車美仕 (KMX) 2026 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the second-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，感謝你們的耐心等待。歡迎參加 CarMax 2026 財年第二季財報電話會議。（操作人員指示）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, Vice President, Investor Relations. Please go ahead.

現在我謹將會議交給今天的主講人，投資人關係副總裁大衛‧洛溫斯坦。請繼續。

Thank you, Nikki.

謝謝你，妮基。

Good morning, everyone. Thank you for joining our fiscal 2026 second-quarter earnings conference call. I'm here today with Bill Nash, our President and CEO; Enrique Mayor-Mora, our Executive Vice President and CFO; and Jon Daniels, our Executive Vice President, CarMax Auto Finance.

各位早安。感謝您參加我們2026財年第二季財報電話會議。今天我與我們的總裁兼首席執行官比爾·納什、執行副總裁兼首席財務官恩里克·馬約爾-莫拉以及CarMax汽車金融執行副總裁喬恩·丹尼爾斯一起出席了會議。

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.

讓我提醒各位，我們今天所作的聲明，包括但不限於有關公司未來業務計劃、前景和財務業績的聲明，並非歷史事實的陳述，而是根據 1995 年《私人證券訴訟改革法案》的安全港條款作出的前瞻性聲明。這些聲明是基於我們目前的知識、預期和假設，但存在重大風險和不確定性，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 2025, and our quarterly reports on Form 10-Q previously filed with the SEC.

我們提供預測和其他前瞻性陳述時，不承擔任何更新這些陳述的意圖或義務。有關可能影響這些預期的重要因素和風險的更多信息，請參閱我們今天早上向美國證券交易委員會提交的 8-K 表格、我們 2025 財年的 10-K 表格年度報告以及我們之前向美國證券交易委員會提交的 10-Q 表格季度報告。

Please note, in addition to our earnings release, we have also prepared our quarterly investor presentation, and both documents are available on the Investor Relations section of our website. 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.

請注意，除了我們的獲利報告外，我們還準備了季度投資者演示文稿，這兩份文件都可以在我們網站的投資者關係部分找到。如果您在通話後有任何後續問題，請隨時撥打 (804) 747-0422 分機 7865 聯絡我們的投資者關係部門。

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了一個問題，然後又重新排隊等待後續問題。帳單？

Great. Thank you, David. Good morning, everyone, and thanks for joining us. Today, I want to start with our priorities. While our second-quarter results fell short of our expectations, we remain focused on driving sales, gaining market share, and delivering significant year-over-year earnings growth for years to come.

偉大的。謝謝你，大衛。各位早安，感謝各位的收看。今天，我想先談談我們的工作重點。儘管我們第二季的業績未達到預期，但我們仍將專注於推動銷售、擴大市場份額，並在未來幾年實現顯著的同比盈利增長。

We have a differentiated and best-in-class omnichannel customer experience and are focused on maximizing that advantage by driving operational efficiency and sharpening our go-to-market approach. With this mindset, our key priorities include, first, focusing on price and selection. This includes maintaining competitive prices while minimizing macro factor impact and having the cars consumers are looking for at CarMax's high-quality standards.

我們擁有差異化且一流的全通路客戶體驗，並致力於透過提高營運效率和改進市場推廣方式來最大限度地發揮這一優勢。基於這種理念，我們的首要任務是專注於價格和選擇。這包括在保持價格競爭力的同時，最大限度地減少宏觀因素的影響，並以 CarMax 的高品質標準提供消費者想要的汽車。

Second, driving consumer awareness of our differentiated experience. This includes not only our new brand campaign Wanna Drive? but also enhancing the conversion waterfall from web traffic all the way to the ultimate buy and/or sell decision. Third, delivering incremental SG&A reductions of at least $150 million over the next 18 months. This will be broad-based, and it includes leveraging technology to drive efficiencies and our Net Promoter Score to new heights.

其次，提高消費者對我們差異化體驗的認知。這不僅包括我們新的品牌宣傳活動“想開車嗎？”而且還能提升從網站流量到最終買賣決策的轉換流程。第三，在未來 18 個月內至少 1.5 億美元的銷售、一般及行政費用增量削減。這將是一項廣泛的舉措，包括利用技術來提高效率，並將我們的淨推薦值提升到新的高度。

And finally, generating additional profit through components of our diversified business. This includes increasing CAF penetration and profitability in a responsible and thoughtful way. It also includes pursuing other opportunities across our business to drive incremental flow-through to our bottom line. We are already making progress across these fronts and are confident in our strategy and our earnings model, which will produce high-teen EPS growth with mid-single-digit retail unit growth.

最後，透過我們多元化業務的各個組成部分創造額外利潤。這包括以負責任和周全的方式提高 CAF 的滲透率和獲利能力。它還包括在我們業務中尋求其他機會，以逐步提高我們的利潤。我們已在這些方面取得進展，並對我們的策略和獲利模式充滿信心，這將帶來兩位數以上的每股收益成長和個位數的零售單位成長。

During our first-quarter call, I mentioned that we saw an uptick in sales volume in March and April due to the tariff speculation. This impacted our performance in the second quarter in two ways. First, we ramped our inventory ahead of the second quarter to support this growth. Across the back half of May through the end of June, we saw about $1,000 in depreciation, which natively impacted our price competitiveness and our sales.

在第一季電話會議上，我提到由於關稅猜測，我們在三月和四月看到了銷售量的成長。這從兩個方面影響了我們第二季的業績。首先，我們在第二季開始前增加了庫存，以支持這一成長。從五月下旬到六月底，我們經歷了約 1000 美元的折舊，這直接影響了我們的價格競爭力和銷售額。

Second, while hard to quantify, we believe there was a pull forward of demand into the first quarter. In the second quarter, we responded by lowering retail margin to drive sell-through, and we intentionally slowed buys to balance our inventory with sales. This strategy has worked as both price competitiveness and inventory position have improved since that time and have put us in a better position for the third quarter.

其次，雖然很難量化，但我們認為第一季有提前需求。第二季度，我們透過降低零售利潤率來促進銷售，並有意放慢採購速度，以平衡庫存與銷售。這項策略奏效了，自那時以來，價格競爭力和庫存狀況均有所改善，使我們在第三季處於更有利的地位。

During the quarter, we delivered total sales of $6.6 billion, down 6% compared to last year, reflecting lower volume. In our retail business, total unit sales declined 5.4% and used unit comps were down 6.3%. Pressured performance across our age 0 to 5 inventory was partially offset by increased sales in older, higher mileage vehicles. Average selling price was $26,000, a year-over-year decrease of approximately $250 per unit.

本季度，我們的總銷售額為 66 億美元，比去年同期下降 6%，反映出銷量下降。在我們的零售業務中，總銷量下降了 5.4%，二手商品銷量下降了 6.3%。0 至 5 年車齡車輛的銷售壓力部分被老舊、高里程車輛的銷售成長所抵銷。平均售價為 26,000 美元，比去年同期每套下降約 250 美元。

Second-quarter retail gross profit per used unit was similar to last year but down approximately $200 from the first quarter. The sequential decline was more than twice our historical average, reflecting the actions that I mentioned earlier. We will continue to focus on maintaining our price competitiveness, and we remain disciplined yet nimble in leveraging selection and margins to drive sales.

第二季二手車零售毛利潤與去年同期大致持平，但比第一季下降了約 200 美元。環比下降幅度是歷史平均值的兩倍多，反映了我之前提到的措施。我們將繼續專注於保持價格競爭力，並保持嚴謹而靈活的策略，利用產品選擇和利潤率來推動銷售。

Wholesale unit sales were down 2.2% versus the second quarter last year. Average wholesale selling price increased approximately $125 per unit to $7,900 and wholesale gross profit per unit was historically strong and similar to last year.

批發單位銷售量較去年第二季下降2.2%。平均批發售價每單位上漲約 125 美元，達到 7,900 美元，每單位批發毛利潤歷史新高，與去年相近。

We bought approximately 293,000 vehicles during the quarter, down 2% from last year. We purchased approximately 262,000 vehicles from consumers, with more than half of those buys coming through our online instant appraisal experience. With the support of our Edmond sales team, we sourced the remaining approximately 31,000 vehicles through dealers, which is slightly up from last year. This quarter's buy performance is a direct result of a decision to pull back offers to right size inventory. We are no longer intentionally slowing buy and expect to see year-over-year improvement in the third quarter.

本季我們購買了約 293,000 輛汽車，比去年同期下降了 2%。我們從消費者手中購買了大約 262,000 輛汽車，其中超過一半的購買是透過我們的線上即時評估服務完成的。在埃德蒙銷售團隊的支持下，我們透過經銷商採購了剩餘的約 31,000 輛汽車，比去年略有成長。本季採購業績的提升，是公司決定減少供貨量以調整庫存規模的直接結果。我們不再刻意放緩採購，預計第三季將出現年比改善。

At the end of August, we launched our new Wanna Drive? brand position campaign that brings to light our unique omnichannel experience. Our Net Promoter Score is the highest it's been since we rolled out our digital capabilities nationwide, driven by record high satisfaction among customers purchasing online as well as those using our omnichannel experience.

8月底，我們推出了全新的「想開車嗎？」活動。品牌定位宣傳活動，旨在展現我們獨特的全通路體驗。自從我們在全國範圍內推出數位化服務以來，我們的淨推薦值達到了最高水平，這主要得益於線上購物客戶以及使用我們全通路體驗的客戶滿意度創歷史新高。

Wanna Drive? spotlights this unique offering, empowering customers to buy their way, with the clarity, confidence, and control to navigate the journey on their terms. Wanna Drive? appears across TV, streaming social, digital, and audio and represents the first phase of a sustained multiphase strategy. This approach, which we will complement with increased advertising spend, demonstrates our commitment to long-term brand investment that supports our growth objectives.

想開車嗎？重點介紹這款獨特產品，讓客戶能夠以自己的方式購買，清晰、自信、掌控地按照自己的意願完成購買流程。想開車嗎？出現在電視、串流媒體、社群媒體、數位和音訊等平台，代表著持續多階段策略的第一階段。我們將採取這種策略，並增加廣告支出，以支持我們的長期品牌投資，從而實現我們的成長目標。

As previously discussed, we've been focused on driving SG&A efficiencies. We're pleased with our progress so far and have line of sight to at least an incremental $150 million in SG&A reductions over the next 18 months. This does not impact our growth strategy as we will continue to invest in initiatives that position us for the future. Later, Enrique will comment on the anticipated scope of our efforts and the likely timing.

如前所述，我們一直致力於提升銷售、一般及行政費用效率。我們對目前的進展感到滿意，並預計在未來 18 個月內減少至少 1.5 億美元的銷售、一般及行政費用。這不會影響我們的成長策略，我們將繼續投資於能夠讓我們為未來做好準備的各項措施。稍後，恩里克將對我們預期的工作範圍和可能的時間表發表評論。

At this time, I will now turn the call over to Jon to provide more detail on CarMax Auto Financing and our continuing focus on full credit spectrum expansion. Jon?

現在，我將把電話交給 Jon，讓他詳細介紹 CarMax 汽車融資以及我們持續關注的全面信貸範圍擴展。喬恩？

Thanks, Bill, and good morning, everyone. During the second quarter, CarMax Auto Finance originated over $2 billion, resulting in sales penetration of 42.6% net of three-day payoffs, which was 60 basis points above last year. The weighted average contract rate charged to new customers was 11.2% versus 11.4% last quarter and reflects downward rate testing executed within the quarter.

謝謝你，比爾，大家早安。第二季度，CarMax 汽車金融發放了超過 20 億美元的貸款，在扣除三天還款額後，銷售滲透率達到 42.6%，比去年同期高出 60 個基點。向新客戶收取的加權平均合約費率為 11.2%，而上一季為 11.4%，這反映了本季執行的降價測試。

While CAF's full-quarter increase in penetration appears modest, we believe the tariff pull forward in Q1 negatively impacted CAF share during the early part of the quarter. Since the beginning of the fiscal year, we have made underwriting adjustments that translate to 100 to 200 basis points of growth, but the full realization of this growth can be impacted by noncontrollable factors such as customer credit mix and partner lender behavior.

雖然 CAF 在整個季度的滲透率成長看起來並不顯著，但我們認為第一季關稅提前生效對 CAF 在本季初的市佔率產生了負面影響。自本財年開始以來，我們已進行核保調整，實現了 100 至 200 個基點的成長，但這一成長的充分實現可能會受到客戶信用組合和合作貸款機構行為等不可控因素的影響。

It is important to note that more than half of the impact from these adjustments comes from recaptured Tier 1 segments but with additional criteria overlay to reduce risk, while the remainder comes from within the top half of the Tier 2 space, which we have been testing over the past year. Third-party Tier 2 and Tier 3 penetration in the quarter combined for 23.8% of sales versus 24.4% last year as cash growth had an impact on partner volume.

值得注意的是，這些調整的影響超過一半來自重新納入的一級市場，但附加了額外的標準以降低風險，而其餘部分則來自二級市場中上半部分，我們在過去一年中一直在測試這些市場。本季第三方二級和三級供應商的滲透率合計佔銷售額的 23.8%，而去年同期為 24.4%，現金成長對合作夥伴的銷售產生了影響。

CAF income for the quarter was $103 million, down $13 million from FY25. Net interest margin on the portfolio was 6.6%, up over 50 basis points from last year and relatively in line with last quarter. CAF's loan loss provision of $142 million results in a total reserve balance of $507 million for 3.02% of managed receivables exclusive of auto loans held for sale.

CAF 本季營收為 1.03 億美元，比 2025 財年減少了 1,300 萬美元。該投資組合的淨利差為 6.6%，比去年同期成長超過 50 個基點，與上一季基本持平。CAF 的貸款損失準備金為 1.42 億美元，導致其管理的應收帳款（不包括待售汽車貸款）的總準備金餘額為 5.07 億美元，佔應收帳款總額的 3.02%。

Of the $142 million, $71 million is attributed to new originations within the quarter, while the remaining $71 million is an adjustment to the loss expectation of the existing portfolio. Also of note, as was seen in the first quarter, there was a reduction on the required provision stemming from $16 million in the reserve allocated to loans booked prior to Q2 now classified as held for sale.

在 1.42 億美元中，7,100 萬美元歸因於本季新增貸款，而剩餘的 7,100 萬美元是對現有投資組合損失預期的調整。值得注意的是，如第一季所見，由於第二季先前已入帳的貸款的儲備金中有 1,600 萬美元被歸類為持有待售貸款，因此所需撥備有所減少。

The primary driver of the $71 million adjustment on the existing portfolio comes from additional losses anticipated within the 2022 and 2023 vintages. Recall, these customers have been the most impacted by the convergence of rapidly increasing vehicle prices and broader inflation. Despite the observed worsening, these vintages still remain highly profitable at an estimated lifetime profit of $1,500 per unit versus $1,800 contemplated at origination.

現有投資組合調整 7,100 萬美元的主要原因是預計 2022 年和 2023 年的股票將出現額外虧損。請記住，這些客戶受到汽車價格快速上漲和通貨膨脹加劇的雙重影響最大。儘管情況惡化，但這些年份的葡萄酒仍然利潤豐厚，預計每單位終身利潤為 1,500 美元，而最初預期為 1,800 美元。

Additionally, they continue to shrink in size and contribution to the overall portfolio as they are replaced with more recently originated Tier 1 receivables at significantly lower loss rates. Note that 2024 and 2025 post-contraction vintages continue to be right in line with our original loss expectations.

此外，隨著損失率顯著降低的、近期產生的Tier 1應收帳款的取代，它們的規模和對整體投資組合的貢獻也在不斷縮小。請注意，2024 年和 2025 年經濟衰退後的年份仍然與我們最初的損失預期完全一致。

Regarding the funding aspect of our full spectrum efforts, yesterday we closed our '25-B transaction, our second nonprime securitization of the year. This was upsized to $900 million in total notes and, for the first time, included the sale of most of the residual financial interest in the transaction to third-party investors, thus resulting in off-balance sheet treatment.

關於我們全方位努力的資金方面，昨天我們完成了「25-B」交易，這是我們今年的第二筆非優質證券化交易。此次發行規模擴大至 9 億美元，票據總額也首次包括將交易中大部分剩餘的財務權益出售給第三方投資者，從而實現了表外處理。

We expect the gain on sale to be approximately $25 million to $30 million in third quarter income. We also expect to receive approximately $40 million to $45 million in additional CAF income related to servicing fees and the retained beneficial interest over the life of the transaction. As a reminder, going forward, there will be no loss allowance or provision for this pool of loans.

我們預計第三季出售所得收益約為 2,500 萬美元至 3,000 萬美元。我們也預計在交易期限內，將收到與服務費和保留的受益權相關的約 4,000 萬至 4,500 萬美元的額外 CAF 收入。再次提醒，今後這部分貸款將不提損失準備金或撥備。

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

現在我想把電話交給恩里克，讓他更詳細地討論我們第二季的財務表現。恩里克？

Thanks, Jon, and good morning, everyone. Second-quarter net earnings per diluted share was $0.64 versus $0.85 a year ago. The decrease was driven primarily by lower volume and the CAF loss provision adjustment.

謝謝你，喬恩，大家早安。第二季每股攤薄淨收益為 0.64 美元，去年同期為 0.85 美元。下降的主要原因是銷售下降和 CAF 損失準備金調整。

Total gross profit was $718 million, down 6% from last year's second quarter. Used retail margin of $443 million decreased by 8%, with lower volume and relatively stable per unit margins. Retail gross profit per used unit was $2,216, in line with historical average. Wholesale vehicle margin of $137 million decreased by less than 1% from a year ago, with lower volume partially offset by a slight increase in per unit margins. Wholesale gross profit per unit was $993.

總毛利為7.18億美元，比去年第二季下降6%。二手零售利潤為 4.43 億美元，下降了 8%，銷售量下降，但單位利潤相對穩定。每輛二手車的零售毛利為 2,216 美元，與歷史平均值持平。批發車輛利潤為 1.37 億美元，比去年同期下降不到 1%，銷售下降部分被單位利潤的小幅成長所抵銷。每單位批發毛利潤為 993 美元。

Other gross profit was $138 million, down 4% from a year ago. This was driven primarily by EPP, which decreased by $6 million driven by lower retail unit volume.

其他毛利為 1.38 億美元，比去年同期下降 4%。這主要是由於EPP減少了600萬美元，原因是零售單位銷售下降。

Service recorded a $4 million margin, reflecting a small improvement over last year's second quarter. Continued efficiency and cost coverage improvements were partially offset by the deleverage inherent in the lower year-over-year second-quarter sales.

服務業務實現利潤 400 萬美元，較去年第二季略有改善。持續的效率和成本覆蓋率改善被第二季度同比銷售額下降帶來的去槓桿化部分抵消。

On the SG&A front, expenses for the second quarter were $601 million, down 2% from the prior year driven primarily by lower stock-based compensation. We continue to realize expense savings, but they were offset by cost pressures in the quarter. SG&A to gross profit deleveraged 350 basis points to 84% as lower volume more than offset lower costs.

在銷售、一般及行政費用方面，第二季支出為 6.01 億美元，比去年同期下降 2%，主要原因是股票選擇權費用減少。我們持續節省開支，但本季成本壓力抵消了這些節省。銷售、一般及行政費用佔毛利的比例下降 350 個基點至 84%，因為銷量下降的影響超過了成本下降的影響。

The continued deployment of AI technology remains a key driver of efficiency gains and experience enhancements across our operations. For example, this quarter, Skye, our AI-powered virtual assistant continued to deliver year-over-year double-digit percent improvements in containment rate, customer experience consultants productivity and web and phone response rate SLAs. We recently fully rolled out Skye 2.0, which leverages agentic AI and expect this release will drive even more efficiency and experience improvements.

人工智慧技術的持續部署仍然是我們營運效率提升和體驗改善的關鍵驅動力。例如，本季度，我們的人工智慧虛擬助理 Skye 在控制率、客戶體驗顧問生產力和網路及電話回應率 SLA 方面繼續實現了同比兩位數百分比的改進。我們最近全面推出了 Skye 2.0，它利用了智慧體人工智慧，我們預計此次發布將帶來更高的效率和更好的使用者體驗。

As Bill noted, we are committed to further reducing our SG&A by continuing to deliver efficiency gains across the business. The investments in technology, systems, and processes that we have made as part of our omni transformation will allow us to substantially reduce spend through several key initiatives: modernizing and consolidating our technology infrastructure, automating manual processes, renegotiating and reducing third-party contracts, and eliminating redundancies across the organization.

正如比爾所指出的，我們致力於透過不斷提高整個業務的效率來進一步降低銷售、管理及行政費用。作為我們全通路轉型的一部分，我們在技術、系統和流程方面的投資將使我們能夠透過以下幾項關鍵舉措大幅降低支出：實現技術基礎設施的現代化和整合，實現手動流程的自動化，重新談判並減少第三方合同，以及消除組織內的冗餘。

The goal of at least $150 million in SG&A reductions over the next 18 months represents a material improvement in our cost profile and reflects the execution on the plan that we have been developing with outside support. While we expect to realize some of these savings this fiscal year, we expect the vast majority will materialize in our exit rate by the end of fiscal 2027.

未來 18 個月內至少削減 1.5 億美元的銷售、一般及行政費用，標誌著我們成本狀況的實質改善，也反映了我們在外部支持下制定的計劃的執行情況。雖然我們預計本財年將實現部分節省，但我們預計絕大部分節省將在 2027 財政年度結束時透過我們的退出率實現。

In addition to offsetting inflationary pressures, these ongoing savings will provide additional flexibility to reinvest in areas that directly drive sales, while also serving as a tailwind to our already robust earnings model of a high-teens EPS growth CAGR when retail unit growth is in the mid-single digits. We will continue to provide updates on this initiative during future earnings calls.

除了抵銷通膨壓力外，這些持續的節省還將為直接推動銷售的領域提供更大的再投資靈活性，同時，當零售單位增長達到個位數中段時，這些節省也將為我們原本強勁的盈利模型（即每股收益複合年增長率達到兩位數以上）提供助力。我們將在未來的財報電話會議上繼續提供有關該計劃的最新資訊。

Looking forward, I'll cover a few items. Regarding marketing, we expect an increase in per total unit spend in the back half of the year, particularly in the third quarter as we appropriately support our new brand positioning launch. We expect service margin to face pressure in the back half of the year due to seasonal sales volumes. For the full year, we still expect to deliver positive margin, which is a direct result of our efficiency improvements and cost coverage measures.

接下來，我將介紹幾個面向。在行銷方面，我們預計下半年單位總支出將會增加，尤其是在第三季度，因為我們將適當地支持我們新的品牌定位的推出。我們預計下半年服務利潤率將因季節性銷售量而面臨壓力。預計全年仍將實現正利潤，這直接得益於我們的效率提升和成本控制措施。

Turning to capital allocation. During the second quarter, we continued our share repurchases at an accelerated pace, buying back approximately 2.9 million shares for a total expenditure of $180 million. As of the end of the quarter, we had approximately $1.56 billion of our repurchase authorization remaining.

接下來討論資本配置。第二季度，我們持續加快股票回購步伐，回購了約 290 萬股股票，總支出達 1.8 億美元。截至本季末，我們還有約 15.6 億美元的回購授權額度。

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

現在我把電話轉回給比爾。

Thank you, Enrique and Jon. Our customer-centric car buying and selling experience is a key differentiator in a very large and fragmented market and positions us well for the future. We are intently focused on driving this differentiated and best-in-class experience and doing so with greater efficiency.

謝謝恩里克和喬恩。我們以客戶為中心的汽車買賣體驗，在龐大且分散的市場中是一項關鍵的差異化優勢，也使我們在未來佔據了有利地位。我們正全力以赴，致力於打造差異化、一流的體驗，並提高效率。

As you heard from us today, we're actively executing on our key priorities, which include driving sales, advancing innovations to improve customer and associate experiences, bolstering our marketing efforts, increasing company-wide efficiencies, and expanding CAF participation across the credit spectrum. All of these priorities will give us added flexibility and strengthen us for the future.

正如您今天從我們這裡聽到的，我們正在積極執行我們的關鍵優先事項，包括推動銷售、推進創新以改善客戶和員工體驗、加強我們的行銷工作、提高公司整體效率以及擴大 CAF 在整個信貸領域的參與。所有這些優先事項都將賦予我們更大的靈活性，並增強我們面向未來的能力。

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

那麼，我們很樂意回答您的問題。操作員。

(Operator Instructions) Brian Nagel, Oppenheimer.

（操作說明）布萊恩·納格爾，奧本海默。

Hey, guys, good morning. So the first question I want to ask, just with regard to used unit sales. So Bill, if I heard you correctly, it seemed like the most disruptive factor here in fiscal Q2 was -- now, it was a clearer pull forward in demand into the fiscal first quarter. So the question I have is, could you -- are there numbers you can give us to size that better -- that disruption?

嘿，各位，早安。所以我想問的第一個問題，僅關於二手車銷售方面。所以比爾，如果我沒聽錯的話，第二財季最具破壞性的因素似乎是——現在看來，是需求提前到第一財季的情況更加明顯。所以我的問題是，您能否提供一些數字，以便更好地衡量這種顛覆性影響？

And then as we look -- as you look through the quarter -- I know you typically don't discuss sales trends in the quarter. But following that pull forward impact, I mean, has the business -- or have sales got back to a more normal run rate, and what is that?

然後，當我們回顧整個季度時——我知道你們通常不會討論季度內的銷售趨勢。但在此拉動效應之後，我的意思是，業務——或者說銷售額是否已經恢復到更正常的運行速度？如果恢復正常，那又會是什麼樣的呢？

Yeah. So Brian, first of all, like I said, it's actually we think two factors. And I would put the -- I put the other factor probably first, because it is hard to quantify exactly how much each one is. But my commentary around buying inventory up and then seeing that depreciation happen, I would say that is probably the most impactful, and then the pull forward. But again, it's hard to quantify exactly how much each of those are.

是的。所以布萊恩，首先，就像我說的，我們認為實際上有兩個因素。而且我會把另一個因素放在第一位，因為很難準確量化每個因素的重要性。但我認為，大量購入庫存並看到其貶值發生，可能是影響最大的，然後是提前兌現。但同樣，很難準確量化每一項的具體金額。

For the quarter, each month was down year over year, and each month got a little weaker throughout the quarter. Now, what I'll tell you for September and month to date is that it is stronger than the quarter and any of the months in the second quarter. But when I look at it from a year over year, it's still a little soft from a year-over-year standpoint. But certainly, we put ourselves in a better position with the start of this quarter, both on an inventory position as well as from a pricing standpoint.

本季每個月的年比數據均有所下降，而且每個月的下滑幅度都在逐漸增加。現在，我要告訴大家的是，9 月以及本月至今的情況比本季以及第二季的任何月份都要好。但從同比來看，它仍然略顯疲軟。但可以肯定的是，隨著本季的開始，無論從庫存狀況或定價角度來看，我們都處於更有利的地位。

That's helpful. If I -- could I ask a follow-up?

那很有幫助。如果我──我可以問一個後續問題嗎？

Sure.

當然。

Just with regard to pricing, so CarMax has for a long time talked about having an attractive pricing within the market. It seems to me, just listening to your comments say that you're focusing on this more now, so I guess, is that the case? And then the question I have is, are you seeing something in the marketplace or other competitors are getting more price aggressive that CarMax may have to change some of its stance there?

就價格而言，CarMax 長期以來一直聲稱其定價在市場上具有吸引力。聽你的發言，我覺得你現在更關注這件事了，所以我想，是這樣嗎？那麼我的問題是，您是否看到市場上或其他競爭對手的價格策略變得更加激進，以至於 CarMax 可能不得不改變其在這方面的某些立場？

Yeah. I think the pricing commentary, first of all, is you're right, we're always focused on pricing, we want to be competitive. I think in the quarter, we fell into a spot where we weren't as competitive. Again, I feel better about where we are now.

是的。首先，我認為關於定價的評論是正確的，我們始終關注定價，我們希望保持競爭力。我認為本季我們的競爭力有所下降。我再次感到，我們對目前的狀況更加滿意了。

And then the only other thing I would add to that is I think we just need to continue to be as nimble as possible when it comes to pricing. And you saw in the quarter, we saw that $1,000 depreciation over a month period, and we started acting on it very quickly.

最後我還要補充一點，我認為我們在定價方面需要繼續保持盡可能靈活。正如你們在本季看到的，我們發現一個月內出現了 1000 美元的折舊，我們很快就採取了行動。

And there's a lot that goes into that decision as far as what do you do with your prices when you see depreciation, that kind of thing. But I think the takeaway for -- that I want you to hear is that we're always focused on competitive pricing. And certainly, the focus as we go forward is to continue to be as nimble as possible because it's an aggressive environment out there.

至於如何應對貶值等問題，這其中有許多因素需要考慮。但我認為我想讓大家明白的是，我們始終專注於具有競爭力的價格。當然，我們未來的重點是繼續保持盡可能靈活，因為外面的環境競爭非常激烈。

Rajat Gupta, JPMorgan.

Rajat Gupta，摩根大通。

Great, thanks for taking the question, I've got a couple. First one on CAF, last quarter, you had mentioned that you expect CAF income to be up year over year for the full year. Could you give us an update on that? And if it has changed?

太好了，謝謝你回答這個問題，我還有幾個問題。首先是關於 CAF，上個季度您提到過，您預計全年 CAF 收入將比去年同期成長。您能為我們提供一下最新進展嗎？如果情況發生了變化呢？

I'm just surprised by just the magnitude of the provision pickup because we had your last earnings call just two months ago. So curious like how could it have changed so dramatically for the short period of time? And any color there would be helpful. And I have a quick follow-up on SG&A.

我對撥備增加的幅度之大感到驚訝，因為我們上次召開財報電話會議才兩個月而已。很好奇，為什麼在這麼短的時間內會發生如此巨大的變化？任何顏色都會有所幫助。我還有一個關於銷售、管理及行政費用的後續問題。

Sure, Rajat, appreciate your question. First, let's touch on the CAF income. Obviously, as mentioned, there's a larger provision impact this quarter. Also, we mentioned we're excited about the '25-B transaction, which will yield gain during Q3. You put all that together.

當然可以，Rajat，感謝你的提問。首先，我們來談談 CAF 的收入。顯然，正如前面提到的，本季撥備影響更大。另外，我們提到我們對「25-B」交易感到興奮，該交易將在第三季產生收益。你把所有這些加在一起。

Yeah, we did highlight that we thought there would be increase year over year in CAF income. I think we're going to be flat to down. Obviously two more quarters to go, but flat to slightly down. But I think there's some nice trade-offs that are occurring there.

是的，我們確實強調過，我們認為 CAF 的收入會逐年增加。我認為我們會持平或下跌。顯然還有兩個季度要打，但整體趨勢持平或略有下降。但我認為這裡面存在一些不錯的權衡取捨。

Obviously, all disclaimers with how does the consumer perform, how has sales come in, because that would yield provision originations for us. But I believe that gives you a little flavor on the income cadence. Regarding provision, it's certainly a fair question. I'll give a little color on what we saw for the quarter beyond what I did in my prepared remarks.

顯然，所有免責聲明都與消費者的表現、銷售情況等有關，因為這會為我們帶來準備金。但我相信這能讓你對收入節奏有個大致了解。關於供應問題，這確實是一個合理的問題。除了我事先準備好的發言稿之外，我還要補充一些關於本季我們所看到的情況。

So let's highlight the '22 and '23 vintages. That customer, as I mentioned, high ASP, certainly a higher APR environment, higher overall payment they were seeing. They come into the purchasing cycle with excess cash from COVID, and they hadn't fully experienced inflation yet. So we had a lot to learn about that customer.

那麼，讓我們重點介紹一下 2022 年和 2023 年的年份。正如我之前提到的，這位客戶的平均售價很高，年利率也更高，他們的整體付款額也更高。他們帶著新冠疫情而累積的充裕現金進入購買週期，而且他們還沒有完全感受到通貨膨脹的影響。所以，我們需要了解很多關於這位客戶的資訊。

Initially, we saw some -- again, we're coming off of incredibly low trough loss rates of '19, '20, '21 vintages, so hard to gauge how there's '22 and '23 vintages were going to perform. We saw an increase in losses initially, but that's not surprising because it's coming off of trough lower vintages of those previous years.

最初，我們看到了一些——再說一遍，我們剛剛經歷了 2019、2020、2021 年年份的極低谷期損失率，所以很難估計 2022 和 2023 年年份的表現會如何。起初我們看到損失增加，但這並不奇怪，因為這是繼前幾年低迷年份之後的結果。

So as we watched that customer perform, we saw it and thought maybe it was a pull forward in losses. Ultimately, as we saw a little increase, so maybe a timing curve adjustment. And then we watched that customer begin to struggle and continue to struggle a little bit.

所以，當我們觀察這位客戶的表現時，我們發現，這可能是虧損提前發生的跡象。最終，我們看到略有成長，所以也許需要調整時間曲線。然後我們看到那位客戶開始遇到困難，而這種困難持續了一段時間。

We made some adjustments that we thought were very smart for the consumer and smart for us, and that has proven to be the case. And that was we adjusted our extension policy in the fall. We saw more payments come in, had we otherwise not done that. So we were pleased to see that, but we had to watch that play through.

我們做出了一些我們認為對消費者和我們自己都非常明智的調整，事實證明確實如此。這就是我們在秋季調整延期政策的原因。如果我們不那麼做，就會收到更多款項。所以我們很高興看到這一點，但我們必須完整地觀看那場比賽。

We saw some of those customers coming back into delinquency and loss during Q1. It's obviously a tax time season as well so it's a little muddied. So we did make an adjustment in Q1. And we wanted to watch it all play through. We saw some good performance initially with, again, those extensions. We wanted to see how much was going to come back in delinquency. And unfortunately, during the quarter, we saw more revert back to delinquency and loss.

我們發現其中一些客戶在第一季再次出現拖欠款項和虧損的情況。現在顯然也是報稅季，所以情況有點混亂。因此，我們在第一季做出了一些調整。我們想把整個過程看完。最初，這些擴充功能確實表現出了一些不錯的性能。我們想看看有多少人會再次陷入犯罪。不幸的是，在本季度，我們看到更多的人再次出現拖欠和虧損的情況。

That being said, we've made a significant adjustment this quarter, as you see. We made what we would say a sizable adjustment last quarter. I think we have a much better handle on where these guys are going to land because we've watched these extensions play through almost completely at this point.

也就是說，正如你所看到的，我們本季做出了重大調整。上個季度我們做出了相當大的調整。我認為我們現在對這些球員的最終去向有了更清晰的了解，因為我們幾乎已經完全見證了這些續約的整個過程。

Also, if you look at the totality of those vintages, you're about two-thirds of the way through those vintages. So there's about a third left. So it's really going to ultimately play through. There's more to come, but it really has played through.

此外，如果你把這些年份酒全部看完，你會發現你已經完成了大約三分之二的年份酒。所以還剩下大約三分之一。所以最終它一定會得到解決。還有後續，但目前為止已經完全過去了。

And then if you look at these '24 and '25 vintages, we are extremely pleased with those. So we're watching those losses early on. We're now 12, 15 months through there, and that stuff is right on the mark from what we expected. So yeah, I hate to have to make an additional adjustment. I think there are a lot of confounding factors that had to play out. We feel like we have a much better understanding of them.

如果你看看 2024 年和 2025 年的年份酒，我們會對它們非常滿意。所以我們會密切關注早期的這些損失。現在已經過了 12 到 15 個月，那些東西和我們預期的完全一致。是的，我很討厭還要做額外的調整。我認為有很多混雜因素共同作用導致了這種情況。我們感覺對它們有了更深入的了解。

And then I'll end with -- and again, just as a reminder, these things are incredibly so profitable. $1,800 versus -- was maybe what we anticipated, $1,500 because of these loss adjustments, roughly $0.5 billion we're going to achieve in lifetime value across the '22 and '23 vintages. So a lot to say there because I wanted to explain what was going on there, but hopefully, that answers your question.

最後，我再強調一次──再次提醒大家，這些酒的利潤非常豐厚。 1800美元，而我們之前的預期是1500美元，因為這些損失調整，但我們預計在2022年和2023年這兩個年份，酒的終身價值將達到約5億美元。所以有很多話要說，因為我想解釋那裡發生了什麼，但希望這能回答你的問題。

That's helpful color. And just on the SG&A, could you elaborate a little bit more on the areas of cost reduction? I'm curious because it seems to me that a lot of these might be tied to the omnichannel support function because you've already gained good productivity on your in-store salespeople.

這是個很有幫助的顏色。關於銷售、一般及行政費用，能否詳細說明一下降低成本的面向？我很好奇，因為在我看來，其中許多問題可能都與全通路支援功能有關，因為你們的店內銷售人員已經獲得了良好的生產力。

I'm curious, should investors be worried that these actions might hurt your ability to recover some of the share loss that you've seen? I'm curious, how do you balance those two. And also, like, what's the offset from the pickup in advertising?

我很好奇，投資人是否應該擔心這些舉措可能會影響您挽回部分股價損失的能力？我很好奇，你是如何平衡這兩者之間的？還有，比如，廣告中與皮卡銷售量的偏移量是多少？

Yeah, no, absolutely, Rajat, I'll jump into it. We do not think it's going to impact our growth strategy. As I noted in my prepared remarks, our investments in technology, systems, and processes are really going to allow us to rationalize our costs. So very specifically, I'll give you some examples.

好的，當然，拉賈特，我願意加入。我們認為這不會影響我們的成長策略。正如我在準備好的演講稿中提到的，我們對技術、系統和流程的投資將真正使我們合理化成本。接下來，我將具體舉幾個例子。

So we have a stronger ability to retire legacy systems. We have an ability to lower licensing usage as we either need less of them, or we can eliminate certain functionality as well given our investments in technologies such as chat due to investments in Skye.

因此，我們更有能力淘汰舊系統。由於我們在 Skye 等技術方面的投資，我們可以減少許可使用量，因為我們要么需要的許可數量減少，要么可以取消某些功能。

We've become even more efficient in our call centers. And I've been talking about that for quite a few quarters at this point in time, able to automate manual processes and leverage AI to even more frequently review third-party contracts.

我們的呼叫中心效率變得更高了。在過去的幾個季度裡，我一直在談論這個問題，即如何實現手動流程的自動化，並利用人工智慧更頻繁地審查第三方合約。

So those are just some of the examples that will help us take out that $150 million. And if you'll note, those examples don't really impact our growth strategy. And part of our thinking as well is that there is a portion of these savings. And again, it's $150 million -- at least $150 million -- that we do expect to direct back to investments that have a direct tie with sales, such as an example this quarter would be marketing.

以上只是幫助我們籌集到1.5億美元的部分例子。而且，請注意，這些例子其實並沒有對我們的成長策略產生影響。我們考慮的部分原因也是，這些節省下來的費用中有一部分可以用於其他用途。再次強調，我們預計將至少有 1.5 億美元重新投入與銷售直接相關的投資中，例如本季的行銷。

We are going heavier up in marketing, appropriately so, to support our new brand positioning, and that would be an example of something that we're going to go invest in. I do think it's important to remember, right, that we had been in investment mode as we transformed our company into an omni retailer. But once you're done with that, the next step really is to optimize and then rationalize that spend, and that's where we are.

為了支持我們新的品牌定位，我們將加大行銷力度，這是理所當然的，這也是我們將要投資的一個例子。我認為重要的是要記住，在我們把公司轉型為全通路零售商的過程中，我們一直處於投資模式。但完成這些之後，下一步才是真正優化和合理化這些支出，而這正是我們目前所處的階段。

It's not a net $150 million reduction. Is that a net number that you can give us?

這並不是淨減少1.5億美元。您能告訴我們一個淨值嗎？

Yeah. So it's going to be net of any ongoing SG&A expenses to accomplish that number. But it's not net of any kind of onetime charges that we may end up having to incur. But it is net of ongoing expenses to realize those savings.

是的。因此，要達到這個數字，就必須扣除所有持續的銷售、一般及行政費用。但這還不包括我們最終可能要承擔的任何一次性費用。但要實現這些節省，必須扣除持續的開支。

No, no, I meant like net of investment in other areas like advertising and other sales initiatives.

不，不，我的意思是扣除在廣告和其他銷售活動等其他領域的投資後。

No, like I said, there will be part of those dollars that will be reinvested back into the business to drive top-line sales. However, that being said, we do expect just the SG&A savings to be a material tailwind to our already robust earnings model.

不，就像我說的，其中一部分資金將重新投資到業務中，以推動銷售成長。不過即便如此，我們預期僅銷售、管理及行政費用的節省就將對我們本已穩健的獲利模式產生實質的推動作用。

Sharon Zackfia, William Blair.

莎倫·扎克菲亞，威廉·布萊爾。

Hi, good morning. I wanted to go back to Brian's question on price. And as you think about -- and I know you're talking about reinvesting some of the SG&A savings. Back in 2019, which seems like forever ago, you had talked about kind of maybe targeting some lower GPU to drive incremental sales.

您好，早安。我想回到布萊恩關於價格的問題。我知道你正在考慮將節省下來的部分銷售、一般及行政費用再投資。早在 2019 年（感覺好像是很久以前的事了），你曾談到或許可以瞄準一些價格較低的 GPU 來推動增量銷售。

So kind of putting that all together, is there a thought process or a strategy about taking kind of the bulk of the $150 million and really reinvesting it to the consumer and price or selection to drive the top line? Because it does feel like the consistent market share story that we had had in the past has kind of become much more volatile post pandemic.

綜上所述，是否有一種想法或策略，將 1.5 億美元中的大部分資金重新投資於消費者、價格或選擇，從而推動營收成長？因為感覺過去我們一直保持的穩定的市場份額，在疫情後變得更加不穩定了。

Yeah, Sharon, I think you're thinking about it the right way, but I would expand on it a little bit. I mean, the $150 million in SG&A reductions, as Enrique pointed out, some of that we will reinvest directly back into things of driving sales.

是的，莎倫，我覺得你的想法是對的，但我建議你再補充一些內容。我的意思是，正如恩里克指出的那樣，我們將把 1.5 億美元的銷售、一般及行政費用削減中的一部分直接再投資於促進銷售的方面。

The other piece I would tell you, which is another reason why we're focused on key priorities, just being able to generate additional profit from other parts of the business. Because that also gives you flexibility and allows you to reinvest some of that in pricing.

我還要告訴你們另一點，這也是我們專注於關鍵優先事項的另一個原因，那就是能夠從業務的其他部分創造額外的利潤。因為這樣也能給你更大的彈性，讓你可以將部分資金重新投入定價。

So again, I think it goes back to Brian's initial question that we want to be as nimble as possible, make sure that we're as competitive as possible. And we feel like we're going to have several levers to be able to do that.

所以，我認為這又回到了布萊恩最初的問題，那就是我們要盡可能靈活，確保我們盡可能具有競爭力。我們覺得我們有很多方法可以做到這一點。

Bill, can I just follow up? Do you think there's price elasticity of demand that if you were more aggressive on price, you could stimulate sales in a profit accretive way?

比爾，我可以再跟進嗎？你認為市場需求有價格彈性嗎？如果採取更激進的價格策略，是否能夠刺激銷售並增加利潤？

Yeah. Look, there's always elasticity when it comes in -- we've talked about this before. We know pretty much because we're constantly testing, when you take prices down a certain dollar amount, we know what you get for that.

是的。你看，這其中總會有一定的彈性──我們之前也討論過這個問題。我們之所以知道，是因為我們一直在進行測試，當價格降低到某個金額時，我們就知道你能得到什麼。

So what you have to think -- the way we think about it is that when you look at the price elasticity, there's a lot of things that go into that equation. So for example, your variable expenses. So the better that you're doing in your variable expenses, it makes that equation easier.

所以你要思考的是──我們認為，當你考慮價格彈性時，有很多因素會影響這個等式。例如，您的可變支出。所以，你的可變支出控制得越好，這個等式就越容易成立。

The capacity of your operational workforce, are they adding to capacity? Are they not to capacity? Are you having to pay people for unproductive time? Your ancillary profit attachment, how well we're doing on things like ESP or finance. So there's a lot of things that we look at to decide, okay, does this make sense?

您的營運人員的能力是否在提升產能？它們不是已經滿了嗎？你是否需要為員工的非生產性時間支付薪水？你的輔助利潤附加價值，我們在ESP或金融等領域的表現如何。所以，我們需要考慮很多因素來決定，好吧，這樣做是否合理？

And that equation changes depending on the market factors. I mean even without taking some of those things, the elasticity will change just given what competitors are doing. So we will continue to be nimble. We will continue to make improvements in some of these other factors because, again, that makes the elasticity pay off.

這個等式會隨著市場因素的變化而改變。我的意思是，即使不考慮這些因素，僅僅考慮到競爭對手的舉動，彈性也會改變。所以我們會繼續保持靈活。我們將繼續改進其他一些因素，因為這樣做才能真正發揮彈性作用。

Chris Bottiglieri, BNP Paribas.

克里斯‧波蒂列裡 (Chris Bottiglieri)，法國巴黎銀行。

Hey guys, two questions on credit for me. So the first one is, can you elaborate on the servicing fee of $40 million, $45 million? I would think there's probably some servicing costs to achieve that servicing revenue. Just wondering if you could help us think through the cost since receivables won't be on the balance sheet, but the expenses will be.

各位，我有兩個關於學分的問題。第一個問題是，您能否詳細說明 4000 萬美元、4500 萬美元的服務費？我認為要獲得這些服務收入，可能需要支付一些服務成本。想請您幫我們分析成本，因為應收帳款不會出現在資產負債表上，但費用會。

And then bigger picture question on credit, like you guys are normally really conservative, really prudent guys historically. You're kind of pushing into deep subprime now. The market's, I think beyond your control, is getting a little bit weaker.

然後，從更宏觀的角度來看，關於信貸問題，你們歷來都是非常保守、非常謹慎的人。你現在有點兒已經踏入次貸深層領域了。我認為，市場正在走弱，這超出了你的控制範圍。

Just wanted to kind of like test to resolve, like how committed are you to pushing into subprime right now just given the macro backdrop? Is it something that you're going to pull forward into regardless? Or if macro keeps worsening, are you going to maybe hit the breaks a little bit?

我只是想試探性地了解一下，鑑於當前的宏觀背景，你們現在對進軍次貸市場的決心有多大？無論如何，你都會繼續推進這件事嗎？或者，如果宏觀經濟情勢持續惡化，你們是否會稍微踩下煞車？

Yes. I'll start off and then I'll pass it over to Jon. I just wanted to clarify something on deep subprime. Jon in his comments talked about going into really the top half of what we call the Tier 2. So we're not talking about deep subprime. I just want to have some clarification there. And then, Jon, I'll let you add just to that end, to the first part of the question.

是的。我先開始，然後交給喬恩。我只是想澄清一下關於深度次貸的一些事情。Jon 在評論中談到要真正進入我們所說的第二梯隊的上半部分。所以我們討論的不是深度次貸。我只是想弄清楚一些事情。然後，喬恩，我請你補充這個問題的第一部分。

Yes, Bill is kicking me under the table because we wanted that one. Yes, I mean we want to make that very clear. I mean it is not the subprime at all. Again, we have been in Tier 3 space, and we have experience there and all that. But again, we're trying to be very prudent, to your point, Chris, of how we go down when we go down.

是的，比爾在桌子底下踢我，因為我們想要那一個。是的，我的意思是，我們想把這一點說清楚。我的意思是，這根本不是次貸危機。再說一遍，我們一直都在三級市場，我們在這方面有經驗等等。但正如克里斯所說，我們還是要非常謹慎地看待失敗。

Now make no mistake, there is money to be made there. We have partners that make tremendous profit there. You need to price it right, provision correctly, service correctly. We believe we're learning how to do that. So -- but yes, I wouldn't characterize it as deep subprime. There's a lot of penetration to be gained as we inch our way down there, no doubt about it.

但毋庸置疑，那裡有利可圖。我們在當地有合作夥伴，他們獲得了巨額利潤。你需要合理定價、正確配置、正確提供服務。我們相信我們正在學習如何做到這一點。所以——但是，是的，我不會把它定性為深度次貸。毫無疑問，當我們一步步深入下去時，會有很大的進展空間。

To your first question on the expenses, just to step back, I'll speak to the overall program. Again, we are super excited because it ties to the first question, the full spectrum nature. We have laid out a plan, and I think we have gone after that plan. First, it was, hey, we're going to bifurcate our securitization program. We've done that.

關於你提出的第一個問題——費用，我先從整體上談談這個計畫。我們再次感到非常興奮，因為它與第一個問題——全光譜性質——息息相關。我們已經制定了計劃，而且我認為我們已經按照計劃執行了。首先，我們決定將證券化計畫拆分為兩個部分。我們已經做到了。

We've executed multiple deals now there. We said we were going to recapture volume in Tier 1 and expand into Tier 2. Again, we're being very prudent about that. Then we announced that we plan to do a deal where we're actually going to sell the future residual interest in that deal, and we've done that very, very successfully.

我們已經在那裡完成了多筆交易。我們說過，我們要重新奪回一級市場的份額，並向二級市場擴張。我們在這方面一直非常謹慎。然後我們宣布，我們計劃進行一項交易，出售該交易的未來剩餘權益，我們非常成功地完成了這項交易。

So we are super pleased. This was supposed to give us flexibility, obviously, give us insight into what a deal like this looks like. And we've, I think, hit on all of those. That being said, we've enjoyed the gain -- we'll enjoy the gain that we're going to see a $25 million to $30 million.

我們非常高興。顯然，這樣做是為了給我們更大的靈活性，讓我們了解這樣的交易會是什麼樣子。我認為，我們已經談到了所有這些問題。也就是說，我們已經享受了收益——我們將享受到 2500 萬至 3000 萬美元的收益。

And you highlight, we also referenced the additional value to be gained on the servicing side and, again, future interest there. On the expense there, yes, there is a little additional volume to be gained from the servicing side. There was a cost to us, but yes, we will make additional value there. Enrique, anything you want to add?

正如您所強調的，我們也提到了在服務方面可以獲得的額外價值，以及未來對該領域的興趣。是的，從服務方面來看，確實可以增加一些業務量。雖然這給我們帶來了一些成本，但沒錯，我們會在那裡創造額外的價值。恩里克，你還有什麼要補充的嗎？

Yes. And Chris, you'll see the servicing income. It will be broken out in the CAF contribution line. So you'll get a good view of that kind of on a go-forward reporting, while the servicing costs will be embedded in kind of your cost to do business, right? And so that's how it will be reported, and you'll see that moving forward.

是的。克里斯，你會看到服務收入。將在非洲足總貢獻項中單獨列出。這樣，您就可以很好地了解未來的報告情況，而服務成本將包含在您的業務成本中，對吧？所以，報道方式就是這樣，以後你們會看到這種情況。

And the $40 million to $45 million also includes retained --

這4000萬至4500萬美元也包括保留款項。--

Also the income from the 5% retention as well, the 5.5%. So we expect that will continue as well. So all in all, like Jon mentioned, we're really pleased with the deal and the execution of the deal out there and really proud of the teams in getting that done. And as Jon mentioned, this just fits our overall strategy, and we are executing on that strategy.

還有 5% 的留存收益，也就是 5.5%。因此，我們預計這種情況還會持續下去。總而言之，正如 Jon 所提到的，我們對這筆交易以及交易的執行情況非常滿意，並為團隊完成這項工作感到非常自豪。正如喬恩所提到的，這完全符合我們的整體策略，我們正在執行這項策略。

Got you. Okay. Is most of the income coming from the beneficial interest or from the servicing fees? I mean, do we like to mention that a bit at all?

抓到你了。好的。大部分收入來自受益權還是服務費？我的意思是，我們是否願意稍微提及這件事？

Yes. It's coming from kind of a mix.

是的。它源自於多種因素的混合。

Yes, it is.

是的。

Okay. Okay. Thanks for clarifying. You probably did say that in the prepared remarks. I probably misspoke there, so thanks for clarifying that.

好的。好的。謝謝你的解釋。你可能在準備好的發言稿裡確實說過這句話。我可能剛才說錯了，謝謝你的澄清。

David Bellinger, Mizuho.

David Bellinger，瑞穗銀行。

Can you help us walk down the path back to positive unit comps and what the timeline could be there? And Bill, you mentioned the aggressive environment. So maybe if we take this up to the industry level, is the used car market just getting materially worse in your view?

您能否幫助我們分析如何才能使單位銷售額恢復到正增長水平，以及大概需要多長時間才能實現？比爾，你提到了充滿競爭的環境。那麼，如果我們把這個問題提升到產業層面，您認為二手車市場是否正在實質惡化？

Are there some macro cracks forming with these CAF adjustments? Or any other signals of a more strained consumer? Or do you think this is more of a competitive element here in Q2 versus other players in that sector and something that you guys have to invest against going forward? Just help us piece all that together.

透過這些 CAF 調整，是否出現了一些宏觀裂紋？或者有其他跡象顯示消費者壓力增大？或者您認為這更多的是第二季度與其他同行業競爭對手之間的競爭因素，也是您未來需要加大投資應對的因素？請幫我們把這些資訊整理清楚。

Yes. So when I say aggressive environment, I wouldn't say it's necessarily more aggressive than last quarter. It's been aggressive for a while. I think the strained consumer -- look, I think we are seeing where consumers, especially your mid- to high FICO customers, they seem to be sitting on the sidelines a little bit. And we just measure that by just pure app volume. I think we're seeing that with -- it's a little bit of a headwind in September, but that's not unique to us.

是的。所以，當我說競爭激烈的環境時，我並不是說它一定比上個季度更具競爭性。它已經咄咄逼人一段時間了。我認為，目前消費者面臨困境——你看，我認為我們看到，消費者，尤其是信用評分中等到高的客戶，似乎都在觀望。我們僅透過純粹的應用使用量來衡量這一點。我認為我們看到的情況是——9 月確實遇到了一些阻力，但這並不是我們獨有的情況。

We've talked with our finance partners and they're seeing something similar. So again, I think -- and even that, consumer has been distressed for a little while. I think there's some angst, the consumer sentiment isn't great. But again, I think we've put ourselves in good shape and I think the priorities that we're focused on will continue to pay dividends.

我們已經和財務夥伴溝通過，他們也看到了類似的情況。所以，我認為──甚至連這一點，消費者也已經有一段時間感到不安了。我認為市場有些焦慮，消費者信心不太好。但我仍然認為我們已經為自己創造了良好的條件，而且我認為我們所關注的優先事項將繼續帶來回報。

As I think about the full year, we set out this year to gain market share. Look, through the first half of the year, we feel good about it, through the calendar June, which is where we have data through. I would just caution people when you're looking at June, July, and August, it's tough on a year-over-year comparison just because of the CDK outage last year.

回顧全年，我們今年的目標是擴大市場份額。你看，今年上半年，我們感覺情況不錯，截至六月（我們有數據統計到那時）。我想提醒大家，在查看 6 月、7 月和 8 月的數據時，由於去年 CDK 系統故障，很難進行同比比較。

But we're not backing off of our stance, like we started this year going after market share. And at this point, I don't see a reason why we would back off that. We expect to gain market share for the full year. So hopefully, that adds a little color.

但我們不會改變我們的立場，就像我們今年年初開始爭取市場份額一樣。就目前而言，我看不出我們有什麼理由要放棄這個決定。我們預計全年市場份額將持續成長。希望這能增添一些色彩。

Yes. David, I'd love to just jump in on the consumer just to highlight a few things, again, the cracks as you said. Look, I think there's something incredibly unique about the 2022 to '23 consumer, and it is an industry issue.

是的。大衛，我想就消費者方面再補充幾點，再次強調你提到的那些問題。我認為 2022 年至 2023 年的消費者有一些非常獨特的特點，這是一個行業問題。

You look at other lenders out there, they would tell you, those are some tough vintages. It's kind of the perfect storm of high ASP and probably an overconfident consumer coming in with they think they have plenty of cash, they get hit with inflation. If you look at the '24 and '25 consumer, they're just more eyes wide open walking in the door. Prices have come down a little bit; the interest rates have come down a little bit.

你去問問其他貸款機構，他們會告訴你，這些都是非常難熬的年份。高平均售價加上消費者過於自信，認為手頭寬裕，結果卻遭遇通貨膨脹，這可以說是各種因素疊加造成的完美風暴。如果你看看 2024 年和 2025 年的消費者，他們就像睜大眼睛走進大門的更多人一樣。價格略有下降；利率也略有下降。

Typically, people that buy in a more stressed environment, perform usually better. Now again, we think we have reserved. We watch very carefully how those guys are performing. And we know they might perform worse than maybe pre-COVID, but I think that '24, '25 consumer is going to just be a better one.

通常情況下，在壓力較大的環境下購物的人，表現會更好。現在，我們認為我們已經預訂了。我們會非常仔細地觀察他們的表現。我們知道他們的表現可能比新冠疫情前更差，但我認為 2024 年、2025 年的消費者會更好。

Yes. So I think to your point, David, the second-quarter event, that would be a second-quarter event. Truing that up and we feel good about where we stand on that. We know that that's getting to be less and less of a population. As Jon said, the extensions are kind of back in, and that's really what this was to clean up on. So we feel good about where we are there.

是的。所以我覺得你說的沒錯，David，第二季事件，那確實應該算是第二季事件。經核實，我們對目前的狀況感到滿意。我們知道，這部分人口正在越來越少。正如 Jon 所說，擴展功能又回來了，而這正是這次清理工作的主要目的。所以我們對目前所處的位置感到滿意。

Scot Ciccarelli, Truist.

Scot Ciccarelli，Truist。

This is Josh Young on for Scot. So as we think about the slowdown in sales here, is this a function of you just aren't getting people into the top of the funnel? Or is it more you get them in there, but then they're kind of falling out of the bottom? Just any color on how you guys are thinking about that would be helpful.

這是代表史考特出賽的喬許楊。所以，當我們思考銷售放緩的原因時，這是否是因為你們沒有把人吸引到銷售漏斗的頂端？或者說，你把它們放進去，但它們又會從底部掉出來？你們如果能告訴我你們是怎麼想的，那就太好了。

Yes. No, look, our web traffic is up year over year. Our conversion, as you go down the funnel, is actually improving. I would say the biggest opportunity -- and some of it I think we can control and some of it we can't control. And that's really kind of web traffic to what we call a selling opportunity.

是的。不，你看，我們的網站流量逐年增加。隨著您逐步完成購買流程，我們的轉換率實際上正在提高。我認為最大的機會在於——其中一些我們可以控制，而另一些我們無法控制。而這其實就是將網路流量轉化為我們所說的銷售機會。

Does the customer do something that we can then kind of start the process versus just folks that have come to the website that are just viewing cars? Some of it is going to be that we can't control because there's going to be some folks who are just -- they're window shopping.

客戶是否會採取某種行動，讓我們能夠啟動流程，而不是僅僅與那些造訪網站瀏覽車輛的人打交道？有些事情是我們無法控制的，因為有些人只是──他們只是看看櫥窗而已。

Others, I think we can control, and just how well we do in the presentation on that first initial glance, how we make the website stickier at that top of the funnel. So I think it's a little bit kind of macro, but I think there's absolutely some improvements we can make.

我認為其他一些因素我們可以控制，例如我們在第一眼看到網站時的表現如何，以及我們如何讓網站在用戶點擊漏斗頂端時更具吸引力。所以我覺得這有點宏觀，但我認為我們絕對可以做出一些改進。

David Whiston, Morningstar.

David Whiston，晨星公司。

Kind of staying on that question, I mean, maybe help me fill in some blanks here. Because I mean, it sounds like at the beginning of the quarter you wanted to -- the tariff -- the juicing of demand didn't really happen in the quarter, so you were trying to clear to get rid of that depreciation.

我還想繼續討論這個問題，我的意思是，也許您能幫我填補一些空白。因為我的意思是，聽起來好像在本季度初你想——關稅——刺激需求的措施在本季度並沒有真正發生，所以你試圖透過清算來消除貶值。

But you're saying web traffic was up year over year and conversion is improving, yet your unit volumes were still down over 5%. And used prices have been elevated for a long time now. Is the consumer just staying away, or is it that they're still having sticker shock despite this many quarters of elevated pricing?

但您說網站流量年增，轉換率也在提高，然而您的單位銷售量仍下降了 5% 以上。而且二手車價格長期以來一直居高不下。消費者是選擇避而遠之，還是儘管價格已經連續幾季上漲，他們仍然對高價感到震驚？

Yes. David, so just for a clarification, the web traffic is up. What's down for us would be what I would call selling opportunities. Once we have a selling opportunity, the conversion, we're actually seeing some good improvement in conversion just down through the rest of the funnel.

是的。大衛，為了澄清一下，網站流量上升了。對我們來說，目前面臨的是我所謂的銷售機會。一旦我們有了銷售機會，轉換率就會提高，我們實際上看到轉換率在整個銷售漏斗中都有了很好的提升。

So the opportunity really is when a customer hits our website, actually getting them to do something on the website. And again, some of that, I think, is in our control, some of it is not in our control. You're just going to have folks that are coming in there and really -- well, either they're just looking or they just -- they're not ready to buy. So that's kind of the clarification of your question between, well, your traffic is up, your conversion is up, why aren't you seeing more sales? That's why.

所以真正的機會在於當客戶造訪我們的網站時，讓他們在網站上做一些操作。而且，我認為，其中一些是我們能夠控制的，而另一些則不在我們能夠控制的。你會遇到一些人進來，但他們要么只是看看，要么就是還沒準備好買。所以，這算是對你問題的澄清，也就是：流量增加了，轉換率也提高了，為什麼銷售額沒有增加？這就是原因。

And again, I would say not all traffic is considered the same. A 780 comes through the door versus 580 comes through the door, they convert at tremendously different rates.

我再次強調，並非所有交通狀況都相同。780 進店和 580 進店的轉換率截然不同。

And high quality is down even at the very high end of premium, right?

即使是頂級奢侈品，品質也下降了，對吧？

Well, yes. What we're seeing is that the higher FICO customers, the app volume is down. And that's a core customer of ours. And really, you're seeing that kind of -- and Jon, keep me honest on that, you're probably seeing it probably 600 and above is probably down. Certainly, at the high end, I think the one area that's maybe not down is probably low FICO, 550 and below.

是的。我們發現，信用評分較高的客戶，其應用程式使用量反而下降了。而這正是我們的核心客戶之一。確實，你現在看到的是那種情況——喬恩，你得實話實說，你可能也看到了，600 及以上的數字可能都下降了。當然，在高收入人群中，我認為唯一可能沒有下降的領域是低 FICO 信用評分，即 550 分及以下。

Right. And I think, again, I don't think we're alone there. We can talk to other lenders, other dealers, you can see it in the credit bureaus, it's apparent.

正確的。而我認為，我們並非孤例。我們可以和其他貸款機構、其他經銷商談談，你可以在信用報告上看到，這很明顯。

Jeff Lick, Stephens Inc.

Jeff Lick，Stephens 公司

Good morning. Thanks for taking my question. I was wondering if you could talk about the concept of the reserve inventory that you guys do. My understanding is it's at the most seven days. It's usually around seven, but not always seven.

早安.謝謝您回答我的問題。我想請你們談談你們的儲備庫存概念。據我了解，最多需要七天。通常是七點左右，但也不總是七點。

But our records or just our analysis shows that roughly about 40% of your inventory at any given time online is reserved. It appears that this just takes a unit that is probably attractive because someone's reserving it. So someone else who wants it doesn't see it or it's at the back of the queue. I'm wondering your thoughts there in terms of how that's affecting sales and if that's a policy you're looking at changing.

但我們的記錄或分析表明，在任何特定時間，您在線上庫存中大約有 40% 的商品已被預訂。看來這只是因為有人預訂了某個單元，所以才顯得很搶手。所以其他想要這件商品的人要嘛看不到，要嘛它排在隊伍的最後。我想知道您對此事的看法，例如這會對銷售產生什麼影響，以及您是否正在考慮改變這項政策。

Yes. No, look, I think there's both reserve inventory and there's inventory that can't be transferred. I think the reserve inventory generally is inventory that has a customer that's basically interested in that inventory. And that's obviously when you've got a customer enrichment that's interested in a car in Pennsylvania, we think that's a huge benefit that that customer can actually get that car.

是的。不，你看，我認為既有儲備庫存，也有無法轉移的庫存。我認為儲備庫存通常是指有客戶對該庫存感興趣的庫存。顯然，當有客戶對賓州的汽車感興趣時，我們認為這是一個巨大的好處，因為這位客戶實際上可以買到那輛車。

So that plays into our transfers. I think the only thing that we'd be looking at there from a reserve inventory standpoint is just making sure that we're being active on how long a consumer can actually hold the car or reserve the car, and that the transaction is progressing.

所以這會對我們的轉會產生影響。我認為從庫存儲備的角度來看，我們唯一需要關注的就是確保我們積極關註消費者實際可以保留或預訂汽車的時間，以及交易的進展。

On the vehicles that our label is not transferred, the only reason they're not transferred at that time is because it's generally related to title issues. In some states, you can sell them. So you'll see it on our website, hey, this can be transferred, because you can sell that car without a title in that state.

對於我們尚未過戶的車輛，當時未過戶的唯一原因通常是與所有權問題有關。在某些州，你可以出售它們。所以您會在我們的網站上看到，嘿，這輛車是可以過戶的，因為在該州您可以無證出售這輛車。

But there's other states you cannot sell a car without the title. So we're not going to transfer that car in that case. And then once the title becomes available, it certainly can be open for transfer if it's still around. So those are the two buckets we think about that would bring just kind of your overall available inventory down.

但在其他一些州，沒有車輛所有權證是不能出售汽車的。所以，在這種情況下，我們不會轉移那輛車。一旦該頭銜可用，如果它仍然存在，當然可以進行轉讓。所以，我們認為這兩種情況都會降低你的整體可用庫存。

And do you, I'm assuming you won't disclose this, but in terms of the amount of sales -- of the percentage of people that are reserving, I'm wondering what percent actually buy versus it goes back in? So how much of the inventory actually kind of sits out of view of the next potential buyer for seven days?

還有，我猜你不會透露這一點，但就銷售額而言——在預訂的人群中，有多少百分比的人最終購買了，又有多少百分比的人又退回去了？那麼，究竟有多少庫存會在七天內處於潛在買家無法看到的狀態呢？

Yes. I mean we haven't gone into the specifics. But obviously, there's -- we look at the economics of that. The other thing I'd let you know is even on the reserved inventory, consumers can still express interest for it and say, hey, please let me know if this does not actually pan out with that customer.

是的。我的意思是，我們還沒有深入探討細節。但很顯然，我們需要從經濟角度來看這個問題。另外，我想告訴大家的是，即使是預留庫存，消費者仍然可以表達興趣，並說：“嘿，如果這件商品最終沒有和那位顧客達成交易，請告訴我。”

Keep in mind, when you think about the reserve inventory, a third of our sales are through transfers. And they go through the reserve inventory process. So you're absolutely right, we go through an economic decision. And where we are with that is we feel really good about it. Can we add a little extra friction just to make sure that cars aren't held for reserve over three days? Sure, but that's a small enhancement.

請記住，在考慮儲備庫存時，我們三分之一的銷售額是透過調撥來實現的。然後他們會進行儲備庫存盤點。所以你說得完全正確，我們確實要做經濟決策。我們對此感到非常滿意。我們能否增加一些額外的限制，以確保車輛不會被預留超過三天？當然，但這只是個小小的改進。

Michael Montani, Evercore ISI.

邁克爾·蒙塔尼，Evercore ISI。

I just had two questions. The first question was really around the credit trends. Can you just give us some more color in terms of the progression that you saw playing out throughout the quarter when you think about kind of delinquency rates, and then how we should be thinking for provisions into the third quarter?

我只有兩個問題。第一個問題其實是關於信貸趨勢的。您能否更詳細地介紹一下您在本季觀察到的違約率變化情況，以及我們應該如何考慮第三季的撥備？

And then the other question -- let's do that and hopefully get to the other one.

然後是另一個問題——我們先來解決這個問題，希望能夠解決另一個問題。

Sure. Yes, I appreciate the question. Yes. If you look at delinquency rates for the quarter, there's definitely a seasonality trend that you're always going to have to observe there. So you're coming off of tax time into Q2. It ramps up delinquency, will ramp up through the rest of the calendar year and then back down through delinquency time typically.

當然。是的，感謝您的提問。是的。如果你查看季度違約率，你會發現其中肯定存在季節性趨勢，這是你必須始終注意的。所以現在正值報稅季之後，進入第二季。它會導致拖欠率上升，並在今年剩餘的時間內持續上升，然後在拖欠期結束後通常會回落。

But all in all, if you look at overall delinquency rates, we're really looking at it by vintage. We're looking at it, are they as expected? They're often not the best indicator of ultimate loss, timing of loss, what have you. But if I think broadly through the quarter, aside from again, those vintages that we adjusted on, as you can imagine, the delinquency trends on the newer stuff, and even the older stuff that's more seasoned, continued to be in line.

但總的來說，如果你看一下整體違約率，我們實際上是按貸款年份來分析的。我們正在查看，結果是否符合預期？它們通常不是最終損失、損失時間等的最佳指標。但如果我大致回顧一下這個季度，除了我們調整過的那些年份之外，正如你所想，較新的年份，甚至是較老的年份，其拖欠率趨勢都繼續保持穩定。

So again, we feel very positive as we're going to -- as we continue to put on that, again, lower risk tightened stuff that will perform well. So hopefully, that addresses your question.

所以，我們再次感到非常樂觀，因為我們將繼續採取風險較低、更緊縮的措施，這些措施將會表現良好。希望這能解答你的疑問。

And Mike, I think part of your question too was just on the kind of provision as we go forward. And I think the way to think about that, I mean, you saw what our provision was for originations this quarter, you saw what the -- what we're calling the true-up is.

麥克，我認為你的問題也有一部分是關於我們未來發展的方向。我認為思考這個問題的方式是，你看到了我們本季對貸款發放的準備金，你看到了我們所謂的調整金額。

I think the way you should think about it is the provision this quarter for the new originations, I think that's pretty representative. We'll -- just with the stuff that we're going into, it might be a little bit higher, but we feel good about the true up. So for provisions, Jon, you can certainly speak up. But we would expect it to be more --

我認為你應該這樣想：本季新增貸款的撥備應該要有相當的代表性。嗯——就我們即將進入的階段而言，價格可能會略高一些，但我們對實際上漲幅度感到滿意。所以，喬恩，關於物資供應方面，你當然可以提出意見。但我們預計它會更多--

Yes. You saw the $71 million this quarter. Again, you can go back and look at where we didn't have outside strips where it was. Probably lean a little higher considering that we are, again, going after a little bit lower in the credit spectrum. So that's going to require a higher upfront provision.

是的。你看到了本季7100萬美元的收入。再說一遍，你可以回頭看看我們之前沒有設置室外條紋的地方。考慮到我們再次將目標鎖定在信用等級較低的區域，所以價格可能會略高一些。所以這就需要更高的前期準備金。

But yes, hopefully, the true ups are going to be minimal. That is our goal through this. We feel like that older stuff is rolling off. So yes, I would think you'd see more in that $70 million, $80 million, south of $100 million range from a provision standpoint.

但願實際上漲幅度能降到最低。這就是我們透過這項工作的目標。我們感覺到那些老舊的東西正在逐漸被淘汰。所以，從準備金的角度來看，我認為你會看到更多在 7000 萬美元、8000 萬美元，低於 1 億美元的範圍內。

And like Jon said, right, what we're seeing in the '24 and '25 vintages is they are meeting our expectations in terms of what the loss trends are. So what we're really talking about here, and we've taken a material hit to our provision this quarter, so what you're really talking about is the provision for new originations that Jon and Bill just spoke to.

正如 Jon 所說，沒錯，我們在 2024 年和 2025 年的年份中看到的是，它們的損失趨勢符合我們的預期。所以我們真正要討論的是，本季我們的撥備受到了實質性的打擊，所以你真正要討論的是Jon和Bill剛才提到的新貸款撥備。

Okay. And then the follow-up question -- that's helpful -- was just around some of the cost savings. So you had called out $150 million which could work out to somewhere around $200 a car here potentially as reinvestment fuel, if you decided to do it.

好的。然後，後續問題——這很有幫助——是關於一些成本節約方面的問題。所以你之前提到了 1.5 億美元，如果你決定這樣做的話，這筆錢可能相當於每輛車 200 美元左右，可以作為再投資的資金。

And then on the COGS front, I believe you've said in the past that there could be another $100 or $200 there as well. So I just wanted to understand, is that separate and distinct? Am I kind of in the ballpark there in terms of some of the COGS opportunity?

至於銷售成本方面，我相信你之前說過，那裡可能還會增加 100 或 200 美元。所以我想了解的是，這兩者是分開的、不同的嗎？就 COGS 的一些機會而言，我的估計大致正確嗎？

And then kind of bottom line, if it does require several hundred dollars of reinvestment into sharper pricing, is that something that you all are committed to doing in order to kind of reinvigorate the top line?

最後，如果確實需要投入幾百美元用於更精準的定價，為了重振營收，你們是否願意這麼做？

Yeah, so -- okay, a lot in that question Let me tackle the COGS and the SG&A. You're thinking about that the right way. They're separate, separate initiatives. So on the COGS side, if you recall last year, we were going after -- over a couple of years, we were going after $200 in COGS savings.

是的，所以——好的，這個問題涉及很多方面。讓我來談談銷售成本和銷售、管理及行政費用。你的想法是對的。它們是兩個完全獨立的項目。所以，在銷貨成本方面，如果你還記得去年，我們的目標是在幾年內節省 200 美元的銷貨成本。

Last year, we actually got $125. At the beginning of this year, we actually talked about going after another $125 for this year. So we're ahead of where we thought we'd be from a $200 goal. I will tell you we're still on track for that $125 for this year partway through the year. And that is a separate and distinct initiative versus the SG&A savings, so we don't want to get those two muddied up.

去年我們實際上收到了 125 美元。今年年初，我們確實討論過今年再爭取 125 美元。所以，我們目前的進度比預期的還要快，我們原本的目標是募得 200 美元。我現在可以告訴大家，今年年中我們仍有望實現 125 美元的目標。這是與銷售、一般及行政費用節省不同的另一項舉措，所以我們不想把這兩者混淆起來。

To your question about, hey, would you be willing to reinvest all of that back in to be -- to make sure that you're competitive? What I would tell you is yes, but I would also tell you, I don't think that's necessary. I think that we'll be able to take some to the bottom line, absolutely, but we'll invest some of them back an appropriate amount.

至於你問的，嘿，你是否願意把所有這些錢重新投入到保持競爭力中？我會告訴你，是的，但我也會告訴你，我認為這沒有必要。我認為我們肯定能從中節省一部分成本，但我們會將其中一部分進行適當比例的再投資。

And as I'd tell you right now, I don't -- I can't see a scenario where you'd have to take all that savings and put it back into price. But again, I also want you to know that we're going to continue to be price competitive.

正如我現在要告訴你的，我——我看不出有什麼情況需要把所有節省下來的錢都重新投入價格。但我想再次強調，我們將繼續保持價格競爭力。

Chris Pierce, Needham.

克里斯·皮爾斯，尼德姆。

Hey, good morning. Just kind of following up on that question. I guess, we talked a lot about pricing in the quarter, pricing going forward, is this something that should we reset our -- because you guys have sort of reset GP expectations kind of higher with your performance. Does this conversation around pricing mean that investors should maybe reach that GPU expectations modestly lower or is it too soon to tell or how kind of intertwined would those be?

嘿，早安。我只是想就這個問題做個後續補充。我想，我們本季討論了很多關於定價的問題，以及未來的定價，這是否應該讓我們重新調整——因為你們的業績已經提高了我們對毛利的預期。圍繞定價的討論是否意味著投資者應該略微降低對 GPU 的預期？還是現在下結論還為時過早？或者這兩者之間究竟有多大的關聯性？

Yes. No, Chris, it's a great question. And what I had said at the beginning of the year is from a modeling standpoint, you can kind of think about year over year on a retail GPU will be similar. I also said, hey, any given quarter, there's going to be some puts and takes. And I think that's what you're seeing here.

是的。不，克里斯，這是一個很好的問題。我在年初就說過，從建模的角度來看，你可以認為零售GPU的年際變化會比較相似。我還說過，嘿，任何一個季度都會有一些賣出和賣出的情況。我想這就是你在這裡看到的。

I think we still feel comfortable for the year as a whole to use that kind of retail GPU target. But what I will tell you is, if you think about the third quarter, if you look at last year's third quarter, it was a record high. So I would expect us to certainly come off of that from last year and be more kind of in the historical range.

我認為我們仍然有信心在今年全年繼續採用這種零售 GPU 目標。但我可以告訴你的是，如果你想想第三季度，如果你看看去年的第三季度，你會發現它創下了歷史新高。所以我認為我們肯定會比去年有所進步，並且能夠達到歷史平均水平。

And I think you didn't ask it, but I think you can think about wholesale being the same way on a year over year. I think you can keep that target that we talked about being very similar. But similar to retail, last year's third quarter, wholesale was one of the strongest, probably the top two or three GPUs that we had in wholesale for a third quarter. So I would expect to come down and be more in line with kind of historical averages on that one for the quarter.

雖然你可能沒問，但我認為你可以把批發業務的年度變化看作是相同的。我認為我們可以保持我們之前討論的目標非常接近。但與零售類似，去年第三季批發業務表現強勁，可能是我們第三季批發業務中排名前二或前三的GPU。所以我預計該季度該項數據會下降，並更接近歷史平均值。

Okay. And then just I might get my years wrong here, but at the end of '22, I believe it was calendar 2022 when you guys had too much inventory at that period in time and dealers were being more aggressive on price. And it kind of took you longer to work through because you wanted to hold margin versus pricing and there was sort of a longer reset to your inventory level.

好的。然後，我可能記錯年份了，但在 2022 年底，我記得是 2022 年日曆年，當時你們的庫存太多，經銷商在價格上也更加激進。因為你想在利潤率和定價之間取得平衡，所以需要更長的時間才能完成，而且庫存水準的重置也需要更長的時間。

I just want to confirm that's sort of not what we're talking about here because of kind of your commentary about September and this being more onetime. Or I guess I'd just love to hear you kind of talk through that. And apologies if I got the dates wrong, given your -- in terms of kind of quarters.

我只是想確認一下，我們現在討論的並不是這件事，因為你提到了九月的情況，而且這件事更像是一次性的。或者，我只是想聽你詳細說。如果我弄錯了日期，請見諒，因為你們——就季度而言。

You actually did get the dates wrong. Really, I think what you're referring to is the big depreciation event, which we saw in calendar '23 and '24. I believe there was one in -- end of '23 and there were two in '24, that we worked through.

你確實把日期弄錯了。實際上，我認為你指的是我們在 2023 年和 2024 年看到的重大折舊事件。我相信 2023 年底有一起，2024 年有兩起，我們都處理過了。

And just to remind everyone, on those events, it was about -- for each of them, it was about $3,000 in each of the event over a few months. So the degree of it was different back then than it is here. And this event, a couple of different things. One, it was $1,000 over about a month period, and then you saw some stabilization. And then we're also going into a period where you're going to see generally seasonal depreciation. So we wanted to make sure we get -- we got through that.

提醒大家一下，在這些活動中，每次活動在幾個月內大約籌集了 3000 美元。所以當時的程度和現在不一樣。而這次事件，則包含幾個不同的面向。第一，大約一個月內金額為 1000 美元，然後就趨於穩定了。此外，我們即將進入一個普遍存在季節性折舊的時期。所以我們想確保——我們挺過來了。

But yes, those events that you're talking about, basically at those times, you look at the elasticity with all the things that we talked about earlier that go into that equation, and we held our margins a little bit more because at the time that made sense. This one actually, it made sense, let's get this stuff through. And so again, we'll tackle these things as they come up.

是的，你提到的那些事件，基本上在那些時候，你會考慮我們之前討論過的所有影響因素的彈性，我們會稍微提高利潤率，因為在當時這樣做是合理的。這條其實挺有道理的，咱們就把這些事情處理好吧。所以，我們會等這些問題出現再解決。

(Operator Instructions) Rajat Gupta, JPMorgan.

（操作說明）拉賈特古普塔，摩根大通。

Just want to follow-up on CAF, just going back to the commentary on still expecting flat to slightly down. Could you help us a little bit more on the third quarter? You're going to get the gain on sale from the $900 million. But you're also going to lose like a quarter of net interest income on that $900 million, so almost like a wash.

想跟進非洲足總的比賽，還是想重申一下先前的評論，即預計非洲足總的比賽結果將持平或略有下降。您能否再幫我們詳細介紹一下第三季的情況？你會從這9億美元的出售中獲利。但你也會損失這 9 億美元淨利息收入的四分之一左右，所以幾乎算是收支平衡了。

Is that the right way to think about it? Just if you could give us a little more color on how you'd get to still flat income? Even if you have like $80 million provisions in the third quarter and maybe the fourth quarter, just hard to bridge that.

這種思考方式正確嗎？您能否詳細說明一下您是如何實現收入持平的？即使你在第三季甚至第四季撥備了 8,000 萬美元，也很難彌補這部分缺口。

Sure. Yes. I think you've got a couple of things going on there. First, yes, you've got the income, but you're going to realize that all upfront, whereas again the receivables you're going to no longer have there. You were going to gain that income over time. So that's a bit of a pull forward.

當然。是的。我覺得你那邊可能有點兒問題。首先，是的，你會獲得收入，但你會提前全部收回，而你的應收帳款將不復存在。你本來是要慢慢累積這筆收入的。所以這算是一個小小的進步。

Your overall NIM will be impacted. There's no doubt about that, Rajat, you're correct. But yes, obviously, when we look at the provision going out, that's a key piece of it. But again, you're bringing on higher NIM receivables as well.

您的整體淨利潤率將受到影響。毫無疑問，拉賈特，你說得對。但是，很顯然，當我們審視對外供應情況時，這無疑是關鍵的一環。但同時，你也帶來了更高的淨利差應收帳款。

So I think that's helping benefit you to bring that NIM back up in the -- probably by the fourth quarter off of where you are in the third quarter. So I think all that's playing together.

所以我認為這有助於你們在第四季將淨利差從第三季的水平提升上來。所以我覺得所有這些因素都在共同作用。

Yes, I think you got servicing income, you have the 5% retention. So there are things that should provide a tailwind.

是的，我認為你有服務收入，你有 5% 的留存率。所以有一些因素應該會起到促進作用。

Yes. And again, I'd probably say it's more slightly down. Again, a lot plays into what's the origination provision, where is the NIM, where the losses go ultimately. But yes, I'd say probably slightly down more than flat.

是的。而且，我可能還會說它略微下降了一些。同樣，許多因素都會影響貸款發放準備金、淨利差以及最終損失的去向。但沒錯，我覺得可能會稍微下降，而不是持平。

For the full year, not for third quarter.

是全年，不是第三季。

No. For the full year. So take last fiscal year, this fiscal year, that's what I'm referring to.

不。全年。所以，我指的是上個財政年度和本財政年度。

Brian Nagel, Oppenheimer.

Brian Nagel，奧本海默。

So my follow-up question, I think we've discussed this in the past. But did you notice anything with regard to -- I'm looking at used car unit demand. Anything notable with regard to kind of the different type of vehicles? I mean was there a stronger trend, high end, low end, that type. And does anything shift as we push here through the fiscal year?

我的後續問題，我想我們以前討論過這個問題。但是，你有沒有註意到什麼關於——我正在關註二手車需求方面的情況？不同類型的車輛有什麼值得注意的地方嗎？我的意思是，是否有更明顯的高端或低端趨勢，或類似的趨勢？隨著本財年的推進，情況會有什麼改變嗎？

Yes. I think a couple of observations. I mean I still -- just the industry as a total, you're seeing older vehicles, like if you look at older vehicle registration, older vehicles being older than 10 years old, that market segment is doing better than the 0 to 10.

是的。我想提出幾點看法。我的意思是，就整個行業而言，你會看到老舊車輛，例如如果你看看老舊車輛的登記情況，車齡超過 10 年的老舊車輛，這個細分市場的表現比 0 到 10 年的新車市場要好。

In the first quarter, I think we kind of had a barbell effect where your under $25,000 cars were up year over year but so were like your $40,000 plus. This quarter, pretty much everything was down. The under $25,000 was -- as a percent of sales, was up a little bit over last year. But as far as the other ones, they were either down or a little bit flat. So you still picked up some more as a percent of sale in the under $25,000 car.

在第一季度，我認為我們出現了一種啞鈴效應，即 25,000 美元以下的汽車銷量同比增長，但 40,000 美元以上的汽車銷量也同比增長。本季幾乎所有產品都出現了下滑。25,000 美元以下的銷售額佔總銷售額的百分比，比去年略有上升。但其他股票要么下跌，要么略微持平。所以，你仍然從售價低於 25,000 美元的汽車銷售中獲得了一部分利潤。

And then Bill, to that end, I know you've been merchandising different, so to say, to reflect the consumer preferences. But so as you look forward, is there -- are you pushing further into that older inventory within the system?

然後，比爾，我知道你為了迎合消費者的喜好，在商品銷售上也做了一些改變。但展望未來，您是否正在進一步挖掘系統中的舊庫存？

Yeah. Look, we've obviously, Brian, been focused on this. I think if we look at the -- what we call that value max sale, let's call it 6 years and older or more than 60,000 miles, we had a bump-up in sales in that. We're up -- if you look year over year, we had a nice little tick up, which means we had more of that available.

是的。布萊恩，很顯然，我們一直專注於這件事。我認為，如果我們看一下我們稱之為「價值最大化銷售」的車型，例如車齡 6 年及以上或行駛里程超過 6 萬英里的車型，就會發現這類車型的銷量有所增長。我們有所成長——如果按年來看，我們略有成長，這意味著我們有了更多可用的資源。

I think our goal will be to continue to have more of that available. But I also think that we have to make sure that there's also a good selection of later-model used cars as well because that appeals to a lot of CarMax customers also.

我認為我們的目標是繼續提供更多這樣的資源。但我認為我們也必須確保有足夠多的較新型號的二手車可供選擇，因為這也很吸引 CarMax 的許多顧客。

So you can't go to -- at some point, you have the benefit that you get of having older, higher mileage will be offset because you don't have some of the vehicles that the core CarMax customer is looking for. So we'll walk that -- we'll walk that line.

所以你不能——在某種程度上，你擁有老舊、高里程車輛所帶來的好處會被抵消，因為你沒有CarMax核心客戶正在尋找的一些車輛。所以我們會走這條路——我們會沿著這條路走下去。

Thank you, and we don't have any further questions at this time. I will hand the call back to Bill for any closing remarks.

謝謝，我們目前沒有其他問題了。我將把電話轉回給比爾，讓他做最後的總結發言。

Great. Thank you, Nikki. Well, listen, thank you for joining the call today and for your questions and your support. As always, I just want to thank our associates for everything they do to take care of each other, and the customers, and our communities. And we will talk again next quarter.

偉大的。謝謝你，妮基。好的，感謝各位今天參加電話會議，也感謝你們提出的問題和給予的支持。一如既往，我只想感謝我們的同事們為彼此、為顧客、為社區所做的一切。我們下個季度再談。

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

謝謝各位女士、先生。至此，CarMax 2026 財年第二季財報電話會議結束。您現在可以斷開連線了。