車美仕 (KMX) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the first-quarter fiscal year 2026 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 2026 財年第一季財報發布電話會議。（操作員指令）。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, Vice President, 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, Nikki. Good morning, everyone, and thank you for joining our fiscal 2026 first quarter earnings conference call. I'm here today with Bill Nash, our President and CEO; and Enrique Mayor-Mora, our Executive Vice President and CFO; and Jon Daniels, our Executive Vice President, CarMax Auto Finance.

謝謝你，尼基。大家早安，感謝您參加我們的 2026 財年第一季財報電話會議。今天和我一起來這裡的還有我們的總裁兼首席執行官比爾·納什 (Bill Nash)、我們的執行副總裁兼首席財務官恩里克·馬約爾-莫拉 (Enrique Mayor-Mora) 以及我們的 CarMax 汽車金融執行副總裁喬恩·丹尼爾斯 (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.

讓我提醒您，我們今天的聲明不是歷史事實陳述，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，而是我們根據 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。

These statements are based on our current knowledge, expectations and assumptions and are subject to substantial risks and uncertainties and that could cause actual results to differ materially from our expectations. In providing projections and other forward-looking statements, we disclaim any intent or obligation to update them.

這些聲明是基於我們目前的知識、預期和假設，並受到重大風險和不確定性的影響，可能導致實際結果與我們的預期有重大差異。在提供預測和其他前瞻性陳述時，我們不承擔任何更新它們的意圖或義務。

For additional information on important facts and risks that could affect these expectations, please see our Form 8-K filed with the SEC this morning and an annual report on Form 10-K for fiscal year 2025 previously filed with the SEC. Should you have any follow-up questions after the call, please feel free to contact our Investor Relations department at 804-747-0422 extension 7865.

有關可能影響這些預期的重要事實和風險的更多信息，請參閱我們今天上午向美國證券交易委員會提交的 8-K 表格以及之前向美國證券交易委員會提交的 2025 財年 10-K 表格年度報告。如果您在通話後有任何後續問題，請隨時致電我們的投資者關係部門：804-747-0422 轉 7865。

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

最後，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。帳單？

Thank you, David. Good morning, everyone, and thanks for joining us. Our first quarter results highlight the strength of our earnings growth model, which is underpinned by our best-in-class omnichannel experience, diversity of our business and a sharp focus on execution.

謝謝你，大衛。大家早安，感謝大家的參與。我們第一季的業績凸顯了我們獲利成長模式的強勁，這得益於我們一流的全通路體驗、業務多樣性以及對執行力的高度關注。

Across the company, we are operating with a continuous improvement mindset. We are focused on growing sales and gaining market share, expanding gross profit, managing CAPs, credit spectrum expansion, leveraging SG&A and buying back shares. This focus, combined with our ability to provide a unique customer experience across our large total addressable market provides a long runway for profitable growth.

在整個公司，我們都以持續改善的心態進行營運。我們專注於增加銷售額和獲得市場份額、擴大毛利、管理 CAP、擴大信用範圍、利用 SG&A 和回購股票。這種專注，加上我們在龐大的潛在市場中提供獨特客戶體驗的能力，為獲利成長提供了長期的跑道。

In the first quarter, on a year-over-year basis, we grew retail and wholesale unit volume, we delivered robust retail wholesale EPP and service GPUs. 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 and funding model. We materially leveraged SG&A as a percent of gross profit. We doubled the pace of our share repurchases and we achieved 42% EPS growth. This marks our fourth consecutive quarter of positive retail unit comps and double-digit year-over-year earnings per share growth.

第一季度，與去年同期相比，我們的零售和批發單位銷售量有所成長，我們提供了強勁的零售批發 EPP 和服務 GPU。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範圍承保和融資模式。我們大幅提高了銷售、一般及行政費用佔毛利潤的百分比。我們將股票回購的速度提高了一倍，實現了 42% 的每股盈餘成長。這是我們連續第四個季度實現零售單位銷售額年增和每股收益同比增長兩位數。

During the period, we delivered total sales of $7.5 billion, up 6% compared to last year, reflecting higher volume, partially offset by lower prices. In our retail business, total unit sales increased 9% and used unit comps were up 8.1%. Average selling price was $26,100, a decrease of approximately $400 per unit year-over-year.

在此期間，我們的總銷售額達到 75 億美元，比去年同期增長 6%，這反映了銷量的增長，但部分被價格的下降所抵消。在我們的零售業務中，總單位銷售額成長了 9%，二手單位銷售額成長了 8.1%。平均售價為 26,100 美元，年比每台下降約 400 美元。

First quarter retail gross profit per used unit was an all-time record, driven by strong demand and operating efficiencies across our logistics network and reconditioning operations. Wholesale unit sales were up 1.2% versus the first quarter last year. Average wholesale selling price declined approximately $150 per unit to $8,000. Wholesale gross profit per unit was historically strong and similar to last year. We bought approximately 336,000 vehicles during the quarter, up 7% from last year.

第一季每單位二手商品零售毛利創歷史新高，這得益於強勁的需求以及我們物流網絡和修復業務的營運效率。批發單位銷售額比去年第一季成長了 1.2%。平均批發售價每件下降約 150 美元至 8,000 美元。每單位批發毛利潤一直保持強勁，與去年相似。本季我們購買了約 336,000 輛汽車，比去年增長 7%。

We purchased approximately 288,000 vehicles from consumers with more than half of those buys coming through our online instant appraisal experience. With the support of our Edmunds sales team, we sourced the remaining approximately 48,000 vehicles through dealers, which is up 38% from last year. Our digital capabilities supported 80% of our retail unit sales during the first quarter, 66% were omni and 14% were online.

我們從消費者那裡購買了大約 288,000 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。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 48,000 輛汽車，比去年增長了 38%。我們的數位化能力在第一季支撐了 80% 的零售單位銷售額，其中 66% 為全通路銷售，14% 為線上銷售。

Relative to traditional and online-only dealers, we are the only nationwide retailer to offer an integrated, simple, seamless and personalized experience to meet the largest and growing segment of used car buyers. According to Cox Automotive Research as well as our own, the majority of customers shopping for used cars intend to transact via an omni experience. The combination of our associates, stores, technology and digital capabilities, all seamlessly tied together is a key differentiator that gives consumers the optionality to shop online, in-store or a combination of the two.

相對於傳統和純線上經銷商，我們是唯一一家提供整合、簡單、無縫和個人化體驗的全國性零售商，以滿足最大且不斷增長的二手車購買者群體。根據考克斯汽車研究公司和我們自己的調查，大多數購買二手車的客戶都希望透過全方位體驗進行交易。我們的員工、商店、科技和數位能力無縫地結合在一起，這是一個關鍵的區別因素，讓消費者可以選擇線上購物、店內購物或兩者結合購物。

Our Net Promoter Score is the highest it's been since rolling out our digital capabilities nationwide, supported by new record high online and omni scores, reflecting that this experience is resonating well with customers.

我們的淨推薦值是自在全國範圍內推出數位化功能以來的最高值，這得益於創紀錄的在線和全方位得分，反映出這種體驗與客戶產生了良好的共鳴。

Our differentiated offering gives us a unique opportunity to reach more customers. To further capitalize on this opportunity, we're excited to launch a new marketing campaign later in the summer that will bring our omnichannel experience and our digital capabilities to the forefront for a broad set of consumers.

我們的差異化產品為我們提供了接觸更多客戶的獨特機會。為了進一步利用這個機會，我們很高興在今年夏天晚些時候推出一項新的行銷活動，將我們的全通路體驗和數位能力帶到廣大消費者的面前。

And now I will turn the call over to Jon to provide more detail on CarMax Auto Finance. Jon?

現在我將把電話轉給喬恩，讓他提供有關 CarMax 汽車金融的更多詳細資訊。喬恩？

Thanks, Bill, and good morning, everyone. During the first quarter, CarMax Auto Finance originated over $2.3 billion, resulting in sales penetration of 41.8% net of three-day payoffs, which was 150 basis points below last year. The weighted average contract rate charged to new customers was 11.4%, in line with last year's first quarter. CAF's reduction in penetration was primarily driven by an influx of self-funded higher credit purchasers seen during the initial announcement of tariffs and, to a lesser degree, a higher Tier 3 penetration, both of which more than offset our expansion since Q4.

謝謝，比爾，大家早安。第一季度，CarMax 汽車金融發放貸款超過 23 億美元，扣除三天還款後，銷售滲透率為 41.8%，比去年同期低 150 個基點。向新客戶收取的加權平均合約費率為11.4%，與去年第一季持平。CAF 滲透率的下降主要是由於在最初公佈關稅時出現的自籌資金高信用購買者的湧入，以及在較小程度上由於 Tier 3 滲透率的提高，這兩者都抵消了我們自第四季度以來的擴張。

Third-party Tier 2 penetration in the quarter was down 100 basis points year-over-year to 17.7% of sales while third-party Tier 3 volume accounted for 8% of sales, up from 7.5% last year. Cash income for the quarter was $142 million, which was down $5 million from FY25. Net interest margin was 6.5%, up over 30 basis points from last year as customer APRs outpaced the increase in our funding cost.

本季第三方二級市場的滲透率年減 100 個基點，至銷售額的 17.7%，而第三方三級市場的滲透率佔銷售額的 8%，高於去年的 7.5%。本季現金收入為 1.42 億美元，較 25 財年下降 500 萬美元。淨利差為 6.5%，較去年同期上升超過 30 個基點，因為客戶 APR 的成長速度超過了我們融資成本的增幅。

CAF's loan loss provision of $102 million was impacted by several notable items. First, Q1 is a seasonally higher sales and lower credit quality period requiring a larger provision for newly originated volume. Second, loss performance within the quarter, particularly within 2022 and 2023 vintages, along with the uncertain economic outlook necessitated additional loss reserves.

CAF 的 1.02 億美元貸款損失準備受到幾項顯著因素的影響。首先，第一季是季節性銷售額較高、信貸品質較低的時期，需要為新產生的交易量提列更大的撥備。其次，本季的虧損表現，尤其是 2022 年和 2023 年的虧損表現，加上不確定的經濟前景，需要額外的損失準備金。

Note that 2024 vintages remain largely in line with our original loss expectation. The last noteworthy item impacting the Q1 provision relates to CAF's continued build-out of our full spectrum lending capabilities. While we remain focused on increasing our penetration across the credit spectrum, we also want to carefully manage future risk from higher profit, higher loss receivables.

請注意，2024 年份的葡萄酒銷售量基本上符合我們最初的損失預期。影響 Q1 準備金的最後一個值得注意的項目與 CAF 繼續建立我們的全方位貸款能力有關。雖然我們仍然專注於提高我們在信貸領域的滲透率，但我們也希望謹慎管理未來更高的利潤、更高的損失應收帳款帶來的風險。

To that end, during the quarter, we earmarked a held for sale pool of loans with a $632 million principal balance from our nonprime portfolio. That loan pool is intended to be fully sold off our balance sheet as a part of a nonprime securitization transaction. In the immediate term, this treatment removes the requirements to reserve for future losses expected on this pool of receivables.

為此，在本季度，我們從非優質投資組合中劃撥了一筆待售貸款池，其中本金餘額為 6.32 億美元。此貸款池計劃作為非優質證券化交易的一部分從我們的資產負債表中全部出售。從短期來看，這種處理方式消除了對該筆應收帳款預期未來損失的準備金要求。

In the period in which the ABS transaction closes, capital booked any gain realized by selling the financial interest in the loans. Also, the risk of any financial impact from this pool due to future deterioration is removed once sold. This additional funding lever as well as other off-balance sheet funding vehicles under consideration will provide CarMax with significant flexibility and allow us to mitigate risk while focusing on our growth plan.

在 ABS 交易結束期間，資本記入了透過出售貸款中的財務權益而實現的任何收益。此外，一旦出售，該游泳池因未來惡化而產生的任何財務影響風險就會消除。這項額外的融資槓桿以及正在考慮的其他表外融資工具將為 CarMax 提供極大的靈活性，並使我們能夠在專注於成長計畫的同時降低風險。

Our loan loss provision of $102 million results in a total reserve balance of $474 million or 2.76% of managed receivables, exclusive of auto loans held for sale. Note, there was a reduction on this quarter's provision stemming from $26 million in the reserve allocated to loans booked prior to the first quarter now classified as held for sale. As we reflect on the bigger picture, CAF has delivered solid income for yet another quarter, and we see tremendous potential for the future.

我們的貸款損失準備金為 1.02 億美元，導致總準備金餘額為 4.74 億美元，佔管理應收帳款的 2.76%，不包括持有待售的汽車貸款。請注意，本季的撥備有所減少，因為分配給第一季先前預訂的貸款的準備金中有 2,600 萬美元現在被歸類為持有待售。從更大角度來看，CAF 又一個季度實現了穩健的收入，我們看到了未來的巨大潛力。

Now I'd like to turn the call over to Enrique to discuss our first quarter financial performance in more detail. Enrique?

現在我想將電話轉給恩里克，更詳細地討論我們第一季的財務表現。恩里克？

Thanks, John, and good morning, everyone. As a reminder, last quarter, we provided a view into the strength of the earnings model that we have built as part of our omni transformation. This model is designed to deliver an annual earnings per share CAGR in the high teens when retail unit growth is in the mid-single digits.

謝謝，約翰，大家早安。提醒一下，上個季度，我們對作為全方位轉型的一部分而構建的盈利模式的實力進行了審視。此模型旨在當零售單位成長率達到中等個位數時，實現每股年收益複合年增長率達到十幾歲。

First quarter results delivered net earnings per diluted share of $1.38, up 42% versus a year ago. Total gross profit was $894 million, up 13% from last year's first quarter. Used retail margin of $554 million increased by 12%, with higher volume and per unit margins. Retail gross profit per used unit was $2,407, up $60 from a year ago and a record high. Wholesale vehicle margin of $157 million was flat from a year ago with an increase in volume, offset by a slight reduction in per unit margins.

第一季業績顯示每股淨收益為 1.38 美元，較去年同期成長 42%。總毛利為8.94億美元，較去年第一季成長13%。二手零售利潤率為 5.54 億美元，成長了 12%，銷售和單位利潤率都有所提高。每台二手設備的零售毛利為 2,407 美元，比去年同期成長 60 美元，創歷史新高。批發汽車利潤為 1.57 億美元，與去年同期持平，但銷量增加，但單位利潤略有下降。

Wholesale gross profit per unit was $1,047, which was historically strong, though down slightly from a year ago. Other gross profit was $183 million, up 31% from a year ago. This was driven primarily by a combination of EPP and service. EPP increased by $13 million or $9 per retail unit as we fully comped over margin increases taken in the prior year.

每單位批發毛利潤為 1,047 美元，雖然與一年前相比略有下降，但處於歷史較高水平。其他毛利為1.83億美元，比去年同期成長31%。這主要是由 EPP 和服務的結合所推動的。由於我們完全補償了去年的利潤成長，EPP 增加了 1300 萬美元，即每個零售單位增加了 9 美元。

Service recorded a $33 million margin, which was a [$30 million] improvement over last year's first quarter. We achieved this performance improvement through cost coverage, volume-based leverage and efficiencies. On the SG&A front, expenses for the first quarter were $660 million, up 3% or $21 million from the prior year.

服務業務的利潤為 3,300 萬美元，比去年第一季增加了 3,000 萬美元。我們透過成本覆蓋、基於數量的槓桿和效率實現了這項績效改進。在銷售、一般及行政費用方面，第一季的支出為 6.6 億美元，比上年增長 3% 或 2,100 萬美元。

SG&A to gross profit leveraged by 680 basis points to 74% and driven by the growth in gross profit and our ongoing actions to improve expense efficiencies. SG&A dollars for the first quarter versus last year was mainly impacted by a compensation and benefits, the increase of $19 million. The majority of this increase was related to unit volume growth.

銷售、一般及行政費用與毛利之比提高了 680 個基點，達到 74%，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。與去年同期相比，第一季銷售、一般及行政費用主要受到薪資和福利的影響，增加了 1,900 萬美元。這一增長主要與單位產量增長有關。

We continue to deliver efficiency gains across the business. We are off to a strong start in achieving our goal of omni cost neutrality in fiscal year '26 for the first time across three key metrics. In the first quarter, we were both more efficient versus pre omni and versus last year per used unit, per total unit and as a percent of gross profit. Recall that this compares to variable commission costs of selling and buying vehicles in our pre-omni model to our cost now which includes a new per unit commission as well as the cost of running our customer experience centers.

我們將繼續提高整個業務的效率。我們開局良好，首次在三個關鍵指標上實現了 26 財年的全成本中立目標。在第一季度，我們的效率比全能之前和去年同期都更高，無論是每使用單位、每總單位或毛利的百分比。回想一下，這與我們在全向模型之前的車輛銷售和購買的可變佣金成本相比，我們現在的成本包括新的每單位佣金以及營運客戶體驗中心的成本。

A key driver of these efficiency gains and experience enhancements has been our strategic deployment of AI technology across our operations. A few key metrics that illustrate the progress we are making year-over-year include Sky, our AI-powered virtual assistant realized a 30% improvement in containment rate. Our customer experience consultants productivity improved by 24%, and phone and web response rate SLAs improved by double digits.

效率提升和體驗增強的一個關鍵驅動力是我們在營運過程中對人工智慧技術的策略性部署。一些關鍵指標表明我們逐年取得了進步，其中包括 Sky，我們的人工智慧虛擬助理實現了 30% 的遏制率提高。我們的客戶體驗顧問的工作效率提高了 24%，電話和網路回應率 SLA 提高了兩位數。

We see tremendous opportunity to continue expanding AI applications across our business to drive both the top line growth and operational excellence.

我們看到了巨大的機會，可以繼續在我們的業務中擴展人工智慧應用，以推動收入成長和卓越營運。

Turning to capital allocation. We remain committed to creating long-term shareholder value. Our priorities are clear, invest in the core business, primarily through the reallocation of resources; evaluate new growth opportunities through investments, partnerships or acquisitions; and return excess capital to shareholders.

轉向資本配置。我們始終致力於創造長期股東價值。我們的優先事項很明確，主要透過重新分配資源來投資核心業務；透過投資、合作或收購來評估新的成長機會；並將多餘的資本回饋給股東。

During the first quarter, we accelerated the pace of our share repurchases, buying back approximately 3 million shares for a total spend of $200 million. As of the end of the quarter, we had approximately $1.74 billion of repurchase authorization remaining.

第一季度，我們加快了股票回購的步伐，回購了約 300 萬股，總支出為 2 億美元。截至本季末，我們剩餘的回購授權約為 17.4 億美元。

Looking forward to the balance of the year, I'll cover a few items. We expect service margin to grow year-over-year, predominantly in the first half of the year and to deliver a positive profit contribution for the full year as governed by sales performance, given the leverage, deleverage nature of service. Recall that the first quarter is typically the strongest for service margins due to higher seasonal sales volumes.

展望今年的平衡，我將介紹一些事項。我們預計服務利潤率將同比增長，主要在上半年，並根據銷售業績、考慮到服務的槓桿和去槓桿性質，全年將帶來正的利潤貢獻。回想一下，由於季節性銷售量較高，第一季的服務利潤率通常是最高的。

Turning to marketing. We expect for the full year that our spend on a total unit basis will be flat year-over-year. Regarding CAF's funding strategy, our current plan is to execute the programmatic off-balance sheet sale of the financial interest in the non-prime securitization once a year. As Jon noted, we will also be assessing additional off-balance sheet funding levers to further accelerate CAF penetration while continuing to learn from our full spectrum models.

轉向行銷。我們預計全年總單位支出將與去年同期持平。關於CAF的融資策略，我們目前的計劃是每年一次對非主要證券化的金融權益進行程序化的表外出售。正如喬恩所指出的，我們還將評估額外的表外融資槓桿，以進一步加速 CAF 滲透，同時繼續從我們的全方位模型中學習。

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

現在我將把電話轉回給比爾。

Great. Thank you, Enrique and Jon. Before I open it up for questions, let me summarize what you heard from us today about our strong first quarter. We delivered our fourth consecutive quarter of positive retail unit comps and double-digit earnings per share growth.

偉大的。謝謝你，恩里克和喬恩。在開始提問之前，讓我先總結一下大家今天聽到的關於我們強勁的第一季的情況。我們連續第四個季度實現了零售單位銷售額的正成長和每股盈餘的兩位數成長。

We grew both retail and wholesale unit volume. Our sourcing efforts hit another milestone with a record dealer volume through Max offer, and we continue to leverage our cost structure with meaningful SG&A improvement. Our digital capabilities and overall experiences are resonating with customers as evidenced by our Net Promoter Score.

我們的零售和批發單位數量均有所增加。我們的採購工作達到了另一個里程碑，透過 Max offer 創下了經銷商數量的記錄，我們繼續利用我們的成本結構，實現銷售、一般及行政費用的顯著改善。我們的數位能力和整體體驗引起了客戶的共鳴，這可以從我們的淨推薦值中看出。

We're also continuing to leverage AI across the business to further enhance the experience for both customers and associates and to increase operational efficiency. We're taking the next steps in our credit expansion by delivering a new funding method for a portion of our nonprime portfolio that mitigates risk, gives us more flexibility and supports the growth of CAF income and we doubled our share repurchase pace.

我們也將繼續在整個業務中利用人工智慧來進一步增強客戶和員工的體驗並提高營運效率。我們正在採取信貸擴張的下一步措施，為部分非優質投資組合提供新的融資方法，以降低風險、為我們提供更大的靈活性並支持 CAF 收入的成長，並且我們將股票回購速度提高了一倍。

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 in a very large and fragmented market and positions us to continue 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。這是一個非常龐大且分散的市場中的關鍵差異化因素，它使我們能夠在未來幾年繼續推動銷售、獲得市場份額並實現顯著的同比盈利增長。

I want to thank our associates across the country for their dedication in delivering these results to providing an unmatched experience for our customers.

我要感謝我們全國各地的同事，感謝他們為實現這些成果所做的奉獻，為我們的客戶提供了無與倫比的體驗。

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

我們很樂意回答您的問題。

(Operator Instructions)

（操作員指示）

Brian Nagel, Oppenheimer.

奧本海默的布萊恩·納格爾。

Nice quarter. Congratulations. Really nice quarter.

不錯的季度。恭喜。真是一個美好的季度。

Thank you, Brain.

謝謝你，布萊恩。

I guess the question I want to ask obviously, we've seen a nice acceleration here in your used car business. I know you don't typically talk much about intra-quarter trends or trends in the full quarter. But the question we ask is, I mean, how are you viewing the sustainability here? Is -- as you're looking at this, is the business coming back? Is there anything unique to this reacceleration?

我想問的問題顯然是，我們看到你們的二手車業務有了很好的發展。我知道您通常不會談論太多季度內趨勢或整個季度的趨勢。但我們要問的問題是，您如何看待這裡的永續性？您是否看到這種情況，業務恢復了嗎？這次重新加速有什麼獨特之處嗎？

And then a follow-up to that is, and you showed again in this quarter, nice SG&A leverage, but as we're thinking about sales continuing to restrain here, how should we consider expenses coming back into the model? Or to what degree expenses did you go back to the model to support those sales? Thanks.

然後接下來的問題是，您在本季度再次展示了良好的銷售、一般和行政費用槓桿，但由於我們考慮到銷售額繼續受到限制，我們應該如何考慮將費用重新納入模型？或者您在多大程度上花費了資金來支持這些銷售？謝謝。

Sure, Brian. I'll take the first one, and then Enrique, do you want to talk about the expenses. As far as acceleration, look, Brian, we feel really good. I mean, first of all, just back up a second. We're really pleased that this is the fourth consecutive quarter of comp growth.

當然，布萊恩。我先問第一個問題，然後恩里克，你想談談費用嗎？就加速而言，布萊恩，你看，我們感覺真的很好。我的意思是，首先，讓我們先回顧一下。我們非常高興這是連續第四個季度實現同比增長。

Obviously, this quarter, we're pleased with the comps, especially all three months were positive. As I think about the acceleration, and we talked a little bit about this last quarter, I think this month -- or this quarter's performance, it's driven some by the macro factors, but I also think it's driven some by with what we have can control.

顯然，本季我們對業績感到滿意，尤其是所有三個月的業績都是正面的。當我想到加速時，我們談到了上個季度的情況，我認為這個月或本季的表現，部分受到宏觀因素的影響，但我也認為部分受到我們能夠控制的因素的影響。

And I would go back to some remarks I made in the last quarterly call, which is the quarter started off strong and then we saw an uptick at the end of the quarter when there was speculation about the tariffs. And then I talked about that uptick towards the latter part of March and then rolling into April, we saw another little uptick. And so April ended up being the strongest month for us.

我想回顧一下我在上一季電話會議上所做的一些評論，即本季開局強勁，然後當出現有關關稅的猜測時，我們在季度末看到了上漲。然後我談到了三月下旬的上升趨勢，然後進入四月，我們又看到了一次小幅上升。因此，四月成為了我們最強勁的一個月。

But I would just go back to even before we saw that the initial uptick. The business was growing, was doing well. And I think that's a reflection of a lot of the work that we've done internally, whether it's the inventory management, it's our pricing, is our savings, it's the omnichannel experience, continue to make that better. So I think there's this performance is both market driven. I think it's also driven by us.

但我只是想回顧一下我們看到的最初上漲之前的情況。業務不斷成長，經營狀況良好。我認為這反映了我們內部所做的大量工作，無論是庫存管理、定價、儲蓄還是全通路體驗，我們都會繼續改進。所以我認為這種表現是由市場驅動的。我認為這也是由我們推動的。

So we feel great about the rest of the year. As I said at the at the end of last year that we would expect to grow sales and gain share this year, and there's nothing that's changed that outlook. Enrique?

因此，我們對今年剩餘的時間感到十分滿意。正如我在去年年底所說的那樣，我們預計今年的銷售和市場份額將會增加，而且沒有什麼能改變這一前景。恩里克？

Yeah. For SG&A, Brian, we spent the past couple of years being able to lever SG&A, and that's really given all the actions we've taken on focusing on efficiency. And we're committed to continuing to delever the business. I do think this quarter is really illustrative of the power of the model that we've built. So strong comps, and we levered SG&A almost 700 basis points this quarter.

是的。對於銷售、一般和行政費用 (SG&A)，布萊恩，我們在過去幾年中一直在努力利用銷售、一般和行政費用，這實際上是考慮到我們為提高效率而採取的所有行動。我們致力於持續降低業務槓桿。我確實認為本季真正體現了我們所建造的模型的威力。因此，我們本季的銷售、一般及行政費用 (SG&A) 槓桿率高達近 700 個基點。

And when you look at the increase in SG&A for this quarter, primarily, it was driven by variable costs. But again, with those variable costs, we were able to lever again by almost 700 basis points, taking us to the mid-70% in the first quarter here. So we're committed to continue doing that. see the power of the model here.

當您查看本季銷售、一般及行政費用 (SG&A) 的成長時，您會發現，這主要是由變動成本所致。但是，再次，利用這些變動成本，我們能夠再次利用近 700 個基點，使我們在第一季的槓桿率達到 70% 左右。因此，我們致力於繼續這樣做。請在此處查看該模型的威力。

Yeah. And Brian, the only thing I would add to that is that's a big focus for us is continuing that leverage. And we certainly like the additional volume and how it helps that, but we're also very much focused on continuing to find efficiencies, continuing to take SG&A. And we just think there's a lot of opportunities still there.

是的。布萊恩，我唯一想補充的是，我們的重點是繼續發揮這種影響力。我們當然喜歡額外的銷售以及它如何幫助我們實現這一目標，但我們也非常注重持續提高效率，並繼續承擔銷售、一般及行政費用。我們只是認為那裡仍有很多機會。

Thanks guys. Again, congrats.

謝謝大家。再次恭喜。

Thanks, Brian.

謝謝，布萊恩。

Scot Ciccarelli, Truist.

斯科特·西卡雷利（Scot Ciccarelli），Truist。

Good morning, guys. Bill, I know you guys don't guide, but with comp growth kind of bouncing around a bit the way it has, and comparisons getting much more difficult in the balance of the year. How should we, from an outside modeling perspective, to be thinking about the comp growth on a go-forward basis? Are we thinking about stacks. Is that something that like two-year stacks or three-year stacks, is that relevant? I know obviously, there's a lot of moving pieces on the macro and you guys are making all the changes that you've already excited. But just from a broader perspective, like how should we be thinking about this for comp growth for the balance of the year?

大家早安。比爾，我知道你們不提供指導，但隨著公司業績成長出現一些波動，在今年的平衡中進行比較變得更加困難。從外部建模的角度來看，我們應該如何考慮未來的成長？我們正在考慮堆疊嗎？這是否與兩年期堆疊或三年期堆疊有關？我顯然知道，宏觀上有很多變動，你們正在進行所有你們已經興奮的改變。但從更廣泛的角度來看，我們應該如何考慮今年剩餘時間的業績成長？

Yeah, I'll tie it back a little bit to what I talked about and Brian. But as far as like you can look at two-year stack, three-year stacks, they tell a little bit of a mixed story. And I think that's -- you can't rely 100% on that because there's a lot of dynamics that happen over the years. And as far as the outlook for the rest of the year, look, we feel like we've put ourselves in a good position.

是的，我會把它與我和布萊恩談論的內容稍微連結起來。但就兩年期堆疊、三年期堆疊而言，它們所講述的故事有點複雜。我認為你不能 100% 依賴這一點，因為多年來會發生很多動態變化。至於今年剩餘時間的前景，我們感覺我們已經處於有利地位。

And as I said to Brian's question, we don't -- we're not changing our outlook for the year based off of what we laid out there for the beginning of the year. And so we expect to continue to grow sales and continue to gain market share. Nothing has changed that outlook so --

正如我在回答布萊恩的問題時所說的那樣，我們不會——我們不會根據年初制定的計劃改變今年的展望。因此，我們預期銷售額將繼續成長，市場佔有率將繼續擴大。沒有什麼能改變這種觀點，--

Okay, and then I'll take a quick follow up if I can. Can you just provide a little bit more color on the shift on the non-prime? Like if I heard you correctly, it sounded like there was going to be another $26 million provision, but you don't have to count it because it's now, being held for sale, was that the correct interpretation?

好的，如果可以的話我會快速跟進。您能否提供更多關於非主要轉變的詳細資訊？如果我沒聽錯的話，聽起來好像還會有另外 2600 萬美元的撥款，但你不必將其計算在內，因為它現在正在出售，這是正確的解釋嗎？

Sure. Yeah, I can take that question, Scot. So first, overarching, let's just talk about the held for sale transaction. broader picture, like we are super excited about our full spectrum strategy. If you look at what we put in place, we bifurcated our securitization program. We've implemented our new models. We've executed two transactions where we held the future cash flows, and this is the next step.

當然。是的，我可以回答這個問題，史考特。因此，首先，總體而言，我們只談論持有待售交易。更廣泛地說，我們對我們的全方位策略感到非常興奮。如果你看一下我們所實施的措施，你會發現我們將證券化計畫分成了兩個部分。我們已經實施了新的模型。我們已經執行了兩筆交易，持有未來現金流，這是下一步。

This held for sale transaction is something we have been thinking about along with other off-balance sheet transactions, but it was just the right time to move on this thing. So the mechanics of it is, ultimately, for those receivables, you do not need to hold any loss reserve because you have intent to sell them. So those $630 million, we're able to not have to put dollars into the reserve. So that works for you in your provision line.

我們一直在考慮這筆持有待售交易以及其他表外交易，但現在是推進此事的最佳時機。因此，其機制最終是，對於那些應收帳款，您不需要持有任何損失準備金，因為您有意出售它們。因此，我們不必將這 6.3 億美元存入儲備金。因此這對您的供應線有用。

Beyond that, there's no future risk there associated with those receivables if there were a deterioration, I mentioned that in the prepared remarks. So that, again, is a risk mitigant there, especially really well targeted to this nonprime space, which we're looking to really drive growth in.

除此之外，如果出現惡化，這些應收帳款不會帶來任何未來風險，我在準備好的評論中提到了這一點。因此，這又是一種風險緩解措施，特別是針對非黃金領域，我們希望真正推動該領域的成長。

On top of that, you're going to capture the gain when the sale closes, I don't know when the sale will close, but you can imagine, it's probably not in Q2, but sometime after that, which is going to bring all of those cash flows upfront for us. So rather than earning them over time, we get them right upfront. So again, a really pivotal thing for us in our strategy and just an extra tool in our toolkit. Regarding the provision in the quarter, just as you mentioned, just to play that out.

最重要的是，您將在銷售結束時獲得收益，我不知道銷售何時結束，但您可以想像，它可能不是在第二季度，而是在那之後的某個時候，這將為我們帶來所有這些現金流。因此，我們不需要隨著時間的推移來獲得它們，而是提前獲得它們。所以，這對我們的策略來說是一個非常關鍵的事情，也是我們工具包中的額外工具。關於本季的準備金，正如您所提到的，只是為了實現這一點。

So again, you had your origination volume. We signaled about $100 million provision at the -- in the Q4 call. We landed on that number, but there were puts and takes there. You had some increase in the provision from the true-up 2022 and 2023 vintages, which we've mentioned. The economic view that we have, we've put aside not an insignificant amount of dollars for that as well. But again, as held for sale, you're able to offset some of that with dollars you no longer have to hold in the reserve.

因此，您再次獲得了您的發起量。我們在第四季電話會議上表示將撥出約 1 億美元的資金。我們得到了這個數字，但還有一些不確定因素。正如我們所提到的，2022 年和 2023 年的年份的準備金有所增加。從我們的經濟角度來看，我們也為此投入了不少資金。但是，由於持有待售，您可以用不再需要保留的美元來抵消其中的一部分。

So long answer, I want to lay out the entire transaction, how it plays out and how the provision was impacted by that. So hopefully, that's clear.

回答很長，我想闡述整個交易、它如何進行以及該條款如何受到影響。希望這一點很清楚。

I think, Scott, what I would add to that is we're really excited about the program. I think a simple way to think about it is that it really enables full spectrum and CAF income growth while mitigating the risk. So it's a tool that we're excited about. As Jon had mentioned in his remarks, we're also looking at other balance sheet potential funding vehicles as well to further accelerate and help us grow our full spectrum strategy.

史考特，我想補充的是，我們對這個計劃感到非常興奮。我認為一個簡單的思考方式是，它確實能夠實現全方位和 CAF 收入成長，同時降低風險。所以這是一個令我們興奮的工具。正如喬恩在演講中提到的那樣，我們也在尋找其他資產負債表潛在的融資工具，以進一步加速並幫助我們發展全方位策略。

Okay, super helpful. Thanks, guys.

好的，非常有幫助。謝謝大家。

Michael Montani, Evercore.

邁克爾·蒙塔尼，Evercore。

Yes, hey guys, good morning, congrats on the quarter. Thanks for taking the question.

是的，嘿夥計們，早上好，恭喜本季。感謝您回答這個問題。

Thank you.

謝謝。

Just wanted to ask, I guess, the two-parter, but the first part was you made a really interesting comment in the prepared remarks about doing a marketing campaign to kind of aware folks to your multichannel capabilities. So I'm just kind of wondering, can you share some basic levels of awareness kind of prior to that campaign? And what exactly it is you're doing differently there?

我只是想問這個問題，分為兩個部分，但第一部分是您在準備好的評論中提出了一個非常有趣的評論，關於開展營銷活動，讓人們了解您的多渠道能力。所以我只是有點好奇，您能否分享一下在該活動之前的一些基本認識水平？您在那裡做了哪些不同的事情？

And then I guess the follow-up was just also related to credit, which was does this signal that you'll be kind of increasing subprime penetration as a percentage of the loans that you're issuing as well? And just how should we think about that?

然後我想後續問題也與信貸有關，這是否意味著你們將增加次級房貸的滲透率（佔你們發放貸款的百分比）？那我們該如何看待這個問題呢？

Great. I'll hit the marketing, and then I'll pass it to Jon to talk about the subprime question. As far as the marketing goes and kind of awareness there, Mike, we've built up our awareness on both digital capabilities and the fact that we can do an online sale. So that's been increasing through our marketing campaigns in the past.

偉大的。我會談一下行銷，然後我會把它交給喬恩討論次級房貸問題。就行銷和認知而言，麥克，我們已經建立了對數位能力和可以進行線上銷售的認識。因此，透過我們過去的行銷活動，這一數字一直在增加。

I think I talked about the last call, we've gone with a new ad agency, 72andSunny and we're really pleased with how the relationship is going. And I cited some [tox] information and I did that purposeful because if you look at how customers want to buy they intend to buy omni. But if you look at the -- how the vast majority of them still buy today, it's all in store.

我想我談到了上次通話，我們與一家新的廣告公司 72andSunny 合作，我們對目前的合作關係感到非常滿意。我引用了一些 [tox] 訊息，我這樣做是有目的的，因為如果你觀察一下顧客想要如何購買，他們就會發現他們打算購買各種產品。但如果你觀察一下——他們中的絕大多數人今天仍然在購買，你會發現這一切都是意料之中的。

And I think what happens is consumers, they want to buy a certain way but then they settle. They go into a dealership and they're forced to buy a certain way. And what we want to make sure that we educate the consumers on it that, look, you don't have to settle. You don't have to go for the one way a dealer has. You have optionality. So I think the campaign build-out is like don't settle, like CarMax has the best experience no matter how you want to buy.

我認為實際情況是，消費者想要以某種方式購買，但最終還是妥協了。他們走進經銷店並被迫以某種方式購買。我們要確保我們能夠教育消費者，讓他們知道，你不必妥協。您不必遵循經銷商的單一方法。您有選擇權。所以我認為，這次活動的發展就像是不要將就，就像無論你想如何購買，CarMax 都能提供最好的體驗。

And I think that is really going to start to resonate with folks as they're looking for options in the future. Jon, I'll turn it over to you on the subprime.

我認為，當人們尋找未來的選擇時，這確實會引起他們的共鳴。喬恩，我會把次級房貸的事情交給你。

Yes, Michael, I'll take that -- take your question on the subprime growth. And yes, fair question. Short answer is, absolutely, we are looking to grow. We've signaled that very clearly. We made adjustments at the beginning of taking volume back, we signaled 100 basis points to 150 basis points of growth.

是的，邁克爾，我會回答你關於次級房貸成長的問題。是的，公平地問。簡短的回答是，我們當然希望能實現成長。我們已經非常明確地表達了這一點。我們在開始恢復交易量時做出了調整，我們發出了 100 個基點到 150 個基點的成長訊號。

Now that was muted because of a lot of stuff that happened in the first quarter, tariffs, et cetera. We cited that in the prepared remarks. But yes, we -- if you look at what we're doing from our full spectrum strategy, we're putting things in place that allow and fuel that growth, especially we think this held for sale supports that.

現在，由於第一季發生的許多事情，如關稅等，這一勢頭有所減弱。我們在準備好的演講中引用了這一點。但是的，如果你從全方位戰略的角度來看我們正在做的事情，我們正在採取一些措施來允許和推動這種增長，特別是我們認為這種待售的東西支持了這一點。

So if I were signaling a level to you of penetration, because again, we're at 42%, 43% historically, we said we want to grow that I put a great first step for us at 50%. We're not going to get there this year. We will tell you as we grow that. But yes, that is our plan, and we're really excited about a tremendous amount of value as we grow this in the quarters and upcoming years.

因此，如果我向你們表明滲透率的水平，因為我們歷史上的滲透率是 42%、43%，我們說我們想要成長，那麼我為我們在 50% 邁出了偉大的第一步。我們今年還達不到這個目標。隨著我們的成長，我們會告訴您這一點。但是的，這是我們的計劃，我們對未來幾季和未來幾年內實現的巨大價值感到非常興奮。

Chris Bottiglieri, BNP Paribas.

克里斯‧波蒂列裡 (Chris Bottiglieri)，法國巴黎銀行。

Yeah, for the question. So first off, congrats on the metal agility around the subprime funding. I think it's an interesting structure. I just have one clarifying question on that just a broader question on credit. What percentage of new originations were classified as held for sale for those part of the $26 million you cited would that be incremental?

是的，對於這個問題。首先，恭喜次級房貸融資領域的金屬彈性。我認為這是一個有趣的結構。我只想澄清一個問題，這是一個關於信用的更廣泛的問題。對於您引用的 2600 萬美元中的一部分，有多少比例的新發起被歸類為持有待售，這會是增量嗎？

And then my broader question is just, obviously, you elaborated on the allowance stepping up and some of the factors that drove that? How much of this is like the macro environment with student loan lending? Like are you seeing like as the credit scores have dropped and credit performance and the broader economy has worsened a bit. Is that impacting capital? Is that measurable? Like what percentage of your customers have standalone debt. Just curious how that's having an impact at all.

然後我更廣泛的問題是，顯然，您詳細說明了津貼的增加以及推動增加的一些因素？這與學生貸款的宏觀環境有多大相似？您是否看到信用評分下降、信用表現和整體經濟狀況惡化。這樣會影響資本嗎？這是可以衡量的嗎？例如有多少比例的客戶有獨立債務。只是好奇這到底有什麼影響。

Sure. Yes, I appreciate the question, Chris. Sorry, take them in order. So how do we think about the provision takedown from the held for sale, how much was it from new originations versus the fourth quarter originations or previous originations we had on the books that were already in the reserve. I'd just tell you the majority of it was from receivables that were already in the reserve.

當然。是的，我很感謝你的提問，克里斯。抱歉，請按順序處理。那麼，我們如何看待持有待售資產扣除的撥備呢？它有多少來自新發起的資金，有多少來自第四季度的發起資金，有多少來自我們帳面上已經記入儲備的之前的發起資金。我只是想告訴你，其中大部分來自儲備中的應收帳款。

So yes, certainly, some of it from Q1, but the majority were already in reserve. So that handles that one.

是的，當然，其中一部分來自第一季度，但大部分已經儲備了。這樣就解決了這個問題。

Second question, give a little more flavor around what we're seeing in the step-up in the reserve to 2.76%, what we're seeing in performance and as it relates to student loans. Yes, as I said in the prepared remarks, I think the '22 and '23 vintages certainly were ones that performed more unfavorably in the quarter, and we think we have appropriately reserved and adjusted accordingly.

第二個問題，請進一步說明我們在儲備金增加到 2.76% 的過程中看到的情況、我們看到的表現以及與學生貸款的關係。是的，正如我在準備好的發言中所說，我認為 22 和 23 年份的葡萄酒在本季度表現肯定比較差，我們認為我們已經進行了適當的保留和相應調整。

I did say in our prepared remarks, actually, 2024, we feel real good about. We're kind of on the mark there a year in on that stuff, the year plus and on that stuff. Regarding student loans, let's give you some statistics there. In the CAF portfolio, about 30% of -- that we can see for the credit period is 30% of our customers have student loans. We've been watching them, as you might imagine, for years now with the thought of our payment is going to be made, what forgiveness is done for those -- and how they performed.

我在準備好的發言中確實說過，實際上，我們對 2024 年感到非常滿意。我們在這些事情上已經取得了一些進展，一年多來我們一直在努力。關於學生貸款，我們來提供你一些統計數據。在 CAF 投資組合中，我們可以看到，在信貸期內，約有 30% 的客戶有學生貸款。正如你們可以想像的，我們多年來一直在關注他們，思考著我們將如何償還債務，他們會得到什麼樣的寬恕，以及他們的表現如何。

Ultimately, what I'll tell you is we have not seen a material change in those customers in the recent year as compared to what we've normally seen. So we're watching this very, very closely as payments are expected as it may impact their credit report, et cetera. We would hope that auto still remains top of wallet share for them. but we'll watch them closely, but no change to date.

最後，我要告訴你的是，與我們通常看到的情況相比，最近一年我們並沒有看到這些客戶發生重大變化。因此，我們非常密切地關注這一點，因為預計付款可能會影響他們的信用報告等等。我們希望汽車仍然是他們錢包份額中最大的部分。但我們會密切關注他們，但迄今為止沒有變化。

And Chris, the only thing I would add there, when you think about kind of what I call the true-up, that was primarily driven by the '22 and '23 vintages. And I just want to remind everybody, even with that, they're still super profitable, and then, to a lesser degree, the kind of the economic factors as you lean forward, not immaterial, but I want to make sure everybody understands it's more of the the '22, '23 that are driving that. And even with that, they're still very, very profitable.

克里斯，我唯一要補充的是，當你想到我所說的真實情況時，這主要是由 22 年和 23 年的年份推動的。我只是想提醒大家，即使如此，他們仍然非常有利可圖，然後，在較小程度上，當你向前傾斜時，那種經濟因素並非不重要，但我想確保每個人都明白，更多的是 22、23 年推動了這一趨勢。即使如此，他們的利潤仍然非常高。

Yes. And to clarify that last thing I'll tackle on there is unemployment rates, the big one that's driving that. Yes. Again, not insignificant contributor but not the majority of it.

是的。為了澄清這一點，我要討論的最後一件事是失業率，這是造成這個問題的主要因素。是的。再說一遍，貢獻者雖然不小，但也不是大多數。

On the economic factors?

是經濟因素嗎？

Correct. Yes.

正確的。是的。

Really helpful. Thank you.

真的很有幫助。謝謝。

Thank you.

謝謝。

Sharon Zackfia, William Blair.

莎朗·扎克菲亞、威廉·布萊爾。

Hi, thanks for taking the question. I wanted to ask a question on CAF with the move to full spectrum lending how far have you gone into kind of the full spectrum so far? Like how do we think about that for the second half of the year? And then in terms of increasing that cap penetration, I know there was there are moving parts in this quarter, but do you expect cash penetration to increase year-over-year in the August quarter? Thanks.

你好，謝謝你回答這個問題。我想問一個關於 CAF 的問題，隨著向全方位貸款的轉變，到目前為止，你們在全方位貸款方面取得了多大的進展？例如，我們如何看待下半年的情況？然後，就提高資本滲透率而言，我知道本季有一些變動，但您是否預計 8 月季度的現金滲透率會比去年同期成長？謝謝。

Yeah. Sure. I appreciate the question, Sharon. So let's just break down penetration as it typically sits. CAF has been historically sitting in where it's originally -- it's normally originated at 42% to 43%.

是的。當然。我很感謝你提出這個問題，莎倫。因此，讓我們來分析一下滲透率的典型情況。CAF 歷來處於其原始水準 — — 正常情況下為 42% 至 43%。

We've cited our Tier 2 and Tier 3 players taking up mine call it, 26% of volume. As we grow, that is definitely where we're looking to grow. So we're looking to penetrate that. When you think about -- I think really since your question is -- how fast will we grow where that's really where we're looking to grow down there. I think key for us will be -- we've got two securitizations in play.

我們引用了我們的第 2 層和第 3 層玩家，占我所說的 26% 的數量。隨著我們的成長，這肯定是我們希望成長的地方。因此，我們希望能夠突破這一點。當你思考──我認為既然你的問題是──我們的成長速度有多快，那才是我們真正想要成長的地方。我認為對我們來說關鍵的是──我們有兩種證券化方式。

We're looking for the held for sale transactions that we need to close. That's got to happen. We're just coming up anniversarying on our models. We put in place 100 basis points to 150 basis points of growth at the beginning of the quarter. Now, as we say, the tariffs really threw a bit of a snap in that and showing that growth that we realized, but we've made progress as sort of that volume normalizes because so much of it came with none, coming up with our own financing as that normalizes, you're going to see that we have made progress on that.

我們正在尋找需要完成的待售交易。這一定會發生。我們的模型即將迎來週年紀念。我們在本季初就實現了 100 個基點到 150 個基點的成長。現在，正如我們所說，關稅確實給我們帶來了一些衝擊，也表明了我們實現的增長，但隨著交易量的正常化，我們已經取得了進展，因為其中很大一部分是沒有資金支持的，隨著我們自己的融資正常化，你會看到我們在這方面取得了進展。

And again, we're going to look to grow that. We will signal when that happens. But I think you're going to see material growth we would expect in the -- you're not going to get there this year, Sharon, at that 50% number on label, but you're going to see hopefully material growth in the quarters to come.

再次強調，我們將努力實現這一目標。當這種情況發生時，我們會發出信號。但我認為你會看到我們預期的物質增長——莎倫，你今年不會達到標籤上標註的 50% 的數字，但你有望在未來幾個季度看到物質增長。

Sharon, the only other thing -- when you think about the penetration speed, there's really 2 governors on that. One is having your funding available, and that's certainly taken care of. The other one to Jon's point, is your credit model. Remember, we had a lot of experience at the top. We had a lot of experience at the bottom, but then we put the full spectrum credit model in there, which we're still testing.

莎倫，唯一的另一件事——當你考慮滲透速度時，實際上有兩個決定因素。一是確保資金到位，這一點肯定已經解決。喬恩提到的另一個問題是你的信用模式。請記住，我們在高層擁有豐富的經驗。我們在底層累積了豐富的經驗，但我們在其中加入了全方位信用模型，目前仍在測試中。

I mean, Jon, how long has that been in play that.

我的意思是，喬恩，這種情況已經持續多久了。

Yes, August, we launched it.

是的，八月，我們推出了它。

Thank you.

謝謝。

Sure, thank you.

當然，謝謝。

David Bellinger, Mizuho.

瑞穗的戴維·貝林格。

Hey everyone, good morning. Nice results and thanks for the question here.

大家好，早安。結果很好，感謝您的提問。

Another one around the marketing spend and the new campaign understanding the flexibility for consumers will be front and center. But -- is some of that new push being driven by this omni cost neutrality that you mentioned in the prepared remarks and suggested that CarMax is now ready to flow more digitally initiated volumes and in a more profitable way going forward? I'm just trying to gauge whether you're seeing a step change within the digital economics of the business and opting to put more marketing dollars behind that now?

另一個圍繞行銷支出和新活動來了解消費者靈活性的話題將成為焦點。但是——您在準備好的評論中提到的這種全成本中立性是否推動了這些新的推動力，並暗示 CarMax 現在已準備好以更有利可圖的方式增加數位化啟動的銷售？我只是想判斷一下，您是否看到了企業數位經濟的重大變化，並選擇投入更多的行銷資金？

Yeah. I mean that definitely enables the push on efficiency, the productivity, customer service, all of those things, again, fueled by AI, fueled by our associates, definitely enabling a better experience that then makes us sell the feel a lot better. about going out there and advertising and letting our customers know the incredible experience and a highly differentiated experience that they're going to get through CarMax.

是的。我的意思是，這絕對能夠提高效率、生產力、客戶服務等所有方面，再次強調，在人工智慧和我們員工的推動下，絕對能夠帶來更好的體驗，從而讓我們的銷售感覺更好。走出去做廣告，讓我們的客戶了解他們將透過 CarMax 獲得的令人難以置信的體驗和高度差異化的體驗。

Yes. I think, David, the way I think about it, too, is FY '25 was a big year from us from an experience standpoint and really closing some of the last big gaps with the rollout of order processing and shopping card. And so we feel like we're at a point where if you're going to go out and celebrate this and really point direct customers to this fact that like you don't have to be forced into a fixed path.

是的。大衛，我認為，從經驗的角度來看，25 財年對我們來說是重要的一年，透過推出訂單處理和購物車，我們真正彌補了最後的一些重大差距。因此，我們覺得我們正處於這樣一個階段：如果你要出去慶祝這一點，並真正向直接客戶指出這一事實，那麼你不必被迫走上一條固定的道路。

You better have best-in-class in-store, you better have best-in-class omni you better have a best-in-class online-only experience. And we feel like we're at that point where like we need consumers to understand, you don't have to settle. And so that's a lot of the thrust why we're thinking about it now in addition to the efficiency stuff that Enrique has already mentioned.

您最好擁有一流的店內體驗，您最好擁有一流的全方位體驗，您最好擁有一流的線上體驗。我們覺得我們已經到了需要讓消費者明白的地步，你們不必妥協。所以，除了恩里克已經提到的效率問題之外，這也是我們現在考慮這個問題的主要原因。

Great, thank you both, thank you.

太好了，謝謝你們兩位，謝謝。

Rajat Gupta, JP Morgan.

摩根大通的 Rajat Gupta。

Great, thanks for being the questions. Just had like a couple of clarifications from like some of the commentary. Firstly, any color on how the second quarter might have started. You were anecdotes broader macro around some meaningful pullback from like just the prebuy ahead of tariffs. I was curious if your business has felt any of that here in June? Any color you could give on comps there?

太好了，謝謝你的提問。只是對一些評論做了一些澄清。首先，第二季的開局如何？您聽到的軼事涉及更廣泛的宏觀經濟，涉及一些有意義的迴調，例如關稅前的預購。我很好奇您的企業在六月是否感受到了這些影響？您能提供那裡的補償顏色嗎？

And then just on CAF, I mean, obviously, a lot of discussion there. In the last quarter, you had given us some guidance around the provisioning cadence for the year. Any color you could give us on how the second quarter might look like, especially in context of all the changes that are happening, that would be helpful. Thanks.

然後就 CAF 而言，顯然那裡有很多討論。在上個季度，您為我們提供了一些有關年度供應節奏的指導。您能否向我們介紹第二季的前景，尤其是在所有正在發生的變化的背景下，這將會很有幫助。謝謝。

Okay, Rajat. On June, look, we're 19 days into it. We'll talk about June when we talk about the second quarter at the end of the second quarter. The only thing I would add to that is just remember or you may not know this, but the second quarter, we do lose a Saturday, and that happens to fall out in the month of June, and then you don't pick it up for the rest of the quarter. You won't pick that Saturday until the rest of the year.

好的，拉賈特。到了六月，你看，我們已經進入第 19 天了。當我們在第二季末討論第二季時，我們會討論六月的情況。我唯一要補充的是，請記住，或者您可能不知道這一點，但在第二季度，我們確實失去了一個星期六，而這恰好發生在六月份，然後您在本季度剩餘的時間裡就無法再獲得它了。直到今年剩下的時間你才能選擇那個星期六。

Jon, I'll toss to you on the provision.

喬恩，我會把補給品交給你。

Sure. Yes. Just think about the cadence of provision for the year, we would expect Q1 to be the high watermark here. We've made the adjustment that we believe needs to be made on those older vintages. We feel good about the 4 obviously, notwithstanding the consumer and all that could happen in the future.

當然。是的。只要考慮一下今年的供應節奏，我們預計第一季將是這裡的最高水位。我們對那些較老的年份的葡萄酒進行了我們認為需要進行的調整。不管消費者以及未來可能發生的一切，我們顯然對 4 感到滿意。

But again, we feel good about our reserve ideally just be provisioning for new originations. The only thing that could throw that is -- what is our growth plan? Obviously, if we grow, you're going to have to add provision accordingly for that nonprime space, but we'll signal that. when we're going to do any material more growth there so.

但是，我們再次對我們的儲備感到滿意，理想情況下只是為了應對新的發起。唯一可以解決這個問題的是──我們的成長計畫是什麼？顯然，如果我們發展，你就必須為非黃金地段的空間增加相應的準備金，但我們會發出信號。當我們要在那裡進行任何實質的成長時。

Yes, I think the way you should think about it is what we talked about last quarter is we're going in the near term after the 100 basis points to 150 basis points. We're well on our way there. I just got a little bit math this quarter.

是的，我認為你應該這樣想，我們上個季度討論過，在短期內我們將把利率從 100 個基點提高到 150 個基點。我們已經順利到達那裡了。本季我剛學了一點數學。

Understood. Great. Thanks for the color.

明白了。偉大的。謝謝你的顏色。

Thank you.

謝謝。

Craig Kennison, Baird.

克雷格·肯尼森，貝爾德。

Hey, good morning. It's been a helpful call. I appreciate it. I wanted to ask a question. In the press release, you talked about digitally supported sales at 80%. That was down from 82% in the February quarter. So I think you lost a point on omni and a point in online. I know you're really focused on the omnichannel, but digital had been gaining share and clearly feels like the future. So I'm just curious if you can explain why that might have stepped back in this quarter.

嘿，早安。這是一個很有幫助的電話。我很感激。我想問一個問題。在新聞稿中，您談到數位支援的銷售額佔 80%。這一比例較二月季度的 82% 有所下降。所以我認為你在全方位上丟了一分，在線上也丟了一分。我知道您確實專注於全通路，但數位化已經獲得越來越多的份額，並且顯然代表著未來。所以我只是好奇你是否可以解釋為什麼本季可能會出現回落。

Yes. I think part of it is just seasonally. Craig, I mean, I don't really -- I mean -- I think omni is actually up one point and maybe online is flat or maybe down one point. But I mean, I think it's more seasonally driven. I think the more interesting and the more relevant point is that we continue -- in the omni bucket, we continue to see more transactions, more pieces of these digital capabilities being used.

是的。我認為部分原因只是季節性的。克雷格，我的意思是，我並不真的——我的意思是——我認為全能實際上上升了一個點，而在線可能持平或下降了一個點。但我的意思是，我認為這更多的是受季節影響。我認為更有趣和更相關的一點是，我們繼續——在全方位領域，我們繼續看到更多的交易，更多這些數字功能被使用。

And I think that's the more relevant point did everybody go to online or do everybody go to Omni. It's like, okay, of your Omnibucket, you're seeing that the number of steps that they're doing is continuing to increase.

我認為更相關的一點是，每個人都去網路上還是每個人都去 Omni。就像，好吧，在你的 Omnibucket 中，你會看到他們所執行的步驟數持續增加。

And then just to follow up on the marketing comments you've made, how is AI changing the way you think about search engine optimization as part of this new marketing campaign?

然後，為了跟進您所做的行銷評論，人工智慧如何改變您對搜尋引擎優化作為這項新行銷活動的一部分的看法？

Yes. Well, I think the big new buzzword is GEO instead of SEO, and it's a generative engine optimization. That's what it's all about. It's like how do you show up well. So it's critical.

是的。嗯，我認為新的流行詞是 GEO 而不是 SEO，它是一種生成引擎優化。這就是全部內容。這就像你如何表現良好一樣。所以這很關鍵。

I think if you're only focused on SEO, you're going to miss the boat. SEO is still super important. You still got to focus that but now you have to kind of also be really good at GEO. So it will play a big role in the marketing campaign. And I just think in marketing in general, I think generative AI, there's just a lot of potential there.

我認為如果你只關注 SEO，你就會錯失良機。SEO 仍然非常重要。你仍然需要集中註意力，但現在你也必須非常擅長 GEO。因此它將在行銷活動中發揮重要作用。我認為，整體而言，在行銷領域，生成性人工智慧具有很大的潛力。

Thank you.

謝謝。

Jeff Lick, Stephens Inc.

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

Good morning. Congrats on a great, quarter, and thanks for taking my question. Congrats on a great quarter. There was obviously -- this quarter is a lot of puts and takes in terms of you expanding the credit spectrum kind of the tariff surge.

早安.恭喜您取得了出色的季度業績，感謝您回答我的問題。恭喜本季取得優異成績。顯然，本季在擴大信貸範圍方面有很多需要解決的問題，例如關稅飆升。

And then also, you guys have kind of been indicated your Analyst Day leaning into a bit more on the value cars, the 6, 7-plus years. Maybe if you could just kind of walk us through anything -- any callouts as the quarter progressed and how those buckets influenced your impressive comp?

而且，你們也已經表示，分析師日更傾向於關注 6、7 年以上的價值型汽車。也許您可以向我們簡單介紹一下任何事情——本季度進展過程中的任何情況以及這些情況如何影響您令人印象深刻的業績？

Yes. I appreciate the question, Jeff. Look, I think we'll take some of the noise like the credit spectrum expansion, take that out, it's still a great quarter, okay? We're really pleased with it. And I think the credit expansion, look, it's the next step.

是的。我很感謝你提出這個問題，傑夫。聽著，我認為我們會消除一些噪音，例如信貸範圍擴張，把它消除掉，這仍然是一個偉大的季度，好嗎？我們對此非常滿意。我認為信貸擴張是下一步。

We've been working through that. I didn't -- we didn't contemplate in the provision of the fourth quarter, but it's something we've been working on. So we're excited about that.

我們一直在努力解決這個問題。我沒有——我們沒有考慮第四季的規定，但這是我們一直在努力的事情。所以我們對此感到很興奮。

I think you brought up an interesting point on just the age. We did sell -- if I look at our, let's call it, 10-plus year old cars, we increased -- we probably sold roughly 25,000 more of those cars. When I say it's like think about the 10-year-old, the 11-year old, the 12-year-old. And that's that's by continuing to really kind of push in that area because we do know customers they're interested, they want to buy. But even like this past quarter where we saw this higher no finance, those are folks that have higher credit.

我認為您就年齡問題提出了一個有趣的觀點。我們確實賣出了——如果我看一下我們稱之為 10 多年車齡的汽車，我們的銷量增加了——我們可能賣出了大約 25,000 輛這樣的汽車。當我說這就像想想 10 歲、11 歲、12 歲的孩子。這就是透過繼續真正推動這一領域，因為我們確實知道客戶感興趣，他們想要購買。但即使像上個季度那樣，我們看到無融資的情況有所增加，但這些人的信用較高。

But interestingly, if you look at how they bought, they bought vehicles across the spectrum. In fact, our biggest growing contributor to sales this quarter was kind of barbelled. It was the under $20,000 cars in the over $40,000 cars.

但有趣的是，如果你觀察他們的購買方式，你會發現他們購買的車輛種類繁多。事實上，本季對我們銷售額成長貢獻最大的是槓鈴。在 40,000 美元以上的汽車中，有 20,000 美元以下的汽車。

And so I think having a good answer there for all those is going to be critical. And that's an area that we'll continue to focus on without sacrificing the quality standards of CarMax. That is a work track that we're definitely focused on.

因此我認為對所有這些問題找到一個好的答案是至關重要的。我們將繼續關注這一領域，但同時不會犧牲 CarMax 的品質標準。這是我們絕對關注的工作方向。

Yeah. Between those two is really the under $20,000 increase in under $20,000 that drove our comps. So that focused on affordability. And internally, as you know, we call our certain cars or older cars, more of a value Max car. That was up 5 points year-over-year on the quarter as well.

是的。在這兩者之間，真正推動我們業績成長的是 20,000 美元以下的 20,000 美元成長。因此重點在於可負擔性。而在內部，正如您所知，我們將某些車型或舊款車型稱為更有價值的 Max 車型。與去年同期相比，這一數字也上升了 5 個百分點。

So those that bleeds into under $20,000 car. So a focus on affordability and ability to meet the customer where they want to be met.

所以那些價格低於 20,000 美元的汽車。因此，重點關注可負擔性和滿足客戶需求的能力。

Great, I'll get back in the queue, let someone else ask a question. Congrats again.

太好了，我回到隊列中，讓其他人提問。再次恭喜。

Thank you.

謝謝。

David Whiston, Morningstar.

晨星公司的戴維‧惠斯頓。

Thanks, good morning. I was curious if you can talk at all about how you see buyback spending trending the rest of the fiscal year relative to Q1 spend? And how financially stressed is the consumer right now in your opinion?

謝謝，早安。我很好奇，您是否可以談談您認為本財年剩餘時間的回購支出趨勢相對於第一季的支出有何變化？您認為目前消費者的財務壓力有多大？

On the share buyback, what I'd tell you is our intent entering this year was to modestly accelerate the pace of our buybacks as compared to last year. And in the first quarter, based on valuation, based on cash flow dynamics, we saw an opportunity to sizably increase the amount of share we post clearly. So when determining the base for Q2 and beyond, we'll have the same considerations, the valuation, cash flow dynamics as well as the broader macro backdrop.

關於股票回購，我想告訴大家的是，我們今年的目標是與去年相比略微加快回購步伐。在第一季度，根據估值和現金流動態，我們看到了大幅增加所發布份額的機會。因此，在確定第二季度及以後的基礎時，我們會考慮相同的因素，包括估值、現金流量動態以及更廣泛的宏觀背景。

Yeah. And I think as far as the consumers how stressed that. Look, I wouldn't categorize it as way more stress than the last. But I certainly would say they're less stressed. And I think what you're seeing is some of the consumers are Obviously, we talked about the student loans. You can see some default on folks that have got student loans. We haven't seen any impact on our business. But I think there's also a little bit of kind of wait and see on tariffs.

是的。我認為對消費者來說這是多麼緊張的事。瞧，我不會認為它比上一次的壓力更大。但我肯定會說他們的壓力較小。我認為您看到的是一些消費者顯然我們談論的是學生貸款。你會發現一些學生貸款違約。我們的業務尚未受到任何影響。但我認為在關稅問題上還需要一點觀望。

While tariffs have impacted some prices. I think there's -- a lot of stuff was already -- a lot of things were already in the US before tariffs kicked in. So I think really, need to watch going forward as prices go up on for everyday consumables, how that might push them. But I would say from a consumer sentiment standpoint, they're probably a little less positive about the future, but I don't think it's necessarily showed up so much in the buying habits at this point.

雖然關稅已經影響了一些價格。我認為，在關稅生效之前，很多東西已經在美國了。因此我認為，真正需要關注的是，隨著日常消費品價格上漲，這可能會對它們產生怎樣的影響。但我想說，從消費者情緒的角度來看，他們可能對未來不那麼樂觀，但我認為這不一定會在目前的購買習慣中反映出來。

(Operator Instructions)

（操作員指示）

Chris Pierce, Needham.

克里斯·皮爾斯，尼德姆。

Hey, good morning, everyone. Can you just walk me through cost avoidance in other cost of sales? I just -- I'm not sure what the model going forward. It was down $33 million year-over-year and drove a pretty high -- yes, I'd just love to hear about cost avoidance there and what to think about going forward.

嘿，大家早安。您能向我介紹一下如何在其他銷售成本中避免成本嗎？我只是——我不確定未來的模式是什麼。與去年同期相比，它下降了 3300 萬美元，而且相當高——是的，我只是想聽聽那裡的成本避免情況以及對未來的看法。

Well, I'm sorry, which line are you talking about?

嗯，抱歉，您說的是哪一行？

$7 million in other cost of sales versus $40 million year-over-year?

其他銷售成本為 700 萬美元，而去年同期為 4,000 萬美元？

You're talking about service, we had an improvement of $30 million in service line in our gross margin, if that's what you're talking about. Again, we had benefits coming there from cost coverage that we have taken, meaning we have taken some fees to overcome some of the cost pressures we had last year. We saw leverage on our largely fixed cost base in service. Right? So positive sales will create some leverage.

您說的是服務，如果您說的是服務的話，我們的毛利率在服務線上提高了 3000 萬美元。再次，我們從所承擔的成本覆蓋中獲得了收益，這意味著我們收取了一些費用來克服去年面臨的一些成本壓力。我們看到了服務中很大程度上固定成本基礎上的槓桿作用。正確的？因此積極的銷售將產生一些槓桿作用。

And then we continue to go after efficiencies in that business as well, and we continue to deliver on those like we've committed to on an annual basis. That's why we saw the improvement of $30 million improvement in service.

然後，我們將繼續追求該業務的效率，並繼續兌現我們每年所承諾的目標。這就是我們看到 3000 萬美元服務改進的原因。

So those -- that 95% other gross margin, that's something -- I mean, I guess, how should we think about the gross margin going forward, given the impact it has on EPS.

所以那些 — — 95% 的其他毛利率，那是 — — 我的意思是，考慮到它對每股收益的影響，我們應該如何看待未來的毛利率。

Yes. The gross margin, it's certainly in line when I talked about our earnings model and our focus on being able to deliver high-teen EPS growth over time on mid-single-digit comps. That is something that we're focused on is continuing to grow that margin, the other margin.

是的。當我談到我們的獲利模式以及我們專注於在中等個位數的可比業績基礎上隨著時間的推移實現高十幾個百分點的每股收益增長時，毛利率肯定是一致的。我們關注的重點是繼續擴大這個利潤率，另一個利潤率。

And the key components in other margins are going to be service like I just talked about. And the other component is our EPP products, right? We saw our EPP margin go up again this quarter. I talked last quarter about we're undergoing some tests in terms of product enhancements in our EPP products. We've been pleased with the results of those tests.

正如我剛才所說，其他利潤的關鍵組成部分將是服務。另一個組件是我們的 EPP 產品，對嗎？我們發現本季 EPP 利潤率再次上升。我上個季度談到我們正在對 EPP 產品進行一些產品增強方面的測試。我們對這些測試的結果感到滿意。

In terms of product enhancement those have to do with deductibles, terms, and we would expect to see a modest rollout in the back half of this year and then with the full financial impact or more full financial impact as we head into FY27. We are laser-focused on other gross profit as a vehicle for growth in terms of fueling our EPS growth.

在產品增強方面，這些與免賠額、條款有關，我們預計今年下半年將出現適度推出，然後在進入 27 財年時產生全面的財務影響或更全面的財務影響。我們專注於其他毛利作為推動每股盈餘成長的成長工具。

Yes. I think, Chris, from your modeling standpoint, I think it goes to some comments earlier because a lot of that is being driven by service and the service in the first quarter is always the strongest we would expect, as we said last quarter, to be profitable for the year, but you shouldn't expect the service gains equal, like you saw in the first quarter for the rest of the year.

是的。克里斯，我認為，從你的建模角度來看，它與之前的一些評論相符，因為其中許多都是由服務推動的，而第一季度的服務始終是我們預期最強勁的，正如我們上個季度所說的那樣，全年都會盈利，但你不應該期望服務收益與今年剩餘時間的收益相同，就像你在第一季度看到的那樣。

Yes. And yes, I made a note that in my prepared remarks as well. The first quarter is usually the strongest when it comes to service just because it's the highest volume quarter that we have just seasonally. And again, you're levering on a somewhat fixed cost basis, and so you're going to lever more strongly there.

是的。是的，我在準備好的發言中也提到了這一點。第一季的服務通常最為強勁，因為這是我們季度內服務量最高的季度。再說一次，你是在某種固定成本基礎上進行槓桿操作，因此你會在那裡使用更強的槓桿。

But again, we're committed to growing our other gross profit in totality as part of our earnings model moving forward. And that's what you've seen now for the past couple of years.

但同樣，我們致力於提高其他毛利的整體水平，作為我們未來獲利模式的一部分。這就是你們過去幾年所看到的情況。

Okay. And then just lastly, going back to the first question, per retail unit was down mid-single digits year-over-year, but it was sort of flattish if we look back two years ago. I just kind of want to get a sense of where we are in fully levering omnicost and how should think about this kind of going forward?

好的。最後，回到第一個問題，每個零售單位的銷售額年減了中個位數，但如果回顧兩年前，則基本上持平。我只是想了解我們在充分利用 Omnicost 方面處於什麼位置，以及我們應該如何考慮這種未來的發展？

Yes. I don't -- we have opportunity to continue to lever our costs, whether it'd be specific on the sales side, when you're thinking about CEC expense, that kind of thing. Or just across the business, we have initiatives in pretty much every single area. So we still feel like there's additional opportunity there.

是的。我不知道——我們有機會繼續利用我們的成本，無論是在銷售方面，還是在考慮 CEC 費用時，諸如此類的事情。或者就整個業務而言，我們幾乎在每個領域都有舉措。所以我們仍然覺得那裡還有額外的機會。

Yes. And what you certainly see from us is a commitment to doing that. It's been a couple of years now where we've been levering and levering our SG&A as a percent of gross profit, whether comps were positive or weather comps were negative. We've been able to successfully lever our SG&A, and we intend on continuing to do that.

是的。而您肯定從我們身上看到了對此的承諾。幾年來，我們一直在利用銷售、一般及行政費用佔毛利潤的百分比來計算，無論同店銷售額是正數還是天氣因素導致同店銷售額是負數。我們已經能夠成功利用我們的銷售、一般及行政費用 (SG&A)，並且我們打算繼續這樣做。

Alright, thank you.

好的，謝謝。

Rajat Gupta, JP Morgan.

摩根大通的 Rajat Gupta。

Great, yeah, sorry for the follow up. I just wanted to follow up on the new off-balance sheet approach. And is it fair to assume that a lot of the incremental penetration that you see in the CAF book from 42% to 50%. All of that will go through this off-balance sheet approach.

太好了，是的，很抱歉這麼晚才回來。我只是想跟進一下新的表外方法。是否可以公平地假設，CAF 書中看到的增量滲透率從 42% 上升到了 50%。所有這些都將透過表外方式進行。

Basically trying to understand like what's the mix going to be or what you're targeting in terms of on versus off balance sheet for CAF. Thanks.

基本上，試圖了解 CAF 的資產負債表內和資產負債表外的組合情況或目標是什麼。謝謝。

Yeah. I appreciate the question, Rajat, a fair follow-up. So I think 1 of the things we want to drive home here was we think this is a periodic play for us. It's Obviously, we have our higher prime deals. We don't think it's necessarily set up for this approach, less volatility there, less risk in those customers in the nonprime approach, especially as we grow from 42% to 50%, which you've cited and I think it really does set itself up to at some point in time, maybe we do want to retain that risk and all the additional cash flows that come with it because there is additional value there, where we're willing to offload some of that risk take the cash upfront.

是的。我很感謝 Rajat 提出的問題，這是一個公平的後續行動。所以我認為我們想要強調的一件事是，我們認為這對我們來說是一個週期性的遊戲。顯然，我們有更優質的交易。我們認為它不一定適合這種方法，那裡的波動性較小，非優質方法的客戶風險較小，特別是當我們從 42％ 增長到 50％ 時，正如您提到的，我認為它確實在某個時間點設定好了，也許我們確實想保留這種風險以及隨之而來的所有額外現金流，因為那裡有額外的價值，我們願意卸載部分風險並預先收取現金流。

And again, maybe there's a little bit of a haircut there. But I think it's an opportunistic play as we're going to see. So maybe it's once a year. We'll see how it plays out. But I wouldn't think about it as an all or nothing play here at all.

再說一次，也許那裡有一點點理髮。但我認為，正如我們將看到的，這是一個機會主義的舉動。所以也許是一年一次。我們將拭目以待。但我根本不會認為這是一種全有或全無的玩法。

Yeah, I definitely wouldn't think about it that way. There's -- if you look at the Tier 1 business, we aren't changing. I mean that we hold on that. Think about it more being able to expand on some things that, hey, at the end of the day, probably don't want to carry that. And so to Jon's point, it's -- don't think about it as all in one bucket or the other. It's going to be a nice complement of the two.

是的，我絕對不會那麼想。如果你看一級業務，你會發現我們並沒有改變。我的意思是我們堅持這一點。再想想能否擴展一些事情，嘿，到最後，可能不想再繼續下去了。所以，正如喬恩所說，不要把所有事情都看作是單一或綜合的。這將是兩者之間的良好補充。

Yeah, there are definitely subprime receivables that we want to keep and hold for investment, and we'll continue to do that. Absolutely, I think of this play, and I mentioned it earlier, just kind of simplistically, it's going to enable our full spectrum and cap income growth over time while mitigating some of that risk. So we're really excited for this program, but that's how I think about it.

是的，我們確實希望保留並持有次級應收帳款用於投資，而且我們將繼續這樣做。當然，我認為這個策略，我之前提到過，只是簡單地說，它將使我們的全方位收入和上限收入隨著時間的推移而增長，同時降低一些風險。所以我們對這個項目感到非常興奮，但這就是我的想法。

I understood that makes a lot of sense, and thanks for answering the question.

我明白這很有道理，感謝您回答這個問題。

Okay.

好的。

Jeff Lick, Stevens Inc.

傑夫·利克（Jeff Lick），史蒂文斯公司

I'm great, thanks for taking the follow up. I just wanted to double back or ask about retail GPUs surprised we actually haven't hit on this. It's a record at 24.07 first time you've seen the 2,400. Last quarter, you talked a little bit and highlighted the improvements in logistics and then also recon, if we could get into the -- if you wouldn't mind elaborating on the stand-alone recon centers, do that -- do those have an immediate impact? Or does it -- is it actually dilutive for a few quarters or a year before they show up?

我很好，感謝您的跟進。我只是想回頭詢問零售 GPU，但令我驚訝的是，我們實際上還沒有遇到這個問題。這是 24.07 秒的記錄，這是你第一次看到 2,400 秒。上個季度，您談了一點並強調了後勤和偵察方面的改進，如果我們可以深入了解 - 如果您不介意詳細說明獨立偵察中心，那麼 - 這些是否會產生直接影響？或者說，在它們顯現出來之前，它實際上會稀釋幾個季度或一年的權益嗎？

And then, I guess, lastly on GPUs, are the 10 year-plus old vehicles? I'm assuming those might have higher GPUs than the chain average. So can you just kind of talk about the improvements you're seeing there and where the trajectory might be?

然後，我想，最後關於 GPU，是 10 多年前的車輛嗎？我假設它們的 GPU 可能比鏈平均值更高。那麼，您能否簡單談談您所看到的改進以及可能的改進軌跡？

All right, Jeff, I'm going to try to hit it. There's a lot in that question. So I'm going to try to hit it all, but you can keep me honest at the end. So look, yes, we're pleased with the retail GPUs. And I think the big thing there you should be thinking about. And I talked a little bit about this last quarter because someone asked, how do you think about retail GPUs? And I said, look, if you're modeling it, think about it on a yearly basis and think about it being similar to what it was last year.

好的，傑夫，我會試著打它。這個問題包含很多內容。所以我會盡力做到最好，但最後你得讓我誠實。所以，是的，我們對零售 GPU 感到滿意。我認為你應該考慮那件大事。上個季度我稍微談論了這一點，因為有人問，您如何看待零售 GPU？我說，看，如果你要對它進行建模，請按年度考慮它，並考慮它與去年的情況是否相似。

But I also said that on any individual quarter, it's going to be up or down. And the reason I said that is because you got to look at the factors in the quarter. And sometimes it's -- if you think about all the different things that go into the decision and think about elasticity and price competitiveness and variable costs and how you're improving on that in ancillary services that you attach or products that you're attached, there's going to be some quarters where you know what, and this is one of those quarters like look, we're going to take some of those savings that you're talking about from the reconditioning and logistics, and we're going to just flow them through to the bottom line.

但我也說過，任何一個季度，它都會上升或下降。我之所以這麼說是因為你必須考慮本季的因素。有時，如果您考慮決策過程中涉及的所有不同因素，並考慮彈性、價格競爭力和變動成本，以及如何在您附加的輔助服務或附加產品中改進這些因素，就會出現一些您知道的情況，這就是其中一個季度，我們會從修復和物流中節省一些您所說的費用，然後將它們轉化為利潤。

Now as far as the stand-alone reconditioning centers, look, our -- the benefits that we're getting from reconditioning and logistics, I just want to remind everybody, we've had large reconditioning centers all up until now because if you think about it, we have 250-plus stores, but we only have a little over 100 places where we produce cars. We're seeing the benefits across the board.

現在就獨立的修復中心而言，看看我們從修復和物流中獲得的好處，我只是想提醒大家，到目前為止，我們一直擁有大型修復中心，因為如果你想想，我們有 250 多家商店，但我們只有 100 多個地方生產汽車。我們看到了各方面的好處。

And it's so early on the reconditioning side. We just opened up a couple more large recon centers. We are seeing some improvements there, but that's more towards the logistics because we're having to ship cars from less out of market and being able to put them right there in the market. They're not -- I think we've got one that's probably fully ramped to capacity. I would expect to continue to get synergies outside of those. But we're getting synergies across the board when you think about the reconditioning, and I would expect to continue to do that as we go forward.

而修復方面還處於初期階段。我們剛開設了幾個大型偵察中心。我們看到了一些改進，但這更多的是在物流方面，因為我們不再需要從市場外運送汽車，而是能夠將它們直接投放到市場上。他們不是——我認為我們已經有一個可能完全達到容量的了。我希望能繼續獲得除此之外的綜效。但是，當你考慮重新調整時，我們會獲得全面的協同效應，我希望在我們前進的過程中繼續這樣做。

Did I miss anything? Yeah, I did. Yeah. Yeah, the 10-year-old cars. Yes, I mean historically, we talked about older cars you bring them up to the CarMax standard. They're generally a little bit of a unicorn.

我遺漏了什麼嗎？是的，我做到了。是的。是的，10 年車齡的汽車。是的，我的意思是從歷史上看，我們討論的是舊車，將它們提升到 CarMax 標準。它們通常有點像獨角獸。

They will get a little bit more margin there, you're able to make a little bit more margin on those vehicles. So that's fair.

他們會從中獲得更多一點的利潤，你也能從這些車輛上獲得更多的利潤。這很公平。

Okay, great. Well, nice progress.

好的，太好了。嗯，進展不錯。

There. All right, thank you, Jeff.

那裡。好的，謝謝你，傑夫。

Thank you.

謝謝。

Thank you. We don't have any further questions at this time. I will 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。

Great, thank you. Well, listen, thank you all for joining the call today and for your continued questions and your support, and as always, I just want to thank our associates for everything that they do and how they take care of each other and our customers. We will talk again next quarter. Thank you.

太好了，謝謝。好吧，聽著，感謝大家今天參加電話會議，感謝你們的持續提問和支持，和往常一樣，我只想感謝我們的同事所做的一切以及他們如何照顧彼此和我們的客戶。我們將在下個季度再次討論。謝謝。

Thank you, ladies and gentlemen. That concludes our first quarter fiscal year 2026 CarMax earnings release conference call. You may now disconnect.

謝謝各位，女士們、先生們。這就是我們 2026 財年第一季 CarMax 收益發布電話會議的結束。您現在可以斷開連線。