Earnings call · Carvana Wed Oct 28, Saidwire live coverage archive https://saidwire.com/archive/earnings-cvna-oct28 STORY (final version) Carvana Says AI Agents Are a Tailwind, Sees 'Extremely Clear' Path to 13.5% EBITDA Margin Executives said fuel and interest-rate moves cost about $200 per unit in the third quarter, and that Carvana will shift to GAAP operating income and net income reporting in 2027. Carvana executives said on the company's third-quarter earnings call that rising gas prices and interest rates cost the used-car seller about $200 per unit this quarter, but that the route to a 13.5% adjusted EBITDA margin remains "extremely clear." CEO Ernie Garcia also argued that consumer AI agents should benefit Carvana by reducing digital friction while exposing the physical friction of buying from traditional dealers. MARGIN PATH AND 2027 REPORTING CHANGE Garcia said the 13.5% EBITDA margin target maps to a 12.5% operating income margin, and that the SG&A leverage areas CFO Mark Jenkins described are enough to reach that level. That leaves revenue and variable-cost gains, many of which AI tools could speed up, as additional upside, Garcia said. "We can see our way very clearly to 13.5% and we plan to get there slowly but surely continually over time," he said. Jenkins said Carvana will change its reporting in 2027 to focus on GAAP operating income and net income rather than adjusted EBITDA. He called it "a natural step in our evolution as a company," saying the value of adjusted EBITDA declines as the company becomes more profitable on a GAAP basis. Jenkins identified leverage opportunities in overhead, advertising and operations expense. He said advertising leverage is more likely over the longer term than the near term, and that operations expense rose in the third quarter largely because of fuel and logistics costs. AGENTIC AI Garcia said consumer AI agents push people toward digital transactions and can "effectively reduce digital friction to zero while leaving physical friction largely unchanged." He said an agent shopping at a traditional dealer would surface dock fees, add-ons and uncertainty over financing, while Carvana could present a car, trade-in value and payment terms at once. Asked by an analyst why Carvana does not always show up when he queries chatbots for used cars, Garcia said the company must push its data out so bots can see it, and that it will appear more often as it grows. He said little in the underlying business needs to change because Carvana's consumer-facing system is deterministic and can expose each part of a transaction through an API. Asked whether agents could intensify competition on auto loan rates, Garcia called the concern reasonable in isolation but said market adjustments, such as prepayment or upfront fees, would likely temper the effect. He said Carvana's vertically integrated model has advantages over two horizontally stacked businesses. PRODUCTION, GROSS PROFIT AND GROWTH Jenkins said Carvana produced more than 200,000 units in a single quarter for the first time and slightly out-produced retail units sold. He said the number of cars immediately available on the website is growing much more slowly than sales, which the company wants to change. Retail gross profit per unit was strong, Jenkins said, with higher retail-to-wholesale spreads offset partly by higher non-vehicle costs tied to inbound fuel prices. On financing, he said Carvana has passed some benchmark rate increases through to customers, with lags, and that the company earlier passed back efficiency gains in the form of lower customer rates. Garcia said supply-chain scaling is the biggest constraint on growth. Asked about a larger competitor showing better growth, he said Carvana is roughly a 2% market shareholder, and that it has not seen any competitor have a notable effect on its results. BULLETINS 5:33:43 PM ET CARVANA CEO: Q3 RETAIL SALES TOP 200,000 FOR FIRST TIME, RUN RATE NOW 870,000 UNITS 5:34:37 PM ET CARVANA CEO: Q3 ADJUSTED EBITDA $800 MILLION, NET INCOME $480 MILLION, REVENUE OVER $8 BILLION 5:35:22 PM ET CARVANA CEO: Q3 NPS UP 9 POINTS IN 2 YEARS, CUSTOMER FINANCING RATE CUT BY OVER 100 BPS 5:36:06 PM ET CARVANA CEO: Q3 REVENUE RUN RATE NOW $32 BILLION; HAS JUST OVER 2% OF USED MARKET SHARE 5:37:32 PM ET CARVANA CFO: Q3 RETAIL UNITS SOLD 217,385, UP 39%; REVENUE $8.04 BILLION, UP 42% 5:38:14 PM ET CARVANA CFO: Q3 NON-GAAP RETAIL GPU UP $85, WHOLESALE GPU DOWN $196, OTHER GPU DOWN $299 5:39:06 PM ET CARVANA CFO: Q3 NON-GAAP SG&A PER RETAIL UNIT FLAT; OPS EXPENSE UP $109, OVERHEAD DOWN $159 5:41:36 PM ET CARVANA CFO: Q3 NET INCOME $83 MILLION; ADJ EBITDA MARGIN 10%, DOWN FROM 11.3% 5:44:42 PM ET CARVANA CFO: FY2026 ADJUSTED EBITDA OUTLOOK $2.7 BILLION TO $3.0 BILLION 5:47:52 PM ET CARVANA CFO: Q3 RECORD RECONDITIONING OUTPUT, FIRST QUARTER OVER 200,000 UNITS PRODUCED 6:03:55 PM ET CARVANA EXEC: WOULD PREFER FTC PRICE-DISCLOSURE BENEFIT SHOW UP IN UNIT GROWTH, NOT MARGIN 6:07:36 PM ET CARVANA EXEC: NEW FACILITIES TEND TO HAVE HIGHER COSTS THAN MATURE ONES AS PRODUCTION RAMPS 6:11:47 PM ET CARVANA EXEC: GOAL OF 13.5% EBITDA MARGIN MAPS TO 12.5% OPERATING INCOME MARGIN 6:12:28 PM ET CARVANA EXEC: GAS PRICE AND INTEREST RATE MOVES IMPACTED Q3 BY ABOUT $200 PER UNIT 6:13:14 PM ET CARVANA EXEC: STILL AT ABOUT 2% MARKET SHARE; SPENDING MORE ON ADVERTISING TO KEEP PRESSURE UP 6:15:16 PM ET CARVANA EXEC: Q3 UNITS UP 39.4%; SUPPLY CHAIN SCALING SEEN AS BIGGEST GROWTH DRIVER 6:16:04 PM ET CARVANA EXEC: PRIME MIX SHIFTING UP AS PRODUCTION FOCUSES ON PRICIER LATER-MODEL CARS 6:22:32 PM ET CARVANA EXEC: 2027 REPORTING TO FOCUS ON GAAP OPERATING INCOME, NET INCOME OVER ADJUSTED EBITDA 6:26:53 PM ET CARVANA EXEC: SAYS NOT SEEN ANY COMPETITOR ACTION THAT HAD NOTABLE IMPACT ON RESULTS 6:27:33 PM ET CARVANA EXEC: SAYS HAS NO DOCK FEES; SAID 'FUNDAMENTAL GAINS' 350 TIMES IN RECENT YEARS 6:29:39 PM ET CARVANA EXEC: Q3 PRODUCTION OUTPACED SALES 'BY A LITTLE BIT'; WANTS FASTER INVENTORY PROGRESS POSTS (quotes verbatim; each shows when the words were said and when we drafted it) Carvana CEO Ernie Garcia said, "this is our first quarter with over 200,000 sales," on the company's third-quarter earnings call. He said the annual run rate is now 870,000 units. said 5:33:40 PM ET · drafted 5:34:06 PM ET Carvana CEO Ernie Garcia said third-quarter "adjusted ebitda in the third quarter was 800 million." He said net income was "$84 million," a run rate of almost $2 billion. said 5:34:04 PM ET · drafted 5:35:07 PM ET Carvana CEO Ernie Garcia on the earnings call, citing AI and agentic commerce: "If we were starting from scratch today we would build Carvana." said 5:35:53 PM ET · drafted 5:37:00 PM ET Carvana CFO Mark Jenkins said third-quarter non-GAAP retail gross profit per unit rose $85 year over year, driven primarily by a "wider spread between retail and wholesale market prices." Wholesale GPU fell $196. said 5:37:51 PM ET · drafted 5:38:06 PM ET Carvana said non-GAAP other gross profit per unit fell $299 in Q3, primarily driven by its "decision to give back to customers in the form of lower interest rates relative to benchmark rates," and by rising benchmark rates. said 5:38:13 PM ET · drafted 5:39:09 PM ET Carvana's third-quarter adjusted EBITDA margin was 10%, "a decrease from 11.3%," the company said on its earnings call, citing a mix of higher-priced vehicles and giving back to customers in other GPU. said 5:39:48 PM ET · drafted 5:40:15 PM ET Carvana said Q3 GAAP operating income was "21 million," or "89% of adjusted ebitda," a company record. Net income was $83 million, including a $53 million pretax early-redemption expense. said 5:39:58 PM ET · drafted 5:41:35 PM ET Carvana CFO Mark Jenkins said the company expects "a sequential increase in retail units sold and adjusted ebitda in the higher end of our previously communicated range" of $2.7 billion to $3.0 billion for 2026. said 5:42:09 PM ET · drafted 5:42:53 PM ET "We won't always do that in full necessarily and there can often be delays or lag times," a Carvana executive said of passing benchmark rate increases to customers, answering an analyst's question on other GPU. said 5:45:12 PM ET · drafted 5:46:03 PM ET Carvana executive on retail GPU: "Rising fuel prices impacted the business in the quarter." Higher non-vehicle costs, driven partly by inbound fuel costs, partially offset wider retail-to-wholesale spreads. said 5:47:07 PM ET · drafted 5:47:12 PM ET "It was our first quarter producing more than 200,000 units in a single quarter," a Carvana executive said of third-quarter reconditioning production, which the company said set a record. said 5:47:43 PM ET · drafted 5:48:13 PM ET A Carvana executive said growth in the number of cars on the website immediately available to customers is "still up year over year at a rate that is much below what our sales growth is." said 5:48:24 PM ET · drafted 5:49:14 PM ET A Carvana executive said advertising is "not necessarily in the near term but certainly in the long term" a significant SG&A leverage opportunity. Operations expenses rose in Q3, driven largely by fuel and logistics costs. said 5:50:47 PM ET · drafted 5:51:21 PM ET Carvana executive says agentic AI could "reduce digital friction to zero while while leaving physical friction largely unchanged," answering an analyst's question on opportunities for the company. said 5:52:44 PM ET · drafted 5:53:25 PM ET Carvana executive says agentic AI could reduce digital friction to zero. He says Carvana already has "more cars than the sum of dealers in many many areas and that's strength that continues to get stronger." said 5:54:05 PM ET · drafted 5:54:25 PM ET "If we were building from scratch today we would build Carvana," a Carvana executive said on the earnings call, calling agentic AI "a huge opportunity for us" but saying it is "very early days." said 5:55:01 PM ET · drafted 5:55:26 PM ET A Carvana executive said other gross profit per unit "bounces around inside of a very very tight range" in absolute dollars over the last 12 quarters, though it has been "upward sloping" over a longer period. said 5:57:19 PM ET · drafted 5:57:30 PM ET Carvana, on AI shopping agents: "The bigger we get the more often we're going to show up in all those different places." The executive said the company must push its data out so the bots can see it. said 5:59:20 PM ET · drafted 5:59:38 PM ET A Carvana executive said FTC pricing-disclosure rules make it "clearer for consumers to compare offers" and "directionally" benefit the company. He cited doc fees and preinstalled add-ons. said 6:01:54 PM ET · drafted 6:02:42 PM ET Carvana executive on FTC pricing rules: "We would prefer that value to show up in unit growth but that requires that we continue to scale the supply chain as quickly as possible." said 6:03:40 PM ET · drafted 6:03:57 PM ET Carvana executive said clearer pricing rules from the FTC will likely lead to higher listed prices at other dealers, adding: "It probably won't change the underlying economics very much." said 6:05:01 PM ET · drafted 6:05:18 PM ET Carvana executive on its work with Stellantis dealerships: "The economics work so I think there's a lot of good things there but it's also very early in the game and we still got a lot to learn." said 6:06:07 PM ET · drafted 6:06:34 PM ET "I do think there can be some effects there," a Carvana executive said of costs at newly launched facilities such as ADESA conversions, citing fixed costs that are leveraged as production ramps up. said 6:07:25 PM ET · drafted 6:07:37 PM ET Carvana executive on adding facilities: "We've made gains that leave us feeling good about our ability to bring on new sites at a reasonable level of efficiency." He said new sites tend to have higher costs. said 6:08:10 PM ET · drafted 6:08:41 PM ET Carvana says it has been using AI this year to "rapidly scale systems that give managers better real time day to day operating visibility" at its inspection and reconditioning centers. said 6:09:05 PM ET · drafted 6:09:43 PM ET "We can see our way very clearly to 13.5%," a Carvana executive said of the company's EBITDA margin goal. The executive said gas prices and interest rates cost about $200 per unit this quarter. said 6:12:02 PM ET · drafted 6:12:55 PM ET Carvana executive says its growth rate is "constrained by ability to scale the supply chain." Asked why unit growth accelerated as the used-car market slowed, he called that "by far and away the biggest driver." said 6:14:28 PM ET · drafted 6:15:10 PM ET "We think that there's clearly additional demand available to us if we can produce the cars," a Carvana executive said on the earnings call, adding that its prime mix has shifted up as it produces more expensive, later-model cars. said 6:14:52 PM ET · drafted 6:16:08 PM ET On Carvana's Q3 call, an executive said gauging when added advertising pressure is too much is "obviously a feel and that's hard to precisely know and I think you're probably never exactly right." said 6:16:48 PM ET · drafted 6:17:11 PM ET Carvana executive on AI agents and financing: "It's reasonable to assume there will be things higher prepayments." He said easier price discovery was a reasonable frame, calling it "not a crazy" direction. said 6:18:52 PM ET · drafted 6:19:22 PM ET A Carvana executive said that if customers whose credit improves all refinance right away, "the finance business basically just doesn't work." He said markets have used "upfront fees or prepayment fees." said 6:20:05 PM ET · drafted 6:20:26 PM ET "It is unlikely to be as dramatic as the comparative static kind of approach might cause you to think," a Carvana executive said of how AI agents could affect its financing business, during the earnings call. said 6:20:38 PM ET · drafted 6:21:26 PM ET "The value of adjusted EBITDA goes down" as Carvana becomes more profitable on a GAAP basis, the CFO said, explaining its 2027 shift to emphasize operating income and net income over adjusted EBITDA. said 6:22:11 PM ET · drafted 6:22:28 PM ET "We're approximately a 2% market shareholder," a Carvana executive said on its earnings call Wednesday. He said it has long been the second-largest used-car seller and is "knocking on the door of becoming the largest." said 6:23:28 PM ET · drafted 6:23:45 PM ET "We have not seen anything in particular from any given competitors that we believe has had any notable impact on our results," a Carvana executive said Wednesday when an analyst asked about a larger rival's growth. said 6:24:26 PM ET · drafted 6:24:46 PM ET A Carvana executive said FTC changes on fees are "very hard to massage out in the results." He said, "we clearly think it's directionally better for us" and that the overall impact will be known "over time." said 6:25:13 PM ET · drafted 6:25:45 PM ET Carvana executive on dock fees: "Dock fees are a great example of the type of innovation that can occur in markets that is not fundamental." He called it a "presentation innovation." said 6:25:35 PM ET · drafted 6:26:49 PM ET "In the quarter we did out produce sales by a little bit," a Carvana executive said on inventory, adding "there's a lot more wood to chop there." He said he would convert cash to reconditioned cars faster if he could. said 6:28:32 PM ET · drafted 6:29:25 PM ET A Carvana executive said the company has "a long growth way growth runway in front of us" and expects to keep investing in advertising, responding to an analyst's question on ad spend. said 6:29:34 PM ET · drafted 6:30:33 PM ET TRANSCRIPT (copy-edited; times Eastern) [5:15:12 PM ET] Please [5:15:12 PM ET] hold for [5:15:13 PM ET] the [5:15:13 PM ET] Carvana [5:15:15 PM ET] welcome to chorus call please hold for the carvana conference [5:15:15 PM ET] counter specialist with [5:15:16 PM ET] you [5:15:16 PM ET] us [5:15:16 PM ET] a conference specialist will be with you shortly [5:15:34 PM ET] hello [5:16:58 PM ET] I [5:16:59 PM ET] gonna go to the bathroom. [5:17:00 PM ET] going to [5:17:01 PM ET] get [5:17:02 PM ET] yeah, [5:17:03 PM ET] Well, [5:17:04 PM ET] baby. [5:17:05 PM ET] not sure if I [5:17:05 PM ET] I'm [5:17:05 PM ET] been dying [5:17:06 PM ET] Eda, Bada, [5:17:06 PM ET] nine, [5:17:06 PM ET] got [5:17:07 PM ET] over [5:17:07 PM ET] body there! [5:17:08 PM ET] the [5:17:09 PM ET] Ah [5:17:11 PM ET] I go in that [5:17:11 PM ET] he [5:17:11 PM ET] I [5:17:13 PM ET] had [5:17:13 PM ET] that [5:17:14 PM ET] is [5:17:14 PM ET] so [5:17:14 PM ET] like [5:17:15 PM ET] that I'm [5:17:16 PM ET] just [5:17:16 PM ET] was [5:17:16 PM ET] sure if I can do [5:17:18 PM ET] Uh [5:17:18 PM ET] do [5:17:18 PM ET] it [5:17:20 PM ET] don't know [5:17:21 PM ET] I [5:17:21 PM ET] up. [5:17:21 PM ET] oh, [5:17:24 PM ET] Why? [5:17:24 PM ET] eye, oh my. [5:17:25 PM ET] Well, by [5:17:25 PM ET] not? 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[5:19:58 PM ET] and what [5:19:58 PM ET] but [5:19:58 PM ET] and I'm not [5:20:00 PM ET] the [5:20:00 PM ET] I'm not [5:20:01 PM ET] that [5:20:01 PM ET] I [5:20:01 PM ET] a [5:20:04 PM ET] S [5:20:05 PM ET] Sometimes [5:20:06 PM ET] uh [5:20:07 PM ET] but [5:20:10 PM ET] It was [5:20:10 PM ET] that's [5:20:11 PM ET] it is [5:20:11 PM ET] keep [5:20:11 PM ET] my [5:20:11 PM ET] guys, [5:20:12 PM ET] I. [5:20:12 PM ET] it [5:20:13 PM ET] yeah. [5:20:13 PM ET] to [5:20:13 PM ET] something. [5:20:13 PM ET] let's [5:20:14 PM ET] that [5:20:14 PM ET] then. [5:20:15 PM ET] it's [5:20:16 PM ET] I [5:20:16 PM ET] let this [5:20:17 PM ET] it's [5:20:18 PM ET] But I'm not [5:20:19 PM ET] If you have a majority of the [5:20:20 PM ET] that. [5:20:20 PM ET] The [5:20:21 PM ET] she [5:20:21 PM ET] s. [5:20:22 PM ET] sleeping I [5:20:23 PM ET] and [5:20:23 PM ET] sensor, [5:20:24 PM ET] something that [5:20:24 PM ET] and [5:20:24 PM ET] fast and [5:20:25 PM ET] I'm not sure if I can do [5:20:26 PM ET] don't know about the teacher, [5:20:28 PM ET] I [5:20:29 PM ET] I'm not sure if I can do [5:20:30 PM ET] my next [5:20:31 PM ET] That's what I [5:20:31 PM ET] it [5:20:32 PM ET] do [5:20:33 PM ET] with things I think [5:20:34 PM ET] it's just [5:20:37 PM ET] Let me see. [5:20:38 PM ET] it's all the case that's the case. [5:20:41 PM ET] See [5:20:43 PM ET] Let me [5:20:44 PM ET] This is the first [5:20:45 PM ET] was [5:20:45 PM ET] and [5:20:46 PM ET] all [5:20:47 PM ET] please. [5:20:48 PM ET] I'm [5:20:48 PM ET] being [5:20:48 PM ET] in the [5:20:49 PM ET] sound! [5:20:49 PM ET] Oh, [5:20:50 PM ET] You [5:20:50 PM ET] no, [5:20:50 PM ET] we're [5:20:51 PM ET] oh, [5:20:52 PM ET] yeah. [5:20:52 PM ET] it [5:20:53 PM ET] and [5:20:53 PM ET] made [5:20:56 PM ET] the [5:20:57 PM ET] It's a little bit of a [5:20:57 PM ET] this, [5:20:58 PM ET] thing. [5:20:58 PM ET] and [5:20:58 PM ET] you? [5:21:00 PM ET] I know [5:21:00 PM ET] that [5:21:00 PM ET] I [5:21:01 PM ET] tried to get [5:21:01 PM ET] you better [5:21:02 PM ET] got a [5:21:02 PM ET] it. [5:21:02 PM ET] you. [5:21:02 PM ET] get to [5:21:03 PM ET] I told [5:21:03 PM ET] get [5:21:03 PM ET] that I [5:21:03 PM ET] nether [5:21:03 PM ET] come and [5:21:03 PM ET] in [5:21:04 PM ET] I'm not going to let you [5:21:04 PM ET] that. [5:21:05 PM ET] I never got it [5:21:05 PM ET] to [5:21:06 PM ET] I always [5:21:06 PM ET] I'm not sure if I can do [5:21:08 PM ET] but [5:21:10 PM ET] Output transcript [5:21:10 PM ET] and I. [5:21:12 PM ET] yeah, oh my [5:21:13 PM ET] going to go to the next [5:21:14 PM ET] now. [5:21:15 PM ET] Um, [5:21:15 PM ET] high. [5:21:16 PM ET] high and [5:21:16 PM ET] la, [5:21:16 PM ET] I, [5:21:17 PM ET] oh, oh, oh, oh, oh, [5:21:19 PM ET] the five [5:21:20 PM ET] it's not. [5:21:21 PM ET] up. [5:21:22 PM ET] Oh [5:21:22 PM ET] however. [5:21:23 PM ET] one [5:21:23 PM ET] what they [5:21:24 PM ET] say, so [5:21:25 PM ET] what. [5:21:27 PM ET] I'll stop there and then. [5:21:27 PM ET] just [5:21:28 PM ET] peace [5:21:32 PM ET] Um [5:21:32 PM ET] all the [5:21:33 PM ET] I'm the one that never [5:21:33 PM ET] a picture of [5:21:34 PM ET] be. [5:21:34 PM ET] my [5:21:35 PM ET] can get. [5:21:35 PM ET] gonna [5:21:36 PM ET] I [5:21:37 PM ET] I'm not sure if I can do [5:21:39 PM ET] number of the money. [5:21:39 PM ET] city city. [5:21:41 PM ET] Why, by [5:21:41 PM ET] hey, hey. [5:21:42 PM ET] why [5:21:43 PM ET] I [5:21:44 PM ET] I've got my mind [5:21:45 PM ET] Yeah [5:21:47 PM ET] going to go to the next one. [5:21:50 PM ET] Uh [5:21:50 PM ET] Thank [5:21:53 PM ET] up. [5:21:57 PM ET] His see [5:21:57 PM ET] that [5:21:58 PM ET] like [5:21:58 PM ET] That's [5:21:58 PM ET] good [5:21:58 PM ET] not [5:21:59 PM ET] fight [5:22:00 PM ET] I think [5:22:03 PM ET] My [5:22:04 PM ET] I [5:22:04 PM ET] you have? [5:22:04 PM ET] go, love [5:22:05 PM ET] I [5:22:06 PM ET] I [5:22:06 PM ET] What are [5:22:07 PM ET] the other [5:22:07 PM ET] hello, [5:22:07 PM ET] how it [5:22:08 PM ET] too [5:22:08 PM ET] of the [5:22:08 PM ET] other [5:22:09 PM ET] I said, [5:22:09 PM ET] my [5:22:12 PM ET] Why is it? [5:22:12 PM ET] going [5:22:13 PM ET] honey, [5:22:13 PM ET] like it's funny, [5:22:14 PM ET] it, sick, and [5:22:15 PM ET] in [5:22:15 PM ET] I'll [5:22:15 PM ET] the sky, [5:22:17 PM ET] oh, oh, [5:22:17 PM ET] are [5:22:20 PM ET] that's from [5:22:20 PM ET] Swiss [5:22:23 PM ET] like [5:22:23 PM ET] Byron [5:22:24 PM ET] I would look it [5:22:24 PM ET] up, I did [5:22:25 PM ET] put [5:22:25 PM ET] do [5:22:25 PM ET] dinner [5:22:25 PM ET] by the [5:22:26 PM ET] I [5:22:26 PM ET] that's part of [5:22:26 PM ET] find a [5:22:26 PM ET] I'm [5:22:28 PM ET] articulate both [5:22:28 PM ET] as I [5:22:28 PM ET] of [5:22:29 PM ET] do [5:22:29 PM ET] thing. [5:22:29 PM ET] them. [5:22:30 PM ET] for that. [5:22:30 PM ET] lot of [5:22:31 PM ET] I'm [5:22:31 PM ET] can't do it, I'm going to go to the next store. [5:22:31 PM ET] be right back. [5:22:33 PM ET] going to be a little bit more than a little bit of a fancy. [5:22:34 PM ET] Humanity and [5:22:37 PM ET] will be it will be a very good thing. [5:22:45 PM ET] It was a little bit of [5:22:51 PM ET] Okay, [5:22:51 PM ET] like the [5:22:52 PM ET] day. [5:22:52 PM ET] me for [5:22:52 PM ET] her [5:22:56 PM ET] Let's [5:23:04 PM ET] Let's [5:23:06 PM ET] I am a little bit of a [5:23:06 PM ET] were very good [5:23:06 PM ET] the [5:23:08 PM ET] thought some night [5:23:09 PM ET] sounds up? [5:23:10 PM ET] Lady! [5:23:13 PM ET] Acted Pump Pump, Ant Pump, Ant Pump, [5:23:14 PM ET] App [5:23:14 PM ET] was [5:23:15 PM ET] out at [5:23:16 PM ET] the [5:23:17 PM ET] I did not [5:23:22 PM ET] Jess [5:23:22 PM ET] Sil [5:23:23 PM ET] Silly [5:23:29 PM ET] said [5:23:40 PM ET] Lis [5:23:41 PM ET] This. [5:23:44 PM ET] Is [5:23:45 PM ET] Sister [5:23:48 PM ET] Has [5:24:10 PM ET] Nine [5:24:13 PM ET] Hay [5:24:13 PM ET] and so this was the [5:24:21 PM ET] Now [5:24:21 PM ET] I'm going to [5:24:22 PM ET] one who is the one who is the only [5:24:24 PM ET] That's not a [5:24:26 PM ET] bad [5:24:28 PM ET] This [5:24:30 PM ET] I believe the [5:24:30 PM ET] at [5:24:30 PM ET] my [5:24:31 PM ET] baby. [5:24:32 PM ET] double dumped it [5:24:32 PM ET] dumb [5:24:33 PM ET] not [5:24:33 PM ET] the bed, don't [5:24:34 PM ET] said, I'm [5:24:34 PM ET] on [5:24:35 PM ET] I [5:24:35 PM ET] up by [5:24:36 PM ET] was like, I'm not sure if I [5:24:36 PM ET] put a lady, [5:24:37 PM ET] made it in [5:24:37 PM ET] I [5:24:41 PM ET] And the bed was bedding. [5:24:44 PM ET] Hill [5:24:46 PM ET] I like my body, I can't have my [5:24:46 PM ET] I [5:24:47 PM ET] love I had [5:24:47 PM ET] to. [5:24:47 PM ET] I [5:24:47 PM ET] of the mother. [5:24:48 PM ET] on [5:24:48 PM ET] under. [5:24:49 PM ET] and must [5:24:50 PM ET] from that. [5:24:51 PM ET] not sure if I can do [5:24:52 PM ET] it. [5:24:56 PM ET] Here, for [5:24:57 PM ET] Singleton, [5:24:59 PM ET] Single colours [5:25:10 PM ET] See [5:25:16 PM ET] From the [5:25:18 PM ET] Let's see how [5:25:21 PM ET] From [5:25:26 PM ET] SAI [5:25:30 PM ET] Let [5:25:33 PM ET] With [5:25:34 PM ET] HA-HA-HA-HA-HA-HA! [5:25:44 PM ET] Miss [5:25:45 PM ET] Jesus. [5:25:47 PM ET] St [5:25:48 PM ET] C [5:25:49 PM ET] See [5:25:50 PM ET] you see the city? [5:25:53 PM ET] I think [5:25:53 PM ET] love the money. [5:25:53 PM ET] gonna go to the bathroom, Lady [5:25:54 PM ET] let me [5:25:55 PM ET] oh [5:25:56 PM ET] by the [5:25:56 PM ET] it [5:26:05 PM ET] The one was there! [5:26:10 PM ET] Where? [5:26:10 PM ET] There was the other [5:26:11 PM ET] beach and girl to a [5:26:11 PM ET] is the mother? [5:26:12 PM ET] be right back. [5:26:12 PM ET] hello. [5:26:21 PM ET] Oh, [5:26:21 PM ET] under [5:26:26 PM ET] No. [5:26:31 PM ET] By the way [5:26:32 PM ET] Oh [5:26:41 PM ET] With it, I was out. [5:26:49 PM ET] And for [5:27:05 PM ET] His [5:27:06 PM ET] the [5:27:09 PM ET] S [5:27:12 PM ET] Frill [5:27:13 PM ET] Yes [5:27:15 PM ET] Here's [5:27:16 PM ET] Here [5:27:19 PM ET] Him [5:27:20 PM ET] Himself [5:27:30 PM ET] Where? [5:27:32 PM ET] going to go to the next one. [5:27:32 PM ET] am [5:27:35 PM ET] Um. [5:27:35 PM ET] Oh, I'm not [5:27:38 PM ET] super [5:27:38 PM ET] bird, [5:27:39 PM ET] super. [5:27:40 PM ET] a little [5:27:41 PM ET] sorry. [5:27:42 PM ET] a [5:27:43 PM ET] bed [5:27:43 PM ET] I'm a [5:27:43 PM ET] was [5:27:44 PM ET] and [5:27:45 PM ET] fair [5:27:45 PM ET] is [5:27:45 PM ET] a [5:27:46 PM ET] up and [5:27:46 PM ET] beer. [5:27:47 PM ET] I'm not afraid of the [5:27:48 PM ET] way. [5:27:49 PM ET] would. [5:27:49 PM ET] the way, [5:27:50 PM ET] was a little bit of [5:27:50 PM ET] I [5:27:51 PM ET] it. [5:27:51 PM ET] I'm not [5:27:56 PM ET] Oh, I'm not [5:27:56 PM ET] the [5:27:58 PM ET] don't [5:28:00 PM ET] the fire. [5:28:02 PM ET] la, la, la, [5:28:02 PM ET] la la. [5:28:02 PM ET] Jesus. [5:28:02 PM ET] dropping [5:28:03 PM ET] that's [5:28:03 PM ET] my [5:28:04 PM ET] and [5:28:04 PM ET] ta-da! [5:28:05 PM ET] and [5:28:06 PM ET] fire. [5:28:07 PM ET] up. [5:28:07 PM ET] up and [5:28:07 PM ET] my [5:28:08 PM ET] be [5:28:08 PM ET] the way, I'll be [5:28:08 PM ET] and it [5:28:09 PM ET] in the [5:28:10 PM ET] hour of. [5:28:11 PM ET] I'm [5:28:11 PM ET] how it [5:28:12 PM ET] and [5:28:13 PM ET] die [5:28:13 PM ET] to [5:28:14 PM ET] say, [5:28:14 PM ET] I'm [5:28:15 PM ET] that's the [5:28:15 PM ET] to [5:28:16 PM ET] I [5:28:16 PM ET] I'm not sure if I can do [5:28:16 PM ET] I'm [5:28:17 PM ET] a little bit of [5:28:18 PM ET] I'm not a little bit of a [5:28:18 PM ET] I'm [5:28:19 PM ET] the [5:28:20 PM ET] not afraid of my [5:28:21 PM ET] not a little [5:28:23 PM ET] God. [5:28:23 PM ET] a [5:28:26 PM ET] I'm not sure if I can do it. [5:28:28 PM ET] London in [5:28:28 PM ET] far [5:28:30 PM ET] heaven. [5:28:31 PM ET] Lord [5:28:33 PM ET] For Jesus. [5:28:43 PM ET] Ha ha ha [5:28:44 PM ET] I don't know. [5:28:45 PM ET] like this and I [5:28:45 PM ET] first! [5:28:46 PM ET] world [5:28:46 PM ET] to [5:28:47 PM ET] everyone [5:28:48 PM ET] should [5:28:48 PM ET] to tell [5:28:48 PM ET] time [5:28:48 PM ET] me. [5:28:49 PM ET] you. [5:28:49 PM ET] I'm not [5:28:50 PM ET] Looked [5:28:51 PM ET] the Legion [5:28:51 PM ET] been a great [5:28:52 PM ET] off [5:28:52 PM ET] I've done [5:28:55 PM ET] Scheck. You [5:28:55 PM ET] for [5:28:55 PM ET] tonight [5:28:57 PM ET] my hope. [5:28:57 PM ET] too. [5:28:58 PM ET] eat. [5:28:59 PM ET] No, don't [5:29:00 PM ET] That's one [5:29:01 PM ET] your [5:29:01 PM ET] Some of [5:29:01 PM ET] a [5:29:02 PM ET] yeah. [5:29:02 PM ET] down. [5:29:02 PM ET] so [5:29:02 PM ET] and [5:29:03 PM ET] this year. [5:29:04 PM ET] your [5:29:05 PM ET] on top of [5:29:06 PM ET] on [5:29:07 PM ET] in. [5:29:07 PM ET] and [5:29:12 PM ET] Yeah. [5:29:12 PM ET] I know, S. [5:29:13 PM ET] Rebuild the breakdown. [5:29:13 PM ET] of Tompa. [5:29:15 PM ET] our [5:29:15 PM ET] the [5:29:15 PM ET] after [5:29:16 PM ET] rubber [5:29:17 PM ET] there is some [5:29:17 PM ET] ONE ON [5:29:17 PM ET] a [5:29:18 PM ET] some [5:29:19 PM ET] a [5:29:19 PM ET] and [5:29:19 PM ET] say [5:29:19 PM ET] Enemy [5:29:20 PM ET] the [5:29:23 PM ET] Jose, yes, the [5:29:26 PM ET] internet [5:29:36 PM ET] That [5:29:37 PM ET] Tevest, [5:29:37 PM ET] Yeah, there, oh, [5:29:37 PM ET] think [5:29:37 PM ET] and [5:29:38 PM ET] fast, [5:29:39 PM ET] and as [5:29:41 PM ET] I have [5:29:45 PM ET] any of the tax. [5:29:47 PM ET] Say, [5:29:48 PM ET] SUSTES! [5:29:49 PM ET] that the same [5:29:51 PM ET] I [5:29:53 PM ET] uh, and [5:29:54 PM ET] Day [5:29:54 PM ET] seas [5:29:56 PM ET] I'd [5:29:58 PM ET] Ay, that [5:29:59 PM ET] I think that's the only thing that we can [5:30:01 PM ET] high in [5:30:05 PM ET] You [5:30:05 PM ET] Loew [5:30:07 PM ET] His [5:30:09 PM ET] Sister [5:30:11 PM ET] And he [5:30:11 PM ET] in [5:30:13 PM ET] I'm not sure if I can do it. [5:30:14 PM ET] the [5:30:14 PM ET] had [5:30:16 PM ET] King, Laura [5:30:16 PM ET] Revolution [5:30:17 PM ET] bit of a little bit of a little bit of a little bit [5:30:17 PM ET] yeah, [5:30:17 PM ET] yes, yes, yes, [5:30:25 PM ET] Right [5:30:26 PM ET] y [5:30:33 PM ET] Yes. [5:30:41 PM ET] Exactly. [5:30:41 PM ET] Hallelujah. [5:30:48 PM ET] Hmm. [5:30:49 PM ET] Me [5:30:49 PM ET] May [5:30:52 PM ET] Playing the [5:30:52 PM ET] Suppressed [5:30:53 PM ET] This [5:30:54 PM ET] Better [5:30:55 PM ET] There [5:31:01 PM ET] Think. [5:31:01 PM ET] be [5:31:01 PM ET] This [5:31:06 PM ET] Mm. [5:31:06 PM ET] yeah. [5:31:06 PM ET] yes. [5:31:09 PM ET] How long do you think? [5:31:15 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:31:16 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:31:17 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:31:17 PM ET] and [5:31:17 PM ET] welcome to [5:31:18 PM ET] you [5:31:18 PM ET] One of [5:31:18 PM ET] third [5:31:19 PM ET] water when [5:31:20 PM ET] good day and welcome to carvana's third quarter twenty twenty six [5:31:21 PM ET] earnings conference call [5:31:21 PM ET] 26 earnings. [5:31:22 PM ET] comfort [5:31:22 PM ET] Hall. [5:31:22 PM ET] all [5:31:23 PM ET] for [5:31:23 PM ET] will [5:31:23 PM ET] be in [5:31:24 PM ET] lifting all the [5:31:25 PM ET] all participants will be in listen only mode [5:31:25 PM ET] mode. Should [5:31:25 PM ET] you need [5:31:26 PM ET] a system. [5:31:29 PM ET] He pulled a [5:31:30 PM ET] them. [5:31:31 PM ET] you. [5:31:31 PM ET] after today [5:31:31 PM ET] death, by [5:31:32 PM ET] intergeneration, [5:31:32 PM ET] there will [5:31:33 PM ET] be [5:31:33 PM ET] an [5:31:33 PM ET] opportunity [5:31:34 PM ET] need to [5:31:34 PM ET] a [5:31:35 PM ET] questions. [5:31:36 PM ET] to ask a [5:31:36 PM ET] question you [5:31:37 PM ET] may [5:31:37 PM ET] press [5:31:37 PM ET] star [5:31:37 PM ET] then [5:31:38 PM ET] than [5:31:38 PM ET] one on [5:31:38 PM ET] your [5:31:39 PM ET] telequine [5:31:39 PM ET] key. [5:31:41 PM ET] question, [5:31:41 PM ET] one [5:31:45 PM ET] a story please note this event [5:31:45 PM ET] is [5:31:45 PM ET] being [5:31:46 PM ET] please note this event is being recorded [5:31:47 PM ET] recorded. [5:31:47 PM ET] Oh, [5:31:47 PM ET] would not [5:31:47 PM ET] like [5:31:48 PM ET] to [5:31:48 PM ET] turn and [5:31:48 PM ET] the [5:31:48 PM ET] conference [5:31:49 PM ET] over [5:31:49 PM ET] to [5:31:49 PM ET] too [5:31:49 PM ET] often [5:31:50 PM ET] can [5:31:50 PM ET] it [5:31:51 PM ET] i would now like to turn the conference over to austin knudson [5:31:51 PM ET] a true, but it went [5:31:53 PM ET] restoration. [5:31:54 PM ET] investor relations please go ahead [5:31:56 PM ET] thank you very much [5:31:56 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:31:57 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:32:00 PM ET] I am [5:32:01 PM ET] seeing [5:32:01 PM ET] Earnings [5:32:01 PM ET] talking [5:32:01 PM ET] afternoon ladies and gentlemen and thank you for joining us on carvana's third quarter twenty twenty six [5:32:02 PM ET] Conference [5:32:02 PM ET] earnings conference call [5:32:02 PM ET] Call. [5:32:03 PM ET] Well, you [5:32:03 PM ET] note [5:32:03 PM ET] but this [5:32:03 PM ET] How do you [5:32:04 PM ET] one calf, you [5:32:05 PM ET] can be [5:32:05 PM ET] active long [5:32:06 PM ET] with [5:32:07 PM ET] please note that this call is being webcast and can be accessed [5:32:08 PM ET] can you? [5:32:08 PM ET] shareholder letter and supplemental [5:32:08 PM ET] financial [5:32:08 PM ET] along with our q3 shareholder letter and supplemental financial tables [5:32:09 PM ET] payments. [5:32:09 PM ET] Something about [5:32:09 PM ET] metrulation [5:32:13 PM ET] Mmm. [5:32:14 PM ET] on the investor relations section of the company's corporate website at investors carvana dot com [5:32:18 PM ET] Joining me on the [5:32:19 PM ET] joining me on the call today are ernie garcia chief executive officer and mark jenkins [5:32:19 PM ET] Chip Natty [5:32:20 PM ET] chief financial officer [5:32:20 PM ET] you [5:32:20 PM ET] after. [5:32:21 PM ET] Before [5:32:21 PM ET] we [5:32:21 PM ET] heard [5:32:21 PM ET] I'd like [5:32:22 PM ET] her [5:32:22 PM ET] heard [5:32:23 PM ET] mind even if I had to do [5:32:24 PM ET] discussion and takes forward [5:32:25 PM ET] before we start i would like to remind you that this discussion contains forward looking statements [5:32:25 PM ET] statements [5:32:25 PM ET] within [5:32:25 PM ET] in the [5:32:25 PM ET] meaning [5:32:26 PM ET] of [5:32:26 PM ET] relevant [5:32:27 PM ET] federal [5:32:27 PM ET] security [5:32:27 PM ET] laws, [5:32:28 PM ET] including, [5:32:28 PM ET] but [5:32:28 PM ET] not [5:32:29 PM ET] limited [5:32:29 PM ET] within the meaning of the relevant federal securities laws including but not limited to [5:32:32 PM ET] Non [5:32:33 PM ET] Carmen has marked opportunity and future financials, benevolent [5:32:33 PM ET] risks and [5:32:34 PM ET] I'm [5:32:34 PM ET] uncertainties that [5:32:34 PM ET] carvana's market opportunities and future financial results that involve risk [5:32:34 PM ET] may [5:32:36 PM ET] Mr. Mr. [5:32:38 PM ET] and uncertainties that may cause actual results to differ materially from those discussed here [5:32:38 PM ET] from those stuff here. [5:32:39 PM ET] my [5:32:41 PM ET] Of these riff factors, Kenny [5:32:41 PM ET] be [5:32:43 PM ET] a detailed discussion of these risk factors can be found in the risk factors section [5:32:46 PM ET] of carvana's most recently filed forms ten ks and ten q [5:32:46 PM ET] Some [5:32:47 PM ET] My mistake [5:32:47 PM ET] my friend, [5:32:47 PM ET] It's not in the [5:32:49 PM ET] There may be some current expectations of [5:32:50 PM ET] today there are a lot of people who are not going to [5:32:51 PM ET] these forward looking statements are based on current expectations as of today [5:32:52 PM ET] whose no [5:32:52 PM ET] how to [5:32:52 PM ET] update or [5:32:52 PM ET] and carvana assumes no obligation to update or revise them [5:32:53 PM ET] revise an [5:32:53 PM ET] that unto [5:32:54 PM ET] contrary [5:32:54 PM ET] to [5:32:56 PM ET] I'm sorry. [5:32:58 PM ET] commentary today also will include non gaap financial metrics [5:33:00 PM ET] I can kind of get a little bit of a title. [5:33:00 PM ET] gaap reconciliations can be found in the shareholder letter posted on our ir site [5:33:01 PM ET] you're gonna hire. [5:33:01 PM ET] highly outside. [5:33:01 PM ET] With [5:33:01 PM ET] that, it looks like it's a little [5:33:03 PM ET] we [5:33:04 PM ET] with that i'd like to turn the time turn the call over to ernie garcia [5:33:04 PM ET] to. [5:33:04 PM ET] ernie [5:33:06 PM ET] Way all [5:33:06 PM ET] in Bay [5:33:06 PM ET] it over [5:33:07 PM ET] for doing the [5:33:08 PM ET] Cole. [5:33:08 PM ET] all through [5:33:08 PM ET] shout out [5:33:09 PM ET] to [5:33:09 PM ET] Meg, who's [5:33:09 PM ET] the [5:33:09 PM ET] Home with [5:33:09 PM ET] thanks austin and thanks everyone for joining the call also shout out [5:33:13 PM ET] to meg who's at home with her second and should be on a walk but is almost certainly listening to this call so [5:33:16 PM ET] meg go for a walk it's nice out we got this [5:33:17 PM ET] Maybe overlock. It's nice that we [5:33:21 PM ET] the third quarter was another exciting quarter for carvana [5:33:21 PM ET] Another exciting word for carbon, we were made on building machine to [5:33:24 PM ET] for you, half [5:33:24 PM ET] our focus remains on building the machine to deliver three million units per year and thirteen point [5:33:24 PM ET] that. [5:33:24 PM ET] of the [5:33:25 PM ET] you've got all [5:33:26 PM ET] and it feels [5:33:27 PM ET] drum beat of [5:33:27 PM ET] her [5:33:28 PM ET] five percent adjusted ebitda margin and the steady drumbeat of results heading in that [5:33:29 PM ET] However, [5:33:29 PM ET] of both the teams at the [5:33:30 PM ET] Coca [5:33:30 PM ET] and [5:33:30 PM ET] the [5:33:30 PM ET] achievability [5:33:31 PM ET] of [5:33:31 PM ET] those [5:33:31 PM ET] is evidence of both the team's execution and the achievability of those goals [5:33:31 PM ET] goals. I mean, [5:33:32 PM ET] immediately burst [5:33:33 PM ET] publicly [5:33:33 PM ET] the [5:33:33 PM ET] at progress we [5:33:33 PM ET] are [5:33:33 PM ET] we're [5:33:34 PM ET] were in. [5:33:34 PM ET] making. [5:33:34 PM ET] first let's look at the progress we are making scaling the machine [5:33:34 PM ET] scaling the [5:33:35 PM ET] machine [5:33:36 PM ET] are first [5:33:37 PM ET] quarter [5:33:37 PM ET] with [5:33:37 PM ET] over [5:33:38 PM ET] thousand [5:33:39 PM ET] say, [5:33:39 PM ET] fail. [5:33:40 PM ET] this is our first quarter with over two hundred thousand sales [5:33:41 PM ET] out. [5:33:41 PM ET] and double [5:33:41 PM ET] what it [5:33:42 PM ET] was [5:33:42 PM ET] just [5:33:42 PM ET] two years [5:33:43 PM ET] our run rate is now eight hundred and seventy thousand double what it was just two years ago [5:33:44 PM ET] ago. [5:33:44 PM ET] This was [5:33:44 PM ET] all sort [5:33:44 PM ET] a [5:33:44 PM ET] first [5:33:45 PM ET] quarter [5:33:45 PM ET] with [5:33:45 PM ET] eight [5:33:46 PM ET] million [5:33:46 PM ET] dollars [5:33:46 PM ET] of [5:33:47 PM ET] this was also our first quarter with eight billion dollars of revenue [5:33:47 PM ET] revenue. [5:33:47 PM ET] Our run [5:33:47 PM ET] rate [5:33:48 PM ET] is [5:33:48 PM ET] now [5:33:48 PM ET] $32 [5:33:49 PM ET] billion [5:33:49 PM ET] More [5:33:50 PM ET] than [5:33:50 PM ET] double [5:33:50 PM ET] what it [5:33:50 PM ET] was [5:33:50 PM ET] two years [5:33:51 PM ET] our run rate is now thirty two billion dollars more than double what it was two years ago [5:33:54 PM ET] ago. Next, let's look at the financial results. Our machine. [5:33:54 PM ET] continues to be the [5:33:55 PM ET] despite [5:33:55 PM ET] the [5:33:56 PM ET] that [5:33:56 PM ET] next let's look at the financial results our machine continues to post despite the pressures [5:33:56 PM ET] past. [5:33:56 PM ET] by. [5:33:57 PM ET] was [5:33:57 PM ET] of growth, and [5:33:57 PM ET] an [5:33:57 PM ET] imperfect [5:33:58 PM ET] backdrop [5:33:58 PM ET] of [5:33:58 PM ET] a [5:33:59 PM ET] increasing [5:33:59 PM ET] interest [5:33:59 PM ET] raising [5:33:59 PM ET] gas [5:34:00 PM ET] of growth and an imperfect backdrop of increasing interest rates and gas prices [5:34:00 PM ET] game. [5:34:01 PM ET] or adjusted [5:34:01 PM ET] even [5:34:01 PM ET] down in [5:34:01 PM ET] the [5:34:02 PM ET] third [5:34:02 PM ET] quarter, [5:34:02 PM ET] was [5:34:02 PM ET] 800 [5:34:04 PM ET] million or run right [5:34:04 PM ET] over [5:34:05 PM ET] $3 [5:34:05 PM ET] our adjusted ebitda in the third quarter was eight hundred million [5:34:05 PM ET] billion [5:34:06 PM ET] almost [5:34:06 PM ET] double it [5:34:07 PM ET] was two years [5:34:08 PM ET] a run rate over three billion dollars almost double what it was two years ago [5:34:12 PM ET] How many malls? I run a rate of almost two billion [5:34:12 PM ET] and our net income was four eighty million dollars a run rate of almost two billion dollars [5:34:13 PM ET] more than that. [5:34:13 PM ET] whatever [5:34:14 PM ET] two years [5:34:14 PM ET] more than double what it was two years ago [5:34:19 PM ET] 8 second hour [5:34:19 PM ET] we are the fastest growing automotive retailer with eight consecutive quarters of [5:34:20 PM ET] approximately 40% [5:34:20 PM ET] grove, and [5:34:21 PM ET] an [5:34:21 PM ET] in this area [5:34:21 PM ET] that's [5:34:21 PM ET] did [5:34:23 PM ET] forty percent growth in an industry that's flat [5:34:25 PM ET] Margin that [5:34:25 PM ET] the [5:34:25 PM ET] twice [5:34:26 PM ET] way [5:34:26 PM ET] industry [5:34:26 PM ET] reverse [5:34:26 PM ET] and we are the most profitable automotive retailer with margins that are approximately twice the industry average [5:34:27 PM ET] from a 10th [5:34:28 PM ET] for the tenth quarter in a row [5:34:32 PM ET] Expansion [5:34:32 PM ET] for the success, and the [5:34:33 PM ET] the experience we deliver our customers has always been the foundation for the success [5:34:33 PM ET] change of [5:34:33 PM ET] our work is [5:34:33 PM ET] as well as [5:34:34 PM ET] the [5:34:34 PM ET] powers of [5:34:34 PM ET] feedback in the [5:34:35 PM ET] model, [5:34:35 PM ET] continues to be a good [5:34:35 PM ET] say [5:34:36 PM ET] separate [5:34:36 PM ET] us [5:34:37 PM ET] and the team's hard work as well as the positive feedback in the model continues to separate us [5:34:37 PM ET] further from the pack here as well [5:34:38 PM ET] from the back [5:34:38 PM ET] here. [5:34:39 PM ET] as well. [5:34:39 PM ET] Last two [5:34:39 PM ET] years [5:34:39 PM ET] are [5:34:40 PM ET] in [5:34:40 PM ET] is [5:34:40 PM ET] improved [5:34:40 PM ET] by [5:34:41 PM ET] nine [5:34:41 PM ET] points as [5:34:41 PM ET] we are [5:34:42 PM ET] were delivering [5:34:42 PM ET] cars to [5:34:42 PM ET] our [5:34:42 PM ET] over the last two years our nps has improved by nine points as we are delivering cars [5:34:43 PM ET] customers, [5:34:43 PM ET] Chee-Diggs, [5:34:43 PM ET] Chew [5:34:44 PM ET] to [5:34:44 PM ET] days [5:34:44 PM ET] fast for [5:34:45 PM ET] We lowered [5:34:45 PM ET] the [5:34:46 PM ET] interest [5:34:46 PM ET] interesting to our [5:34:46 PM ET] customers [5:34:46 PM ET] pay [5:34:47 PM ET] by [5:34:47 PM ET] over [5:34:47 PM ET] to our customers two days faster we've lowered the interest rate our [5:34:47 PM ET] 100 [5:34:47 PM ET] basis [5:34:49 PM ET] point, and we made [5:34:49 PM ET] the [5:34:49 PM ET] entire [5:34:49 PM ET] herb on [5:34:50 PM ET] experience [5:34:51 PM ET] customers pay by over one hundred basis points and we've made the entire carvana experience [5:34:53 PM ET] simpler and more intuitive the machine is getting better [5:34:53 PM ET] His [5:34:55 PM ET] She gave him [5:34:55 PM ET] the Mork Ture gains [5:34:55 PM ET] from [5:34:58 PM ET] despite the market share gains from doubling in two years in a flat industry [5:35:00 PM ET] You [5:35:00 PM ET] are any battle and you [5:35:01 PM ET] Run [5:35:02 PM ET] We still have just [5:35:02 PM ET] and despite our scale of eight hundred and seventy thousand unit run rate [5:35:05 PM ET] we still have just over two percent of used market share and one point five percent [5:35:08 PM ET] Set [5:35:08 PM ET] still extremely [5:35:08 PM ET] lowly in [5:35:08 PM ET] the [5:35:09 PM ET] share overall we are still extremely early in the game [5:35:09 PM ET] game. [5:35:10 PM ET] we [5:35:10 PM ET] briefly touch [5:35:11 PM ET] on [5:35:11 PM ET] another [5:35:11 PM ET] benefit of [5:35:11 PM ET] our [5:35:12 PM ET] vertical [5:35:12 PM ET] rate it [5:35:13 PM ET] model. [5:35:14 PM ET] Building it to [5:35:14 PM ET] in the letter we briefly touched on another benefit of our vertically integrated model [5:35:14 PM ET] sort of our [5:35:15 PM ET] Well, this [5:35:15 PM ET] we've [5:35:15 PM ET] created [5:35:15 PM ET] a [5:35:16 PM ET] very [5:35:17 PM ET] capable, [5:35:17 PM ET] in building it to serve our core business we have created a very capable scaled platform [5:35:17 PM ET] scaled [5:35:18 PM ET] clap [5:35:18 PM ET] Our [5:35:18 PM ET] at [5:35:19 PM ET] fixed after [5:35:19 PM ET] was [5:35:19 PM ET] to [5:35:19 PM ET] the [5:35:19 PM ET] Lantis new [5:35:20 PM ET] cars [5:35:20 PM ET] is [5:35:20 PM ET] a [5:35:20 PM ET] clear [5:35:21 PM ET] demonstration of [5:35:21 PM ET] the [5:35:21 PM ET] platform [5:35:22 PM ET] our early success with stellantis new cars is a clear demonstration of the platform value [5:35:22 PM ET] value of [5:35:23 PM ET] Carmel's [5:35:24 PM ET] operations [5:35:24 PM ET] but [5:35:25 PM ET] not [5:35:25 PM ET] and [5:35:25 PM ET] in [5:35:27 PM ET] irrestructure. [5:35:27 PM ET] in a [5:35:27 PM ET] of carvana's operations technology brand and infrastructure [5:35:27 PM ET] day, then [5:35:27 PM ET] I don't [5:35:29 PM ET] motto it rapturely, [5:35:29 PM ET] different in a [5:35:29 PM ET] way [5:35:29 PM ET] that [5:35:30 PM ET] did it not [5:35:30 PM ET] only is the [5:35:31 PM ET] in addition our model is structurally different in a way that not [5:35:33 PM ET] that, moment of the last 14 years, but also meets the moment of [5:35:34 PM ET] only met the moment of the last fourteen years but also meets the moment of today [5:35:35 PM ET] that we [5:35:35 PM ET] constantly [5:35:36 PM ET] I [5:35:36 PM ET] have [5:35:36 PM ET] so, in [5:35:36 PM ET] every part [5:35:37 PM ET] of the [5:35:37 PM ET] business is [5:35:38 PM ET] this, if [5:35:39 PM ET] a question that we constantly ask ourselves in every part of the business is this [5:35:39 PM ET] was today from [5:35:40 PM ET] if we were building this today from scratch what would we build [5:35:45 PM ET] What a rabbit, what a [5:35:45 PM ET] first [5:35:45 PM ET] early [5:35:45 PM ET] water of the [5:35:46 PM ET] with a rapid increase in the capabilities of ai [5:35:46 PM ET] for [5:35:47 PM ET] other [5:35:47 PM ET] I get the car [5:35:48 PM ET] wife, the [5:35:49 PM ET] them, quite a [5:35:49 PM ET] with an [5:35:49 PM ET] and with the first early looks at the opportunities agentic commerce will provide [5:35:49 PM ET] the [5:35:50 PM ET] fine [5:35:50 PM ET] going to [5:35:50 PM ET] it's a relevant question with an exciting answer [5:35:51 PM ET] answer from [5:35:52 PM ET] scratch [5:35:53 PM ET] if we were starting from scratch today we would build carvana [5:35:53 PM ET] today, we would build [5:35:54 PM ET] Carmel. [5:35:54 PM ET] Mill. [5:35:55 PM ET] most [5:35:55 PM ET] powerful in [5:35:56 PM ET] to see [5:35:57 PM ET] I made it indeterminate, [5:35:58 PM ET] when [5:35:58 PM ET] with [5:35:58 PM ET] technology [5:35:58 PM ET] is [5:35:58 PM ET] ai is most powerful when decisions are automated and deterministic [5:35:59 PM ET] the [5:35:59 PM ET] architected to wrap the technology, and the [5:36:00 PM ET] surface [5:36:00 PM ET] so [5:36:00 PM ET] that's what I [5:36:01 PM ET] where there's [5:36:02 PM ET] a steady stream [5:36:02 PM ET] when technology is architected to rapidly surface those answers [5:36:03 PM ET] a feet [5:36:04 PM ET] And in [5:36:05 PM ET] the presence of [5:36:05 PM ET] what we're [5:36:06 PM ET] when there's a steady stream of differentiated data to feed it [5:36:06 PM ET] where [5:36:07 PM ET] experiences [5:36:07 PM ET] get [5:36:07 PM ET] simpler [5:36:08 PM ET] and [5:36:08 PM ET] fish, [5:36:08 PM ET] between [5:36:09 PM ET] ways [5:36:09 PM ET] and in the presence of vertical integration where experiences get simpler [5:36:09 PM ET] theirs [5:36:09 PM ET] and frictions between layers disappear [5:36:11 PM ET] carvana has all of this [5:36:13 PM ET] Here. [5:36:13 PM ET] Harmony. [5:36:13 PM ET] harmony is much earlier in its [5:36:13 PM ET] it's an [5:36:16 PM ET] agent commerce is much earlier in its maturity but it seems likely to accelerate digital [5:36:17 PM ET] Her [5:36:18 PM ET] But I [5:36:20 PM ET] Die, I think, to reward companies who have put their effort in the building fundamentally [5:36:20 PM ET] better [5:36:21 PM ET] solutions. [5:36:21 PM ET] adoption to reward companies who have put their effort into building fundamentally better solutions [5:36:21 PM ET] and to [5:36:21 PM ET] put [5:36:21 PM ET] pressure on [5:36:22 PM ET] supply, [5:36:22 PM ET] to [5:36:22 PM ET] chains do [5:36:23 PM ET] be the [5:36:23 PM ET] a [5:36:23 PM ET] low [5:36:23 PM ET] cost [5:36:23 PM ET] and [5:36:24 PM ET] fast [5:36:24 PM ET] as [5:36:25 PM ET] possible. [5:36:25 PM ET] and to put pressure on supply chains to be as low cost and fast as possible [5:36:25 PM ET] Corona [5:36:26 PM ET] Also, had [5:36:26 PM ET] have all of [5:36:27 PM ET] carvana also has all of this [5:36:28 PM ET] exciting [5:36:28 PM ET] time. [5:36:29 PM ET] If we keep [5:36:29 PM ET] building the [5:36:30 PM ET] machine, [5:36:30 PM ET] good [5:36:30 PM ET] things [5:36:30 PM ET] are [5:36:30 PM ET] going [5:36:30 PM ET] gonna keep [5:36:30 PM ET] to [5:36:32 PM ET] happening. The musk [5:36:32 PM ET] it's an exciting time if we keep building the machine good things are going to keep happening [5:36:32 PM ET] continued, [5:36:33 PM ET] the march continues mark [5:36:35 PM ET] Markerning, [5:36:35 PM ET] and thank [5:36:35 PM ET] you [5:36:35 PM ET] all [5:36:36 PM ET] for [5:36:36 PM ET] joining [5:36:36 PM ET] us for [5:36:37 PM ET] the people of the [5:36:37 PM ET] unless [5:36:38 PM ET] otherwise [5:36:38 PM ET] thank you ernie and thank you all for joining us today [5:36:39 PM ET] No [5:36:39 PM ET] all comparisons will [5:36:39 PM ET] be on [5:36:39 PM ET] a [5:36:41 PM ET] unless otherwise noted all comparisons will be on a year over year basis [5:36:41 PM ET] year-over-year basis. [5:36:45 PM ET] Another strong quarter for Carmina. [5:36:45 PM ET] We said [5:36:45 PM ET] new [5:36:47 PM ET] q3 was another strong quarter for carvana we set new company records [5:36:47 PM ET] company records for retailing and [5:36:48 PM ET] that [5:36:51 PM ET] for retail units sold revenue gross profit [5:36:52 PM ET] gaap operating income and adjusted ebitda [5:36:53 PM ET] These were [5:36:54 PM ET] Riven [5:36:57 PM ET] these results were driven by our company wide focus on driving profitable growth [5:36:59 PM ET] and efficient operational execution [5:37:03 PM ET] Two seventeen [5:37:04 PM ET] retail units sold totaled two hundred and seventeen thousand [5:37:05 PM ET] in [5:37:05 PM ET] Q [5:37:06 PM ET] I am [5:37:08 PM ET] Infrastructure in a new [5:37:08 PM ET] three hundred and eighty five in q3 an increase of thirty nine percent and a new company record [5:37:08 PM ET] company [5:37:13 PM ET] revenue was eight point zero four billion [5:37:13 PM ET] Why are four bills? [5:37:14 PM ET] For the two [5:37:15 PM ET] an increase of forty two percent and a new company record [5:37:20 PM ET] House quarter! Our third [5:37:20 PM ET] consistent with past quarters our [5:37:23 PM ET] growth in the third quarter was driven by our three long term drivers of growth [5:37:23 PM ET] She [5:37:24 PM ET] Long-term drivers of Groudon [5:37:25 PM ET] A continuously improving customer [5:37:26 PM ET] a continuously improving customer offering [5:37:28 PM ET] offered. [5:37:28 PM ET] of them and it's [5:37:28 PM ET] increasing awareness understanding and trust [5:37:29 PM ET] understanding, and trust. [5:37:30 PM ET] and [5:37:30 PM ET] increasing and [5:37:31 PM ET] inventory [5:37:31 PM ET] selection and other [5:37:32 PM ET] and increasing inventory selection and other benefits of scale [5:37:37 PM ET] Marker, 11th consecutive [5:37:37 PM ET] the third quarter marked our eleventh consecutive quarter of [5:37:37 PM ET] of industry leading [5:37:38 PM ET] retail [5:37:38 PM ET] tell you to [5:37:39 PM ET] a [5:37:39 PM ET] grow, [5:37:39 PM ET] and industry [5:37:39 PM ET] industry leading retail unit growth and industry [5:37:42 PM ET] adjusted ebitda margin [5:37:44 PM ET] Just the bummer. [5:37:47 PM ET] Got retail GPU increased by $85. [5:37:47 PM ET] Primarily [5:37:47 PM ET] non gaap retail gpu increased by eighty five dollars [5:37:47 PM ET] driven [5:37:47 PM ET] by [5:37:49 PM ET] wider spread between retail and [5:37:49 PM ET] wholesale [5:37:51 PM ET] primarily driven by wider spread between retail and wholesale market prices [5:37:53 PM ET] partially offset by higher non vehicle costs [5:37:54 PM ET] How sat by how [5:37:54 PM ET] non vehicle. [5:37:57 PM ET] One [5:37:57 PM ET] hundred at his [5:37:58 PM ET] non gaap wholesale gpu decreased by one hundred and ninety six dollars [5:37:59 PM ET] dollars [5:37:59 PM ET] by [5:38:03 PM ET] 39% growth, outpace in our [5:38:03 PM ET] primarily driven by our thirty nine percent retail unit sold growth [5:38:03 PM ET] wholesale [5:38:03 PM ET] breath [5:38:03 PM ET] birth [5:38:04 PM ET] profit [5:38:04 PM ET] outpacing our wholesale gross profit growth [5:38:07 PM ET] Other GPU [5:38:07 PM ET] decreased [5:38:07 PM ET] by [5:38:08 PM ET] two or [5:38:08 PM ET] and ninety-nine [5:38:09 PM ET] non gaap other gpu decreased by two ninety nine dollars [5:38:09 PM ET] dollars. I merely [5:38:11 PM ET] brother. [5:38:13 PM ET] by our decision to give back to customers in the form of lower interest [5:38:14 PM ET] primarily driven by our decision to give back to customers in the form of lower interest rates [5:38:14 PM ET] rates, relative to [5:38:14 PM ET] the benchmark, [5:38:15 PM ET] rate [5:38:15 PM ET] as [5:38:17 PM ET] Rising [5:38:17 PM ET] benchmark [5:38:18 PM ET] relative to benchmark rates as well as by rising benchmark rates [5:38:22 PM ET] A heading [5:38:23 PM ET] in the third quarter partially offset by higher average amount financed and hedging gains [5:38:26 PM ET] As you know, it's for [5:38:26 PM ET] retail, you [5:38:26 PM ET] of the [5:38:27 PM ET] sold [5:38:27 PM ET] with [5:38:27 PM ET] a [5:38:28 PM ET] non gaap sg and a expense per retail units sold was [5:38:28 PM ET] approximately [5:38:28 PM ET] it's a very long [5:38:28 PM ET] approximately flat [5:38:29 PM ET] flat. [5:38:32 PM ET] Great, one hundred [5:38:33 PM ET] for retail that's [5:38:33 PM ET] soul, all [5:38:33 PM ET] operations expense increased one hundred and nine dollars per retail units sold [5:38:35 PM ET] Primarily due to [5:38:35 PM ET] higher fuel and [5:38:35 PM ET] logistics [5:38:36 PM ET] go [5:38:36 PM ET] primarily due to higher fuel and logistics costs [5:38:37 PM ET] Oh, this [5:38:37 PM ET] increase [5:38:38 PM ET] more [5:38:38 PM ET] than I was [5:38:38 PM ET] set [5:38:39 PM ET] that, by a little [5:38:39 PM ET] 100 [5:38:40 PM ET] to make our [5:38:41 PM ET] propagated [5:38:41 PM ET] this increase was more than offset by a one hundred and fifty nine [5:38:41 PM ET] and told, [5:38:41 PM ET] production, [5:38:41 PM ET] and [5:38:42 PM ET] overpaddled [5:38:42 PM ET] it's [5:38:43 PM ET] expands, [5:38:43 PM ET] driven [5:38:44 PM ET] by a [5:38:45 PM ET] per retail unit sold reduction in overhead expense driven by our thirty nine percent [5:38:45 PM ET] 39% growth [5:38:45 PM ET] growth rate [5:38:47 PM ET] rate. [5:38:47 PM ET] advertising [5:38:48 PM ET] expense [5:38:48 PM ET] Increase [5:38:49 PM ET] I [5:38:50 PM ET] I'm not really. [5:38:50 PM ET] advertising expense increased by [5:38:51 PM ET] retailers old, as we can [5:38:51 PM ET] tell you to [5:38:52 PM ET] forty five dollars per retail unit sold as we continue to invest in [5:38:54 PM ET] bit of a [5:38:56 PM ET] building awareness understanding and trust in our customer offering [5:38:59 PM ET] Notice [5:39:01 PM ET] to see opportunities for significant SJA levers. [5:39:01 PM ET] all that [5:39:02 PM ET] we continue to see opportunities for significant sg and a leverage over time [5:39:03 PM ET] as we scale, driven [5:39:03 PM ET] going to be able to [5:39:04 PM ET] both [5:39:04 PM ET] continued [5:39:04 PM ET] and [5:39:05 PM ET] proven, the profit was, the [5:39:05 PM ET] and [5:39:06 PM ET] operational [5:39:06 PM ET] expenses, [5:39:06 PM ET] as well [5:39:06 PM ET] as we scale driven by both continued improvements in operational expenses [5:39:07 PM ET] whatever [5:39:07 PM ET] you [5:39:07 PM ET] in the [5:39:08 PM ET] fixed [5:39:09 PM ET] as well as leverage in the fixed components of our cost structure [5:39:09 PM ET] component is over. [5:39:11 PM ET] of our cost structure. [5:39:15 PM ET] net income was [5:39:16 PM ET] Four hundred eighty three [5:39:17 PM ET] million, an increase [5:39:17 PM ET] of two [5:39:18 PM ET] hundred twenty [5:39:18 PM ET] I think it's a very good [5:39:19 PM ET] eighty three million dollars an increase of two twenty million dollars [5:39:20 PM ET] come [5:39:20 PM ET] was [5:39:21 PM ET] motion of the [5:39:22 PM ET] by [5:39:22 PM ET] one [5:39:23 PM ET] net income was negatively impacted by a onetime [5:39:23 PM ET] time [5:39:24 PM ET] $53 [5:39:24 PM ET] million [5:39:25 PM ET] pre-tax [5:39:26 PM ET] expense [5:39:26 PM ET] related to the [5:39:26 PM ET] much [5:39:27 PM ET] early New [5:39:27 PM ET] of [5:39:27 PM ET] senior [5:39:27 PM ET] fifty three million dollars pretax expense related to the early redemption of [5:39:28 PM ET] secured [5:39:28 PM ET] senior secured notes [5:39:29 PM ET] notes. [5:39:30 PM ET] income [5:39:31 PM ET] Come [5:39:31 PM ET] margin was [5:39:32 PM ET] net income margin was six percent [5:39:32 PM ET] 6%. [5:39:32 PM ET] and [5:39:33 PM ET] increased from the 19th [5:39:34 PM ET] an increase from four point seven percent [5:39:34 PM ET] 4.7. [5:39:36 PM ET] Adjusted [5:39:36 PM ET] Even though the [5:39:37 PM ET] a [5:39:37 PM ET] record 800 [5:39:38 PM ET] hundred [5:39:38 PM ET] million, an [5:39:39 PM ET] and I [5:39:40 PM ET] adjusted ebitda was a record eight hundred million dollars [5:39:40 PM ET] How is the three [5:39:40 PM ET] an increase of one hundred and sixty three million [5:39:45 PM ET] I just to deep but down the margin was 10%. It decreased from [5:39:45 PM ET] adjusted ebitda margin was ten percent [5:39:45 PM ET] eleven [5:39:46 PM ET] point three [5:39:46 PM ET] Some of [5:39:47 PM ET] primarily driven [5:39:47 PM ET] I [5:39:48 PM ET] a decrease from eleven point three percent primarily driven by selling a mix of higher priced [5:39:50 PM ET] by selling in there [5:39:51 PM ET] the game back [5:39:51 PM ET] that [5:39:51 PM ET] customers in [5:39:51 PM ET] and [5:39:51 PM ET] other [5:39:52 PM ET] vehicles and giving back customers in other gpu [5:39:52 PM ET] GB [5:39:56 PM ET] Mm-hmm. [5:39:57 PM ET] I operating income with seven hundred fourteen million [5:39:57 PM ET] or eighty [5:39:57 PM ET] gaap operating income was seven fourteen million [5:39:57 PM ET] nine [5:39:59 PM ET] or eighty nine percent of adjusted ebitda [5:40:01 PM ET] of Justice Ebiddy. And Anquate of [5:40:01 PM ET] I want her to check you too, [5:40:03 PM ET] million and a new company [5:40:03 PM ET] an increase of one hundred and sixty two million dollars and a new company record [5:40:09 PM ET] The ball [5:40:09 PM ET] One wander when the moment [5:40:10 PM ET] It's unreal, these [5:40:10 PM ET] before turning to the balance sheet i want to spend a moment on what sits underneath these results [5:40:11 PM ET] we're [5:40:11 PM ET] building to [5:40:12 PM ET] deliver [5:40:12 PM ET] on a [5:40:13 PM ET] the machine we are building to deliver on our long term goals [5:40:17 PM ET] The veil of our vision, building the machine is [5:40:17 PM ET] a [5:40:18 PM ET] continuous [5:40:18 PM ET] with the scale of our ambition building the machine is a continuous exercise [5:40:19 PM ET] was [5:40:19 PM ET] exercise [5:40:20 PM ET] and our [5:40:20 PM ET] Execution is [5:40:20 PM ET] the [5:40:21 PM ET] pace, [5:40:22 PM ET] and our execution is the pacesetter for our growth [5:40:25 PM ET] Has three components. [5:40:27 PM ET] that machine has three components selection [5:40:27 PM ET] speed and [5:40:31 PM ET] speed and experience each of these maps [5:40:31 PM ET] To one or more major operational [5:40:31 PM ET] to one or more major operational groups [5:40:33 PM ET] bruce. Our inspection and [5:40:33 PM ET] reconditioning [5:40:35 PM ET] centres drive [5:40:35 PM ET] election. [5:40:36 PM ET] our [5:40:36 PM ET] our inspection and reconditioning centers drive selection [5:40:37 PM ET] mean that [5:40:40 PM ET] was not [5:40:40 PM ET] our logistics and delivery network drives speed [5:40:41 PM ET] plus our customer [5:40:41 PM ET] care [5:40:42 PM ET] centers [5:40:42 PM ET] drive customer [5:40:43 PM ET] care [5:40:43 PM ET] and these plus our customer care centers drive customer experience [5:40:45 PM ET] experience. [5:40:46 PM ET] The work is the [5:40:47 PM ET] carried out by our [5:40:47 PM ET] people. [5:40:48 PM ET] That is including [5:40:48 PM ET] technicians [5:40:48 PM ET] and [5:40:48 PM ET] within those groups the work is carried out by our people [5:40:49 PM ET] cosmetic [5:40:50 PM ET] including technicians and cosmetic associates [5:40:50 PM ET] associates. [5:40:50 PM ET] and vehicle [5:40:51 PM ET] transporters, [5:40:52 PM ET] lifestyle [5:40:53 PM ET] delivery, and [5:40:53 PM ET] customer [5:40:53 PM ET] care [5:40:55 PM ET] vehicle transporters last mile delivery and customer care advocates and many more [5:40:59 PM ET] Hire train these [5:41:00 PM ET] as we grow at thirty nine percent our ability [5:41:00 PM ET] I have [5:41:01 PM ET] them better tools and [5:41:02 PM ET] prophecy. [5:41:03 PM ET] to hire and train these teams and to give them better tools and processes directly determines how we scale [5:41:03 PM ET] Directly [5:41:03 PM ET] determined how [5:41:04 PM ET] we [5:41:05 PM ET] scale actively working on each [5:41:05 PM ET] of these [5:41:06 PM ET] areas and [5:41:06 PM ET] we are [5:41:06 PM ET] encouraged by [5:41:07 PM ET] the [5:41:07 PM ET] progress we're [5:41:08 PM ET] we are actively working on each of these areas and we are encouraged by the progress we are making [5:41:08 PM ET] making, that's [5:41:10 PM ET] to the [5:41:10 PM ET] balance [5:41:11 PM ET] sheet, we [5:41:12 PM ET] Into Drive [5:41:12 PM ET] toward [5:41:13 PM ET] turning to the balance sheet we [5:41:14 PM ET] continue to drive toward investment grade quality credit ratios [5:41:15 PM ET] Gray quality, credit radio. [5:41:16 PM ET] In the third quarter, [5:41:17 PM ET] We further [5:41:18 PM ET] All about [5:41:19 PM ET] early in the third quarter we further strengthened our [5:41:22 PM ET] balance sheet by refinancing the remaining one point seven billion dollars of senior secured notes [5:41:23 PM ET] One point [5:41:23 PM ET] million of Senior Secured Notes, Do [5:41:25 PM ET] twenty thirty. [5:41:25 PM ET] with the seer secured, [5:41:26 PM ET] term [5:41:26 PM ET] Lone [5:41:27 PM ET] due two thousand and thirty with a senior secured term loan b [5:41:27 PM ET] Resulting in a [5:41:28 PM ET] approximately [5:41:28 PM ET] 45 [5:41:29 PM ET] million of [5:41:29 PM ET] annual and [5:41:30 PM ET] interest [5:41:30 PM ET] expense [5:41:31 PM ET] resulting in approximately forty five million dollars of annual interest expense savings [5:41:33 PM ET] along with [5:41:34 PM ET] the [5:41:36 PM ET] this transaction along with the successful execution of our operational [5:41:37 PM ET] success. [5:41:39 PM ET] Operational [5:41:40 PM ET] twelve [5:41:40 PM ET] upon adjustment, [5:41:41 PM ET] ebitar [5:41:41 PM ET] plan in q3 resulted in a net debt to trailing twelve month [5:41:41 PM ET] ratio of [5:41:41 PM ET] the zero [5:41:45 PM ET] adjusted ebitda ratio of 0.8x [5:41:45 PM ET] Interest [5:41:46 PM ET] was expensive, which [5:41:47 PM ET] of six [5:41:47 PM ET] point [5:41:48 PM ET] and a trailing twelve month adjusted ebitda to interest expense ratio of 6.9x [5:41:49 PM ET] Both [5:41:49 PM ET] new company, [5:41:51 PM ET] rack. [5:41:51 PM ET] and [5:41:51 PM ET] placing [5:41:51 PM ET] and [5:41:51 PM ET] our [5:41:52 PM ET] I [5:41:52 PM ET] farm gets [5:41:52 PM ET] financial [5:41:53 PM ET] both new company records and again placing us [5:41:53 PM ET] position [5:41:53 PM ET] our strongest financial position ever [5:41:58 PM ET] our results through q3 position us well for a strong finish [5:41:59 PM ET] Wow for a strong finish [5:41:59 PM ET] 20. [5:42:00 PM ET] and [5:42:00 PM ET] Looking [5:42:03 PM ET] to twenty twenty six looking forward we [5:42:03 PM ET] forward. Borrowing as long as the environment [5:42:03 PM ET] remains [5:42:04 PM ET] expect the following as long as the environment remains stable [5:42:05 PM ET] there. [5:42:05 PM ET] stable. A [5:42:06 PM ET] squential increase in [5:42:06 PM ET] the [5:42:06 PM ET] retail [5:42:07 PM ET] units [5:42:07 PM ET] hold, [5:42:08 PM ET] just in [5:42:08 PM ET] E, but [5:42:08 PM ET] die, [5:42:09 PM ET] in [5:42:09 PM ET] the [5:42:09 PM ET] a sequential increase in retail units sold [5:42:09 PM ET] my [5:42:09 PM ET] a higher [5:42:10 PM ET] of our [5:42:11 PM ET] lady, [5:42:11 PM ET] and in the [5:42:12 PM ET] and adjusted ebitda in the higher end of our previously communicated range [5:42:14 PM ET] range for the full [5:42:15 PM ET] year [5:42:15 PM ET] twenty [5:42:16 PM ET] of two point seven billion to three point zero billion dollars for the full year twenty twenty six [5:42:17 PM ET] child. [5:42:17 PM ET] In [5:42:18 PM ET] closing, [5:42:18 PM ET] we [5:42:18 PM ET] we're [5:42:18 PM ET] are [5:42:19 PM ET] excited by [5:42:19 PM ET] what our team [5:42:20 PM ET] kind of [5:42:20 PM ET] accomplished and [5:42:21 PM ET] in closing we are excited by what our team accomplished in q3 [5:42:22 PM ET] How [5:42:25 PM ET] were main focused on executing at a high level, however, profitable [5:42:26 PM ET] we remain focused on executing at a high level delivering profitable growth [5:42:29 PM ET] GROUSE. [5:42:29 PM ET] Or gold [5:42:29 PM ET] becoming the [5:42:29 PM ET] largest the most [5:42:30 PM ET] and making consistent progress toward our goals of becoming the largest and most profitable auto retailer [5:42:30 PM ET] for a [5:42:31 PM ET] retailer. [5:42:31 PM ET] And by [5:42:31 PM ET] it [5:42:34 PM ET] will now take [5:42:35 PM ET] and buying and selling millions of cars thanks for your attention we'll now take questions [5:42:38 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:42:38 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:42:39 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:42:39 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:42:40 PM ET] we will now begin the question and answer session [5:42:42 PM ET] and answer session to ask a question, you may [5:42:42 PM ET] press [5:42:43 PM ET] star, then [5:42:43 PM ET] than [5:42:43 PM ET] one on [5:42:43 PM ET] and it [5:42:43 PM ET] helpful [5:42:44 PM ET] if would [5:42:44 PM ET] you [5:42:45 PM ET] the path. [5:42:45 PM ET] the way. [5:42:47 PM ET] be before. [5:42:47 PM ET] It got very [5:42:47 PM ET] bad. [5:42:49 PM ET] Oh, but [5:42:53 PM ET] Like any kind of question has been a good any like the regular question, [5:42:53 PM ET] yes. [5:42:54 PM ET] for [5:42:54 PM ET] starting [5:42:54 PM ET] and [5:42:59 PM ET] the first question comes from marvin fong with btig [5:42:59 PM ET] The first question comes from Margaret's song, would be P. [5:43:00 PM ET] who is [5:43:00 PM ET] Go [5:43:00 PM ET] please go ahead [5:43:05 PM ET] I think [5:43:05 PM ET] taking my questions and uh congratulations on [5:43:05 PM ET] great thanks for taking my questions and congratulations [5:43:05 PM ET] managing all [5:43:06 PM ET] this [5:43:07 PM ET] on managing all this growth [5:43:12 PM ET] I question other mirrors a lot [5:43:12 PM ET] of [5:43:12 PM ET] a question on other gpu and the interest rate environment a lot of [5:43:13 PM ET] to [5:43:13 PM ET] uh conversations [5:43:13 PM ET] among [5:43:14 PM ET] investors heading [5:43:14 PM ET] into [5:43:17 PM ET] conversations among investors heading into this just [5:43:17 PM ET] this. [5:43:17 PM ET] a little bit of a [5:43:18 PM ET] how are you managing that kind of [5:43:20 PM ET] you know [5:43:20 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:43:21 PM ET] Oh. [5:43:24 PM ET] The [5:43:24 PM ET] hundred [5:43:25 PM ET] into the fourth quarter are you continue to talk about the one hundred basis [5:43:25 PM ET] points [5:43:25 PM ET] though [5:43:26 PM ET] points of [5:43:29 PM ET] Yeah, improvement to consumers. Are [5:43:30 PM ET] improvement to consumers are you [5:43:33 PM ET] The [5:43:35 PM ET] passing along the full increase in the benchmarks [5:43:37 PM ET] or how should we kind of think about how you're approaching that [5:43:39 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:43:39 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:43:40 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:43:41 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:43:41 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:43:42 PM ET] sure yeah i could take that one so [5:43:45 PM ET] Her [5:43:45 PM ET] That question in [5:43:45 PM ET] a couple [5:43:46 PM ET] i think i would break that question into a [5:43:47 PM ET] of different contexts the [5:43:47 PM ET] one [5:43:47 PM ET] a [5:43:49 PM ET] ideas. [5:43:49 PM ET] of [5:43:49 PM ET] know, giving [5:43:50 PM ET] back the [5:43:50 PM ET] a couple of different concepts the one is the idea of [5:43:53 PM ET] and [5:43:53 PM ET] giving back to customers and there i think [5:43:56 PM ET] an important moment was in late twenty twenty [5:43:57 PM ET] Moment was [5:43:57 PM ET] late, [5:43:57 PM ET] twenty [5:43:58 PM ET] five. [5:44:01 PM ET] My [5:44:01 PM ET] the fun of my game that [5:44:01 PM ET] five we elected to pass [5:44:01 PM ET] we had driven in [5:44:02 PM ET] and other [5:44:03 PM ET] Over the persing [5:44:04 PM ET] some of the fundamental gains that we had driven in other gpu over the preceding time periods [5:44:05 PM ET] time periods [5:44:05 PM ET] to [5:44:05 PM ET] customers in [5:44:06 PM ET] the [5:44:06 PM ET] form [5:44:07 PM ET] of [5:44:09 PM ET] to customers in the form of lower customer interest rates relative to benchmark rates [5:44:14 PM ET] That component of the [5:44:14 PM ET] question, [5:44:14 PM ET] and so that's a [5:44:17 PM ET] and a place where you know we've long talked about hey as we [5:44:17 PM ET] drive [5:44:18 PM ET] of the question and a place where we've long [5:44:18 PM ET] fundamental [5:44:21 PM ET] talked about hey as we drive fundamental gains over time we'd love to [5:44:21 PM ET] home, you know what we're trying to [5:44:21 PM ET] where I [5:44:21 PM ET] some [5:44:21 PM ET] of [5:44:22 PM ET] those [5:44:22 PM ET] fundamental [5:44:22 PM ET] gains that [5:44:23 PM ET] cost [5:44:23 PM ET] a [5:44:24 PM ET] to [5:44:24 PM ET] improve [5:44:24 PM ET] our [5:44:25 PM ET] customer [5:44:25 PM ET] offering, increase our [5:44:26 PM ET] pass back some of those fundamental gains to customers to improve our [5:44:26 PM ET] competitive [5:44:28 PM ET] range. [5:44:29 PM ET] and continued [5:44:29 PM ET] customer offering increase our competitive differentiation and continue to just [5:44:29 PM ET] to [5:44:29 PM ET] just you [5:44:30 PM ET] know, [5:44:33 PM ET] Build the best offering for customers as we [5:44:33 PM ET] strive [5:44:33 PM ET] toward [5:44:34 PM ET] are [5:44:34 PM ET] build the best offering for customers as we [5:44:37 PM ET] strive toward our long term goals so that's this idea of passing back [5:44:37 PM ET] a warmth, this idea. [5:44:40 PM ET] Two customers in [5:44:40 PM ET] the [5:44:40 PM ET] form of more [5:44:41 PM ET] interest [5:44:41 PM ET] rates. [5:44:41 PM ET] Now, the second [5:44:42 PM ET] part of [5:44:42 PM ET] gains to customers in the form of lower interest rates [5:44:42 PM ET] your great [5:44:43 PM ET] question of [5:44:43 PM ET] relates [5:44:45 PM ET] but [5:44:45 PM ET] the [5:44:46 PM ET] now the second part of your question relates to [5:44:46 PM ET] English [5:44:46 PM ET] a great [5:44:47 PM ET] environment, [5:44:48 PM ET] matched up. [5:44:49 PM ET] the interest rate environment over the last couple of quarters and [5:44:49 PM ET] of quarters and, you know, it has [5:44:49 PM ET] been [5:44:50 PM ET] now [5:44:50 PM ET] over the last couple of [5:44:53 PM ET] it has been now over the last couple of quarters really actually this full year [5:44:53 PM ET] All [5:44:54 PM ET] rising [5:44:54 PM ET] rate in [5:44:57 PM ET] environment, and so when we're arising great [5:44:57 PM ET] a rising rate environment and so when we're in a rising rate environment [5:45:00 PM ET] Invariable speaking, our minds that is [5:45:01 PM ET] to pass [5:45:01 PM ET] has [5:45:02 PM ET] generally speaking mindset is to pass back [5:45:02 PM ET] back. [5:45:04 PM ET] Pascan, you know, [5:45:05 PM ET] movements [5:45:06 PM ET] and [5:45:06 PM ET] a rising [5:45:06 PM ET] grade [5:45:06 PM ET] great [5:45:06 PM ET] environment. That [5:45:07 PM ET] you know pass gain you know movements [5:45:07 PM ET] means, [5:45:08 PM ET] increase [5:45:09 PM ET] the benchmark rate to [5:45:09 PM ET] the [5:45:10 PM ET] customers. [5:45:10 PM ET] in the rising rate environment that means increases [5:45:10 PM ET] No, [5:45:11 PM ET] you [5:45:13 PM ET] in the benchmark rate to customers now we won't always do that in [5:45:13 PM ET] won't always do that in fall necessarily and [5:45:13 PM ET] there [5:45:13 PM ET] you can [5:45:16 PM ET] full necessarily and there can often be delays or lag times between [5:45:17 PM ET] often be delays or. [5:45:17 PM ET] lagtes between when Benjamin [5:45:17 PM ET] raids [5:45:17 PM ET] rise and [5:45:19 PM ET] hash [5:45:21 PM ET] when benchmark rates rise and when we pass back gains to customers but [5:45:21 PM ET] back games to customers, but as we've [5:45:21 PM ET] seen [5:45:22 PM ET] these, [5:45:22 PM ET] you know, [5:45:22 PM ET] rising [5:45:22 PM ET] rates in [5:45:22 PM ET] the [5:45:23 PM ET] past [5:45:23 PM ET] couple of [5:45:23 PM ET] quarters, [5:45:24 PM ET] we [5:45:24 PM ET] have [5:45:24 PM ET] been [5:45:25 PM ET] passing [5:45:25 PM ET] as we've seen these rising rates in the past couple of quarters we have been passing back [5:45:26 PM ET] back. [5:45:26 PM ET] some [5:45:26 PM ET] of [5:45:27 PM ET] those [5:45:27 PM ET] benchmark [5:45:27 PM ET] great, [5:45:28 PM ET] moves to [5:45:29 PM ET] customers, and I [5:45:29 PM ET] some of those benchmark rate moves to customers and i think [5:45:29 PM ET] think [5:45:29 PM ET] you know, [5:45:30 PM ET] we [5:45:30 PM ET] that [5:45:30 PM ET] was [5:45:31 PM ET] definitely the [5:45:31 PM ET] in the [5:45:31 PM ET] second [5:45:32 PM ET] quarter of the [5:45:33 PM ET] We saw [5:45:33 PM ET] that [5:45:33 PM ET] in [5:45:33 PM ET] our [5:45:33 PM ET] other [5:45:34 PM ET] GPU [5:45:34 PM ET] we that was definitely delayed in the second quarter we saw that in our other gpu results [5:45:34 PM ET] results. Thank [5:45:35 PM ET] and cute [5:45:36 PM ET] great [5:45:37 PM ET] race continued to rise, [5:45:38 PM ET] are [5:45:39 PM ET] in q3 benchmark rates continue to rise meaningfully [5:45:40 PM ET] Or [5:45:41 PM ET] See a [5:45:41 PM ET] meaningful [5:45:42 PM ET] change in [5:45:42 PM ET] other [5:45:42 PM ET] others you [5:45:42 PM ET] be [5:45:42 PM ET] over the course of the quarter but we didn't see a meaningful change [5:45:43 PM ET] of course, of [5:45:43 PM ET] her park [5:45:44 PM ET] part [5:45:45 PM ET] because. [5:45:46 PM ET] Has there a start of the [5:45:46 PM ET] in other gpu quarter over quarter in part because we had sort of started the motion [5:45:49 PM ET] motion on passing some of those [5:45:51 PM ET] on passing some of those benchmark rates through so [5:45:53 PM ET] that's [5:45:53 PM ET] benchmark rates through that that's a you [5:45:53 PM ET] know, [5:45:53 PM ET] pretty [5:45:54 PM ET] full [5:45:54 PM ET] um, just [5:45:57 PM ET] description. [5:45:57 PM ET] you know, I think of those two [5:45:58 PM ET] things [5:45:58 PM ET] pretty fulsome description of the dynamics i think of those two things [5:45:59 PM ET] separately. One [5:46:01 PM ET] is you know sort of a strategic pass [5:46:01 PM ET] of [5:46:01 PM ET] fundamental [5:46:02 PM ET] separately one is what was sort of the strategic pass back of fundamental gains [5:46:07 PM ET] last year and then how are we responding to these [5:46:08 PM ET] recent rate moves [5:46:08 PM ET] And then [5:46:08 PM ET] how we were responding to the [5:46:08 PM ET] reason remote. [5:46:09 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:46:11 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:46:11 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:46:14 PM ET] Fall up by [5:46:14 PM ET] made retail [5:46:14 PM ET] that was great thanks mark a follow-up if i may just on retail gpu [5:46:17 PM ET] Yeah, pretty flat quarter of a quarter that was actually [5:46:17 PM ET] very [5:46:18 PM ET] be [5:46:19 PM ET] pretty flat quarter over quarter that actually very good performance [5:46:20 PM ET] good on the [5:46:20 PM ET] other [5:46:21 PM ET] public. [5:46:22 PM ET] than [5:46:22 PM ET] how [5:46:23 PM ET] relative to some of the other publics you're still talking [5:46:27 PM ET] Hum, in a fifth of merge, sort of the [5:46:27 PM ET] fourth quarter last [5:46:28 PM ET] about some inefficiencies in the business schedule the ones that emerged sort of [5:46:31 PM ET] the fourth quarter of last year where are we in catching up to that [5:46:34 PM ET] and just kind of comment in general how you kind of feel about retail gpu [5:46:37 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:46:39 PM ET] sure yeah no so i think [5:46:41 PM ET] I think it is a [5:46:41 PM ET] strong order for the [5:46:42 PM ET] retail [5:46:42 PM ET] as you [5:46:42 PM ET] be [5:46:43 PM ET] I [5:46:43 PM ET] think if [5:46:43 PM ET] we [5:46:44 PM ET] look on [5:46:44 PM ET] at [5:46:44 PM ET] your [5:46:44 PM ET] it was strong quarter for retail gpu [5:46:45 PM ET] you're [5:46:48 PM ET] i think if we look on a year over year basis i think we [5:46:49 PM ET] Break it down as you [5:46:49 PM ET] know, we [5:46:49 PM ET] he [5:46:49 PM ET] retell the [5:46:50 PM ET] whole [5:46:50 PM ET] health, [5:46:51 PM ET] bread. [5:46:51 PM ET] you [5:46:52 PM ET] know, up here [5:46:52 PM ET] break it down as we see retail to wholesale [5:46:52 PM ET] you [5:46:52 PM ET] of the [5:46:53 PM ET] partially [5:46:54 PM ET] spreads up year over year partially offset by [5:46:54 PM ET] affected [5:46:57 PM ET] someone's [5:46:57 PM ET] those higher and [5:46:57 PM ET] non-vehicle [5:46:58 PM ET] of [5:47:00 PM ET] higher non vehicle costs some of those higher non vehicle costs [5:47:00 PM ET] was the [5:47:01 PM ET] So, [5:47:01 PM ET] yeah, that [5:47:01 PM ET] was the [5:47:01 PM ET] a [5:47:02 PM ET] place [5:47:02 PM ET] where I [5:47:03 PM ET] were driven by inbound fuel costs so that was a place where rising fuel [5:47:04 PM ET] Impact of the business and the [5:47:05 PM ET] quarter, um [5:47:07 PM ET] prices impacted the business in the quarter but overall i think we're [5:47:09 PM ET] Hope [5:47:10 PM ET] the games. [5:47:10 PM ET] we're really [5:47:10 PM ET] this [5:47:11 PM ET] pleased with certainly the gains that we've made in [5:47:13 PM ET] efficiency [5:47:14 PM ET] sense. [5:47:14 PM ET] reconditioning efficiency since [5:47:17 PM ET] Oh, you want [5:47:17 PM ET] area [5:47:17 PM ET] where [5:47:18 PM ET] q4early q1 area where [5:47:18 PM ET] You were talking more [5:47:21 PM ET] about some of the cost inefficiencies that have crept into the [5:47:22 PM ET] this [5:47:22 PM ET] system. [5:47:22 PM ET] we were talking more about some of the cost inefficiencies that have crept into the system so [5:47:22 PM ET] time. [5:47:23 PM ET] So, I think [5:47:24 PM ET] Overall, [5:47:24 PM ET] good [5:47:24 PM ET] trends [5:47:25 PM ET] there. You know, I [5:47:26 PM ET] i think overall good trends there i think [5:47:29 PM ET] A dual part of [5:47:29 PM ET] reconditioning. There's [5:47:29 PM ET] cost [5:47:29 PM ET] and [5:47:30 PM ET] then [5:47:30 PM ET] there's [5:47:30 PM ET] is production [5:47:31 PM ET] a dual part of reconditioning there's cost and then there's production capacity [5:47:31 PM ET] capacity. [5:47:35 PM ET] Himself [5:47:36 PM ET] Where we did. [5:47:36 PM ET] and so q3 was a quarter [5:47:37 PM ET] in production capacity. [5:47:37 PM ET] Uh we set [5:47:37 PM ET] a [5:47:38 PM ET] record [5:47:39 PM ET] where we did make gains in production capacity we set a record for [5:47:39 PM ET] It's [5:47:39 PM ET] produced, and [5:47:40 PM ET] of [5:47:40 PM ET] a [5:47:41 PM ET] quarter. It was our first quarter [5:47:41 PM ET] of producing [5:47:42 PM ET] more than [5:47:42 PM ET] two or [5:47:43 PM ET] units produced in the quarter it was our first quarter producing more than two hundred thousand [5:47:44 PM ET] houses [5:47:45 PM ET] units of [5:47:45 PM ET] I [5:47:47 PM ET] milestone are here for your [5:47:48 PM ET] units in a single quarter that's a nice milestone our year over year growth [5:47:48 PM ET] in for [5:47:50 PM ET] also [5:47:51 PM ET] accelerated [5:47:51 PM ET] slightly [5:47:52 PM ET] relative to [5:47:52 PM ET] you, [5:47:52 PM ET] in production also accelerated [5:47:53 PM ET] which I think [5:47:54 PM ET] is a little [5:47:54 PM ET] the [5:47:55 PM ET] is the [5:47:55 PM ET] direction [5:47:55 PM ET] that [5:47:56 PM ET] slightly relative to q2 which i think is [5:47:56 PM ET] we [5:47:56 PM ET] want [5:47:56 PM ET] to [5:47:56 PM ET] it [5:47:57 PM ET] have. [5:47:58 PM ET] and we slately [5:47:59 PM ET] Actually, we tell your [5:47:59 PM ET] the [5:48:00 PM ET] the direction that we want to head and we slightly outgrew retail units sold [5:48:01 PM ET] soul from up. [5:48:02 PM ET] result. [5:48:02 PM ET] something [5:48:02 PM ET] slightly out [5:48:04 PM ET] from a slightly out produced retail [5:48:04 PM ET] very [5:48:05 PM ET] also. [5:48:05 PM ET] definitely a [5:48:05 PM ET] direction that [5:48:06 PM ET] we want to [5:48:08 PM ET] sold in q3 which is also definitely a direction that we want to head [5:48:09 PM ET] head. So I think we made some nice gains of production. Having said [5:48:09 PM ET] that, [5:48:09 PM ET] there's [5:48:11 PM ET] there [5:48:11 PM ET] still, you know, more [5:48:11 PM ET] i think we made some nice gains in production having said that there's still [5:48:11 PM ET] work [5:48:11 PM ET] to [5:48:12 PM ET] do, and [5:48:13 PM ET] continuing [5:48:13 PM ET] to [5:48:15 PM ET] it's going to [5:48:15 PM ET] more work to do and continuing to increase production capacity is going to be [5:48:15 PM ET] gonna [5:48:16 PM ET] a [5:48:16 PM ET] a key area of focus [5:48:17 PM ET] focus as we look [5:48:18 PM ET] forward. [5:48:18 PM ET] I was one of [5:48:19 PM ET] example of [5:48:20 PM ET] that, you [5:48:20 PM ET] to [5:48:21 PM ET] in [5:48:21 PM ET] as we look forward as one example of that [5:48:21 PM ET] the [5:48:24 PM ET] growth in the number of cars that are on the website immediately available [5:48:25 PM ET] Number of cars that are on the website immediately available to [5:48:29 PM ET] to customers is still up year over year [5:48:29 PM ET] Year of year at a rate that [5:48:29 PM ET] is [5:48:30 PM ET] much [5:48:30 PM ET] below [5:48:30 PM ET] what [5:48:31 PM ET] sales [5:48:31 PM ET] group is [5:48:32 PM ET] year over [5:48:32 PM ET] here [5:48:33 PM ET] at a rate that is much below what our sales growth is year over year [5:48:34 PM ET] of times [5:48:37 PM ET] and so that's something we want to change and we're going to continue to invest [5:48:40 PM ET] in getting the right people process and systems in place in the [5:48:42 PM ET] reconditioning centers to efficiently scale production [5:48:45 PM ET] that's great thanks so much mark [5:48:48 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:48:48 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:48:49 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:48:49 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:48:50 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:48:50 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:48:51 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:48:52 PM ET] the next question comes from daniela [5:48:52 PM ET] else. [5:48:53 PM ET] here with [5:48:53 PM ET] Chan [5:48:53 PM ET] Please go [5:48:54 PM ET] hagan with morgan stanley please go ahead [5:48:56 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:48:56 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:48:57 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:48:57 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:48:58 PM ET] great thanks for taking the question [5:48:58 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:49:03 PM ET] mark first one for you where do you think the [5:49:05 PM ET] Biggest are opportunity is as you natural [5:49:05 PM ET] leverage. [5:49:06 PM ET] Can you kind [5:49:06 PM ET] biggest area of opportunity is in sg and a for leverage and can you kind of [5:49:06 PM ET] of [5:49:06 PM ET] talk [5:49:07 PM ET] do [5:49:07 PM ET] the [5:49:08 PM ET] I say [5:49:09 PM ET] higher as you [5:49:11 PM ET] talk through the puts and takes ad spend is higher as you [5:49:14 PM ET] mentioned on a per unit basis assuming that remains similar into the fourth quarter and twenty seven [5:49:17 PM ET] And how should we think of [5:49:18 PM ET] about other line [5:49:19 PM ET] and fuel costs remain elevated how should we think about other line items leveraging [5:49:19 PM ET] thank you [5:49:21 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:49:22 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:49:22 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:49:23 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:49:24 PM ET] sure yes so i mean i think if we [5:49:27 PM ET] you know take a step back and you know think about the [5:49:29 PM ET] Perfect. [5:49:32 PM ET] opportunities through the entire sg and a stack [5:49:36 PM ET] i think there's opportunities in every area so [5:49:40 PM ET] let me start with overhead we do have a high fixed cost business where [5:49:45 PM ET] we make significant technology investments we have large investment in infrastructure [5:49:49 PM ET] that we think levers well over time and so see [5:49:49 PM ET] Alright, I don't [5:49:52 PM ET] significant opportunities to further lever overhead expenses [5:49:56 PM ET] over time i think that's an area where we have shown really significant leverage over the [5:50:01 PM ET] several years as well but do believe that's an area that affords [5:50:05 PM ET] significant further leverage as we look out over time on a per retail unit sold basis [5:50:09 PM ET] next i'll talk about advertising expense we've made [5:50:12 PM ET] Residential. [5:50:12 PM ET] the point before that advertising expense is a place where [5:50:13 PM ET] Helen [5:50:17 PM ET] not necessarily in the near term but certainly in [5:50:21 PM ET] the longer term see opportunities for meaningful advertising leverage [5:50:22 PM ET] Help the [5:50:25 PM ET] as we continue to raise awareness understanding and trust [5:50:29 PM ET] build out our selection improve speeds etcetera enhancing the customer offering [5:50:33 PM ET] Light [5:50:33 PM ET] of the things that I've got to do is that I'm going to be able to do it. [5:50:33 PM ET] a good data point on that is just the fact that our most mature markets that have [5:50:38 PM ET] the most nearby inventory at the fastest delivery times have historically had [5:50:38 PM ET] London [5:50:39 PM ET] Lee hindsight as totally half. [5:50:39 PM ET] the city. [5:50:40 PM ET] is the [5:50:42 PM ET] much lower advertising expense per unit than [5:50:45 PM ET] the company as a whole and so advertising [5:50:48 PM ET] not necessarily in the near term but certainly in the long term is a significant sg and a leverage [5:50:52 PM ET] opportunity last i'll talk about operations expenses so [5:50:55 PM ET] It [5:50:55 PM ET] So it's you know, did [5:50:57 PM ET] operations expenses did tick up [5:51:00 PM ET] in q3 i think [5:51:03 PM ET] fuel and logistics cost was definitely a component of that [5:51:07 PM ET] and certainly the largest component of that and [5:51:11 PM ET] and so that buck is sort of a longer term secular trend [5:51:13 PM ET] And [5:51:15 PM ET] I think it [5:51:16 PM ET] we look [5:51:16 PM ET] you [5:51:16 PM ET] operations expense per unit declining [5:51:20 PM ET] i think if we look in the longer term there's significant [5:51:23 PM ET] opportunities there driven by ai and by [5:51:24 PM ET] Cloud [5:51:27 PM ET] scale and logistics network density that can cause operations expense [5:51:31 PM ET] Are they [5:51:32 PM ET] per unit to come down on a per retail unit sold basis in the fullness of time as well [5:51:36 PM ET] so that's a lot of different components [5:51:39 PM ET] but really as we do look across those major sg and a categories [5:51:44 PM ET] we see opportunity for leverage as we look out [5:51:45 PM ET] into the future [5:51:48 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:51:48 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:51:50 PM ET] great thanks second one is for you ernie [5:51:53 PM ET] Hmm [5:51:53 PM ET] Office [5:51:55 PM ET] you mentioned in opening remarks opportunities in agentik ai [5:51:55 PM ET] and the [5:51:57 PM ET] for [5:51:57 PM ET] Carl are [5:51:58 PM ET] they're [5:51:58 PM ET] they heard? [5:51:58 PM ET] with the [5:51:58 PM ET] thing [5:51:59 PM ET] that head [5:51:59 PM ET] the [5:51:59 PM ET] business to [5:52:00 PM ET] kind [5:52:00 PM ET] what's opportunity for carvana there how are you positioning [5:52:00 PM ET] up [5:52:00 PM ET] on [5:52:01 PM ET] that [5:52:01 PM ET] shape and pick him [5:52:02 PM ET] the business to capitalize on that shift in consumer behavior [5:52:04 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:52:05 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:52:05 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:52:07 PM ET] sure well first [5:52:10 PM ET] i would say that we're excited by the fact that we think that we've been positioning the business [5:52:13 PM ET] The business for that kind of a thing. [5:52:15 PM ET] for that kind of a shift for fourteen years i think what [5:52:16 PM ET] the light of the light of the [5:52:17 PM ET] agenic ai is basically [5:52:22 PM ET] just putting general ai capabilities that can also [5:52:26 PM ET] take actions into the pockets of consumers and [5:52:27 PM ET] The golden newers, and we know a lot of things that are [5:52:28 PM ET] Where [5:52:30 PM ET] we think it does a lot of things that are very good for us we think just through habit formation [5:52:31 PM ET] What [5:52:35 PM ET] general it pushes people more in the direction of digital transactions [5:52:40 PM ET] and then we think that it also as a general matter has kind of the capacity to [5:52:40 PM ET] Lori, [5:52:41 PM ET] Little [5:52:44 PM ET] effectively reduce digital friction to zero while [5:52:45 PM ET] while leaving physical friction largely unchanged [5:52:47 PM ET] Physical fiction, why do I think that [5:52:49 PM ET] what i mean by that is if a customer [5:52:50 PM ET] is. [5:52:51 PM ET] The [5:52:52 PM ET] Little [5:52:52 PM ET] Hi. [5:52:54 PM ET] comes to carvana through their agent and we're able to [5:52:57 PM ET] Lyle [5:52:57 PM ET] her [5:52:58 PM ET] verify that the agent has a customer behind it and that agent has [5:53:02 PM ET] to everything that's necessary for that customer to get a trade in value and [5:53:05 PM ET] knows which cars to shop for and is able to apply for credit [5:53:09 PM ET] and has access to their documents to provide [5:53:10 PM ET] The [5:53:12 PM ET] information we need for verifications the customer's experience there is going to basically be [5:53:17 PM ET] we found the car here's the picture here's the trade in value here's how [5:53:19 PM ET] He is the train now. You have not compared the dance mark. [5:53:21 PM ET] We applied for [5:53:21 PM ET] anything here's [5:53:21 PM ET] is your [5:53:21 PM ET] you're [5:53:22 PM ET] damn [5:53:22 PM ET] compares to benchmarks we applied [5:53:22 PM ET] we [5:53:25 PM ET] for financing here's your down payment and your monthly payment [5:53:25 PM ET] with the trade in applied [5:53:30 PM ET] if you'd like this one it can be here today if you want this one it can be here tomorrow if you [5:53:30 PM ET] want one of these two it can be here in two days [5:53:35 PM ET] Louli, [5:53:35 PM ET] and it's kind of say yes or no it's kind of like the logical extreme of where that can go [5:53:40 PM ET] i think when you compare that to what we compete with which is what's [5:53:41 PM ET] She what we can see [5:53:41 PM ET] what's important what [5:53:41 PM ET] with what's important. [5:53:42 PM ET] Whatever this hemisphere [5:53:46 PM ET] whatever the technological change what matters is what we can do but also what the [5:53:46 PM ET] The [5:53:47 PM ET] The [5:53:47 PM ET] Is what we knew, but I don't know what an artillery knew. [5:53:47 PM ET] we [5:53:48 PM ET] that I was going [5:53:48 PM ET] to [5:53:50 PM ET] competition can do the experience the customer is going get [5:53:53 PM ET] is likely to be very different first of all the odds that the agent can even find [5:53:56 PM ET] a car that is similar in the entirety of the city is not [5:53:59 PM ET] Is not [5:53:59 PM ET] it in any lord [5:54:01 PM ET] certain i think in many large metropolitan areas today with the inventory that we have [5:54:06 PM ET] we already have more cars than the sum of dealers in many many areas and that's [5:54:10 PM ET] strength that continues to get stronger so there's they will [5:54:10 PM ET] Someone [5:54:12 PM ET] figure out what's the best match that it's got [5:54:13 PM ET] Was that [5:54:14 PM ET] Wow [5:54:17 PM ET] then it will probably say here's the process to get a trade in value if you go in [5:54:21 PM ET] this dealer has this dock fee associated with it and [5:54:23 PM ET] They may have [5:54:23 PM ET] a different [5:54:23 PM ET] either. [5:54:26 PM ET] they may have additional add ons that are either part of the car that you'll run [5:54:29 PM ET] You go to that far, you make sure you keep me in your farm. [5:54:29 PM ET] long [5:54:30 PM ET] into as you go through that process make sure you keep me in your pocket so i can [5:54:33 PM ET] keep you informed along the way we can't get [5:54:37 PM ET] see what your interest rate is going to be but given [5:54:40 PM ET] benchmarks and tools that we can find online here's roughly what we think the range is likely to be [5:54:41 PM ET] Make a way like a while [5:54:41 PM ET] along the way. [5:54:41 PM ET] yeah, yeah, [5:54:44 PM ET] if you'd like to apply for a loan before you go here's a series of steps that you can go through [5:54:44 PM ET] little. [5:54:45 PM ET] bit of a penny. [5:54:45 PM ET] And you have [5:54:45 PM ET] you [5:54:45 PM ET] not [5:54:46 PM ET] and so you can kind of see where not only is it [5:54:47 PM ET] only is it [5:54:47 PM ET] would do [5:54:49 PM ET] reducing the digital friction [5:54:53 PM ET] He waiting, kiddie, he's a [5:54:54 PM ET] it is also fully revealing and articulating [5:54:55 PM ET] friction. [5:54:55 PM ET] So we [5:54:56 PM ET] think [5:54:56 PM ET] that the [5:54:56 PM ET] human beings are a human [5:54:56 PM ET] name is huge [5:54:56 PM ET] hand [5:54:57 PM ET] the physical friction and so we think that's a huge advantage for [5:54:57 PM ET] made this [5:54:57 PM ET] walk uh [5:54:58 PM ET] other [5:54:59 PM ET] a very like [5:54:59 PM ET] to you [5:54:59 PM ET] building [5:55:02 PM ET] us we think like we said in the prepared remarks if we were building from scratch today [5:55:05 PM ET] we would build carvana and so we think it's a huge opportunity for us we're excited by it i [5:55:10 PM ET] think it's very early days i think it's one of many tools that will be in the pockets of consumers over time [5:55:15 PM ET] and we think that some of those tools is just going to put pressure on businesses to build [5:55:19 PM ET] fundamentally better solutions and we're fourteen years into building a completely different supply [5:55:23 PM ET] chain and completely different approach to this business that is more efficient and more vertically integrated and benefits [5:55:25 PM ET] from all these changes so we're extremely excited by it [5:55:28 PM ET] awesome thank you ernie [5:55:29 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:55:29 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:55:30 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:55:30 PM ET] thank you [5:55:30 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:55:31 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:55:32 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:55:32 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:55:33 PM ET] Brad. [5:55:33 PM ET] Eric. [5:55:34 PM ET] Let our [5:55:35 PM ET] the next question comes from brad erickson with rbc capital markets [5:55:36 PM ET] please go ahead [5:55:38 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:55:39 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:55:41 PM ET] just [5:55:43 PM ET] Hallelujah. [5:55:44 PM ET] two on the other gpu i guess anything about gain on sale levels going [5:55:46 PM ET] forward and kind of across your [5:55:49 PM ET] Myself [5:55:51 PM ET] three major selling channels there just [5:55:55 PM ET] what should we expect in terms of these levels going forward [5:56:00 PM ET] kind of in the seven percent range and then how will each of those [5:56:04 PM ET] channels kind of perform within that and then second [5:56:09 PM ET] you upsized the abs deal i think you did during the quarter for the first time and [5:56:14 PM ET] question is like should we expect future deals to look like that and if so kind of [5:56:15 PM ET] Oh, yeah, [5:56:15 PM ET] what would you recommend in that [5:56:15 PM ET] after a [5:56:18 PM ET] being you. [5:56:18 PM ET] what would you recommend investors read into a deal that gets upsized versus one [5:56:19 PM ET] that does not [5:56:21 PM ET] thanks [5:56:22 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:56:23 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:56:23 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:56:26 PM ET] sure so let me start with [5:56:29 PM ET] you framed the question in kind of [5:56:32 PM ET] premium space instead of dollar space and i think that [5:56:34 PM ET] it's useful to look at it both ways i think over the last [5:56:39 PM ET] year or so as we've given rate back to customers and that rate has been [5:56:42 PM ET] Has been shall be in the [5:56:43 PM ET] we are the [5:56:44 PM ET] a very good [5:56:44 PM ET] disproportionately in the primary we've seen [5:56:45 PM ET] hospitals, we [5:56:45 PM ET] we've seen [5:56:46 PM ET] more [5:56:47 PM ET] expensive [5:56:47 PM ET] all the [5:56:48 PM ET] more prime customers and we've seen more [5:56:51 PM ET] transactions all at wisconsin that has also kind of served our inventory goals [5:56:53 PM ET] Over the [5:56:56 PM ET] over that period so it is natural that we move in that direction oftentimes [5:56:57 PM ET] He is naturally. [5:56:57 PM ET] it be that light against [5:57:01 PM ET] premiums go down but they're applied against a bigger balance [5:57:01 PM ET] and so if you look at it in dollar space [5:57:01 PM ET] It'll you. [5:57:01 PM ET] be [5:57:02 PM ET] bit of a little bit of a little bit of [5:57:03 PM ET] all out [5:57:04 PM ET] like [5:57:06 PM ET] that line item is a line item that i think it's [5:57:07 PM ET] an exercise that i would suggest to everyone is [5:57:12 PM ET] go look at the last twelve quarters graph that out over time and [5:57:15 PM ET] just look at the stability in the absolute dollars [5:57:19 PM ET] it bounces around inside of a very very tight range [5:57:22 PM ET] and i think if you look at it over a longer period than [5:57:25 PM ET] as a general matter it's been upward sloping as we've continued to find fundamental gains [5:57:30 PM ET] and get more efficient as a business and add various loan buyer partners that lower our [5:57:32 PM ET] Me [5:57:33 PM ET] I think [5:57:35 PM ET] cost of funds so i think we will continue to utilize these different [5:57:39 PM ET] channels that we've got we'll continue to seek out fundamental gains in every part of the finance flows [5:57:40 PM ET] Red [5:57:44 PM ET] but i think something that we're very excited by is [5:57:47 PM ET] this line item that obviously gets a lot of attention and there's a lot of numbers that bounce around [5:57:50 PM ET] Uh [5:57:50 PM ET] The [5:57:51 PM ET] People can watch new enough? [5:57:51 PM ET] this [5:57:51 PM ET] quarter to quarter that people can watch and kind of push through the math [5:57:51 PM ET] to [5:57:54 PM ET] My [5:57:56 PM ET] despite all of that we think the most important thing is we found a lot of stability there [5:58:01 PM ET] and it's because the platform that we built generates a lot of real fundamental value [5:58:05 PM ET] and then we're able to capture that value while also passing value back to our customers [5:58:08 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:58:08 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:58:09 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:58:09 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:58:10 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:58:10 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:58:11 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:58:11 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:58:12 PM ET] understood thanks [5:58:12 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:58:13 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:58:13 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:58:14 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:58:14 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:58:15 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:58:15 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:58:16 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:58:17 PM ET] the next [5:58:17 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:58:19 PM ET] question comes from michael baker with d a davidson please go ahead [5:58:21 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:58:24 PM ET] hey thanks i just wanted to follow-up on the agentic [5:58:28 PM ET] question and understanding the advantage you guys have but [5:58:29 PM ET] Yeah, but well I mean it's [5:58:31 PM ET] where are you with that now is there anything that you need to [5:58:34 PM ET] invest in to take advantage of that because if you just sort of [5:58:39 PM ET] i know it's very early in this whole process but but if i just did a random sample [5:58:41 PM ET] Way and champion going out to somebody's bottom and say, You know, funny you [5:58:42 PM ET] he's [5:58:42 PM ET] you [5:58:42 PM ET] guys come [5:58:43 PM ET] got [5:58:43 PM ET] of going out to some of these bots and say find me a used car [5:58:47 PM ET] you guys come up sometimes but your competitors still come up quite a bit as well so [5:58:50 PM ET] wondering what you need to do to invest to take advantage of your benefits [5:58:55 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [5:58:55 PM ET] sure well think [5:58:58 PM ET] Her [5:58:59 PM ET] there's a series of things that probably sit underneath that question [5:59:02 PM ET] i think the one that you specified there was the search question [5:59:07 PM ET] we think we've got to make our cars readily available we've got to make sure [5:59:09 PM ET] What I did all the way to [5:59:09 PM ET] the different [5:59:12 PM ET] pushing out data and all the ways that these different bots can see it [5:59:12 PM ET] We [5:59:15 PM ET] However [5:59:15 PM ET] we've got to make sure that we continue to scale and get our information out there and i think there's lots of [5:59:20 PM ET] that go into that but i think the great news is that the bigger we get [5:59:25 PM ET] the more often we're going to show up in all those different places [5:59:28 PM ET] and then i think in terms of changes to the underlying business there's really not [5:59:31 PM ET] a lot of fundamental things that we need to change a lot of these tools are tools [5:59:34 PM ET] we use ourselves a lot of these tools are tools that are now in the hands of consumers [5:59:39 PM ET] but because our entire consumer facing system [5:59:40 PM ET] How do you [5:59:41 PM ET] If he can give them a [5:59:41 PM ET] and and you know we can [5:59:41 PM ET] present [5:59:42 PM ET] all [5:59:42 PM ET] the [5:59:42 PM ET] information [5:59:43 PM ET] is deterministic and we can present all of the [5:59:47 PM ET] information for every part of the transaction through an api to you know [5:59:51 PM ET] any part of our website any ux that we create on our website or any [5:59:53 PM ET] You activate [5:59:53 PM ET] I think that's a good [5:59:56 PM ET] ux that is available to consumers through whatever bots they have [5:59:59 PM ET] It's very beautiful. [6:00:00 PM ET] it's very straightforward [6:00:01 PM ET] And then because we [6:00:01 PM ET] it's a very good [6:00:02 PM ET] of [6:00:03 PM ET] and then because the underlying processes for even how we do a lot of the operational things that [6:00:03 PM ET] the operational things that [6:00:05 PM ET] touch customers are all [6:00:05 PM ET] also [6:00:08 PM ET] that touch customers are also pushed through a wire [6:00:11 PM ET] there's customer care work verifications work have registration work [6:00:16 PM ET] that is done in a way where we have [6:00:17 PM ET] Do you have any [6:00:17 PM ET] all we [6:00:17 PM ET] have me feel [6:00:18 PM ET] a [6:00:19 PM ET] Douglas [6:00:19 PM ET] here, we [6:00:19 PM ET] articulated all the rules we have made clear exactly what documentation we need we have [6:00:21 PM ET] have your business [6:00:21 PM ET] rules [6:00:21 PM ET] and [6:00:22 PM ET] woe. [6:00:24 PM ET] business rules flows where data is pulled off of [6:00:25 PM ET] where it is, pull off of our people and push those [6:00:25 PM ET] woes [6:00:25 PM ET] words [6:00:26 PM ET] to get [6:00:26 PM ET] us to [6:00:27 PM ET] paper and pushed those flows to get us to answers [6:00:32 PM ET] that also means that we're very well positioned to utilize these tools [6:00:35 PM ET] in our business itself because the underlying [6:00:38 PM ET] And [6:00:39 PM ET] systems are already there and the underlying rules are already are [6:00:43 PM ET] articulated inside of a system that's able to execute against them so [6:00:45 PM ET] Oh wait, wait, oh, [6:00:46 PM ET] we think in customer facing ways and in our own [6:00:50 PM ET] Minister. [6:00:50 PM ET] we have to. [6:00:50 PM ET] managing of the business we just think there's opportunities to get better everywhere and i think [6:00:53 PM ET] And I think, you know, everything else working on the business, it's just a matter of [6:00:54 PM ET] the day that [6:00:55 PM ET] like everything else we're working on in the business it's just a matter of prioritization and how well we execute but [6:00:57 PM ET] the opportunity is all over the place [6:00:59 PM ET] The [6:00:59 PM ET] Nature, the [6:01:00 PM ET] parents? [6:01:00 PM ET] Is [6:01:01 PM ET] the colour of the [6:01:03 PM ET] thank you [6:01:05 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:01:08 PM ET] the next [6:01:11 PM ET] question comes from john healy with northcoast research please go ahead [6:01:14 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:01:16 PM ET] thanks for taking the question and congrats on the progress [6:01:16 PM ET] mother's a little bit of a magic. [6:01:19 PM ET] ernie i wanted to ask your thoughts on the fcc dynamics in the quarter [6:01:19 PM ET] Slide [6:01:21 PM ET] would love to get your thoughts on [6:01:26 PM ET] how you see the industry kind of evolving from here [6:01:29 PM ET] do you think the industry is kind of caught up now in terms of practice [6:01:31 PM ET] do you feel like your position is [6:01:33 PM ET] What [6:01:33 PM ET] World [6:01:36 PM ET] strengthened by this and do you view this as a benefit more to units [6:01:40 PM ET] or maybe even your ability to push asp and [6:01:42 PM ET] maybe gpu higher would love to get your thoughts on that topic thank you [6:01:45 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:01:46 PM ET] sure so i think [6:01:48 PM ET] Marie [6:01:51 PM ET] yeah as a general matter we think this makes it [6:01:54 PM ET] clearer for consumers to compare offers [6:01:56 PM ET] Belief [6:01:57 PM ET] Different [6:01:57 PM ET] so. [6:01:59 PM ET] more easily for different cars that they can purchase [6:02:03 PM ET] and we think that directionally that benefits us whether it's [6:02:03 PM ET] Next. [6:02:04 PM ET] Natural [6:02:08 PM ET] the kind of dock fee direction or if it's [6:02:12 PM ET] India [6:02:12 PM ET] direction that has also been issued by the ftc around [6:02:12 PM ET] Mm-hmm. [6:02:12 PM ET] My name is [6:02:14 PM ET] disclosing any [6:02:19 PM ET] additional products that are required to be purchased with the car in the price of the car so [6:02:23 PM ET] if a car for example has like tents preinstalled or has fabric [6:02:27 PM ET] Old [6:02:27 PM ET] protection preinstalled or vin etching or whatever it is preinstalled [6:02:28 PM ET] One [6:02:31 PM ET] that also is supposed to be disclosed as part of the price [6:02:34 PM ET] So we think that it is a very important [6:02:34 PM ET] has [6:02:35 PM ET] so we think that that's helpful because it kind of [6:02:35 PM ET] you know [6:02:35 PM ET] it [6:02:36 PM ET] brings [6:02:36 PM ET] all [6:02:36 PM ET] the [6:02:36 PM ET] information [6:02:37 PM ET] forward [6:02:37 PM ET] in a way [6:02:37 PM ET] where there [6:02:37 PM ET] the [6:02:38 PM ET] it [6:02:38 PM ET] ears of [6:02:38 PM ET] the [6:02:38 PM ET] person [6:02:39 PM ET] it brings all the information forward in a way that is easier for the customer to see [6:02:39 PM ET] customer's date. [6:02:40 PM ET] in any way [6:02:40 PM ET] Is that [6:02:41 PM ET] that's not [6:02:42 PM ET] materially [6:02:42 PM ET] different [6:02:42 PM ET] than a [6:02:44 PM ET] it comes from that has Chat GP or [6:02:44 PM ET] pocket [6:02:44 PM ET] in many ways that's not materially different than a customer that has chatgpt in their pocket [6:02:46 PM ET] or is using an agent [6:02:47 PM ET] You can pay me [6:02:49 PM ET] forests, they also kind [6:02:49 PM ET] is using an agent to complete these purchases because [6:02:49 PM ET] of bring [6:02:50 PM ET] in for [6:02:51 PM ET] forward in [6:02:51 PM ET] the [6:02:51 PM ET] similar [6:02:52 PM ET] laws, [6:02:52 PM ET] we [6:02:52 PM ET] they also will kind of bring information forward in similar ways [6:02:52 PM ET] meaning for [6:02:53 PM ET] us in [6:02:53 PM ET] to get [6:02:54 PM ET] that that's [6:02:55 PM ET] great [6:02:55 PM ET] because [6:02:56 PM ET] we [6:02:56 PM ET] it [6:02:56 PM ET] makes [6:02:56 PM ET] we think for us that's great because think it makes it [6:02:57 PM ET] it [6:02:58 PM ET] some [6:02:58 PM ET] it [6:02:58 PM ET] up [6:02:59 PM ET] front, and [6:03:00 PM ET] easy, [6:03:00 PM ET] for [6:03:00 PM ET] customers [6:03:00 PM ET] to [6:03:01 PM ET] see [6:03:01 PM ET] with [6:03:01 PM ET] what they [6:03:01 PM ET] simpler it's upfront and easy for customers to see what they're [6:03:02 PM ET] their [6:03:02 PM ET] uh with [6:03:02 PM ET] they're [6:03:03 PM ET] getting into [6:03:04 PM ET] it, [6:03:04 PM ET] and to understand [6:03:04 PM ET] what [6:03:05 PM ET] but that [6:03:05 PM ET] I don't [6:03:06 PM ET] would you know? [6:03:06 PM ET] all [6:03:06 PM ET] what they're getting into and to understand what the steps are likely to be down the path [6:03:06 PM ET] about, [6:03:07 PM ET] and [6:03:07 PM ET] the only [6:03:07 PM ET] we [6:03:08 PM ET] think [6:03:08 PM ET] that [6:03:08 PM ET] that's [6:03:08 PM ET] a [6:03:09 PM ET] benefit to [6:03:09 PM ET] was [6:03:09 PM ET] us [6:03:09 PM ET] a [6:03:10 PM ET] brotherly, I [6:03:10 PM ET] think, you [6:03:11 PM ET] know, [6:03:11 PM ET] and so we think that that's a benefit to us broadly i think [6:03:12 PM ET] I'm not [6:03:13 PM ET] in, in [6:03:14 PM ET] unit [6:03:14 PM ET] or [6:03:15 PM ET] whether it shows up in units or margin i think [6:03:16 PM ET] Lodge, I think Lauder, I [6:03:16 PM ET] the [6:03:17 PM ET] extent [6:03:18 PM ET] is largely a choice i think to the extent that we [6:03:20 PM ET] In [6:03:21 PM ET] the value [6:03:21 PM ET] of You [6:03:22 PM ET] Name. [6:03:23 PM ET] the value that we offer is easier to discover for consumers [6:03:24 PM ET] or Consumer? Now we'll generate [6:03:24 PM ET] day. How you [6:03:25 PM ET] in [6:03:25 PM ET] you [6:03:25 PM ET] know, [6:03:26 PM ET] We generate [6:03:27 PM ET] where we [6:03:27 PM ET] you [6:03:27 PM ET] are [6:03:27 PM ET] how clearly we [6:03:28 PM ET] that will generate value and we given where we [6:03:28 PM ET] paths, [6:03:28 PM ET] a third [6:03:29 PM ET] and [6:03:29 PM ET] an [6:03:29 PM ET] half or [6:03:29 PM ET] percent, [6:03:29 PM ET] are [6:03:30 PM ET] I [6:03:30 PM ET] think [6:03:30 PM ET] you're going [6:03:30 PM ET] we [6:03:30 PM ET] will [6:03:30 PM ET] would have [6:03:31 PM ET] or [6:03:31 PM ET] reverse, [6:03:31 PM ET] all of [6:03:31 PM ET] whether they are [6:03:32 PM ET] and given how clear the path is the thirteen point five percent i think that we would prefer [6:03:32 PM ET] who [6:03:32 PM ET] all up in [6:03:33 PM ET] Unigrol, I [6:03:34 PM ET] but [6:03:34 PM ET] that [6:03:34 PM ET] requires that we [6:03:35 PM ET] him new hill, a little [6:03:36 PM ET] that value to show up in unit growth but that requires that we continue to scale the [6:03:36 PM ET] required [6:03:36 PM ET] of [6:03:38 PM ET] visit. [6:03:40 PM ET] supply chain as quickly as possible to the extent that we're [6:03:44 PM ET] unable to scale the supply chain as quickly as we'd like which we would like to be scaling it even faster [6:03:49 PM ET] then it's likely to show up in margins or somewhere else [6:03:53 PM ET] It's good [6:03:53 PM ET] but we think as a general matter it's good for us [6:03:55 PM ET] what i would also say is we feel like the way those economics flow through [6:03:57 PM ET] We dealt the way of the nose. If you were to look at the [6:03:57 PM ET] have [6:03:57 PM ET] 25 [6:03:57 PM ET] or [6:03:58 PM ET] 30 years of [6:03:58 PM ET] more [6:03:58 PM ET] automotive [6:03:59 PM ET] retail, [6:03:59 PM ET] if you were to look at the last twenty five or thirty years of automotive retail [6:03:59 PM ET] in [6:04:00 PM ET] generally be [6:04:01 PM ET] beginning where [6:04:01 PM ET] they have [6:04:01 PM ET] been a very good [6:04:04 PM ET] easily. [6:04:04 PM ET] know, Ibrahim [6:04:04 PM ET] in the [6:04:04 PM ET] generally speaking what has happened is ebitda margins or net income margins [6:04:04 PM ET] mortgages have [6:04:04 PM ET] been [6:04:05 PM ET] had [6:04:09 PM ET] And be able to. [6:04:09 PM ET] have been relatively flat over a very long period of time [6:04:09 PM ET] of [6:04:09 PM ET] old [6:04:11 PM ET] drawback, be created [6:04:11 PM ET] the fright [6:04:11 PM ET] I [6:04:12 PM ET] and basically vehicle profits have decreased and f and i [6:04:12 PM ET] drops of [6:04:12 PM ET] increased [6:04:13 PM ET] AND the [6:04:14 PM ET] in [6:04:14 PM ET] underlying [6:04:14 PM ET] host [6:04:15 PM ET] for [6:04:16 PM ET] redealers have [6:04:16 PM ET] profits have increased and the underlying cost [6:04:16 PM ET] band. [6:04:16 PM ET] baby, [6:04:17 PM ET] in the user. [6:04:17 PM ET] so [6:04:19 PM ET] older. [6:04:19 PM ET] structure of dealerships have been in a similar spot [6:04:19 PM ET] to emow you because it has been [6:04:21 PM ET] said, [6:04:21 PM ET] shit. [6:04:22 PM ET] relative to the value of the car that's being purchased and so [6:04:25 PM ET] Have [6:04:26 PM ET] Oh, [6:04:26 PM ET] i think that the simplification of that story is just that dealers have [6:04:29 PM ET] pretty. [6:04:29 PM ET] my love [6:04:29 PM ET] like [6:04:29 PM ET] you [6:04:30 PM ET] pretty clear cost structures this is a [6:04:33 PM ET] longstanding extremely mature industry that has [6:04:33 PM ET] I [6:04:33 PM ET] Loo, Lulu, Lulu, Lulu, Lou! [6:04:33 PM ET] him [6:04:37 PM ET] profits that are associated with it that are profit [6:04:38 PM ET] You'll probably get her pretty well with that [6:04:39 PM ET] are a very important thing. [6:04:41 PM ET] levels that are pretty well established and the particular place where that shows up [6:04:41 PM ET] soul. [6:04:42 PM ET] Mouse [6:04:45 PM ET] just doesn't matter all that much to the bottom line [6:04:45 PM ET] Adder, and much to the bottom. [6:04:49 PM ET] so we think to the extent there's more clarity and these other line items are [6:04:50 PM ET] His [6:04:53 PM ET] simplified what that will likely lead to is just increases in the [6:04:53 PM ET] The [6:04:55 PM ET] frightened new word, [6:04:55 PM ET] what therefore, [6:04:56 PM ET] fortune. [6:04:58 PM ET] that other dealers list their cars for and [6:05:01 PM ET] it probably won't change the underlying economics very much [6:05:04 PM ET] so it just it aids in price discovery and value understanding for our [6:05:05 PM ET] I think we understanding for our customers, and we think [6:05:05 PM ET] customers and we think that's great [6:05:08 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:05:08 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:05:08 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:05:09 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:05:10 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:05:10 PM ET] super helpful and i'll take a swing at [6:05:12 PM ET] of quarters again, children. [6:05:12 PM ET] I have a [6:05:12 PM ET] question, [6:05:13 PM ET] but [6:05:13 PM ET] one [6:05:14 PM ET] couple of quarters ago you told me to have a different question but [6:05:15 PM ET] that what the franchise feel are [6:05:15 PM ET] or model [6:05:15 PM ET] a little [6:05:16 PM ET] bit, [6:05:17 PM ET] Clearly, a lot [6:05:18 PM ET] wanted to ask about the franchise dealer model a little bit clearly [6:05:20 PM ET] of things have been written about the success you're having in that vertical [6:05:25 PM ET] Really, there [6:05:25 PM ET] is that opening doors for other manufacturers and [6:05:26 PM ET] the way [6:05:28 PM ET] more movement there would love to get your thoughts about [6:05:29 PM ET] Morning out there, we'd love to get your thoughts about that [6:05:29 PM ET] expansion [6:05:31 PM ET] in the [6:05:31 PM ET] that expansion opportunity ahead for the company thank you [6:05:37 PM ET] yeah sure thank you well think you know apologize to be so cutesy on this but [6:05:42 PM ET] but unfortunately don't have a ton more detail to add would say we spoke a bit in [6:05:44 PM ET] our opening remarks about [6:05:45 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:05:49 PM ET] Or Davis Diego, [6:05:49 PM ET] our work there with stellantis dealerships as [6:05:49 PM ET] and early [6:05:50 PM ET] indication of [6:05:51 PM ET] your [6:05:51 PM ET] know, the [6:05:52 PM ET] platform [6:05:52 PM ET] value, [6:05:52 PM ET] that [6:05:52 PM ET] the [6:05:52 PM ET] or [6:05:53 PM ET] as kind of being an early indication of the [6:05:53 PM ET] Dolan Weekly [6:05:54 PM ET] either, we have build a plot, or [6:05:55 PM ET] to [6:05:55 PM ET] have [6:05:55 PM ET] we [6:05:56 PM ET] real value [6:05:56 PM ET] to [6:05:56 PM ET] platform value that we're building we think that we have built a platform that has [6:06:00 PM ET] You want to ride on the [6:06:00 PM ET] real value to it we [6:06:00 PM ET] in [6:06:01 PM ET] Earryqueer and [6:06:02 PM ET] dirty [6:06:03 PM ET] requir [6:06:03 PM ET] the customer offering that we provide to customers is very clear and it's very high quality and it's very clear to [6:06:03 PM ET] customers like [6:06:04 PM ET] it, [6:06:04 PM ET] yet [6:06:05 PM ET] agony [6:06:05 PM ET] war [6:06:05 PM ET] work, [6:06:06 PM ET] failured a lot of [6:06:06 PM ET] good [6:06:06 PM ET] things [6:06:06 PM ET] there, [6:06:07 PM ET] but [6:06:07 PM ET] it [6:06:07 PM ET] all [6:06:07 PM ET] it's [6:06:07 PM ET] hovering [6:06:08 PM ET] in [6:06:08 PM ET] customers like it the economics work so i think there's a [6:06:08 PM ET] the [6:06:08 PM ET] game, and [6:06:08 PM ET] we see [6:06:09 PM ET] saw that all that to [6:06:09 PM ET] lot of good things there but it's also very early in the game and we still got a lot to learn [6:06:09 PM ET] you. [6:06:12 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:06:12 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:06:13 PM ET] new. [6:06:15 PM ET] was. [6:06:15 PM ET] single [6:06:15 PM ET] thank you [6:06:17 PM ET] comes from shear and [6:06:18 PM ET] back [6:06:18 PM ET] Backfair [6:06:18 PM ET] with [6:06:18 PM ET] William [6:06:19 PM ET] Blur, please [6:06:20 PM ET] go [6:06:20 PM ET] the next question comes from sharon zackfia with william blair please go ahead [6:06:20 PM ET] and [6:06:23 PM ET] hi thanks for taking the question [6:06:24 PM ET] Washing, um [6:06:25 PM ET] Yeah, [6:06:25 PM ET] you have a work [6:06:25 PM ET] upon [6:06:28 PM ET] as you kind of embark upon the full adesa [6:06:29 PM ET] conversions or build outs [6:06:31 PM ET] Slight [6:06:31 PM ET] Any fish [6:06:32 PM ET] are there any inefficiencies that we should expect to [6:06:34 PM ET] kind of see hit the p and l [6:06:36 PM ET] And in a minute, [6:06:39 PM ET] and are there any learnings from the kind of mini conversions that you did that will [6:06:40 PM ET] inform [6:06:40 PM ET] Informed [6:06:41 PM ET] kind of how [6:06:41 PM ET] have these [6:06:43 PM ET] Portugal [6:06:43 PM ET] kind of how these larger conversions come up to speed [6:06:44 PM ET] of [6:06:44 PM ET] come up just [6:06:44 PM ET] Spain. [6:06:46 PM ET] with [6:06:46 PM ET] in [6:06:47 PM ET] this [6:06:48 PM ET] tree. [6:06:48 PM ET] sure i can hit that [6:06:49 PM ET] Lisa [6:06:49 PM ET] had to be [6:06:49 PM ET] You know, the [6:06:50 PM ET] When [6:06:52 PM ET] so i do think when we are launching a new facility [6:06:57 PM ET] i do think that those facilities tend to have higher costs [6:07:02 PM ET] other things being equal than facilities that are [6:07:04 PM ET] Records of the rest of the rest of the [6:07:05 PM ET] at a greater level of maturity and scale [6:07:08 PM ET] In a way, space with my [6:07:09 PM ET] some of that is just basically levering as production [6:07:13 PM ET] facilities are ramping up levering some of the more fixed components of the cost structure [6:07:17 PM ET] parts of it can also be related to just getting all the systems and [6:07:21 PM ET] Lord, [6:07:21 PM ET] processes up to be operating at the highest level of efficiency so [6:07:25 PM ET] i do think there can be some effects there now [6:07:29 PM ET] i would note that we've been we have been integrating facilities [6:07:32 PM ET] In my [6:07:33 PM ET] you know, when I'm [6:07:34 PM ET] and now we'll start integrating [6:07:34 PM ET] to leave over the time. [6:07:35 PM ET] and so I think [6:07:35 PM ET] we [6:07:36 PM ET] use [6:07:36 PM ET] time. [6:07:36 PM ET] fully constructed facilities here over time and so i think we [6:07:41 PM ET] that's been part of our business for a long time we did [6:07:43 PM ET] The theater is a very good reason. [6:07:44 PM ET] talk a little bit in late twenty twenty five about how hey actually adding facilities did have some [6:07:49 PM ET] outsized impacts on costs that led to a lot of [6:07:53 PM ET] focus over the course of this year on making sure that we have the right [6:07:53 PM ET] The chest. [6:07:54 PM ET] Skills, [6:07:57 PM ET] Yes, [6:07:57 PM ET] management infrastructure and leadership development infrastructure making sure we [6:08:02 PM ET] the right systems making sure that we have the right day to day [6:08:06 PM ET] operational focus on managing costs as the network gets bigger and bigger [6:08:11 PM ET] there's always more to do there but i think we've made gains that leave us feeling good about [6:08:15 PM ET] our ability to bring on new sites at a [6:08:16 PM ET] reasonable level of efficiency [6:08:21 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:08:21 PM ET] because that seems like it [6:08:21 PM ET] and mark guess i was thinking more about the people side because that seems like it's [6:08:21 PM ET] it's a [6:08:22 PM ET] tougher [6:08:22 PM ET] purchase [6:08:23 PM ET] here, [6:08:23 PM ET] also [6:08:24 PM ET] to the [6:08:24 PM ET] of [6:08:25 PM ET] increase the [6:08:25 PM ET] number [6:08:25 PM ET] of [6:08:26 PM ET] variables [6:08:26 PM ET] and [6:08:26 PM ET] tougher part to scale so if you kind of increase the number of managers in training [6:08:27 PM ET] training [6:08:28 PM ET] or you [6:08:28 PM ET] know, [6:08:28 PM ET] mechanics and [6:08:29 PM ET] training, [6:08:29 PM ET] or [6:08:29 PM ET] so [6:08:30 PM ET] on, as we [6:08:30 PM ET] think [6:08:30 PM ET] about [6:08:31 PM ET] or you know mechanics in training or or so on as we think about this [6:08:32 PM ET] acceleration in twenty seven [6:08:32 PM ET] this [6:08:33 PM ET] our acceleration and 27. [6:08:37 PM ET] yes sure yes so on the people side i think there's [6:08:41 PM ET] a couple of different components so why is [6:08:41 PM ET] it [6:08:42 PM ET] a couple of different components so one is [6:08:45 PM ET] we've talked about the idea of just making the job of managing an [6:08:46 PM ET] From the drive of management, [6:08:46 PM ET] please. [6:08:47 PM ET] support. [6:08:48 PM ET] damn [6:08:49 PM ET] I can above things [6:08:49 PM ET] inspection and reconditioning center simpler so that can involve things like [6:08:54 PM ET] better manager reporting that provides [6:08:55 PM ET] Later. [6:08:56 PM ET] Mills, all the [6:08:59 PM ET] more real time data [6:09:02 PM ET] faster and deeper into the [6:09:05 PM ET] Farmer [6:09:05 PM ET] We've been using AI. [6:09:05 PM ET] operations of the inspection and reconditioning center that's something that we've been using ai over [6:09:06 PM ET] with [6:09:06 PM ET] was [6:09:07 PM ET] court. [6:09:08 PM ET] Present [6:09:10 PM ET] course of this year to rapidly scale systems that give managers better [6:09:15 PM ET] real time day to day operating visibility [6:09:17 PM ET] On innovation, I need things on the [6:09:18 PM ET] in addition i do think part of it is [6:09:20 PM ET] from the [6:09:21 PM ET] of the [6:09:23 PM ET] making sure that we are bringing on the right number of [6:09:28 PM ET] leaders in the inspection and reconditioning centers giving them grounds [6:09:30 PM ET] Grounds, 49 and getting up to speed. [6:09:30 PM ET] removing onto the [6:09:31 PM ET] for training and getting up to speed before moving on to new facilities [6:09:35 PM ET] and so that's a place where we have ongoing [6:09:38 PM ET] development and further opportunity so i think [6:09:42 PM ET] True, [6:09:42 PM ET] but it's not a good [6:09:43 PM ET] through systems and through making sure we have the right people in place [6:09:46 PM ET] i think those are some of the key things that will allow us to [6:09:48 PM ET] Communication [6:09:50 PM ET] scale into more facilities at [6:09:50 PM ET] level of efficiency that we hope to do so [6:09:53 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:09:54 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:09:54 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:09:54 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:09:55 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:09:56 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:09:56 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:09:57 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:09:57 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:09:58 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:10:00 PM ET] the next question comes from rajat gupta with jpmorgan please go ahead [6:10:01 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:10:02 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:10:02 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:10:07 PM ET] great thanks for taking the questions i wanted to ask about just [6:10:11 PM ET] Maybe [6:10:12 PM ET] ebit margin expansion or just ebit per unit [6:10:13 PM ET] Why? [6:10:13 PM ET] What? [6:10:13 PM ET] Why do you like [6:10:16 PM ET] going forward i mean last few quarters [6:10:16 PM ET] is one? [6:10:17 PM ET] you know? [6:10:17 PM ET] yeah, [6:10:17 PM ET] you [6:10:18 PM ET] targets, you [6:10:18 PM ET] know, [6:10:19 PM ET] there have been a lot of different type of margin headwinds fuel costs [6:10:19 PM ET] benchmark [6:10:20 PM ET] or ape. [6:10:20 PM ET] you know benchmark rates [6:10:20 PM ET] you [6:10:20 PM ET] know, [6:10:20 PM ET] oh, I [6:10:20 PM ET] yet [6:10:20 PM ET] can [6:10:21 PM ET] in your [6:10:21 PM ET] issues. [6:10:22 PM ET] you [6:10:22 PM ET] you think [6:10:23 PM ET] you [6:10:23 PM ET] know [6:10:24 PM ET] storing [6:10:24 PM ET] for [6:10:24 PM ET] thought, [6:10:25 PM ET] reconditioning issues do you think starting fourth quarter [6:10:26 PM ET] Out of the [6:10:28 PM ET] the [6:10:28 PM ET] Out. [6:10:28 PM ET] more than if angels [6:10:30 PM ET] or [6:10:30 PM ET] you should be back to margin [6:10:31 PM ET] you and [6:10:31 PM ET] true, you [6:10:33 PM ET] expansion or ebit per unit expansion for the company [6:10:37 PM ET] assuming all else equal just curious to get your thoughts there [6:10:42 PM ET] maybe the last time you're gonna guide guide so might as well ask and i have a quick follow-up [6:10:42 PM ET] thanks [6:10:45 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:10:45 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:10:48 PM ET] sure well i would say earlier in the call mark [6:10:49 PM ET] See you. [6:10:51 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:10:52 PM ET] gave examples of areas where we think that there's additional opportunities for leverage [6:10:54 PM ET] Additional. [6:10:54 PM ET] opportunities for the [6:10:54 PM ET] that [6:10:56 PM ET] in [6:10:56 PM ET] front of the [6:10:57 PM ET] i would put that question back in kind of the context of our [6:10:59 PM ET] our goal of thirteen point five percent [6:11:01 PM ET] There is an [6:11:04 PM ET] ebitda margin leverage kind of maps to twelve point [6:11:07 PM ET] five percent operating income margins [6:11:09 PM ET] Margins, and I think that those different line items that [6:11:09 PM ET] heap [6:11:09 PM ET] he [6:11:10 PM ET] line [6:11:10 PM ET] and i think that those different line items that he provided are enough [6:11:13 PM ET] are enough to twelve and a [6:11:13 PM ET] half [6:11:15 PM ET] to get us to twelve point five percent operating income margins [6:11:16 PM ET] Operation Commorten [6:11:16 PM ET] and [6:11:16 PM ET] that [6:11:17 PM ET] leaves, you [6:11:17 PM ET] all [6:11:17 PM ET] the [6:11:18 PM ET] rubbery [6:11:18 PM ET] on [6:11:18 PM ET] out [6:11:18 PM ET] items where [6:11:18 PM ET] away [6:11:19 PM ET] hit up and [6:11:19 PM ET] into [6:11:19 PM ET] in the best [6:11:19 PM ET] with one [6:11:20 PM ET] fundamental [6:11:20 PM ET] to [6:11:20 PM ET] and that leaves all the revenue line items where we still think that there's [6:11:20 PM ET] be [6:11:21 PM ET] had [6:11:21 PM ET] in all [6:11:22 PM ET] the [6:11:22 PM ET] very [6:11:22 PM ET] cast [6:11:24 PM ET] are all we think of [6:11:24 PM ET] fundamental gains to be had and all the variable cost line items where we think that there's [6:11:24 PM ET] those. [6:11:25 PM ET] of [6:11:26 PM ET] warning, wine, [6:11:26 PM ET] Infarnible [6:11:29 PM ET] significant fundamental gains to be had many of which will be [6:11:33 PM ET] aided and hopefully accelerated [6:11:36 PM ET] by the various ai tools that we've been discussing on the call [6:11:37 PM ET] Supplement [6:11:39 PM ET] She [6:11:40 PM ET] so we think the path there is extremely clear and then [6:11:43 PM ET] of course there's always to be little things that we face this quarter [6:11:44 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:11:44 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:11:47 PM ET] it was pretty significant moves in gas price [6:11:48 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:11:50 PM ET] Where [6:11:50 PM ET] and in interest rates which impact us to the tune of about two hundred dollars per unit [6:11:50 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:11:51 PM ET] the [6:11:51 PM ET] gray. [6:11:51 PM ET] came [6:11:52 PM ET] may be both thing [6:11:52 PM ET] pendant, and be [6:11:55 PM ET] but in the grand scheme of things those things tend to zero out and we're just kind of [6:11:58 PM ET] Morning. [6:11:59 PM ET] Reading the past by the [6:11:59 PM ET] steadily on this march so we think the path is very clear [6:12:01 PM ET] the away, very [6:12:03 PM ET] we're going to continue to move forward we can see our way very clearly to thirteen point five percent [6:12:06 PM ET] and we plan to get there slowly but surely continually over time [6:12:08 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:12:08 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:12:09 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:12:09 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:12:10 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:12:10 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:12:11 PM ET] got it [6:12:11 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:12:13 PM ET] dye, keep one [6:12:14 PM ET] and then just on third quarter advertising pretty sharp sequential pickup [6:12:14 PM ET] quite. [6:12:15 PM ET] and you're [6:12:15 PM ET] given [6:12:15 PM ET] this [6:12:16 PM ET] fake some [6:12:16 PM ET] and [6:12:19 PM ET] i know you've given us like some color on like leverage going forward but [6:12:20 PM ET] are you able to unpack [6:12:20 PM ET] Religor [6:12:22 PM ET] couple areas where [6:12:24 PM ET] Can the investigation war is [6:12:27 PM ET] know you invested more this quarter within advertising you know any examples that you could highlight [6:12:28 PM ET] that would be helpful thanks [6:12:30 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:12:30 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:12:31 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:12:31 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:12:32 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:12:33 PM ET] sure i think [6:12:36 PM ET] we continue to test things all over or through many different advertising [6:12:40 PM ET] i don't think there's anything too notable to call out there as we discussed [6:12:44 PM ET] last quarter inventory was growing a little slower than we kind of ideally [6:12:48 PM ET] would have liked we are putting a little bit more into advertising to keep pressure up on the rest of the business [6:12:53 PM ET] i think we're still at two percent market shareholder so [6:12:57 PM ET] it remains very early in the game and there are [6:13:00 PM ET] Operation [6:13:01 PM ET] areas of opportunity all over the place in marketing both for more dollars to be [6:13:01 PM ET] however, replaced in marketing, but for more dollars to be spent, and [6:13:01 PM ET] in the house of [6:13:02 PM ET] Save significantly [6:13:05 PM ET] spent and then also for us to save significantly in dollars per unit [6:13:07 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:13:08 PM ET] so i think we'll continue to manage that equation over time [6:13:08 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:13:09 PM ET] you can kind of see what we've done over the last several quarters [6:13:11 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:13:11 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:13:12 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:13:12 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:13:13 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:13:13 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:13:14 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:13:14 PM ET] thank you [6:13:16 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:13:16 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:13:17 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:13:18 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:13:18 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:13:19 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:13:19 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:13:20 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:13:20 PM ET] the next question comes from jeff [6:13:22 PM ET] lick with stephens please go ahead [6:13:23 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:13:23 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:13:24 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:13:26 PM ET] is a very good place [6:13:27 PM ET] good evening thanks for taking my question congrats on an awesome quarter [6:13:31 PM ET] Second [6:13:32 PM ET] either mark or ernie your units were up [6:13:35 PM ET] Percent accelerated. [6:13:35 PM ET] thirty nine point four percent which is actually an acceleration whether it's a one percent two [6:13:35 PM ET] three year basis [6:13:35 PM ET] whether it's a one. [6:13:40 PM ET] you know and that's in an environment where you know whether it's nada or cox [6:13:43 PM ET] the used car business was actually down and sar was down in [6:13:44 PM ET] Use Carbus. [6:13:44 PM ET] Seldo, [6:13:48 PM ET] in the quarter as well i was wondering if you can maybe just force rank [6:13:51 PM ET] the factors as to why you think the acceleration [6:13:53 PM ET] Maybe happening on the power. [6:13:54 PM ET] year, we talk about your production in the trip. [6:13:54 PM ET] might have happened in the past we've talked about better production in [6:13:54 PM ET] available. [6:13:55 PM ET] and maybe after [6:13:57 PM ET] Any extra. [6:13:57 PM ET] moral [6:13:58 PM ET] you [6:13:58 PM ET] inventory availability maybe the ftc has helped financing rate elasticity and then [6:14:00 PM ET] six signed signal signed [6:14:03 PM ET] you also mentioned before about broadening the mix and the price bandwidth selling more expensive cars [6:14:05 PM ET] With fellow more expensive cars. I'm just curious if you could [6:14:06 PM ET] can do four shrink, why you [6:14:07 PM ET] i'm just curious if you can maybe force rank why you think [6:14:10 PM ET] In [6:14:11 PM ET] your business accelerated in an environment where that market decelerated [6:14:13 PM ET] Huge [6:14:14 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:14:15 PM ET] no. [6:14:15 PM ET] I [6:14:15 PM ET] think there [6:14:16 PM ET] an [6:14:16 PM ET] are [6:14:16 PM ET] in a [6:14:16 PM ET] sure i mean i think that there's [6:14:17 PM ET] many [6:14:17 PM ET] in the [6:14:18 PM ET] factors you [6:14:18 PM ET] a little [6:14:19 PM ET] probably [6:14:19 PM ET] point [6:14:19 PM ET] to [6:14:20 PM ET] but [6:14:20 PM ET] you [6:14:20 PM ET] know, [6:14:20 PM ET] all [6:14:20 PM ET] many micro factors that we could probably point to but [6:14:21 PM ET] our [6:14:21 PM ET] general [6:14:22 PM ET] primitive [6:14:22 PM ET] in [6:14:22 PM ET] and [6:14:22 PM ET] how to [6:14:22 PM ET] a ball, [6:14:23 PM ET] believe [6:14:23 PM ET] over [6:14:24 PM ET] a [6:14:24 PM ET] all [6:14:24 PM ET] our general premise and kind of belief over [6:14:25 PM ET] multi-year [6:14:25 PM ET] or anything! [6:14:27 PM ET] that you already have grown to [6:14:27 PM ET] is [6:14:27 PM ET] constrained [6:14:27 PM ET] by [6:14:28 PM ET] our [6:14:28 PM ET] are a [6:14:28 PM ET] a multiyear period is that our rate of growth is constrained by [6:14:28 PM ET] you in [6:14:28 PM ET] the [6:14:28 PM ET] scale this [6:14:28 PM ET] a [6:14:29 PM ET] supply [6:14:29 PM ET] chain [6:14:29 PM ET] and [6:14:30 PM ET] so [6:14:30 PM ET] we [6:14:30 PM ET] dig [6:14:30 PM ET] that [6:14:31 PM ET] is [6:14:31 PM ET] by [6:14:32 PM ET] ability to scale the supply chain and so we think that is by far and away the biggest driver of [6:14:34 PM ET] mark talked about us [6:14:39 PM ET] increasing our production growth [6:14:42 PM ET] sequentially quarter over quarter pretty significantly but also even our year over year [6:14:47 PM ET] growth increased a little bit sequentially from q2 to q3 [6:14:51 PM ET] From the [6:14:52 PM ET] so we think that that's probably the most important thing we think that there's [6:14:52 PM ET] The [6:14:57 PM ET] clearly additional demand available to us [6:15:01 PM ET] if we can produce the cars in many many different areas many different [6:15:02 PM ET] Maybe segment income segments, credit [6:15:03 PM ET] segments, [6:15:03 PM ET] of [6:15:04 PM ET] all of [6:15:04 PM ET] the [6:15:05 PM ET] car segments customer segments income segments credit segments [6:15:05 PM ET] board, and that's why we [6:15:05 PM ET] did [6:15:07 PM ET] needed, and when we both did on [6:15:07 PM ET] our [6:15:07 PM ET] a particular type [6:15:08 PM ET] all over the board and that's why we think that when we focus in on [6:15:08 PM ET] of [6:15:08 PM ET] but hard on our [6:15:08 PM ET] we handed at [6:15:08 PM ET] the [6:15:09 PM ET] authorized [6:15:09 PM ET] grow [6:15:12 PM ET] particular type of car we tend to see outsized growth in that particular area the most notable area where [6:15:13 PM ET] Member [6:15:14 PM ET] Symbolic. [6:15:16 PM ET] the [6:15:16 PM ET] occurring right now is in prime where we've seen our prime mix really shift up [6:15:20 PM ET] Pretty [6:15:21 PM ET] as we've focused on producing [6:15:21 PM ET] this. [6:15:24 PM ET] more expensive later model cars as we try to catch up [6:15:28 PM ET] i think the team is doing a great job and we're making a lot of progress [6:15:29 PM ET] And we'll be going to porgraph in [6:15:31 PM ET] in recon but you heard in the detail of mark's answer [6:15:36 PM ET] this is definitely an area that we are going to continue to put a lot of effort [6:15:40 PM ET] Future for very [6:15:40 PM ET] See [6:15:40 PM ET] for the foreseeable future for a very long time [6:15:45 PM ET] operations and complicated physical operations are never easy [6:15:47 PM ET] Jesus, [6:15:47 PM ET] And [6:15:50 PM ET] and scaling them at the speed that we're growing is very very difficult [6:15:52 PM ET] And you were [6:15:54 PM ET] and so it requires a ton of focus and attention and we're [6:15:56 PM ET] Once [6:15:57 PM ET] We're continually working and hires yourself with new ways to get [6:15:59 PM ET] we're continually working hard to come up with new ways to get more efficient there so we can keep growing [6:16:04 PM ET] that supply chain mark's putting a ton of effort in right now personally he's spending a ton of time there [6:16:08 PM ET] so i think that will continue to be an area of focus but we think that is the biggest driver [6:16:11 PM ET] Big [6:16:12 PM ET] Morrow [6:16:12 PM ET] A single [6:16:13 PM ET] of our growth and so we just got to stay dialed in there and keep turning the wheel [6:16:17 PM ET] Quick follow-up [6:16:17 PM ET] from the samples. [6:16:18 PM ET] with [6:16:18 PM ET] just a quick follow-up you mentioned [6:16:18 PM ET] of Rajasthan's [6:16:18 PM ET] question [6:16:19 PM ET] avertizing [6:16:19 PM ET] more [6:16:20 PM ET] on the [6:16:22 PM ET] to rajat's question advertising more to put pressure on the business [6:16:24 PM ET] and you guys have mentioned the notion of actually trying to [6:16:25 PM ET] Guys, have mentioned the notion of actually trying to get [6:16:25 PM ET] better [6:16:28 PM ET] generate better production by actually putting pressure on the business [6:16:28 PM ET] Sir, [6:16:29 PM ET] If hungry and [6:16:29 PM ET] a no [6:16:30 PM ET] just curious how do you know when [6:16:34 PM ET] It's too much, and I think how do you make her like how much more you [6:16:34 PM ET] can [6:16:35 PM ET] it's too much and how do you measure like how much more you can go by [6:16:36 PM ET] trying that tactic [6:16:37 PM ET] go by that tactic. [6:16:38 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:16:39 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:16:40 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:16:41 PM ET] i think that's [6:16:42 PM ET] rape with a [6:16:44 PM ET] obviously a feel and that's hard to [6:16:45 PM ET] On to my [6:16:48 PM ET] No, I was. [6:16:48 PM ET] precisely know and i think you're probably never exactly right but [6:16:52 PM ET] as a general matter think we've got a lot of people at carvana that are competitive and [6:16:57 PM ET] and want to win and want to find ways to make a difference [6:17:00 PM ET] Before you carefully broke [6:17:00 PM ET] and they want that pressure on themselves and we think that that's the best way for us to grow is [6:17:04 PM ET] I could [6:17:05 PM ET] quickly and effectively as we can and keep making the machine better so [6:17:05 PM ET] Making machine better, so [6:17:09 PM ET] Generally try to make our [6:17:09 PM ET] on [6:17:09 PM ET] i think yes we generally try to make decisions that [6:17:09 PM ET] the [6:17:10 PM ET] business [6:17:11 PM ET] the [6:17:13 PM ET] keep pressure on the business because a lot of times the [6:17:13 PM ET] Obliging the areas where you need to focus [6:17:14 PM ET] your [6:17:17 PM ET] the areas where you need to focus your attention are revealed by [6:17:18 PM ET] S [6:17:20 PM ET] pressure because they're the areas that struggle first [6:17:23 PM ET] if you aren't applying that pressure you don't find those areas that you need to improve to get better [6:17:27 PM ET] and then once you improve those areas you move on to the next area that you need to improve [6:17:29 PM ET] Move on to the next [6:17:32 PM ET] and as you continually do that you just get a more and more efficient machine so [6:17:33 PM ET] Machine [6:17:35 PM ET] we do try to make sure that we are keeping pressure up we would like to think we do a pretty good job of it [6:17:37 PM ET] i think that's definitely an art not a science [6:17:40 PM ET] awesome [6:17:40 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:17:40 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:17:41 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:17:42 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:17:42 PM ET] very much and best of luck in q4 [6:17:42 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:17:44 PM ET] thank you appreciate it [6:17:45 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:17:45 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:17:46 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:17:46 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:17:47 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:17:48 PM ET] from Michael [6:17:48 PM ET] McGovern, but [6:17:49 PM ET] I [6:17:49 PM ET] of [6:17:49 PM ET] the next question comes from michael mcgovern with bank of america [6:17:49 PM ET] like [6:17:49 PM ET] Please [6:17:50 PM ET] go [6:17:50 PM ET] please go ahead [6:17:50 PM ET] had [6:17:51 PM ET] ahead [6:17:53 PM ET] change it. [6:17:53 PM ET] you're [6:17:53 PM ET] they're taking my [6:17:54 PM ET] question. [6:17:55 PM ET] hey thanks for taking my question [6:17:55 PM ET] on [6:17:56 PM ET] agentic [6:17:56 PM ET] on agenteq risk [6:17:57 PM ET] risk, [6:17:57 PM ET] on [6:17:57 PM ET] the [6:17:57 PM ET] financing [6:17:58 PM ET] side of the [6:17:59 PM ET] business [6:18:00 PM ET] could [6:18:00 PM ET] agents have a [6:18:01 PM ET] hypothetically [6:18:01 PM ET] drive [6:18:01 PM ET] on the financing side of the business could agents hypothetically drive [6:18:02 PM ET] higher [6:18:02 PM ET] you're [6:18:03 PM ET] competition [6:18:04 PM ET] proactively [6:18:04 PM ET] searching [6:18:05 PM ET] for [6:18:05 PM ET] a [6:18:05 PM ET] lower [6:18:06 PM ET] rates. [6:18:06 PM ET] higher competition proactively searching for lower rates [6:18:11 PM ET] either at competitors or third party financing options [6:18:14 PM ET] and how much does your moat in financing help with that risk going forward [6:18:15 PM ET] Barbara [6:18:17 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:18:17 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:18:17 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:18:18 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:18:19 PM ET] sure that's a [6:18:19 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:18:19 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:18:20 PM ET] Alright, [6:18:21 PM ET] there's a lot to that question so let me [6:18:21 PM ET] What a little. [6:18:21 PM ET] is [6:18:22 PM ET] W [6:18:22 PM ET] let me [6:18:24 PM ET] Yummy over [6:18:25 PM ET] I [6:18:26 PM ET] think, [6:18:26 PM ET] try to swing at that maybe a couple different ways i think [6:18:27 PM ET] I'm not sure if I can do [6:18:28 PM ET] Versus phrases [6:18:28 PM ET] of [6:18:28 PM ET] his [6:18:28 PM ET] every [6:18:28 PM ET] very [6:18:29 PM ET] Erie, you're [6:18:29 PM ET] aimed [6:18:30 PM ET] to [6:18:30 PM ET] the [6:18:31 PM ET] i think first the frame is a is a very reasonable frame you know as people have [6:18:32 PM ET] the renewal high as capable of humanity, new information therefore, [6:18:33 PM ET] of your [6:18:33 PM ET] in AI [6:18:33 PM ET] and [6:18:34 PM ET] all [6:18:34 PM ET] greedy [6:18:34 PM ET] building [6:18:34 PM ET] to [6:18:35 PM ET] take [6:18:35 PM ET] out [6:18:35 PM ET] action in their [6:18:36 PM ET] profit [6:18:36 PM ET] more information in their pocket and the ability to take action in their pocket [6:18:36 PM ET] in? [6:18:37 PM ET] the [6:18:37 PM ET] it [6:18:37 PM ET] make everything [6:18:38 PM ET] kind of easier in [6:18:41 PM ET] it makes everything kind of easier and therefore price discovery is easier [6:18:45 PM ET] along the lines of all the things that we discussed before [6:18:48 PM ET] and so i think in kind of like a comparative static what [6:18:52 PM ET] changes given the introduction of this technology it's reasonable to assume there will be things [6:18:53 PM ET] Technology. Reasonable two things like higher [6:18:57 PM ET] higher prepayments and then what exactly does that mean so i think that that is [6:18:58 PM ET] But now you will use [6:19:02 PM ET] that's not a crazy you know thought direction [6:19:03 PM ET] Hmm [6:19:06 PM ET] approaching the problem from a different side [6:19:06 PM ET] His [6:19:10 PM ET] financing and this is kind of bigger than [6:19:13 PM ET] carvana we'll talk about like financing in general and then we can zoom into carvana what that means [6:19:13 PM ET] And my [6:19:17 PM ET] Penny in your old. [6:19:18 PM ET] financing in general is very clearly a value added [6:19:19 PM ET] Person, said [6:19:21 PM ET] back, oh no, nigga, [6:19:21 PM ET] look [6:19:21 PM ET] in the economy it's something that is important and necessary [6:19:23 PM ET] have [6:19:23 PM ET] Hopefully with [6:19:25 PM ET] necessary and i think if you look at finance companies that provide consumer [6:19:25 PM ET] the right. [6:19:26 PM ET] you were free and to consume. [6:19:26 PM ET] May. [6:19:28 PM ET] Look, [6:19:28 PM ET] go. [6:19:29 PM ET] to consumers maybe banks is a good example and there are others as well [6:19:30 PM ET] Ha ha. [6:19:31 PM ET] Highlight [6:19:31 PM ET] a [6:19:33 PM ET] these aren't companies that are earning excessively high profit [6:19:38 PM ET] they're generally companies that are earning kind of [6:19:41 PM ET] pretty reasonable profits relative to the work that they do [6:19:42 PM ET] Hi [6:19:45 PM ET] and the reason i say that is because i think that [6:19:48 PM ET] when some of these things are taken to their extreme like if you think of [6:19:52 PM ET] financing as like an insurance business where you originate a pool of customers and some get better [6:19:54 PM ET] JENTENTHENTY [6:19:57 PM ET] and some get worse if all the customers that get better instantly refinance [6:20:01 PM ET] and you're left only with the customers that got worse that basically have like a premium that was the [6:20:05 PM ET] average of the expectation the finance business basically just doesn't work [6:20:09 PM ET] it just kind of like wouldn't function so there will be market evolutions to resolve [6:20:13 PM ET] Look at the [6:20:14 PM ET] those sorts of things in other markets those have taken the form of upfront fees or prepayment [6:20:15 PM ET] Listen to me. [6:20:16 PM ET] fees or whatever it could be [6:20:20 PM ET] With [6:20:20 PM ET] It was hard in the [6:20:21 PM ET] so what i would say is i think if you look at what [6:20:21 PM ET] about, I came [6:20:24 PM ET] happens in a vacuum i think you can arrive at one conclusion if you take into account the fact [6:20:26 PM ET] I cannot [6:20:29 PM ET] that these things exist in a system and they exist in a market and there's value being [6:20:33 PM ET] The [6:20:34 PM ET] provided i think that it is unclear what the sum of all of the market evolutions will be [6:20:35 PM ET] Saw the [6:20:39 PM ET] but it is unlikely to be as dramatic as the comparative static [6:20:43 PM ET] kind of approach might cause you to think and then as we zoom into carvana in [6:20:45 PM ET] My [6:20:46 PM ET] High and [6:20:47 PM ET] particular i think carvana has a number of advantages [6:20:48 PM ET] free to go to the house and stick to the [6:20:48 PM ET] free see how figure out how [6:20:52 PM ET] versus two horizontally stacked businesses [6:20:53 PM ET] Sacked businesses? Are they did make ourselves more efficient? Are [6:20:53 PM ET] they [6:20:54 PM ET] allow us [6:20:54 PM ET] was the [6:20:54 PM ET] to [6:20:55 PM ET] that make our system more efficient they allow us to build [6:20:57 PM ET] you better marvel and brave more [6:20:57 PM ET] factor in [6:20:58 PM ET] into a [6:20:59 PM ET] better models and to price more effectively and to avoid certain types of risk [6:21:01 PM ET] that emerge through [6:21:04 PM ET] Drew [6:21:04 PM ET] You infrared. [6:21:04 PM ET] um a [6:21:05 PM ET] my [6:21:05 PM ET] Middle East. [6:21:05 PM ET] San [6:21:05 PM ET] days as [6:21:06 PM ET] It's [6:21:06 PM ET] between, you [6:21:06 PM ET] EO [6:21:06 PM ET] imperfect alignment of incentives between [6:21:07 PM ET] a tube, stacked, [6:21:07 PM ET] was [6:21:07 PM ET] with [6:21:07 PM ET] all [6:21:08 PM ET] this. [6:21:09 PM ET] And we would expect [6:21:09 PM ET] that to remain the [6:21:10 PM ET] in same so [6:21:11 PM ET] I [6:21:11 PM ET] think we'll [6:21:11 PM ET] two stacked horizontal businesses and we would expect that to remain the same so [6:21:11 PM ET] see [6:21:11 PM ET] how [6:21:11 PM ET] Hawaio [6:21:12 PM ET] the [6:21:12 PM ET] this is [6:21:12 PM ET] all [6:21:12 PM ET] over [6:21:12 PM ET] time. [6:21:13 PM ET] That'll [6:21:13 PM ET] be [6:21:13 PM ET] harmful [6:21:15 PM ET] i think we'll see how all this evolves over time that will be complicated it's obviously a thing that's going to get a ton of attention [6:21:16 PM ET] Sausa [6:21:17 PM ET] over you take [6:21:17 PM ET] it [6:21:19 PM ET] it's for you [6:21:19 PM ET] to a [6:21:20 PM ET] if I see [6:21:20 PM ET] but i do think it's useful to take a step back [6:21:22 PM ET] sense of seen this in Market to [6:21:24 PM ET] sometimes and remember that these things exist in markets and there are generally many moves that occur [6:21:29 PM ET] got it that's super helpful and then [6:21:30 PM ET] Sy [6:21:33 PM ET] maybe just one more quick one for mark i was curious the note on twenty [6:21:33 PM ET] Guantramarga assists the name on 2027 [6:21:33 PM ET] reporting [6:21:33 PM ET] to [6:21:34 PM ET] is [6:21:34 PM ET] a [6:21:35 PM ET] to you kind [6:21:35 PM ET] of [6:21:35 PM ET] wine and [6:21:36 PM ET] now [6:21:37 PM ET] it ever [6:21:37 PM ET] twenty seven reporting could you speak to kind of why now [6:21:37 PM ET] the right [6:21:37 PM ET] time for [6:21:38 PM ET] I changed [6:21:41 PM ET] is spoken more on gab burnings than non gab burnings [6:21:41 PM ET] is the right time for that change just focusing more on gaap earnings than non [6:21:41 PM ET] maybe [6:21:41 PM ET] is [6:21:42 PM ET] Phil's thinking more [6:21:43 PM ET] tap, [6:21:44 PM ET] and [6:21:45 PM ET] operating and canned and Eba daughters for [6:21:45 PM ET] gaap earnings maybe focusing more on gaap operating income than ebitda for example [6:21:45 PM ET] example [6:21:46 PM ET] As [6:21:47 PM ET] all this. [6:21:47 PM ET] of you, [6:21:47 PM ET] esteem, sir, [6:21:47 PM ET] your [6:21:48 PM ET] so [6:21:49 PM ET] I think a [6:21:50 PM ET] sure yes [6:21:50 PM ET] you know, I think the natural step [6:21:53 PM ET] and all you [6:21:53 PM ET] so i think it's a natural step in our evolution as a [6:21:55 PM ET] mean, [6:21:55 PM ET] I think, you know, [6:21:55 PM ET] just [6:21:55 PM ET] Libertari has [6:21:55 PM ET] been [6:21:56 PM ET] to [6:21:56 PM ET] an [6:21:57 PM ET] important [6:21:57 PM ET] whole matter of [6:21:57 PM ET] company i think adjusted ebitda has been an important metric [6:21:57 PM ET] for the tracking [6:22:01 PM ET] Let her [6:22:01 PM ET] Oh, the hour, [6:22:02 PM ET] you know, many years, I [6:22:02 PM ET] for tracking our progress over the past many years i think [6:22:07 PM ET] as we become more profitable on a gaap basis [6:22:07 PM ET] His [6:22:11 PM ET] i think the value of adjusted ebitda goes down and that's why i think when we looked [6:22:13 PM ET] Down, and that was why we worked, out of the word, you know, [6:22:13 PM ET] someone the [6:22:13 PM ET] biggest and [6:22:13 PM ET] most [6:22:14 PM ET] successful [6:22:14 PM ET] old [6:22:16 PM ET] out at the world some of the biggest and most successful technology companies out there [6:22:20 PM ET] they're not reporting adjusted ebitda they're focused on operating income they're focused on net income [6:22:25 PM ET] and we think that's just a natural [6:22:27 PM ET] And we [6:22:28 PM ET] are we [6:22:28 PM ET] you [6:22:29 PM ET] the [6:22:29 PM ET] evolution for us as we seek to [6:22:30 PM ET] us [6:22:30 PM ET] to a [6:22:31 PM ET] very [6:22:31 PM ET] low [6:22:31 PM ET] large [6:22:31 PM ET] America brought [6:22:32 PM ET] really grow this business into a very large and very profitable one [6:22:32 PM ET] the time of [6:22:35 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:22:35 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:22:35 PM ET] great thank you [6:22:40 PM ET] the next question comes from brian [6:22:42 PM ET] nagel with oppenheimer please go ahead [6:22:44 PM ET] hi good evening [6:22:45 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:22:45 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:22:46 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:22:46 PM ET] congrats great quarter [6:22:47 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:22:47 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:22:51 PM ET] thanks so my question is i mean look it may not be a fair one but [6:22:52 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:22:52 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:22:52 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:22:53 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:22:56 PM ET] clearly as we all know operate in a very fragmented space [6:22:58 PM ET] Her fragment. [6:23:00 PM ET] SuS [6:23:01 PM ET] and you've been performing remarkably well but you do have a [6:23:04 PM ET] what i view as a significant or larger competitor out there now that's [6:23:07 PM ET] starting to show much better growth still nowhere near where carvana's [6:23:09 PM ET] The first one has [6:23:10 PM ET] putting up the question i want to ask is as you're seeing [6:23:11 PM ET] is near as your sheet. This dynamic [6:23:13 PM ET] change are you is is there [6:23:13 PM ET] this dynamic change is there more [6:23:13 PM ET] more [6:23:14 PM ET] seen [6:23:14 PM ET] Seeing [6:23:14 PM ET] in [6:23:14 PM ET] Your [6:23:14 PM ET] business [6:23:15 PM ET] that [6:23:15 PM ET] Did you have [6:23:15 PM ET] a [6:23:15 PM ET] Sword Group [6:23:16 PM ET] compared [6:23:17 PM ET] be a [6:23:17 PM ET] anything in your business that you have a stronger competitor now reemerging [6:23:17 PM ET] don't let me [6:23:19 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:23:20 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:23:20 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:23:21 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:23:21 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:23:22 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:23:24 PM ET] i mean i would say and we'll say this from our perspective [6:23:29 PM ET] we're approximately a two percent market shareholder [6:23:29 PM ET] Two [6:23:32 PM ET] i think for a long time we've been the second largest [6:23:35 PM ET] seller of used cars in the country i think we're knocking on the door of becoming the largest and so i think when we [6:23:36 PM ET] Let us look for [6:23:40 PM ET] evaluate others in the market they are going to be [6:23:43 PM ET] similar in size to us or smaller and what we've historically seen is [6:23:45 PM ET] We distinctly distinguish the teeth out [6:23:46 PM ET] I'll be in [6:23:46 PM ET] of [6:23:48 PM ET] it's very hard for us to tease out the impacts of any of those individual players [6:23:52 PM ET] in our results so we are focused on [6:23:55 PM ET] Saw [6:23:55 PM ET] the [6:23:55 PM ET] it's a little bit of a [6:23:56 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:23:57 PM ET] delivering the best experience we possibly can making our business more efficient making [6:24:01 PM ET] Averaging the visitors function batter, and we think that [6:24:01 PM ET] now [6:24:01 PM ET] you [6:24:01 PM ET] you'll [6:24:02 PM ET] everything in the business just function better and we think that that's [6:24:03 PM ET] power coach [6:24:06 PM ET] been our focus since day one fourteen years ago and that will continue to be our [6:24:06 PM ET] Fourchief Your [6:24:11 PM ET] focus and then we think that a lot of the things that are emerging the world around [6:24:12 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:24:12 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:24:15 PM ET] Day. [6:24:15 PM ET] us generally technology rewards scale and there's been a lot of [6:24:19 PM ET] technological evolution recently [6:24:22 PM ET] we're excited by that and we think it in many ways provides a tailwind for us over time so [6:24:27 PM ET] i think we have not seen anything in particular from any given competitors [6:24:30 PM ET] that we believe has had any notable impact on our results [6:24:31 PM ET] Ty [6:24:32 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:24:32 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:24:33 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:24:34 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:24:34 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:24:35 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:24:35 PM ET] that's very helpful then a follow-up [6:24:36 PM ET] Um [6:24:39 PM ET] question i think someone else asked about the changes the ftc [6:24:40 PM ET] Four [6:24:41 PM ET] Actually, the changes that you see, the baby is coming for [6:24:42 PM ET] made in these companies level the playing field changes [6:24:47 PM ET] the first one wanna ask is you know look carvana has been on the right side of this for a while [6:24:49 PM ET] Mm, [6:24:50 PM ET] with the the with these fees [6:24:55 PM ET] do you believe though now with these ftc changes that is an that has been an incremental [6:24:56 PM ET] driver of your business [6:24:59 PM ET] and if so how how should we think about the duration of that [6:25:04 PM ET] Horse [6:25:04 PM ET] is it a one year type phenomenon or is this something that goes on for a while [6:25:06 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:25:06 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:25:07 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:25:07 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:25:08 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:25:09 PM ET] i think it's [6:25:13 PM ET] think it's very hard to massage out in the results we clearly think it's directionally better for us [6:25:20 PM ET] we'll see what the overall impacts are over time [6:25:20 PM ET] Give us the stress. [6:25:21 PM ET] I went, I went to [6:25:21 PM ET] mean, I [6:25:22 PM ET] Flightly [6:25:24 PM ET] but i would take that opportunity to make a slightly bigger point i think [6:25:25 PM ET] sure to be a family of the menu. [6:25:26 PM ET] You ready [6:25:27 PM ET] top of the [6:25:28 PM ET] you graciously used the terminology we've been on the right [6:25:29 PM ET] Rajors, Bay [6:25:30 PM ET] their [6:25:30 PM ET] release, [6:25:31 PM ET] but [6:25:31 PM ET] rule [6:25:31 PM ET] would [6:25:31 PM ET] they [6:25:31 PM ET] the [6:25:31 PM ET] like [6:25:32 PM ET] I think, [6:25:32 PM ET] the [6:25:32 PM ET] need [6:25:32 PM ET] side of this for a while so appreciate that characterization [6:25:32 PM ET] feeds [6:25:32 PM ET] or a [6:25:33 PM ET] grail [6:25:33 PM ET] the [6:25:33 PM ET] leamo [6:25:34 PM ET] know? [6:25:34 PM ET] as [6:25:35 PM ET] the type [6:25:35 PM ET] but what i would say is i think dock fees are a great example [6:25:35 PM ET] of [6:25:36 PM ET] innovation or [6:25:37 PM ET] in [6:25:37 PM ET] markets that is [6:25:37 PM ET] not [6:25:38 PM ET] fundamental. It's [6:25:38 PM ET] not [6:25:39 PM ET] a [6:25:39 PM ET] of the type of innovation that can occur in markets that is not [6:25:39 PM ET] make [6:25:39 PM ET] the [6:25:39 PM ET] of [6:25:39 PM ET] pie [6:25:39 PM ET] bigger, and [6:25:40 PM ET] interviews and [6:25:41 PM ET] It's [6:25:41 PM ET] a [6:25:42 PM ET] fundamental it's not a make the pie bigger innovation it's a [6:25:42 PM ET] presentation, [6:25:43 PM ET] it's [6:25:44 PM ET] sense. [6:25:45 PM ET] and that [6:25:45 PM ET] is [6:25:45 PM ET] the type [6:25:45 PM ET] a very important [6:25:46 PM ET] of [6:25:46 PM ET] presentation innovation and [6:25:46 PM ET] innovation [6:25:47 PM ET] of [6:25:47 PM ET] that we think [6:25:47 PM ET] of a [6:25:47 PM ET] one the things that we can [6:25:47 PM ET] who [6:25:48 PM ET] white [6:25:48 PM ET] winning in two [6:25:49 PM ET] who beat the [6:25:49 PM ET] that is the type of innovation that we think is less likely to be [6:25:49 PM ET] successful in [6:25:50 PM ET] a [6:25:50 PM ET] world where [6:25:50 PM ET] people [6:25:51 PM ET] have [6:25:51 PM ET] a [6:25:51 PM ET] lot [6:25:53 PM ET] of intelligence in their by [6:25:54 PM ET] successful in a world where people have a lot of intelligence in their pockets [6:25:54 PM ET] it. [6:25:54 PM ET] something [6:25:55 PM ET] that I have like [6:25:55 PM ET] forget [6:25:56 PM ET] enjoyed is going through [6:25:57 PM ET] you [6:25:57 PM ET] want to [6:25:57 PM ET] and so something that i had my personal agent do is go through [6:26:00 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:26:01 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:26:02 PM ET] conference calls and all the q and a where mark talks too fast [6:26:02 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:26:03 PM ET] we have fought [6:26:04 PM ET] Mel [6:26:06 PM ET] and look and see how many times we said fundamental gains over the last several years [6:26:09 PM ET] Bonnowing [6:26:10 PM ET] and we've said fundamental gains three fifty times over the [6:26:13 PM ET] several years in our various communications and to me what excites you about that is [6:26:13 PM ET] And to me, we were like, [6:26:13 PM ET] clear all that is. [6:26:13 PM ET] that [6:26:14 PM ET] very, [6:26:14 PM ET] lowly [6:26:14 PM ET] very clearly [6:26:15 PM ET] shows [6:26:15 PM ET] you [6:26:15 PM ET] where [6:26:15 PM ET] ahead of [6:26:16 PM ET] head is, and the [6:26:17 PM ET] That's why we [6:26:17 PM ET] we've [6:26:17 PM ET] make [6:26:17 PM ET] made choices, why [6:26:18 PM ET] that very very clearly shows you where our head is that's why we've made choices [6:26:18 PM ET] way now you are [6:26:19 PM ET] more [6:26:20 PM ET] side of the [6:26:21 PM ET] while the men are a very good [6:26:22 PM ET] like not having dock fees and trying to make things as simple as we possibly can [6:26:23 PM ET] know [6:26:27 PM ET] because we put our effort into trying to build solutions that are fundamentally better [6:26:31 PM ET] and that generate more pie they don't just kind of shift pie around on the plate [6:26:35 PM ET] so we think this is an example where [6:26:38 PM ET] Peppa, Space [6:26:38 PM ET] where not all innovation in the market was pointed in that same direction [6:26:42 PM ET] but we think that the tools that are emerging and in this case this ftc directive [6:26:42 PM ET] Paul [6:26:43 PM ET] In his chase, the chest is just [6:26:47 PM ET] they all point in the direction of rewarding fundamental progress [6:26:49 PM ET] and we're excited about that [6:26:50 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:26:51 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:26:52 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:26:52 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:26:53 PM ET] very helpful i appreciate it thanks [6:26:53 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:26:53 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:26:54 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:26:54 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:26:55 PM ET] thank you [6:26:55 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:26:56 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:26:56 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:26:57 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:26:57 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:26:58 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:26:58 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:26:59 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:27:00 PM ET] the next question comes from ron josey with citi [6:27:01 PM ET] please go ahead [6:27:06 PM ET] great thanks for taking the question ernie we'll see if you can use fundamental [6:27:10 PM ET] again here i wanted to ask about inventory overall i think it was up around thirty percent in the quarter [6:27:13 PM ET] last quarter we just talked about the importance to [6:27:17 PM ET] I [6:27:17 PM ET] Bye. [6:27:18 PM ET] to drive and grow more inventory and what that can do to overall conversion rates so [6:27:18 PM ET] I [6:27:18 PM ET] think. [6:27:19 PM ET] can I [6:27:19 PM ET] about where I [6:27:21 PM ET] are in the [6:27:21 PM ET] inventory. [6:27:21 PM ET] more [6:27:22 PM ET] we a good MIT [6:27:22 PM ET] control of the [6:27:22 PM ET] talk to us more about where we are in inventory [6:27:22 PM ET] what [6:27:23 PM ET] you [6:27:25 PM ET] are we at a good mix in terms of what you believe is needed to attract call it to high [6:27:29 PM ET] And how [6:27:30 PM ET] an hour. [6:27:30 PM ET] That [6:27:30 PM ET] earners or whatever it is and then how that's driving conversion rates [6:27:30 PM ET] I wanted to make a lot of [6:27:31 PM ET] question one on inventory [6:27:31 PM ET] the [6:27:32 PM ET] a mark [6:27:32 PM ET] pointed [6:27:32 PM ET] that thing [6:27:33 PM ET] to the [6:27:33 PM ET] avatar, [6:27:33 PM ET] then mark i wanted to get back to the advertising comment [6:27:34 PM ET] element [6:27:34 PM ET] man [6:27:34 PM ET] wake [6:27:35 PM ET] with a [6:27:35 PM ET] never [6:27:35 PM ET] Motors [6:27:35 PM ET] wars [6:27:36 PM ET] of [6:27:36 PM ET] nine, [6:27:37 PM ET] Orange [6:27:38 PM ET] How did that [6:27:38 PM ET] with net promoter scores up nine points overall just [6:27:39 PM ET] change Corvana's view [6:27:40 PM ET] on [6:27:40 PM ET] growth, [6:27:41 PM ET] meaning does [6:27:41 PM ET] that [6:27:41 PM ET] mean [6:27:42 PM ET] same [6:27:42 PM ET] how does that change carvana's view on growth meaning [6:27:46 PM ET] does that mean we move significantly forward on advertising spend to raise [6:27:46 PM ET] See [6:27:49 PM ET] awareness drive greater conversion rates etcetera thank you [6:27:51 PM ET] Set [6:27:53 PM ET] Has [6:27:53 PM ET] Huge [6:27:54 PM ET] sure give [6:27:54 PM ET] the [6:27:55 PM ET] See [6:27:55 PM ET] a little bit of a [6:27:56 PM ET] a little bit of a [6:27:56 PM ET] a little bit of a [6:27:58 PM ET] i'll give a quick high level answer on inventory [6:28:00 PM ET] Huge [6:28:01 PM ET] i mean i think again reiterate we think the team has done a great job we've made progress [6:28:01 PM ET] ready [6:28:01 PM ET] are. [6:28:02 PM ET] we made progress [6:28:03 PM ET] building [6:28:05 PM ET] more hours, we would certainly [6:28:05 PM ET] in building more cars [6:28:08 PM ET] to express. [6:28:08 PM ET] and [6:28:08 PM ET] what did you [6:28:09 PM ET] do that if [6:28:09 PM ET] we would certainly like to make faster progress [6:28:09 PM ET] we could [6:28:09 PM ET] press [6:28:09 PM ET] a [6:28:10 PM ET] button [6:28:10 PM ET] and [6:28:11 PM ET] a half [6:28:11 PM ET] there are [6:28:11 PM ET] many [6:28:12 PM ET] and we're working hard to do that if we could press a button and have [6:28:13 PM ET] thousands of [6:28:13 PM ET] visual [6:28:15 PM ET] many many thousands of additional cars on carvana we would instantaneously [6:28:17 PM ET] Sylvia [6:28:18 PM ET] His [6:28:20 PM ET] Sister [6:28:20 PM ET] very happily convert cash to more reconditioned cars [6:28:21 PM ET] Sister Ses. [6:28:21 PM ET] CARS. Uh, but you know, that [6:28:21 PM ET] that's [6:28:24 PM ET] but that's a process that requires a [6:28:25 PM ET] it [6:28:25 PM ET] It [6:28:26 PM ET] Sisters, [6:28:28 PM ET] ton of time and energy and so we're doing the work to try to as quickly as we can [6:28:29 PM ET] Science [6:28:30 PM ET] Sisters. [6:28:33 PM ET] in the quarter we did out produce [6:28:36 PM ET] sales by a little bit so that's definitely progress [6:28:37 PM ET] excited about but there's a lot more wood to chop there [6:28:37 PM ET] Sussex. [6:28:39 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:28:40 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:28:40 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:28:41 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:28:43 PM ET] great yes and then on the advertising question i actually think it's useful to just take [6:28:45 PM ET] Selse. [6:28:48 PM ET] step back and talk about our three part growth algorithm so [6:28:49 PM ET] Representatively, I. [6:28:49 PM ET] We've been talking about the [6:28:50 PM ET] of [6:28:51 PM ET] the battery. [6:28:52 PM ET] you. [6:28:52 PM ET] we've been talking about this i think over the past couple of years but [6:28:52 PM ET] but I don't know [6:28:52 PM ET] wrong way of [6:28:53 PM ET] both [6:28:53 PM ET] that [6:28:55 PM ET] there's really three drivers of our long term growth one is [6:28:57 PM ET] That just means making [6:28:57 PM ET] that [6:28:58 PM ET] for [6:28:58 PM ET] were [6:28:58 PM ET] continuously improving the customer offering that just means making simpler [6:28:58 PM ET] facts [6:28:58 PM ET] faster [6:28:59 PM ET] The [6:29:00 PM ET] your [6:29:01 PM ET] and Lore. [6:29:03 PM ET] more informative seamless experiences for our customers [6:29:05 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:29:06 PM ET] ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ ⁇ [6:29:06 PM ET] focused [6:29:06 PM ET] on [6:29:06 PM ET] and [6:29:06 PM ET] plan [6:29:07 PM ET] planicative [6:29:07 PM ET] to [6:29:07 PM ET] focused on [6:29:07 PM ET] some [6:29:08 PM ET] always made [6:29:08 PM ET] speaking [6:29:08 PM ET] and that's something that we have focused on and plan to continue to focus on but just making [6:29:08 PM ET] as [6:29:08 PM ET] of the [6:29:09 PM ET] ring better for [6:29:10 PM ET] he is a [6:29:10 PM ET] big [6:29:10 PM ET] part of [6:29:10 PM ET] on [6:29:13 PM ET] customer offering better is a big part of our long term growth story [6:29:13 PM ET] I'm not sure if I can do [6:29:15 PM ET] side of the [6:29:16 PM ET] i think second is increasing awareness understanding and trust [6:29:19 PM ET] that's really the pillar where advertising comes in we think we're relatively early still [6:29:24 PM ET] in our long term journey of [6:29:28 PM ET] telling our story to customers and [6:29:32 PM ET] them really understand all the things that carvana brings to the table [6:29:33 PM ET] One with [6:29:34 PM ET] way to [6:29:34 PM ET] got one [6:29:35 PM ET] i think we think we've got a long growth way growth [6:29:35 PM ET] way in front [6:29:36 PM ET] five [6:29:36 PM ET] in [6:29:37 PM ET] I [6:29:37 PM ET] in [6:29:37 PM ET] our [6:29:37 PM ET] advertising [6:29:37 PM ET] to [6:29:39 PM ET] runway in front of us and so investing in advertising and telling our story is [6:29:44 PM ET] a place we expect to continue to invest last [6:29:47 PM ET] increasing selection and other benefits of scale that links back to your first question where [6:29:50 PM ET] Sensi [6:29:52 PM ET] certainly we want to continue to grow selection [6:29:53 PM ET] Since [6:29:55 PM ET] add more inventory pools drive faster delivery times and get those benefits [6:29:57 PM ET] Sits [6:29:59 PM ET] part of the long term growth algorithm so those are the three big areas [6:30:01 PM ET] Volce [6:30:01 PM ET] We use. [6:30:01 PM ET] our. [6:30:01 PM ET] to the key wall in [6:30:02 PM ET] area number [6:30:02 PM ET] two [6:30:02 PM ET] and [6:30:03 PM ET] in order [6:30:03 PM ET] were [6:30:03 PM ET] do [6:30:03 PM ET] expect a [6:30:03 PM ET] to [6:30:03 PM ET] advertising plays a key role in area number two and we do expect [6:30:04 PM ET] containment [6:30:04 PM ET] investment [6:30:04 PM ET] in [6:30:05 PM ET] oh, oh, oh, [6:30:05 PM ET] to continue investing and telling our story [6:30:05 PM ET] of [6:30:05 PM ET] story we [6:30:06 PM ET] ONE [6:30:08 PM ET] hence, [6:30:09 PM ET] apply shifted [6:30:10 PM ET] be. [6:30:12 PM ET] is not [6:30:12 PM ET] these [6:30:17 PM ET] Hey, sign [6:30:17 PM ET] Neskin [6:30:18 PM ET] includes our [6:30:18 PM ET] Analysis, Conscious, Shanti, [6:30:19 PM ET] and [6:30:19 PM ET] announced [6:30:19 PM ET] analysis [6:30:19 PM ET] shines, [6:30:19 PM ET] shown. I [6:30:19 PM ET] will [6:30:19 PM ET] would like [6:30:20 PM ET] to [6:30:20 PM ET] turn the [6:30:20 PM ET] this concludes our question and answer session i would like [6:30:20 PM ET] constant [6:30:21 PM ET] back [6:30:21 PM ET] bag on [6:30:21 PM ET] group [6:30:22 PM ET] earning [6:30:22 PM ET] during. [6:30:23 PM ET] Syria, but any coins leading and [6:30:23 PM ET] or [6:30:23 PM ET] turn the conference back over to ernie garcia for any closing remarks [6:30:23 PM ET] in [6:30:23 PM ET] my [6:30:23 PM ET] more. [6:30:23 PM ET] market. [6:30:24 PM ET] being cooking [6:30:24 PM ET] please go ahead [6:30:24 PM ET] out [6:30:25 PM ET] ahead [6:30:25 PM ET] in [6:30:26 PM ET] bank thank [6:30:26 PM ET] everyone for [6:30:26 PM ET] joining in the [6:30:27 PM ET] call [6:30:27 PM ET] and [6:30:27 PM ET] thanks [6:30:28 PM ET] again [6:30:28 PM ET] to [6:30:28 PM ET] the [6:30:28 PM ET] Corboronic [6:30:29 PM ET] team, [6:30:29 PM ET] thanks thanks everyone for joining the call and [6:30:29 PM ET] Another [6:30:29 PM ET] awesome [6:30:30 PM ET] hour [6:30:31 PM ET] quarter [6:30:31 PM ET] please [6:30:31 PM ET] walk [6:30:31 PM ET] around and [6:30:31 PM ET] give [6:30:32 PM ET] each [6:30:32 PM ET] other [6:30:32 PM ET] a [6:30:32 PM ET] high [6:30:32 PM ET] again to the carvana team another awesome quarter [6:30:33 PM ET] fives. This [6:30:33 PM ET] is [6:30:33 PM ET] another [6:30:33 PM ET] great [6:30:34 PM ET] one and then [6:30:34 PM ET] let's [6:30:35 PM ET] say, [6:30:35 PM ET] go, come [6:30:35 PM ET] back to [6:30:35 PM ET] tomorrow [6:30:35 PM ET] more [6:30:35 PM ET] please walk around and give each other high fives this is another great one and then let's come back [6:30:35 PM ET] and do it [6:30:36 PM ET] again. Thank [6:30:36 PM ET] tomorrow and do it again thanks everyone [6:30:42 PM ET] They give it a little bit of [6:30:42 PM ET] attending to [6:30:42 PM ET] this for [6:30:43 PM ET] further than [6:30:43 PM ET] the conference is now concluded thank you for attending today's presentation [6:30:44 PM ET] presentation. You may now [6:30:44 PM ET] this [6:30:45 PM ET] Connect. [6:30:46 PM ET] the [6:30:48 PM ET] a meeting. [6:30:48 PM ET] named. [6:30:48 PM ET] you may now disconnect [6:30:48 PM ET] n na n n [6:30:48 PM ET] the [6:30:50 PM ET] Razzing [6:30:51 PM ET] in what. [6:30:51 PM ET] want [6:30:53 PM ET] Sh. [6:30:53 PM ET] they [6:30:53 PM ET] I am not afraid of the [6:30:54 PM ET] said [6:30:55 PM ET] in the back. [6:30:56 PM ET] sign [6:30:56 PM ET] down [6:30:57 PM ET] god by a [6:30:58 PM ET] dusty says you [6:30:59 PM ET] who [6:30:59 PM ET] do have [6:31:00 PM ET] that [6:31:00 PM ET] those. [6:31:00 PM ET] Does [6:31:01 PM ET] kin in [6:31:01 PM ET] come at [6:31:02 PM ET] up. [6:31:02 PM ET] in a [6:31:03 PM ET] while I [6:31:03 PM ET] curd [6:31:03 PM ET] and back [6:31:04 PM ET] it's [6:31:05 PM ET] change [6:31:05 PM ET] together with [6:31:05 PM ET] my [6:31:06 PM ET] out with [6:31:06 PM ET] here? All [6:31:09 PM ET] Urbe, Erne, Erne, Erna, [6:31:09 PM ET] England, [6:31:09 PM ET] it, [6:31:11 PM ET] The distance, doubts, [6:31:11 PM ET] aim. [6:31:12 PM ET] I [6:31:15 PM ET] I think. [6:31:16 PM ET] and [6:31:17 PM ET] apple, [6:31:17 PM ET] my [6:31:18 PM ET] apple, [6:31:18 PM ET] yeah, oh [6:31:18 PM ET] yeah, [6:31:20 PM ET] bad, man, [6:31:20 PM ET] look, [6:31:20 PM ET] nah, [6:31:20 PM ET] I'm not going to be a good [6:31:21 PM ET] love [6:31:22 PM ET] the [6:31:22 PM ET] and the [6:31:22 PM ET] little [6:31:24 PM ET] eh, [6:31:24 PM ET] it [6:31:25 PM ET] oh, oh, [6:31:25 PM ET] oof, [6:31:26 PM ET] respect, [6:31:27 PM ET] at, look [6:31:27 PM ET] is a little bit of [6:31:28 PM ET] I have a [6:31:29 PM ET] and [6:31:29 PM ET] a [6:31:30 PM ET] the [6:31:30 PM ET] was [6:31:30 PM ET] is [6:31:31 PM ET] all [6:31:31 PM ET] ooh, ooh, ooh, ooh, [6:31:31 PM ET] no [6:31:32 PM ET] man. [6:31:33 PM ET] never [6:31:34 PM ET] never. [6:31:35 PM ET] hell. -- Saidwire · verified quotes, live transcript and a running story from live events · support@saidwire.com