obviously, with the upcoming tax season and all.

是的，這確實是全部，我們現在正處於生產模式，顯然，隨著即將到來的納稅季節等等。

That's a normal seasonal thing that we do.

這是我們做的正常季節性事情。

I think the team has done a phenomenal job on inventory management this year.

我認為團隊今年在庫存管理方面做得非常出色。

They really focused on it.

他們真的很專注。

I think our turns are improved for the quarter year over year, and we feel like we're in good shape for the upcoming tax time.

我認為我們本季度的營業額同比有所改善，並且我們感覺我們在即將到來的納稅時間中處於良好狀態。

And EPP penetration or EPP growth, was that penetration growth?

EPP 滲透率或 EPP 成長，是滲透率成長嗎？

Or did you raise prices?

還是你們漲價了？

Yes.

是的。

No, we raised prices starting in the fourth quarter of last year.

不，我們從去年第四季開始就提高了價格。

We fairly price inelastic product that we have, and we raised prices last year.

我們對我們擁有的缺乏彈性的產品進行公平定價，去年我們提高了價格。

So we'll be lapping over that in the fourth quarter here.

所以我們將在第四季對此進行討論。

And so we'd expect less of an increase year-over-year.

因此，我們預期同比增幅會較小。

I actually expect a slight increase year over year when it comes to the rate, but that was basically a margin increase that we took last year.

實際上，我預計利率會逐年略有成長，但這基本上是我們去年的利潤率成長。

Commensurately, penetration has fallen, but at the end of the day, we're making -- again, making more money there.

相應地，滲透率有所下降，但最終，我們又在那裡賺了更多的錢。

Thank you.

謝謝。

Michael Montani, Evercore.

邁克爾·蒙塔尼，Evercore。

Hey, guys, thanks for letting me sneak back in.

嘿，夥計們，謝謝你讓我偷偷回來。

I just wanted to get some early thoughts that you might have around the upcoming tax season and how you're thinking about and planning for that.

我只是想了解您對即將到來的納稅季節可能有的一些早期想法以及您對此的思考和計劃。

And then also, we did notice some uptick in pricing recently that was alluded to before.

此外，我們確實注意到最近價格有所上漲，這也是之前提到的。

So as it stands early in the quarter, are you starting to see your prices rise year over year as well?

那麼，從本季初的情況來看，您是否也開始看到價格逐年上漲？

Yes.

是的。

So Mike, on the tax season, look, I think tax season for us is all about flexibility.

麥克，在報稅季節，我認為報稅季節對我們來說就是彈性。

We're planning on having a decent tax season.

我們計劃度過一個不錯的納稅季節。

You just kind of do a baseline well, think about what it was last year and make sure you're prepared for that.

你只需做好一個基線，想想去年的情況，並確保你為此做好了準備。

But I think more importantly is make sure you have that inventory that you need, but have the flexibility to go up or down depending on what you see.

但我認為更重要的是確保您擁有所需的庫存，但可以根據您所看到的情況靈活地增加或減少庫存。

And I think the team has put us in a great position there regardless of if it materializes like last year, if it's better than last year, if it's softer, I think we're in a good spot.

我認為球隊已經讓我們處於一個很好的位置，無論它是否像去年那樣實現，如果比去年更好，如果更軟，我認為我們處於一個很好的位置。

As far as prices, again, I think some of the durable actions we've taken and the diversification of sourcing, I feel good about our pricing right off the top of my head, I can't tell you for the December, how we're running, but I think we're probably a little bit lighter year-over-year.

至於價格，我再次認為，我們採取的一些持久行動以及採購的多元化，我對我們的定價感覺良好，我無法告訴您 12 月份的情況，我們如何正在運行，但我認為我們可能比去年同期輕一些。

So we'll see how it pans out.

所以我們會看看結果如何。

We don't have any further questions in queue at this time.

目前我們沒有其他問題需要解答。

I will now hand the call back to Bill for any closing remarks.

我現在將把電話轉回給比爾，讓他發表結束語。

Great.

偉大的。

Thank you, Todd.

謝謝你，托德。

Well, listen, thanks for joining the call today for your questions and support.

好吧，聽著，感謝您今天加入電話會議提出問題和支持。

As always, I want to thank our associates for everything they do, how they take care of each other and the customers and the communities.

一如既往，我要感謝我們的員工所做的一切，感謝他們如何互相照顧、照顧客戶和社區。

I want to wish all of our associates and all of you a great holiday season, and we will talk again next quarter.

我祝福我們所有的同事和大家度過一個愉快的假期，我們將在下個季度再次討論。

Thank you.

謝謝。

Thank you.

謝謝。

This does conclude today's Third Quarter Fiscal Year 2025 Carmax Earnings Release Conference Call.

今天的 2025 財年第三季 Carmax 收益發布電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。