車美仕 (KMX) 2027 Q1 法說會逐字稿

(Operator Instructions) Ladies and gentlemen, thank you for standing by. Welcome to the first quarter fiscal year 2027 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 Mr. David Lowenstein, Vice President, Investor Relations. Please go ahead, sir.

(接線員指示) 各位女士、先生，感謝您耐心等候。歡迎參加 CarMax 2027 會計年度第一季財報發布電話會議。(接線員指示) 請注意，今天的會議將被錄音。現在我想將會議交給投資人關係副總裁 David Lowenstein 先生。先生，請開始。

President and CEO; and Enrique Mayor-Mora, Executive Vice President and CFO; and Jon Daniels, Executive Vice President, CarMax Auto Finance. 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.

總裁暨執行長；以及 Enrique Mayor-Mora，執行副總裁暨財務長；以及 Jon Daniels，執行副總裁，CarMax Auto Finance。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、前景與財務表現的陳述，均屬前瞻性陳述，係依據 1995 年《私人證券訴訟改革法》之安全港條款作出。

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出現重大差異。在提供預測及其他前瞻性陳述時，我們不承擔亦無意更新之任何意圖或義務。

For additional information on important factors and risks that could affect these expectations, please see our Form 8-K filed with the SEC this morning and our annual report on Form 10-K for fiscal year 2026 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. 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.

如需了解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，以及先前向 SEC 提交之 2026 會計年度 Form 10-K 年報。另請注意，除財報新聞稿外，我們亦已準備季度投資人簡報，兩份文件皆可於我們網站的投資人關係（Investor Relations）專區取得。若您在會後有任何後續問題，歡迎致電投資人關係部門：(804) 747 0422 分機 7865。

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

最後，先行感謝各位每次僅提一個問題，並在需要追問時重新排隊。Keith？

Thank you, David. Good morning, everyone, and thanks for joining us. Since our earnings call last quarter, I have continued spending my time across the entirety of our business, listening and learning while engaging with our associates, customers and investors. These conversations have reinforced my understanding of both the strengths that differentiate CarMax from our competition and the opportunities we have to execute better strengthen our performance and reach our full potential.

謝謝你，David。各位早安，感謝加入我們。自上季財報電話會議以來，我持續走訪我們業務的各個面向，透過與同仁、客戶與投資人互動，傾聽並學習。這些對話進一步加深我對 CarMax 相較競爭對手之差異化優勢，以及我們在執行上仍有機會做得更好、強化表現並充分發揮潛力的理解。

We have an award-winning people-first culture and iconic brand and irreplaceable national footprint and meaningful digital capabilities. No company can replicate these assets at scale. When fully harnessed this combination enhances our competitive advantage and will drive our market share growth and financial returns in one of the largest consumer markets in America, and one that remains highly fragmented.

我們擁有屢獲獎項、以人為本的企業文化、具代表性的品牌、無可取代的全國據點布局，以及具實質意義的數位能力。沒有任何公司能以規模化方式複製這些資產。當我們充分發揮這些組合優勢時，將強化我們的競爭優勢，並在美國最大之一且仍高度分散的消費市場中，推動市占率成長與財務報酬。

Our objective is clear deliver strong unit and earnings growth that enables us to consistently reward our shareholders. However, it is also clear there are some areas that have impeded our ability to perform to our full potential.

我們的目標很明確：實現強勁的銷量與獲利成長，使我們能持續回饋股東。然而，同樣明確的是，仍有一些領域阻礙了我們發揮全部潛力。

Our core operations are not yet fast and efficient enough. Retail prices and selection must continue to improve and our costs remain too high. Further, our digital experience is too complex and not seamlessly connected to the in-person experience. When a customer arrives at one of our stores, we do not make it as easy for them as it should be, given all the steps they have taken online.

我們的核心營運尚未足夠快速且高效率。零售定價與車源選擇仍需持續改善，而我們的成本仍然過高。此外，我們的數位體驗過於複雜，且未能與到店體驗無縫銜接。當客戶到達門市時，考量他們已在線上完成的所有步驟，我們並未讓流程如應有般簡單。

This has put friction in the customer experience, ultimately impacting conversion and preventing us from fully leveraging our unmatched scale and store network. We know exactly what needs to change, and we're moving forward with urgency. Today, I'm introducing our strategy for growth built around four pillars that place the customer at the center of everything we do and are designed to meaningfully improve how we operate at scale and support consistently strong performance.

這使客戶體驗產生摩擦，最終影響轉換率，並使我們無法充分運用我們無可匹敵的規模與門市網絡。我們清楚知道需要改變什麼，並正以緊迫感推進。今天，我將介紹我們以四大支柱為核心的成長策略，將客戶置於我們一切作為的中心，並旨在大幅改善我們的規模化營運方式，支持持續強勁的表現。

The first pillar of our strategy is great offering. We will give customers every reason to choose CarMax. We will ensure our pricing remains competitive across demand cycles while we both grow our saleable inventory and provide customers faster access to our vehicles. For example, to further improve our price competitiveness, we are incorporating competitive market insights within our pricing algorithms more granularly with a stronger emphasis on local data points.

我們策略的第一個支柱是「卓越的產品與服務組合」。我們將給客戶充分理由選擇 CarMax。我們將確保在各種需求循環中維持具競爭力的定價，同時擴大可售庫存，並讓客戶更快取得我們的車輛。例如，為進一步提升價格競爭力，我們正更細緻地將競爭市場洞察納入定價演算法，並更強調在地數據點。

Additionally, we are expanding comparison points across a broader set of vehicles to sharpen our individual unit pricing. Our second pillar is easy experience. We will make it easy to do business with us through a seamless experience. Industry research as well as our own shows that customers want digital convenience combined with an in-store connection. Buying a car is one of the biggest financial decisions someone makes, and they have a strong desire to see, touch and test drive a vehicle that will be part of their daily lives for years to come.

此外，我們也在更廣泛的車款範圍內擴增比價參考點，以精進單車定價。第二個支柱是「輕鬆的體驗」。我們將透過無縫體驗，讓與我們做生意變得更容易。產業研究以及我們自身研究顯示，客戶希望兼具數位便利與門市連結。買車是個人最重大的財務決策之一，而客戶強烈希望能親眼看、親手觸摸並試駕一台將在未來多年成為其日常生活一部分的車輛。

We see significant opportunities to better integrate our digital capabilities with our stores to improve conversion and the customer experience. Our near-term focus is to simplify communication with customers before they arrive in store. To enhance their readiness to progress upon arrival and to provide associates with the tools they need to drive conversion. Our stores reach 85% of the US population, which gives us access to the largest total addressable market.

我們看到重大機會，可更好地整合數位能力與門市，以提升轉換率與客戶體驗。我們的短期重點是簡化客戶到店前的溝通。以提升其到店後推進流程的準備度，並為同仁提供推動轉換所需的工具。我們的門市覆蓋美國 85% 的人口，使我們得以觸及最大的總可服務市場（TAM）。

As a result of this initiative, we expect more customers will visit our stores, and we will sell more cars. Our third pillar is to add value on each transaction. This pillar focuses on growing profitability by maximizing value across all aspects of our business and incorporates our cap full spectrum ambitions as well as the extended protection plan redesign initiatives that are already underway.

基於此項計畫，我們預期將有更多客戶造訪門市，並售出更多車輛。第三個支柱是「在每筆交易中增加價值」。此支柱聚焦於透過在業務各面向最大化價值來提升獲利能力，並納入我們對 CAF 全光譜（full spectrum）的企圖，以及目前已在推進中的延長保護計畫（EPP）重新設計方案。

Regarding cash flow spectrum, progress will be measured by our ability to grow penetration and drive longer-term profitability. For EPP, progress will be measured by margin expansion over time. On both, we have shown progress this quarter, and I expect it to continue.

就 CAF 全光譜而言，進展將以我們提升滲透率並推動長期獲利能力的表現來衡量。就 EPP 而言，進展將以隨時間推進的毛利率擴張來衡量。在這兩方面，我們本季皆已展現進展，我預期此趨勢將持續。

Our final pillar is run lean. We will reimagine our cost structure to enable a great offering. Initiatives already in flight include reducing reconditioning costs through technology and operational efficiency while continuing to deliver the high-quality vehicles customers expect from CarMax.

最後一個支柱是「精實營運」。我們將重新構想成本結構，以支撐卓越的產品與服務組合。目前已在推進的措施包括：透過科技與營運效率降低整備（reconditioning）成本，同時持續交付客戶對 CarMax 所期待的高品質車輛。

We are also working to enhance our logistics network and are continuing to reduce our SG&A. Our focus is to self-fund more competitive vehicle prices through more efficient operations, rather than a combination of lower GPUs and efficiency gains as we are doing this year.

我們也正著手強化物流網絡，並持續降低銷售、一般及行政費用（SG&A）。我們的重點是透過更高效率的營運，自行支應更具競爭力的車輛價格，而非如今年所採取的方式，結合較低的單車毛利（GPU）與效率提升。

We continue to make progress in this area. In terms of logistics, we are focused on reducing unproductive transfers, resetting our network design and optimizing fleet utilization across CarMax and third parties. We intend to reduce costs and improve our network for increased speed. Regarding SG&A, last quarter, we increased our fiscal year 2017 exit rate savings target from $150 million to $200 million. We remain on track to achieve this target and will continue to drive for expense efficiencies. We are moving at pace with this strategy.

我們在此領域持續取得進展。在物流方面，我們聚焦於降低無效調撥、重新設定網絡設計，並在 CarMax 與第三方之間最佳化車隊使用率。我們的目標是降低成本並改善網絡，以提升速度。就 SG&A 而言，上季我們將 2017 會計年度期末（exit rate）節省目標由 1.5 億美元上調至 2 億美元。我們仍按計畫達成該目標，並將持續推動費用效率。我們正以既定節奏推進此策略。

While this work will take time, we are encouraged that the progress our teams are making across the four pillars is already translating into improved trends that we expect will continue this year. In respect to our first quarter, retail unit sales reflect the near-term steps we have been taking across pricing, marketing and conversion to strengthen the business and drive performance. On a year-over-year basis, and against our strongest quarter from fiscal 2026 and we delivered slight growth.

雖然這些工作需要時間，但我們受到鼓舞的是，團隊在四大支柱上的進展已開始轉化為改善的趨勢，我們預期今年將持續。就第一季而言，零售單位銷量反映了我們近期在定價、行銷與轉換率方面所採取的措施，以強化業務並推動表現。以年對年來看，且相較於 2026 會計年度最強的一季，我們仍實現了小幅成長。

Additionally, we levered SG&A on a total unit basis, expanded CarMax Auto Finance penetration and increased extended protection plan margin, all while improving our year-over-year EPS trends. Enrique and Jon will speak to our first quarter performance in detail in a few moments. As I previously stated, our objective is clear delivered strong unit and earnings growth that enables us to consistently reward our shareholders. This begins with improving our unit growth by enhancing our customer value proposition through greater affordability and broader selection and higher conversion.

此外，我們在總單位基礎上槓桿化（攤薄）了SG&A，提升了CarMax Auto Finance（CAF）的滲透率並提高了延長保護計畫（EPP）的毛利率，同時改善了我們的年對年每股盈餘（EPS）趨勢。Enrique與Jon將在稍後詳細說明我們第一季的表現。如我先前所述，我們的目標很明確：實現強勁的單位與獲利成長，使我們能夠持續回饋股東。這首先要透過更高的可負擔性、更廣的選擇，以及更高的轉換率，來強化我們的客戶價值主張，以提升單位成長。

At the same time, we will strengthen earnings power through an improved digital and in-store experience with our stores serving as a structural moat. We'll have a more efficient operating model, deeper customer relationships and better utilization of our differentiated scale advantages. Together, these outcomes will strengthen our market position and create long-term value for both our customers and shareholders.

同時，我們將透過改善數位與門市體驗來強化獲利能力，而我們的門市將作為結構性的護城河。我們將擁有更有效率的營運模式、更深的客戶關係，以及更佳地運用我們差異化的規模優勢。綜合而言，這些成果將強化我們的市場地位，並為客戶與股東創造長期價值。

We plan to hold a strategic update this fall, where we'll provide more detail on key initiatives and milestones. I'm excited about our strategic plan and I'm confident about the opportunity that lies ahead.

我們計畫在今年秋季舉行策略更新，屆時將就關鍵計畫與里程碑提供更多細節。我對我們的策略計畫感到振奮，並對未來的機會充滿信心。

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

現在我想把時間交給Enrique，更深入地討論我們第一季的財務表現。Enrique？

Thanks, Keith, and good morning, everyone. We are encouraged by our performance trajectory as we are showing clear improvements in our year-over-year sales and earnings trends. As Keith noted, we also made progress on SG&A reductions, expansion of EPP margins and CAF. During the first quarter, we delivered total sales of $8 billion, up 6.2% compared to last year. Across our retail and wholesale channels, we sold approximately 392,000 vehicles combined, up 3.3% versus the first quarter last year.

謝謝你，Keith，各位早安。我們對自身的表現走勢感到鼓舞，因為我們的年對年銷售與獲利趨勢正展現明顯改善。如Keith所提，我們也在SG&A削減、EPP毛利率擴張以及CAF方面取得進展。第一季我們實現總銷售額80億美元，較去年成長6.2%。在零售與批發通路合計，我們約售出392,000輛車，較去年第一季成長3.3%。

In our retail business, total unit sales grew slightly, even as used unit comps were marginally down 0.8%. We delivered this sequential improvement in year-over-year sales despite comping over our strongest and tariff supported prior year period retail comp of 8.1%. Sales performance this quarter was supported by more competitive vehicle pricing, an increase in strong ROI acquisition marketing and by initial progress toward the four strategic pillars that Keith spoke to earlier. Average selling price was $27,288, a year-over-year increase of $1,168 per unit. Wholesale unit sales were up 8.4% versus last year's first quarter.

在零售業務方面，總單位銷量小幅成長，儘管二手車同店（comp）單位銷量小幅下滑0.8%。儘管去年同期的零售同店成長達8.1%（為我們最強且受關稅支撐的期間），我們仍在年對年銷售上實現了環比改善。本季銷售表現受更具競爭力的車輛定價、強ROI的獲客行銷投入增加，以及我們在Keith先前提到的四大策略支柱上取得初步進展所支撐。平均售價為27,288美元，年對年每單位增加1,168美元。批發單位銷量較去年第一季成長8.4%。

Average wholesale selling price increased by $405 per unit to $8,364. First quarter net earnings per diluted share was $1.31 versus $1.38 in earnings in the first quarter of last year, a strong positive change in year-over-year trend relative to the preceding three quarters. Total gross profit was $854 million, down 4% from last year's first quarter. Used retail margin of $501 million decreased by 10% and driven primarily by lower profit per used unit of $2,177 which was down $230 per unit from last year's record high first quarter.

平均批發售價每單位增加405美元至8,364美元。第一季稀釋後每股淨利為1.31美元，去年第一季為1.38美元；相較於前面三個季度，年對年趨勢出現強勁的正向變化。總毛利為8.54億美元，較去年第一季下降4%。二手零售毛利5.01億美元下降10%，主要因二手車每單位毛利（GPU）為2,177美元，較去年第一季創紀錄高點每單位下降230美元。

In managing margins more dynamically, we lowered GPUs by less than the $300 per retail unit guidance we provided last quarter as we balance demand, margins and efficiency gains in our reconditioning processes to support sales. Wholesale vehicle margin of $169 million increased by 8% from a year ago, with higher volume and relatively flat gross profit per unit of $1.46.

在更動態地管理毛利時，為了在需求、毛利與整備（reconditioning）流程效率提升之間取得平衡以支撐銷售，我們下調GPU的幅度小於上季所提供的每零售單位300美元指引。批發車輛毛利為1.69億美元，較去年成長8%，主要受更高銷量帶動，而每單位毛利基本持平，為1.46。

Other gross profit was $184 million, flat to a year ago. As Jon noted, during our fourth quarter call, we began in the first quarter, our national rollout of our EPP product redesign, focused on providing our customers with more affordable options and also offering a new wheel, tire and dent product. EPP unit margins grew slightly in the first quarter, and our full national rollout is expected by the end of this quarter.

其他毛利為1.84億美元，與去年持平。如Jon在第四季電話會議中所提，我們於第一季開始在全國推行EPP產品改版，重點在為客戶提供更可負擔的選項，並新增輪胎、輪圈與凹痕（dent）產品。第一季EPP單位毛利率小幅成長，預期在本季末完成全國全面推行。

We are on track to drive approximately $35 per unit in incremental EPP margin in FY27. CarMax Auto Finance income of $140 million was down 1% year-over-year. Jon will provide detail on CAF in a few moments. On the SG&A front, expenses for the first quarter were $635 million, down 4% from the prior year quarter. SG&A levered by $118 per unit or 7% to $1,619. SG&A dollars for the first quarter versus last year were mainly impacted by two factors.

我們正按計畫在FY27推動EPP毛利每單位約增加35美元。CarMax Auto Finance收入為1.40億美元，年對年下降1%。Jon將在稍後提供CAF的細節。在SG&A方面，第一季費用為6.35億美元，較去年同期下降4%。SG&A每單位下降118美元（或7%）至1,619美元。第一季SG&A金額相較去年主要受兩項因素影響。

First, total compensation and benefits decreased by $25 million, driven by the actions we have taken to reduce SG&A. In the quarter, both lower CEC and corporate overhead payroll drove the year-over-year favorability. Second, advertising expense increased by $8 million, reflecting higher acquisition marketing spend in support of sales and buys.

第一，總薪酬與福利減少2,500萬美元，主要來自我們為降低SG&A所採取的行動。本季，較低的CEC與公司管理費用（corporate overhead）薪資共同帶動年對年改善。第二，廣告費用增加800萬美元，反映為支援銷售與收購（買入）而提高的獲客行銷支出。

First quarter year-over-year SG&A reductions were in line with the related full year expectations we set out in the fourth quarter earnings call. As Keith noted, we are on track to deliver on our $200 million savings target and we continue to drive toward expense efficiencies.

第一季年對年SG&A削減幅度，符合我們在第四季財報電話會議中提出的全年相關預期。如Keith所提，我們正按計畫達成2億美元的節省目標，並持續推動費用效率提升。

Regarding capital allocation, our priority remains funding the business to drive strong unit and earnings growth that enables us to consistently reward our shareholders. At the same time, we will continue to maintain 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. Our leverage in the first quarter remained slightly above our targeted range. Returning capital to our shareholders remains a critical piece of our value creation plan, and our intent is to do so at the appropriate time.

關於資本配置，我們的優先事項仍是為業務提供資金，以推動強勁的單位與獲利成長，從而使我們能夠持續回饋股東。同時，我們將持續以嚴謹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。第一季我們的槓桿水準仍略高於目標區間。回饋股東資本仍是我們價值創造計畫的關鍵一環，我們的意圖是在適當時機進行。

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?

接下來我把電話會議交給Jon，請他就CarMax Auto Finance以及我們持續聚焦於全信用光譜擴張提供更多細節。Jon？

Thanks, Enrique, and good morning, everyone. During the first quarter, CarMax Auto Finance originated $2.4 billion, resulting in sales penetration of 43.3% net of three day payoffs, an increase of 150 basis points versus last year. The weighted average contract rate charged to new customers was 11.3%, relatively in line with last year's Q1. Third-party Tier 2 penetration was 15.7% and versus 17.7% last year, and third-party Tier 3 was 9% versus 8% a year ago. This significant increase in CAF penetration has been signaled previously and is a direct result of our enhanced funding and underwriting efforts.

謝謝你，Enrique，各位早安。第一季，CarMax Auto Finance承作（originated）24億美元，扣除三日內清償（three day payoffs）後的銷售滲透率為43.3%，較去年增加150個基點。對新客戶收取的加權平均合約利率為11.3%，與去年第一季大致一致。第三方Tier 2滲透率為15.7%，去年為17.7%；第三方Tier 3為9%，去年為8%。CAF滲透率的顯著提升先前已被預告，且是我們強化資金籌措與承保（underwriting）努力的直接成果。

Of note, CAF was the largest Tier 2 lender during the quarter, further demonstrating the progress we are making in our full spectrum efforts. CAF income for the quarter was $140 million versus $142 million earned in the same period last year. The loan loss provision was $96 million as compared to $102 million in FY26. The net interest margin on the portfolio was 6.7%, an increase of 20 basis points year-over-year. Once again, this quarter, credit losses were in line with our expectations.

值得注意的是，CAF在本季是最大的Tier 2放款機構，進一步展現我們在全光譜策略上的進展。本季CAF收入為1.40億美元，去年同期為1.42億美元。貸款損失準備（loan loss provision）為9,600萬美元，FY26為1.02億美元。投資組合的淨利差（net interest margin）為6.7%，年對年增加20個基點。本季信用損失再次符合我們的預期。

Our loan loss provision of $96 million largely reflects expected charge-offs on newly originated loans and results in a total reserve balance of $475 million or 2.95% of managed receivables, exclusive of auto loans held for sale. Note, there was a $25 million benefit to this quarter's provision stemming from loans booked prior to the first quarter that were classified as held for sale in Q1.

我們9,600萬美元的貸款損失準備主要反映對新承作貸款之預期沖銷（charge-offs），並使總備抵餘額達4.75億美元，約為管理中應收款（managed receivables）的2.95%，不含持作出售的汽車貸款（auto loans held for sale）。請注意，本季準備金中有2,500萬美元的利益，源自第一季前入帳且於第一季被分類為持作出售的貸款。

We remain confident in CAF's ability to deliver significant added long-term value to the organization. Our full spectrum capabilities continue to strengthen and our evolving ability to deploy a diversified funding approach as needed, provides us with tremendous flexibility as we increase CAF's penetration.

我們仍然對 CAF 為公司帶來顯著的長期附加價值之能力充滿信心。我們的全方位能力持續強化，而我們隨需運用多元化資金來源策略的能力也在演進，這在我們提升 CAF 滲透率之際，為我們帶來極大的彈性。

Ultimately, this planned growth, coupled with our EPP efforts directly supports our focus on maximizing value on each transaction and will provide future income potential for both CAF and CarMax. Now I'd like to turn the call back over to Keith. Keith?

最終，這項規劃中的成長，加上我們的 EPP 推動工作，將直接支持我們專注於在每筆交易上將價值最大化，並為 CAF 與 CarMax 兩者帶來未來的收益潛力。現在我想把電話交回給 Keith。Keith？

Thank you, Jon. I came to CarMax because I saw a strong foundation and a significant potential to unlock growth. Three months in, I am more convinced than ever that this is a business with everything it needs to thrive. The work ahead is about removing what has held us back. The strategy we lay out today is not aspirational and is already in motion.

謝謝你，Jon。我加入 CarMax，是因為我看到了堅實的基礎，以及釋放成長的巨大潛力。三個月下來，我比以往任何時候都更確信，這是一家具備蓬勃發展所需一切條件的企業。接下來的工作在於移除一直拖累我們的因素。我們今天提出的策略並非空想，且已經在推進中。

Our four strategic pillars set us up to better leverage our strengths and scale to drive strong profitable growth. We will provide a great offering, giving customers every reason to choose CarMax. We'll provide customers an easy experience in their shopping journey. We will add value on each transaction by growing profitability across all aspects of our business, and we will run lean by reimagining our cost structure.

我們的四大策略支柱，讓我們能更好地運用自身優勢並擴大規模，以推動強勁且具獲利性的成長。我們將提供卓越的產品與服務，讓客戶有充分理由選擇 CarMax。我們將在客戶的購車旅程中提供輕鬆便利的體驗。我們將透過提升業務各面向的獲利能力，在每筆交易中創造價值；同時，我們將透過重新構想成本結構來精實營運。

While we are still early in this journey, we are encouraged by the progress we are already seeing. As I look ahead, I am confident that CarMax is uniquely positioned to build on its leadership position and create significant long-term value. We have a clear strategy, a strong foundation and a team that is committed to delivering for our customers and shareholders.

雖然我們仍處於這段旅程的早期階段，但我們對已經看到的進展感到鼓舞。展望未來，我有信心 CarMax 具備獨特優勢，能在其領導地位上再接再厲，並創造顯著的長期價值。我們有清晰的策略、堅實的基礎，以及一支致力於為客戶與股東交付成果的團隊。

Thank you for your time and continued interest in CarMax. I look forward to speaking with you next quarter and providing you with a more fulsome strategic update in the fall. With that, we will open the line for questions. Operator?

感謝各位撥冗以及持續關注 CarMax。我期待在下個季度與各位再度交流，並在秋季提供更完整的策略更新。接下來，我們將開放提問。接線員？

(Operator Instructions)

(接線員指示)

Brian Nagel, Oppenheimer.

Brian Nagel，Oppenheimer。

Hey, guys. Good morning.

嗨，各位。早安。

Morning, Brian. Morning.

早安，Brian。早安。

Nice progress. Congratulations.

進展不錯。恭喜。

Thank you. You did a great job.

謝謝。你們做得很好。

So the question I want to ask, I want to focus on, I guess, the shorter term in nature, so I apologize. But just on the GPU and sales. So as you talked about in your script, we saw GPU down. Let is less than $300 a bit more than usual here in the fiscal first quarter. So in the quarter we further question is maybe two parts.

我想問的問題，我想聚焦在比較偏短期的面向，所以先說聲抱歉。不過就是關於 GPU 和銷售。如同你們在講稿中提到的，我們看到 GPU 下滑。讓利不到 300 美元，在本財年第一季這裡比平常多一些。所以在本季，我接下來的問題可能分成兩個部分。

I mean one, I mean, as you look at the business, how much by resetting this GPU, how much of a benefit do you think there was to use unit sales? And then secondarily, as we think about in GPU going forward. Have you found the sweet spot? Or should we expect further tweaks here to get to that sweet spot?

第一，從你們看待業務的角度，透過重新設定這個 GPU，你們認為對二手車銷量帶來了多少助益？第二，當我們思考未來的 GPU 走勢時，你們是否已經找到最佳甜蜜點？還是我們應該預期還會有進一步的調整，才能達到那個甜蜜點？

Thanks, Brian. I mean I think the work that the team kicked off late last year, focusing on pricing really started to build momentum in the business. And we've been further sharpening our focus on that aspect of it too. And so clearly, getting our pricing right on a competitive basis has had a positive impact, building momentum into sales.

謝謝，Brian。我認為團隊在去年底啟動、聚焦於定價的工作，確實開始在業務上累積動能。我們也持續進一步強化對這一塊的聚焦。因此，很明顯地，在競爭層面把定價做對，對銷售動能的建立帶來了正面影響。

And we expect that momentum to continue throughout the year and continue to outperform the broader market, too. So definitely has a positive impact, having our -- the right car at the right price is definitely having a positive impact on our comp sales, and we expect that to continue throughout the remainder of the year. I'll let Enrique talk a little bit more detail about GPU.

我們預期這股動能會延續全年，並且也會持續優於整體市場。所以確實有正面影響；擁有——合適的車、合適的價格——確實對我們的同店銷售帶來正面影響，而我們預期這會在今年剩餘期間持續。我讓 Enrique 再更詳細談談 GPU。

Yes, so by GPU, look, if you recall last quarter, in the near term, we've guided that this year requires some margin concession to support sales growth. But beyond that near term, our goal is to self-fund strong competitive positioning through more efficient operations rather than lowering GPU, so we can sustain price competitiveness without hyper pricing profitability. And I'll tell you what, we're off to a strong start. We came in better than the guidance we gave you at the end of the fourth quarter and we're going to continue to track ahead.

是的，關於 GPU，你看，如果你還記得上個季度，我們在短期內的指引是：今年需要在毛利上做一些讓步，以支持銷售成長。但在那個短期之後，我們的目標是透過更有效率的營運來自我支應、維持強而有力的競爭定位，而不是透過降低 GPU；如此一來，我們就能在不過度犧牲獲利能力的情況下，維持價格競爭力。我可以告訴你，我們開局很強。我們的表現優於在第四季末提供給各位的指引，而且我們會持續領先該進度。

And this is really a benefit of managing our business more nimbly with more flexibility within the quarter. So rather than being anchored to certain and running the business around that. We're actually managing to the business and the demand that we see ahead of us within each quarter. So you can see the results here in the first quarter. Again, we're off to a really strong start for the year.

這其實得益於我們以更敏捷的方式管理業務，並在季度內擁有更大的彈性。因此，我們不是被某些目標所綁定，並圍繞那些目標來經營。我們實際上是依據業務狀況，以及在每個季度內我們所看到的前瞻需求來管理。所以你可以在第一季看到這些成果。再次強調，我們今年的開局非常強勁。

In terms of other sales drivers on the quarter, like I talked about in my prepared remarks, we did increase our spend on marketing, and that's another area, certainly, that as we manage the business more nimbly rather than being anchored to a certain marketing investment per quarter based on total units, reacting to what we're seeing in the market ahead of us. And so we saw an opportunity to invest in accretive marketing, acquisition marketing, and we did, and that supported our sales as well.

就本季其他銷售驅動因素而言，如同我在事先準備的發言中提到的，我們確實提高了行銷支出；而這也是另一個面向——當我們以更敏捷的方式管理業務時，我們不再被每季基於總銷量所設定的固定行銷投資額所綁定，而是根據我們在市場上所看到的前瞻情況來做反應。因此，我們看到一個機會，可以投資於具增益性的行銷、獲客行銷，我們也確實這麼做了，這同樣支持了我們的銷售。

Thanks again.

再次感謝。

Daniela Haigian, Morgan Stanley.

Daniela Haigian，Morgan Stanley。

Thank you, and thanks, team, for taking the question. Similarly, more near term since we have the bigger strategic update this fall. Thinking about SG&A, it improved per unit quite nicely, but you have ad spend, as you cited, is up year-on-year, and you've also talked about investing in improving the digital experience. How do you think about balancing the increasing OpEx in those two items relative to those $200 million exit rate savings. And so when you think about, on an absolute basis, net-net, how does that compare year-on-year?

謝謝，也謝謝團隊讓我提問。同樣地，因為今年秋季會有更大型的策略更新，我想先問比較短期的。談到 SG&A，每單位的改善相當不錯，但如你們所提到的，廣告支出年增，而且你們也談到會投資改善數位體驗。你們如何看待在這兩項支出 OpEx 增加的情況下，與那 2 億美元退出率節省之間的平衡？因此，若以絕對金額來看，整體淨額（net-net）與去年同期相比如何？

Yes. I'll tell you for the year, coming out of the first quarter, we're exactly where we thought we would be when it comes to SG&A savings, we knew the first quarter was going to see actually some year-to-year benefit largely driven by the cost reductions to our CTCs, to our corporate overhead reductions, and we saw that there. But in terms of the full year guidance that we provided last quarter, we're not moving off that for the time being.

是的。我可以告訴你，就全年而言，從第一季結束後來看，我們在 SG&A 節省方面完全符合我們原先的預期；我們知道第一季實際上會出現一些年對年的效益，主要來自我們對 CTC 的成本削減，以及公司管理費用的降低，而我們也確實看到了。但就我們上季提供的全年指引而言，目前我們暫時不會偏離。

We do expect to see the full $200 million savings reductions by the end of fiscal year '27, but the guidance I provided last quarter still applies to this year, which means for the balance of the year, we could see a little bit of pressure when it comes to year-over-year SG&A. But again, we are on target for the $200 million exit rate. And Daniela, we continue to be focused on SG&A efficiency opportunities along the way.

我們確實預期在 2027 財年結束前實現完整的 2 億美元節省（削減）。但我上季提供的指引仍適用於今年，這意味著在今年剩餘期間，SG&A 的年對年比較可能會看到一些壓力。不過再次強調，我們正按計畫達成 2 億美元的退出率目標。而且 Daniela，我們也會持續專注於在過程中尋找 SG&A 效率提升的機會。

Thank you.

謝謝。

Craig Kennison, Baird.

Craig Kennison，Baird。

Hey, good morning. Thanks for taking my question.

嗨，早安。謝謝讓我提問。

Keith, I think you mentioned too many unproductive transfers. Can you shed more light on that issue?

Keith，我想你提到有太多沒有產出的調撥（轉運）。你能否就這個問題再多說一些？

Sure, I'd be happy to, Craig. When we think about kind of our growth strategy and kind of each one of the pillars, one of the key areas is making sure we have the right car at the right location. And transfers are a significant portion of our business. We transfer over 2 million cars a year. And so unproductive transfers are -- have two fronts in my mind.

當然可以，Craig。當我們思考我們的成長策略以及各個支柱時，其中一個關鍵領域是確保在正確的地點有正確的車。而調撥（transfer）在我們的業務中占了相當大的比重。我們每年調撥超過200萬輛車。因此，非生產性的調撥——在我看來有兩個面向。

One is resetting our logistics network and how we become more efficient in taking costs out of our logistics network, but then also being crystal clear about how do those transfers then turn into sales and making sure we're not having unproductive transfers and holes. So really understanding because that impacts our saleable inventory.

一個是重整我們的物流網路，以及我們如何更有效率地在物流網路中降低成本；但同時也要非常清楚，這些調撥如何轉化為銷售，並確保我們不會出現非生產性的調撥與缺口。所以要真正理解，因為那會影響我們可銷售的庫存。

So really, really focusing on, are we transferring the right cars to the right location for the right customer and making sure we turn more of those transfers directly into sales, thereby reducing our overall cost in logistics. By reason, our cost and logistics, it underpins our ability to then remain competitive in pricing. So they're all interconnected.

所以我們非常、非常聚焦在：我們是否把正確的車調到正確的地點、給正確的客戶，並確保我們把更多調撥直接轉化為銷售，從而降低我們整體的物流成本。因為我們的成本與物流，支撐了我們維持價格競爭力的能力。所以它們彼此相互連結。

Rajat Gupta, JPMorgan.

Rajat Gupta，摩根大通。

Great. Thanks for taking the question. I just wanted to clarify a comment earlier along the GPU. It looks like first quarter came in ahead. Are you suggesting that the full year is probably going to track better than the original $200 decline guidance. Just wanted to clarify if that was what you had implied. And then just one more for Keith.

很好。謝謝讓我提問。我想釐清你先前關於GPU的一段評論。看起來第一季表現優於預期。你是否在暗示，全年表現可能會比原先指引的每台毛利（GPU）下滑200美元來得更好。我只是想確認你是否是這個意思。另外還有一個問題要問Keith。

Do you think the business has turned a corner in terms of market share recovery? And should we expect the business to -- given the actions you've taken on price and marketing, are we at a point where the business can -- as a company, CarMax can start to gain share for the rest of the year and moving forward?

你認為就市占率回升而言，業務是否已經出現轉折點？而且考量你們在價格與行銷上採取的行動，我們是否可以預期公司——CarMax——在今年剩餘時間以及往後，能開始持續提升市占？

Well, thanks, Raj. I think we've definitely turned the corner. When I joined CarMax, I saw the potential for growth in this company and how to become increasingly more competitive. I think the team is aligned behind that fact.

謝謝你，Rajat。我認為我們確實已經轉折了。當我加入CarMax時，我看到了這家公司成長的潛力，以及如何變得愈來愈有競爭力。我認為團隊也在這一點上達成一致。

And our ability to really understand deeply the key drivers of performance and how we can action against those and getting pricing correct to effectively drive increased comp sales and sustain that momentum year after year and again, outperformed the BARDA marketplace. So to answer your specific question, your question specifically, yes, I think we turned the corner, and we're very focused on the fact that this business should continue to grow market share on a sustainable basis going forward.

我們能夠真正深入理解績效的關鍵驅動因素、以及如何採取行動；並把定價做對，以有效帶動同店銷售（comp sales）提升並年復一年維持動能，而且再次跑贏BARDA市場。所以回答你具體的問題，是的，我認為我們已經轉折，而且我們非常聚焦在：這項業務未來應該能以可持續的方式持續提升市占。

And regarding Rajat, regarding your question on like full year guidance for GPU. At this point in time, it's early in the year. We know we have a volatile business, right? We're not coming off the full year guidance at this point. But as we know, as we're managing within the quarter, if there are opportunities to give up less margin, we certainly will do so, as you saw in the first quarter here, while also balancing demand and reconditioning efficiencies which we are seeing in our operations, which is great support for margin management as well. But for the full year, right now, not coming off necessarily guidance. We'll give you an update next quarter, right, for the full year, but it's still early in the year.

至於Rajat，你關於全年GPU指引的問題。目前來看，現在還在年初。我們知道這是一個波動性很高的業務，對吧？我們此刻不會撤回全年指引。但如同大家所知，當我們在季度內進行管理時，如果有機會少讓出一些毛利，我們當然會這麼做——就像你在第一季看到的——同時也會在需求與整備（reconditioning）效率之間取得平衡；我們在營運上確實看到效率改善，這也對毛利管理提供了很好的支撐。但就全年而言，目前我們不會說要調整或撤回指引。我們會在下個季度給你更新，對吧，針對全年，但現在仍然還早。

Understood. Great. Thanks for all the color and good luck.

了解。很好。謝謝你提供這麼多細節，祝順利。

David Bellinger, Mizuho Securities.

David Bellinger，瑞穗證券。

Good morning. Thanks for the question. I wanted to touch on GPU again. two specific comments you made in the prepared remarks about being price competitive across demand cycles and also managing margins more dynamically. So how should we interpret that? Is there the potential for more quarter-to-quarter variability in the GPU and maybe a strategic change where CarMax is much more proactive in moving up or down GPU targets quarter-to-quarter in order to match the used car cycle. Is there a way where we could see more variability going ahead in the GPU?

早安。謝謝讓我提問。我想再談一下GPU。你在事先準備的發言中提到兩點：在不同需求循環中保持價格競爭力，以及更動態地管理毛利。那我們應該如何解讀？GPU是否可能在季度之間出現更大的波動？以及是否存在一種策略上的改變：CarMax會更主動地在每個季度上調或下調GPU目標，以配合二手車循環。未來我們是否可能看到GPU有更大的波動？

Yeah. Great question. And again, pricing was our immediate priority, which started last year. And we've continued to be focused on that. And clearly, the input there is going to be how do we reduce our cost to make sure we have the flexibility to flex our pricing to be competitive in the marketplace to maximize sales, but also adding in changes to our pricing algorithm.

是的。很好的問題。再說一次，定價是我們最優先的事項，從去年就開始了。而我們也持續聚焦在這上面。很明顯，其中一個投入面向會是：我們如何降低成本，以確保我們有彈性去調整定價，在市場上保持競爭力、最大化銷售，同時也會加入對我們定價演算法的調整。

So historically, we've had a lot of insight into demand for CarMax. But now our pricing algorithms are incorporating market demands and also unit demand specifically. So we're understanding kind of pricing by markets, pricing by vehicle types. So we can be more dynamic.

過去我們對CarMax的需求有很多洞察。但現在，我們的定價演算法正在納入市場需求，也納入特定的單位需求（unit demand）。因此我們能理解按市場的定價、按車型的定價。所以我們可以更具動態性。

And so what we're going to be focused on is how do we flex GPU to maximize sales and profitability rather than being tied to a fixed GPU quarter-to-quarter-to-quarter. But again, we're standing behind our $200 reduction in GPU for the year, but we'll continue to focus on how we continue to improve upon that. But yes, there will be more dynamic movement in our pricing and how we maximize sales and profitability going forward. which happens in many, many other industries.

因此我們將聚焦的是：如何彈性調整GPU，以最大化銷售與獲利，而不是被固定的季度GPU目標綁住、季度接著季度。不過，我們仍然維持全年GPU下調200美元的目標，但我們會持續專注於如何在此基礎上再改善。但沒錯，未來我們的定價以及如何最大化銷售與獲利，會有更動態的調整——這在許多其他產業也很常見。

Sharon Zackfia, William Blair.

Sharon Zackfia，William Blair。

Hi, good morning. I guess there were a lot of things underlying the strategic plan kind of going from becoming more fast and efficient to improving selection to decreasing friction and improving conversion. I guess when I think about all of those, do you have the right people and processes in place? Is there one area where there's going to be significant investment to get to the other side and which of these do you view as kind of the lowest hanging fruit as is that you can influence quickly and which kind of maybe is tougher and takes longer to get to the other side.

嗨，早安。我想你們的策略計畫底下有很多事情：從變得更快、更有效率，到改善選擇（selection）、降低摩擦、提升轉換率（conversion）。當我想到這些，你們是否已經有合適的人才與流程到位？是否有某一個領域需要重大投資才能達到目標？另外，在這些項目中，你認為哪些是「最低垂的果實」——也就是可以很快影響的——哪些可能更困難、需要更長時間才能看到成果？

Yeah. Well, great, Sharon. Thank you very much. I've been incredibly impressed with the team here. I'm three months and a day into the role. And I just continue to be impressed with the subject matter expertise and the passion that this team has. But in the corporate office, but actually probably even more importantly, our associates out in the field are just exceptional.

是的。Sharon，問得很好。非常感謝。我對這裡的團隊印象非常深刻。我上任到現在三個月又一天。我持續對團隊的專業領域能力與熱情感到驚艷。不只是總部辦公室；其實更重要的是，我們在第一線的同仁也非常出色。

So we've got the right people. There are a number of issues in the business that you've identified here when talking about pricing and selection and so forth, logistics. And we have real clarity and talk more about it in the fall about some of the core initiatives that underpin each one.

所以我們有對的人。你剛才提到的定價、選擇、物流等，業務上確實有一些議題。而我們對於支撐每一個支柱的核心倡議有非常清楚的方向，並會在秋季再更詳細說明。

And we already have actions underway against almost all of them and have made great, great progress. I think the two areas that we're focused on the most right now has been really ensuring our pricing remains competitive. And so that's how do we lower our cost of goods sold.

而且我們幾乎對所有項目都已經展開行動，並取得非常、非常大的進展。我認為我們目前最聚焦的兩個領域，第一是確保我們的定價保持競爭力。因此這就回到：我們如何降低銷貨成本（cost of goods sold）。

And the team have, again, a significant number of initiatives leveraging technology, leveraging processes and more to come on that they continue to make sure that our costs stay in control, so our pricing can be competitive. And then it's -- we're continuing to reduce friction in the digital experience and have it be better connected to our stores where the magic really happens at the end of the day.

團隊也有——再說一次——相當多的倡議，運用科技、運用流程等等；後續也會有更多分享。他們持續確保我們的成本受到控制，讓我們的定價能保持競爭力。另外，我們也會持續降低數位體驗中的摩擦，並讓它與門市更緊密連結，因為歸根究柢，真正的「魔法」是在門市端發生的。

And just to give you a couple of tangible examples. And so reducing that friction in the digital journey, we basically improved the entry point for our customers arriving from online ads. We've made it easier to navigate our website to get towards prequalification and reserving a car.

再舉幾個具體的例子。因此，透過降低數位旅程中的摩擦，我們基本上改善了從線上廣告導流而來的客戶進站入口。我們也讓客戶更容易在網站上導覽，以便進行預先資格審核並預訂車輛。

We've effectively shifted away from sticker prices to monthly payments. We've integrated AI-assisted both in our digital experience and in our CEC. So all these things are happening right now to reduce friction and make it easier for our customers to do business with us. But most importantly, as Enrique said earlier, our focus is to run lean as an organization and making sure that we can self-fund these investments. So we're not coming out today saying there's significant increases in new investments in the company. We believe we have the capacity to do that today to move the business forward.

我們已有效地從標價轉向以月付金額呈現。我們在數位體驗以及我們的 CEC 中都整合了 AI 輔助。所以，這些措施目前都在進行中，目的是降低摩擦，讓客戶更容易與我們做生意。但最重要的是，如同 Enrique 先前所說，我們的重點是以精實方式營運，並確保我們能以自有資金支應這些投資。因此，我們今天並不是要宣布公司將大幅增加新的投資。我們相信目前就有能力做到這點，推動業務向前。

Jeff Lick, Stephens.

Jeff Lick，Stephens。

Good morning. Thanks for taking my question. Keith, I was wondering if we could drill down a little bit more on the concept of the dynamic pricing dynamic GPU management. This is obviously something that in your past life you have a lot of experience with, obviously, you can always get an extra hotel room reservation if you take the price down from $500 to [$400], but the problem is that you've got to give the $400 rate to everybody that would have paid $500. I'm just wondering how you're thinking about that now in the context of the used car business, your business and the data that you're seeing now?

早安。謝謝讓我提問。Keith，我想更深入探討一下動態定價、動態 GPU 管理這個概念。這顯然是你過去職涯中很有經驗的領域；在飯店業，你把價格從 500 美元降到 [400 美元]，通常就能多拿到一間房的訂單，但問題是，原本願意付 500 美元的人也都得用 400 美元的價格。我想請教你，放在二手車業務、你們的業務，以及你現在看到的數據脈絡下，你是如何思考這件事的？

Yeah. I found it, Jeff, to be probably the most fascinating thing to get into. I have a background in pricing and revenue management in my previous life and understanding the similarities and the differences between the two because, as you noted in the hotel business, we have an asset if we don't sell it today, we can't sell it tomorrow. In the case of the car business, we have an asset depreciating in value over time. And so really trying to understand how do you maximize the profitability of that asset and maximize the kind of the efficiency of our overall inventory.

是的。Jeff，我覺得這可能是最引人入勝、最值得深入研究的事情。我過去的背景是在定價與收益管理，理解兩者的相似與差異；正如你所說，在飯店業，如果今天沒賣掉這個資產，明天就賣不掉了。而在汽車業，資產會隨時間折舊、價值下降。因此，我們真正要理解的是：如何最大化該資產的獲利能力，並最大化我們整體庫存的效率。

And so historically, we had very, very complex pricing algorithms and a lot of demand, but it was really very margin-based pricing. And I think what we're shifting to more is kind of understanding how do we flex margin based upon maximizing demand for consumers by bringing in external data, like I mentioned earlier, bringing in that external market data into our pricing algorithms, understanding for individual types of vehicles into our pricing algorithms.

過去我們有非常、非常複雜的定價演算法，也有大量需求資料，但本質上仍是非常以毛利為導向的定價。我認為我們正在轉向的是：透過引入外部資料（如我先前提到的外部市場資料）到定價演算法中，並針對不同車型納入演算法，來理解如何在最大化消費者需求的同時，彈性調整毛利。

So where do we have pricing flexibility where we can maximize sales and where should we actually hold firm in our pricing because we can maximize profitability. So that could lead to some variability in GPU, but maximize profit over time. And it's an area where we've got a fantastic data sciences team, and we're continuing to invest in that space and expand upon how we think about our algorithms and evolve them over time because there's definitely opportunity in this space that can sharpen up our pricing, but it has to be underpinned by getting our costs in the right place on a consistent basis.

也就是說，在哪些地方我們有定價彈性、可以最大化銷量；而在哪些地方我們應該在定價上更堅持，因為那樣能最大化獲利。這可能會導致 GPU 有一定程度的波動，但能在時間推移中最大化利潤。這個領域我們有一支非常出色的資料科學團隊，我們也持續在這方面投資，並擴展我們對演算法的思考方式、隨時間演進，因為這個領域確實有機會讓我們的定價更精準；但前提是必須建立在我們能持續把成本控制在正確水準之上。

If I could just ask a quick follow-up of Enrique. Enrique, there's that a good chunk of your other gross profit came from the servicing parts. Do you -- or service business, could you just explain the kind of the mechanics of how that works? Because, obviously, a lot of us aren't quite familiar here with how that actually flows through given you don't have a traditional service and parts business.

如果我可以再快速追問 Enrique 一題。Enrique，你們其他毛利中有相當一部分來自維修零件。你能否—或就維修業務而言—解釋一下它的運作機制？因為很明顯，我們很多人對於在你們並沒有傳統維修與零件業務的情況下，這部分實際上如何流轉並不熟悉。

Yes. Service actually for the quarter was strong. Last year, we provided a fair bit of guidance and updates in terms of how we expected service to actually return to profitability and it did last year. We expect the same this year. I'd tell you, this quarter, there wasn't enough of a year-over-year increase to really have note and talk about.

可以。本季維修表現其實很強。去年我們提供了相當多的指引與更新，說明我們預期維修如何回到獲利狀態，而它去年確實做到了。我們預期今年也是如此。我會說，本季年對年增幅不夠大，沒有特別值得拿出來強調或多談。

But I think the way to think about that is basically, it's the labor behind reconditioning and then we apply fees to that labor in order to cover the cost of reconditioning is how to think about it and so this quarter, it's a business that levers very strongly in the market and when sales are strong, it will lever very strongly. And then seasonally speaking, when sales get weaker, you deleverage on more of a fixed cost kind of basis. So that's how to think about the service line.

但我認為可以這樣理解：基本上，它是整備（reconditioning）背後的人工成本，然後我們會對這些人工收取費用，以涵蓋整備成本；這就是思考方式。本季這是一個對市場槓桿很強的業務，當銷售強勁時，它的槓桿效應會非常明顯。而從季節性來看，當銷售轉弱時，因為較多屬於固定成本基礎，就會出現去槓桿。這就是維修這條線的理解方式。

Well, best of luck in the next quarter.

祝你們下一季一切順利。

Alex Perry, Bank of America.

Alex Perry，美國銀行。

Hi. Thanks for taking my question here. I just wanted to follow up on the marketing and project actually and ask about the shift in the strategy. How much do you think the investments in acquisition marketing supported the sequential comp improvement. Will you continue to lean into this even more going forward? You expect sort of advertising as a percent of revenue to trend higher from here? And how should we be thinking about that?

嗨。謝謝讓我在這裡提問。我想追問一下行銷與專案，並請教策略轉變的部分。你認為在獲客行銷上的投資，對於同店（comp）表現的環比改善貢獻有多大？未來你們會繼續更積極投入嗎？你們是否預期廣告費用占營收比重會從這裡開始走高？我們應該如何看待這件事？

Yeah, great. Thanks. It's a great question. Look, we're -- as I mentioned earlier, we're running the business more nimbly than we have in the past. And in the case of marketing, that means we're less anchored to a specific dollar per unit and more tied to the opportunity to drive incremental sales that have a strong ROI in the period that we're managing.

好的。謝謝。這是個很好的問題。你看，正如我先前提到的，我們現在的營運比過去更靈活。在行銷方面，這代表我們不再那麼以「每台車固定花多少美元」為錨，而是更緊扣在我們所管理期間內、能以高 ROI 推動增量銷售的機會。

This period we saw with strong demand Again, we were comping over last year, which was a positive comp, and we still delivered overall flattish, slightly up used unit growth. We saw a strong demand, and we managed to that. And so the marketing team does an exceptional job of identifying where we can kind of invest in dollars.

本期我們看到需求強勁。同樣地，我們是在與去年相比，而去年本身就是正向同店（comp）；即便如此，我們仍交出整體大致持平、略為上升的二手車銷量成長。我們看到強勁需求，並據此進行管理。因此，行銷團隊在辨識我們可以投入資金的地方方面做得非常出色。

We have strong processes around do we think that's going to drive incremental sales? And is it going to be profitable? And that's what we did this quarter. I would expect to continue to manage that way from quarter-to-quarter as we also take a look at GPUs and other factors driving sales. And if it's a lever we think we can pull and if it's accretive to the bottom line, then we'll -- that's what we're going to do.

我們有很強的流程來評估：我們是否認為這會帶來增量銷售？以及是否會有利潤？而這就是我們本季所做的。我預期未來也會以這種方式逐季管理，同時也會檢視 GPU 以及其他推動銷售的因素。如果這是一個我們認為可以拉動的槓桿，而且能對淨利有增益，那我們就會—我們就會這麼做。

I'll just add on to that a little bit, Alex. One of the things I was really impressed with when I came into CarMax was the caliber of the marketing talent we have from a data analytics perspective. and the way that they're focusing on high ROI marketing and being real time, talking week after week, we're sitting down as a team talking about what's happening in terms of sales, what's happening in terms of the broader marketplace, how are we positioned in terms of pricing what's happening just more broadly across the business and determining how we want to invest our marketing dollars to support both sales and also buys, which is an incredibly important part of our business model, too.

Alex，我再補充一點。我加入 CarMax 時，讓我印象非常深刻的一件事，是我們行銷團隊在數據分析方面的人才水準，以及他們如何聚焦在高 ROI 行銷並做到即時化；我們每週都會以團隊形式坐下來討論銷售狀況、市場整體狀況、我們在定價上的定位、以及更廣泛的業務面向正在發生什麼，並據此決定我們要如何投入行銷預算，以同時支持銷售與收車（buys），而收車也是我們商業模式中極其重要的一環。

And so it's dynamic and it's real time. So as Enrique said, we're just not locking into saying we're going to spend this much money this quarter irrespective of what's happening. We're looking at it week-to-week, month-to-month and making sure we're maximizing profitability and sales.

因此它是動態的、即時的。所以如 Enrique 所說，我們不會只是鎖定說不管發生什麼事，這一季就要花這麼多錢。我們會按週、按月檢視，確保最大化獲利與銷售。

That's all incredibly helpful. Best of luck going forward.

這些都非常有幫助。祝你們接下來一切順利。

Scot Ciccarelli, Truist.

Scot Ciccarelli，Truist。

Good morning, guys. So you had a $230 drop in GPU on about a $1,200 increase in ASP was the ASP looked a driver of the better-than-expected GPU in the quarter? Or was that all from lower reconditioning cost? Just how do we reconcile those guide points and then secondly, for John, I guess, just a clarification. Can you provide any more color around the $25 million benefit to CAF this quarter?

各位早安。所以你們的 GPU 下降了 230 美元，而 ASP 大約上升了 1,200 美元；這個 ASP 的變動是否是本季 GPU 優於預期的主要驅動因素？還是完全來自較低的整備成本？想請教我們該如何把這些指引點對起來；其次，給 John 一個釐清。你能否再多補充一些本季 CAF 帶來 2,500 萬美元效益的細節？

Yeah, regarding our ASPs and use. I mean we were up there really two drivers. One was just overall acquisition costs were up in the marketplace that drove it. The second component was mix. We had a little less older cars in the quarter. Demand was strong around kind of the younger cars, kind of our core offering, if you will. And those are the two factors that drove kind of ASPs being up -- average is price being up year-over-year.

是的，關於我們的 ASP 與使用情況。我的意思是，我們上升主要有兩個驅動因素。第一是市場整體收購成本上升，帶動了 ASP。第二個因素是組合。本季較少較老的車款。需求在較新車款、也就是我們的核心產品上相當強勁。這兩個因素推動了 ASP 上升——也就是平均售價年增上升。

This is Scott. I appreciate your question on the $25 million. Yes, just to clarify, that was a held-for-sale transaction we executed within the quarter. when we execute a hub for cell transaction, those are receivables that we no longer need to provision losses for if we originate them in the quarter or if we originate in prior to the quarter.

我是 Scott。謝謝你問到 2,500 萬美元的部分。是的，釐清一下，那是我們在本季內執行的一筆持有待售（held-for-sale）交易。當我們執行一筆持有待售交易時，這些應收款我們就不再需要為其提列損失準備，不論是本季新承作的，或是本季之前承作的。

This is prior to the quarter, we had receivables that were on our books, we had provisioned for losses and those receivables were then included in this '26, transaction to the tune of about $25 million of expected loss year in essence allowed to release that from your reserve that offsets the within quarter provision.

在本季之前，我們帳上有一些應收款，先前已提列損失準備；而這些應收款被納入這筆「'26」交易中，約對應 2,500 萬美元的預期損失，因此本質上讓我們可以把這部分自備抵中釋回，用以抵銷本季內的提列。

Got it. And then Enrique, my question was really on the GPU side, though, like what the ASP lift and impact driven by the -- what the -- excuse me, the GPU impact, was that partly driven by the ASP increase?

了解。那 Enrique，我的問題其實是關於 GPU 這邊：像 ASP 拉升所帶來的影響、以及對 GPU 的影響——我是說，抱歉，GPU 的影響，有一部分是由 ASP 上升所驅動的嗎？

Yeah, those are run independently. I mean the ASPs are going to be run independently on how we run our margins. They're not related.

是的，這兩者是各自獨立運作的。我的意思是，ASP 會獨立於我們如何管理毛利而運作。兩者沒有關聯。

Michael Montani, Evercore ISI.

Michael Montani，Evercore ISI。

Just a question for Jon. If you could talk a little bit about the underlying health of the consumer that you're seeing from a credit perspective on delinquencies and roll rates. And then if you could discuss how to think about provisioning and NIM really into fiscal 2Q?

有個問題想問 Jon。你能否談談從信用角度來看，你們觀察到的消費者基本面健康狀況，例如逾期（delinquencies）與滾動率（roll rates）？另外，也請談談該如何看待一直到會計年度第 2 季（2Q）的提列（provisioning）與 NIM。

Yes, great. Appreciate the question, Michael. Yes, I think overall consumer -- I guess I'd have to lead with the fact that we feel really good about how we are viewing the consumer that's on our books that receive our receivable base, how we have reserved. I think that was captured in the prepared remarks.

好的。謝謝你的問題，Michael。是的，我想整體消費者——我可能得先說，我們對於帳上客戶、也就是我們的應收款基礎，以及我們的備抵提列方式，感覺非常良好。我想這點在事先準備的講稿中也有提到。

This is our third quarter in a row where we've really kind of hit the losses as expected. The consumer overall, I think you can see in the industry, certainly, they are -- continue to be pressured by overall inflation if you look at delinquency rates among credit cards, auto, all that, it is higher.

這是我們連續第三個季度，實際損失大致符合預期。整體消費者方面，我想你也可以從產業看到，他們確實——若看信用卡、車貸等的逾期率，仍持續受到整體通膨壓力影響，水準較高。

But again, we feel like we have an excellent handle on that, and that's captured. If I think about provision for us in the quarter in each successive quarter going forward, a very logical question. How do you model that? The guidance I would give you is to anchor on origination volume. The way I think about that is for every point of penetration that CAF takes, that's roughly $50 million to $60 million of receivables.

但再次強調，我們覺得自己對此掌握得非常好，這也已反映在相關內容中。如果我思考我們本季以及未來每一季的提列，這是很合理的問題。要怎麼建模？我給你的指引是以承作量（origination volume）作為錨點。我的看法是，CAF 每提高 1 個滲透率點，大約對應 5,000 萬到 6,000 萬美元的應收款。

If that's Tier 1 receivables, we're setting aside probably $1.5 million to $2 million of provision. If that's Tier 2 receivables, we're setting aside about $10 million to $12 million of provision. And to put that Tier 1 versus Tier 2 in perspective, right now, we're about a 1 to 9 ratio. Tier 2 is about 10% of what we're doing. Tier 1 is about 90% of what we're doing.

如果是 Tier 1 的應收款，我們大概會提列 150 萬到 200 萬美元的備抵。如果是 Tier 2 的應收款，我們大概會提列 1,000 萬到 1,200 萬美元的備抵。為了讓你理解 Tier 1 與 Tier 2 的比例，目前大約是 1 比 9。Tier 2 約占我們業務的 10%。Tier 1 約占 90%。

So you kind of can do all the arithmetic there and say that's probably what I'm originating in the full total of the origination provision I'd have to set aside. Notwithstanding, obviously, we are executing hub for sale transactions that is -- really shows our flexibility from a funding perspective that fluctuate from quarter-to-quarter. But again, that's the flexibility that we love, and we're able to execute on that.

所以你可以把這些數字做運算，推算出我在整體承作中需要提列的起始備抵大概是多少。當然，我們也會執行持有待售交易——這其實展現了我們在資金來源上的彈性，會隨季度而波動。但再次強調，這正是我們喜歡的彈性，而且我們也能夠執行到位。

And then obviously, the last piece there is what is our view on the macro environment is our view on the adjustments on our existing book. Again, we feel really good the last few quarters on how we've provisioned and reserve for our existing book. But that's how I'd build it. I build it from overall origination provision make a perspective on held for sale and then the broader adjustments that you might need to make macro in existing book. That's how I build provision.

然後最後一塊，當然就是我們對總體環境的看法，以及對既有資產組合（existing book）所需調整的看法。再次強調，過去幾季我們對既有資產組合的提列與備抵方式都感覺非常良好。但我會這樣建構。我會從整體承作的起始提列出發，再納入持有待售的觀點，然後再加上你可能需要因總體環境對既有資產組合做的更廣泛調整。這就是我建構提列的方法。

And just the NIM side, do you think that 67% is the right rate or a 20 bps improvement year-over-year? Or how should we look at that?

那 NIM 的部分，你覺得 67% 是合理的水準嗎？或是年增改善 20 個基點？我們應該怎麼看？

Yes. Obviously, we love the 67%. I would say there's a seasonality component to that. this quarter benefits from a lot of days in the quarter, just the three months that are included. So I'd probably gauge more to like a 6.5 would be the way I think about that in the future, the rest of the year.

是的。顯然我們很喜歡 67%。我會說其中有季節性因素；本季受惠於季度天數較多，也就是涵蓋的三個月份天數因素。所以我未來、也就是今年剩餘期間，會比較以大約 6.5 來衡量。

Helpful. Thank you.

很有幫助。謝謝。

Chris Bottiglieri, BNP Paribas.

Chris Bottiglieri，法國巴黎銀行（BNP Paribas）。

Hey, I'd like to take the questions. I actually have a similar question to Mike, I want to ask you anyway. Can you just talk about the drivers to the allowance? So that's set up pretty big despite like a big tax refund season. Just trying to get a sense, is that -- you also mentioned the benefit from transferring loans to held for sale.

嗨，我想提問。我其實有個跟 Mike 類似的問題，但我還是想問。你能否談談備抵（allowance）的驅動因素？因為即使在退稅季很強的情況下，備抵仍大幅增加。我想了解的是——你也提到把貸款轉為持有待售所帶來的效益。

So trying to understand like the step-up in the allowance rate. Is that just mix because of you're pushing more to subprime? Or is there some level of underlying weakness just given like delinquency rates in subprime that you're provisioning for. Just trying to understand the buy.

所以想理解備抵率上升的原因。這只是因為組合變化、你們把更多業務推向次級（subprime）嗎？還是因為次級的逾期率等因素，你們在提列上反映了某種程度的基本面轉弱？想了解背後的原因。

Yeah, I appreciate the question, Chris. Yes, that's a tough metric. We provide it, and I think it's important we provide it as we have over time, but it's absolutely not weakness in the book of business. Again, I think we've said our losses are within expectation, and we've reserved accordingly. I think you've got two main things going on this quarter.

是的，謝謝你的問題，Chris。是的，那是一個很棘手的指標。我們提供這個指標，我也認為像我們長期以來一樣持續提供很重要，但這絕對不是因為業務資產組合變弱。再次強調，我想我們已說過，我們的損失在預期範圍內，且我們也據此提列備抵。我想本季主要有兩件事在發生。

Number one, there's absolutely a seasonality component. It's tough to describe, but if you look at our traditional Q1, all things being equal, like that will be a step-up in overall reserve receivables.

第一，確實有季節性因素。這很難描述，但如果你看我們傳統的第一季（Q1），在其他條件相同下，整體備抵應收款通常會出現一個上升幅度。

Number two, absolutely you touched on it. We're adding Tier 2 volume. I mean very proud of what we've done, that growth and penetration coming from that Tier 2 space. I just referenced what do you have to add from a provision and ultimately in the reserve from a point of penetration in Tier 2. So that's absolutely going to take you up.

第二點，你確實提到了。我們正在增加第二層級（Tier 2）的量。我的意思是，我們對自己所做的非常自豪，這些成長與滲透率來自於Tier 2的市場空間。我剛才提到，從Tier 2的滲透角度來看，你在備抵提列（provision）以及最終在準備金（reserve）中需要增加什麼。所以這絕對會把它推高。

And then the third component you also touched on that's going to cause it to fluctuate is what have you done from a held for sale perspective. So it can move around a fair amount, but this quarter, predominantly, again, seasonality and that Tier 2 growth.

然後你也提到的第三個會造成波動的因素，是你從「持有待售」（held for sale）的角度做了什麼。所以它可能會有相當幅度的變動，但本季主要仍然是季節性因素，以及Tier 2的成長。

That's really helpful. And then I just want to follow up on Keith's comment on the $2 million transfers. What do you think the biggest opportunities are there? My napkin math is probably like around $1 million in a quarter of transfers from like customer pay, wholesale transfer stores without recon centers like auction source vehicles. So it seems like there are some potentially extraneous transfers. Just kind of curious what you guys see the opportunity is and maybe just kind of explain under the current old would be helpful.

這真的很有幫助。接著我想追問一下Keith提到的200萬美元調撥（transfers）。你認為那裡最大的機會是什麼？我用簡單心算，可能每季大概有100萬美元的調撥，來自像是客戶自付（customer pay）、沒有整備中心（recon centers）的批發調撥門店，例如拍賣來源車輛。所以看起來可能存在一些不必要的調撥。有點好奇你們看到的機會在哪裡，也許也請在目前的舊模式下稍微解釋一下，會很有幫助。

Yeah, we'll do a deeper dive on that piece of work, and we do our strategic update in the fall. But just to give you a little bit of color now, we really need to look at the entirety of our logistics network and really understand what's the most efficient way for us to move vehicles and also how to leverage our own logistics network and also the third parties, too.

是的，我們會針對那一塊工作做更深入的分析，並在秋季的策略更新時說明。不過先給你一些背景，我們確實需要檢視整個物流網路，真正了解對我們而言移動車輛最有效率的方式是什麼，以及如何同時運用我們自有的物流網路與第三方資源。

So we're kicking off a significant piece of work around that through understanding of what should our logistics network be and making sure it's scalable as we continue to sell more cars year after year, buy more cars year after year? How do we have a network that scales efficiently and keeps our cost in control and also making sure that we really understand why are we moving cars from point A to point B?

因此我們正啟動一項重要的工作，去釐清我們的物流網路應該長什麼樣子，並確保它具備可擴展性，因為我們會一年比一年賣更多車、也一年比一年買更多車。我們要如何建立一個能有效擴張、把成本控制住的網路，同時也要真正理解：我們為什麼要把車從A點移到B點？

And are those true -- again, is it enabling us to sell a car at the end of the day or are the unproductive transfers. And so just getting a lot sharper about that. We've already got some initial work being done, but some significant work is about to kick off, which I'm really, really excited about. And again, we'll give you more details in the fall.

而這些移動是否真的是必要的——再說一次，它是否能讓我們最終把車賣出去，還是屬於沒有產出的調撥。所以我們要在這方面變得更精準。我們已經做了一些初步工作，但接下來會啟動更大規模的工作，我對此非常、非常興奮。同樣地，我們會在秋季提供更多細節。

But again, we see it as an opportunity in two fronts. One is we can have more cars available to our customers. So increasing our saleable inventory and the time available on one day, two days and four days. So that increases our saleable inventory and also will lower our cost, which means kept our pricing competitive, too.

不過我們認為這是一個雙重面向的機會。第一，我們可以讓更多車輛可供客戶選購。也就是提升可售庫存（saleable inventory），並增加在第1天、第2天與第4天可供銷售的時間。這會提高可售庫存，同時也會降低成本，進而讓我們的定價保持競爭力。

John Babcock, Barclays.

John Babcock，巴克萊（Barclays）。

I just want to ask, obviously, two parts of selling vehicles. I mean one is getting the price, right? The other is obviously having the right vehicle. From that standpoint, I just want to know what are you doing to ensure that you have the right mix? And also, how is this reflected in the pricing algorithm and how you plan to adjust that going forward?

我想問一下，顯然賣車有兩個部分。一個是把價格定對。另一個顯然是要有對的車。從這個角度，我想了解你們如何確保車款組合正確？另外，這如何反映在定價演算法中，以及你們未來打算如何調整？

Great. Yes. I mean it's almost a week two, I was talking to the team. It's right price, right car, right location are the foundational things for us to have a successful business and really understanding that. And so we have really great customer insight in terms of what vehicles are in demand and how does that vary across the country.

很好。是的。我的意思是，我上任第二週左右就跟團隊談過：正確的價格、正確的車、正確的地點，是我們成功經營的基礎要素，必須真正理解這點。因此，我們在客戶洞察方面做得很好，能掌握哪些車款有需求，以及這種需求在全國各地如何不同。

And that then directly feeds into our buying strategy and understanding these are the vehicles we have to buy and then get them into our reconditioning to make it in our saleable inventory. So and that will change throughout the cycle. I mean, right now, for example, it's only a small part of our business. But clearly, there's a move towards hybrids and EVs from a number of consumers.

而這會直接回饋到我們的採購策略，讓我們理解哪些車是必須買進的，然後把它們送進整備（reconditioning），使其進入可售庫存。而這會隨著景氣循環而改變。我的意思是，以目前來說，這只占我們業務的一小部分。但很明顯地，許多消費者正轉向油電混合車（hybrids）與電動車（EVs）。

And so our buy teams are out there focusing on making sure we're efficiently buying hybrids and EVs to get those into our saleable inventory more quickly. And again, that will change again where we are within the country and throughout the year.

因此我們的採購團隊正在外面努力，確保我們能有效率地採購油電混合車與電動車，讓它們更快進入可售庫存。同樣地，這也會因我們所在的地區以及一年中的不同時間而改變。

So making sure, again, that we're just really understanding that external input of what is consumer demand and how does that feed into overall, again, our acquisition strategy underpin our sales strategy.

所以再一次，確保我們真正理解外部輸入——也就是消費者需求是什麼，以及這如何回饋到整體上、再說一次，我們的收購策略並支撐我們的銷售策略。

Okay. And if you don't mind a quick follow-on. Are you able to talk about the impact of fuel prices on your results in the quarter?

好的。如果你不介意我再快速追問一下。你能談談燃油價格對你們本季業績的影響嗎？

Yes. The fuel prices will hit us in our COGS really, right, when you're looking at our operations. But the teams have done a phenomenal job of overcoming those cost pressures in our reconditioning processes. And again, actually preconditioning savings in COGS is one of the reasons this quarter, we were able to manage to a less of a margin give up, if you will, to support sales. So they were easy to very easy to overcome this quarter.

可以。燃油價格主要會反映在我們的銷貨成本（COGS）上，對吧，當你看我們的營運時。但團隊在整備流程中，對於克服這些成本壓力做得非常出色。而且事實上，整備前置（preconditioning）在COGS上的節省，是我們本季能夠在支持銷售的同時，把毛利讓步（margin give up）控制得更少的原因之一。所以本季這些影響很容易、非常容易就被克服了。

Chris Pierce, Needham.

Chris Pierce，Needham。

Oh, hey, good morning. We've talked about pricing, getting the right car, et cetera. I guess can we just hit on pillar number four, run lean. I'd love to kind of hear what you found about the recon side of the business, how you can lower recon costs or speed up recon time, kind of what have you found as you've done deeper dive there?

喔，嗨，早安。我們談過定價、取得對的車等等。我想我們能不能談一下第四支柱：精實運營（run lean）。我很想聽聽你們在整備（recon）這一端發現了什麼：如何降低整備成本或加快整備時間？你們深入研究後有哪些發現？

Yeah, I'm happy to. And then if I miss something, I'll let Enrique expand on it. It's a fascinating part of our business and an incredibly important part of our business because as you understand, right, buying the right car at the right price is critically important. But then the cost of reconditioning is fundamental to us being able to have great prices. And we have great, great service ops teams and reconditioning teams out there today.

好的，我很樂意。如果我漏了什麼，我會請Enrique補充。這是我們業務中很迷人的一部分，也是極其重要的一部分，因為如你所知，買到對的車、用對的價格買進至關重要。但整備成本對於我們能否提供很好的價格同樣是根本。我們目前在第一線有非常、非常優秀的服務營運團隊與整備團隊。

But there's opportunity for us to further leverage technology to continuously improve our cost of goods sold through reconditioning. We've already got a few things out there right now. We've got our part selection tool, which they continue to improve upon, which enables our teams to effectively find the right part for the right car at the best price.

但我們仍有機會進一步運用科技，透過整備持續改善我們的銷貨成本。我們現在已經有幾個工具在使用。例如我們的零件選擇工具（part selection tool），團隊持續優化它，讓我們的人員能為對的車找到對的零件，並以最佳價格取得。

We've got our tire selection tool out there now, which has now been integrated into that as well. Similarly, make sure that we're looking at the entirety of the marketplace to get the right tire at the best price possible and that's just two examples.

我們也已推出輪胎選擇工具（tire selection tool），而且現在也已整合進上述系統。同樣地，確保我們能檢視整個市場，以盡可能最好的價格買到合適的輪胎——這只是兩個例子。

But there's a lot more we can do with technology to leverage our efficiency in terms of labor and productivity and how we move our inventory from raw to WIP to being on the loss at the end of the day, too. We'll go definitely deeper that in the fall to explain specifically what we're doing. But again, it's going to be an investment in technology and leveraging new processes, but we'll be funding that out of our existing overhead base as our SG&A.

但我們還能用科技做更多事，來提升在勞動力與生產力方面的效率，以及我們如何把庫存從原始狀態（raw）推進到在製品（WIP），再到最後一天能上架銷售。我們一定會在秋季更深入說明我們具體在做什麼。但總之，這會是對科技的投資與新流程的導入，而資金將來自我們既有的間接費用基礎，也就是我們的銷售、一般及行政費用（SG&A）。

Yes, it will be self-funded. And what I'd tell you is that it's definitely the biggest opportunity that we have at CarMax is to really just digitize our reconditioning processes, update the processes as well within there. And we think that there's a fair bit of upside when it comes to cost and speed just by leveraging technology more strongly in our reconditioning.

是的，將由自有資金支應。我想告訴你的是，對 CarMax 而言，我們最大的機會絕對是把整備（reconditioning）流程真正數位化，並在其中同步更新流程。我們認為，只要在整備上更強力地運用科技，在成本與速度方面就會有相當可觀的上行空間。

I couldn't agree more Enrique. I think it's one of the areas where by focusing on it and investing appropriately in the technology behind it. It will give us a gain, a sustainable cost advantage and how we can keep our pricing where it needs to be.

Enrique，我完全同意。我認為這是其中一個領域，只要聚焦並適當投資其背後的技術，就能帶來收益，形成可持續的成本優勢，並讓我們能把定價維持在需要的水準。

Can you just touch on -- I know you opened another stand-alone center, you've got a couple of stand-alone centers that I think have been opened over a year now. Are there -- are you seeing a material benefit in terms of reconditioning at stand-alone centers in those regions? Or is it more about just I guess, I just want to understand as you open more of these, what benefit you're seeing now, what you can see in the future?

你能否稍微談一下——我知道你又開了一個獨立中心，你們已經有幾個獨立中心，我想其中有些已經開業超過一年了。在那些地區，你們是否在獨立中心的整備方面看到了實質性的效益？還是說這更多是——我想了解的是，隨著你們開設更多這類中心，你們現在看到的效益是什麼、未來又可能看到什麼？

Yes. We have seven of them open at this point. And I'd tell you, it's still kind of early to get reconditioning savings. They're still ramping. And really where we start to get leverage on those processes is when we hit kind of peak manufacturing, if you will and they're not there yet, just given that they're fairly new.

是的。目前我們已經開了七個。我會說，現在要看到整備節省還有點早。它們仍在爬坡期。而我們真正開始在這些流程上取得槓桿效益，是在我們達到某種「滿載產能」（如果你願意這麼稱呼）的時候；但它們還沒到那裡，因為畢竟都相當新。

Where we are seeing savings, though definitely is in logistics, right? So less of the kind of cost of shipping those vehicles because we're in market, we're in the right markets, right? So logistics savings, yes, preconditioning savings, you would not fully add where we want to be, but the team continues to improve kind of quarter-over-quarter. But I wouldn't say that that's the driver right now of reconditioning in savings but it will be certain.

不過，我們確實看到的節省是在物流方面，對吧？也就是運送這些車輛的成本更低，因為我們在市場內、在正確的市場裡，對吧？所以物流節省是有的；至於整備節省，還沒有完全達到我們希望的水準，但團隊仍在逐季改善。但我不會說目前整備節省是主要驅動因素，不過未來一定會是。

Thank you and good luck.

謝謝，祝你們好運。

Rajat Gupta, JP Morgan.

Rajat Gupta，摩根大通。

Hey, thanks for taking the question. I just wanted to follow up on any preview around the Analyst Day. I know you've talked about like moving to full-spectrum financing. You had the 50% number out there. Is there any thought process around maybe taking that number higher and maybe in a more aggressive fashion? Is that something that you would consider as a strategic change? Just wanted to get your thoughts on that. Thanks.

嗨，謝謝讓我提問。我想追問一下關於分析師日（Analyst Day）是否有任何前瞻資訊。我知道你們談過要轉向全光譜融資（full-spectrum financing）。你們也提出了 50% 這個數字。是否有任何思考，可能把這個數字提高，並且以更積極的方式推進？這是否是你們會考慮作為一項策略性變更的事情？想聽聽你們的看法。謝謝。

Well, I'll me start at a high level, and I'll let Jon talk about that. I mean what we're planning to do is a strategic update later on this fall where we're going to walk through in detail kind of each one of the pillars, so you really understand. First and foremost, how interconnected each one of these is because by themselves are each important but they are so connected, that's probably one of my biggest learnings here in the first three months is that everything is connected here. And so how do we go through each pillar and be focusing on the offering, the experience, how we're going to add value through cash and full spectrum and then how we focus on COGS and things like that.

我先從高層次說起，然後讓 Jon 來談這個。我們計畫在今年秋季稍晚做一次策略更新，屆時會逐一詳細說明各個支柱，讓你真正理解。首先也是最重要的是，這些支柱彼此之間有多麼相互連結；因為各自都很重要，但它們又高度相連。這大概是我在這裡頭三個月最大的體會：這裡的一切都是相互連結的。因此，我們會逐一走過每個支柱，聚焦於產品/服務供給、體驗、我們如何透過現金與全光譜來增加價值，以及我們如何聚焦於銷貨成本（COGS）等事項。

So we'll go through a lot of detail there, both in terms of initiatives and also things that you can hold us accountable to. We'll be talking about kind of how we expect this to impact performance over time to sustainably grow our business and to outperform the broader market on a go-forward basis in terms of sales and do it in an efficient way so that we grow our profitability and reward our shareholders, too. So I'm really excited about it. The team has done a fantastic job of framing up what that strategy is. And again, we'll do a deeper dive in the fall on our strategic update.

所以我們會在那裡提供很多細節，包括各項計畫，也包括一些你們可以用來要求我們負責、檢視我們是否達成的事項。我們也會談到，隨著時間推移，我們預期這將如何影響表現，以可持續方式成長我們的業務，並在未來在銷售方面超越更廣泛的市場；同時以有效率的方式做到，讓我們提升獲利能力，也回饋股東。所以我非常期待。團隊在梳理這套策略方面做得非常出色。再次強調，我們會在秋季的策略更新中做更深入的說明。

I'll let Jon talk specifically about what you just asked in CAF.

我讓 Jon 針對你剛才在 CAF 方面的問題做具體回應。

Yes, Rajat, I appreciate the question. Yes. With regard to the ad value pillar, I think obviously, capital spectrum is a key backbone there. We've signaled that for multiple years. I think we're really pleased with the capabilities we've put in place.

是的，Rajat，謝謝你的提問。是的。就「增加價值」這個支柱而言，我認為很明顯，全光譜（capital spectrum）是其中的關鍵骨幹。我們已經釋出這個方向好幾年了。我想我們對已建立的能力感到非常滿意。

The funding capabilities iterative underwriting capabilities and that really shows itself in this quarter's penetration. Your question of 50%, that's a number that we've offered as really a midterm objective for us. Certainly, we choose the word midterm very carefully. We think it could be larger than that. but we're really excited in our ability to grow to that level.

資金籌措能力、迭代式的承保能力，而這也在本季的滲透率中展現出來。你問到 50%，那是我們提出作為中期目標的一個數字。我們當然非常謹慎地使用「中期」這個詞。我們認為它可能會比這個更高，但我們對於能成長到那個水準的能力感到非常振奮。

If you look at what we did from a Tier 2 perspective, we cited we -- a year ago, we were 10% of the Tier 2 volume. This quarter, we are upwards of 25% of that volume, and we think that will continue to methodically grow over the next couple of years as we hit that midterm objective. As far as how fast can we go, I think we've really set a good course there. We want to be very thoughtful really making sure we're getting the funding strategies right. We're underwriting it correctly.

如果你看我們在 Tier 2 的表現，我們提到——一年前，我們只占 Tier 2 量的 10%。本季，我們已提升到超過 25%，而我們認為在未來幾年，隨著我們達成該中期目標，這個比例將會持續有步驟地成長。至於能多快推進，我認為我們已經設定了一個很好的路徑。我們希望非常審慎，確保資金策略做對。也確保承保做得正確。

I don't want to get over our skis there. But yes, I think that's a great mid-term objective. And beyond that, absolutely, I think it's definitely on the table for us.

我不想操之過急、超出能力範圍。但沒錯，我認為那是一個很好的中期目標。而在那之後，當然，我認為這絕對也在我們的考量範圍內。

Understood. Thanks for all the color. Good luck.

了解。謝謝你提供這麼多細節。祝好運。

Thank you. And ladies and gentlemen, that's all the time we have for questions this morning. Mr. Barr, I'd like to turn things back to you, sir, for any closing comments.

謝謝。各位女士先生，今天上午的提問時間到此為止。Barr 先生，我想把時間交還給您，請您做任何結語。

Great. Well, thanks. Thanks, everyone, for joining us and for your continued interest and support of CarMax. Hopefully, you can see the momentum we've built in the business and the strong performance in the quarter, and we expect that momentum to continue throughout the year as we will outperform the broader marketplace.

很好。那麼，謝謝。謝謝各位參與，也謝謝大家持續關注並支持 CarMax。希望各位能看到我們在業務上建立的動能，以及本季的強勁表現；我們預期這股動能將在全年持續，因為我們將會跑贏更廣泛的市場。

Really excited about the strategy that we have developed as a team to, again, drive sustainable growth, improve profitability and reward our shareholders over time. And again, we'll share more with you all in the fall, but also we'll be talking with you next quarter. So thanks, everyone, and have a great remainder of your week.

我們對團隊共同制定的策略感到非常振奮；再次強調，這將推動可持續成長、提升獲利能力，並在時間推移中回饋股東。同樣地，我們會在秋季與各位分享更多內容，但我們也會在下個季度再與各位交流。謝謝大家，祝各位本週剩餘時間愉快。

Thank you, Mr. Barr. Again, ladies and gentlemen, this will conclude the first quarter fiscal year 2027 CarMax earnings release conference call. We'd like to thank you all so much for joining us today and wish you all a great day. Goodbye.

謝謝您，Barr 先生。再次提醒各位女士先生，這將結束 CarMax 2027 會計年度第一季財報發布電話會議。非常感謝各位今天的參與，並祝各位有美好的一天。再見。