車美仕 (KMX) 2026 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the fourth quarter fiscal year 2026 CarMax earnings release conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, David Lowenstein, VP, Investor Relations. Please go ahead.

各位女士、先生，感謝您稍候。歡迎參加 CarMax 2026 會計年度第四季財報發布電話會議。(接線員指示) 請注意，今日會議將被錄音。現在我將把會議交給今天的發言人——投資人關係副總裁 David Lowenstein。請開始。

Thank you, Angela. Good morning. Thank you for joining our fiscal 2026 fourth quarter earnings conference call. I'm here today with Tom Folliard, Interim Executive Chair of the Board; Keith Barr, President and CEO; Enrique Mayor-Mora, Executive Vice President and CFO; and Jon Daniels, Executive Vice President, CarMax Auto Finance.

謝謝你，Angela。各位早安。感謝各位參加我們 2026 會計年度第四季財報電話會議。今天與我一同出席的有：董事會臨時執行主席 Tom Folliard；總裁暨執行長 Keith Barr；執行副總裁暨財務長 Enrique Mayor-Mora；以及 CarMax Auto Finance 執行副總裁 Jon Daniels。

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

提醒各位，我們今天所作之非歷史事實陳述（包括但不限於關於公司未來業務計畫、前景及財務表現之陳述）均屬前瞻性陳述，係依據 1995 年《私人證券訴訟改革法案》的安全港條款所作。

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

這些陳述係基於我們目前的認知、預期與假設，並受重大風險與不確定性影響，可能導致實際結果與我們的預期存在重大差異。就所提供之預測及其他前瞻性陳述，我們不承擔亦不表示有任何意圖或義務予以更新。

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. 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.

有關可能影響上述預期之重要因素與風險的更多資訊，請參閱我們今早向美國證券交易委員會（SEC）提交的 Form 8-K。以及我們先前向 SEC 提交之 2025 會計年度 Form 10-K 年報與 Form 10-Q 季報。另請注意，除財報新聞稿外，我們亦已準備本季投資人簡報，兩份文件皆可於我們網站的投資人關係（Investor Relations）專區取得。

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

若您在會後有任何後續問題，歡迎致電我們投資人關係部門：(804) 747-0422，分機 7865。最後，也先感謝各位每次僅提問一個問題，若有更多追問請重新排隊。Tom？

Thank you, David. Good morning, everyone, and thanks for joining us. Today, I'm going to provide some brief commentary on our performance during the quarter. I'll also introduce our new President and Chief Executive Officer, Keith Barr, before turning the call over to him to say a few words. After that, Enrique and Jon will speak to our fourth quarter results in more detail as well as highlight a few key expectations for fiscal year '27 before we open the line for your questions.

謝謝你，David。各位早安，感謝各位加入我們。今天我將就本季表現提供一些簡要評論。在把電話交給他發表幾句話之前，我也會先介紹我們的新任總裁暨執行長 Keith Barr。之後，Enrique 與 Jon 將更詳細說明我們第四季的結果，並重點分享 2027 會計年度的幾項關鍵預期，接著我們將開放提問。

During the fourth quarter, we made solid progress on the priorities outlined last call to strengthen the business. We improved sales trends by lowering our prices, investing in acquisition marketing and deploying an initial set of digital enhancements designed to drive conversion. We also continue streamlining our cost structure and lowering the cost to bring cars to market, helping us offer more affordable vehicles. Concurrently, we made meaningful progress on our SG&A reduction goals, CAF, full spectrum ambitions and extended protection plan redesigns.

在第四季，我們在上次電話會議所提出、用以強化業務的優先事項上取得了扎實進展。我們透過調降價格、加大收購端行銷投資，以及部署一系列旨在提升轉換率的初步數位強化措施，改善了銷售趨勢。我們也持續精簡成本結構並降低車輛上市前整備成本，協助我們提供更可負擔的車款。同時，我們在 SG&A 降本目標、CAF、全光譜（full spectrum）願景，以及延長保障方案（extended protection plan）重新設計方面亦取得顯著進展。

Before I get to Keith, I'd like to thank David McCreight for stepping into the role of Interim President and CEO over the past several months. As we search the right leader to guide CarMax through its next phase of growth, David's leadership was critical in strengthening the business in the near term and solidifying the foundation for growth ahead. David will continue to be a tremendous asset to the company serving as an independent Director of the Board.

在談到 Keith 之前，我想先感謝 David McCreight 在過去幾個月擔任臨時總裁暨執行長。在我們尋找合適領導者、帶領 CarMax 進入下一階段成長之際，David 的領導對於短期內強化業務、並鞏固未來成長基礎至關重要。David 也將以董事會獨立董事身分繼續為公司帶來巨大助益。

Well, the Board and I are thrilled to welcome Keith to CarMax. In searching for a CEO, we were looking for several attributes. First and foremost, a people-first leader who will fit well with CarMax's award-winning culture, an established proven leader with experience leading a complex business, someone with a strong customer focus and a track record of driving growth and strengthening brands, experience maximizing the benefits of an integrated omnichannel model and finally, experience leading digital transformation.

董事會與我都非常高興歡迎 Keith 加入 CarMax。在尋找執行長時，我們尋求具備幾項特質的人選。首要之務，是以人為本、能與 CarMax 屢獲獎項的企業文化高度契合的領導者；其次，是具備領導複雜業務經驗、且已被驗證的成熟領導者；同時要有強烈的客戶導向，並有推動成長與強化品牌的實績；還要具備將整合式全通路（omnichannel）模式效益最大化的經驗；最後，需具備領導數位轉型的經驗。

Keith embodies each of these characteristics, making him the right choice to lead CarMax through a critical juncture and drive the company's next chapter of growth.

Keith 具備上述每一項特質，使他成為在關鍵轉折點帶領 CarMax、並推動公司下一篇章成長的最佳人選。

I'll now turn the call over to Keith to introduce himself and say a few words. Keith?

接下來我把電話交給 Keith，請他自我介紹並說幾句話。Keith？

Thanks, Tom, and good morning, everyone. I want to thank the Board for their trust in me. I am honored to join CarMax and lead this iconic organization alongside our talented associates. For more than 30 years, CarMax has helped shape the way people buy and sell used cars. And in doing so, it earn something rare, the trust of its customers.

謝謝你，Tom，各位早安。我要感謝董事會對我的信任。我很榮幸加入 CarMax，並與我們才華洋溢的同仁一起領導這個具代表性的組織。三十多年來，CarMax 協助塑造人們買賣二手車的方式。而在此過程中，公司贏得了一項難能可貴的資產——客戶的信任。

A customer and associate-centric approach is central to how I lead and I recognized right away that it is essential to CarMax as well. This is one of the many things that attracted me to this team. CarMax has built something truly exceptional, a beloved brand. The combination of an unmatched physical footprint and strong digital infrastructure and an award-winning people-first culture.

以客戶與同仁為中心的做法是我領導風格的核心，我也立刻認知到這同樣是 CarMax 的關鍵。這也是吸引我加入這個團隊的眾多原因之一。CarMax 打造了真正卓越、深受喜愛的品牌。其結合了無可匹敵的實體據點版圖、強大的數位基礎設施，以及屢獲獎項、以人為本的企業文化。

I am confident that we can build on the strong foundation and better serve our customers and unlock a significant opportunity ahead of us. Before joining CarMax, I expect my career in hospitality, holding numerous leadership roles in commercial, operations and technology and ultimately serving for six years as CEO of IHG Hotels & Resorts.

我有信心我們能在這個堅實基礎上再接再厲，更好地服務客戶，並釋放我們面前的重大機會。在加入 CarMax 之前，我的職涯主要在旅宿業，曾在商務、營運與科技領域擔任多項領導職務，並最終擔任 IHG Hotels & Resorts 執行長六年。

I led a successful transformation that create value for shareholders through empowering associates and pioneering a better experience for customers that has become the industry standard. On the surface, hotels and used cars may seem different, but at their core, both businesses succeed by delivering the right products at the right price and the right way for the customer.

我曾領導一項成功的轉型，透過賦能同仁並開創更佳的客戶體驗，為股東創造價值，而該體驗也已成為業界標準。表面上看，飯店與二手車似乎不同，但其核心相同：兩種業務都必須以正確的價格、提供正確的產品，並以客戶偏好的方式交付，才能成功。

My time and hospitality was defined by placing the customer at the center of every decision. The auto market is evolving quickly. I believe a fresh outside perspective can be a real advantage, especially when it's grounded in respect for the complexity of the industry, a deep understanding of the competitive landscape and a clear focus on changing customer expectations. I believe there's a tremendous opportunity ahead to better meet the needs of today's consumer.

我在旅宿業的時光，始終以把客戶置於每一項決策的中心為特徵。汽車市場正在快速演變。我相信新鮮的外部觀點能帶來真正的優勢，尤其是建立在對產業複雜性的尊重、對競爭格局的深刻理解，以及對客戶期望變化的清晰聚焦之上。我相信前方存在巨大的機會，能更好地滿足當今消費者的需求。

CarMax's scale, including the fact that we reach 85% of the US population is a competitive advantage in this market. Paired with our brand and culture, we are well positioned for success. Our recent performance has not reflected our potential and closing that gap is exactly what we are focusing on.

CarMax 的規模是一項競爭優勢，其中包括我們可觸及美國 85% 人口這一點。再加上我們的品牌與文化，我們具備良好的成功定位。我們近期的表現尚未反映我們的潛力，而縮小這個差距正是我們目前專注的重點。

I have been spending my first few weeks deeply familiarizing myself with every aspect of the business. This has included meeting many talented associates across the organization both in our corporate offices and in the field. Studying our customer and associate experience in both the buying and selling journeys, assessing our omnichannel capabilities and understanding our approach to recondition, inventory, pricing, marketing and cash.

在我上任的最初幾週，我一直在深入熟悉業務的各個面向。這包括在公司總部與第一線拜訪並會見組織內許多優秀的同仁。研究我們在買車與賣車旅程中的客戶與同仁體驗，評估我們的全通路能力，並了解我們在整備（recondition）、庫存、定價、行銷與現金方面的做法。

In addition to the actions that Tom and David initiated during the fourth quarter, we're working hard to identify where we can improve. And when we have more detail, we will communicate our plans with you. What I can already say with absolute certainty is that we will put the customer at the heart of every decision we make to drive better performance. Through that lens, this is what we will prioritize.

除了 Tom 與 David 在第四季所推動的行動之外，我們也正努力找出我們可以改善之處。當我們掌握更多細節時，將會與各位溝通我們的計畫。我現在可以非常確定地說，我們會把客戶置於我們所做每一項決策的核心，以推動更佳的績效。從這個角度出發，以下是我們將優先聚焦的事項。

First, make CarMax the obvious and easy choice. That starts with consistently delivering three things that matter most to customers. A competitive price, the trust is fair. Access to a broad selection of high-quality vehicles, and an end-to-end experience that meets the needs of today's consumer.

第一，讓 CarMax 成為顯而易見且容易的選擇。這要從持續交付三項對客戶最重要的要素開始。具競爭力的價格，以及值得信賴且公平的交易。可取得廣泛的高品質車輛選擇，以及一個端到端、符合當今消費者需求的體驗。

Second, use technology to drive more differentiated experiences and efficiencies. We use software, data and AI in practical ways that that make even easier for customers to buy and sell cars and easier for our associates to serve them. That means reducing friction across the journey, personalizing the experience, improving how we match inventory and pricing to meet customer demand and ensuring a great experience both in our stores and online.

第二，運用科技推動更具差異化的體驗與效率。我們以務實的方式運用軟體、數據與 AI，讓客戶更容易買賣汽車，也讓我們的同仁更容易為客戶提供服務。這意味著降低整個旅程中的摩擦、個人化體驗、改善我們如何在庫存與定價上進行匹配以滿足客戶需求，並確保無論在門市或線上都能提供優質體驗。

Third, act with more urgency and intention while ensuring there is alignment across the organization. We will change what is not working to double down on what is and keep evaluating opportunities and risks as we move, will be bold, hold ourselves accountable and move it to speed as we build a durable long-term growth engine.

第三，在確保全組織一致對齊的同時，以更高的急迫感與更明確的意圖行動。我們將改變無效之處、加碼有效之處，並在前進過程中持續評估機會與風險；我們會更果敢、對自己負責，並在打造可持續的長期成長引擎時加快速度。

These three priorities are where we will begin. And I expect our work to evolve as I continue to listen, learn, engage our teams and investors. We have a meaningful opportunity ahead of us as we strengthen the business and improve our execution to drive growth and returns. I look forward to sharing more about our strategy and long-term objectives in due time and I'm confident in what we can accomplish.

這三項優先事項將是我們的起點。我也預期，隨著我持續傾聽、學習並與我們的團隊與投資人互動，我們的工作將會演進。在我們強化業務並提升執行力以推動成長與報酬之際，前方有一個重要的機會。我期待在適當時機分享更多關於我們的策略與長期目標，也對我們能達成的成果充滿信心。

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

接下來我想把電話會議交給 Enrique，請他更詳細地說明我們第四季的財務表現。Enrique？

Thanks, Keith, and good morning, everyone. During the fourth quarter, we improved our sales trends and made progress toward our SG&A reduction goal, which we now expect to be greater than the FY27 exit rate production targets we had previously said. Our EPS during the quarter was impacted by restructuring costs as well as by a noncash goodwill impairment, while our margins decreased from the prior year quarter as we continue our focus on targeted price reductions and driving sales. During the quarter, we delivered total sales of $5.9 billion, down 1% compared to last year.

謝謝你，Keith，各位早安。在第四季，我們改善了銷售趨勢，並在達成 SG&A 降本目標方面取得進展；我們目前預期該目標將高於我們先前所說的 FY27 期末（exit rate）生產力目標。本季 EPS 受到重整成本以及非現金商譽減損的影響；同時，由於我們持續聚焦於有針對性的降價並推動銷售，我們的利潤率較去年同期下降。本季我們實現總銷售額 59 億美元，較去年下降 1%。

Across our retail and wholesale channels, we sold approximately 304,000 vehicles combined up 1% versus the fourth quarter last year. In our retail business, total unit sales declined 0.8% and used unit comps were down 1.9%. This marked a strong positive change in trend relative to the second and third quarters, which saw used unit comps of negative 6.3% and negative 9%, respectively. Sales performance in our fourth quarter was supported by the actions that Tom noted. Average selling price was $26,019, a year-over-year decrease of $114 per unit.

在零售與批發通路合計，我們共售出約 304,000 輛車，較去年第四季增加 1%。在零售業務方面，總銷量下降 0.8%，二手車同店銷量（comps）下降 1.9%。相較於第二季與第三季二手車同店銷量分別為 -6.3% 與 -9%，這代表趨勢出現強勁的正向改善。我們第四季的銷售表現受到 Tom 所提到的行動所支持。平均售價為 26,019 美元，年減每輛 114 美元。

Wholesale unit sales were up 3% versus the fourth quarter last year. Average wholesale selling price declined by $268 per unit to $7,776. We bought approximately 270,000 vehicles during the quarter, up slightly from last year. The actions that we implemented also supported a strong positive change in trend as compared to the third quarter, which was down 12% year-over-year. We purchased approximately 229,000 vehicles from consumers, with approximately half of those buys coming through our online instant appraisal experience.

批發銷量較去年第四季增加 3%。平均批發售價每輛下降 268 美元至 7,776 美元。本季我們採購約 270,000 輛車，較去年略增。我們所採取的行動也帶來相較第三季（年減 12%）的強勁正向趨勢改善。我們向消費者採購約 229,000 輛車，其中約一半來自我們線上即時估價（instant appraisal）體驗。

With the support of our Edmond sales team, we sourced the remaining approximately 41,000 vehicles through dealers, which is down 9% from last year.

在我們 Edmond 銷售團隊的支持下，其餘約 41,000 輛車是透過經銷商取得，較去年下降 9%。

Fourth quarter net loss per diluted share was $0.85 versus $0.58 in earnings in the fourth quarter of last year. Adjusted earnings per diluted share, a non-GAAP measure, was $0.34 in the quarter compared to $0.64 a year ago. Our EPS this quarter was impacted by a few items. This includes a noncash goodwill impairment of $0.99, driven by a combination of a decline in our market capitalization which coincided with a prescriptive impairment measurement period and pressured financial performance, and restructuring charges of $0.20 related to corporate workforce reductions and the early abandonment of the underutilized space associated with our Edmonds office.

第四季稀釋後每股淨損為 0.85 美元，去年第四季則為每股盈餘 0.58 美元。本季調整後稀釋後每股盈餘（非 GAAP 指標）為 0.34 美元，去年同期為 0.64 美元。本季 EPS 受到幾項因素影響。其中包括 0.99 美元的非現金商譽減損，係由於我們市值下滑（且恰逢規定的減損衡量期間）以及財務表現承壓等因素共同造成；另有 0.20 美元的重整費用，與公司人力縮減以及提前放棄與我們 Edmonds 辦公室相關、使用率偏低的空間有關。

Altogether, these items reduced EPS by $1.19 this quarter. Total gross profit was $605 million, down 9% from last year's fourth quarter. Used retail margin of $383 million decreased by 10%, driven primarily by lower profit per used unit of $2,115 which was down $207 per unit from last year's record high fourth quarter. Wholesale vehicle margin of $115 million decreased by 7% from a year ago with lower wholesale gross profit per unit of $940, a decline of $105 per unit, partially offset by higher volume.

合計而言，這些項目使本季 EPS 減少 1.19 美元。總毛利為 6.05 億美元，較去年第四季下降 9%。二手零售毛利 3.83 億美元下降 10%，主要因每輛二手車毛利為 2,115 美元，較去年創紀錄高點的第四季每輛下降 207 美元。批發車輛毛利為 1.15 億美元，較去年下降 7%；每輛批發毛利為 940 美元，下降 105 美元，部分被較高銷量所抵銷。

Other gross profit was $107 million, down 11% from a year ago. This was driven primarily by service. In line with the outlook we gave in the third quarter call, service was pressured by seasonal sales and the annualization of cost coverage levers taken last year.

其他毛利為 1.07 億美元，較去年下降 11%。主要由服務業務所致。與我們在第三季電話會議所提供的展望一致，服務業務受到季節性銷售以及去年採取之成本覆蓋槓桿（cost coverage levers）影響在本年度化後所帶來的壓力。

For the full year, service returned to profitability despite sales headwinds. CarMax auto finance income of $144 million was down 10% year-over-year. Jon will provide detail on CAF in a few moments. On the SG&A front, expenses for the fourth quarter were $611 million. When excluding the previously noted restructuring costs, SG&A was $577 million, down 5% from the prior year.

就全年而言，儘管銷售面臨逆風，服務業務仍恢復獲利。CarMax 汽車金融（CAF）收入為 1.44 億美元，年減 10%。Jon 將在稍後提供 CAF 的細節。在 SG&A 方面，第四季費用為 6.11 億美元。若排除前述重整成本，SG&A 為 5.77 億美元，較去年下降 5%。

SG&A dollars for the fourth quarter versus last year were mainly impacted by three factors. First, total compensation and benefits increased by $31 million, driven by lower corporate bonus and stock-based compensation as well as lower CEC payroll following the actions taken last quarter, these savings were partially offset by $12 million in restructuring charges tied to our SG&A cost reduction efforts.

第四季 SG&A 金額相較去年主要受到三項因素影響。第一，薪酬與福利合計增加 3,100 萬美元；主因為公司獎金與股票基礎薪酬較低，以及在上季採取行動後 CEC 薪資較低所帶來的節省，但部分被與我們 SG&A 降本努力相關的 1,200 萬美元重整費用所抵銷。

Second, occupancy costs increased by $27 million, including a $21 million charge related to the exit of our Edmond office lease, that action will support lower SG&A moving forward, the balance of the increase was primarily timing related.

第二，場地占用成本增加 2,700 萬美元，其中包括與退出我們 Edmond 辦公室租約相關的 2,100 萬美元費用；該行動將支持未來 SG&A 下降，其餘增加主要與時點因素有關。

Third, advertising expense increased by $6 million, reflecting higher acquisition marketing spend.

第三，廣告費用增加 600 萬美元，反映獲客行銷支出提高。

Turning to capital allocation. During the fourth quarter, we repurchased 1.3 million shares for a total expenditure of $50 million. As of the end of the quarter, we had $1.31 billion in repurchase authorization remaining. As we look ahead into FY27, I'll highlight a few key areas. We expect to take a more dynamic approach to margin management as we run the business.

接著談資本配置。第四季期間，我們回購 130 萬股，總支出 5,000 萬美元。截至季末，我們尚餘 13.1 億美元的回購授權額度。展望 FY27，我將強調幾個關鍵領域。我們預期在經營業務時，將採取更具動態性的利潤率管理方式。

As a guidepost for FY27, we currently expect used margins for the full year to decline at a rate broadly in line with our fourth quarter year-over-year trend, although actual results may vary as we continue to optimize performance.

作為 FY27 的指引，我們目前預期全年二手車毛利將以大致與我們第四季年對年趨勢一致的速度下滑，惟隨著我們持續優化營運表現，實際結果可能有所差異。

We expect the first quarter to reflect the largest year-over-year decline at closer to $300 per unit as we lap record margins. This outlook reflects our pricing actions and our ongoing efforts to reduce logistics and reconditioning COGS in support of more competitive pricing and stronger sales.

我們預期第一季將出現最大的年對年下滑，每輛車接近 300 美元，因為我們將與創紀錄的毛利基期相比。此展望反映了我們的定價措施，以及我們持續降低物流與整備（reconditioning）銷貨成本（COGS）的努力，以支持更具競爭力的定價與更強勁的銷售。

We have completed our EPP product redesign and testing and have begun our national rollout, which we expect will drive approximately $35 per unit in margins in FY27. We will ramp throughout the year, driven by the rollout plan. Regarding SG&A, we expect FY27 exit rate reductions of $200 million, an increase over the previous guidance of $150 million.

我們已完成 EPP 產品重新設計與測試，並已開始全國推廣；我們預期這將在 FY27 帶來每輛約 35 美元的毛利貢獻。我們將依推廣計畫在全年逐步放量。在 SG&A 方面，我們預期 FY27 的期末（exit rate）降幅為 2 億美元，高於先前指引的 1.5 億美元。

However, the year-over-year savings within FY27 are expected to be offset primarily as we annualize over the materially reduced corporate bonus and share-based compensation in FY26, which offsets approximately half of the FY27 in-year savings, inflationary pressures and new location growth. With our focus on lowering vehicle pricing through lower GPUs and COGS efficiencies, we will be transitioning our SG&A efficiency metric to a per total unit ratio, which will consist of retail plus wholesale units.

然而，FY27 內的年對年節省預期將主要被以下因素抵銷：FY26 大幅降低的公司獎金與股份基礎薪酬在 FY27 全年化後的影響（約抵銷 FY27 當年度節省的一半）、通膨壓力，以及新據點成長。隨著我們聚焦透過較低的單車毛利（GPU）與 COGS 效率來降低車輛售價，我們將把 SG&A 效率指標轉換為「每總銷售單位」比率，總單位將包含零售與批發單位。

We expect SG&A to lever in FY27 when excluding the restructuring charges incurred in FY26. Regarding capital expenditures, we anticipate approximately $400 million of spend in FY27, down materially from the past two years. The largest portion of our CapEx investment continues to be related to the land and build-out of facilities for long-term growth capacity in off-site reconditioning and auctions.

在排除 FY26 發生的重整費用後，我們預期 FY27 的 SG&A 將呈現槓桿效益（lever）。在資本支出方面，我們預估 FY27 支出約 4 億美元，較過去兩年顯著下降。我們 CapEx 投資中最大的一部分仍與購地及設施建置相關，用於離場整備（off-site reconditioning）與拍賣的長期成長產能。

In FY27, we plan to open four new stores, two new offside reconditioning and auction locations and two new off-site auction locations. Regarding capital structure, our priority remains funding the business and maintaining financial flexibility.

在 FY27，我們計畫開設四家新門市、兩個新的離場整備與拍賣據點，以及兩個新的離場拍賣據點。在資本結構方面，我們的優先事項仍是為業務提供資金並維持財務彈性。

We continue to take a disciplined approach to our capital structure, including managing our net leverage to preserve efficient access to the capital markets for both [CAF] and CarMax overall, with leverage slightly above our targeted range and as we focus on improving the business during this transitional period, we have paused our share buybacks.

我們持續以審慎的方式管理資本結構，包括管理淨槓桿，以維持 [CAF] 與 CarMax 整體在資本市場的有效融資管道；目前槓桿略高於我們的目標區間。由於我們在此過渡期專注於改善業務，我們已暫停股票回購。

Our $1.1 billion authorization remains in place, and we remain committed to returning capital to shareholders over time.

我們 11 億美元的回購授權仍然有效，且我們仍致力於隨時間推進向股東返還資本。

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

接下來，我將把電話會議交給 Jon，請他更詳細說明 CarMax Auto Finance，以及我們持續聚焦於擴展全信用光譜的策略。Jon？

Thanks, Enrique, and good morning, everyone. During the fourth quarter, CarMax Auto Finance originated almost $1.9 billion, resulting in sales penetration of 42.8% net of free day payoffs versus 42.3% last year. The weighted average contract rate charged to new customers was in line with last year at 11.1%. Third-party Tier 2 and Tier 3 penetration in the quarter combined for 25.6% of sales, which was also in line with last year. The year-over-year increase in CAF penetration in the fourth quarter reflects our continued focus when expanding in Tier 2 supported by our flexible funding strategy and newest underwriting models.

謝謝你，Enrique，各位早安。在第四季，CarMax Auto Finance 承作（originated）了接近 19 億美元，扣除免費日提前清償（free day payoffs）後的銷售滲透率為 42.8%，相較去年為 42.3%。對新客戶收取的加權平均合約利率與去年持平，為 11.1%。本季第三方 Tier 2 與 Tier 3 的滲透率合計為 25.6%，也與去年一致。第四季 CAF 滲透率的年對年提升，反映我們在擴展 Tier 2 時的持續聚焦，並由我們彈性的資金策略與最新的核貸模型所支持。

We expect our penetration growth targeting the top half of Tier 2 will accelerate in FY27. CAF income for the quarter was $144 million, down $16 million from the same period last year. The loan loss provision was $74 million as compared to $68 million last year. Net interest margin on the portfolio was up slightly both sequentially and year-over-year at 6.3%.

我們預期在 FY27，針對 Tier 2 上半部的滲透率成長將加速。本季 CAF 收入為 1.44 億美元，較去年同期減少 1,600 萬美元。貸款損失準備（loan loss provision）為 7,400 萬美元，去年為 6,800 萬美元。投資組合的淨利差（net interest margin）為 6.3%，無論季對季或年對年皆小幅上升。

Consistent with the third quarter, credit losses in the fourth quarter were in line with our expectations. CAF's $74 million loan loss provision largely reflects expected charge-offs on newly originated loans including those tied to our credit spectrum expansion primarily into the top half of Tier 2.

與第三季一致，第四季的信用損失符合我們的預期。CAF 的 7,400 萬美元貸款損失準備，主要反映新承作貸款的預期核銷（charge-offs），其中包含與我們信用光譜擴張相關、主要進入 Tier 2 上半部的貸款。

Total reserves ended the quarter at $453 million or 2.78% of auto loans held for investment. We also designated a $100 million pool of nonprime loans as held for sale during the quarter, which does not require a loss reserve. As signaled previously, we anticipate leveraging future off-balance sheet funding transactions strategically as it supports our full spectrum growth strategy by balancing income and future provision risk.

本季末總準備金為 4.53 億美元，約占持有供投資之汽車貸款（auto loans held for investment）的 2.78%。我們也在本季將 1 億美元的次級（nonprime）貸款組合指定為持有供出售（held for sale），因此不需要提列損失準備。如先前所示意，我們預期將策略性運用未來的表外融資交易，以在平衡收益與未來提列風險的同時，支持我們的全光譜成長策略。

While CAF income was down year-over-year in the quarter, this is largely reflective of a reduced held-for-investment receivable base impacted by the $900 million 25B transaction executed in Q3, coupled with lower origination dollars over the last few years.

雖然本季 CAF 收入年對年下降，但這主要反映持有供投資的應收款基礎縮小，受到第三季執行的 9 億美元 25B 交易影響，並且過去幾年承作金額較低。

CAF realized approximately $5 million in servicing fees during both the third and fourth quarters. The third quarter also included a $27 million gain on sale as a result of the 25B transaction. As we grow our volume in Tier 2, we will continue refining our funding strategy and earnings model throughout the year. We believe a diversified funding approach gives us flexibility to optimize returns beyond traditional third-party lender fees while maintaining appropriate risk discipline. More broadly, we see CAF penetration growth as a contributor to the larger strategic goal of retaining a higher percentage of finance income.

CAF 在第三季與第四季各認列約 500 萬美元的服務費（servicing fees）。第三季亦因 25B 交易而包含 2,700 萬美元的出售收益（gain on sale）。隨著我們在 Tier 2 擴大量能，我們將在全年持續精進資金策略與獲利模式。我們相信多元化的資金來源能提供彈性，使我們在維持適當風險紀律的同時，將報酬最佳化至超越傳統第三方放款機構費用。更廣泛而言，我們視 CAF 滲透率成長為更大策略目標的貢獻者之一，即保留更高比例的金融收益。

As always, we will carefully consider the current state of the economy and consumer as we shape our strategy. I also want to provide an update on our redesigned extended service plan MaxCare, which focuses on mechanical coverage and our new MaxCare Plus offering, which adds cosmetic protection. The redesign of these products is aimed at increasing penetration by improving affordability amid higher vehicle prices and has shown encouraging results across multiple markets to date.

一如既往，我們在制定策略時會審慎考量當前經濟與消費者狀況。我也想更新我們重新設計的延長服務方案 MaxCare：其聚焦於機械保障，以及我們新的 MaxCare Plus 方案，新增外觀（cosmetic）保護。這些產品的重新設計旨在於車價較高的環境下，透過提升可負擔性來提高滲透率；截至目前在多個市場已展現令人鼓舞的成果。

As Enrique mentioned, we have completed our product enhancement testing and expect to achieve nationwide rollout by Q2 of FY27. Now I would like to turn the call back over to Keith. Keith?

如 Enrique 所提，我們已完成產品強化測試，並預期在 FY27 第二季前完成全國推廣。現在我想把電話會議交回給 Keith。Keith？

Thank you, Jon. Before we open the line for questions, let me leave you with a few final thoughts. I want to thank Tom, David and all our CarMax associates with the foundation they have built. We made progress in the fourth quarter to improve affordability and streamline our cost structure. The time I expect with associates in our offices and in the field has only reinforced my confidence in the opportunity ahead.

謝謝你，Jon。在我們開放提問之前，讓我做幾點最後的總結。我要感謝 Tom、David，以及所有 CarMax 同仁所建立的基礎。我們在第四季取得進展，提升可負擔性並精簡成本結構。我與辦公室及第一線同仁相處的時間，更加強了我對未來機會的信心。

We have a strong foundation, a powerful brand, and our focus is clear. The CarMax the obvious choice for customers, use technology to create more differentiated experiences and efficiencies and operate with greater urgency and intention. If we do that well, we will build a stronger, more efficient business with the customer at the center of every decision we make take.

我們擁有堅實的基礎、強大的品牌，而且我們的聚焦方向很清楚。讓 CarMax 成為客戶的明顯首選，運用科技打造更具差異化的體驗與效率，並以更高的急迫感與目的性來營運。如果我們把這些做好，我們將打造一家更強大、更有效率的企業，並以客戶為我們所做每一項決策的核心。

Before I close, I want to recognize a point of pride for CarMax. We were once again named by Fortune as one of the 100 best companies to work for, marking 22 consecutive years on that list. Even in my first few weeks here, I have seen the culture behind that recognition firsthand. The trust, care and support associates show for one another every day are real strength of this company. I'm honored to be part of this team.

在我結束之前，我想表揚一件令 CarMax 自豪的事。我們再次獲《Fortune》評選為「100 家最佳雇主」之一，並且已連續 22 年名列該榜單。即使我到任才短短幾週，我已親眼見到支撐這項肯定的企業文化。同仁每天彼此展現的信任、關懷與支持，是這家公司真正的力量。我很榮幸能成為這個團隊的一員。

I look forward to updating you on our progress in the quarters ahead. be sharing more about our strategy and long-term objectives in due time. Thank you for your continued trust and confidence in CarMax. With that, we will open the line for questions. Operator?

我期待在未來幾個季度向各位更新我們的進展。我們也會在適當的時機，分享更多關於我們的策略與長期目標。感謝各位持續對 CarMax 的信任與支持。接下來，我們將開放提問。接線員？

(Operator Instructions)

(接線員指示)

Craig Kennison, Baird.

Craig Kennison，Baird。

Hey, good morning, Keith. Congratulations on the new role. I guess I'd start with what are your general observations after the first few weeks in the role and then more specifically, as you draw upon your experiences in the hotel industry, what are your thoughts on how to streamline the click-through experience at CarMax? It feels like that's an area where you lag the best-in-class experience.

嗨，早安，Keith。恭喜你接任新職務。我想先從你上任頭幾週的整體觀察談起；再更具體一點，結合你在飯店產業的經驗，你對於如何在 CarMax 精簡點擊流程（click-through experience）有什麼想法？感覺這是你們相較於同業最佳體驗仍落後的一個領域。

Thanks, Craig. And yes, I'm thrilled to be here, and it's a pleasure to meet you. I think it's been great to get to know the team in the first few weeks. And what really stood out to me so far has been the caliber of our associates, both in the corporate office and in the field and the culture that's really, really palpable. I mean there's an amazing culture here in the company.

謝謝你，Craig。是的，我很興奮能加入，也很高興認識你。我覺得這幾週能夠認識團隊非常棒。到目前為止，最讓我印象深刻的是我們同仁的素質——不論是總部或第一線——以及那種非常、非常明顯可感的文化。我是說，公司這裡有一個很了不起的文化。

And right now, we're focusing on sharper execution on the fundamentals of the business about pricing, about selection, availability and experience. And so it's an amazing team. I think you're right on the hotel experience, one of my rallying cries in my old role was how do we reduce friction in the customer experience.

而目前，我們正聚焦在更精準地把基本功執行到位：定價、選擇（車源/品項）、可得性以及體驗。所以這是一支很棒的團隊。我認為你提到飯店業的經驗很對；我在上一個職務時常喊的一句話就是：我們要如何降低顧客體驗中的摩擦。

If it takes us six clicks to do something, how can we make it three? What are the things that really matter most to customers and really understanding that end-to-end customer journey, both online and in-store and how we can streamline those processes. That's going to be one of my main focuses in the omnichannel experience is just streamlining the experience and really making it easier for our customers.

如果一件事需要點六下才能完成，我們要怎麼把它變成三下？哪些事情對顧客最重要？並且真正理解端到端的顧客旅程——線上與門市——以及我們如何精簡這些流程。在全通路體驗上，這會是我主要的重點之一：就是精簡體驗，讓顧客更容易完成。

Brian Nagel, Oppenheimer.

Brian Nagel，Oppenheimer。

Good morning. Keith, welcome. Look forward to working with you.

早安。Keith，歡迎加入。期待與你合作。

Thank you.

謝謝。

So my question, just looking at this quarter, I think one of the big efforts here has been the price -- I guess, price investments, so to say, in the used car business. So maybe you can discuss further what you saw in terms of elasticity and demand as you adjusted prices?

我的問題是，回到本季來看，我認為其中一項重大作為是——我想可以稱之為——在二手車業務上的價格投資。所以也許你可以進一步談談，在你們調整價格時，對價格彈性與需求的觀察是什麼？

How much of the -- while used car unit comps were still down, they did improve rather significantly from the prior couple of quarters. I mean how much of that could you attribute to these price investments? And I know you gave us the guidance for at least some guidance for the first quarter. But I mean, how should we think about these price investments going forward?

雖然二手車單位同店（unit comps）仍然下滑，但相較前兩個季度確實明顯改善。你會把其中多少歸因於這些價格投資？我知道你們也提供了至少第一季的一些指引。但往後我們應該如何看待這些價格投資？

Yes, Brian, thanks for the question. The impact that we had on the quarter was really -- there were several things that we did, right? So we took our prices down. You can see that in the GPU. We increased our acquisition marketing spend as well.

好的，Brian，謝謝你的問題。我們在本季造成的影響其實——我們做了幾件事，對吧？我們把價格調降了。你可以從 GPU（單車毛利）看出來。我們也提高了收購端的行銷支出。

And we also made improvements to our online selling capabilities just through our website experience. I would tell you, out of those three things pricing, certainly, we believe had the biggest impact, although we think all of those levers impacted our trend positively. And I'd tell you the results that we saw this quarter were pretty much in line with what we had expected given the actions that we took.

另外，我們也透過網站體驗，改善了線上銷售能力。我會說，在這三件事中——定價——我們確實認為影響最大，雖然我們也認為這些槓桿都對趨勢帶來正向影響。而我也會告訴你，本季看到的結果，大致符合我們基於所採取行動的預期。

And so we are really pleased with the change in direction. We are able to -- coming out of the third quarter, we made it very clear, like our objective right now is to get the sales yield going, and we're pulling these levers and that's exactly what we saw. And we have those levers in place here and moving forward as well.

因此，我們對方向的轉變感到非常滿意。我們能夠——從第三季結束後，我們就講得很清楚：我們目前的目標是讓銷售動能回升，我們會拉動這些槓桿，而我們看到的正是如此。而這些槓桿目前也已就位，未來也會持續運用。

So could I follow up quickly, David, on that topic. I mean just -- is there a way to quantify, again, looking at the improvement, so to say, that we saw in used car unit comps here in fiscal Q4 versus three and two. Is there a way to quantify, I mean, how much of that was a direct result of these efforts you took?

David，我可以就這個主題快速追問一下嗎？我是說——有沒有辦法量化一下：我們在本財年第四季的二手車單位同店改善，相較於第三季與第二季。有沒有辦法量化其中有多少是你們這些作為直接帶來的結果？

Yeah, it's not really. We haven't really talked externally about the pricing elasticity. We have a very deep understanding of price elasticity. It's not something we've necessarily communicated externally exactly what it is. Again, what I tell you is that change in the trend and that change -- a positive change in direction, those three items drove it, lower prices, increased marketing, better selling capabilities online.

是的，其實不太能。我們並沒有在對外溝通中談到定價彈性。我們對價格彈性有非常深入的理解。但這不是我們一定會對外精確揭露的內容。再說一次，我能告訴你的是：趨勢的改變、方向的正向轉變，是由這三項帶動的——更低的價格、更高的行銷投入、更好的線上銷售能力。

But of those items, we do believe that our lower pricing had the biggest impact on the quarter.

但在這些項目之中，我們確實認為較低的定價對本季影響最大。

I think it just proves price matters in this business and we had let our as we said at the beginning of last quarter, we kind of let our prices drift up where we weren't as competitive as we'd like to be. And so as Enrique mentioned, we took several actions immediately at the beginning of the fourth quarter. And as you noted, we saw a significant change.

我想這也證明了在這個產業，價格很重要；而正如我們在上一季一開始所說，我們的價格有點往上漂移，競爭力不如我們希望的那麼強。因此如 Enrique 提到的，我們在第四季一開始就立刻採取了幾項行動。而如你所指出的，我們看到了顯著的變化。

But clearly, the biggest one was price. And now as you've heard the team talk about cost, if we could get sales moving in the right direction, and we can address some of the cost issues behind it, whether it's COGS or SG&A we're going to have a fantastic business, but price really managed to consumer.

但很明顯，最大的因素是價格。而現在你也聽到團隊談到成本：如果我們能讓銷售朝正確方向前進，同時解決背後的一些成本問題——不論是 COGS（銷貨成本）或 SG&A（銷售、一般及行政費用）——我們就會擁有一個非常出色的事業；但價格確實是面向消費者的關鍵。

That's very helpful. Thank you.

非常有幫助。謝謝。

Rajat Gupta, JPMorgan.

Rajat Gupta，JPMorgan。

Great. Thanks for the question and look forward to working with you, Keith. I have initial question just a follow-up on Enrique commentary on SG&A. How much of the $200 million you expect to hit this year's P&L? And just to double click a little bit more on some of the commentary around accruals and stock-based comp and how we should think about the magnitude there? And maybe on any of the drive rails around SG&A with respect to expense per year, that would be helpful.

很好。謝謝提問，也期待與你合作，Keith。我第一個問題是延伸追問 Enrique 對 SG&A 的評論。你們預期這 2 億美元中，有多少會反映在今年的損益表（P&L）？另外想再更深入一點，關於應計項目（accruals）與股票基礎薪酬（stock-based comp）的評論，我們應該如何看待其幅度？以及 SG&A 方面，關於每年費用的任何驅動因素（drive rails），若能分享會很有幫助。

So a couple of things. I think one way to think about it is the exit rate dollars we have coming out of FY26 and between the CEC actions we took last quarter, the home office actions we took this quarter that we talked about on the call, as well as the Edmonds lease, all those things combined mean FY26, we're exiting the year with about $100 million in savings. And as we said, we have a line of sight to another $100 million exit rate FY27.

有幾點。我認為可以用這樣的方式來看：我們在 FY26 結束時的退出率（exit rate）金額——結合我們上季採取的 CEC 行動、本季在電話會議中提到的總部行動，以及 Edmonds 租約——這些加總起來，代表 FY26 我們將以約 1 億美元的節省金額退出年度。而如我們所說，我們也能清楚看到在 FY27 另外 1 億美元退出率的節省空間。

So some of those will be recognized within FY27. But really, you're looking at a full realization in FY28 for a full annualization. What I would though, and as I said in my prepared remarks, in FY27, the in-year savings, we do expect to be offset as we annualized over the materially reduced corporate bonus and share-based compensation, and that's about half of the actual expectations we have for savings in FY27.

因此，其中有些將會在FY27內認列。但實際上，若要達到完整年度化的全面實現，你看到的是在FY28。不過我想說的是，正如我在事先準備的發言中提到的，在FY27，當年度的節省，我們預期會被我們在大幅降低的公司獎金與以股份為基礎的薪酬上進行年度化所抵銷，而這大約相當於我們對FY27節省實際預期的一半。

Now in normal course of business, we don't expect those items to actually be around, right, have the same magnitude of impact. So that's really where you look at FY28 and you say, okay, that would be a full annualization of the savings. So that's how to kind of think of FY27 and the exit rate savings. Like look, we are laser-focused. And just to be absolutely clear, we are laser-focused on running as efficiently as we can.

而在正常的營運過程中，我們不預期那些項目會一直存在，對吧，也不會有同樣幅度的影響。所以你真正要看的是FY28，然後你會說，好，這將是節省的完整年度化。所以這就是如何去思考FY27以及退出率（exit rate）的節省。你看，我們是高度聚焦的。而且為了完全清楚起見，我們非常聚焦於以我們所能做到的最高效率來營運。

I think us taking up our target from $150 million to $200 million is a sign of that intent. And so we're certainly following forward and excited about those savings. But again, the full impact will really be in FY28. And the second part of your question, Rajat?

我認為我們把目標從1.5億美元提高到2億美元，就是這個意圖的展現。因此我們當然會持續推進，並對這些節省感到振奮。但再說一次，完整的影響將真正體現在FY28。你問題的第二部分是什麼，Rajat？

And I'd like just a quick follow-up with you.

我想跟你做一個簡短的追問。

Sure.

當然。

Yes. So I was just curious like you've had a chance to look at the portfolio a little bit. Would you consider taking a look at just your store down as well? And maybe think about pruning the number of locations you need, the density you need. I'm curious like how that would fit into how you're thinking about rationalizing and just creating more efficiency.

是的。所以我只是好奇，你已經有機會稍微看過一下投資組合。你是否也會考慮檢視一下門市佈局？也許思考精簡你需要的據點數量、你需要的密度。我很好奇，這會如何融入你對合理化（rationalizing）以及提升效率的思考。

Yes, it's Enrique, again. As we go through our strategic planning process here with Keith, Keith's new leadership, it's certainly something that we're going to be assessing look, we're going to go through a strategic plan outlook. We're going to come back.

是的，我是Enrique，再次回答。當我們在這裡與Keith、在Keith新的領導之下推進策略規劃流程時，這當然是我們會評估的事項——你看，我們會做一個策略計畫展望。我們會再回來。

And as Keith mentioned in his prepared remarks, we're going to come back at you appropriate time and communicate what those longer-term objectives or what the goals are and the key underpinnings of that strategy. So at the current moment, I think that a lot is on the table. And that's something that we'll be assessing as part of the strategy.

而且如Keith在他事先準備的發言中提到的，我們會在適當的時間回來向各位溝通那些較長期的目標、或目標是什麼，以及該策略的關鍵支柱。所以就目前而言，我認為很多選項都在檯面上。而這會是我們在策略的一部分中加以評估的事項。

Understood. Great. Thanks for all the color.

了解。很好。謝謝你提供這麼多細節。

Sharon Zackfia, William Blair.

Sharon Zackfia，William Blair。

Hi, good morning. Thanks for taking the question. I guess as you think about kind of improving affordability and clearly taking this GPU hit currently. Are you also kind of considering maybe relaxing some of CarMax standards, and I don't mean on the mechanical side, but on the cosmetic ablumishment side, is there an opportunity to sell a few cars with gain your modest scratches, where it might be more affordable to the consumer and could be clearly disclosed, given that most of the research is done online.

嗨，早安。謝謝讓我提問。我想，當你們在思考提升可負擔性，而且目前顯然承受GPU的衝擊時，你們是否也在考慮放寬CarMax的一些標準？我不是指機械面，而是外觀整備（cosmetic embellishment）方面；是否有機會賣出一些只有輕微刮痕的車，讓消費者更負擔得起，而且可以清楚揭露，因為大多數研究都是在線上完成的。

Yes, Sharon, thank you for the question. Certainly, if you look over the past year, we have taken what we internally call, but I think everyone kind of externally knows as well, like Value [MaxCars], so our older cars. We've taken the mix of our Value MaxCars up pretty considerably this year, which is really a signed towards like we recognize, as Tom mentioned, pricing is key, affordability is key. And so that's one way of thinking of us meeting the customer where they want to be met on price is just increasing our mix of Value Max.

是的，Sharon，謝謝你的問題。當然，如果你回顧過去一年，我們提高了我們內部稱之為、但我想外部也都知道的Value [MaxCars]（也就是我們較舊的車款）的占比。今年我們把Value MaxCars的組合占比提高了相當多，這其實是一個訊號，表示我們認知到——如Tom提到的——價格是關鍵、可負擔性是關鍵。因此，我們在價格上以客戶希望的方式與其對接的一種做法，就是提高Value Max的占比。

I think at the same time, taking a harder look at what -- how exactly can we even better do that is something that is part of our strategy, we're going to consider. Because clearly, over the past year, sales have not been where we want them to be. And so we need to consider all potential levers when it comes to go into market. I think the one thing that we will not change though is absolutely the overall relevant quality standards that we have and that we're known for CarMax is known for a quality car and that will continue.

同時，更嚴格地檢視——我們究竟還能如何做得更好——也是我們策略中會納入考量的一部分。因為很明顯，過去一年銷售表現並未達到我們希望的水準。因此在進入市場（go to market）方面，我們需要考慮所有可能的槓桿。不過有一件事我們不會改變，那就是我們整體相關的品質標準——而且這也是我們的招牌；CarMax以高品質車輛聞名，這點會持續下去。

But there's probably items around the edges that we can take a hard to look at and make sure that we meet today's customers' demands today, right?

但在邊緣的一些項目上，我們可能可以更仔細地檢視，並確保我們能滿足當今客戶的需求，對吧？

And Enrique, can I follow up? I know Keith's been there for like a minute, but is there any kind of time frame when we should expect kind of the strategic plan and then some maybe more concrete benchmarks on SG&A per car and things like that?

Enrique，我可以追問一下嗎？我知道Keith才剛到不久，但我們大概什麼時候可以期待策略計畫，以及一些更具體的基準，例如每台車的SG&A之類的指標？

Yes. You're right. Keith has been here in a minute. And so we'll be -- we have our planning sessions that are underway here, and that will take we'll start doing those over the next quarter here. I think in June, you'll probably start to see some headlines maybe.

是的。你說得對。Keith才剛到不久。所以我們——目前規劃會議正在進行中，接下來一季我們會開始推進這些工作。我想在6月，你可能會開始看到一些重點訊息。

I don't expect by June, there will be a full strategic path forward. But in June, you'll start to get a sense of where we're going. And then certainly after that -- shortly after that, I would expect that we'd have a strong point of view on where we're going and the key metrics that go along with that and our outlook for the future, which we're really excited about.

我不預期到6月就會有完整的策略路徑。但在6月，你會開始感受到我們要往哪裡走。然後在那之後——不久之後——我預期我們會對方向、相關的關鍵指標，以及我們對未來的展望形成很強的觀點，而我們對此非常期待。

Thank you.

謝謝。

Scot Ciccarelli, Truist.

Scot Ciccarelli，Truist。

Good morning, everyone. So two strategic questions, if I may. First, on sales. If price reductions in a $300 GPU drop were to accelerate comps to the positive range, would you expect it to push it even further because it's working? Or is there a floor on GPU levels that you're kind of thinking about.

各位早安。如果可以的話，我有兩個策略面的問題。第一個關於銷售。如果降價以及GPU下滑300美元能加速同店成長（comps）回到正成長區間，你們會預期因為有效而進一步加大力度嗎？還是你們對GPU水準有在思考某個底線？

And then secondly, on the SG&A side, it sounds like you have an expectation to improve the customer experience, especially with online transactions. But can you help us reconcile like you're also expecting OpEx pretty significantly and presumably some of those things cost money.

第二個關於SG&A。聽起來你們期望改善客戶體驗，尤其是線上交易。但你能否協助我們理解：你們同時也預期要相當幅度地改善營運費用（OpEx），而且推測其中一些事情是需要花錢的。

Yes. Maybe just to start with SG&A. And so we have increased our target, right, from $150 million to $160 million to $200 million. and we'll continue to assess this at the right number. I think the key point here is that it's critical that we balance our cost reduction goals with our ambitions to grow the business, right?

是的。也許先從SG&A開始。我們已經提高了目標，對吧，從1.5億美元到1.6億美元，再到2億美元，而且我們會持續評估什麼才是合適的數字。我認為這裡的關鍵點是：我們必須在成本削減目標與我們成長業務的企圖之間取得平衡，這非常重要，對吧？

And to your point, there's a little bit of tension between the two. And I fully expect as part of our strategic planning deliberations, that's going to be a topic, right? We want to make sure we're running as efficiently as possible, but we also want to make sure that we're actually funding the business appropriately, and that may be reallocating certain resources at may be producing certain resources and in certain areas, perhaps increasing resources, right?

而如你所說，兩者之間確實存在一些拉扯。我完全預期，在我們策略規劃的討論中，這會是一個議題，對吧？我們希望確保營運盡可能有效率，但也希望確保我們對業務的資金投入是適當的；這可能意味著重新配置某些資源——在某些領域可能減少資源，而在某些領域可能增加資源，對吧？

But that's going to be a key point of attention as we build out our strategy in moving forward. And then when it comes to price, I think the other lever to consider, right, that we're always focused on, but I think we'll take on heightened importance is COGS and reducing our box and logistics costs. Because when you do that, you actually then have multiple choices ahead of you. You can either just take it straight and give it to the customer. You can take it to margin to help offset some of that pressure or you can do a combination of the two.

但這將會是我們在制定並推進未來策略時的一個關鍵關注點。接著談到價格，我認為另一個需要考量的槓桿——我們一直都很關注，但我覺得其重要性將會提高——是銷貨成本（COGS），以及降低我們的包材與物流成本。因為當你做到這一點時，實際上你就會有多種選擇。你可以直接把節省下來的成本讓利給客戶。你也可以把它用在毛利上，以幫助抵消部分壓力，或者兩者兼而有之。

And that's really something that we're laser focused on kind of moving forward. And that certainly will be a key tenet of our strategy moving forward as well.

而這確實是我們在往前走時高度聚焦的事情。這也必然會是我們未來策略的一個關鍵支柱。

Scot, I'm going to build on what Enrique that. In my past experience, becoming a more efficient business and lowering SG&A, it doesn't come at the expense of a great customer experience. You can actually improve quality, leverage technology and become a more efficient business at the same time. I think that's what we're going to be very focused on spending time with the team in the stores there's a number of opportunities for us to, again, make it easier for us to serve our customers and give a better experience for our customers to put in store online more efficiently. So we have done that before and looking forward to working with the team to do it again.

Scot，我想在 Enrique 的基礎上再補充一下。以我過去的經驗，讓企業更有效率、降低銷售、一般及行政費用（SG&A），並不會以犧牲卓越的客戶體驗為代價。你其實可以同時提升品質、運用科技，並讓企業變得更有效率。我認為我們會非常專注於花時間和門市團隊一起找機會——我們有不少機會可以再次讓我們更容易服務客戶，並為客戶提供更好的體驗，以更有效率的方式把線上與門市串起來。所以我們以前做過，也期待與團隊一起再做一次。

Daniela Haigian, Morgan Stanley.

Daniela Haigian，摩根士丹利。

Hi, Keith, congratulations on the role. Looking forward to seeing what you and the team will accomplish here. So I appreciate the overview on goals and understand we'll have to wait until June for the full strategic update, but I guess in the first 90 to 100 days here, what are the specific changes or low-hanging fruit that you've prioritized to simplify that digital experience and improve conversion? And what are, I guess, areas or metrics that we can track against those goals.

嗨，Keith，恭喜你擔任這個職務。期待看到你和團隊在這裡能完成什麼成果。所以我很感謝你對目標的概述，也理解我們得等到六月才會有完整的策略更新；但我想問的是，在這前 90 到 100 天裡，你優先推動哪些具體改變或「低垂的果實」，來簡化數位體驗並提升轉換率？以及我們可以追蹤哪些領域或指標，來對照這些目標的進展？

Well, thanks for the question. Again, been here four weeks, which has been an amazing experience has been comment it in the stores in the office and with the teams. And so I'm really enjoying learning about the car industry and understanding our strengths. And I guess I'll start there because I think the company has made great long-term investments in the digital platform and the geographic footprint. And the thing that we're focusing on is how do you connect that digital innovation with physical retail to create something that's really powerful that we can leverage to drive growth.

謝謝你的問題。再次說明，我來這裡四週了，這是一段非常棒的經驗——不論是在門市、在辦公室，或是與各個團隊一起。所以我很享受了解汽車產業並理解我們的優勢。我想就從這裡開始，因為我認為公司在數位平台與地理據點方面做了很好的長期投資。而我們正在聚焦的是：如何把這些數位創新與實體零售連結起來，打造一個真正強大的模式，讓我們能用它來推動成長。

The team right now is incredibly focused on the customer experience, particularly in digital, and understanding how we can more efficiently move customers through the funnel, produce friction. And to one of the earlier questions, like if it's taking us 10 clicks to do something, how can we do it in seven or five, really understanding what are the features and benefits that matter most.

團隊目前非常專注在客戶體驗，特別是在數位端，並在理解我們如何能更有效率地讓客戶沿著漏斗往下走、降低摩擦。呼應先前其中一個問題：如果我們要做一件事得點 10 下，我們怎麼把它降到 7 下或 5 下，真正去理解哪些功能與利益最重要。

And so really making sure that we're driving customer acquisition, but then also more effectively moving customers through the experience, both online and in and stores. In regards to specific metrics, I think we're going to have to come back to you once we have a clearer view on the long-term strategy because the metrics that are going to be most important in this business has to be aligned to those outcomes. So I don't know if Enrique you want to add anything else?

因此要確保我們在推動客戶獲取的同時，也能更有效地引導客戶完成整個體驗——不論是線上或門市。至於具體指標，我想我們得在對長期策略有更清晰的視角後再回覆你，因為在這個業務中最重要的指標必須與那些成果相一致。所以我不確定 Enrique 你是否還想補充？

No, I think that's absolutely correct. And again, in June, maybe some signals in terms of where we're going, due is really not that far away, but I think thereafter is when we'll come back with kind of point of view on our strategy, the metrics to hold this accountable by that we'll hold ourselves accountable to. And again, we're really, really excited about where we are and our path forward to you.

沒有，我認為這完全正確。同樣地，六月我們可能會釋出一些我們前進方向的訊號；六月其實也不遠，但我認為之後我們才會帶著對策略的觀點回來，以及用來衡量並讓我們自我問責的指標。再次強調，我們對目前的位置以及未來前進的路徑感到非常、非常興奮。

David Bellinger, Mizuho.

David Bellinger，瑞穗。

Great. Thank you. Keith, congrats on the new seat. Two areas where we were looking for a bit more detail. First one on conversion. I know you just talked about this a second ago, but how do you assess the level and quality of traffic that's coming into your site and your app and just how you benchmark against others in the sector on conversion?

很好。謝謝。Keith，恭喜你就任新職。我們有兩個領域想再多了解一些細節。第一個是轉換率。我知道你剛剛提到了一些，但你如何評估進入你們網站與 App 的流量水準與品質？以及你們在轉換率方面如何與同業做基準比較？

And then second piece on vehicle inventories. Looking at your app, you've got 55,000 cars in there right now. That's been as high as 60,000 or 70,000. So as you implement some of these new tools, even some AI tools, is there an opportunity to operate the business with simply less inventory while still giving that core customer, the breadth and depth that they need. Thank you.

第二個部分是車輛庫存。看你們的 App，目前大約有 55,000 輛車。過去曾高達 60,000 或 70,000 輛。所以當你們導入一些新工具、甚至一些 AI 工具時，是否有機會在維持核心客戶所需的品類廣度與深度的同時，用更少的庫存來營運這個業務？謝謝。

Yes, I think on the inventory piece, I think, look, certainly is a key aspect that we need to consider and we need to balance what is the right amount of inventory kind of by market how quickly can we get it to customers. And I expect that will be a key component of our strategic deliberations as well, making sure we have the right amount of inventory. Is it less? Is it more?

是的，我想就庫存這一塊來說，確實是我們需要考量的關鍵面向；我們需要在各市場之間取得平衡：什麼是合適的庫存量，以及我們能多快把車交付給客戶。我預期這也會是我們策略討論中的一個關鍵組成，確保我們有適當的庫存量。是更少？還是更多？

We'll end up seeing what that looks like? And in regards to conversion, I think as well, that's going to be a key point of view. Like this past quarter, I would tell you, conversion was relatively flat. We're selling opportunities were actually relatively flat as well. Our web traffic was up like 14% this past quarter.

我們最後會看到那會是什麼樣子。至於轉換率，我也認為那將會是一個關鍵觀點。例如在上一季，我會告訴你，轉換率相對持平。我們的銷售機會（selling opportunities）其實也相對持平。而我們的網站流量在上一季成長了大約 14%。

And for the first time in five quarters, we saw selling opportunities actually relatively flat as opposed to being down year-over-year. So positive movement there. And again, conversion was relatively flat. But I think the items that Keith has pointed out in terms of getting the customer through our website to buy a car in an easier way in a faster way, undoubtedly is going to help our conversion rate when folks land on the website. And so pretty immediately, he's been here a hot minute, but already identifying, I think, the key areas of opportunity for us moving forward.

而且是五個季度以來第一次，我們看到銷售機會相對持平，而不是年對年下滑。所以那裡有正向的變化。同樣地，轉換率相對持平。但我認為 Keith 所指出的那些事項——讓客戶在我們網站上以更容易、更快速的方式完成買車流程——毫無疑問會在消費者進站後幫助提升我們的轉換率。所以幾乎立刻地，他雖然才來不久，但已經在辨識出我認為對我們未來很關鍵的機會領域。

And look, our goal is to drive selling opportunities and to also drive conversion as well.

而且你看，我們的目標是推動銷售機會，同時也推動轉換率。

Jeff Lick, Stephens, Inc.

Jeff Lick，Stephens, Inc.。

Good morning. Welcome to Keith. Question, Tom, this is probably going to be your last call, I would get the benefit of your wisdom. I was wondering if maybe you could just give a little -- any granularity or color on just as you drop prices, obviously, you didn't drop every price, $207, some you drop, some you might even have increased. Any color on where you do see more elasticity in terms of cohorts, age of car where you're getting more traction versus where you're getting less or where it's not worth it to try to play the price game.

早安。歡迎 Keith。問題給 Tom，這可能會是你最後一次電話會議，我想借重你的智慧。我想請你能否稍微提供一些更細的資訊或觀察：當你們降價時，顯然你們不是每一台都降價——平均 207 美元，有些降、有些甚至可能還調高。你能否分享一下你們在哪些族群（cohorts）、車齡等方面看到較高的價格彈性、因此帶來更多動能；相對地，在哪些地方彈性較低、或不值得去玩價格戰？

I think Enrique talked earlier about kind of optimizing the first stage he talked earlier about optimizing the price and cost differences. As I mentioned, clearly, when we lowered price, it changed our -- changed the trajectory of our sales. And as you just rightly pointed out, when we say our margins are down $200, they're not down $200 on every car. You see all of our cars practically end to 998. That means we're more likely to drop a car 1,000 -- like 20% of the cars $1,000 to achieve the $200 price drop.

我認為 Enrique 先前談到的是，某種程度上要把第一階段最佳化——他先前談到要最佳化價格與成本差異。如我提到的，很明顯地，當我們降價時，確實改變了我們的——改變了我們銷售的走勢。而且正如你剛才正確指出的，當我們說毛利下降 200 美元時，並不是每一台車都下降 200 美元。你會看到我們幾乎所有車的定價都以 998 結尾。這表示為了達成平均降價 200 美元，我們更可能是把約 20% 的車降 1,000 美元。

And we are very analytical about that and how we approach it and do it in a way that we think will maximize the change in sales. The backdrop of that is we have to run a profitable business. And as Enrique mentioned, some of the things on cost we felt like lower the prices, get sales moving in the right direction and then pay for it by taking cost out of the business. And I think that will be a theme for this team going forward as well, which is figure out how to grow the company. There's no reason we shouldn't be able to grow the business with our current footprint and do it in a profitable way.

我們在這方面非常講求數據分析，並且會以我們認為能最大化銷售變化的方式來推進與執行。其背後的前提是：我們必須經營一家獲利的企業。而如 Enrique 所提到的，在成本端有些事情我們的想法是：先降價、讓銷售朝正確方向動起來，然後再透過把成本從業務中移除來支付這個代價。我認為這也會是這個團隊未來的主軸之一，也就是想辦法讓公司成長。以我們目前的據點規模，沒有理由不能在獲利的情況下把業務做大。

And that's a combination of pricing, margins, CAF, all the ancillary products that we sell, but look, I think it was great to come out of the quarter with a change in sales trajectory and we believe that price was a factor there.

這是定價、毛利、CAF，以及我們銷售的所有附加產品等多項因素的組合。不過你看，我認為本季能看到銷售走勢出現轉變是很好的，我們也相信價格是其中一個因素。

And then just a quick follow-up, and maybe, Keith, you could chime in on your thoughts. I mean, Tom, if I think back, call it 10, 15 years ago, when the world was really all brick and mortar, I think the thought, the strategy was you're trying to have a used car lot that was a little bit more customer-friendly than your typical used car lot would lend itself to selling newer cars.

接著我再快速追問一下，也許 Keith 你也可以補充你的看法。我是說，Tom，如果我回想大概 10、15 年前，當時世界幾乎都是實體通路，我想當時的想法、策略是：你想要有一個比典型二手車場更友善的二手車場，這樣更有利於銷售較新的車。

And it seems like there's less competition, relatively speaking, in your ValueMax. I wonder, is culturally would you -- are you more willing now to explore that seven, eight-year-old, nine-year-old sale and kind of mix the person who's coming in looking for that three-year-old get versus the person that's coming in looking for the eight-year-old, Ford Explorer?

而看起來相較之下，你們的 ValueMax 競爭似乎比較少。我想問的是，從文化上來說，你們現在是否更願意去探索銷售車齡七、八年、九年的車，並且把來找三年車齡的人，與來找八年車齡 Ford Explorer 的人，做某種程度的混合？

Again, we're a demand-driven business, and Enrique mentioned earlier about internally, we call it ValuMax. It's really just an older car with higher miles, but we want to keep it at the same quality standard. I believe Enrique inventory is around 50%, Value Max, that was 15%, 20%, 10 or 15 years ago. So --

再說一次，我們是需求驅動的生意，而 Enrique 先前提到，在內部我們稱它為 ValuMax。它其實就是車齡較老、里程較高的車，但我們希望維持相同的品質標準。我相信 Enrique 的庫存大約有 50% 是 ValueMax；而在 10 或 15 年前，那個比例是 15%、20%，甚至更低。所以--

Yes. And again, this year, we have absolutely increased our sale -- inventory and sales of older cars to drive -- to meet the customer where they want to be met on affordability to help support sales. But at the same time, Jeff, clearly, overall, if you take a look at the entire year, we're not where we want to be, right?

是的。而且再說一次，今年我們確實提高了較老車款的——庫存與銷售，以便——在可負擔性上貼近客戶的需求，來支撐銷售。但同時，Jeff，很明顯地，整體而言，如果你看全年，我們還沒有達到我們想要的水準，對吧？

And so I think it's -- we need to continue to assess from a sales standpoint. So we need to continue to assess what is the right level of inventory? What is the right age of inventory and the price points, and that will be part of our deliberation certainly.

所以我認為——我們需要從銷售角度持續評估。我們需要持續評估：什麼才是合適的庫存水位？什麼才是合適的庫存車齡與價格帶？這些都會成為我們審慎討論的一部分。

Yes. And Jeff, it's a double-edged sword. You buy older cars with higher miles, they cost more to recondition and they take longer to recondition. So it's not -- as Keith said it earlier, it's the right car in the right place they're at the right price. And so it's a combination of those variables.

是的。而且 Jeff，這是一把雙面刃。你買車齡較老、里程較高的車，它們的整備（reconditioning）成本更高、整備時間也更長。所以——正如 Keith 先前說的，是在對的地點、以對的價格，提供對的車。因此這是這些變數的組合。

Awesome. Well, thanks for taking my question and keep looking forward to working with you.

太棒了。謝謝你回答我的問題，也期待繼續與你們合作。

Thank you.

謝謝。

Michael Montani, Evercore ISI.

Evercore ISI 的 Michael Montani。

Yes, hi. Thanks. Good morning, and welcome to Keith. Looking forward to working with you as well.

是的，你好。謝謝。早安，也歡迎 Keith。我也期待與你合作。

Thanks, Michael.

謝謝你，Michael。

I wanted to ask if I could, Jon, if you could unpack a bit more some of the trends that we're seeing on the credit side with respect to roll rates and both in terms of -- on a like-for-like basis of credit quality and applicants as well as given some of the mix changes that have occurred, maybe towards more up for end of year two?

我想請教一下，Jon，你是否可以再更深入拆解一下我們在信貸端看到的一些趨勢，特別是關於 roll rates（逾期滾動率）的部分——包括在同等條件下的信用品質與申請人表現，以及在發生一些組合變化的情況下，可能更偏向於年末第二年的那一端？

Sure. Yes, I appreciate it. The questions, Michael. With regard to roll rates and delinquencies, I think across the kind of the auto lending industry, lenders would say customers maybe absent exception of maybe the highest credit quality, the 800-plus FICO they certainly are feeling the stress of affordability, inflation, et cetera. So those customers from mid-Tier 1 all the way down to deep subprime our feeling distress.

當然。是的，謝謝。Michael，謝謝你的問題。關於 roll rates 與逾期情況，我想在整個汽車放款產業中，放款機構大概都會說：除了可能最高信用品質的客戶（例如 FICO 800 分以上）之外，其他客戶確實都感受到可負擔性、通膨等帶來的壓力。因此，從 Tier 1 的中段一路到深度次級（deep subprime）的客戶都在承受壓力。

Delinquencies are higher, roll rates are higher. And for us as a lender, our job is to support them, help to service them and then set accordingly in preparation for that. And I think we've done that over the last -- at the end of Q3, we've hit our losses right on the market in Q3 and Q4. So we feel good about where we sit. But there is a stressed customer out there, and we are thoughtful on that.

逾期率更高、roll rates 也更高。而對我們作為放款機構而言，我們的工作是支持他們、協助服務他們，並且為此做相應的提列準備。我認為我們在過去——在第三季末，我們的損失表現與市場在第三季與第四季基本一致。所以我們對目前的狀態感到不錯。但市場上確實存在承壓的客戶，我們對此也很審慎。

That being said, again, it's a highly profitable business. We provide a fantastic car and a fantastic experience. So that's why we are willing to go into the Tier 2 space, and we are growing that space. You've got loans value of $3,000, $3,500 on top of the Tier 1 business.

話雖如此，這仍是一門高度獲利的業務。我們提供很棒的車與很棒的體驗。因此這也是為什麼我們願意進入 Tier 2 的區間，而且我們正在擴大該區間。在 Tier 1 業務之上，你還能看到每筆貸款多出 3,000 到 3,500 美元的價值。

So we look forward to growing that. So we have shifted our focus. Obviously, we will always take all the Tier 1 volume, but we're growing in Tier 2. We signaled that. We're 43% penetration this quarter. We anticipate that accelerating over the course of FY27.

所以我們期待擴大那一塊。因此我們已經調整了我們的重點。很明顯地，我們永遠都會承接所有 Tier 1 的量，但我們正在 Tier 2 成長。我們也已經釋出這個訊號。本季滲透率是 43%。我們預期在 FY27 期間會加速提升。

We've made market changes to grow that across the last year, including Q4. And so we will look forward to booking those -- that Tier 2 volume. We were approximately less than 10% of Tier 2 a year ago. We were closer to 20% in this quarter of Tier 2 and actually exiting the quarter were actually a little higher than 20%. So we look forward to taking on that volume, servicing that customer reserving accordingly, nailing that and obviously generating more income for CarMax.

在過去一年（包含第四季）我們已做了市場面的調整來推動成長。因此我們期待承作——那個 Tier 2 的量。一年前 Tier 2 大約不到 10%。本季 Tier 2 接近 20%，而且在季度末實際上略高於 20%。所以我們期待承接那個量、服務那類客戶、相應提列準備、把它做好，並且很明顯地為 CarMax 創造更多收益。

John Babcock, Barclays.

John Babcock，Barclays。

All right. Thanks for taking my questions. I just have two quick ones here. I guess just first of all, on capital spending, you talked about how that's going to be down over the last couple of years. Are you able to provide any color in terms of where you're reducing spending, whether that's on the maintenance side or the growth side?

好的。謝謝讓我提問。我這裡只有兩個簡短問題。我想先從資本支出談起，你提到相較過去幾年會下降。你能否提供一些說明，支出是在哪些地方縮減，是維護端還是成長端？

Yes. It's actually a little bit of both. And so number one, on the growth side, we're taking new stores down as I talked about in my prepared remarks. So that's one of the drivers. At the same time, from an off-site reconditioning and action standpoint, we have spent the past several years buying the actual real estate when it comes to those sites.

是的。其實兩者都有一些。第一，在成長端，我們如同我在準備好的發言中提到的，會降低新店開設數量。所以那是其中一個驅動因素。同時，就場外整備（reconditioning）與相關作業而言，過去幾年我們在那些據點上花了不少資金購買實際的不動產。

And so what you see this year is a little less on real estate spend as well. And then overall, just for our stores as well, just a little bit more heightened focus just a little bit there, a little more having focused on prioritization of resources there. So you kind of see it across the board really.

因此你今年看到的不動產支出也會少一些。另外，整體來看，就我們的門市而言，我們也會更提高一些專注度，在資源優先順序上更聚焦一些。所以你會看到幾乎是全面性的調整。

Okay. That's very helpful. And then also, just given everything that's going on in the Middle East right now, I was wondering, I know you've talked about or in pricing and marketing spend and everything else you're doing to really try to drive more traffic, drive more consumer interest in CarMax.

了解。這很有幫助。另外，鑑於目前中東正在發生的一切，我想問一下，我知道你們談過定價、行銷支出，以及你們為了帶動更多來客、提升消費者對 CarMax 興趣所做的各種努力。

Just kind of curious though, I mean, how have the Middle East tensions impacted what you're seeing? And do you think that's going to have a notable impact on your overall year-over-year growth trends? Or do you think that you can grow through despite that?

不過我有點好奇，中東緊張局勢對你們目前看到的情況有什麼影響？你認為這會對你們整體的年增成長趨勢造成明顯影響嗎？還是你認為即便如此仍能持續成長？

That's a great question. What I know is what I point you to really is more of the industry right, for the month of March. And in the month of March, the industry actually supported by a pretty strong tax season was pretty healthy. We're not going to talk about our intra-quarter performance.

這是個很好的問題。我所知道、我會請你參考的其實更多是產業面，對吧，就三月份而言。三月份在相當強勁的報稅季支撐下，整體產業其實相當健康。我們不會談論季度內的表現。

I'd tell you the industry is help is actually pretty healthy coming out of March or into March. And I'd tell you, moving forward, yes, I do think it's something that we need to watch between inflationary pressures between what has now been on record, the lowest consumer sentiment on record here. So it's something we're watching, right?

我會告訴你，產業在三月結束後、或進入三月時其實都相當健康。而往前看，是的，我確實認為這是我們需要關注的事情：通膨壓力，以及目前已創下紀錄的、史上最低的消費者信心。所以這是我們正在觀察的，對吧？

But at the same time, we are focused on what we can control and what we can control especially given now that we have a much more dynamic approach to margin management is we can react to what's happening in the market pretty quickly. And so we're excited to have that approach a little bit more dynamic, as I mentioned. And we'll control what we can control.

但同時，我們專注在我們能控制的事情；而我們能控制的，特別是現在我們採用更動態的毛利管理方式，就是我們可以很快對市場正在發生的事情做出反應。所以我們很高興能採用我提到的、更動態的做法。我們會把能控制的部分控制好。

All right. Very helpful. Thank you.

好的。非常有幫助。謝謝。

John, so just to add one more thing there. What I've been really impressed about is how the team has been talking about what's happening in the market. And so thinking about on the supply side as well, talking about face have more -- bring more EVs inventory, do we bring in more gas efficient vehicles as well, too. So constantly thinking about what does the customer want and how we make sure we can deliver that to them to drive sales.

John，我再補充一點。我真正印象深刻的是團隊如何在討論市場正在發生的事情。因此也會從供給端來思考，例如我們是否要增加更多電動車（EV）庫存，是否也要引進更多省油車款。所以我們持續在思考客戶想要什麼，以及我們如何確保能交付給他們，以帶動銷售。

Sounds good. Thank you.

聽起來不錯。謝謝。

Chris Pierce, Needham.

Chris Pierce，Needham。

Hey, good morning. If we just fast forward a year from now, and we were looking at '28 would we -- I just want to sort of understand, is it lower prices, lower SG&A per unit and structurally lower retail GPU? Or are there levers you can pull on the retail GPU side of the world as well?

嗨，早安。如果我們把時間快轉到一年後，然後看 2028 年，我只是想了解一下：會是更低的價格、每台車更低的 SG&A，以及結構性更低的零售 GPU（單車毛利）嗎？還是說在零售 GPU 這一端也有你們可以操作的槓桿？

And I'm just sort of asking because you've got a customer being aggressive on at a customer, a competitor being aggressive on financing rates to customers. Like what would happen if that competitor got aggressive on pricing as well? I'm just sort of curious how you can kind of could you pull this lever again and drive growth again? Or is this like a onetime lever and retail GPU needs to sort of move higher over time?

我之所以這樣問，是因為你們面對的是——有一家競爭對手在對客戶的融資利率上採取更積極的策略。如果那家競爭對手在定價上也變得更激進，會發生什麼？我有點好奇你們如何再次拉動這個槓桿、再度推動成長？還是這像是一次性的槓桿，而零售 GPU 需要隨時間回升？

Yes, I don't think it's a onetime lever. Look, I think a year from now, yes, we are laser-focused on affordability for customers that does move the needle. And so we need to now go back and figure out how to deliver on that. And as I mentioned earlier, certainly, a focus on COGS logistics cost is going to take a heightened focus in our strategic planning process because, again, that is a lever that you can either give to the customer you can either take the margin or you can do a combination of those two things.

是的，我不認為這是一次性的槓桿。你看，我認為一年後，是的，我們會非常聚焦在客戶的可負擔性，這確實會帶來顯著影響。因此我們現在需要回頭去釐清如何把這件事做到位。而如我先前提到的，當然，對 COGS（銷貨成本）與物流成本的關注，會在我們的策略規劃流程中提高優先順序，因為再說一次，這是一個你可以選擇讓利給客戶、也可以選擇保留為毛利，或兩者兼具的槓桿。

That is a very powerful lever. And it's one where we think we have opportunity and one that we're laser-focused on. But what I think is nonnegotiable is having being more price competitive. And we've actually seen that. We do track our relative price competitiveness on pretty much on a weekly basis here.

這是一個非常有力的槓桿。我們認為這裡有機會，也會高度聚焦。但我認為不可妥協的是：必須更具價格競爭力。而我們其實已經看到這點。我們幾乎每週都會追蹤我們相對的價格競爭力。

And what we have seen is that, that price competitiveness has gotten better, and pretty much in line with what we expected for the quarter. And so we've been pleased with that movement, and you saw the results.

而我們看到的是，價格競爭力已經改善，且大致符合我們對本季的預期。所以我們對這個變化感到滿意，而你也看到了結果。

And Chris, I'll just add to -- as Enrique mentioned about, you talk about the retail side and the retail margin, we've signaled and clearly have shown in what we're doing in the CAF side of it, there is a clear opportunity in the finance margin. And we're going to go after that. We're excited about the EPP product and the added margin there. So we look at it holistically, we're going to look at it dynamically, and I think we can really support in those two buckets as well.

Chris，我再補充一下——如 Enrique 提到的，你談到零售端與零售毛利；我們已經在 CAF 端的作為中釋出訊號並清楚展現：在金融毛利方面有明確的機會。我們會積極爭取。我們對 EPP 產品以及其中增加的毛利感到興奮。所以我們會以整體角度來看、以動態方式來看，我認為我們也能在這兩個面向提供支撐。

Okay. And then just Enrique help me kind of if I think about logistics as part of retail GPU, what kind of like lever are we talking about? Is that a couple of hundred dollars or like just kind of bucket it a little bit. So if you did decide to take that back and pass some on how much of a lever is that on retail GPU to the extent you can say?

好的。接著 Enrique，請你幫我理解一下：如果我把物流視為零售 GPU 的一部分，這大概是什麼量級的槓桿？是幾百美元左右，還是你能稍微用區間概括一下？所以如果你們決定把那部分拿回來、並把其中一部分讓利出去，在你能說的範圍內，這對零售 GPU 的槓桿有多大？

Yes. No, I mean our overall spend on logistics is north of that, right? So -- but in terms of like where the actual dollars were coming from, logistics is an opportunity we know just the actual labor that goes into reconditioning and all of the costs associated with that parts, everything is an area of opportunity.

是的。不，我是說，我們在物流上的總支出其實高於那個數字，對吧？所以——但就實際金額來源而言，物流是一個我們知道有機會的領域；另外，整備（reconditioning）所投入的實際人力，以及與此相關的所有成本——零件、所有一切——都是有機會的領域。

But there -- we believe there's plenty of opportunity there to further increase and improve our price competitiveness.

不過在那方面——我們相信仍有相當大的機會，進一步提升並改善我們的價格競爭力。

Okay, thank you and good luck.

好的，謝謝，祝順利。

John Healy, North Coast Research.

John Healy，North Coast Research。

Great. Keith, wanted to get a big picture question. I know we've talked a lot about the retail approach. But your view on the financing business? Are you fans of it? Are you liking the approach to kind of maybe reach down a little bit deeper in that category?

很好。Keith，我想問一個宏觀層面的問題。我知道我們談了很多零售策略。但你對融資業務的看法呢？你們喜歡這塊業務嗎？你們是否認同這種做法，去在那個類別中把觸角再往下延伸一些？

And then secondly, just as you look at the capital structure of the business, I always felt that CarMax is unique in that it doesn't floor a lot of its inventory or much of it all.

其次，當你看公司的資本結構時，我一直覺得 CarMax 很獨特，因為它並沒有用地板融資（floor plan）來融資其大量庫存，甚至幾乎沒有。

Is that something that you'd consider to do to maybe take advantage of maybe raising some capital to maybe recapitalize or buying a lot of stock? Or how would you think about maybe even the need to have CAF and maybe trying to be creative with that asset as maybe some other entities have recently done. So would just love to get your thoughts if that is something that's also on the table for you guys? Thanks.

這是你們會考慮去做的事嗎？例如利用它來籌集一些資金，進行資本重整或回購大量股票？或者你會如何看待 CAF 的必要性，以及是否要像其他一些機構最近做的那樣，對這項資產做一些更有創意的運用？所以很想聽聽你們的想法：這是否也是你們正在考慮的選項之一？謝謝。

Thanks, John, and a pretty wide range of question. I'll take the first part, and then I'll let Enrique talk about kind of capital structure. I was with the cat team last week, and it was absolutely fantastic to spend time with Jon and his team to see just the caliber of talent we have there and how we're thinking about the business. And as we build our strategy moving forward, which we'll come back and talk more about in June, it's really understanding all the levers we can pull to make this a growth business and drive return for shareholders. And so CAF is going to play a key piece in that.

謝謝你，John，這是一組涵蓋面很廣的問題。我先回答第一部分，然後我會請 Enrique 談談資本結構。我上週和 CAF 團隊在一起，能和 Jon 及其團隊共度時間非常棒，也看到了我們那邊的人才水準，以及我們如何思考這項業務。隨著我們制定未來的策略——我們會在 6 月再回來更深入談——關鍵在於理解我們可以運用的所有槓桿，讓這成為一門成長型業務並為股東帶來回報。因此，CAF 將在其中扮演關鍵角色。

That's going to be in the lending environment. It's also going to be in the other products that we can sell. And then how does that pair into our overall selling strategy for the business and giving the right price, right cars, improving logistics, too. And so CAF is going to be a critical lever for profit growth for this company moving forward, and we're kind of really kind of see how it fits into the broader strategy overall. But I'll let Enrique talk about capital structure.

這會體現在放貸環境上。也會體現在我們能銷售的其他產品上。以及它如何與我們整體的銷售策略結合：提供合適的價格、合適的車款、改善物流等。因此，CAF 將是公司未來推動獲利成長的一個關鍵槓桿，我們也正在更清楚地看它如何融入整體更廣泛的策略。不過我先請 Enrique 談談資本結構。

Yes, a couple of things. And certainly, the capital structure, reporting CAF funding and all that is very dynamic, and it's a very exciting area for us. I think, number one, on for floor plan the revolver that we have is the most efficient use of capital when it comes to funding the CAF business.

好的，有幾點。當然，資本結構、CAF 的資金籌措與相關揭露等都非常動態，對我們而言也是一個非常令人振奮的領域。我認為第一點，就地板融資而言，我們現有的循環信貸額度（revolver）在為 CAF 業務提供資金方面，是最有效率的資本使用方式。

And so I would not expect that to change. What I'd tell you, though, is from an overall cap funding opportunity, we are looking at -- as we've talked about before, at alternative funding vehicles, right? So last year, we executed our first residual sale, which allowed us to have a gain on sale in the third quarter. So that's something that we intend on continuing to lever. We are really pleased with the execution of that deal and the recession that we had in the marketplace in that deal.

因此我不預期這會改變。不過我想告訴你的是，從整體 CAF 資金籌措機會來看，我們正在——如同之前談過的——評估替代性的融資工具，對吧？所以去年我們完成了第一次剩餘權益出售（residual sale），使我們在第三季確認了出售收益。因此這是我們打算持續運用的作法。我們對那筆交易的執行非常滿意，也對該交易在市場上的反應非常滿意。

But alternatively, we're also looking at different levers, too, such as a whole on sales. Is that an opportunity, right? And there's multiple ways to access capital to support CAF and we're exploring them all. We have a strong portfolio of banks and capital providers that we've been dealing with for years and years that are supportive of us. We also had some new potential partners as well out there that we're exploring those options with as well.

但除此之外，我們也在看其他不同的槓桿，例如整筆出售（whole loan sales）。這是否是一個機會，對吧？取得資本以支持 CAF 的方式有很多種，我們正在全面探索。我們多年來一直合作的一批銀行與資本提供者組合很強，也都支持我們。同時我們也在接觸一些新的潛在合作夥伴，並一併探索那些選項。

So I would expect as the year unfolds here, you'll see us kind of exploring new ways to find the CAF business.

因此我預期隨著今年的推進，你會看到我們持續探索為 CAF 業務提供資金的新方式。

Thank you. Well, I think offered the last question. So thank you for joining the call today, for your questions and for your support, and I look forward to getting to know all of you better in the quarters to come, and we will talk again next quarter.

謝謝。好，我想這是最後一個問題了。因此，感謝各位今天參與電話會議，謝謝你們的提問與支持；我也期待在接下來幾個季度能更認識各位，我們下個季度再談。

Thank you. Ladies and gentlemen, that concludes the fourth quarter of fiscal year 2026 CarMax earnings release conference call. You may now disconnect.

謝謝。各位女士、先生，2026 財政年度第四季 CarMax 財報發布電話會議到此結束。您現在可以掛線。