車美仕 (KMX) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the fourth-quarter fiscal year 2025 CarMax earnings release conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

女士們、先生們，感謝你們的支持。歡迎參加 CarMax 2025 財年第四季財報發布電話會議。（操作員指示）請注意，今天的會議正在錄音。

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

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。請繼續。

Thank you, Madison. Good morning, everyone, and thank you for joining our fiscal 2025 fourth-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 Executive Vice President, CarMax Auto Finance Operations.

謝謝你，麥迪遜。大家早安，感謝您參加我們的 2025 財年第四季財報電話會議。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 汽車金融營運執行副總裁 Jon Daniels。

Let me remind you, our statements today that are not statements of historical fact, including, but not limited to, statements regarding the company's future business plans, prospects, and financial performance are forward-looking statements we make pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on our current knowledge, expectations, and assumptions, and are subject to substantial risks and uncertainties that could cause actual results to differ materially from our expectations.

讓我提醒您，我們今天所做的非歷史事實陳述，包括但不限於有關公司未來業務計劃、前景和財務業績的陳述，都是我們根據 1995 年《私人證券訴訟改革法》的安全港條款做出的前瞻性陳述。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。

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

在提供預測和其他前瞻性陳述時，我們不承擔任何更新它們的意圖或義務。有關可能影響這些預期的重要因素和風險的更多信息，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、2024 財年的 10-K 表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 表季度報告。

Should you have any follow-up questions after the call, please feel free to contact our Investor Relations Department at 804-747-0422, extension 7865. Lastly, let me thank you in advance for asking only one question and getting back in the queue for more follow-ups.

如果您在通話後還有任何後續問題，請隨時致電我們的投資者關係部：804-747-0422，分機 7865。最後，請允許我提前感謝您只提出一個問題並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.

偉大的。謝謝你，大衛。大家早安，感謝大家的參與。

We're very pleased with the continuing momentum across our diversified business during the fourth quarter. Our results reflect solid execution and the strength of our business model. We delivered robust year-over-year EPS growth as we drove unit volume increases in sales and buys, materially increased gross profit, grew CAF income, and realized additional cost efficiencies.

我們對第四季度多元化業務持續保持的良好勢頭感到非常高興。我們的業績體現了穩健的執行力和商業模式的優勢。由於我們推動了銷售和購買單位數量的增長、毛利的大幅增加、CAF 收入的增長以及實現了額外的成本效率，我們實現了每股收益的強勁同比增長。

Our associates, stores, technology, and digital capabilities, all seamlessly tied together, enable us to provide the most customer-centric car buying and selling experience. This is a key differentiator that gives us the right to win and access to the largest total addressable market in the used car space. This also positions us to drive sales, gain market share, and deliver significant year-over-year earnings growth for years to come.

我們的員工、商店、技術和數位能力無縫地結合在一起，使我們能夠提供最以客戶為中心的汽車購買和銷售體驗。這是一個關鍵的區別因素，它使我們有權贏得並進入二手車領域最大的總目標市場。這也使我們能夠推動銷售，獲得市場份額，並在未來幾年實現顯著的同比盈利增長。

In the fourth quarter, on a year-over-year basis, we grew retail and wholesale unit volume. We delivered strong retail, wholesale, and EPP GPUs and materially improved service gross profit. We bought more vehicles from both consumers and dealers, achieving an all-time record with dealers. We grew CAF's net interest margin and continued to advance our full credit spectrum underwriting model. We materially leveraged SG&A as a percent of gross profit, and we also achieved double-digit EPS growth for the third consecutive quarter.

第四季度，我們的零售和批發單位銷售量與去年同期相比都有所成長。我們提供了強勁的零售、批發和 EPP GPU，並大幅提高了服務毛利潤。我們從消費者和經銷商購買了更多車輛，創下了經銷商的歷史新高。我們提高了 CAF 的淨利差，並繼續推進我們的全信用承保模式。我們大幅提高了銷售、一般及行政費用佔毛利潤的百分比，並且連續第三個季度實現了兩位數的每股收益成長。

For the fourth quarter of FY25, we delivered total sales of $6 billion, up 7% compared to last year, primarily driven by higher volume. In our retail business, total unit sales increased 6.2%, and used unit comps were up 5.1% despite having one less selling day, inclement weather, and a delayed start to this year's tax season.

2025 財年第四季度，我們的總銷售額達到 60 億美元，比去年同期成長 7%，這主要得益於銷售量的成長。在我們的零售業務中，儘管銷售日減少了一天、天氣惡劣以及今年的納稅季節開始延遲，但總單位銷售額仍增長了 6.2%，二手單位銷售額仍增長了 5.1%。

Average selling price was in line with last year's fourth quarter. For the full year, total retail unit sales increased 3.1%, and used unit comps were up 2.2%, with a decline in the first quarter more than offset by gains across the second, third, and fourth quarters.

平均售價與去年第四季持平。全年零售單位總銷售額成長 3.1%，二手單位銷售額成長 2.2%，第一季的下降被第二、第三和第四季的成長所抵銷。

Our market share data indicates that our nationwide share of age 0- to 10-year-old used vehicles was 3.7% in calendar 2024, consistent with 2023. External title data shows year over year, while our share came under pressure during the first half of 2024, it then recovered as we achieved accelerating gains through the second half with particular strength in age 0 to 4 vehicles, which grew for the entire year.

我們的市佔率數據顯示，到 2024 年，我們在全國 0 至 10 年車齡的二手車市佔率為 3.7%，與 2023 年持平。外部所有權數據顯示，與去年同期相比，雖然我們的份額在 2024 年上半年面臨壓力，但隨後隨著我們在下半年實現加速增長而恢復，尤其在 0 至 4 齡車輛方面表現強勁，全年均有所增長。

The data indicates that our market share continued to grow year over year during January 2025, the latest period for which information is available. While I do not intend to provide another update until this time next year, we remain confident in our ability to achieve further market share gains and across 2025 and beyond.

數據顯示，2025 年 1 月（有資訊可查的最新時期）我們的市佔率持續年增。雖然我打算在明年這個時候之前提供另一份更新信息，但我們仍然有信心在 2025 年及以後進一步擴大市場份額。

Fourth-quarter retail gross profit per used unit was $2,322, a fourth-quarter record up from last year's $2,251. Wholesale unit sales were up 3.1% versus the fourth quarter last year. Average selling price was flat year over year.

第四季每件二手商品的零售毛利為 2,322 美元，高於去年同期的 2,251 美元，創下第四季的最高紀錄。批發單位銷售額較去年第四季成長 3.1%。平均售價與去年同期持平。

Fourth-quarter wholesale gross profit per unit was $1,045, which is historically strong, though down from the $1,120 a year ago. We bought approximately 269,000 vehicles during the quarter, up 15% from last year. We purchased approximately 223,000 vehicles from consumers with more than half of those buys coming through our online instant appraisal experience.

第四季每單位批發毛利為 1,045 美元，雖然低於去年同期的 1,120 美元，但處於歷史高點。本季我們購買了約 269,000 輛汽車，比去年增長了 15%。我們從消費者那裡購買了大約 223,000 輛汽車，其中超過一半的購買是透過我們的線上即時評估體驗進行的。

With the support of our Edmunds sales team, we sourced the remaining approximately 46,000 vehicles through dealers, which is up 114% from last year. For the fourth quarter, approximately 15% of retail unit sales were online, up from 14% last year. Total revenue from online transactions was approximately 29% compared with 30% last year. All of our wholesale auctions and sales were virtual and are considered online transactions, which represented 17% of the total revenue for the quarter.

在我們的 Edmunds 銷售團隊的支持下，我們透過經銷商購買了剩餘的約 46,000 輛汽車，比去年增長了 114%。第四季度，約有 15% 的零售單位銷售額來自線上銷售，高於去年的 14%。來自線上交易的總收入約為29%，而去年為30%。我們所有的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%。

Approximately 58% of retail unit sales were omni sales for this quarter, up from 55% in the prior year. As a reminder, our omnichannel sales definition incorporates customers who complete some but not all of the following transactional activities online: reserving the vehicle, financing the vehicle if needed, trading in or opting out of a trade-in, and creating a sales order.

本季零售單位銷售額中約有 58% 為全通路銷售，高於去年同期的 55%。提醒一下，我們的全通路銷售定義涵蓋了在線完成以下部分（但不是全部）交易活動的客戶：預訂車輛、必要時為車輛融資、以舊換新或選擇不以舊換新以及創建銷售訂單。

To better reflect the ways customers are utilizing our digital capabilities to buy a car, going forward, we are updating our definition of an omnichannel sale to also include customers who complete any of the following steps online: pre-qualifying for financing, setting appointments, and signing up for notification on cars coming soon. Based on this updated definition, approximately 67% of our retail unit sales were omni this quarter, up from 64% last year. Of note, this does not impact how we calculate online sales, since the steps to complete an online retail transaction remain the same.

為了更好地反映客戶利用我們的數位功能購買汽車的方式，展望未來，我們將更新全通路銷售的定義，以包括在線完成以下任何步驟的客戶：預先獲得融資資格、安排預約以及註冊即將推出的汽車通知。根據這項更新的定義，本季我們約有 67% 的零售單位銷售額來自全通路銷售，高於去年的 64%。值得注意的是，這不會影響我們計算線上銷售額的方式，因為完成線上零售交易的步驟保持不變。

Across omni and online, our digital capabilities supported over 80% of our sales during the fourth quarter. We expect that our mix of digitally supported sales will continue to grow over time as we add further enhancements to our online tools, customers become more accustomed to leveraging them, and as we improve our ability to track their use.

在第四季度，我們的數位化能力在全通路和線上支援了超過 80% 的銷售額。我們預計，隨著我們進一步增強線上工具、客戶越來越習慣利用這些工具以及我們提高追蹤其使用情況的能力，我們的數位支援銷售組合將隨著時間的推移而繼續增長。

Turning to finance, CarMax Auto Finance, or CAF, delivered income of $159 million, up 8% from the same quarter last year. In a few moments, Jon will provide more detail on customer financing, the loan loss provision, and CAF contribution, as well as our progress on full credit spectrum lending and increasing CAF's penetration.

談到金融，CarMax Auto Finance（CAF）的營收為 1.59 億美元，比去年同期成長 8%。稍後，喬恩將提供有關客戶融資、貸款損失準備金和 CAF 貢獻的更多詳細信息，以及我們在全信貸範圍貸款和提高 CAF 滲透率方面的進展。

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

現在，我想將電話轉給恩里克，他將分享更多有關我們第四季財務業績的資訊。恩里克？

Thanks, Bill, and good morning, everyone.

謝謝，比爾，大家早安。

The momentum we built over the last few quarters continued into the fourth quarter. We achieved positive growth in retail and wholesale units, increased per unit and total dollar margin, grew CAF income, and had strong flow through to our bottom line.

我們在過去幾季中建立的勢頭延續到了第四季度。我們的零售和批發單位實現了正增長，每單位和總美元利潤率有所提高，CAF 收入有所增長，並且我們的底線利潤流強勁。

Fourth-quarter net earnings per diluted share was $0.58, up 81% versus a year ago. Adjusted for a $12 million non-cash impairment within other expense related to an Edmunds lease, EPS was $0.64, which has doubled from a year ago.

第四季每股淨收益為 0.58 美元，較去年同期成長 81%。在調整與 Edmunds 租賃相關的其他費用中的 1,200 萬美元非現金減損後，每股收益為 0.64 美元，比一年前增長了一倍。

Total gross profit was $668 million, up 14% from last year's fourth quarter. Used retail margin of $424 million increased by 9%, with higher volume and per unit margins. Wholesale vehicle margin of $125 million declined by 4%, with an increase in volume offset by a reduction in per unit margins.

總毛利為 6.68 億美元，較去年第四季成長 14%。二手零售利潤率為 4.24 億美元，成長 9%，銷售量和單位利潤率均有所提高。批發汽車利潤為 1.25 億美元，下降了 4%，銷量的成長被單位利潤的下降所抵消。

Other gross profit was $119 million, up 72% from a year ago. This was driven primarily by a combination of EPP and service. EPP increased by $8 million, or $10 per retail unit, as we lapped over the initial rollout of margin increases that took place in last year's fourth quarter. Service recorded a $1 million loss, which was a $44 million improvement over last year's fourth quarter. We achieved this performance improvement through successful cost coverage, efficiency measures, and growth in sales.

其他毛利為1.19億美元，比去年同期成長72%。這主要是由 EPP 和服務的結合所推動的。由於我們延續了去年第四季首次推出的利潤率上調政策，EPP 增加了 800 萬美元，即每個零售單位增加 10 美元。服務部門虧損 100 萬美元，比去年第四季減少了 4,400 萬美元。我們透過成功的成本覆蓋、效率措施和銷售額成長實現了這一業績提升。

On the SG&A front, expenses for the fourth quarter were $611 million, up 5% or $30 million from the prior year. SG&A leveraged by 770 basis points, driven by growth in gross profit and our ongoing actions to improve expense efficiency.

在銷售、一般及行政費用方面，第四季的支出為 6.11 億美元，比上年增長 5% 或 3,000 萬美元。銷售、一般及行政開支槓桿率上升了 770 個基點，這得益於毛利的增長以及我們持續採取的提高費用效率的措施。

SG&A dollars for the fourth quarter versus last year were mainly impacted by two factors. First, total compensation and benefits increased by $22 million. Over half of this increase was due to our corporate bonus accrual, with the majority of the balance driven by unit volume growth. Second, advertising was up by $9 million due to timing. This was in line with the guidance we provided last quarter.

與去年同期相比，第四季銷售、一般及行政費用主要受到兩個因素的影響。首先，總薪資和福利增加了2,200萬美元。這一增長中有一半以上是由於我們的公司獎金累積，其餘大部分則是由單位銷售增長推動的。其次，由於時間安排的原因，廣告費用增加了 900 萬美元。這與我們上個季度提供的指導一致。

In respect to capital allocation, during the fourth quarter, we repurchased approximately 1.2 million shares for a total spend of $99 million. As of the end of the quarter, we had approximately $1.94 billion of repurchase authorization remaining.

在資本配置方面，第四季我們回購了約 120 萬股，總支出為 9,900 萬美元。截至本季末，我們剩餘的回購授權約為 19.4 億美元。

As we look ahead, I'll highlight a few key areas which support our earnings model that Bill will speak to shortly. We are testing EPP product enhancements that will focus on increasing penetration and per unit margins. These enhancements are expected to drive a small year-over-year increase in per unit EPP margin in FY26, with the potential for more expansion in fiscal '27.

展望未來，我將重點介紹支持我們獲利模式的幾個關鍵領域，比爾很快就會談到這些領域。我們正在測試 EPP 產品增強功能，重點是提高滲透率和單位利潤率。預計這些改進將推動 26 財年每單位 EPP 利潤率同比小幅增長，並有可能在 27 財年進一步擴大。

We expect service margin in FY26 to grow year over year, predominantly in the first half of the year, and to deliver a slight positive profit contribution for the full year, as governed by sales performance, given the leveraged, deleveraged nature of service. Additionally, we expect service to continue to serve as a slight profit lever beyond [FY27].

我們預計 26 財年的服務利潤率將同比增長，主要集中在上半年，並考慮到服務的槓桿和去槓桿性質，受銷售業績的影響，全年將帶來輕微的正利潤貢獻。此外，我們預計服務將繼續成為輕微的利潤槓桿，[27財年]。

In respect to SG&A, in the near term, we expect to require low single-digit gross profit growth to lever on an annual basis, including in FY26. This will be supported by our goal of hitting full-year omni cost neutrality in FY26 for the first time, with continued improvement thereafter.

對於銷售、一般及行政費用 (SG&A)，我們預計短期內需要低個位數的毛利成長來實現年度槓桿，包括 2026 財年。我們將在 2026 財年首次實現全年全成本中性，並在此後持續改善，這一目標將為此目標提供支持。

We expect all three metrics -- per used unit, per total units, and as a percent of gross profit -- to be more efficient than pre-omni for the full year. This reinforces our pathway back to a lower SG&A leverage ratio, with the initial goal of returning to the mid-70% range over time, as we see healthier consumer demand. In FY26, we expect that marketing spend will be approximately the same as in FY25 on a total unit basis.

我們預計，全年所有三個指標（每使用單位、每總單位和毛利百分比）都將比全能之前更有效率。這強化了我們回到較低銷售、一般和行政費用槓桿率的途徑，隨著我們看到更健康的消費者需求，最初的目標是隨著時間的推移回到 70% 的中間範圍。在 26 財年，我們預期行銷支出總額將與 25 財年大致相同。

With regard to capital expenditures, we anticipate approximately $575 million in FY26. The increase is primarily driven by the timing of land purchases, as we experience favorability to our FY25 outlook due to the timing of certain deal closures. Similar to FY24 and FY25, the largest portion of our CapEx investment is related to the land and build-out of facilities for long-term growth capacity in off-site reconditioning and auctions.

關於資本支出，我們預計26財年的支出約為5.75億美元。成長主要受土地購買時機的推動，因為某些交易的完成時機讓我們對 2025 財年的前景感到樂觀。與 FY24 和 FY25 類似，我們資本支出的最大部分與土地和設施建設有關，以實現場外修復和拍賣的長期成長能力。

In FY26, we plan to open six new store locations, up from five in FY25, and four standalone reconditioning and auction centers, up from two in FY25. Our extensive nationwide footprint and logistics network continue to be a competitive advantage for CarMax.

在 2026 財年，我們計劃開設 6 家新店（2025 財年為 5 家），並開設 4 家獨立的翻新和拍賣中心（2025 財年為 2 家）。我們廣泛的全國業務和物流網絡繼續成為 CarMax 的競爭優勢。

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 fourth quarter, CarMax Auto Finance originated approximately $1.9 billion, resulting in sales penetration of 42.3% net of three-day payoffs, which was in line with last year's fourth quarter. The weighted average contract rate charged to new customers was 11.1%, a decrease of 40 basis points from a year ago, which was reflective of credit tightening and APR reductions executed prior to Q4.

第四季度，CarMax 汽車金融業務發放金額約為 19 億美元，扣除三天還款後，銷售滲透率達 42.3%，與去年第四季持平。向新客戶收取的加權平均合約利率為 11.1%，比去年同期下降了 40 個基點，這反映了第四季度之前信貸緊縮和 APR 降低的影響。

Third-party Tier 2 penetration in the quarter was 17.6% of sales, down 110 basis points from last year, while third-party Tier 3 volume accounted for 7.9% of sales, down 30 basis points from last year.

本季第三方二級供應商的滲透率為銷售額的 17.6%，比去年下降了 110 個基點，而第三方三級供應商的滲透率為銷售額的 7.9%，比去年下降了 30 個基點。

CAF income for the quarter was $159 million, which was up $12 million from FY24. This increase was driven by net interest margin, which remained steady from the third quarter at 6.2%, but is up 30 basis points from last year's fourth quarter.

本季 CAF 營收為 1.59 億美元，比 24 財年增加 1,200 萬美元。這一成長是由淨利差推動的，淨利差與第三季持平，為 6.2%，但比去年第四季上升了 30 個基點。

Provision for loan losses was $68 million and results in a total reserve balance of $459 million, or 2.61% of managed receivables. This sequential improvement in the reserve to receivable ratio reflects an additional quarter with a more normalized provision, along with the continuation of previous credit tightening.

貸款損失準備金為 6,800 萬美元，總準備金餘額為 4.59 億美元，佔管理應收帳款的 2.61%。準備金與應收帳款比率的連續改善反映了本季準備金更加規範化，以及先前信貸緊縮政策的延續。

Regarding our full-spectrum lending initiative, we remain excited about CAF's continued efforts in this space, as well as the tremendous growth potential unlocked by the broadening of our securitization program. During the month of March, CAF began measured expansion by recapturing profitable portions of Tier 1 originations that we had shifted to our Tier 2 lenders as we tightened lending standards. This adjustment is targeted to grow our penetration by 100 to 150 basis points in the near term and is enabled by our non-prime securitization program, which allows us to efficiently fund these non-prime receivables, while retaining the full economic value of the contracts.

關於我們的全方位貸款計劃，我們仍然對 CAF 在該領域的持續努力以及透過擴大我們的證券化計劃所釋放的巨大成長潛力感到興奮。3 月份，CAF 開始穩步擴張，重新奪回了我們之前在收緊貸款標準的同時轉移給二級貸款機構的一級貸款的盈利部分。此次調整的目標是在短期內將我們的滲透率提高 100 至 150 個基點，並透過我們的非優質證券化計劃實現，該計劃使我們能夠有效地為這些非優質應收帳款提供資金，同時保留合約的全部經濟價值。

We were also pleased to successfully execute our second non-prime ABS transaction which closed in late March and was well-received in the market. We continue to learn from our new underwriting models and corresponding tests currently in place and anticipate capturing additional volume across Tier 2 and Tier 3 during the back half of the fiscal year. But as always, we will carefully monitor the consumer and the broader economy, and we'll adjust our origination strategy as needed.

我們也很高興成功執行了第二筆非優質 ABS 交易，該交易於 3 月底完成，並獲得了市場的一致好評。我們將繼續學習目前實施的新核保模式和相應的測試，並預計在本財年下半年將在二級和三級市場獲得更多業務量。但與往常一樣，我們將密切關註消費者和更廣泛的經濟狀況，並根據需要調整我們的發起策略。

It is worth noting that in the first quarter, we are forecasted to have a larger provision sequentially and year over year, driven by new origination volume. This stems from seasonally higher sales and a lower credit quality period, plus the need for additional reserve given the profitable but higher loss nature of the recaptured receivables that I mentioned a few moments ago. As a reminder, we expect this initial impact from building the loss reserve as we grow CAF penetration to be materially offset by future income over time.

值得注意的是，在第一季度，由於新發起量的推動，我們預計撥備金額將比上一季和去年同期增加。這是由於季節性銷售額較高和信貸品質較低時期，再加上我剛才提到的收回應收帳款的盈利性但損失較大，需要額外的儲備。提醒一下，我們預計，隨著 CAF 滲透率的提高，建立損失準備金的初始影響將隨著時間的推移而被未來的收入實質地抵消。

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.

謝謝你，喬恩和恩里克。

As I mentioned at the start of the call, I'm pleased with the momentum we are seeing across our business. The associate and customer-facing tools we launched during fiscal '25 are contributing to our results and to providing the most customer-centric car buying and selling experience.

正如我在電話會議開始時提到的那樣，我對我們業務中看到的發展勢頭感到滿意。我們在 25 財年推出的員工和客戶的工具正在為我們的業績做出貢獻，並提供最以客戶為中心的汽車購買和銷售體驗。

I'm proud of the steps we took during the year to further differentiate our offering and drive incremental operational efficiencies. Some examples include, for retail, we rolled out a number of new systems that enhance consumer shopping experiences, support conversion, and enable our associates to be more efficient. These include order processing in our stores, customer accounts online, AI-driven knowledge management in our CECs, and EV research and shopping tools on the Edmunds and CarMax websites.

我對我們在這一年中採取的進一步差異化產品和提高營運效率的措施感到自豪。舉幾個例子，對於零售業，我們提出了許多新系統，以增強消費者購物體驗、支援轉換並提高我們員工的效率。這些包括我們商店的訂單處理、線上客戶帳戶、我們 CEC 中的人工智慧驅動的知識管理以及 Edmunds 和 CarMax 網站上的電動車研究和購物工具。

Our digital tools enhancements have made it easier for consumers to self-progress in their shopping journey. Skye, our AI-powered virtual assistant, is now able to independently answer over half of the questions our customers ask it, reflecting more than a 20% year-over-year improvement. Additionally, the rate of fully self-progressed online sales grew by 25% across fiscal 2025.

我們數位工具的增強使消費者能夠更輕鬆地在購物過程中自主進步。Skye 是我們基於人工智慧的虛擬助手，現在能夠獨立回答客戶提出的一半以上的問題，比去年同期成長超過 20%。此外，2025 財年完全自主發展的線上銷售率成長了 25%。

For supply, we enhanced both our consumer and dealer-facing appraisal experiences. We are now able to give digital offers to approximately 99% of the customers who come to carmax.com for an appraisal, and we made MaxOffer even easier to use. This has attracted more dealers to the offering and has driven strong record-sourcing volume each quarter.

對於供應，我們增強了面向消費者和經銷商的評估體驗。現在，我們可以向大約 99% 訪問 carmax.com 進行評估的客戶提供數位報價，並且我們讓 MaxOffer 更加易於使用。這吸引了更多的經銷商參與，並推動了每季強勁的唱片採購量。

For finance, we began testing new credit scoring models and corresponding strategies across the full credit spectrum, which positions us to further grow cap income modestly in the near term and more materially over time. We also released an update to our finance-based shopping experience that seamlessly incorporates existing instant appraisal offers into our pre-qualification offering, giving customers more precise credit terms. And finally, we continue to focus on driving down cost of goods sold by pursuing incremental efficiency opportunities across our logistics network and reconditioning operations.

對於金融，我們開始在整個信貸範圍內測試新的信用評分模型和相應的策略，這使我們能夠在短期內進一步適度增加資本收入，並隨著時間的推移實現更大幅度的增長。我們也發布了基於金融的購物體驗的更新，將現有的即時評估服務無縫整合到我們的資格預審服務中，為客戶提供更精確的信用條款。最後，我們將繼續致力於透過在整個物流網絡和修復業務中尋求增量效率機會來降低銷售成本。

We achieved savings of approximately $125 per unit this year and anticipate that we will achieve at least another $125 per unit in fiscal 2026. This exceeds the initial $200 target we set at the beginning of fiscal 2025. These efficiencies support affordability as we pass savings on to our customers and also support our margins.

今年我們實現了每單位約 125 美元的節省，預計到 2026 財年每單位至少還能再節省 125 美元。這超過了我們在 2025 財年初期設定的 200 美元的目標。這些效率支持了可負擔性，因為我們將節省的錢轉嫁給客戶，同時也支持了我們的利潤。

For fiscal 2026, we will leverage and enhance our capabilities to drive growth through better execution, innovative efforts, and up-leveled experiences. Some examples include, for retail, we will continue leveraging data science and AI to offer even better digital experiences for our associates and consumers, driving conversion and efficiency. We plan to improve our online vehicle transfer experience and to expand Skye's functionality with additional data and new architecture. In recognition of the breadth and seamlessness of our best-in-class offering, we will also launch a new marketing campaign over the summer that will bring our omnichannel experience and our digital capabilities to the forefront for a broad set of consumers.

2026財年，我們將透過更好的執行、創新的努力和更高級的經驗，利用和增強我們的能力來推動成長。一些例子包括，對於零售業，我們將繼續利用數據科學和人工智慧為我們的員工和消費者提供更好的數位體驗，推動轉換和效率。我們計劃改善我們的線上車輛轉移體驗，並透過附加資料和新架構擴展 Skye 的功能。為了表彰我們一流產品的廣度和無縫性，我們還將在夏季推出一項新的行銷活動，將我們的全通路體驗和數位能力推向廣大消費者的前沿。

For supply, we plan to streamline the online appraisal checkout process and expand appraisal pickup availability to new markets. We will also further enhance MaxOffer to attract new dealers, expanding our access to directly sourced vehicles.

對於供應，我們計劃簡化線上評估結帳流程，並將評估提貨服務擴展到新市場。我們還將進一步增強 MaxOffer 以吸引新的經銷商，擴大我們直接採購車輛的管道。

For credit, as Jon mentioned, we plan to continue expanding CAF's participation across the credit spectrum to grow penetration and capture profitable returns. Additionally, we plan to modernize the ownership experience on CAF's digital platform which will enhance customer experience and drive operating efficiencies.

對於信貸，正如喬恩所提到的，我們計劃繼續擴大 CAF 在信貸領域的參與度，以增加滲透率並獲得豐厚的回報。此外，我們計劃在 CAF 的數位平台上實現所有權體驗的現代化，這將增強客戶體驗並提高營運效率。

Looking ahead, we've positioned the company to achieve ongoing growth in retail and wholesale unit sales and market share with double-digit EPS growth for years to come. We're excited about the power of the earning model we have built. Our model is designed to deliver an earnings per share growth CAGR in the high teens when retail unit growth is in the mid-single digits. In addition to retail and wholesale unit growth, other key inputs driving our model are strength in other gross profit, CAF's credit spectrum expansion, continued operating efficiencies, SG&A leverage, and our share repurchase program.

展望未來，我們已將公司定位為在未來幾年實現零售和批發單位銷售額和市場份額的持續增長以及兩位數的每股收益增長。我們對所建構的獲利模式的威力感到非常興奮。我們的模型旨在當零售單位成長率處於中等個位數時，實現每股盈餘複合年增長率達到十幾歲。除了零售和批發單位的成長之外，推動我們模型的其他關鍵投入是其他毛利的強勁、CAF 的信貸範圍擴大​​、持續的營運效率、銷售、一般及行政費用槓桿以及我們的股票回購計劃。

Regarding our long-term goals, we are focused on growing the business and we continue to make progress towards those goals. However, at this point, we are moving the timeframes associated with them given the potential impact of broader macro factors.

關於我們的長期目標，我們專注於發展業務，並將繼續朝著這些目標前進。然而，考慮到更廣泛的宏觀因素的潛在影響，目前我們正在調整與它們相關的時間範圍。

Before turning to Q&A, I want to recognize two significant milestones. First, Fortune Magazine recently named CarMax as one of its 100 Best Companies to Work For for the 21st year in a row. I am incredibly proud of this recognition. It's due to our associates' commitment to supporting each other, our customers, and our communities every day.

在進入問答環節之前，我想先介紹兩個重要的里程碑。首先，《財星》雜誌最近連續 21 年將 CarMax 評為 100 家最適合工作的公司之一。我為這項認可感到無比自豪。這是因為我們的同事每天都致力於互相支持、支持我們的客戶和我們的社區。

Second, we opened up our 250th store during the fourth quarter. Reaching 250 stores across the country is a fantastic accomplishment. I want to thank and congratulate all of our associates for the work that they do. They are our differentiator and the key to our success.

第二，我們在第四季開設了第250家門市。在全國開設 250 家門市是一項了不起的成就。我要感謝並祝賀我們所有的同事所做的工作。它們是我們的差異化因素，也是我們成功的關鍵。

In closing, we're excited about the strength of the business model and the opportunities that lie ahead to grow sales and earnings. We are proud to offer customers the ability to progress seamlessly through and across online and in-store channels, delivering what our research affirms is the most customer-centric buying and selling experience. This competitive advantage gives us access to the largest total addressable market in the used car space and provides a strong runway for future growth.

最後，我們對商業模式的優勢以及未來增加銷售和收益的機會感到非常興奮。我們很自豪能夠為客戶提供透過線上和店內管道無縫銜接的能力，提供經我們的研究證實的最以客戶為中心的購買和銷售體驗。這一競爭優勢使我們能夠進入二手車領域最大的總目標市場，並為未來的成長奠定堅實的基礎。

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

我們很樂意回答您的問題。麥迪遜？

(Operator Instructions) Sharon Zackfia, William Blair.

（操作員指示）Sharon Zackfia，William Blair。

Hi. Good morning. I guess, as we think about fiscal '25 and kind of that tale of two halves where there were some share losses in the first half followed by the accelerating gains in the second half, as you kind of diagnosed that, can you give us some insight into kind of what you think the drivers were between the first half and the second half and why you kind of saw that inflection?

你好。早安.我想，當我們思考 25 財年以及上半年股價出現一些損失、下半年股價加速上漲這兩個方面時，正如您診斷的那樣，您能否向我們提供一些見解，您認為上半年和下半年之間的驅動因素是什麼，以及您為什麼會看到這種拐點？

And I guess secondarily, as we're kind of staring down this idea of maybe used car prices going up again with tariffs, I mean, what lessons did you learn over the past several years that could maybe help the business more if affordability becomes more challenged again in the industry? Thank you.

其次，當我們面臨二手車價格可能因關稅而再次上漲時，如果汽車行業的負擔能力再次面臨挑戰，過去幾年您學到了什麼教訓，這些教訓可能會對企業提供更多幫助？謝謝。

Okay, Sharon. On the first question about kind of first half versus second half, the main driving factor that we talked about that being the years, we were coming off of, if you remember, last calendar year, that last quarter, there was a big price correction. Remember, it was the third, last and third one that we saw. And when you have those big price corrections, I think it was, if I remember correctly, probably around $3,000 in a very short period of time of depreciation. That impacts us a little bit differently.

好的，莎倫。關於上半年與下半年的第一個問題，我們談到的主要驅動因素是過去的幾年，如果你還記得的話，去年最後一個季度，價格出現了大幅調整。記住，這是我們看到的第三個、最後一個和第三個。當價格出現大幅調整時，如果我沒記錯的話，在很短的時間內貶值幅度大概在 3,000 美元左右。這對我們的影響有點不同。

So I think you had that that kind of really worked into the fourth quarter that masked a lot of the things that were providing benefit for the rest of the year. If you think about the improvements, and I cited a lot of them on the call today, but I think there's just a lot of factors you take -- we'll continue to make the experience better for the consumers and our associates.

所以我認為這種現像在第四季確實發揮了作用，掩蓋了許多為今年剩餘時間帶來好處的因素。如果你考慮改進，我在今天的電話會議上提到了很多改進，但我認為你考慮的因素有很多——我們將繼續為消費者和我們的同事提供更好的體驗。

We've got better execution. You've got the benefit of efficiency gains and kind of flexibility that gives you both in your pricing and your margin, making sure that you're competitively priced. Our inventory acquisition expansion, we continue to set new records with our MaxOffer. It just gives you a wider variety of inventory.

我們的執行力更好了。您可以獲得效率提高和靈活性的好處，從而提高您的定價和利潤，確保您的價格具有競爭力。我們的庫存收購不斷擴大，我們繼續透過 MaxOffer 創下新紀錄。它只是為您提供了更多種類的庫存。

And then I think the other thing is we've, this year, also just seen more normal -- a more normal price environment. So I think there's a lot of things going on there. But I do think that the actions that we've taken are really what's driving the momentum. And I think they were masked a little bit in the first quarter because we were coming off of a big macro factor.

然後我認為另一件事是，今年我們也看到了一個更正常的價格環境。所以我認為那裡發生了很多事情。但我確實認為，我們所採取的行動才是真正推動這股動能的因素。我認為，由於我們正擺脫一個重大的宏觀因素，所以第一季這些影響有所掩蓋。

As far as your second question goes, I think it was just kind of, if I remember correctly, it's how -- what have we kind of learned, how are we better positioned now versus previous. And again, I think there's a lot of things that we learned in the last two or three years. One of them obviously is, we've sharpened our skills when you -- when we came out of COVID, our 6- to 10-year-old cars just wasn't a big focus for us -- as big a focus. And that's not really what customers were looking for, and so we had to build that muscle up. So we have more 6- to 10-year-old cars that over time -- I think other things we've expanded the sourcing, which I just talked about.

至於你的第二個問題，如果我沒記錯的話，我認為這只是一種——我們學到了什麼，我們現在與以前相比處於什麼更好的位置。而且我認為在過去的兩三年裡我們學到了很多。其中之一顯然是，當我們擺脫 COVID 時，我們已經磨練了我們的技能，我們的 6 到 10 年車齡的汽車不再是我們關注的重點。這並不是客戶真正想要的，所以我們必須增強這方面的能力。因此，我們擁有更多 6 至 10 年車齡的汽車，隨著時間的推移——我認為我們已經擴大了採購範圍，正如我剛才談到的。

I think Jon spoke about the ABS bifurcation. If you remember, coming out of COVID, there's a lot of profitable loans out there, but we couldn't -- we had to pass them on to lenders because we had one ABS that required a certain return and certain loss ratios. So now having a second ABS, I think absolutely helps us preserve some of those sales. You like to think all of them get picked up, but some of them won't get picked up.

我認為喬恩談到了 ABS 分叉。如果你還記得的話，在 COVID 疫情結束後，市場上有很多有利可圖的貸款，但我們不能——我們必須將它們轉交給貸方，因為我們有一種 ABS，它需要一定的回報和一定的損失率。因此，我認為現在擁有第二張 ABS 絕對有助於我們保住部分銷售額。您希望它們全部被拾起，但其中一些不會被拾起。

So I think that's another one. You've got the cost improvements that we've been focused on over the last couple of years. The work that Jon and his team have done on the FBS and making sure that we make it very easy for customers to understand their monthly payment and look for options that fit that monthly payment.

所以我認為這是另一個。我們已經看到了過去幾年來一直關注的成本改進。Jon 和他的團隊在 FBS 上所做的工作確保我們讓客戶非常輕鬆地了解他們的每月付款並尋找適合​​該每月付款的選項。

So I think there's just a lot of great things as well as just the overall omni experience. We didn't slow down during the last few years. We kept plugging along at it because we knew this is where we want it to get. So I think there's a lot that goes into that.

所以我認為除了整體的全方位體驗之外，還有很多很棒的事情。過去幾年我們並沒有放慢腳步。我們一直在努力，因為我們知道這就是我們想要達到的目標。所以我認為這裡面有很多因素。

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. Bill, if you wouldn't mind commenting on quarter-to-date used comp trends, that would be great. And then as you think about this macro environment and the potential for new car tariffs driving double-digit increases in new car prices, what does that mean for you guys from a share gain perspective and from a used car industry growth perspective? Thank you.

非常感謝，早安。比爾，如果你不介意對本季迄今為止的二手車趨勢發表評論，那就太好了。然後，當您考慮這個宏觀環境以及新車關稅推動新車價格兩位數增長的可能性時，從份額增長角度和二手車行業增長角度來看，這對你們意味著什麼？謝謝。

Good morning, Seth. All right. On the comp trends, if I look at the fourth quarter, December and January were very strong. February was a little softer, which we expected given that we had leap day last year. We also think February is slightly impacted by the delay of refunds. And what I mean by there is, if you remember, probably halfway through February, refunds were off significantly year over year. Now they caught up pretty much by the end of February, but I think it pushed a little bit into March as well as we had some weather impacts.

早安，塞斯。好的。就比較趨勢而言，如果我看第四季度，12 月和 1 月的表現非常強勁。二月的情況稍微好一些，考慮到去年是閏日，這也是我們預料到的。我們也認為二月受到退款延遲的輕微影響。我的意思是，如果您還記得的話，大概在二月中旬，退款金額比去年同期大幅下降。現在他們在二月底就基本上趕上了，但我認為由於受到一些天氣影響，這種情況會推遲到三月。

Then we get into March and we saw a step-up. It was a little stronger than the fourth quarter comp, and it continued the whole month until the end of March, where we saw some strength, some additional strength, which continued and then accelerated into the first few days of April, which obviously we're early in April right now, from a comp standpoint, first quarter to date, we're running a high single digits.

進入三月，我們看到了進步。它比第四季度的業績要強勁一些，這種勢頭一直持續到三月底，我們看到了一些強勁勢頭，一些額外的強勁勢頭，這種勢頭持續到四月初幾天，然後加速，顯然現在是四月初，從業績的角度來看，第一季迄今為止，我們的業績一直處於高個位數增長。

Your second question, I think it was on tariffs. Is that correct?

您的第二個問題，我認為是關於關稅的。對嗎？

Yeah. New car tariffs, if they drive double-digit increases in new car prices, what does that mean for the used car industry and your ability to gain market share in that environment?

是的。如果新車關稅導致新車價格出現兩位數成長，這對二手車產業以及您在這種環境下獲得市場份額的能力意味著什麼？

Yeah. I think it's -- there's a lot of moving pieces here, and I'm sure it's probably changed even while we've been on this call, but there's a lot to watch. You want to look at the new car pricing, the supply, parts costs, used vehicle supply, just market volatility in general with consumer sentiment.

是的。我認為——這裡有很多變動，而且我確信在我們通話過程中它可能已經發生了變化，但還有很多值得關注的地方。您需要了解新車定價、供應、零件成本、二手車供應以及消費者情緒的整體市場波動。

Obviously, as you pointed out, new car prices are definitely going to go up. I think, certainly as new car prices go up, that'll put a bigger spread between late model used and new cars. So obviously, just the speculation of the tariffs and now the tariffs actually being out there, it's driven demand. I mean, you're seeing it in the franchise dealers. We're seeing it just based off of the step-up that I just spoke to. I think it will push some folks into looking at used cars, late model used cars, which is interesting because that's what we're seeing a lot of interest in right now.

顯然，正如您所指出的，新車價格肯定會上漲。我認為，隨著新車價格上漲，新款二手車和新車之間的價差肯定會更大。因此，顯然，關稅只是猜測，而現在關稅實際上已經出台，這推動了需求。我的意思是，你在特許經銷商那裡看到了這一點。我們只是根據我剛才談到的升級情況來看待它。我認為它會促使一些人關註二手車，最新型號的二手車，這很有趣，因為這就是我們現在看到的人們對它很感興趣的東西。

Now, I think over time, what could happen is that the used car prices will also go up. Now the question is how much will they go up over what period of time? I think the other thing to think about on the tariffs that impacts our business as well as anybody that sells used cars is just the parts piece. When it comes to reconditioning, the parts will be going up and it just makes our work that much more important on the efficiencies that we're going after on cost of goods sold to offset those increases.

現在，我認為隨著時間的推移，二手車價格也會上漲。現在的問題是，它們將在多長時間內上漲多少？我認為，關稅對我們以及任何二手車銷售商的業務產生影響的另一個因素是零件部分。當談到修復時，零件的價格就會上漲，這只會讓我們的工作變得更加重要，我們要追求銷售成本的效率來抵消這些增加的成本。

Thank you very much.

非常感謝。

John Murphy, Bank of America.

美國銀行的約翰‧墨菲。

Good morning, guys. I mean, I love hearing about the investment in the recon centers and the auctions because it gives you more throughput and production capacity. I'm just curious, Bill, as you think about that, does that give you the ability to stay and maintain this presence in the 6- to 10-year-old segment of the car population, and could that actually be increased over time?

大家早安。我的意思是，我喜歡聽到有關偵察中心和拍賣的投資，因為它可以為你帶來更多的吞吐量和生產能力。比爾，我只是很好奇，當您考慮這個問題時，這是否使您有能力在 6 至 10 歲的汽車人口群體中保持並維持這種存在，並且這個數字實際上是否可以隨著時間的推移而增加？

And along that same line, you talk about the $200 in COGS savings going, it sounds like now $250. How much of that do you think you're going to be able to maintain as you kind of go through this reconditioning and other efficiencies? And is [$2,300 to $2,400] the new [$2,200]?

同樣，您談到的 200 美元 COGS 節省，聽起來現在是 250 美元。在進行這種修復和其他效率提升時，您認為您能夠維持多少？那麼 [2,300 至 2,400 美元] 是新的2200美元？

Okay. Good morning, John. So on the reconditioning and the auctions, yeah, we're thrilled. I mean, that's going to give us additional capacity, which is why you're seeing that we open up more. Certainly, we want to have the cars out on the lot. We sell 0- to 10-year-old cars. We want to have what the consumers are looking for. And if they're looking for 6 to 10, we're certainly going to continue to try to move that mix without sacrificing the quality.

好的。早安，約翰。因此，對於修復和拍賣，是的，我們很高興。我的意思是，這將為我們提供額外的容量，這就是為什麼你看到我們開放更多。當然，我們希望將汽車停放在停車場。我們銷售 0 至 10 年車齡的汽車。我們希望提供消費者想要的東西。如果他們想要 6 到 10 個，我們肯定會繼續嘗試在不犧牲品質的情況下移動該組合。

I mean, that's something that you and I -- we've talked about in the past is we don't want to push cars out there to meet an age parameter that don't meet our quality standards, because quite honestly, we're fine with taking those cars and wholesaling them. And we just -- we don't get the retail market share for them, but we -- it's a great business when you're turning $8,000 car, making $1,000 every seven days.

我的意思是，這是我們過去討論過的事情，我們不想推銷那些不符合我們品質標準的汽車，因為老實說，我們可以接受這些汽車並批發出去。我們只是——我們沒有獲得他們的零售市場份額，但是我們——當你把一輛價值 8,000 美元的汽車每七天賺 1,000 美元時，這是一門很棒的生意。

So interestingly, if I look at the sales mix this last quarter, we actually sold a little bit more 0 to 4 cars than we did older cars. That's not to say we're not pushing on the older cars and putting out those at the consumers. It's just an interesting anecdote that actually the consumers are looking a little bit more for the younger cars this quarter.

有趣的是，如果我看一下上個季度的銷售組合，我們實際上銷售的 0 到 4 輛汽車比舊款汽車多一點。這並不是說我們不推銷舊車並將其推向消費者。這只是一個有趣的軼事，實際上本季消費者對較新的汽車更加關注。

I think on the $250 efficiency that we're going after, I think the big wild card there is just how much tariffs end up impacting parts. I feel great about the fact that we're getting these efficiencies across the system in old stores and old production centers and new stores. So I feel good about getting those. Then, the question becomes how much will tariffs kind of offset that, which again, we're going to continue to focus and go after that.

我認為，就我們追求的 250 美元效率而言，最大的不確定因素是關稅最終會對零件產生多大影響。我很高興看到我們在舊商店、舊生產中心和新商店的整個系統中實現了這些效率。所以我很高興得到這些。那麼，問題變成了關稅能在多大程度上抵消這一影響，我們將繼續關注並追求這一點。

The other thing I would tell you on these reconditioning centers, these offsite reconditioning centers, the additional benefit that you get from that is that you now have the cars closer to the stores and the markets. And we put them in -- we're putting them in markets where we have capacity challenges. And so we're having to pull cars from further distance for retail. Now, with these auction -- these production centers being closer, you cut down on your logistics, which is a savings that we're going to continue to get whether there's tariffs or not.

關於這些修復中心、這些異地修復中心，我想告訴你的另一件事是，你從中獲得的額外好處是，現在你的汽車離商店和市場更近了。我們將它們投放到面臨容量挑戰的市場。因此，我們不得不從更遠的地方運送汽車進行零售。現在，透過這些拍賣——這些生產中心更近了，你可以減少物流成本，無論有沒有關稅，我們都將繼續獲得這種節省。

Good to hear. Thank you very much.

很高興聽到這個消息。非常感謝。

Brian Nagel, Oppenheimer.

奧本海默的布萊恩·納格爾。

Hi. Good morning. Nice quarter, congratulations. So I want to -- I think Seth asked the question about the quarter to trend business and you said, Bill, your running high-single digits would be a step-up from what you did in Q4 and then particularly as you talked about February.

你好。早安.不錯的一個季度，恭喜。所以我想——我認為塞思問的是有關本季度業務趨勢的問題，而你說，比爾，你的高個位數增長將比你在第四季度的表現有所提升，特別是當你談到二月份的時候。

So I guess, I know you're not -- I know you don't give guidance. So what I want to ask is, I mean, as you're looking at the business, how should we think particularly against what is a very fluid macro backdrop? I mean, how should you think about -- how should we think about the sustainability of that early fiscal Q1 performance? I mean, do you think -- is it a catch-up from maybe February? Does it reflect potentially people buying cars ahead of time because of tariffs there is this overall sustainability from your standpoint?

所以我想，我知道你不是——我知道你沒有給出指導。所以我想問的是，當你審視業務時，我們該如何思考，特別是在非常不穩定的宏觀背景下？我的意思是，您應該如何看待——我們應該如何看待第一財季初期業績的可持續性？我的意思是，您認為——這是否是從二月開始的追趕？這是否反映了人們可能因為關稅而提前購買汽車，從您的角度來看，這種現象總體上具有可持續性？

Yeah. First of all, I don't think it's a catch-up for February. I think we probably got a little bit of benefit there because, again, you're not going to get the catch up on the leap day miss. What you will get a little catch-up on is the tax refunds, a little bit of weather. But that's very small in the scheme of things. So I wouldn't look at it nearly as nearly like a catch-up.

是的。首先，我不認為這是二月的追趕。我認為我們可能從中獲得了一點好處，因為你再也不會因為閏日的錯過而得到彌補。您將了解到一些有關退稅和天氣的資訊。但從整體來看，這只是很小的規模。因此，我不會將其視為一種追趕。

As you said, we don't give guidance for the full year, but I will tell you, Brian, I mean, we expect that momentum that we've been seeing for the last three quarters, we're coming into the year very strong. And we've got some good momentum and we would expect to continue that momentum.

正如你所說，我們不會給出全年的預測，但我要告訴你，布萊恩，我的意思是，我們預計過去三個季度所看到的勢頭將使我們今年的業績非常強勁。我們已經有了一些良好的勢頭，我們希望能夠繼續保持這種勢頭。

Obviously -- you alluded to it -- I mean, there's a lot that's going on in the macro right now and it's changing. It's a very fluid situation. We're constantly monitoring it. We're looking at mitigation plans from a parts standpoint, all kinds of things. So it's a little hard to speak on the whole year, but I will tell you that we feel good about the momentum coming into this year.

顯然——您提到了這一點——我的意思是，現在宏觀領域發生了很多事情，而且正在改變。情況非常不穩定。我們一直在持續監控它。我們正在從各個部分的角度研究緩解計劃，包括各種各樣的事情。因此，很難評價全年的情況，但我可以告訴你，我們對今年的發展勢頭感到滿意。

That's helpful. I appreciate it. Thank you.

這很有幫助。我很感激。謝謝。

Scot Ciccarelli, Truist.

斯科特·西卡雷利（Scot Ciccarelli），Truist。

Hi. Good morning, guys. Josh Young on for Scott. You talked a bit about the improving market share here in the back half of the year, but with it sitting just under 4% today, curious, what do you think you have to do from here and what has to happen to get closer to that 5% target over time?

你好。大家早安。喬許·楊替換斯科特。您談到了今年下半年市佔率的提高，但目前市佔率還不到 4%，我很好奇，您認為接下來要做什麼，以及如何逐漸接近 5% 的目標？

Yeah. I think everything that they're working on that I've highlighted earlier on this call. Our big focus right now is growing sales and robust EPS. And if you do those things, all the other stuff is going to work out great, including market share. If I look at the market share, for this last year, we're gaining market share, we're taking it from other dealers.

是的。我認為他們正在做的所有事情都是我在這次電話會議中早些時候強調過的。我們現在的重點是增加銷售額和提高每股盈餘。如果你做到了這些，其他一切都會順利，包括市場佔有率。如果我看一下市場份額，去年，我們正在獲得市場份額，我們正在從其他經銷商那裡奪取它。

The interesting thing is you also see where PTP is growing market share. When you look at that 0 to 10 space and the PTP strength is really in kind of the older vehicles, which you would expect. So I think we're -- we've got all the steps in place to continue. As I said, January, which is the latest title data that we have at this point, we're continuing that share gain. And like I said with Brian, we like the momentum that we're on and we would expect to continue to gain market share.

有趣的是，您還會看到 PTP 的市場份額正在成長。當您查看 0 到 10 的空間時，PTP 強度確實與舊款車輛相當，這是您所期望的。所以我認為我們已經準備好繼續下去的所有步驟了。正如我所說，一月份是我們目前掌握的最新數據，我們的份額將繼續增長。正如我和布萊恩所說的那樣，我們喜歡目前的勢頭，並且我們希望繼續獲得市場份額。

Got it. That's helpful. Thanks.

知道了。這很有幫助。謝謝。

Jeff Lick, Stephens Inc.

傑夫·利克（Jeff Lick），史蒂芬斯公司（Stephens Inc.）

Good morning, guys. Congrats on a nice quarter. I was wondering if we can talk about sourcing. In this quarter, you bought 46,000 units from dealers, which is the most you've ever done on a percent basis in terms of improvement or even unit basis. And also, your overall purchase, 269,000, was 89% of the combined units. I think a big thing going forward, especially in this tariff scenario, is going to be your ability to source. Could you talk about, both on the dealer front and the consumer front, any evolutions or changes and what drove the pickup there and improvement in Q4?

大家早安。恭喜本季取得良好業績。我想知道我們是否可以討論採購事宜。本季度，您從經銷商處購買了 46,000 台，無論從百分比改善還是從單位數量來看，這都是您有史以來的最高紀錄。而且，您的總購買量為 269,000 單位，佔合併單位的 89%。我認為，未來的一個大事，特別是在這種關稅情況下，將是你的採購能力。您能否談談經銷商方面和消費者方面的任何發展或變化，以及是什麼推動了第四季度的回升和改善？

Yeah. And it's a great question, and you're right. I think sourcing is critical. We're very pleased with the MaxOffer product. I think it's a solution that works well for dealers, obviously with the expansion.

是的。這是一個很好的問題，你是對的。我認為採購至關重要。我們對 MaxOffer 產品非常滿意。我認為這對經銷商來說是一個非常有效的解決方案，顯然可以擴大規模。

When I think about the performance there over the last year, it's being driven by, first and foremost, just dealer expansion. This quarter, we were up from a active dealer standpoint, 40% year over year. As I said in my prepared remarks, we also made it very easier for them to use. If you look at the last year, we've got a great instant offer program for them.

當我回顧去年的表現時，我發現，這首先是由經銷商擴張所推動的。本季度，從活躍經銷商的角度來看，我們的成長比去年同期成長了 40%。正如我在準備好的演講中所說的那樣，我們也使他們能夠更輕鬆地使用它。如果你回顧去年，你會發現我們為他們提供了一個很棒的即時優惠計劃。

We also have one that allows them to take pictures that they'd like us to see some of the pictures that might be unique to that vehicle. We consolidated the vehicle condition information, making it faster and easier. We've made improvements. Because you realize, a dealer may start this MaxOffer on the desktop, but they need a mobile device to go through the car or whatever. So we've made a very seamless transition to go from device to device. So this past year was really about trying to make that experience better.

我們還有一個可以讓他們拍照的功能，他們希望我們能看到一些可能是該車輛獨有的照片。我們整合了車輛狀況訊息，使其變得更快、更容易。我們已經做出改進。因為你知道，經銷商可能會在桌面上啟動這個 MaxOffer，但他們需要行動裝置來檢查汽車或其他東西。因此，我們在設備之間實現了非常無縫的過渡。所以過去的一年確實是為了努力讓這種體驗變得更好。

The other thing that I would add is that we've also started to embed it in their inventory management system in the dealership, which just makes it more convenient. And as I look forward to the upcoming year, I think we can still -- we've got some improvements. We're working on some landing page improvements and I think some more integrations into dealers, which will continue to attract dealers. So we feel good about it -- feel good about the momentum.

我想補充的另一件事是，我們也開始將其嵌入經銷商的庫存管理系統中，這使得它更加方便。當我展望即將到來的一年時，我認為我們仍然可以——我們已經取得了一些進展。我們正在對一些登陸頁面進行改進，我認為會與經銷商進行更多的整合，這將繼續吸引經銷商。因此我們對此感到滿意——對這種勢頭感到滿意。

I thought -- yeah, I think you also asked about the consumers. And again, the consumers, as I said in my prepared remarks, we pretty much can give you an offer online now. There's very few cars that we can't -- there's a small subset that we really need to see the car. But essentially 99% you can get those offers. We've made it easier. I think there's progress. We've got some things queued up there again, with appraisal express drop-off, appraisal pickup. There's some other things that we're working on there again just to enhance that experience and continue to drive incremental buys.

我想——是的，我想你也問到了消費者的問題。再次向消費者表示，正如我在準備好的演講中所說，我們現在基本上可以在網路上提供給你們報價。我們不能看到的汽車非常少——只有一小部分汽車我們確實需要看到。但基本上 99% 的人都可以獲得這些優惠。我們讓一切變得更容易。我認為已經取得了進展。我們又有一些事情在排隊，包括評估快遞送達和評估取件。我們正在進行其他一些工作，以增強體驗並繼續推動增量購買。

And then the last two weeks have been kind of crazy. There's been a pickup in conversion at the auction lanes in general. Any comments in terms of just looking at what we just talked about with Q4, any changes with the last two weeks?

過去兩週過得有點瘋狂。整體而言，拍賣通道的轉換率有所回升。就我們剛才討論的第四季而言，過去兩週有什麼變化嗎？您有什麼評論嗎？

Yeah. Well, I think you hit the nail on the head. If you look at the wholesale the last couple of weeks, it's -- there's a lot of folks out there trying to bid, which again, I think it just makes me feel really good about all of our initiatives on supply and sourcing directly versus having to go that route.

是的。嗯，我認為你說到了點子上。如果你看看過去幾週的批發情況，你會發現有很多人在試圖競標，這讓我對我們在直接供應和採購方面的所有舉措感到非常滿意，而不必走那條路。

Awesome. Well, congrats, and good luck in the next quarter.

驚人的。好吧，恭喜你，祝你下個季度好運。

Rajat Gupta, JPMorgan.

摩根大通的 Rajat Gupta。

Great. Thanks for taking the question. I just had a follow-up to Jeff's question earlier. Bill, trying to understand how are you, as an organization, trying to manage inventory acquisition over the next few weeks, couple of months, given firstly, there's already a lot of uncertainty around the tariffs that may happen. It may go away. You're hearing a lot about the auction and activity.

偉大的。感謝您回答這個問題。我剛剛對 Jeff 之前的問題進行了跟進。比爾，我想了解一下，作為一個組織，您如何在接下來的幾週或幾個月內管理庫存採購，首先，可能發生的關稅已經存在許多不確定性。它可能會消失。您聽到了很多關於拍賣和活動的消息。

I mean, I'm curious how are you managing your inventory acquisition in that backdrop? I mean, do you think you need to be aggressive or are you just being cautious just in case tariffs actually don't stick? Ultimately, I'm just curious, how is the company strategizing around that? And I have a very quick follow-up on service.

我的意思是，我很好奇在這種背景下您是如何管理庫存收購的？我的意思是，您是否認為需要採取積極措施，還是只是謹慎行事，以防關稅實際上無法維持？最後，我只是好奇，公司是如何制定策略的？我對服務的跟進非常迅速。

Yeah. Well, I think we manage inventory better than anybody in the business. We've been doing it for over 30 years. We are very familiar with operating and changing a fluid type of environment. Keep in mind, we have the benefit of professional buyers who are on the ground. They're seeing things coupled with data that we're getting coupled with our own auctions. So I feel really good about where we are, both from an inventory on the ground and our inventory, going forward. And I have no doubt that the team will continue to execute it at a very high level.

是的。嗯，我認為我們的庫存管理比業內任何人都好。我們已經這樣做了 30 多年。我們非常熟悉操作和改變流體類型的環境。請記住，我們擁有實地專業買家的優勢。他們看到的事物與我們在自己的拍賣中獲得的數據相結合。因此，我對我們目前的狀況感到非常滿意，無論是從實地庫存還是從未來的庫存來看。我毫不懷疑團隊將繼續以非常高的水平執行這項任務。

And then you said you had a question on service as well.

然後您說您對服務也有一個疑問。

Yeah. Curious what drove the significant -- I mean, typically seasonally, we see like a big drop in like service gross profit. Curious what drove the improvement. It was just better productivity, just maybe some like cost takeout. Just trying to understand the cadence there. I know -- I think -- and we could talk about like flattish gross profit or a little more than flattish for the full year. So does it mean that this is going to be less seasonal from here on on just that cadence? Just curious if you could add any more cover on the service front.

是的。好奇是什麼導致了這種顯著的——我的意思是，通常從季節性來看，我們會看到服務毛利潤大幅下降。好奇是什麼推動了這種進步。這只是提高了生產力，也許有些人喜歡降低成本。只是想了解那裡的節奏。我知道——我認為——我們可以談論全年的毛利持平或略高於持平的情況。那麼這是否意味著從現在開始這種節奏將不再那麼季節性？我只是好奇您是否可以在服務方面添加更多內容。

Well, I'll start maybe with your second point said. Seasonality will still be in place. So from quarter to quarter, there's definitely still seasonal aspects to it, which is why we expect the first quarter of the year, as I had in my prepared remarks, to do probably the strongest in the year because volume is higher. We'll also be copping over some cost coverage metrics we did last year.

好吧，我先從你說的第二點開始。季節性仍將存在。因此，從一個季度到另一個季度，肯定仍然存在季節性因素，這就是為什麼我們預計今年第一季的表現可能是全年最強勁的，正如我在準備好的發言中所說的那樣，因為交易量更高。我們也將回顧去年的一些成本覆蓋指標。

But I'd tell you in terms of why it's getting better, there's really three things that are driving the improvement. Now, we've seen over the past two years now we've consistently improved our performance and service. Number one is efficiency opportunities that we've driven. We've made investments in technologies like RFID trackers, investments in technologies. We can better have better reporting in the stores to manage our costs. That's number one.

但我想告訴你，為什麼情況會變得更好，實際上有三個因素在推動這種改善。現在，我們看到在過去的兩年裡我們一直在不斷提高我們的業績和服務。第一是我們推動的效率機會。我們對 RFID 追蹤器等技術進行了投資。我們可以在商店中提供更好的報告來管理我們的成本。這是第一點。

Number two is we have taken cost coverage as well. So to match cost inflation that we've seen, we've had an ability to increase our fees there. And part of that is also driven by what Bill has talked about the efficiency improvements in COGS and logistics gives us an ability to take some fees there without increasing the price of our cars.

第二，我們也承擔了成本費用。因此，為了因應我們所看到的成本上漲，我們有能力提高我們的費用。其中一部分也是由比爾談到的 COGS 和物流效率的提高所推動的，這使我們能夠在不提高汽車價格的情況下收取一些費用。

And then lastly, certainly, sales being positive helps because service does have a large component of fixed costs. Certainly when you think of all the technicians that we're trying to retain, there is an aspect of fixed costs, especially in the shorter term, so you have positive sales, stronger ability to leverage. And we would expect going into this year to have a year of profitability and service, which we haven't had in several years, and thereafter, too, feeding the earnings model that Bill talked about and our ability to deliver a double-digit EPS growth over several years is also because of that as well.

最後，銷售額的正面成長當然是有幫助的，因為服務確實佔了固定成本的很大一部分。當然，當你想到我們試圖保留的所有技術人員時，就會有一個固定成本的方面，特別是在短期內，因此你會有積極的銷售，更強的槓桿能力。我們預計今年將是盈利和服務的一年，這是我們幾年來未曾有過的，此後，也將實現比爾談到的盈利模式，我們能夠在未來幾年實現兩位數的每股收益增長，也是因為這一點。

Got it. Great. Thanks for all the color, and good luck.

知道了。偉大的。感謝所有的色彩，祝你好運。

Michael Montani, Evercore ISI.

邁克爾·蒙塔尼，Evercore ISI。

Yes, hey. Good morning. Thanks for taking the question. Just wanted to ask, I guess the two-part thing. One was, if you look at historically periods of appreciating prices, what does that typically do for your market share and then also your margins? How would you typically respond there? Because historically, you've called out it can be challenging if we have abnormal depreciation. So if you get a appreciation in price, does that help you from a share and margin perspective?

是的，嘿。早安.感謝您回答這個問題。我只是想問一下，我想這件事分成兩個部分。一是，如果你回顧一下歷史上價格上漲的時期，這通常會對你的市佔率和利潤率產生什麼影響？您通常會如何回應？因為從歷史上看，您已經指出，如果出現異常折舊，情況就會變得困難。那麼，如果價格上漲，從份額和利潤率的角度來看，這對您有幫助嗎？

And the follow-up question was, you guys had mentioned an EPS outlook that includes, if mid-single-digit unit growth is there, you could have high-teen EPS growth. So I'm wondering if there's anything we need to keep in mind as it relates to that for this current year. And then also, anything we should know about from a timing perspective, as we think through quarterly cadence?

後續問題是，你們提到了每股盈餘前景，其中包括，如果單位銷售額實現中等個位數成長，那麼每股盈餘可能會達到高十位數成長。所以我想知道對於今年而言我們是否需要記住與此相關的任何事情。另外，當我們考慮季度節奏時，從時間角度來看我們應該了解什麼？

Okay. So Michael, good morning. On the appreciating price environment, I think for every group that sells used cars, when you're in an appreciating environment, it makes it easier. And I think generally, in an appreciating environment, your margins are easier to manage because you're not having to do as many markdowns, because again, you're going to sell the car if it's appreciating. The next car is going to be a little bit more expensive. So I think it helps your margin. I think from a market share standpoint too, it would also help that. So I think that's good.

好的。邁克爾，早安。在價格上漲的環境下，我認為對於每個銷售二手車的團體來說，當你處於上漲的環境中時，事情就會變得更容易。我認為一般來說，在汽車升值的環境中，你的利潤更容易管理，因為你不必做那麼多降價，因為如果汽車升值，你就會賣掉它。下一輛車會稍微貴一點。所以我認為這有助於提高你的利潤。我認為從市場份額的角度來看，這也會有所幫助。所以我認為這很好。

And then your second question was on the model.

你的第二個問題是關於模型的。

Yeah. So from a model -- we've spent the past several years, as we all know, investing in our omnichannel model, investing in capabilities, investing in efficiencies, and we feel very confident about our ability at this point to deliver robust EPS CAGR growth for several years, at least talking to high teens, like we mentioned in our prepared remarks on just mid-single-digit retail sales.

是的。因此，從模型來看——眾所周知，過去幾年我們一直在投資全通路模型、投資能力、投資效率，我們對目前實現強勁每股收益複合年增長率的能力非常有信心，至少可以達到十幾歲的水平，就像我們在準備好的評論中提到的中等個位數零售額一樣。

And what that's enabled on are strong margins, strong growth and other GPU as well, exceeding retail units. I talked about service. We talked about EPP opportunities. You're also talking about SG&A. We're done with the heavy investment period. We're pivoting from building capabilities to leveraging and enhancing them to grow efficiencies and to grow the bottom line. So we think we are really well positioned to grow.

而這得益於強勁的利潤率、強勁的成長以及其他 GPU，超過了零售單位。我談到了服務。我們討論了 EPP 機會。您也談到了銷售、一般及行政費用 (SG&A)。我們已經度過了大量投資期。我們正在從建立能力轉向利用和增強能力來提高效率和增加利潤。因此我們認為我們確實具備良好的發展條件。

And then you throw in the share repurchase program that we're committed to, that's also going to kind of juice our EPS. And then you take a look at CAF, we're making those investments there in terms of the full spectrum credit that Jon talked about. Those are also, kind of in the shorter term and the medium term, and definitely in the longer term, accelerators to our EPS growth. So we think we've built a model here that is in this really strong position to deliver outsized returns.

然後再加上我們承諾的股票回購計劃，這也會在一定程度上提高我們的每股盈餘。然後你看看 CAF，我們正在根據 Jon 談到的全方位信貸進行投資。從短期和中期來看，當然從長期來看，這些也是我們每股盈餘成長的加速器。因此，我們認為我們已經建立了一個模型，該模型具有非常強大的優勢，可以帶來超額的回報。

And anything, cadence-wise, to think about as we progress through the year? Because I think you called out, there could be some CAF-related things to keep in mind in the first quarter, but then on the flip side, you also have potentially some benefits from the work you've done in service and EPP.

那麼，隨著我們一年的進展，從節奏上來說，有什麼需要思考的嗎？因為我認為您提到過，第一季可能需要牢記一些與 CAF 相關的事情，但另一方面，您也有可能從您在服務和 EPP 方面所做的工作中獲得一些好處。

Yeah. Before jumping into CAF, and I'll turn it over to Jon, certainly from service, we do expect the first half of the year to perform probably better holding everything constant in the back half, purely due to seasonality, when you think of higher volume and copping over some cost coverage metrics we did last year. So if it's service, I would expect outsized performance in the front half.

是的。在討論 CAF 之前，我會先把它交給 Jon，當然是從服務角度來說，我們確實預計上半年的表現可能會更好，如果下半年一切保持不變，這純粹是由於季節性，當你考慮到更高的銷量和應對我們去年做的一些成本覆蓋指標時。因此，如果是服務的話，我預計前半部會有出色的表現。

And then for CAF, I'll just turn it over to Jon.

然後對於 CAF，我將把它交給喬恩。

Sure. Yeah, I definitely like to take the opportunity to speak to cadence on provision coming up. I mentioned in prepared remarks that anticipate a sequentially higher year-over-year increase in provision and just to give some orders of magnitude around that.

當然。是的，我當然想藉此機會談談即將推出的規定的節奏。我在準備好的發言中提到，預計撥備金額將逐年增加，我只是給了一些數量級。

So I'll jump off Q4. So we had a $68 million more normalized provision in Q4. You're going to have a sequentially higher provision in Q1 because it's a higher -- from a seasonality standpoint, it's a higher volume quarter. It is a lower credit quality quarter. So you can anticipate a 30% to 35% increase off of that Q4 number, simply from that aspect, couple that with the fact that we said we are going to -- we have taken some volume back that we were giving to the Tier 2 partners kind of undo a portion of our tightening, so you can add probably another 10% to 15% increase off of the Q4 number there. So you absolutely could see a 45% to 50% increase in provision in Q2, and that can -- sorry, in Q1, and that tightening will continue -- sorry, that increase will continue because, again, this is volume that we anticipate keeping.

所以我將跳過 Q4。因此，我們在第四季度增加了 6800 萬美元的正常化撥備。您在第一季的撥備將會連續增加，因為從季節性的角度來看，這是一個交易量較高的季度。這是一個信貸品質較低的季度。因此，僅從這個方面來看，你可以預期第四季度的數字將增加 30% 到 35%，再加上我們所說的事實——我們已經收回了我們給予二級合作夥伴的部分交易量，從而取消了部分緊縮措施，因此你可能可以在第四季度的數字上再增加 10% 到 15%。因此，您絕對可以看到第二季度的撥備增加 45% 到 50%，而且，抱歉，在第一季度，這種緊縮政策將會持續下去，抱歉，這種增長將會持續下去，因為，再說一次，這是我們預計會保持的數量。

You're going to have to continue to provision for that added volume we're taking on, and then again, we will watch that economy very, very carefully, but the back half of the year, we anticipating taking in more volume from our Tier 2 and Tier 3 testing. So again, that would stack on there, all in the long run, a very, very good thing for CAF, but an impact in the near term to our provision. And that's relative to Q4 is the key, yes.

您將必須繼續為我們正在承擔的額外數量做好準備，然後，我們將非常非常仔細地關注經濟，但在今年下半年，我們預計將從我們的 Tier 2 和 Tier 3 測試中吸收更多的數量。所以，從長遠來看，這對 CAF 來說是一件非常非常好的事情，但短期內會對我們的供應產生影響。是的，這與 Q4 有關，這是關鍵。

Got it. Thank you.

知道了。謝謝。

Chris Bottiglieri, BNP Paribas.

克里斯‧波蒂列裡 (Chris Bottiglieri)，法國巴黎銀行。

Hey, guys. Thanks for taking the question. So you've done a really nice job taking costs out of business the last few years, certainly consistent with my own expectations. The question is though, if the economy slows from here and sales turn negative to mid-single or high-single digits again, does ETF decline high teens very much like the upside, or do you have levers left? Any disposal to continue to cut costs and mitigate the operating leverage?

嘿，大家好。感謝您回答這個問題。所以，在過去幾年裡，你們在降低企業成本方面做得非常好，這當然符合我自己的預期。但問題是，如果經濟從現在開始放緩，銷售額再次變為負數或高個位數，ETF 是否會像上漲一樣出現高點下跌，還是還有槓桿？有什麼措施可以繼續削減成本並降低營運槓桿？

Yeah, we feel good. A couple of things. I mean, one is we still have room for efficiency improvements. Those are part of our plan. Irrespective of kind of the macro economy, we're going after those efficiency improvements. That's number one.

是的，我們感覺很好。有幾件事。我的意思是，一是我們仍然有提高效率的空間。這些都是我們計劃的一部分。無論宏觀經濟狀況如何，我們都在追求效率的提升。這是第一點。

Number two is if there is a downturn in the economy, we have pulled levers in the past. We're positioned to pull those levers if we had to. Again, you're looking at a management team here that's been through quite a few things here over the past few years. So we know kind of how to manage through these kinds of environments, whether they're upswing or downswing.

第二，如果經濟出現下滑，我們過去曾採取過措施。如果有必要，我們已做好準備，拉動這些槓桿。再說一次，你看到的是一支管理團隊，他們在過去幾年經歷了不少事情。因此，我們知道如何應對這些環境，無論是上升期還是下降期。

Thank you.

謝謝。

John Healy, Northcoast Research.

約翰希利 (John Healy)，Northcoast Research。

Thanks for taking my question. Just kind of wanted to ask a big picture question, Bill. In the last couple of weeks, obviously outside of the macro, probably the biggest item on used retail has just been some of the Amazon news. And obviously, it doesn't appear like they're becoming a retailer per se in the auto space, but we'd love to get your thoughts about them entering in the fray. And do you view them as a adversary competitor maybe elevating your peers? Or do you view them potentially as a partner, and would you be surprised if you maybe work collaboratively with them going forward? Thanks.

感謝您回答我的問題。我只是想問一個宏觀問題，比爾。在過去的幾周里，顯然除了宏觀因素之外，二手零售領域最大的新聞可能就是亞馬遜的一些新聞。顯然，他們似乎並沒有成為汽車領域的零售商，但我們很想聽聽您對他們加入競爭的看法。您是否將他們視為可能提升您同行的對手？或者您是否將他們視為潛在的合作夥伴，如果您將來可能與他們合作，您會感到驚訝嗎？謝謝。

Yeah. Good morning, John. Yeah, I don't think anybody was surprised to see them actually get into this space. They'd been kind of talking about it. And to your point, they recently clarified they're more interested in kind of the listings, the lead generation, the advertising.

是的。早安，約翰。是的，我認為沒有人會對他們真正進入這個領域感到驚訝。他們一直在談論這件事。正如您所說，他們最近澄清說，他們對清單、潛在客戶開發和廣告更感興趣。

So the way I see it is, at this point, it's more like a facilitator that we facilitate with. I mean, we work with a lot of different facilitators. I would see us as more of a collaboration. We obviously a lot of traffic just through carmax.com, but we also -- we work with facilitators to help compliment the carmax.com traffic. And I think that that's the way we kind of view it at this point, but certainly, it's something that we -- you continue to monitor.

所以在我看來，目前它更像是一個為我們提供幫助的促進者。我的意思是，我們與許多不同的推動者合作。我認為我們更像是一種合作關係。顯然，我們僅透過 carmax.com 就獲得了大量流量，但我們也與相關機構合作，以幫助補充 carmax.com 的流量。我認為這是我們目前的看法，但當然，這是我們會繼續監控的事情。

I would also just tell you, it just makes me really glad that we've gone through this pivot to really become an omnichannel retailer because I think customers are really looking for this combination of physical and digital assets when it comes to buying a car. And it's just -- it's a big competitive moat that we built and it's very hard to replicate. So if you're going to get into the used car business, there's a lot that has to be considered.

我還想告訴你，我很高興我們經歷了這次轉變，真正成為了一家全通路零售商，因為我認為客戶在購買汽車時真正尋求的是實體資產和數位資產的結合。這只是——我們建立的一個巨大的競爭護城河，很難複製。因此，如果您要進入二手車行業，則需要考慮很多事情。

Chris Pierce, Needham.

克里斯·皮爾斯，尼德姆。

Hey. Good morning, everyone. I just was curious, as you move kind of more into 6 to 10 less late model because of the opening of the credit spectrum, is that an opportunity for -- are you competing against dealers you haven't traditionally competed against at a larger rate and there's potential for a new set of share gains? Or is like the 6- to 8-year-old car now, what used to be the 2- to 4-year-old car because of what's happened with new car production, is this a new competitive set or is it just kind of continuation of the competition you've been competing against for years now?

嘿。大家早安。我只是很好奇，由於信貸範圍的開放，你們更多地轉向 6 到 10 種不太先進的車型，這是否是一個機會——你們是否在以更大的利率與傳統上沒有競爭過的經銷商競爭，並且有可能獲得新的份額增長？或者說，現在的汽車是 6 到 8 年車齡的汽車，而以前由於新車生產出現的問題，汽車是 2 到 4 年車齡的，這是一種新的競爭格局，還是說這只是多年來一直存在的競爭的延續？

Yeah. I think we've always sold 1- to 10-year-old cars. And I think the -- and I've talked a little bit about this earlier, the biggest thing that we want to make sure that we do is that whatever we put the CarMax label on, it meets our quality standards. And when you start getting into the 6 to 10 population, there's a lot of vehicles that just don't meet the CarMax standards, and we're just not going to -- we're not going to flinch on that standard.

是的。我認為我們一直在銷售 1 至 10 年車齡的汽車。我認為——我之前已經談過這一點，我們要確保的最重要的事情是，無論我們把 CarMax 標籤貼在什麼產品上，它都符合我們的品質標準。當你開始接觸 6 到 10 歲這個年齡層的人時，你會發現很多車輛都不符合 CarMax 標準，而我們不會在該標準上退縮。

That being said, though, we've obviously built the muscle to continue to produce that type of car and get it up to the CarMax standard. So what I would say is it's continuing to compete in the space that we've been in. But quite honestly, it's a space where there's a lot of transactions that happen. I talked about the PTP, consumer to consumer selling each other, especially in the 7-, 8-, 9-year-old, 10-year-old cars, there's a lot of vehicles in there that just -- well, it's in the denominator. It's not going to necessarily be in our numerator set. It's just not going to be able to be brought up to the quality standard. So I think that's the thing to think about.

話雖如此，但我們顯然已經具備了繼續生產該類型汽車並使其達到 CarMax 標準的能力。所以我想說的是，它將繼續在我們所處的領域內競爭。但說實話，這是一個發生大量交易的空間。我談到了 PTP，即消費者與消費者之間的相互銷售，特別是 7 年、8 年、9 年、10 年車齡的汽車，其中有很多車輛只是 — — 嗯，它是分母。它不一定會出現在我們的分子集中。它只是無法達到品質標準。所以我認為這是值得思考的事情。

And I think the way it enhances is, again, if, if consumers are challenged on just everyday expenses and they're trying to figure out how to work a budget and they need to -- they would traditionally buy a 3- or 4-year-old car, they may be saying, okay, well, I'm going to buy a 6- or 7-year-old car, we want to be able to meet that need. I think it's very similar to the folks that are thinking they're going to buy a new car and they realize, well, I can't get the new car to work in my monthly payment. I'm going to go down to a 1- or 2-year-old late model car. So I think it's just a -- it's just a kind of an evolution of the business and where the consumer is going.

我認為，它增強的方式是，如果消費者在日常開支方面面臨挑戰，他們正在試圖弄清楚如何制定預算，他們需要——他們傳統上會購買 3 或 4 年車齡的汽車，他們可能會說，好吧，我要買一輛 6 或 7 年車齡的汽車，我們希望能夠滿足這一需求。我認為這和那些想買新車的人的情況很相似，但他們意識到，我無法用每月的付款來購買新車。我要去買一輛有 1 年或 2 年車齡的新型汽車。所以我認為這只是一種商業和消費者走向的一種演變。

Just one thing I want to clarify, Chris. You made the comments, as you go full spectrum and go 6 to 10, I think they're relatively disconnected. The fact that CAF is going full spectrum, all we're doing is likely taking some volume from our Tier 2 and Tier 3 partners. We will drive some incremental sales, but our Tier 2, Tier 3, even our Tier 1 players love 6- to 10-year-old cars. So I'd separate the inventory needs that we have from where CAF is playing in the credit spectrum.

我只想澄清一件事，克里斯。您發表了評論，當您談到整個範圍並從 6 到 10 時，我認為它們相對來說是不連貫的。事實上，CAF 正在全方位發展，我們所做的一切很可能是從我們的二級和三級合作夥伴那裡獲取一些份額。我們將推動一些增量銷售，但我們的 Tier 2、Tier 3，甚至 Tier 1 玩家都喜歡 6 到 10 年前的汽車。因此，我將我們的庫存需求與 CAF 在信貸領域中所扮演的角色區分開來。

As well as they love 0 to 4, back and forth. I'm glad you made that point, Jon.

就像他們喜歡從 0 到 4，來來回回一樣。我很高興你提出了這一點，喬恩。

Okay. And then just to follow up on that though, is there a -- can it be thought of as a GPU tailwind as you move into these -- I don't want to say move into these older cars, but maybe as you sell it?

好的。然後只是為了跟進這一點，有沒有——當你進入這些——我不想說進入這些舊車，但也許當你銷售它時，這可以被認為是 GPU 的順風？

Yeah, I'm sorry. If you ask -- I didn't catch that part of the question. So GPU tailwind, when you sell older vehicles, they cost more to recondition, but especially in CarMax's case, they're kind of like a unicorn, where it's at the CarMax quality standard, it certainly isn't a commodity. We think the quality is better than others. So those do bring a little bit more margin.

是的，我很抱歉。如果你問——我沒有聽清楚問題的這一部分。因此，GPU 順風，當你銷售舊車時，它們的修復成本更高，但特別是在 CarMax 的案例中，它們有點像獨角獸，符合 CarMax 品質標準，它肯定不是商品。我們認為其品質比其他的要好。所以這些確實帶來了更多的利潤。

Okay. Thank you.

好的。謝謝。

David Whiston, Morningstar.

晨星公司的戴維‧惠斯頓。

Thanks. Good morning. Can you just talk a little bit more about the decision-making process to change the $2 million goal where you just withdrew the timeline completely, as opposed to saying, given macro factors, we think it'll be more like fiscal '30. Because doing it the way you did, it just seems like it's a bit more pessimistic, and maybe that was intentional or maybe it wasn't. I just wanted to get more clarification. Thanks.

謝謝。早安.您能否再多談一下改變 200 萬美元目標的決策過程，您完全撤回了時間表，而不是說考慮到宏觀因素，我們認為它將更像 30 財年。因為照你的方式去做，看起來就有點悲觀，也許是故意的，也許不是。我只是想得到更多的澄清。謝謝。

Yeah, it definitely wasn't pessimistic. I think the important thing right now is everybody should know that we're focused on driving sales and driving robust EPS growth, and there are a lot of macro factors. If you see, and I'll give you a prime example. If you see highly appreciating market, where you can get to the $30 billion way quicker, and it's really nothing that we've done at this point. Same thing as if you see a slowdown, it may delay the total units.

是的，絕對不是悲觀的。我認為現在重要的是每個人都應該知道我們專注於推動銷售和推動強勁的每股盈餘成長，並且有很多宏觀因素。如果你看到了，我會給你一個典型的例子。如果你看到市場高度升值，你就可以更快達到 300 億美元，而這其實不是我們目前所做的。同樣，如果您發現速度變慢，它可能會延遲總單位數。

Right now, there's just so much uncertainty out there. Why put a target out there that's really speculative, not knowing exactly where this environment is going to go. And we just think that that's the prudent thing, but it does not take the focus on what we're going after and those targets. It's just -- it doesn't make sense to put a range on them at this point.

目前，存在太多的不確定性。為什麼要設定一個僅供推測的目標，而不知道這個環境到底會走向何方。我們只是認為這是謹慎的做法，但它並沒有把重點放在我們所追求的目標上。只是──現在對它們設定一個範圍是沒有意義的。

Yeah. And just to build on that, even in our earnings release, you'll notice we are focused on growing sales and focus on growing the bottom line. And I think that's what's important in this kind of environment. And then at the appropriate time, we'll come back with a timing. I would look as well. We just need some more visibility on what's out there. But again, we are focused on driving sales and driving profitability.

是的。在此基礎上，即使在我們的收益報告中，您也會注意到我們專注於增加銷售並專注於增加利潤。我認為這正是在這種環境下最重要的事。然後在適當的時候，我們會回來計時。我也會看的。我們只是需要對外面的情況有更多的了解。但同樣，我們專注於推動銷售和提高獲利能力。

Yeah. Thank you.

是的。謝謝。

(Operator Instructions) John Murphy, Bank of America.

（操作員指示）美國銀行的約翰·墨菲。

Sorry, guys. I just wanted to sneak one follow-up in. I understand that the long-term goals have been postponed here in the guidance, but you did reiterate the earnings per share growth model, give an update there. When you talk about double-digit earnings per share growth for years to come, you're talking about sort of mid -- that has to come with -- that you'll get a CAGR of high teens on EPS with unique growth in the mid-single digits, I'm just curious when you think about that, does that include the normalization of SG&A from this 90% range back down to 70% or is that after that's happened?

抱歉，各位。我只是想偷偷地跟進一下。我知道指南中的長期目標已被推遲，但您確實重申了每股收益成長模型，請提供最新資訊。當您談到未來幾年每股收益將實現兩位數增長時，您指的是某種中等水平——這必然伴隨著——每股收益將實現高十幾個百分點的複合年增長率，而獨特的增長將達到中等個位數，我只是很好奇，當您考慮這一點時，這是否包括銷售、一般和行政費用從 90% 的範圍回落到 70% 的正常化，還是在那之後？

Because it's just -- because if you're taking SG&A down to back to the normal level, I mean, you're really kind of taking some of the growth capital that you've -- you're putting into the model, which makes sense. But I'm just curious, is this kind of run rate basis once we've gotten back to 70%, 75% SG&A gross, or does that include the normalization from 90% down to 70% in that statement?

因為這只是——因為如果你將銷售、一般和行政費用降至正常水平，我的意思是，你實際上是把你投入到模型中的一些成長資本拿出來，這是有道理的。但我只是好奇，一旦我們回到 70%、75% 的 SG&A 總額，這種運行率基礎是否成立，或者這是否包括該聲明中從 90% 降至 70% 的正常化？

Yeah. Over time, we expect to get back to the mid-70s. It's going to take us some time to get there. All of that's factored into the guidance that we're providing. So we expect that, again, with mid-single-digit retail unit growth, we'd expect a CAGR of high-teen EPS growth. And there's a certain -- there's an assumption of SG&A kind of ramping down over time, but that's embedded in that guidance.

是的。隨著時間的推移，我們預計會回到 70 年代中期。我們需要花一些時間才能到達那裡。所有這些都已納入我們提供的指導之中。因此，我們預計，隨著零售單位數以中等個位數成長，我們預計每股盈餘的複合年增長率將達到十幾歲左右。並且存在一定的假設，即銷售、一般及行政費用會隨著時間的推移而減少，但這已包含在該指南中。

But to be fair, the mid-70 did -- the gap between 90% and mid-70s, that's analogous to sort of CapEx or growth capital that shouldn't be viewed as operating. So I'm just trying to understand, is this something that, on an operating basis, you think you can do once as -- regardless of that normalization of SG&A?

但公平地說，70 年代中期確實存在——90% 和 70 年代中期之間的差距類似於資本支出或成長資本，不應被視為營運。所以我只是想了解一下，從營運角度來看，您是否認為無論銷售、一般和行政費用是否正常化，您都可以一次完成這件事？

John, unless we got some robust line this year, I can't see us getting back to the mid-70s this year yet. We stand by what the model we feel really good about the momentum and think that we can provide great, robust EPS growth, even in the range that we're at right now.

約翰，除非我們今年能取得一些強勁的成績，否則我認為我們今年還無法回到 70 年代中期。我們堅持該模型，我們對這種勢頭感到非常滿意，並認為即使在我們目前的範圍內，我們也能夠提供出色、強勁的每股收益成長。

Again, the timing of getting back to the mid-70s is embedded in that guidance. And what I tell you is that -- you mentioned 90%, 91%, where we ended this quarter relative to mid-70s. Q4 is the high point of SG&A as a percent of gross profit. For the year, we were in the low-80s, and so -- just as a point of clarification.

再次，回到 70 年代中期的時間已包含在該指導中。我告訴你的是——你提到了 90%、91%，相對於 70 年代中期，我們本季的成長率是這個水準。第四季是銷售、一般及行政費用佔毛利百分比的最高點。今年，我們的收入處於 80 出頭的水平，因此 — — 只是為了澄清一點。

Okay. All right. Thank you very much.

好的。好的。非常感謝。

Rajat Gupta, JPMorgan.

摩根大通的 Rajat Gupta。

Great. Good. Thanks for allowing me to ask another follow-up. I just wanted to clarify because we've gotten some like inbound through the course of the call, just on the comments around CAF and provisioning, understand the mechanics around the first-quarter step-up clearly. Just curious what was the suggestion from Jon that that level of provisioning will continue through the remainder of the year or into 2Q, 3Q, or it was just the fact that you're increasing the sub-prime mix or that will continue? Just wanted to make sure we're tying those two comments appropriately. Thanks.

偉大的。好的。感謝您允許我提出另一個後續問題。我只是想澄清一下，因為我們在通話過程中收到了一些類似的回复，只是關於 CAF 和配置的評論，清楚地了解第一季度升級的機制。我只是好奇喬恩的建議是什麼，即這種撥備水平將持續到今年剩餘時間或第二季度、第三季度，還是僅僅是增加了次級抵押貸款組合，或者這種情況會持續下去？只是想確保我們正確地將這兩則評論聯繫起來。謝謝。

Yeah. Happy to clarify that, Rajat. Appreciate the question.

是的。很高興澄清這一點，拉賈特。感謝你的提問。

So yeah, I think if you couple the two things, the larger one really in Q1 is certainly the step-up in volume and the lower credit quality nature of Q1. So that is going to be the real big driver of the significant growth in the Q1 provision, again, as compared to the Q4 provision referring to. And then, yes, you tack onto there the fact that we are going to capture 100, 150 basis points back at obviously a highly profitable, but at a higher loss reserve requirement. So higher provisioning there.

所以是的，我認為如果將這兩件事結合起來，那麼第一季真正更大的問題肯定是交易量的增加和第一季信貸品質的下降。因此，與第四季度準備金相比，這將成為第一季準備金大幅成長的真正主要驅動力。然後，是的，你還要考慮到這樣一個事實：我們將以顯然非常有利可圖但損失準備金要求更高的方式收回 100 到 150 個基點。因此那裡的供應量更高。

Now, that 100, 150 basis points, we anticipate keeping through subsequent quarters, and then again, on the back half, we look to tack on more as we continue our testing in the Tier 2 and Tier 3 space. So that will add further, again, different seasonality in different quarters, but I just want you to keep in mind that that added penetration, added volume from CAF going deeper has to be factored into your provisioning going forward.

現在，我們預計這 100、150 個基點將在接下來的幾個季度中保持下去，然後在下半年，隨著我們繼續在 Tier 2 和 Tier 3 領域進行測試，我們希望能夠增加更多基點。因此，這將進一步增加不同季度的不同季節性，但我只是想讓你記住，增加的滲透率、CAF 深入增加的數量必須計入你未來的供應中。

Again, long run, it's a win, but I want you to keep that in mind. And then of course, all -- always the overarching comment of we will watch the macroeconomic situation, decide what we do, but want to make sure you keep the added penetration in mind in subsequent quarters.

再說一次，從長遠來看，這是一場勝利，但我希望你記住這一點。當然，所有 - 始終是我們將專注於宏觀經濟形勢，決定我們做什麼的首要評論，但要確保你在接下來的幾個季度中記住增加的滲透率。

The other thing I would just add to that, Rajat, because you said something about sub-prime mix. I mean, what Jon's talking about here in the near term is taking back stuff that we were originating earlier, not -- I just want to be clear, it's not going into sub-prime. It's basically pulling stuff back in that we had passed off to our Tier 2 partners. Now, later in the year, when we decided to go deeper into Tier 2 and Tier 3, then you could see a little bit of that. So I just wanted to make that distinction.

拉賈特，我還要補充一點，因為你談到了次級房貸組合。我的意思是，喬恩在短期內談論的是收回我們之前發起的東西，而不是——我只是想明確一點，它不會進入次級抵押貸款。這基本上就是把我們交給二級合作夥伴的東西收回來。現在，今年晚些時候，當我們決定深入研究第 2 層和第 3 層時，你會看到一些這樣的情況。所以我只是想做出這種區分。

Understood. Thanks so much for clarifying that. Again, thanks again, and good luck.

明白了。非常感謝您澄清這一點。再次感謝，祝你好運。

Michael Montani, Evercore ISI.

邁克爾·蒙塔尼，Evercore ISI。

Yes, hi. Thanks for letting me sneak another one in. I was just hoping, could you clarify a little bit more what the Edmunds lease impairment charge was for? And then secondly, when could we think about the added penetration turning into a win? I guess more specifically, can you grow CAF profits if provisioning have to step up that much for this year?

是的，你好。謝謝你讓我偷偷再進去一個。我只是希望您能更清楚地解釋一下 Edmunds 租賃減損費用的用途嗎？其次，我們什麼時候可以認為增加的滲透力轉化為勝利？我想更具體地說，如果今年的撥備必須增加那麼多，那麼 CAF 利潤還能增加嗎？

Yeah, I'll take the first one. So we have a couple of floors in the Edmunds Santa Monica headquarter that we've been actively trying to sublease really since we acquired them. But it's been a hard market in LA, as you can imagine. So more recently, an elementary school was impacted by the LA fires, unfortunately, and they were in need of space. So we ended up subleasing one of the floors to them. So we're able to find a subleaser while helping the community. So it really was a win-win situation. And that is what drove the impairment there.

是的，我會選擇第一個。自從我們收購了 Edmunds Santa Monica 總部的幾層樓以來，我們一直在積極嘗試轉租。但你可以想像，洛杉磯的市場很艱難。最近，不幸的是，一所小學受到了洛杉磯火災的影響，他們需要空間。因此我們最終將其中一層樓轉租給了他們。因此，我們能夠在幫助社區的同時找到轉租者。所以這確實是一個雙贏的局面。這就是造成那裡損害的原因。

Yeah. And let's see your second question, do we see given the provision growth in CAF income? Short answer is absolutely yes. We see a growth in FY26 for CAF income. On top of the provision, that comes from strong net interest margins, obviously mentioning our expenses and all of that. But yeah, we absolutely see growth within the year and then obviously strong growth beyond that as the provision is trumped by the overall income we're going to gain.

是的。讓我們看看您的第二個問題，我們是否看到 CAF 收入的撥備成長？簡短的回答是肯定的。我們預計 26 財年 CAF 營收將會成長。除了撥備之外，這也來自於強勁的淨利差，顯然提到了我們的開支等等。但是的，我們確實看到了今年的成長，而且顯然在那之後還會有強勁的成長，因為我們將獲得的總收入超過了撥備。

Understood. Thanks for the clarity.

明白了。謝謝你的澄清。

Thank you. We do not have any further questions at this time. I'll hand the call back to Bill for any closing remarks.

謝謝。目前我們沒有其他問題。我會將電話轉回給比爾，讓他做最後的總結發言。

Well, great. Well, thank you all for joining the call today and for your questions and support. Again, I want to just congratulate all of our associates for how they've built and enhanced our great culture for everything they do and take care of each other, our customers, and our communities, and we'll talk again next quarter.

嗯，太好了。好吧，感謝大家今天參加電話會議並提出問題和支持。再次，我要祝賀我們所有的同事，感謝他們所做的每一件事都建立和增強了我們的偉大文化，並互相照顧，關心我們的客戶和我們的社區，我們將在下個季度再次交談。

Thank you.

謝謝。

Thank you. Ladies and gentlemen, that concludes the fourth-quarter fiscal year 2025 CarMax earnings release conference call. You may now disconnect.

謝謝。女士們，先生們，CarMax 2025 財年第四季財報發布電話會議到此結束。您現在可以斷開連線。