TrueCar Inc (TRUE) 2024 Q2 法說會逐字稿

Good day and welcome to the TrueCar second-quarter 2024 financial results conference call. Please note, this event is being recorded. I would now like to turn the conference over to Jantoon Reigersman, President and Chief Executive Officer of TrueCar. Please go ahead.

美好的一天，歡迎參加 TrueCar 2024 年第二季財務業績電話會議。請注意，此事件正在被記錄。我現在將會議交給 TrueCar 總裁兼執行長 Jantoon Reigersman。請繼續。

Thank you, operator. Hello, everyone, and welcome to the TrueCar second-quarter 2024 earnings conference call. Joining me today is Oliver Foley, our Chief Financial Officer. I hope you have all had the opportunity to read our most recent stockholder letter, which was released yesterday after market close and is available on our Investor Relations website at ir.truecar.com.

謝謝你，接線生。大家好，歡迎參加 TrueCar 2024 年第二季財報電話會議。今天加入我的是我們的財務長 Oliver Foley。我希望你們都有機會閱讀我們最近的股東信函，該信函於昨天收盤後發布，可在我們的投資者關係網站 ir.truecar.com 上查閱。

Before we get started, I need to read our usual Safe Harbor. I want to remind you that we will be making forward-looking statements on this call, including statements regarding our revenue growth, expected free cash flow margin as well as aspirational goals for the year 2026.

在我們開始之前，我需要閱讀我們通常的安全港。我想提醒您，我們將在本次電話會議上做出前瞻性聲明，包括有關我們的收入成長、預期自由現金流利潤率以及 2026 年理想目標的聲明。

Forward-looking statements can be identified by the use of words such as believe, expect, plan, target, anticipate, become, seek, will, intend, confident and similar expressions and are not and should not be relied on as guarantees of future performance or results. Actual results could differ materially from those contemplated by our forward-looking statements.

前瞻性陳述可以透過使用「相信」、「期望」、「計劃」、「目標」、「預期」、「成為」、「尋求」、「意願」、「打算」、「自信」和類似表達等詞語來識別，並且不能也不應該被依賴作為未來業績的保證。實際結果可能與我們前瞻性陳述中預期的結果有重大差異。

We caution you to review the Risk Factors section of our annual report on Form 10-K, our quarterly reports on Form 10-Q and our other reports and filings with the Securities and Exchange Commission for a discussion of the factors that could cause our results to differ materially.

我們提醒您查看我們 10-K 表年度報告、10-Q 表季度報告以及我們向美國證券交易委員會提交的其他報告和文件的「風險因素」部分，以討論可能導致我們結果的因素實質性不同。

The forward-looking statements we make on this call are based on information available to us as of today's date, and we disclaim any obligation to update any forward-looking statements, except as required by law. In addition, we will also discuss certain GAAP and non-GAAP financial measures, reconciliation of all non-GAAP measures to the most directly comparable GAAP measures are set forth in the Investor Relations section of our website at ir.truecar.com.

我們在本次電話會議中所做的前瞻性陳述是基於截至今天為止我們掌握的信息，除法律要求外，我們不承擔更新任何前瞻性陳述的義務。此外，我們還將討論某些 GAAP 和非 GAAP 財務指標，所有非 GAAP 指標與最直接可比較的 GAAP 指標的調整表均在我們網站 ir.truecar.com 的投資者關係部分列出。

The non-GAAP financial measures are not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. So now to the fun part. With that, I'll provide a summary of the quarter as highlighted in our shareholder letter, given the broad -- broader market development, I'm assuming not everybody has read the letter yet.

非公認會計原則財務指標不應被孤立考慮，也不能取代根據公認會計原則編制的結果。現在到有趣的部分了。至此，我將提供股東信中強調的季度摘要，考慮到更廣泛的市場發展，我假設不是每個人都讀過這封信。

So I will repeat some paragraphs below as well as add some more color and exciting statistics on our TC+ initiatives before opening for questions. As we review the results of our second quarter performance, we have taken the opportunity to reflect on our existing long term -- on our exciting long-term goals for TrueCar and the progress we are making towards our targets.

因此，在開始提問之前，我將重複下面的一些段落，並為我們的 TC+ 計劃添加更多色彩和令人興奮的統計數據。當我們回顧第二季的業績結果時，我們藉此機會反思了我們現有的長期目標——我們為 TrueCar 制定的令人興奮的長期目標以及我們在實現目標方面所取得的進展。

We have established ambitious goals for our organization, and we remain steadfast in our commitment to achieving them. This does not happen overnight, and we will encounter inevitable operational challenges on our journey, but we believe we are making the right progress and forming the right habits while pursuing the right priorities to achieve our strategic and financial goals. This is a super exciting time for the company.

我們為我們的組織制定了雄心勃勃的目標，並且我們將堅定不移地致力於實現這些目標。這不會在一夜之間發生，我們將不可避免地在旅途中遇到營運挑戰，但我們相信，我們正在取得正確的進展並形成正確的習慣，同時追求正確的優先事項以實現我們的策略和財務目標。對於公司來說，這是一個超級令人興奮的時刻。

In Q2, total revenue was $41.8 million, which represents growth of 6.4% year-over-year and 1.8% quarter-over-quarter. We achieved adjusted EBITDA profitability of $0.1 million, a $5.4 million improvement year-over-year. We estimate that the CDK Global malware attack contributed to approximately $750,000 of lost revenue during the quarter, details of which can be found in the shareholder letter.

第二季總營收為 4,180 萬美元，年增 6.4%，季增 1.8%。我們的調整後 EBITDA 獲利能力達到 10 萬美元，年增 540 萬美元。我們估計 CDK Global 惡意軟體攻擊導致本季約 75 萬美元的收入損失，詳細資訊可在股東信中找到。

First, we want to acknowledge some super important progress that was made during the quarter and to date in Q3. On July 17, we proudly announced the launch of our TrueCar+ pilot, which now empowers consumers for the first time to purchase from over 3,000 new, used and certified preowned vehicles from start to finish completely online.

首先，我們要承認本季和第三季迄今取得的一些非常重要的進展。7 月 17 日，我們自豪地宣布推出 TrueCar+ 試點，該試點現在首次使消費者能夠從頭到尾完全在線購買 3,000 多輛新車、二手車和經過認證的二手車。

Launching TC+ is a big deal and a huge accomplishment by the team. Furthermore, we're not only strengthening our core business by regaining important dealers on our platform, but are working to commercialize new value drivers, including, but not limited to, our unique data set and predictive AI capabilities, our newly designed marketing tech stack and, of course, TC+.

推出 TC+ 是一件大事，也是團隊的一項巨大成就。此外，我們不僅透過重新獲得平台上的重要經銷商來加強我們的核心業務，而且正在努力將新的價值驅動因素商業化，包括但不限於我們獨特的數據集和預測人工智慧能力、我們新設計的行銷技術堆疊當然還有 TC+。

In doing so, we're becoming a better version of TrueCar that more effectively addresses the evolving needs of consumers, dealers and OEMs alike, positioning the business for what we believe will be a sustained period of growth and market share gains.

透過這樣做，我們正在成為 TrueCar 的更好版本，更有效地滿足消費者、經銷商和 OEM 等不斷變化的需求，使我們的業務定位於我們認為將持續成長和市場份額成長的時期。

There were a number of factors that temporarily limited growth in Q2, one of which was the broad impact of the CDK Global malware attack. We are laser focused on our execution in order to grow the business at our long-term revenue growth target of 20%-plus.

有許多因素暫時限制了第二季度的成長，其中之一是 CDK Global 惡意軟體攻擊的廣泛影響。我們高度重視執行力，以實現業務成長，實現 20% 以上的長期營收成長目標。

As discussed in the past, there are four key building blocks we must successfully execute against in order to achieve our desired long-term growth. One, activate new dealers with a focus on regaining many of the franchise dealers that churned while new vehicle supply was constrained.

正如過去所討論的，為了實現我們期望的長期成長，我們必須成功執行四個關鍵組成部分。第一，啟動新經銷商，重點是重新獲得許多在新車供應受到限制時流失的特許經銷商。

Two, reduce dealer churn by doubling down on our commitment to help them drive incremental sales and by providing them with unmatched support and service. Three, continue to grow average revenue per dealer through our TrueCar Marketing Solutions product offering and eventually through TC+.

第二，透過加倍努力幫助他們推動銷售增量並為他們提供無與倫比的支援和服務來減少經銷商流失。第三，透過我們的 TrueCar 行銷解決方案產品並最終透過 TC+ 繼續增加每個經銷商的平均收入。

And four, grow revenue from our OEM business by expanding our OEM partnerships and continuing to invest in highly effective incentive programs across our network of affinity partners.

第四，透過擴大我們的 OEM 合作夥伴關係並繼續投資於我們的親和合作夥伴網絡中的高效激勵計劃，增加我們的 OEM 業務收入。

The building blocks, we set forth to meet our targets remain unchanged as do our long-term goals, and we're not wavering on our goal to return to $300 million in revenue by 2026. During Q2, we expanded our franchise and independent dealer network, thanks to strong growth in our new dealer activations.

我們為實現目標而設定的基石和長期目標都保持不變，我們不會動搖到 2026 年收入恢復到 3 億美元的目標。在第二季度，由於新經銷商啟動的強勁成長，我們擴大了特許經營和獨立經銷商網路。

Moreover, we're now entering a market environment that is much different versus recent years. Our business model has been constrained by the lack of new vehicle supply, but that is now changing. Vehicle supply is returning at a time when demand is patchy.

此外，我們現在進入的市場環境與近年來有很大不同。我們的商業模式一直受到新車供應不足的限制，但這種情況現在正在改變。在需求不穩定之際，汽車供應正在恢復。

This is a very positive backdrop for TrueCar. To be clear, there may still be some choppiness in the short term as some dealers look for cost-saving measures. However, it is imperative for every dealer that they continue to drive sales. In a more challenging sales environment, TrueCar becomes much more valuable as a superior demand generation partner that can drive incremental sales. TrueCar counter cycle in this way, and therefore, it is time for us to lean in.

這對 TrueCar 來說是一個非常積極的背景。需要明確的是，由於一些經銷商尋求節省成本的措施，短期內可能仍會出現一些波動。然而，每個經銷商都必須繼續推動銷售。在更具挑戰性的銷售環境中，TrueCar 作為能夠推動增量銷售的卓越需求產生合作夥伴變得更有價值。TrueCar就這樣逆循環，因此，我們是時候採取行動了。

We started to do this in Q2, growing marketing spend by $3.2 million or 24% quarter-over-quarter, which contributed to 19.5% quarter-over-quarter growth in new vehicle sales versus 8.9% industry-wide and 9% growth versus the same quarter last year compared to flat industry-wide. We believe we have a unique ability to power targeted OEM incentive programs across our affinity network, and we are poised to capitalize on this ability.

我們從第二季度開始這樣做，行銷支出增加了 320 萬美元，環比增長 24%，這使得新車銷量環比增長 19.5%，而全行業增長 8.9%，環比增長 9%。行業持平。我們相信，我們擁有獨特的能力，可以在我們的親和力網絡中推動有針對性的 OEM 激勵計劃，並且我們準備充分利用這種能力。

The rise in new vehicle inventory levels, combined with the growing price sensitivity of consumers has created a challenge for many OEMs that TrueCar is uniquely positioned to solve through the delivery of private targeted offers across our network of 300-plus affinity partners.

新車庫存水準的上升，加上消費者對價格敏感度的提高，給許多原始設備製造商帶來了挑戰，而TrueCar 擁有獨特的優勢，可以透過在我們的300 多家密切合作夥伴網路中提供私人針對性報價來解決這項挑戰。

Nevertheless, our Q2 OEM incentive revenue declined 14% year over year and 37% (sic - see slide 6, "38%") sequentially, due to the timing of activation of new OEM programs and the slowdown in new vehicle sales volumes among dealers impacted by the CDK Global outage. We see this as a timing issue only.

儘管如此，由於新 OEM 計劃的啟動時間以及經銷商新車銷量放緩，我們第二季度的 OEM 激勵收入同比下降 14%，環比下降 37%（原文如此 - 參見幻燈片 6，“38%”）受到CDK Global 中斷的影響。我們認為這只是一個時間問題。

We have a strong pipeline of opportunities and the revenue trajectory will predominantly be driven by the timing of activity -- activations. We remain confident in the growth profile of this part of our business, particularly given the fact that although incentives have grown substantially versus last year as a percentage of manufacturer's suggested retail price, the average incentive amount per vehicle remains more than 30% below pre-pandemic levels, and we are uniquely positioned with a proven product market fit.

我們擁有強大的機會管道，收入軌跡將主要由活動的時間（活化）所驅動。我們對這部分業務的成長前景仍然充滿信心，特別是考慮到儘管激勵措施佔製造商建議零售價的百分比較去年大幅增長，但每輛車的平均激勵金額仍比去年同期低 30% 以上。流行水平，並且我們具有獨特的地位，擁有經過驗證的產品市場契合度。

During Q2, we also achieved some of our highest levels of revenue activation and upgrades, largely driven by strong growth in onboarding of new franchise dealers and reactivation of dealers that had previously left our network.

在第二季度，我們還實現了收入激活和升級的最高水平，這主要是由於新特許經銷商的加入和先前離開我們網絡的經銷商的重新激活的強勁增長推動的。

Despite this growth being partially offset by dealer cancellations, we saw strong improvement across our sales effectiveness metrics during Q2, which we attribute to the sales team reorganization/realignment that began in the second half of 2023 as well as our commitment to the focused repetition of daily sales activities that we expect will allow us to grow our dealer counts over the next few years.

儘管這一增長被經銷商取消部分抵消，但我們在第二季度看到了銷售效率指標的強勁改善，這歸功於 2023 年下半年開始的銷售團隊重組/調整以及我們對重點重複的承諾我們預計日常銷售活動將使我們在未來幾年內增加經銷商數量。

Another bright spot in our Q2 performance was the rate of adoption we saw of our suite of TCMS products. Recall that during Q1, we introduced 8 unique products that leverage TrueCar's proprietary data and hyper-targeted audiences to help dealers more effectively reach and win in-market car shoppers. For most of Q2, these products were available for dealers as add-ons to their existing subscriptions. And during that time, we have quickly grown revenue from these products from 0 to a 1 million quarterly run rate with a tremendous amount of opportunity to grow further. Moreover, during June, we incorporated certain TCMS products into our enhanced subscription offering. And over the subsequent weeks, we have observed a significant lift in the adoption rate of the enhanced bundle among new dealers as well as the number of existing dealers choosing to upgrade their subscription.

我們第二季業績的另一個亮點是我們的 TCMS 產品套件的採用率。回想一下，在第一季度，我們推出了 8 款獨特的產品，這些產品利用 TrueCar 的專有數據和超級目標受眾來幫助經銷商更有效地接觸並贏得市場上的汽車購物者。在第二季的大部分時間裡，這些產品作為現有訂閱的附加產品可供經銷商使用。在此期間，我們從這些產品中獲得的收入迅速從 0 季度運行率增長到 100 萬，並且有大量進一步增長的機會。此外，在 6 月份，我們將某些 TCMS 產品納入我們的增強訂閱產品中。在接下來的幾周里，我們觀察到新經銷商增強捆綁包的採用率以及選擇升級訂閱的現有經銷商數量顯著提升。

Looking beyond Q2 and turning now to TC+. Despite being delayed by the disruption caused by the CDK cyberattack, we proudly announced the TC+ by the launch on July 17. The launch represents a key milestone in our pursuit to become the first digital marketplace where consumers can buy a new certified preowned or used car with or without a trade from the comfort of their couch through an entirely digital online transaction.

展望第二季度之後，現在轉向 TC+。儘管由於 CDK 網路攻擊造成的中斷而被推遲，我們還是自豪地在 7 月 17 日發布了 TC+。此次發布是我們追求成為第一個數位市場的一個重要里程碑，消費者可以在舒適的沙發上透過完全數位化的線上交易購買經過認證的新二手車或二手車，無論是否進行交易。

By partnering with the right dealer group whose vision for the future of automotive retail is closely aligned with our own, we developed an online car buying experience that is integrated with the dealers' back-end systems to overcome the historical obstacles to an entirely online transaction.

透過與對汽車零售未來的願景與我們密切一致的合適經銷商集團合作，我們開發了一種與經銷商後端系統整合的線上購車體驗，克服了完全線上交易的歷史障礙。

Initially spanning 10 new car brands with over 3,000 new certified preowned and used vehicles and stock, consumers seeking the convenience and flexibility of shopping from home can search for the right car that is competitively priced, secure a loan from a range of lenders, receive a binding value for the trade-in that gets applied to their new purchase, choose from an extension -- an extensive selection of compatible accessories, warranties, maintenance packages and protection products and schedule the delivery of their new vehicle all on TrueCar's websites.

最初涵蓋10 個新車品牌，擁有超過3,000 輛新的經過認證的二手車和二手車和庫存，尋求在家購物的便利性和靈活性的消費者可以搜尋價格具有競爭力的合適汽車，從一系列貸方獲得貸款，獲得其新購買的以舊換新的約束力價值，從擴展中進行選擇 - 廣泛的兼容配件、保修、維護包和保護產品選擇，並在 TrueCar 網站上安排新車的交付。

While used vehicles are currently available for delivery anywhere throughout the contiguous United States, excluding Massachusetts and New York, delivery of new vehicles will initially only be available to consumers in California for the foreseeable future.

雖然二手車目前可以在美國本土的任何地方交付（馬薩諸塞州和紐約州除外），但在可預見的未來，新車最初將僅向加州的消費者提供交付。

Over the next several months, the pilot will enable us to validate and refine the technical solutions we have developed to address each stage of the consumer purchasing process, test and develop additional ways to eliminate friction from the consumer experience and identify and solve any dealer pain points that might emerge.

在接下來的幾個月中，該試點計畫將使我們能夠驗證和完善我們為解決消費者購買過程的每個階段而開發的技術解決方案，測試和開發其他方法來消除消費者體驗中的摩擦，並識別和解決經銷商的任何難題可能出現的點。

Moreover, we aim to demonstrate strong consumer adoption of the online capabilities on TC+ eligible vehicles and the value we can deliver to dealers through sales efficiencies and expanding their addressable market. Even though we've gradually turned the service on since July 17, the new car service has only been available since last Thursday, August 1, in the entirety of California. Within this brief period, we have already seen some cool statistics, including first new car order placed within 48 hours of launching the product.

此外，我們的目標是展示消費者對符合 TC+ 資格的車輛的線上功能的強烈採用，以及我們可以透過提高銷售效率和擴大經銷商的潛在市場為經銷商提供的價值。儘管我們從 7 月 17 日起逐漸開啟該服務，但新車服務直到上週四（8 月 1 日）才在整個加州提供。在這短暫的時間內，我們已經看到了一些很酷的統計數據，包括在產品推出後 48 小時內下達的第一筆新車訂單。

Conversion from vehicle detail page, adding to carts, to credit application submission of over 40%, 12 orders placed with orders placed in this pilot of TC+ being defined as a consumer selecting a vehicle and a price accepting a 350 credit card hold or lender offer and uploading all the necessary documents.

從車輛詳細資訊頁面、添加到購物車到提交信貸申請的轉換率超過 40%，在 TC+ 試點中下達的 12 個訂單被定義為消費者選擇車輛以及接受 350 信用卡持有或貸方報價的價格並上傳所有必要的文件。

This is a big deal, and we have yet to open the proper top-of-funnel aperture for marketing, which we plan to do over the next several weeks. And yeah, the cover page of the shareholder letter is an actual picture of a billboard between Silicon Valley and San Francisco. I put here a smiley face, which you guys cannot see, but it has like big white teeth. It's really cool.

這是一件大事，我們還沒有為行銷打開適當的漏斗頂部孔徑，我們計劃在接下來的幾週內做到這一點。是的，股東信的封面是矽谷和舊金山之間廣告看板的實際圖片。我在這裡放了一個笑臉，你們看不到，但它有像大白牙一樣。真的很酷。

Finally, we remain committed to the three-year targets that we previously set to grow revenue back to $300 million with a 10% free cash flow margin by the end of 2026. Achieving that goal requires strong execution against the 4 key building blocks we have articulated and for us to continue pushing to build a better version of TrueCar that deserves to play a key role in the automotive retail ecosystem.

最後，我們仍致力於實現先前設定的三年目標，即在 2026 年底將營收增至 3 億美元，自由現金流利潤率為 10%。實現這一目標需要對我們闡述的 4 個關鍵構建模組進行強有力的執行，並繼續推動構建更好的 TrueCar 版本，使其在汽車零售生態系統中發揮關鍵作用。

While the path to $300 million will not be linear and will be subject to risks outside of our control, we are confident that the ultimate outcome will be achieved. Meanwhile, our balance sheet remains strong with no debt and approximately $180 million of cash and equivalents at the end of Q2. We repurchased 425,000 shares for $1.2 million during Q2.

雖然通往 3 億美元的道路不會是線性的，並且會受到我們無法控制的風險的影響，但我們相信最終的結果將會實現。同時，我們的資產負債表依然強勁，截至第二季末沒有債務，現金及等價物約 1.8 億美元。第二季我們以 120 萬美元回購了 425,000 股股票。

And have subsequently repurchased an additional 1.26 million shares for $4.5 million between July 1 and last Friday. Despite the broader market turbulence, this is an exciting time at the company, and we are pressing full steam ahead.

隨後在 7 月 1 日至上週五期間以 450 萬美元的價格額外回購了 126 萬股股票。儘管市場出現更廣泛的動盪，但這對公司來說是一個令人興奮的時刻，我們正在全速前進。

Now, operator, let's open the call for questions from our analysts.

現在，接線員，讓我們開始向分析師提問。

(Operator Instructions) Rajat Gupta, JPMorgan.

（操作員指令）Rajat Gupta，摩根大通。

Great. Thanks for taking the question. You mentioned you had the highest level of revenue activations and upgrades in the second quarter. Could you elaborate a little bit more on the drivers here? Is it more company-specific adoption that you saw? Or is it just more industry trends that you're seeing in the broader marketplace industry?

偉大的。感謝您提出問題。您提到您在第二季的收入啟動和升級等級最高。您能詳細說明一下這裡的驅動程式嗎？您看到的是更多針對特定公司的採用嗎？或者這只是您在更廣泛的市場行業中看到的更多行業趨勢？

And then if you could like quantify in terms of what this means for the monthly revenue per dealer going forward? And I have a couple of quick follow-ups. Thanks.

然後，您是否可以量化這對每個經銷商未來的每月收入意味著什麼？我有幾個快速跟進。謝謝。

Yeah, I'll start and then Oliver can talk about the monthly dealer -- monthly revenue per dealer. So the short version is, I think as we tried to highlight also in both the letter and the script is the idea that macro is generally changing. And so it's changing because inventory is building up. It's changing because there is a lot of pent-up demand, but affordability is a real issue. And so therefore, really focusing on unit sales is really important.

是的，我先開始，然後奧利佛可以談論每月經銷商——每個經銷商的每月收入。所以簡短的版本是，我認為我們試圖在信件和腳本中強調宏觀正在普遍變化的想法。由於庫存不斷增加，情況正在改變。這種情況正在發生變化，因為有大量被壓抑的需求，但負擔能力是一個真正的問題。因此，真正關注單位銷量非常重要。

And you focus on unit sales and help your dealers not only by actually helping them sell cars, but also the ancillary products that effectively enable them to sell even more cars, whether it's in-market shoppers or conquesting customers, et cetera. So it's really about the package that I think is working in a world where our dealers are getting more and more under pressure. And -- number one. So there's a macro component.

您專注於單位銷售，不僅透過實際幫助經銷商銷售汽車來幫助他們，還透過輔助產品有效地幫助他們銷售更多汽車，無論是有市場的購物者還是征服客戶等等。因此，我認為這實際上是關於在我們的經銷商面臨越來越大壓力的世界中發揮作用的一攬子計劃。還有——第一。所以有一個宏觀的組成部分。

And then number two is also, I think our sales team and our field team are doing a tremendous job after our restructuring to also represent themselves slightly different and articulate the value of TrueCar also slightly different. So it's a combination of those two factors and under the leadership of Lisa are doing a tremendous go.

第二點也是，我認為我們的銷售團隊和現場團隊在重組後做得非常出色，他們的表現也略有不同，並且闡明了 TrueCar 的價值也略有不同。因此，這是這兩個因素的結合，在麗莎的領導下，我們正在取得巨大的進步。

And then Oliver, I don't know if you want to say something about the revenue.

然後奧利佛，我不知道你是否想談收入。

I would just add that it's amazing to see since we launched the TrueCar Marketing Solutions product suite, that's given us and the field sales team, the opportunity to get in front of dealers who've known TrueCar for a long time, but they knew the call it, the older version of TrueCar that was purely a lead-gen provider, right?

我想補充一點，自從我們推出 TrueCar 行銷解決方案產品套件以來，看到這一點真是太棒了，這讓我們和現場銷售團隊有機會接觸到長期了解 TrueCar 的經銷商，但他們知道可以這麼說， TrueCar 的舊版純粹是潛在客戶開發供應商，對吧？

And so now that we have a much more expansive product offering, and we can address today's dealer challenges, not just the ones in the past, we've been able to get in front of even more large enterprise and strategic accounts and really present to them this new product offering that we have.

因此，現在我們擁有更廣泛的產品供應，並且我們可以解決當今經銷商的挑戰，而不僅僅是過去的挑戰，我們已經能夠面對更多的大型企業和戰略客戶，並真​​正向他們展示他們是我們提供的新產品。

And so, I think it's a combination of the sales team really hitting their stride and be much more effective in developing a strong pipeline and closing those opportunities. But I also want to say that the TrueCar Marketing Solutions products have really opened the door for us to get in front of more dealers and get them excited about what we're doing.

因此，我認為銷售團隊真正取得了進步，並且在開發強大的管道和抓住這些機會方面更加有效。但我還想說，TrueCar 行銷解決方案產品確實為我們打開了大門，讓我們能夠接觸到更多經銷商，並讓他們對我們所做的事情感到興奮。

Understood. Understood. That's helpful. And then just maybe like one near term, obviously, the OEM incentives revenue, it's going to be lumpy. You mentioned some optimism that it's going to pick up in the second half.

明白了。明白了。這很有幫助。然後，很明顯，就像近期的 OEM 激勵收入一樣，它將會變得不穩定。您提到下半年情況會好轉的一些樂觀情緒。

I was curious like -- we are like a few weeks into the third quarter. Could you update us on like what you've seen so far in the third quarter? And then coming out of the CDK hack, is there any boundaries that you can give us around revenue or EBITDA as well for the third quarter overall? Thanks.

我很好奇——我們已經進入第三季幾週了。您能否向我們介紹一下您在第三季迄今所看到的最新情況？然後，從 CDK 駭客事件中，您可以給我們關於第三季整體收入或 EBITDA 的任何界限嗎？謝謝。

No. Yeah. So I think the -- so the first on the OEM side, I think the OEMs, if you look, the pressure on the OEMs is increasing every quarter. And the dealers are asking them for help. Obviously, incentives need to come in.

不。是的。所以我認為，首先在原始設備製造商方面，我認為原始設備製造商，如果你看的話，原始設備製造商的壓力每季都在增加。經銷商正在向他們尋求幫助。顯然，激勵措施需要介入。

And so -- and as you guys know, there are really two components to this program. So one is those are lumpy programs and also the way you design programs. And so the OEMs will initially start in a little bit more cautious.

所以——正如你們所知，這個計劃其實有兩個組成部分。因此，其中之一是這些程式是不穩定的，也是你設計程式的方式。因此，原始設備製造商一開始會更加謹慎。

They might not make the incentive stackable or they might provide certain limitations and then realize that actually they should take away these restrictions. And so there's both a combination of activations as well as the design and the type of programs.

他們可能不會使激勵措施可疊加，或者他們可能會提供某些限制，然後意識到實際上他們應該取消這些限制。因此，既有激活的組合，也有程序的設計和類型。

And the short answer to your question is yes, we're positive from what we've already seen in Q3, we've seen that obviously, there is activation, there's engagement, et cetera. So we're positive and bullish on that segment overall, yeah.

對你的問題的簡短答案是肯定的，從第三季度的情況來看，我們是積極的，我們顯然看到，有激活，有參與，等等。因此，我們總體上對該細分市場持積極和樂觀的態度，是的。

And then sorry, your question on CDK was, I think the risk of CDK for us has really been limited to the last part of Q2. At the end of the day, we don't think everything is back online.

抱歉，您關於 CDK 的問題是，我認為 CDK 對我們來說的風險確實僅限於第二季的最後一部分。歸根結底，我們並不認為一切都恢復正常。

And so the reality is like the sales matching happens accordingly again. And so there's really no risk that deals have been done pen and paper without any form of sales matching going forward.

所以現實就像銷售配對再次相應地發生。因此，實際上不存在透過筆和紙完成交易而沒有任何形式的銷售匹配的風險。

There's always like -- never be surprised about some of the unexpected, but overarching, I think the risk is fairly limited to -- in Q3, and it's really limited to the boundary of Q2 as we've outlined in the letter. So I think there is no -- we should not expect any further issues with that.

永遠不要對一些意外情況感到驚訝，但總體來說，我認為風險相當有限——在第三季度，而且它實際上僅限於第二季度的邊界，正如我們在信中概述的那樣。所以我認為我們不應該期待任何進一步的問題。

Got it. But any guidance framework for the financials for the company for third quarter?

知道了。但是公司第三季的財務狀況有什麼指導框架嗎？

Yeah, absolutely. I mean -- thank you for the question. I knew the question is coming from you before. I mean, look, as you can imagine, like I'm always a little bit reluctant to guide because of the way the business runs, and we -- like a great example is a little bit of this lumpiness of OEM. We're super excited about the opportunity.

是的，絕對是。我的意思是——謝謝你的提問。我之前就知道這個問題是你問的。我的意思是，正如你可以想像的那樣，由於業務的運作方式，我總是有點不願意指導，而我們——就像一個很好的例子就是 OEM 的這種混亂程度。我們對這個機會感到非常興奮。

We're doing all the right things. Activations will happen. You'll start seeing this. And in the long term, you'll see tremendous growth there. In terms of guidance, I would say, we've indicated in the past that we're aiming to achieve free cash flow breakeven by the end of the year, right?

我們正在做所有正確的事情。將會發生激活。你會開始看到這個。從長遠來看，你會看到那裡的巨大增長。在指導方面，我想說，我們過去曾表示，我們的目標是在年底前實現自由現金流損益平衡，對嗎？

There might be some given date there, but it's still an aim we have, okay? So I just want to -- now if we miss this little by hair, it's not the end of the world, but it's really the focus of I want to make sure that everybody knows that this company is really self-sustainable, and I'm -- I feel that free cash flow is the right measure vis-à-vis adjusted EBITDA.

那裡可能有某個特定的日期，但這仍然是我們的目標，好嗎？所以我只是想 - 現在，如果我們錯過了這一點，那不是世界末日，但這確實是我想確保每個人都知道這家公司真正能夠自我維持的重點，而且我' m——我認為自由現金流是相對於調整後EBITDA 的正確衡量標準。

And then obviously, for us to hit our three-year plan, we need to start accelerating our revenue growth, okay? And this really starts with consistently achieving double-digit year-over-year growth and then obviously accelerating to beyond our long-term target of 20%-plus. And so if you work backwards on the 2026, we feel we can actually make that happen.

顯然，為了實現我們的三年計劃，我們需要開始加速我們的收入成長，好嗎？這實際上是從持續實現兩位數的同比增長開始的，然後明顯加速超過我們 20% 以上的長期目標。因此，如果你回顧 2026 年，我們認為我們實際上可以實現這一目標。

It obviously does mean that we need to start accelerating. Double-digit is a focus, then obviously go beyond that. We're confident in the building blocks. We see the fruit of the labor come through. And there's still plenty of room of improvement in the various areas that we have.

顯然，這確實意味著我們需要開始加速。兩位數是一個焦點，然後顯然會超出這個範圍。我們對建構模組充滿信心。我們看到勞動成果得以實現。我們在各個領域仍有很大的進步空間。

But overall market conditions for both consumer demand and dealer sentiment are in our favor and turning more and more in our favor every day. So we're very bullish.

但消費者需求和經銷商情緒的整體市場狀況對我們有利，而且每天都在變得越來越有利於我們。所以我們非常看好。

Got it. Great. Thank you. I'll get back in the queue.

知道了。偉大的。謝謝。我會回到隊列中。

Naved Khan, B. Riley Securities.

納韋德汗 (Naved Khan)，B. 萊利證券 (Riley Securities)。

yeah. Hi. Thanks a lot. Just a couple of questions from me. So maybe just on the direct channel, you did increase the advertising spend, but we didn't see that reflected in terms of unit growth in the direct channel. And I assume there's a lag effect, right, because you spend on marketing, doesn't maybe -- unless it's performance, it might take time to show up.

是的。你好。多謝。我只想問幾個問題。因此，也許只是在直接管道上，您確實增加了廣告支出，但我們沒有看到這反映在直接管道的單位成長方面。我認為存在滯後效應，對吧，因為你在行銷上花錢，也許不會——除非是績效，否則可能需要時間才能顯現出來。

So maybe just talk about how should we think about the direct channel in the back half, at least how are you thinking about it? And also maybe advertising spend in the back half, if that should go up year on year or sequentially? How should we think about that? And then I have a follow-up. Thanks.

那麼也許只是談談我們應該如何看待後半部的直接管道，至少你是如何看待它的？另外，下半年的廣告支出是否應該較去年同期或持續成長？我們該如何思考這個問題？然後我有一個後續行動。謝謝。

Yeah --

是的--

Go ahead, Oliver. Go first. I will go after.

繼續吧，奧利佛。先走吧。我會去追。

Okay. Yeah. So I would say that as we've articulated, we think probably the number one lever for us to drive down dealer cancellations and really strengthen the health of our dealer network is by driving incremental sales. And so what we're focused on doing is capturing share of consumer demand each quarter. And I think we achieved that in Q2.

好的。是的。因此，我想說，正如我們所闡述的那樣，我們認為減少經銷商取消訂單並真正加強經銷商網路健康狀況的首要手段可能是推動增量銷售。因此，我們專注於捕捉每季消費者需求的份額。我認為我們在第二季度實現了這一目標。

We did spend more money on both branded media spend to the truecar.com channel. But also we spent more marketing dollars across the partner network, where we -- historically, we've had greater efficiency on that spend.

我們確實在 truecar.com 頻道的品牌媒體上花了更多的錢。而且我們在合作夥伴網路上花費了更多的行銷資金，從歷史上看，我們在這方面的支出效率更高。

But it is important that we are focused on both the direct channel, truecar.com and the partner network. And I would argue that we saw some pretty encouraging signs even with the spend that we put towards truecar.com. I would say that the CDK impact in the last 12 days of the quarter, certainly, didn't help our unit count.

但重要的是，我們同時關注直接管道 truecar.com 和合作夥伴網路。我認為，即使我們在 truecar.com 上投入了資金，我們也看到了一些非常令人鼓舞的跡象。我想說的是，本季最後 12 天的 CDK 影響當然對我們的單位數量沒有幫助。

And I think absent that, you likely would have seen a higher TCDC unit count and a lower cost per sale. There's also some of that spend that's more longer term, right, isn't necessarily bottom of funnel, going to convert into unit sales immediately.

我認為如果沒有這一點，您可能會看到更高的 TCDC 單位數量和更低的每銷售成本。還有一些支出是更長期的，對吧，不一定是漏斗的底部，會立即轉換為單位銷售額。

But if you look at the big picture, we increased marketing spend and we accomplished our objective, which was to grow unit sales. And so we managed to grow new unit sales well above the average year-over-year volume growth across public franchise dealers. And so that's what we set out to do.

但如果你從大局來看，我們增加了行銷支出，並且實現了我們的目標，即增加單位銷售量。因此，我們的新銷量成長遠高於公共特許經銷商的平均年銷售成長。這就是我們打算做的。

And I think we'll continue to spend fairly aggressively on consumer acquisition because ultimately, that's going to be what helps us keep dealers on the platform, what attracts new dealers to our platform. But we'll always look to do that as efficiently as possible.

我認為我們將繼續在消費者獲取上投入相當大的資金，因為最終這將有助於我們將經銷商留在平台上，吸引新經銷商加入我們的平台。但我們將始終尋求盡可能有效率地做到這一點。

Okay. And I'm just trying to be understanding of the growth that we had expected versus where you reported. And obviously, this CDK hack is part of that. But if I just look at the numbers, right, so maybe that had like a 200 basis point effect on your top line versus maybe like a 13%, I think alluded to you could achieve. So just trying to unpack what the differential could be? Is it like a delayed spending on the incentive side or something else, just help us understand that?

好的。我只是想了解我們預期的成長與您報告的成長。顯然，CDK 駭客攻擊就是其中的一部分。但如果我只看數字，對吧，也許這對你的收入有 200 個基點的影響，而我認為你可以達到 13% 的效果。那麼只是想解開差異可能是什麼？這是否像是激勵方面的延遲支出或其他什麼，請幫助我們理解這一點？

Yeah. I think the biggest impact is just the delay in activations on the OEM side, right? So it's a little bit hard to really predict the timeline, and these are obviously, number one, often high-impact dollars. So these are high amounts as well as high flow-through dollars. And so it's really just a timing issue more than anything else.

是的。我認為最大的影響只是 OEM 端啟動的延遲，對嗎？因此，真正預測時間表有點困難，而這些顯然是排名第一、往往具有高影響力的資金。因此，這些金額很高，流通量也很高。所以這其實只是一個時間問題。

Okay. Maybe last question. Just for the full year, you said that you expect to be free cash flow breakeven. Is that exiting the year or for the full year as a whole, how should we understand that?

好的。也許是最後一個問題。就全年而言，您說您預計自由現金流將達到損益兩平。是指全年還是全年，我們該如何理解？

No, exiting the year. Yeah, exiting the year, Q4.

不，退出這一年。是的，今年第四季結束。

Got it. Thank you, guys.

知道了。謝謝你們，夥計們。

Chris Pierce, Needham.

克里斯皮爾斯，李約瑟。

Hey. Good morning, guys. How are you doing? Can you just talk about the sequential decline in gross margins a little bit -- and how to think about the gross margin path for the rest of the year?

嘿。早安，夥計們。你好嗎？您能否簡單談談毛利率的連續下降，以及如何思考今年剩餘時間的毛利率走勢？

Yeah. The sequential decline in gross margins is really attributed to the expanded TrueCar wholesale solutions product offering. So historically, we've always had this sell your car lead model where we would connect our dealer partners with consumers looking to sell their car, that is a much higher flow through versus the profile offer model that we've launched earlier this year, whereby we are acquiring vehicles directly from consumers on behalf of our dealers and ultimately selling those vehicles to our dealers.

是的。毛利率的連續下降實際上歸因於 TrueCar 批發解決方案產品供應的擴大。因此，從歷史上看，我們一直有這種「賣你的汽車」主導模式，我們可以將我們的經銷商合作夥伴與希望出售汽車的消費者聯繫起來，與我們今年早些時候推出的個人資料提供模式相比，這是一個更高的流量，我們代表我們的經銷商直接從消費者那裡購買車輛，並最終將這些車輛出售給我們的經銷商。

So lower margin profile and what we saw in Q2 is that the expenses associated with acquiring those vehicles from consumers is what pulled down the gross margin sequentially.

因此，利潤率較低，我們在第二季度看到的是，與從消費者那裡購買這些車輛相關的費用是導致毛利率連續下降的原因。

I want to add one thing that I think it's really important, and you'll hear me reiterate this probably multiple times over the next couple of quarters, which is really the wholesale side is an enabler to TrueCar+. And I think that should not be overlooked.

我想補充一件事，我認為這非常重要，你會聽到我在接下來的幾個季度可能會多次重申這一點，這實際上是批發方面是 TrueCar+ 的推動者。我認為這一點不應被忽視。

So in a world where the TrueCar+ is an online flow, where you obviously want to provide a committed like value on the trade as well, and you want to enable the trade to flow fluidly through not only the consumer experience but also through the dealer experience, because not every dealer would want to have that trade, right?

因此，在 TrueCar+ 是線上流程的世界中，您顯然也希望在交易中提供類似的承諾價值，並且您希望使交易不僅能夠透過消費者體驗而且透過經銷商體驗流暢地流動，因為並非每個經銷商都希望進行該交易，對嗎？

So you want to be able to offset that trade immediately out back into the market. It's really about enabling TrueCar+ scalability. And so the wholesale side is really drive -- the major driver of that is that. And obviously, that's already proving its worth. So I just want to make sure that people are fully aware that that's an important part of a component of that.

因此，您希望能夠立即將交易抵銷回市場。這實際上是為了實現 TrueCar+ 可擴展性。所以批發方面確實是驅動力——主要驅動力就是這個。顯然，這已經證明了它的價值。所以我只是想確保人們充分意識到這是其中一個組成部分的重要組成部分。

Can you just go into the specifics, like is it holding inventory or certain dealers not wanting certain cars or the value starts decline or like how should we think about that going forward?

您能否詳細說明一下，例如是否持有庫存或某些經銷商不想要某些汽車或價值開始下降，或者我們應該如何考慮未來？

Yeah. So if you think about it, like -- so there are two pieces, right? And one will just take more time and the other one is more near term. So do you want to have -- so the near term is you want to have a solution that if somebody trades their car as part of TrueCar+, you can actually give a real value. It gets baked into the deal, the dealer who sells the car grounds the car, but then has the option to keep the car or not, right?

是的。所以如果你想一想，就像──所以有兩個部分，對嗎？其中一個需要更多時間，而另一個則需要更短期的時間。那麼您是否想要 - 所以近期您想要一個解決方案，如果有人將他們的汽車作為 TrueCar+ 的一部分進行交易，您實際上可以提供真正的價值。它被納入交易中，出售汽車的經銷商將汽車停飛，但隨後可以選擇保留或不保留汽車，對嗎？

It's not up to the dealer. They don't -- shouldn't have to take the car, especially not if the trade happens across the country or right -- it's not within their desired vehicles, et cetera. So we want to decouple the trade from the actual selling of the initial car.

這不是經銷商能決定的。他們不——不應該拿走汽車，尤其是如果交易發生在全國範圍內或正確的情況下——這不是他們想要的車輛，等等。因此，我們希望將交易與初始汽車的實際銷售脫鉤。

And so by decoupling that, you want to effectively then create a marketplace. Now there is an added component to that, which obviously, as we were working through that flow is that it turns out that a lot of our dealers would love to have access to use inventory.

因此，透過將其解耦，您希望有效地創建一個市場。現在還有一個附加元件，很明顯，當我們正在處理該流程時，事實證明我們的許多經銷商都希望能夠使用庫存。

So now you have a win-win, so which is obviously great. We can solve the flow TrueCar+. And then over time, as these volumes start increasing, also start having dealers effectively participate in the ability to get access to those inventories as the grounding dealer doesn't want to have the car.

所以現在你們實現了雙贏，這顯然很棒。我們可以解決TrueCar+的流程。然後隨著時間的推移，隨著這些數量開始增加，經銷商也開始有效地參與獲得這些庫存的能力，因為停飛的經銷商不想擁有汽車。

And so -- which is also because if we can do that over time, then obviously, you effectively enable a very attractive wholesale side of the business. But the reason why you won't see like dramatic growth on the wholesale side overnight, and we want to make sure we do this in a very structured manner, is really initially to support the TrueCar+ growth trajectory.

因此，這也是因為如果我們能夠隨著時間的推移做到這一點，那麼顯然，您可以有效地實現非常有吸引力的批發業務。但是，你不會在一夜之間看到批發方面的大幅增長，而且我們希望確保以非常結構化的方式做到這一點，原因實際上是為了支持 TrueCar+ 的成長軌跡。

And then over time, we can expand that as we have more and more dealers on the wholesale network effectively. Does that make sense?

隨著時間的推移，我們可以有效地擴大這一範圍，因為我們在批發網路上擁有越來越多的經銷商。這樣有道理嗎？

Okay. Yeah. Yeah. And then just one on TrueCar+. When you guys initially rolled out, was it -- do I have it correctly, it was based in the Southeast, but now it's California dealer base? Or can you talk about the dealer base and how that's been shifting or geographically why it started in California?

好的。是的。是的。然後只有 TrueCar+ 上的一個。當你們最初推出時，是——我沒聽錯嗎，它的總部位於東南部，但現在是加州經銷商基地？或者您能談談經銷商基礎以及它是如何變化的，或者從地理上講為什麼它始於加利福尼亞州？

Yeah. So if you go back -- so like if you think of TrueCar+ 1.0, right, it was never really a full online transaction. It was always a form of super lead. And if you think about the broader market, that's effectively what most solutions are that people are claiming to be an online transaction. That's really not the case.

是的。因此，如果您回顧過去，就像您想到 TrueCar+ 1.0 一樣，對吧，它從來都不是真正的完整線上交易。這始終是超級領先的一種形式。如果你考慮更廣泛的市場，這實際上就是人們聲稱的線上交易的大多數解決方案。事實並非如此。

I don't want to be harsh on the industry, but unfortunately, I think there's a lot of snake oil. In the -- so in order to actually enable a transaction online to take place, where everything happens online and you sign a [RIC] online, and you do the fulfillment, et cetera, you want to narrow it effectively to, okay, what's the market you can focus on initially, where you have the in-market consumers that are attractive to online shopping as well as the dealers that are progressive and willing and able to work with us on creating this flow.

我不想對這個行業嚴厲，但不幸的是，我認為有很多萬金油。因此，為了真正實現線上交易，一切都在線上發生，您在線上簽署 [RIC]，然後進行履行，等等，您希望有效地將其範圍縮小到，好吧，什麼是您最初可以關注的市場，其中有對線上購物有吸引力的市場內消費者，以及積極進取、願意並能夠與我們合作創建這種流量的經銷商。

So although we originally launched the first version in Florida, because there was a high demand there, we learned a lot from that, but that was really effectively a form of a super lead. This is the actual transaction forum.

因此，雖然我們最初在佛羅裡達州推出了第一個版本，但由於那裡的需求很高，我們從中學到了很多東西，但這實際上是一種超級領先的形式。這是實際的交易論壇。

We launched it in California really because we have a fantastic dealer group who we're working with in California, but also because we want to -- in the new case you want to be state-specific initially in order to avoid any conflicts around DMAs and be respectful to other dealers to the franchise laws to be respectful to the OEMs, et cetera.

我們在加利福尼亞州推出它，實際上是因為我們在加利福尼亞州擁有一個出色的經銷商團隊，我們正在與他們合作，而且還因為我們希望- 在新的情況下，您希望首先針對特定州進行操作，以避免圍繞DMA 發生任何衝突尊重其他經銷商，遵守特許經營法，尊重原始設備製造商等。

And so this is really about proving it out, showing that this is worth. What's fun and exciting is that you have all the different stakeholders looking at this saying, well, this is cool, but right like let's make sure we don't rattle the system too much and really focus on the DMAs, be within the DMA in the state that the dealers are in or new. We can do this obviously more broadly for used.

所以這實際上是為了證明這一點，表明這是值得的。有趣和令人興奮的是，所有不同的利益相關者都在看這句話，嗯，這很酷，但就像讓我們確保我們不會對系統造成太多幹擾並真正關注 DMA，在 DMA 內經銷商所處的狀態或新的狀態。顯然，我們可以更廣泛地使用這一點。

And then as we go and scale this, we can obviously start scaling more inventory within the state and then start adding other states as well. This also allows for an easier product development cycle because it allows for more confined problem set to solve.

然後，當我們進行擴展時，我們顯然可以開始擴展該州內的更多庫存，然後也開始添加其他州。這也使得產品開發週期變得更容易，因為它允許解決更有限的問題集。

So at the moment, new, you can buy within California, the whole of California; used, you can obviously buy within the United States minus Hawaii, Alaska, Massachusetts, New York.

所以目前，新的，你可以在加州購買，整個加州；用過的，當然可以在美國境內購買，除了夏威夷、阿拉斯加、麻薩諸塞州、紐約。

Okay. Thank you.

好的。謝謝。

Tom White, D.A. Davidson.

湯姆懷特，D.A.戴維森。

Great. Thanks. Jantoon, you touched on new car supply ramping up broadly across the industry and how that's an important new industry development that should benefit you guys, I guess, as long as demand -- consumer demand hangs in there.

偉大的。謝謝。Jantoon，您談到了整個行業的新車供應量普遍增加，以及這是一個重要的新行業發展，我想只要需求——消費者需求保持不變，就會使你們受益。

But did I hear you -- you also mentioned that in the face of that some dealers might, I guess, look to like trim operating expenses are overhead first before maybe leaning into new demand channels to try and move that supply off their lots. I was hoping you could just provide a little bit more detail on that.

但我聽到你的話了嗎——你也提到，面對這種情況，我猜，一些經銷商可能會首先考慮削減營運費用，然後再轉向新的需求管道，嘗試將供應從他們的地段轉移出去。我希望你能提供更多細節。

Just curious, like, are you hearing that broadly from dealers? Like where are they cutting? And I guess what gives you confidence that marketing expense isn't something they will cut? And is something eventually building into? Thank you.

只是好奇，例如，您是否從經銷商那裡廣泛聽到了這一點？例如他們在哪裡切割？我想是什麼讓你相信他們不會削減行銷費用？最終會形成什麼東西嗎？謝謝。

Yeah. Great question. So the short answer is yes. So obviously, inventory is building up. And so as you can imagine, floor financing, right, and expenses for dealers is high.

是的。很好的問題。所以簡短的回答是肯定的。顯然，庫存正在增加。正如你可以想像的那樣，經銷商的場內融資和費用很高。

And so sales efficiency is really important for them. And obviously, in nervousness that if rates like affordability stays where it is, then yeah, there's a lot of pent-up demand, but pent-up demand doesn't really help the dealer because they obviously need to be selling cars. And so if you look forward, I think, more broadly, the dealers are somewhat nervous, right?

因此，銷售效率對他們來說非常重要。顯然，如果像負擔能力這樣的利率保持在原來的水平，那麼是的，有很多被壓抑的需求，但被壓抑的需求並不能真正幫助經銷商，因為他們顯然需要銷售汽車。因此，如果你展望未來，我認為，從更廣泛的角度來看，經銷商會有些緊張，對嗎？

Because at the end of the day, they're realizing that prices will probably come down, right, like it will effectively almost start resetting a little bit similar to what it was pre-pandemic. So they're going to get margin squeeze, right, if the prices -- and when prices come down, they have issues around demand and affordability and then, right, they have high floor financing costs, et cetera.

因為最終，他們意識到價格可能會下降，對吧，就像它實際上幾乎會開始重置，與大流行前的情況有點相似。因此，如果價格下跌，他們將面臨利潤擠壓，對的，當價格下降時，他們會遇到需求和承受能力的問題，然後，對的，他們的底融資成本很高，等等。

So altogether, obviously, they're very mindful of the P&L, especially of the P&L that they've obviously been able to have very efficient P&Ls in the recent times and that now obviously starts getting under pressure. And so there's a lot of consideration around, again, how to be efficient as a dealership. But this is exactly where I actually think we play really well.

總的來說，顯然，他們非常關注損益表，尤其是損益表，他們最近顯然能夠擁有非常有效的損益表，但現在顯然開始面臨壓力。因此，作為經銷商，如何提高效率也需要大量考慮。但這正是我認為我們打得很好的地方。

And this is also what I tried to allude to earlier when I made the comment about the field team is that the engagement we are doing with dealers is very different in the past, right? This is not about walking into a dealership saying, hey, I'm going to send you more leads.

這也是我之前在評論現場團隊時試圖提到的，我們與經銷商的接觸與過去非常不同，對吧？這不是走進經銷商說，嘿，我要給你更多線索。

This is really about understanding the problem set that different dealers cope with. And so -- and the dealer in Wyoming has a different -- very different dealer -- the problem set than the dealer in L.A. versus New York.

這其實是為了了解不同經銷商處理的問題集。因此，與洛杉磯和紐約的經銷商相比，懷俄明州的經銷商有一個不同的、非常不同的經銷商所面臨的問題。

And so this is really about how can we help the dealers, not only by servicing them well, but providing the right insights and training, et cetera, but also having a much more broader product suite that actually allows us to custom those programs much more to these dealers.

因此，這實際上是關於我們如何幫助經銷商，不僅為他們提供良好的服務，而且提供正確的見解和培訓等等，而且還擁有更廣泛的產品套件，實際上允許我們更多地定制這些程序給這些經銷商。

So in many ways, a little bit of a harsher environment for our dealers, and I hate to say it because obviously, there are customers is not -- is actually to our benefit because it then means that, yeah, they're going to have a greater scrutiny.

因此，從很多方面來說，對我們的經銷商來說，環境有點嚴酷，我不想這麼說，因為顯然，有些客戶並不是——實際上對我們有利，因為這意味著，是的，他們將進行更嚴格的審查。

But I think under scrutiny, we actually perform better because we obviously have good results. And so -- but yeah, overarching, I think if you were to pull the testament of dealers, there's a level of nervousness over the future if affordability doesn't come down relatively quickly? Or if OEMs are not stepping in and helping support close that gap of affordability.

但我認為，經過審查，我們實際上表現得更好，因為我們顯然取得了不錯的成績。所以——但是，是的，總體來說，我認為如果你要拿出經銷商的證明，如果負擔能力沒有相對較快地下降，那麼對未來會有一定程度的緊張？或者，如果原始設備製造商沒有介入並幫助支持縮小負擔能力的差距。

Got it. Thank you. That's very interesting. Appreciate it.

知道了。謝謝。這很有趣。欣賞它。

Marvin Fong, BTIG.

馬文·方，BTIG。

Hi. Good morning. Thanks for taking my questions. Maybe a multi-part one on the launch of TC+, but I know it sounds like it's only been live for less than a week here. But for the 12 orders you referenced, did everything go as planned? Did you hit any snags? And also, just as you've talked about starting to scale this in the fourth quarter of the year. Is that like a firm timeline?

你好。早安.感謝您回答我的問題。也許是關於 TC+ 發布的多部分內容，但我知道聽起來它在這裡只上線了不到一周。但你提到的12筆訂單，一切都照計畫進行嗎？你遇到任何障礙了嗎？而且，正如您談到的那樣，將在今年第四季開始擴大規模。這就像是嚴格的時間表嗎？

Or is that dependent on like how the transaction volumes within the pilot phase go? Any color there would be great. And then I have a follow-up.

還是取決於試點階段的交易量如何？任何顏色都會很棒。然後我有一個後續行動。

Yeah. Awesome. So I always need to be careful how I answer that question given -- like if you ask the product folks, nothing goes as planned. If you ask me, everything goes as planned. So I think the answer is no, it's -- I think, look, we're learning it on.

是的。驚人的。所以我總是需要小心地回答這個問題——就像如果你問產品人員，一切都不會按計劃進行。如果你問我，一切都會按計劃進行。所以我認為答案是否定的，我認為，看，我們正在學習它。

I think we're getting a lot of feedback, which is really good. I think you -- the real thing is that fundamentally, the flow is a really good flow. I think what's really interesting is once you actually open it up and have real consumers go through that are not like friends and family and like people that are somewhat adjacent, right, which is really what we've been doing, you immediately start seeing the little things where you might have a bias or you might like not have thought about it or something is unclear.

我認為我們收到了很多反饋，這非常好。我認為——真正的事情是，從根本上來說，流程是一個非常好的流程。我認為真正有趣的是，一旦你真正打開它並讓真正的消費者經歷，他們不像朋友和家人，也不像有些相鄰的人，對吧，這確實是我們一直在做的事情，你立即開始看到在一些小事上，你可能有偏見，或者你可能不喜歡考慮它，或者有些事情不清楚。

What we do know is, look, we knew we could have further improved the product and you can effectively internally improve the products, but we knew we wanted to be out there. We know we can shorten the steps dramatically in the flow.

我們所知道的是，看，我們知道我們可以進一步改進產品，並且您可以有效地在內部改進產品，但我們知道我們想要在那裡。我們知道我們可以大幅縮短流程中的步驟。

And we also know that language is really key in terms of understanding, right, car buying is not something that most people do every day. So yeah, we're learning a lot. And then you're also learning a lot of nuances, right? Somebody who like wants to have a financing and has three jobs.

我們也知道語言對於理解來說確實很關鍵，對吧，買車並不是大多數人每天都會做的事情。是的，我們學到了很多。然後你也學到了很多細微差別，對嗎？喜歡的人想要融資並擁有三份工作。

And so suddenly, you need to upload paystubs, but we only had one opportunity to upload your paystub, not three, right, or three simultaneously, then how do you like put that together, or right, like even the interactions with lenders, et cetera.

突然之間，你需要上傳工資單，但我們只有一次機會上傳你的工資單，而不是三個，對，或者同時三個，那麼你想如何將它們放在一起，或者對，甚至像與貸方的互動，等等等等。

So net-net is, yeah, we're learning a tremendous amount. And the teams have been picking this up really, really well. We have daily hobbles together. We turn like immediate problems that evening. So yeah, so I think this is exactly where we wanted to be.

所以，是的，我們正在學習大量的網路知識。各團隊已經非常非常好地接受了這一點。我們每天都在一起蹣跚學步。那天晚上我們就像眼前的問題一樣。是的，所以我認為這正是我們想要的。

I would love to start scaling this, right? We initially had this open at a limited distance from the dealers. We then gradually opened it further. As of last Thursday, we're open in California for new. You also start seeing very different behaviors amongst the different credit profiles, right?

我很想開始擴展這個，對嗎？我們最初是在距離經銷商有限的距離處開放的。然後我們逐漸將其進一步打開。從上週四開始，我們在加州重新開業。您也會開始看到不同信用狀況之間的行為非常不同，對嗎？

Remember that historically, we were talking, and at some point, you'll start hearing me talk about that again around these cohorts, right? So the convenience cohort and like the EV cohort, et cetera. So each of those have very different behaviors as they go online. We're observing very similar behaviors to the past as well.

請記住，從歷史上看，我們正在談論，在某個時候，您會開始聽到我再次圍繞這些群體談論這個話題，對嗎？因此，便利群體和電動車群體等等。因此，每個人上網時都有非常不同的行為。我們也觀察到與過去非常相似的行為。

And so yeah, so there's just a tremendous learning that will come from it. We're obviously looking to scale this. We're initially focused on the new site really on California. The first thing we need to do is obviously start adding more inventory to that. Well, I should rephrase that, we should first need to make sure that the product is fluid.

是的，從中可以學到很多。顯然我們正在尋求擴大規模。我們最初專注於加州的新網站。我們需要做的第一件事顯然是開始增加更多庫存。好吧，我應該重新表達一下，我們首先需要確保產品是流動的。

And right, like all the tiny hiccups and things are worked out so that it's as automated as can be also for the dealer as well as for the consumer. Once we have that more under control, start adding inventory to that because, obviously, the matching of demand and supply is a key component around that.

是的，就像所有的小問題和事情都得到了解決，這樣對於經銷商和消費者來說都是盡可能自動化的。一旦我們有了更多的控制，就開始增加庫存，因為顯然，需求和供應的匹配是圍繞這一點的關鍵組成部分。

And then we can start thinking about doing this also in other states. And so really, they are in these different segments. Remember though, I'll just remind everybody that we don't charge for TC+, so don't expect any like revenue from that within this year.

然後我們可以開始考慮在其他州也這樣做。事實上，它們處於不同的細分市場。但請記住，我只是提醒大家，我們不會對 TC+ 收費，因此不要指望今年內會產生任何類似的收入。

It's really about proving it, and it's proving it not only to the dealers, it's really proving it to the wider stakeholders. It's proving it to lenders, proving it to OEMs, it's proving it to dealers. A lot of people are looking at what we're doing and how we're doing it. So this is really exciting.

這確實是為了證明這一點，而且不僅是向經銷商證明，而且是向更廣泛的利害關係人證明。它正在向貸款人證明這一點，向原始設備製造商證明這一點，它正在向經銷商證明這一點。很多人都在關注我們正在做什麼以及我們是如何做到的。所以這真的很令人興奮。

And clearly, people are resonating well with the product. So yeah, scale it initially, product focused, then California focused, then outside of California, other states.

顯然，人們對該產品產生了良好的共鳴。所以，是的，首先擴大規模，以產品為中心，然後以加州為中心，然後是加州以外的其他州。

Awesome. That's terrific color. And then just following up on Chris' questions about the new wholesale profile. So can you just confirm, I mean, is there any holding period risk? I mean, wholesale prices or vehicle prices would have moved very sharply. Yeah.

驚人的。那是很棒的顏色。然後跟進克里斯關於新批發資料的問題。那麼能否確認一下，是否有持有期風險？我的意思是，批發價格或車輛價格將會大幅波動。是的。

Yeah, very good question. The answer is -- I mean, minimal is the short answer. And so really, the idea is -- we -- it's not us wanting to become like a wholesaler or it's not us wanting to arbitrage the market or things like that. That's not what we're good at. This is really focused on initially enabling -- having the infrastructure in place to enable TC+ growth from a trade-in perspective.

是的，非常好的問題。答案是——我的意思是，簡短的答案是「最小」。所以實際上，我們的想法是——我們——不是我們想要變得像批發商，也不是我們想要套利市場或類似的事情。那不是我們所擅長的。這實際上側重於最初的實現——從以舊換新的角度來看，擁有適當的基礎設施以實現 TC+ 的成長。

And then as a positive side effect of that is we have a lot of customers asking for inventory. So great. So then all the inventory that flows out of the TC+ trade-ins, then obviously, we can obviously offset to these customers, and then it's a win-win for everybody. But the idea really is no, we don't want to take any inventory risk. We don't want to hold any inventory.

其正面的副作用是我們有很多客戶要求庫存。太棒了。那麼所有從 TC+ 以舊換新流出的庫存，顯然我們可以抵消這些客戶，這對每個人來說都是雙贏。但這個想法確實不是，我們不想承擔任何庫存風險。我們不想持有任何庫存。

That's not our business, and it's not really enough. You have to in terms of paper holding because you technically are holding inventory for a very short period of time as you transit the paperwork because there's no other way, but it's really to just enable TC+ flow.

這不是我們的事，而且還不夠。您必須在紙張持有方面這樣做，因為從技術上講，您在傳輸文書工作時會在很短的時間內持有庫存，因為沒有其他方法，但實際上只是啟用 TC+ 流程。

And obviously, it helps our dealer network to have access to inventory. But so yeah, so I would not assume any inventory risk from our side, and we're not arbitraging any of these prices. So we're pretty much dealing at one price that we already have pretty much fixed on the back end.

顯然，它有助於我們的經銷商網路獲得庫存。但是，是的，所以我不會承擔我們方面的任何庫存風險，而且我們不會對這些價格進行套利。因此，我們幾乎以一種價格進行交易，並且我們已經在後端固定了該價格。

Okay. Got it. Thanks so much, Jantoon.

好的。知道了。非常感謝，詹頓。

That concludes the question-and-answer session. I would like to turn the call back over to Jantoon for closing remarks.

問答環節到此結束。我想將電話轉回給 Jantoon 進行結束語。

Great. Awesome. I would like to thank everybody for taking the time to participate on our call today. I also want to thank the team for all their herculean efforts. We have many exciting initiatives in the works, and the evolving team culture is a testament to all the right changes we have made.

偉大的。驚人的。我要感謝大家抽空參加我們今天的電話會議。我還要感謝團隊的巨大努力。我們正在進行許多令人興奮的舉措，不斷發展的團隊文化證明了我們所做的所有正確的改變。

We keep making progress with gratitude to the team. Thank you. And as I like to close off a lot of our letters, to infinity and beyond.

我們懷著對團隊的感激之情不斷進步。謝謝。正如我喜歡結束我們的許多信件一樣，無限甚至更遠。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。