Camping World Holdings Inc (CWH) 2023 Q1 法說會逐字稿

Good morning, and welcome to the Camping World Holdings conference call to discuss financial results for the first quarter of fiscal year 2023. (Operator Instructions) Please be advised that this call is being recorded and the reproduction of the call in whole or in part is not permitted without written authorization from the company. Participating in the call today are Marcus Lemonis, Chairman and Chief Executive Officer; Brent Moody, the President; Karin Bell, Chief Financial Officer; Matthew Wagner, the Chief Operating Officer; Lindsey Christen, Executive Vice President and General Counsel; Tom Kern, Chief Accounting Officer; and Brett Andress, Senior Vice President of Investor Relations. I will turn the call over to Ms. Kristen to get us started. Thank you.

早上好，歡迎參加 Camping World Holdings 電話會議，討論 2023 財年第一季度的財務業績。（操作員說明）請注意，此電話正在錄音中，電話的全部或部分內容正在復制中未經公司書面授權不得使用。參加今天電話會議的有董事長兼首席執行官 Marcus Lemonis；總裁布倫特·穆迪；首席財務官 Karin Bell；首席運營官 Matthew Wagner； Lindsey Christen，執行副總裁兼總法律顧問；首席會計官 Tom Kern；和投資者關係高級副總裁 Brett Andress。我會把電話轉給克里斯汀女士讓我們開始。謝謝。

Thank you, and good morning, everyone. A press release covering the company's first quarter 2023 financial results was issued yesterday afternoon, and a copy of that press release can be found in the Investor Relations section on the company's website. Management's remarks on this call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These remarks may include statements regarding our business plans and goals, our strategic initiatives, acquisitions and planned capital expenditures, industry and customer trends, the expected impact of inflation, interest rates and market conditions, future dividend payments and anticipated financial performance. Actual results may differ materially from those indicated by these statements as a result of various important factors including those discussed in our Risk Factor section in our Form 10-K and our Form 10-Qs and other reports on file with the SEC.

謝謝大家，早上好。昨天下午發布了一份涵蓋公司 2023 年第一季度財務業績的新聞稿，該新聞稿的副本可在公司網站的投資者關係部分找到。管理層對此次電話會議的評論可能包含 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。這些評論可能包括關於我們的業務計劃和目標、我們的戰略舉措、收購和計劃的資本支出、行業和客戶趨勢的陳述、通貨膨脹、利率和市場狀況、未來股息支付和預期財務業績的預期影響。由於各種重要因素，包括在我們的 10-K 表和 10-Q 表的風險因素部分以及向美國證券交易委員會備案的其他報告中討論的因素，實際結果可能與這些聲明所表明的結果存在重大差異。

Any forward looking statements represent our views only as of today, and we undertake no obligation to update them. Please also note that we will be referring to certain non-GAAP financial measures on today's call, such as EBITDA, adjusted EBITDA and adjusted earnings per share diluted, which we believe may be important to investors to assess our operating performance. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial statements are included in our earnings release and on our website.

任何前瞻性陳述僅代表我們截至今天的觀點，我們不承擔更新它們的義務。另請注意，我們將在今天的電話會議上提及某些非 GAAP 財務指標，例如 EBITDA、調整後的 EBITDA 和調整後的每股攤薄收益，我們認為這對投資者評估我們的經營業績可能很重要。這些非 GAAP 財務指標與最直接可比的 GAAP 財務報表的對賬包含在我們的收益發布和我們的網站上。

All comparisons of our 2023 first quarter results are made against the 2022 first quarter results unless otherwise noted. I'll now turn the call over to Marcus.

除非另有說明，否則我們 2023 年第一季度業績的所有比較都是與 2022 年第一季度業績進行的。我現在將電話轉給 Marcus。

Good morning, Lindsey, and thanks for joining us for Camping World's 2023 First Quarter Earnings Call. I'm joined today by our senior management team. And on today's call, I'll provide a state of the union, highlight financial results for the quarter and provide insight into the remainder of 2023. And then we're going to turn the call back over to the operator for questions. We had a very strong quarter in our Good Sam segment, service and parts business and used RV unit sales with used meaningfully outperforming our new vehicle sales as we posted a record Q1 across the board in this category. For the quarter, new RV unit sales were down more than anticipated. However, new RV margins were better than expected. Compared to year-end 2022, we've reduced our new inventory by close to $200 million, materially more than the $140 million we originally committed to.

林賽，早上好，感謝您加入我們參加 Camping World 的 2023 年第一季度財報電話會議。今天我們的高級管理團隊加入了我的行列。在今天的電話會議上，我將提供工會狀況，重點介紹本季度的財務業績，並提供對 2023 年剩餘時間的見解。然後我們將把電話轉回給接線員提問。我們在 Good Sam 細分市場、服務和零部件業務中有一個非常強勁的季度，二手房車銷量明顯優於我們的新車銷量，因為我們在這一類別中全面發布了創紀錄的第一季度。本季度，新房車銷量下降幅度超過預期。然而，新房車的利潤率好於預期。與 2022 年底相比，我們的新庫存減少了近 2 億美元，大大超過了我們最初承諾的 1.4 億美元。

Additionally, we've made material progress in exiting model year 2022. Comparatively, we've gone from almost 45% beginning of the year to less than 19% as of today. We are stocking 166 new RV units per location, down significantly when you compare it to 2016 to 2019 historical average of 245 units. we've made material progress in exiting model year 2022. Comparatively, we've gone from almost 45% beginning of the year to less than 19% as of today. We are stocking 166 new RV units per location, down significantly when you compare it to 2016 to 2019 historical average of 245 units. We expect to continue to be extremely disciplined around RV stocking levels, particularly new, as we believe pressure will continue on both new RV demand and new RV margin for the next 4 to 6 months.

此外，我們在退出 2022 年車型方面取得了實質性進展。相比之下，我們已經從年初的近 45% 下降到今天的不到 19%。我們每個地點庫存 166 台新房車，與 2016 年至 2019 年 245 台的歷史平均水平相比大幅下降。我們在退出 2022 年車型方面取得了實質性進展。相比之下，我們已經從年初的近 45% 下降到今天的不到 19%。我們每個地點庫存 166 台新房車，與 2016 年至 2019 年 245 台的歷史平均水平相比大幅下降。我們預計將繼續嚴格控制房車庫存水平，尤其是新房車庫存水平，因為我們認為未來 4 至 6 個月新房車需求和新房車利潤率將繼續面臨壓力。

Today, the RV market has its challenges. But I know from the 20-plus years that I've been doing this, that the outcome of a macroeconomic environment like this is the emergence of very favorable dealership acquisition opportunities. What I find most unusual and intriguing about the last 90 days is the rapid and recent influx of acquisition candidates, the likes of which I've never seen. As a management team, we will not miss the opportunity. In the last 5 months, we've acquired or have agreements to acquire 10 locations and are in various stages to potentially acquire an additional 20 locations. These locations range from $10 million in revenue to close to $50 million each. Historically, on average, we've paid multiples in the 2 to 4x range, and recently, we've seen those multiples drop, including some deals that are very simple. Buy my real estate and inventory and I'll sell.

今天，房車市場面臨挑戰。但我從 20 多年來一直這樣做的經驗中知道，像這樣的宏觀經濟環境的結果是出現了非常有利的經銷商收購機會。在過去的 90 天裡，我發現最不尋常和最有趣的是最近迅速湧入的收購候選人，這是我從未見過的。作為管理團隊，我們不會錯過這個機會。在過去 5 個月中，我們已經收購或已達成收購 10 個地點的協議，並且正處於可能收購另外 20 個地點的不同階段。這些地點的收入從 1000 萬美元到接近 5000 萬美元不等。從歷史上看，平均而言，我們支付了 2 到 4 倍的倍數，最近，我們看到這些倍數下降，包括一些非常簡單的交易。買我的房地產和存貨，我會賣掉。

As a management team, we have a mandate to grow profitably with solid returns on our deployed capital. Based on the volume of opportunistic acquisitions, combined with how we constantly balance our capital allocation, we believe acquisitions are the highest and best use of our company's capital as we sit here today. A big part of monetizing our scale, process and best practices when making those acquisitions is leveraging our higher margin and more predictable segments and categories. Our Good Sam segment, which is on track to approach $100 million of EBITDA for the first time, our used RV category, which had a great annualized growth, and our parts and service that delivers stable and high margins to the large installed base of 11 million RVs are ultimately our company's differentiators.

作為一個管理團隊，我們的任務是通過部署資本的可觀回報實現盈利增長。根據機會性收購的數量，結合我們不斷平衡資本配置的方式，我們認為收購是我們今天坐在這裡的公司資本的最高和最佳利用方式。在進行這些收購時，將我們的規模、流程和最佳實踐貨幣化的很大一部分是利用我們更高的利潤率和更可預測的細分市場和類別。我們的 Good Sam 細分市場有望首次接近 1 億美元的 EBITDA，我們的二手房車類別年化增長率很高，我們的零件和服務可為 11 個龐大的安裝基礎提供穩定和高利潤百萬房車最終是我們公司的差異化因素。

Capitalizing on those differentiators is another reason why we are so compelled to make acquisitions in this environment. The multiples that we pay for these acquisitions are based on historical performance before we install our process around use, parts, service, F&I and Good Sam, which on a pro forma basis makes these acquisitions even more attractive. But I'm very proud of how this team is performing in this current landscape and how we, as a company, executed against critical priorities for this quarter, reducing our inventory by almost $200 million, streamlining core operations and cost structure, exiting 3 distribution centers year-to-date and restructuring our house e-commerce business were all keys to controlling SG&A.

利用這些差異化因素是我們如此被迫在這種環境下進行收購的另一個原因。在我們圍繞使用、零件、服務、F&I 和 Good Sam 安裝我們的流程之前，我們為這些收購支付的倍數是基於歷史表現，這在備考基礎上使這些收購更具吸引力。但我為這個團隊在當前形勢下的表現以及我們作為一家公司如何執行本季度的關鍵優先事項、減少近 2 億美元的庫存、精簡核心運營和成本結構、退出 3 分銷感到非常自豪年初至今的中心和重組我們的家庭電子商務業務都是控制 SG&A 的關鍵。

Moving to a summary of our first quarter financial results. We recorded $1.5 billion of revenue, down 11% from last year, driven primarily by soft new RV unit sales. Our RV sales team sold 12,432 used units in the quarter compared to 10,976 last year, an increase of over 13%. In Good Sam, our most stable and predictable business asset had $46.4 million of revenue for the quarter and $30.2 million of gross profit. Our adjusted EBITDA for the first quarter was $61 million. We ended the quarter with roughly $297 million of cash broken up by the $224 million of cash in our floor plan offset account, and an additional $73 million of cash on our balance sheet. We also have about $400 million of used RV inventory net of flooring and $249 million of parts inventory.

轉到我們第一季度財務業績的摘要。我們錄得 15 億美元的收入，比去年下降 11%，主要受新房車銷量疲軟的推動。我們的房車銷售團隊在本季度售出了 12,432 輛二手車，而去年同期為 10,976 輛，增幅超過 13%。在 Good Sam 中，我們最穩定和可預測的業務資產在該季度的收入為 4,640 萬美元，毛利潤為 3,020 萬美元。我們第一季度調整後的 EBITDA 為 6100 萬美元。我們在本季度結束時擁有大約 2.97 億美元的現金，除此之外，我們的平面圖對沖賬戶中還有 2.24 億美元的現金，資產負債表上還有 7300 萬美元的現金。我們還有約 4 億美元的二手 RV 庫存（扣除地板）和 2.49 億美元的零件庫存。

Lastly, we also have about $134 million of real estate without an associated mortgage. As we plan for the remainder of 2023, we know that an intense discipline around new inventory management will pay off in the coming 12 months. Our capital allocation towards growing our used business and capitalizing our acquisition pipeline sets the stage for significant growth in the coming years. We believe that we can increase our store count by 50% in the next 5 years.

最後，我們還有大約 1.34 億美元的沒有相關抵押的房地產。在我們為 2023 年剩餘時間制定計劃時，我們知道圍繞新庫存管理的嚴格紀律將在未來 12 個月內產生回報。我們用於發展二手業務和利用收購管道的資本配置為未來幾年的顯著增長奠定了基礎。我們相信我們可以在未來 5 年內將門店數量增加 50%。

I'll now turn the call over for questions.

我現在將電話轉過來提問。

Thank you very much. (Operator Instructions) The first question comes from Joe Altobello from Raymond James.

非常感謝。 （操作員說明）第一個問題來自 Raymond James 的 Joe Altobello。

I guess first question, Marcus, just given your comments on the new RV market, I'd love to get your big picture view. As you know, the RVIA shipment forecast for this year is around 334,000 units and the conventional wisdom, I think, is that retail will outpace that by somewhere in the neighborhood of 30,000 units or possibly more. Is that roughly how you expect the issue to play out as well?

我想第一個問題，馬庫斯，剛剛給出了你對新房車市場的評論，我很想了解你的大局觀。如您所知，今年 RVIA 出貨量預測約為 334,000 台，我認為傳統觀點認為零售量將超過 30,000 台左右或更多。這也是您大致期望問題解決的方式嗎？

I think so. As everybody remembers, last summer, we were the first to call out a big discrepancy between the RVIA shipment data of north of 400,000 and we called 360,000. And I think a lot of macroeconomic factors since that point has driven that number down to 330,000, and we believe there's risk that it could either go down closer to 310,000. But we do agree with your thesis and everybody else's that retail will outpace that. And whether it's by 30,000 or 40,000, we don't know. But what we do know for certain is that the industry, the dealers and the manufacturers are working together to destock the current inventory position at a very healthy pace so that we're really braced and prepared for a solid 2024.

我想是這樣。大家還記得，去年夏天，我們率先喊出了40萬以北的RVIA出貨量數據和我們叫的36萬有很大出入。而且我認為自那時以來的許多宏觀經濟因素已將這一數字降至 330,000，我們認為存在可能下降到接近 310,000 的風險。但我們確實同意你和其他人的觀點，即零售業將超過這一點。至於是 30,000 還是 40,000，我們不知道。但我們可以肯定的是，該行業、經銷商和製造商正在共同努力，以非常健康的速度去庫存化當前的庫存，以便我們真正做好準備迎接穩健的 2024 年。

Very helpful. And then maybe just to kind of follow up in terms of acquisitions, when we met in Tampa, in, I guess, it was mid-January, you were very sort of cautious on the industry, at least for the first half of 2023. And I think over the last -- clearly, over the last few weeks here, you've become a lot more aggressive from an M&A standpoint in terms of capital allocation. So other than maybe valuations coming in a little bit, what else has changed to kind of move you from more of a -- a more conservative stance on M&A to being much more aggressive?

很有幫助。然後也許只是在收購方面跟進，當我們在坦帕會面時，我猜是在 1 月中旬，你對這個行業非常謹慎，至少在 2023 年上半年是這樣。我認為在過去——很明顯，在過去的幾周里，從併購的角度來看，你在資本配置方面變得更加激進。因此，除了可能會出現一點點估值之外，還有什麼改變可以讓你從更保守的併購立場轉變為更具侵略性？

Well, we're still very conservative about how we're managing our capital inside the company and the tone that I had of concern in January doesn't really change. The new RV market is a lot softer than any of us anticipated. And we're trying to really balance proper margins along with destocking that inventory. What also changed is that I feel better about where our company is and how we've reduced the new inventory by $200 million. And in January, that was fresh and top of mind. After executing on that strategy and additionally lowering our retail inventory and additionally restructuring a number of our cost structures, getting out of distribution centers, restructuring e-commerce businesses, we did all the things that we knew we had to do right out of the gates. But as we look at the influx of M&A opportunities, and I have to say it again, in the 20 years that I've been doing this, including the 2008 period, 2009 period, I have never seen the quality of acquisitions and the quantity of acquisitions at the low prices ever in the history of being in this business.

好吧，我們對如何管理公司內部的資本仍然非常保守，我在 1 月份擔心的基調並沒有真正改變。新的房車市場比我們任何人預期的都要疲軟。我們正在努力真正平衡適當的利潤率和去庫存。同樣發生變化的是，我對我們公司所處的位置以及我們如何將新庫存減少 2 億美元感覺更好。在一月份，這是新鮮的，也是最重要的。在執行該戰略並進一步降低零售庫存並重組我們的一些成本結構、退出配送中心、重組電子商務業務之後，我們做了所有我們知道必須立即做的事情.但是當我們看到併購機會的湧入時，我不得不再說一遍，在我從事這項工作的 20 年裡，包括 2008 年和 2009 年期間，我從未見過收購的質量和數量以該行業歷史上的低價收購。

And we're not going to miss out on that opportunity, which means that as we look at all of our working capital, every single business unit, every single venture that we're in, we're making tough decisions and whether we're going to shed them or reduce them or sell them, we're looking to take every last dollar that's not performing well in our business and redeploy that into these acquisitions. We've already announced, I think, approximately 10 so far, and we have another 20 under discussion, but I want to remind everybody, it's May. And normally, when you see this level of activity from us, it's usually in the fall when somebody didn't have a good summer. Dealers historically have a lot of confidence going into the spring, going into the summer, and we're not sensing that same level of confidence.

我們不會錯過這個機會，這意味著當我們審視我們所有的營運資金、每一個業務部門、我們所從事的每一項風險投資時，我們正在做出艱難的決定，以及我們是否如果我們打算擺脫或減少或出售它們，我們希望把在我們的業務中表現不佳的每一分錢都拿走，並將其重新部署到這些收購中。我認為，到目前為止，我們已經宣布了大約 10 個，我們還有 20 個正在討論中，但我想提醒大家，現在是 5 月。通常情況下，當你看到我們的這種活動水平時，通常是在秋天，當有人沒有度過一個愉快的夏天時。從歷史上看，經銷商在進入春季、進入夏季時都充滿信心，而我們並沒有感覺到同樣的信心水平。

In some cases, there's 30, 40-year dealers that have just decided that it's time for their family to exit, and we're able to buy their property or able to buy their inventory and the multiples look different than we ever have. I think one other difference for us and the reason you're sensing such a rapid increase in volume is that we've dedicated specifically a team around making these acquisitions, around integrating these acquisitions and around really populating them amongst the rest of our community. We historically didn't allocate that type of human capital to this venture. We don't know how many we can do on an annual basis, but I wouldn't be surprised if we set records over the next 12 to 24 months.

在某些情況下，有 30、40 年的經銷商剛剛決定是時候讓他們的家人退出，我們能夠購買他們的財產或能夠購買他們的存貨，而且倍數看起來與以往不同。我認為我們的另一個不同之處以及您感覺到數量如此快速增長的原因是我們專門專門成立了一個團隊來進行這些收購，整合這些收購併真正將它們融入我們社區的其他部分。我們歷來沒有將這種類型的人力資本分配給該企業。我們不知道我們每年能做多少，但如果我們在接下來的 12 到 24 個月內創造記錄，我不會感到驚訝。

The next question comes from Daniel Imbro from Stephens Inc.

下一個問題來自 Stephens Inc. 的 Daniel Imbro。

Markus, I want to talk about the used business. Obviously, the stand out here in 1Q. I think back in January, you guys introduced, you talked about the RV valuation tool or RV valuator and some investments there to build inventory. Can you talk about the success you've had using that tool to procure inventory? And I guess, related, as you use that more and get more sophisticated of buying inventory, is controlling used GPU almost more in your control as you dictate how much you're paying to buy that inventory and ultimately what the GPU might get on the north side of it is?

馬庫斯，我想談談二手業務。顯然，第一季度在這裡脫穎而出。我回想起一月份，你們介紹過，你們談到了 RV 估值工具或 RV 估值器，以及在那裡建立庫存的一些投資。您能談談您使用該工具採購庫存所取得的成功嗎？而且我想，相關的是，隨著您使用它的次數越來越多，並且購買庫存的方式越來越複雜，您幾乎可以控制使用過的 GPU，因為您可以決定要為購買該庫存支付多少費用，並最終決定 GPU 可能會得到什麼它的北邊是？

Yes. As a reminder to everybody, when Matthew Wagner created this RV valuator tool 2 years ago, he was very candid with all of us to say it's going to take a couple of years. We need the data to populate. We need to really understand how things work. We need to measure it against what's happening on the new side and we're really starting to see that hum. In the month of April, we acquired more used inventory in one single month than we ever had. And I think that's a testament not to the fact that people are leaving the industry because they're not. It's our ability to procure with science and more importantly, our ability to process that lead.

是的。提醒大家，當 Matthew Wagner 在 2 年前創建這個 RV 評估工具時，他非常坦率地告訴我們所有人，這將需要幾年的時間。我們需要數據來填充。我們需要真正了解事物是如何運作的。我們需要根據新方面正在發生的事情來衡量它，我們真的開始看到那種嗡嗡聲。在 4 月份，我們在一個月內獲得了比以往任何時候都多的二手庫存。我認為這並不能證明人們離開這個行業是因為他們沒有離開。這是我們科學採購的能力，更重要的是，我們處理潛在客戶的能力。

Historically, we hadn't done a great job of taking the tool and integrating it with a customer retention model. So as the customer raises their hand and says, "I want to do this". I think we were historically not as refined as we are today, and our team has really well executed that process even after dropping values inside the tool. As we head to the back half of the year, it is our expectation that used has to continue to be what our company is known for. And 24 months ago, it was almost like a sidebar. Today, we want to bring it to the front. There are 2 things that we want investors to really know that we're spending a lot of time on. One is looking at the turns and the aging around that used inventory because we know that asset moves with value. And so we have a very disciplined approach to how we manage how much inventory we have, how many times it's turning, the aging, et cetera.

從歷史上看，我們在使用該工具並將其與客戶保留模型集成方面做得併不好。因此，當客戶舉手說“我想做這個”時。我認為我們在歷史上沒有像今天這樣精緻，即使在工具中刪除值之後，我們的團隊也確實很好地執行了該過程。在我們進入下半年之際，我們期望 used 必須繼續保持我們公司的知名度。而在 24 個月前，它幾乎就像一個側邊欄。今天，我們想把它帶到前面。我們希望投資者真正知道我們在兩件事上花費了大量時間。一個是關注使用過的庫存的周轉和老化，因為我們知道資產隨著價值而變化。因此，我們有一個非常有紀律的方法來管理我們擁有多少庫存、周轉多少次、老化等等。

I think the second thing that we want people to know is that we pay very close attention to the pricing in the marketplace. And the more we do to properly recondition our use. And the more we do to separate it out from all the other used assets that are in the marketplace, you're essentially building pricing protection around that asset because it's unique. It has a proprietary process in terms of refining it, and it's an asset that you can't really shop as easily. When you see inflation driving up the price of new RVs every single day, not that the manufacturers are trying to do that, they're dealing with supply chain issues at the same time. We know that there's a significant discount between the price of a new RV and a used RV and we've historically been agnostic on what that customer buys. We should expect that our company will continue to lean both in the amount of capital we have allocated to use and the human capital dedicated to growing that business. But we do have a lot of control around it. Then you saw it in the margins in the first quarter.

我認為我們想讓人們知道的第二件事是我們非常關注市場定價。我們做的越多，以適當地修復我們的使用。我們越是將其與市場上所有其他使用過的資產區分開來，您實際上是在圍繞該資產建立定價保護，因為它是獨一無二的。它在提煉方面有一個專有的過程，而且它是一種您無法真正輕鬆購買的資產。當你看到通貨膨脹每天都在推高新房車的價格時，並不是製造商試圖這樣做，而是他們同時在處理供應鏈問題。我們知道新 RV 和二手 RV 的價格之間存在很大的折扣，而且我們歷來對客戶購買的商品一無所知。我們應該期望我們的公司將繼續在我們分配使用的資本數量和專門用於發展該業務的人力資本方面傾斜。但我們確實有很多控制權。然後你在第一季度的利潤中看到了它。

Yes. No, that's really helpful. And then one thing you touched on there is reconditioning. I wanted to follow up on parts and service markets. Obviously, M&A is taking much more -- it sounds like of a priority with use of capital. I think back maybe 1.5 years ago at the Analyst Day and [Yota] talking more about the ability to add service bays and that being a highly accretive use of capital. I guess where does that initiative fall today in terms of your capital priorities, adding service bays to locations? And what kind of returns have you seen on those relative to your initial expectations you provided years ago?

是的。不，這真的很有幫助。然後你提到的一件事是修復。我想跟進零件和服務市場。顯然，併購需要更多——這聽起來像是資本使用的優先事項。我回想起 1.5 年前在分析師日和 [Yota] 談論更多關於增加服務托架的能力以及資本的高度增值使用。我想就您的資本優先事項而言，今天該計劃落在何處，向地點添加服務區？與您多年前提供的最初預期相比，您看到了什麼樣的回報？

Yes, I want to clarify capital allocation because it is sometimes an overused term. Our core business is the absolute priority of our first dollar of free cash flow. Our core business is the #1 priority, and that means investing in Good SAM and the technology, which is why you're seeing the growth there, investing in our used inventory, which is why you see the growth there and investing in our service and parts, not only the facilities, but more importantly, our team. In the back half of 2022, we instituted over $40 million of wage increases across our entire service platform. The stability and strength of our service parts and collision business is what differentiates us from everybody else. And so please don't anybody ever think that dollars are going to be taken away from used, taken away from Good Sam, taken away from service to do anything. That's where the first dollars go, the second dollars are going to go towards things like stock buyback, reducing debt and making acquisitions.

是的，我想澄清一下資本配置，因為它有時是一個被過度使用的術語。我們的核心業務是我們第一美元自由現金流的絕對優先事項。我們的核心業務是第一要務，這意味著投資於 Good SAM 和技術，這就是為什麼您看到那裡的增長，投資於我們的二手庫存，這就是為什麼您看到那裡的增長並投資於我們的服務和零件，不僅僅是設施，更重要的是我們的團隊。 2022 年下半年，我們在整個服務平台上增加了超過 4000 萬美元的工資。我們的服務零件和碰撞業務的穩定性和實力是我們與眾不同的地方。因此，請不要有人認為美元會被拿走，從使用過的，從好山姆那裡拿走，從服務中拿走做任何事情。那是第一筆錢的去向，第二筆錢將用於股票回購、減少債務和進行收購等事情。

The next question comes from Mike Swartz from Truist Securities.

下一個問題來自 Truist Securities 的 Mike Swartz。

Marcus, I just wanted to ask on M&A and follow up on some of Joe's questions. I think coming into the year and based on conversations with yourself earlier this year, the view was really we're in cash containment mode battening down the hatches for what's to come. And now we're talking about a more aggressive M&A strategy. I think some investors are a little confused about that. So maybe give us a sense on what's the typical maybe cash investment that you are making when you acquire dealers? I know they can all be different. But maybe how should we think about that?

馬庫斯，我只是想詢問有關併購的問題，並跟進喬的一些問題。我認為進入今年並根據今年早些時候與自己的對話，我們確實處於現金遏制模式，為即將到來的事情做好準備。現在我們正在談論更積極的併購戰略。我認為一些投資者對此有點困惑。那麼，也許讓我們了解您在收購經銷商時進行的典型現金投資是什麼？我知道他們都可以不同。但也許我們應該如何考慮呢？

Well, let me address the first point. We are in cash preservation mode. That hasn't changed and cash preservation and cash collection are looking at all of our assets, all of our inventory segments, all the business units and making sure that if we have anything that's not giving us a great return or that's bleeding cash, it's going to go away. And we believe we executed that in Q1, and that is not ever going to change inside of our company. But as we're building cash up and as we're looking at what to do with that cash, we want to make sure that we're giving our shareholders the highest return.

好吧，讓我談談第一點。我們處於現金保存模式。這並沒有改變，現金保存和現金回收正在審視我們所有的資產、我們所有的庫存部門、所有的業務部門，並確保如果我們有任何不能給我們帶來豐厚回報或正在流失現金的東西，那就是要走了。我們相信我們在第一季度執行了這一點，而且這在我們公司內部永遠不會改變。但是，當我們積累現金並考慮如何處理這些現金時，我們希望確保我們為股東提供最高回報。

And what we didn't anticipate that we're experiencing now. What we didn't anticipate 90 days ago is the volume of acquisition opportunities, the quality of those opportunities and the discount to multiples on those opportunities. And it'd be difficult to tell you that there's a specific dollar amount for an acquisition because they range in volume size of a single location from a $10 million store to a $50 million store. So as you would imagine, the prices of those 2 different book ends have different values. But the way we look at it is, historically, we were paid 2 to 4x for an acquisition, and that was based on historical financial performance with us not adding a bunch of nonsense back, and that's not pro forming other things in. When we look at what we're able to buy stores for today, in many cases, it's buy my land, buy my inventory. And in some cases, is buy my land, buy my inventory, give me a little bit of goodwill. In some cases, it's by my inventory, don't buy my land and give me a little bit of goodwill. And we've seen kind of the flavor of the month, and they range all over the board.

我們沒有預料到我們現在正在經歷的事情。 90 天前我們沒有預料到的是收購機會的數量、這些機會的質量以及這些機會的倍數折扣。而且很難告訴您收購的具體金額，因為它們的單個位置的體積大小從 1000 萬美元的商店到 5000 萬美元的商店不等。因此，正如您想像的那樣，這兩種不同書架的價格具有不同的價值。但我們看待它的方式是，從歷史上看，我們為一次收購支付了 2 到 4 倍的報酬，這是基於歷史財務業績，我們沒有添加一堆廢話，這並沒有促進其他事情的發展。當我們看看我們今天能夠購買商店的東西，在很多情況下，它是買我的土地，買我的存貨。在某些情況下，是買我的土地，買我的存貨，給我一點善意。有的時候是憑我的存貨，別買我的地，給我一點好感。而且我們已經看到了本月的一些風味，而且它們的範圍遍及整個董事會。

But on average, back of the napkin, we see that the amount of money that we're spending, excluding real estate in these transactions is about $5 million per acquisition on average per rooftop. On the real estate side, we'll either put a mortgage on it, we'll do a sale-leaseback on it or we may choose to hold it. We're less likely to hold that property in this environment because there's a better use of our capital than just holding on to a bunch of real estate. But $5 million is a good number. And so if I say to you, we're going to do 30 acquisitions, 30 rooftops in a single year. It's not a bad number to use back of the napkin, hey, that could be around $150 million of capital that we would use. Is that helpful?

但平均而言，在餐巾紙的背面，我們看到我們花費的金額，不包括這些交易中的房地產，平均每個屋頂的每次收購約為 500 萬美元。在房地產方面，我們要么對其進行抵押，要么對其進行售後回租，要么我們可能會選擇持有它。我們不太可能在這種環境下持有該財產，因為與僅僅持有一堆房地產相比，我們可以更好地利用我們的資本。但 500 萬美元是一個不錯的數字。所以如果我對你說，我們將在一年內進行 30 次收購，30 個屋頂。使用餐巾紙背面的數字不錯，嘿，我們可能會使用大約 1.5 億美元的資金。這有幫助嗎？

Yes. No, that's very helpful. I appreciate that. And maybe just switching over to another topic, I think, on the new vehicle margin side, you had given us some pretty dour outlook. I think the last time we talked, and it sounds like maybe in the first quarter, things were a little bit better than you expected. You worked through a lot of that model year '22 overhang. I know there's a lot of dealers out there that are probably still struggling with that. But is there just a way to think about maybe the cadence of new vehicle margins as we progress through the year? Should we just think of it as flattish? Or do we have some opportunity for that to improve through year-end?

是的。不，這非常有幫助。我很感激。也許只是切換到另一個話題，我認為，在新車利潤率方面，你給了我們一些非常悲觀的前景。我想我們最後一次談話，聽起來可能是在第一季度，情況比你預期的要好一點。你經歷了很多 22 年的車型懸垂。我知道有很多經銷商可能仍在為此苦苦掙扎。但是，隨著我們在這一年的進展，是否有一種方法可以考慮新車利潤率的節奏？我們應該認為它是扁平化的嗎？或者我們是否有機會在年底前改善這一點？

The new vehicle margin that we reported in the first quarter was really a product of Matt Wagner and his whole team managing the balance between how do we get $200 million out of our system. How do we maximize the gross profit on every transaction and how do we exit stage left on model year '22s. And I feel like the sales organization did a hell of a job going from more than 44% of our total inventory being '22s to as we sit here today being '19. The margin that we experienced in Q1, while down from the previous couple of years was still better than some periods pre-pandemic. And I still believe and it's a little bit of an internal debate that as we rid ourselves of more 2022s, and we think there is probably another 4 to 6 months to do that, that you're going to see margin stabilization and maybe in the back half, it would tick up 0.25 point to 0.5 point because you're now dealing with fresh 23s and more importantly, fresh 24s.

我們在第一季度報告的新車利潤率實際上是馬特瓦格納和他的整個團隊管理我們如何從我們的系統中獲得 2 億美元之間的平衡的產物。我們如何使每筆交易的毛利潤最大化，以及我們如何退出 22 年代車型年剩下的階段。我覺得銷售組織做得非常出色，從我們總庫存的 44% 以上是 22 歲到我們今天坐在這裡的 19 歲。我們在第一季度經歷的利潤率雖然低於前幾年，但仍好於大流行前的某些時期。而且我仍然相信並且這是一場內部辯論，因為我們擺脫了更多的 2022 年，我們認為可能還有 4 到 6 個月的時間來做到這一點，你會看到利潤率趨於穩定，也許在後半場，它會上升 0.25 點到 0.5 點，因為你現在正在處理新的 23 分，更重要的是，新的 24 分。

I think the most important thing for our company to stay focused on is exiting the remaining 5,000-ish 2022s that are left. And as we head into the selling season, April, May, June, July, we're going to do everything we can to do that because the cleaner our inventory is going into the fall, the more opportunistic we can be in restocking our 24 model years, then giving us better margin performance in the last couple of months of '23 and hopefully, in 2024. We're really setting ourselves up for the cleanest inventory we can possibly have in '24, knowing that it's going to still be a little softer for the next 4 to 6 months.

我認為我們公司要繼續關注的最重要的事情是退出剩下的 5,000 多輛 2022 年。當我們進入銷售旺季時，即四月、五月、六月、七月，我們將竭盡所能做到這一點，因為進入秋季的庫存越乾淨，我們就越有可能在 24 小時內補貨模型年，然後在 23 年的最後幾個月以及希望在 2024 年為我們提供更好的利潤率表現。我們真的在為 24 年可能擁有的最乾淨的庫存做好準備，因為我們知道它仍然會是在接下來的 4 到 6 個月裡會稍微軟一點。

The next question comes from Noah Zatzkin from KeyBanc Capital Markets.

下一個問題來自 KeyBanc Capital Markets 的 Noah Zatzkin。

Just on the outsized performance on the used side. How are you thinking about cannibalization when it comes to the new business. In terms of the consumer, is the strength somewhat related to kind of trading down in your view? And just how do you think about that dynamic playing out moving through the year?

就在使用方面的超大性能上。當涉及到新業務時，您如何看待蠶食？在您看來，就消費者而言，實力是否與某種程度的交易下降有關？您如何看待這一年的動態變化？

I think the strength of our used business isn't customers trading down. It's them being more value-oriented, looking for a better value at a better price. And when you're dealing with higher interest rates and increased prices on new, they look at used more as an alternative. The one thing about the RV lifestyle is that there's never this rush to the exit door to get out of the space. And the reason we know that is because of how hard we have to work to find people willing to sell their used unit. If people wanted to lead the industry, used units would be everywhere, prices would be dropping and we would be absorbing inventory at a very rapid pace. And unfortunately, that opportunity hasn't been presented to us, while we may not mind that.

我認為我們二手業務的優勢不在於客戶降價交易。他們更注重價值，以更好的價格尋找更好的價值。當你面對更高的利率和新的價格上漲時，他們會更多地考慮使用更多作為替代方案。關於房車生活方式的一件事是，永遠不會急於走出大門離開這個空間。我們之所以知道這一點，是因為我們必須努力工作才能找到願意出售二手設備的人。如果人們想領導這個行業，二手設備就會無處不在，價格就會下降，我們就會以非常快的速度吸收庫存。不幸的是，這個機會還沒有出現在我們面前，雖然我們可能並不介意。

I think, ultimately, what we want to do is when a customer engages with us online or on the phone, we want to make sure that we're doing everything we can to convert them to a sale. And so when they go through the process and we're doing our needs analysis of what is your family like, where do you like to camp, what's your budget. We're trying to make sure that we're transacting with them, not shoving them into something that may not work for their family. So you could say to a certain degree that we're agnostic about it. But there's some data that supports that when a customer comes to our website and looks for a new, very more often than not, they stay on a new, and when they come looking at a use, there is a greater likelihood that while they may more than likely by a used, some of our salespeople are able to convert them to a new because they see for $20 a month more for $19 a month more, they can go into a new unit.

我認為，最終，我們想要做的是，當客戶在線或通過電話與我們互動時，我們希望確保我們正在盡我們所能將他們轉化為銷售。所以當他們完成這個過程時，我們正在做我們的需求分析，你的家人喜歡什麼，你喜歡在哪裡露營，你的預算是多少。我們正在努力確保我們正在與他們進行交易，而不是將他們推向可能對他們的家庭不起作用的事情。所以你可以在某種程度上說我們對此不可知。但是有一些數據支持，當客戶訪問我們的網站並尋找新產品時，他們往往會停留在新產品上，並且當他們來看用途時，很有可能雖然他們可能很可能是舊的，我們的一些銷售人員能夠將它們轉換為新的，因為他們看到每月多花 20 美元，每月多花 19 美元，他們就可以進入新單元。

I think the difference in our company more than anything else, isn't just our ability to procure used or to sell used or to recondition it properly. It's really a 360-degree approach to procurement, reconditioning, merchandising, pricing online, the pictures, proper pricing against the market, the way we manage our leads, the sales experience and the after-sale experience that's giving us the edge over everybody else.

我認為我們公司最重要的區別不僅僅是我們採購二手貨或銷售二手貨或適當修復它的能力。這真的是一種 360 度全方位的採購、修復、推銷、在線定價、圖片、針對市場的適當定價、我們管理潛在客戶的方式、銷售經驗和售後體驗，這讓我們比其他人更具優勢.

And Good Sam as a brand instills a lot of confidence when they're getting warranties and roadside and reconditioning standards and insurance that encompass that whole product. The use process is amplified when they can walk into a Camping World retail store and install new appliances, new refrigerators, new toilets, new mattresses, new furniture and they look at essentially buying a unit and being able to dial it up. It would be like buying a home that somebody else lived in and walking into Home Depot and just continuing to replace things. If Home Depot is a homebuilder or was in the real estate business, they would see better conversion. It's our ability to utilize all of our existing assets like Good Sam, like our retail business, like our service business, that's really making more of a difference than anybody ever anticipated, and that's why the margins remain at where they are as well.

Good Sam 作為一個品牌，在獲得涵蓋整個產品的保修、路邊和修復標準以及保險時，會給他們帶來很大的信心。當他們走進 Camping World 零售店並安裝新電器、新冰箱、新廁所、新床墊、新家具時，使用過程得到了放大，他們基本上是在考慮購買一個單元並能夠撥通它。這就像買了別人住過的房子，然後走進 Home Depot 繼續更換東西。如果 Home Depot 是一家房屋建築商或從事房地產業務，他們會看到更好的轉化率。這是我們利用我們所有現有資產的能力，比如 Good Sam，比如我們的零售業務，比如我們的服務業務，這真的比任何人預期的都要重要，這就是為什麼利潤率也保持在現在的水平。

Very helpful. Maybe if I could squeeze one more in, just kind of related to the M&A and the pipeline. When you think about the kind of normalized EBITDA baseline going forward, any kind of guardrails there? How are you thinking about that? Is this $400 million kind of a good number there? Or just any thoughts would be helpful.

很有幫助。也許如果我能再擠一個，只是與併購和管道有關。當您考慮未來的標準化 EBITDA 基線時，那裡有任何類型的護欄？你怎麼想的？這 4 億美元是個好數字嗎？或者任何想法都會有所幫助。

Well, these acquisitions that we're making today, as everybody knows, have a little bit of a tail to them to close. They usually take anywhere from 90 to 150 days to close based on the state that we're in and licensing and conversion and human capital integration, et cetera. So when we announce a deal today, you could expect that it takes at least 90 to 120 days to close. In our numbers today, which we obviously don't provide a forecast, you mentioned the number $400 million. And I want to address it outside of M&A really quickly. When you go back and you look at the history of our business prior to the pandemic, there were 2 key numbers, the highest we had ever been, which I think was around $394 million and the lowest we had ever been, which is, I think, 2019 when we were exiting the Gander business, and we had a number of cash charges run through our P&L.

好吧，眾所周知，我們今天進行的這些收購有一點尾巴需要關閉。他們通常需要 90 到 150 天才能關閉，具體取決於我們所處的狀態以及許可和轉換以及人力資本整合等。因此，當我們今天宣布一項交易時，您可能預計至少需要 90 到 120 天才能完成。在我們今天的數字中，我們顯然沒有提供預測，你提到了 4 億美元這個數字。我想很快在併購之外解決這個問題。當你回頭看看大流行之前我們的業務歷史時，有兩個關鍵數字，一個是我們曾經達到的最高數字，我認為大約是 3.94 億美元，另一個是我們曾經達到的最低數字，我認為想一想，2019 年我們退出 Gander 業務時，我們的損益表中有許多現金費用。

It is our management team's goal, not a forecast, not guidance. It is our management team's goal to set a new low. And what I mean by that is we believe if we execute on all these other things, that the previous high should be our previous -- our new low. Do we think we have a shot at it? We're going to work as hard as we can to get there. And maybe some of those acquisitions contribute to it. But as we look forward, the way we want people to think about these acquisitions on a modeling basis is on average, these acquisitions will generate about $25 million of revenue, on average, as I said to you, between $10 million and $50 million. And if you look at our EBITDA margin, once stores mature, you can impute that into that. So whether it's 6% or 7% into $25 million, that's what we expect a mature acquisition to contribute to our business in the coming 12 to 24 months.

這是我們管理團隊的目標，不是預測，也不是指導。創下新低是我們管理團隊的目標。我的意思是，我們相信，如果我們執行所有這些其他事情，那麼之前的高點應該是我們之前的——我們的新低點。我們認為我們有機會嗎？我們將盡我們所能到達那裡。也許其中一些收購對此有所貢獻。但正如我們展望的那樣，我們希望人們在建模的基礎上考慮這些收購的方式是平均而言，這些收購將產生大約 2500 萬美元的收入，平均而言，正如我對你說的那樣，在 1000 萬到 5000 萬美元之間。如果你看看我們的 EBITDA 利潤率，一旦商店成熟，你就可以將其歸因於此。因此，無論是 2500 萬美元的 6% 還是 7%，我們都希望在未來 12 到 24 個月內，一項成熟的收購將為我們的業務做出貢獻。

The next question comes from Ryan Brinkman from JPMorgan.

下一個問題來自摩根大通的 Ryan Brinkman。

I wanted to ask on what trends you might be seeing in the market for financing new and used RVs, for example, when it comes to credit availability or loan APRs, maybe for different credit tiers, what are consumers telling you about affordability or the trend in monthly payments? And I'm curious if you expect any fallout from the recent turmoil in the banking industry.

我想問一下您在新房車和二手房車融資市場上可能會看到什麼趨勢，例如，當涉及到信貸可用性或貸款 APR 時，可能對於不同的信用等級，消費者告訴您什麼是負擔能力或趨勢在每月付款？我很好奇您是否預計最近銀行業的動盪會帶來任何影響。

We have the same consumer as we are as consumers, and we're all rate sensitive. And so there has been a little bit of sticker shock from consumers when they see the increase of new RV prices and the interest rates that are associated with financing but their love of the outdoors and the affordability of camping compared to other leisure activities like travel and Disney World and cruises and traveling all over the world. It still makes it the most affordable alternative for you and your family that's out there in the leisure space. And so I want to be very clear that while those things have maybe put a little bit of headwind, people still want to go outside and be with their family.

我們擁有與消費者相同的消費者，我們都對利率敏感。因此，當消費者看到新房車價格的上漲和與融資相關的利率上漲時，他們對戶外活動的熱愛和與其他休閒活動（如旅行和旅行）相比露營的負擔能力受到了一些衝擊。迪斯尼世界和遊輪以及世界各地的旅行。它仍然使它成為您和您的家人在休閒空間中最實惠的選擇。所以我想非常清楚，雖然這些事情可能帶來了一些不利因素，但人們仍然想出去和家人在一起。

In terms of sensitivity around it, our relationship is really on the finance side, circled around 6 to 7 primary banks. And when we came out of the 2008, 2009 crisis, we started a new process with how we interacted with our lenders around retail financing as opposed to having 20 or 30 banks in the portfolio, we narrowed it down to big ones where we could have sizable relationships. We have not, as a company, experienced any real change in credit tightening. We've seen -- we're still able to get people bought. The average credit score is the same. We're seeing kind of the same flow. But as rates move around, you get a little bit of prickliness with the customer. In terms of our working with banks, we're making sure that we're helping them manage their delinquencies. And if there's any issues out there, we're working with them to solve them through our use process, but we haven't seen any real change of any kind. And the banking crisis that people described, we haven't seen that affect our business, both on the retail side and on the treasury management side.

就圍繞它的敏感性而言，我們的關係實際上是在金融方面，圍繞著 6 到 7 家主要銀行。當我們走出 2008 年、2009 年的危機時，我們開始了一個新流程，了解我們如何與我們的貸方圍繞零售融資進行互動，而不是在投資組合中擁有 20 或 30 家銀行，我們將其縮小到我們可以擁有的大銀行相當大的關係。作為一家公司，我們沒有經歷過信貸緊縮的任何真正變化。我們已經看到 - 我們仍然能夠讓人們購買。平均信用評分是一樣的。我們看到了類似的流程。但隨著費率的變動，您會對客戶產生一些挑剔。就我們與銀行的合作而言，我們確保我們正在幫助他們管理拖欠問題。如果有任何問題，我們正在與他們合作，通過我們的使用過程來解決它們，但我們還沒有看到任何真正的變化。人們所描述的銀行業危機，我們還沒有看到影響我們的業務，無論是在零售方面還是在資金管理方面。

And that's helpful. And then just lastly, to follow up a little more on those comments about the rapid and recent influx of dealership acquisition opportunities. Is the primary driver there, do you think more just the lower level of industry new RV sales? Or is it more the dealers are having too much inventory in the context of that level of sales? And then given it seems like you have a great many opportunities before you, how are you going about choosing amongst those different opportunities? Beyond the obvious financial benefits of the transaction, are there maybe other strategic objectives you could be trying to achieve such as geographic diversification or perhaps more or less exposure to a particular OEM or customer set or anything else?

這很有幫助。最後，再跟進一些關於最近迅速湧入的經銷商收購機會的評論。是否存在主要驅動因素，您是否認為更多只是行業新房車銷售的較低水平？還是在這種銷售水平的情況下，經銷商庫存過多？然後鑑於您面前似乎有很多機會，您將如何在這些不同的機會中進行選擇？除了交易的明顯經濟利益外，您是否還有其他戰略目標可以嘗試實現，例如地域多元化或或多或少地接觸特定 OEM 或客戶群或其他任何東西？

If you can think about the visual of a metal strainer and you're pouring all this water into there, we have a very stringent filter process to make sure that whatever we're acquiring is going to be accretive to our company, not just financially, but it's going to add value by filling white space or add value by taking care of a segment or add value by being complementary. In many, many, many cases, when you look at the power of our used business, the power of service and the power of Good Sam, we look for those locations that don't necessarily excel in those categories because when we're paying them a multiple of X, we want to get a pro forma multiple that's materially lower than that.

如果你可以想像一下金屬過濾器的外觀，並且將所有這些水倒入其中，我們有一個非常嚴格的過濾過程來確保我們收購的任何東西都會對我們的公司產生增長，而不僅僅是經濟上的增長，但它將通過填充空白來增加價值，或者通過處理細分來增加價值，或者通過互補來增加價值。在很多很多情況下，當您查看我們二手業務的力量、服務的力量和 Good Sam 的力量時，我們會尋找那些不一定在這些類別中表現出色的地點，因為當我們付款時它們是 X 的倍數，我們希望得到一個比它低得多的備考倍數。

There are many deals that we see on a daily basis that we say thank you very much for the opportunity, but it's not right for us. We pass on many more deals than we actually do. And the reason that we're able to do the volume of deals that we have is that people know that we're a credible buyer. They know we're going to show up with a check, and it's not going to be any funny business. They know we're going to take care of their employees by integrating them properly, and they know that we're going to respect the legacy of the multi-decade business that they built.

我們每天都會看到許多交易，我們非常感謝您提供這個機會，但這不適合我們。我們傳遞的交易比實際傳遞的要多得多。我們之所以能夠完成如此大量的交易，是因為人們知道我們是一個可靠的買家。他們知道我們會帶著支票出現，這不會是什麼有趣的事情。他們知道我們將通過適當整合他們來照顧他們的員工，他們知道我們將尊重他們建立的數十年業務的遺產。

I think a lot of reasons that dealers are exiting right now isn't just because the new RV business is soft. We see this in ways over the years, and Karin and I who have been here from the beginning have seen this. You have multigenerational dealers, second-generation, third-generation owners or some 40-year-old dealers that are in their 70s that have just said, wow, the last couple of years were great. Consolidators are starting to really capitalize on the market, the dynamics of how consumers are buying today, interacting today, communicating today, I can't keep up with. And I want to make sure this business that I've built with my family for 40 years, I can extract value so that my family can experience generation of wealth. That's number one. And I want to make sure this legacy business that I built ends up in the hands of somebody that's going to respect it and grow it and nurture my people.

我認為經銷商現在退出的很多原因不僅僅是因為新房車業務疲軟。多年來，我們以多種方式看到了這一點，卡琳和我從一開始就在這裡看到了這一點。你有多代經銷商、第二代、第三代所有者或一些 70 多歲的 40 歲經銷商，他們剛剛說，哇，過去幾年很棒。整合者開始真正利用市場，消費者今天如何購買、今天互動、今天交流的動態，我跟不上。我想確保我和家人一起建立了 40 年的這家企業，我可以提取價值，讓我的家人能夠體驗到財富的產生。這是第一。我想確保我建立的這項傳統業務最終落入尊重它、發展它並培養我的員工的人手中。

That is the reason we get a greater influx of opportunities more than any other consolidator ever. In this moment, as a management team, we have a goal of growing our store base by 50% in the next 5 years. That would equate to close to $9 billion or $10 billion of revenue. And when you look at the scale of our business and you look at the SG&A control in our business, we have built for 20 years, a model that can absorb and leverage and absorb and leverage. And that's really what we want to seize on right now.

這就是我們比任何其他整合商獲得更多機會的原因。此時此刻，作為管理團隊，我們的目標是在未來 5 年內將門店數量增加 50%。這相當於接近 90 億美元或 100 億美元的收入。當你看看我們的業務規模，看看我們業務中的 SG&A 控制時，我們已經建立了 20 年，一個可以吸收和利用、吸收和利用的模型。而這正是我們現在想要抓住的。

The next question comes from Tristan Thomas-Martin from BMO Capital Markets.

下一個問題來自 BMO Capital Markets 的 Tristan Thomas-Martin。

Can you talk about how retail trended over the quarter and kind of what you're seeing in April?

你能談談本季度的零售趨勢以及你在 4 月份看到的情況嗎？

Yes. Things were -- got progressively worse through the quarter. In fact, March was a very tough month. We were down in excess of 30%, 32% in the month of March. And whether it was a combination of weather or all the noise in banking or whatever it may be, it was a tough new month, but it was oddly a spectacular used month. As we got into April, we saw things marginally improve. I think our same-store sales in the month of April were down 22%, a 10% improvement over from where we were in March. And we have to be careful in that analysis not to get overly excited because there were 5 Saturdays. Easter was a little earlier, the weather was a little better. But we'll take the win. As we head into May, June and July, the comps clearly get easier because if you go back and look at 2022, the same-store sales numbers started to fall off a cliff right about now. And so as we start to experience slightly better results, we don't want anybody to pat themselves on the back. We are still grinding on tight inventory discipline.

是的。整個季度情況變得越來越糟。事實上，三月是一個非常艱難的月份。我們在 3 月份下降了 30% 以上，下降了 32%。無論是天氣的綜合影響，還是銀行業的喧囂，或者其他任何原因，這都是一個艱難的新月份，但奇怪的是，這是一個令人印象深刻的使用月份。進入四月後，我們看到情況略有改善。我認為我們 4 月份的同店銷售額下降了 22%，比 3 月份提高了 10%。我們在分析時必須小心，不要因為有 5 個星期六而過度興奮。復活節早了一點，天氣好一點。但我們會取得勝利。當我們進入 5 月、6 月和 7 月時，比較明顯變得更容易，因為如果你回頭看看 2022 年，同店銷售數字現在開始急劇下降。因此，當我們開始體驗稍微好一點的結果時，我們不希望任何人拍拍自己的背。我們仍在嚴格遵守庫存紀律。

But I want to make one point that I hope everybody, including the manufacturers here. There is a balance between destocking and taking yourself out of business. And when I look at the number of new units per location at 166, I'll be honest with you, with our warriors in the field and visiting stores, we may be on the cusp of having too little. And I'm starting to get concerned and putting a lot of pressure on internally that there's a fine line between being sensible and practical and prudent and walking away from business. And while we're excited about making acquisitions, we have 188 locations that have the ability to seize this opportunity right now and grow their business based on their previous 12 months. We are not going to let that opportunity go away. So as we go into April, May, June and July, while we're still focused on getting rid of 22s, we do want to start bringing in fresh product so that our sales organization and our customers can repopulate leads and transactions as we move through the selling season.

但是我想說一點，希望大家，包括在座的廠家。在去庫存和讓自己倒閉之間存在平衡。當我看到每個地點的新單位數量為 166 時，老實說，我們的勇士在現場和參觀商店時，我們可能正處於擁有太少的風口浪尖。我開始擔心並在內部施加很大壓力，因為在明智、務實和謹慎與遠離業務之間存在細微差別。雖然我們對進行收購感到興奮，但我們有 188 個地點有能力立即抓住這個機會，並根據前 12 個月的情況發展業務。我們不會讓這個機會消失。因此，當我們進入 4 月、5 月、6 月和 7 月時，雖然我們仍然專注於擺脫 22s，但我們確實希望開始引入新產品，以便我們的銷售組織和我們的客戶可以在我們移動時重新填充潛在客戶和交易度過銷售旺季。

It's a very fine line. And so everybody is excited about destocking and everybody is excited about drops in inventory. We told the market we would drop by $140 million. We dropped by $200 million. I don't expect us to drop by another $150 million. So everybody should set their expectations right that if the number of new units per location ended the quarter at 166 it may end the next quarter at 176 or 180 because we're in the middle of our selling season. We'll get back to normal destocking in the fall. And then when we get back to winter, we'll get back to our historical game plan of in November, December, we start to rise again in preparation for '24. So you're going to be on a little bit of a roller coaster here, seizing opportunity than exiting and then retrenching again in inventory.

這是一條非常好的路線。因此，每個人都對去庫存感到興奮，每個人都對庫存下降感到興奮。我們告訴市場我們將減少 1.4 億美元。我們減少了 2 億美元。我不希望我們再減少 1.5 億美元。因此，每個人都應該正確設定他們的預期，如果每個地點的新單位數量在本季度結束時為 166 個，那麼下個季度結束時可能會達到 176 個或 180 個，因為我們正處於銷售旺季的中期。我們將在秋季恢復正常的去庫存。然後當我們回到冬天時，我們將回到 11 月、12 月的歷史遊戲計劃，我們開始再次崛起，為 24 年做準備。所以你將在這裡坐上一點過山車，抓住機會而不是退出然後再次削減庫存。

Okay. So I think you called out 310,000 shipments for the industry for the year. In your mind, do you think that's too low, kind of based on what you just said?

好的。所以我認為你為該行業提出了 310,000 年的出貨量。在您看來，您是否認為這太低了，有點基於您剛才所說的？

Well, I think that's where other dealers are going to drive it in addition to us. We are the pacesetter as a company of where this industry goes in terms of its volume. But we don't want to be the only one holding the bag. And we are concerned about the number of 2022s that other dealers have. And while we're outperforming that by a material amount, we have to be concerned about the health of the overall industry. Our manufacturing partners need to get manufacturing again, and we have to do a good job of helping them do that. But other dealers who are faced with sizable curtailments on their 22s are at risk of either having their floor plan pulled or their manufacturers not being willing to ship them based on exposure.

好吧，我認為除了我們之外，其他經銷商也會推動它的發展。我們是這個行業在數量方面的領先者。但我們不想成為唯一一個拿著包的人。我們擔心其他經銷商擁有的 2022 年的數量。雖然我們的表現遠遠超過它，但我們必須關注整個行業的健康狀況。我們的製造合作夥伴需要重新製造，我們必須做好幫助他們做到這一點的工作。但其他面臨 22 歲大幅削減的經銷商面臨著取消平面圖或製造商不願根據曝光情況發貨的風險。

So there's this balance there that we have to help mitigate. I would expect that our order positions with our key manufacturers like Thor, Forest River and Winnebago will actually start to increase here. And their backlog as it relates to our company should increase over the coming months.

因此，我們必須幫助緩解這種平衡。我預計我們與 Thor、Forest River 和 Winnebago 等主要製造商的訂單量實際上會在這裡開始增加。在接下來的幾個月裡，他們與我們公司相關的積壓工作應該會增加。

The next question comes from Brandon Rollé from D.A. Davidson.

下一個問題來自 D.A. 的 Brandon Rollé。戴維森。

(technical difficulty) Model year '23s right now with still some overhanging model year '22 inventory. And just like you were talking about with curtailments on the rise or looming for some dealers, potentially more aggressive promotional activity in the market and how that may impact Model year '23 sales?

（技術難度）23 年代的車型現在還有一些懸垂的 22 年車型庫存。就像你在談論一些經銷商的削減正在增加或迫在眉睫，市場上可能會進行更積極的促銷活動，這將如何影響 Model year '23 的銷售？

I don't think that the overhang of '22s are really going to affect '23s. We have been very, I think, strategic about acquiring '23s that we believe are going to give us the margin enhancements we need. Other dealers in the first quarter had no choice but to sell certain inventory. And we knew of dealers that were selling units at $5,000, $6,000, $7,000, $10,000, $20,000 losses because they were being faced with curtailments that they didn't have the working capital to support. I expect that pressure to continue here for the next 4 to 6 months, but I expect it to be less impactful on us as we exit '22s and we worked into '23s.

我不認為 22 年代的過剩真的會影響 23 年代。我認為，我們一直非常重視收購 23 年代的公司，我們相信這會給我們帶來所需的利潤率提升。一季度，其他經銷商不得不出售部分庫存。我們知道經銷商以 5,000 美元、6,000 美元、7,000 美元、10,000 美元、20,000 美元的價格出售單位，因為他們面臨著他們沒有營運資金支持的削減。我預計這種壓力將在接下來的 4 到 6 個月內繼續存在，但我預計隨著我們退出 22 年代並進入 23 年代，它對我們的影響會較小。

The model year '23s are probably going to be the shortest gap of model years in terms of volume that we've seen since probably model year '19. And that's just because we didn't order a lot of '23s because we had overhang of '22s and '24s are coming here in the next 4 to 5 months. So I'm really focused on just get out of the '22s, let's have a normal course of business on '23s. Let's get prepared on '24s as soon as we possibly can and set ourselves up for a very solid '24.

就我們自 19 年以來所見的銷量而言，23 年代的車型年可能會成為車型年中最短的差距。那隻是因為我們沒有訂購很多 23 年代的產品，因為我們有 22 年代的產品過剩，而 24 年代的產品將在接下來的 4 到 5 個月內運到這裡。所以我真的專注於擺脫 22 年代，讓我們在 23 年代有一個正常的業務過程。讓我們盡快為 24 歲做好準備，並為一個非常穩固的 24 歲做好準備。

Great. And just a follow-up on the '24s. I guess, so now you're planning '24s to be in the market maybe in this fall versus maybe this summer, like some people were thinking earlier this year?

偉大的。只是對 24 年代的跟進。我猜，所以現在你計劃 24 年代可能在今年秋天而不是今年夏天進入市場，就像今年早些時候有些人想的那樣？

Well, there's some already out there. Some manufacturers have started to linger '24s, particularly on the motorized side. And there are manufacturers who will start producing '24s here in late July, maybe even mid-July. And we respect the fact and are grateful to every single manufacturer that made the decision to push that out a little longer than they had historically been. I think the one thing about this industry that I am very proud of after being in it for 20 years, is the evolution of the collaboration between manufacturers and dealers. Historically, there was 2 camps doing their own thing. And I think that everybody realized that we're not just a cottage industry anymore. This industry continues to grow, continues to grow in popularity, and the manufacturers and the dealers realize that if they can work together to eliminate pain then we're going to be in much better shape.

嗯，已經有一些了。一些製造商已經開始停留在 24 年代，特別是在機動方面。有些製造商將在 7 月下旬，甚至可能是 7 月中旬開始在這裡生產 24 英寸。我們尊重這一事實，並感謝每一位決定將其推出時間比以往更長的製造商。我認為在這個行業工作了 20 年之後，我感到非常自豪的一件事是製造商和經銷商之間合作的演變。從歷史上看，有兩個陣營各司其職。而且我認為每個人都意識到我們不再只是家庭手工業了。這個行業不斷發展，越來越受歡迎，製造商和經銷商意識到，如果他們能夠共同努力消除痛苦，那麼我們的狀況就會好得多。

I think the reason that the margins were not as bad as everybody anticipated in Q1 is because manufacturers started to cut off production in late summer, early fall, winter of '22, and they've been very disciplined at the start of '23, much to their apparel, but they've been very disciplined. I believe those manufacturers will see the dividends of that discipline in the back half of this year and in full year '24. That's how I see it, if I was an investor in the manufacturer.

我認為第一季度利潤率沒有大家預期的那麼糟糕的原因是因為製造商在 22 年的夏末、初秋和冬季開始停產，並且他們在 23 年初就非常自律，他們的服裝很重要，但他們非常有紀律。我相信這些製造商將在今年下半年和 24 年全年看到該紀律的紅利。如果我是這家製造商的投資者，我就是這麼看的。

The next question comes from Alice Wycklendt from Baird.

下一個問題來自 Baird 的 Alice Wycklendt。

I just want to double back on capital allocation. Sorry, if I missed it. But how do you think about the dividend in the context of those priorities, specifically in the face of this significant consolidation opportunity that you see? How are you prioritizing that?

我只想在資本配置上加倍努力。對不起，如果我錯過了。但是，在這些優先事項的背景下，您如何看待股息，特別是面對您看到的這一重大整合機會？你是如何優先考慮的？

Yes. Every single day, we think about how we're going to spend our capital. And it's a balancing act, right? Are we deleveraging? Are we buying stock back? Are we paying a dividend? Are we making acquisitions? And in most universes, those things can all exist. But as we look at the influx of acquisitions that are coming, we have to be very thoughtful about it. We have no plan at this time to make any modifications to our dividend. But every single day that goes by, we have to be smart about sitting down with our management team and sitting down with our Board and doing that analysis. I think it's too early to make that determination because we don't know how many more acquisitions are going to come at us, but we know for sure that acquisitions in this moment at these prices, where we are in the cycle could be an unbelievable supercharged growth agent for this company, and we'll continue to analyze it in the coming months.

是的。每一天，我們都在考慮如何使用我們的資金。這是一種平衡行為，對吧？我們在去槓桿化嗎？我們要回購股票嗎？我們在支付股息嗎？我們在進行收購嗎？在大多數宇宙中，這些東西都可以存在。但當我們看到即將到來的大量收購時，我們必須對此深思熟慮。我們目前沒有計劃對我們的股息進行任何修改。但每一天過去，我們都必須聰明地與我們的管理團隊坐下來，與我們的董事會坐下來進行分析。我認為現在做出這個決定還為時過早，因為我們不知道還會有多少收購發生在我們身上，但我們可以肯定地知道，在我們處於週期中的這些價格的時刻，收購可能是令人難以置信的這家公司的增壓增長劑，我們將在未來幾個月繼續對其進行分析。

Okay. And then maybe just digging in a little bit more on the model side of things. Your F&I per unit still really strong, but did drop, I think, below $5,000 for the first time in a little while here. Given the current market trends in the macro conditions, how should we think about the potential of that metric going forward and kind of where that trends? And I guess maybe related to that, is the mix of new versus used have a significant impact on kind of the attachment of F&I?

好的。然後也許只是在事物的模型方面進行更多挖掘。您的每單位 F&I 仍然非常強勁，但我認為確實在一段時間內首次跌破 5,000 美元。鑑於宏觀條件下的當前市場趨勢，我們應該如何考慮該指標未來的潛力以及該趨勢的類型？我想可能與此有關，新舊混合對 F&I 的依戀類型有重大影響嗎？

Well, it does. But let me address the first, right? When you're in that dealership working every single day and you feed your family based on that transaction, securing the transaction, selling the customer, putting them in our database and making money is first and foremost. And with interest rates rising a little bit, there is payment sensitivity. And so your ability to monetize that single transaction has some risk. And so what you saw in Q1 is probably what you're going to see for the balance of the year. I think the shift in new to use, we tend to perform a little better on new in F&I than we do on used. We haven't really figured out the science behind it, but we're really working hard to see if there's some sort of AI technology that can tell us why that is. But we don't want to abandon our use strategy because the front-end margin is so much better on new.

好吧，確實如此。但是讓我首先解決，對嗎？當你在那個經銷店每天工作並且你根據那筆交易養家糊口時，確保交易安全，銷售客戶，將他們放入我們的數據庫並賺錢是首要的。隨著利率上升一點點，就會出現支付敏感性。因此，您將單筆交易貨幣化的能力存在一定風險。因此，您在第一季度看到的可能就是今年餘下時間您將要看到的。我認為從新到使用的轉變，我們在 F&I 中的新表現往往比我們在使用中表現得更好。我們還沒有真正弄清楚它背後的科學原理，但我們真的在努力工作，看看是否有某種人工智能技術可以告訴我們為什麼會這樣。但我們不想放棄我們的使用策略，因為新的前端利潤要好得多。

And when you look at the total gross profit per transaction, taking the front end and the F&I and you put them together, the use clearly still outweighs the new transaction. But to summarize your question, I would take a look at Q1 and I would extrapolate that out within a 5% range. Could there be a little bit more softness to the downside? Yes, but there also could be a return to the upside just the same. So I'd look at the current results and built a very tight band around it.

當您查看每筆交易的總毛利時，將前端和 F&I 放在一起，使用顯然仍然超過新交易。但總結一下你的問題，我會看一下 Q1，我會推斷出它在 5% 的範圍內。下行是否會更溫和一些？是的，但也可能會恢復上行。所以我會查看當前的結果並圍繞它建立一個非常緊密的帶。

The next question comes from Bret Jordan from Jefferies.

下一個問題來自 Jefferies 的 Bret Jordan。

This is Patrick Buckley on for Bret. How has service demand trended to start the year and going into Q2 here? Are you still seeing demand outpace capacity there or things starting to balance out on the labor side?

這是布雷特的帕特里克巴克利。從今年開始到第二季度，服務需求趨勢如何？您是否仍然看到那裡的需求超過產能，或者勞動力方面的情況開始平衡？

Well, we have done a heck of a job, to be honest with you, at building our technician count and building our service operations to be stronger and more stable than ever. We are very proud of the service numbers we're putting up, and we're seeing strength in those numbers. There was 2 reasons why the service numbers were down in the first quarter, and one of them is the big driver. I think we were down about $7 million on a year-over-year basis.

好吧，老實說，我們做了很多工作，在建立我們的技術人員數量和建立我們的服務運營方面比以往任何時候都更強大和更穩定。我們為我們提供的服務數字感到非常自豪，我們看到了這些數字的力量。第一季度服務數量下降有兩個原因，其中一個是主要驅動因素。我認為我們同比下降了約 700 萬美元。

One of the inputs in that service parts and other category is our furniture business that supplies furniture to the manufacturers. And when manufacturers shut down in Q1, it had a significant impact to our furniture business. We were off almost $13 million in that business alone. And so when you extract the furniture business shipping to the manufacturers out of the equation, our service business was actually up. The other piece that put pressure on us, but we were able to overcome is with shipments being down significantly and us bringing our new inventory down by $200 million, there were less new units arriving at our dealerships in the first quarter of this year than there were in the first quarter of last year.

該服務零件和其他類別的投入之一是我們的家具業務，該業務向製造商提供家具。當製造商在第一季度關閉時，它對我們的家具業務產生了重大影響。僅在那項業務中，我們就損失了近 1300 萬美元。因此，當您將向製造商發貨的家具業務排除在外時，我們的服務業務實際上已經上升。另一個給我們帶來壓力但我們能夠克服的是出貨量大幅下降，我們將新庫存減少了 2 億美元，今年第一季度到達我們經銷商處的新單位少於是在去年第一季度。

When the unit arrives to our store, we do what's called the predelivery inspection. We go through the unit, we do the warranty adjustments, and we're generating revenue with every transaction that whenever unit that comes in. We had less units come in and we had less revenue from that. Our service team made up all of that ground from 2 primary sources: one, customer pay revenue, which is going out and finding customers to do maintenance and repair on their units, reconditioning, renovation, et cetera. The second is, as we continue to grow our used business and put reconditioning into them, that's making up the lion's share of it as well. So our service business has never been stronger. Our technician count has never been stronger, and that's a part of our business that we're going to continue to allocate human capital, financial capital and technology to because it's got 65%, 70% plus margins.

當設備到達我們的商店時，我們會進行所謂的交付前檢查。我們檢查設備，進行保修調整，每當有設備進來時，我們都會通過每筆交易產生收入。我們進來的設備少了，我們從中獲得的收入也少了。我們的服務團隊從 2 個主要來源構成了所有基礎：第一，客戶支付收入，即外出尋找客戶對其設備進行維護和修理、翻新、翻新等。第二個是，隨著我們繼續發展二手業務並將翻新業務納入其中，這也佔了其中的最大份額。因此，我們的服務業務從未如此強大。我們的技術人員數量從未像現在這樣強大，這是我們業務的一部分，我們將繼續向其分配人力資本、金融資本和技術，因為它有 65%、70% 以上的利潤率。

Great. That's helpful. And then could you also talk a little bit more about what you're seeing as far as web and foot traffic to start there any notable year-over-year changes or shifts there or maybe any regions to call out?

偉大的。這很有幫助。然後你能否再多談談你所看到的網絡和人流量，從那裡開始任何顯著的同比變化或轉變，或者可能需要指出的任何地區？

Yes. Foot traffic was a little softer than we would have liked, and we elected not to throw a bunch of money at the wall just to create activity. We're trying to manage SG&A. That's a big thing for us. And if you look at where SG&A came in for the quarter, it met our expectations. We think we still have some improvement. In Q1, we made some significant changes to our SG&A cost structure and eliminated a few businesses.

是的。客流量比我們希望的要小一些，我們選擇不為了創造活動而在牆上扔一大筆錢。我們正在努力管理 SG&A。這對我們來說是一件大事。如果您查看本季度 SG&A 的收入，它符合我們的預期。我們認為我們還有一些改進。在第一季度，我們對 SG&A 成本結構進行了一些重大調整，並取消了一些業務。

From a web traffic standpoint, web traffic continues to be strong. However, our conversion to sale off web traffic was off a little. And we think that was driven primarily by consumers taking a little longer on the new side to pull the trigger. Hey, I'm really interested in this space, but I'm concerned about the macro environment. Hey, I'm really interested, boy, the prices have gone up a little bit. Hey, I'm really interested that payment is a little higher. So we're having to work a lot harder to convert. It's just not as easy, but I'm proud of our web traffic. I'm proud of our performance, but there's always room for improvement.

從網絡流量的角度來看，網絡流量繼續保持強勁。但是，我們轉換為銷售網絡流量的情況略有下降。我們認為這主要是由於消費者在新的方面花費了更長的時間來扣動扳機。嘿，我對這個空間很感興趣，但我擔心宏觀環境。嘿，我真的很感興趣，孩子，價格漲了一點。嘿，我真的很感興趣，付款要高一點。因此，我們必須更加努力地進行轉換。這並不容易，但我為我們的網絡流量感到自豪。我為我們的表現感到自豪，但總有改進的餘地。

The next question comes from John Healy from Northcoast Research.

下一個問題來自 Northcoast Research 的 John Healy。

Marcus, I just wanted to ask kind of a big picture question, and hopefully, you find it fair. When I think about this call today, I mean I think we've heard a number of positive things. I'm just looking at my notes here, and you're seeing acquisitions and you're going to be more active than ever. You're talking to maybe margins stabilizing over the next couple of quarters. You're telling the manufacturers that maybe you need more products. Is it safe to say that your mood or your kind of state of the union user phrase earlier. Is that -- we've kind of -- are seeing light at the end of the tunnel? Or maybe we're at an inflection point where we hit the bottom and turning it? I just kind of wanted to get your thoughts on how you would respond to that.

馬庫斯，我只是想問一個大問題，希望你覺得這是公平的。當我今天想到這個電話時，我的意思是我認為我們聽到了很多積極的事情。我只是在這裡看我的筆記，你正在看到收購，你會比以往任何時候都更加活躍。你說的可能是未來幾個季度利潤率趨於穩定。您是在告訴製造商您可能需要更多產品。可以安全地說你的心情或你的聯盟用戶短語的狀態。那是——我們有點——在隧道盡頭看到了光明嗎？或者，也許我們正處於觸底並轉向的拐點？我只是想听聽您對如何回應的想法。

My seriousness around discipline, around inventory, around CapEx, around capital allocation, I don't think has ever been higher. And the reason that it's never been higher is the opportunity for us to have one of those once-in-a-lifetime moments to really grow the company. I have to tell you we have to seize. What you're hearing from me is a company that is going to execute on its 20-year history and business plan. And as we've gone through all these cycles in 2008 and '09 and '18 and '19 and all the gyrations around all the things, we know what we do best.

我認為我對紀律、庫存、資本支出、資本配置的重視程度從未像現在這樣高。它從未如此高的原因是我們有機會擁有真正發展公司的千載難逢的時刻之一。我必須告訴你我們必須抓住。你從我這裡聽到的是一家將執行其 20 年曆史和業務計劃的公司。當我們經歷了 2008 年、09 年、18 年和 19 年的所有這些週期以及圍繞所有事情的所有迴旋時，我們知道我們最擅長什麼。

We are an RV dealership company that has a real math for capitalizing on the installed base through our service, parts and Good Sam business. I think the other piece that you're hearing from you that may sound like a little light at the end of the tunnel is the excitement that you hear in my voice about our ability to acquire stores. I've never found a moment in time where I can confidently say that we want to grow our store footprint by 50% in the next 5 years and done it with such confidence. Historically, our ability to make acquisitions was always tempered with our ability to integrate them and the human capital associated with them. And we made the decision as a management team to allocate human capital and SG&A specifically to the acquisition process, the integration process and the growth process. And we were always nervous to do that. It was actually me that was nervous to do that because the acquisitions come and they go.

我們是一家房車經銷公司，擁有通過我們的服務、零件和 Good Sam 業務利用已安裝基礎的真正數學。我認為你從你那裡聽到的另一件事可能聽起來像是隧道盡頭的一盞小燈，那就是你從我的聲音中聽到的關於我們收購商店的能力的興奮。我從來沒有找到一個時間可以自信地說我們希望在未來 5 年內將我們的商店足跡增加 50%，並且充滿信心地做到了。從歷史上看，我們進行收購的能力總是受到我們整合收購的能力以及與之相關的人力資本的影響。作為管理團隊，我們決定將人力資本和 SG&A 專門分配給收購過程、整合過程和增長過程。我們總是很緊張。實際上是我很緊張，因為收購來了又走了。

But the reality of it is, is that long-term investors, big holders of our company expect us to grow our company profitably. That's what they expect from us. And when we're looking at returning capital to shareholders and you look at the opportunity to make these acquisitions, we don't see on a piece of paper and in reality, a better chance to do it than right now. And so we have to remember that we have an existing business to run, which is why we got to take care of our same stores and a new business to grow, which is why we have to be really honed in. You're probably also sensing that we've been in this sort of free fall for almost 15 months now. If you go back and look at same-store sales for our company and for the industry and shipments from the manufacturers, we're not in the first inning, but I don't believe we're in the ninth inning. And any time I'm in the middle of the ball game and have some clarity, and I can see our capital structure, and I can see what we're executing on, and I can see us putting out to the market very specific critical metrics to hit and then us hitting them, I gain confidence in our team.

但現實情況是，長期投資者、我們公司的大股東希望我們能夠盈利地發展我們的公司。這就是他們對我們的期望。當我們考慮向股東返還資本時，你會看到進行這些收購的機會，我們在紙上並沒有看到比現在更好的機會。因此，我們必須記住，我們有一項現有業務要運營，這就是為什麼我們必須照顧我們相同的商店和發展一項新業務，這就是我們必須真正磨練的原因。你可能也是感覺到我們已經處於這種自由落體狀態將近 15 個月了。如果你回頭看看我們公司和行業的同店銷售額以及製造商的出貨量，我們不在第一局，但我不相信我們在第九局。任何時候我在球賽的中間並且有一些清晰度，我可以看到我們的資本結構，我可以看到我們正在執行什麼，我可以看到我們向市場推出非常具體的關鍵達到指標然後我們達到它們，我對我們的團隊充滿信心。

That's probably what you're hearing for me more than anything is we have 14,000 people. And when Karin and I started this business almost 20 years ago to today, literally today, is a 20-year anniversary. It's a different mindset. We've surrounded our people -- ourselves with people that are brighter and smarter and better than Karin and I could have ever imagined. That's what you're sensing from us.

這可能是你聽到的最重要的是我們有 14,000 人。大約 20 年前，我和 Karin 開始了這項業務，到今天，從字面上看，是 20 週年紀念日。這是一種不同的心態。我們周圍的人——我們身邊的人比卡琳和我想像的更聰明、更聰明、更優秀。這就是您從我們這裡感受到的。

Thank you. There are no further questions at this time. I'd like to turn the call back to Marcus Lemonis for closing remarks. Thank you, sir.

謝謝。目前沒有其他問題。我想將電話轉回 Marcus Lemonis 的結束語。謝謝你，先生。

Thank you very much for participating in this call. As you study the company over the next 90 days before we meet again, we're excited to hopefully announce a number of additional acquisitions. We're excited to continue to improve on the trends that we've experienced for the last 12 months and build the company a big, bright company for the future. Thank you so much.

非常感謝您參與此次電話會議。在我們再次見面之前的接下來 90 天內，當您研究公司時，我們很高興有希望宣布一些額外的收購。我們很高興能夠繼續改進我們在過去 12 個月中經歷的趨勢，並將公司建設成為面向未來的大而光明的公司。太感謝了。

Thank you very much, sir. That does conclude today's conference. Thank you very much for joining us. You may now disconnect your lines.

先生非常感謝您。今天的會議到此結束。非常感謝您加入我們。您現在可以斷開線路。