Camping World Holdings Inc (CWH) 2024 Q1 法說會逐字稿

Ladies and gentlemen, good morning, and welcome to the Camping World Holdings' Conference Call to discuss financial results for the first quarter of fiscal year 2024. (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. Joining on the call today are Marcus Lemonis, Chairman and Chief Executive Officer; Brent Moody, President; Karin Bell, Chief Financial Officer; Matthew Wagner, Chief Operating Officer; Lindsey Christen, Chief Administrative and Legal Officer; Tom Kim, Chief Accounting Officer; and Brett Andres, Senior Vice President, Investor Relations. I will now turn the call over to Ms. Christen to get us started. Please go ahead.

女士們、先生們，早上好，歡迎參加 Camping World Holdings 的電話會議，討論 2024 財年第一季度的財務業績。經公司書面授權，不得全部或部分使用。今天參加電話會議的還有董事長兼執行長馬庫斯‧萊莫尼斯 (Marcus Lemonis)；布倫特·穆迪，總裁；卡琳·貝爾，財務長；馬修·瓦格納，營運長； Lindsey Christen，首席行政和法律官；湯姆金 (Tom Kim)，首席會計官；以及投資者關係資深副總裁 Brett Andres。我現在將把電話轉給克里斯汀女士，讓我們開始。請繼續。

Thank you, and good morning, everyone. A press release covering the company's first quarter 2024 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, industry and customer trends, inventory expectations, the expected impact of inflation, interest rates and market conditions, acquisition pipelines and plans, future dividend payments and capital allocation 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 the Risk Factors section in our Form 10-K, our Form 10-Qs and other reports on file with the SEC. Any forward-looking statements represent our views only as of today and we undertake no obligation to update them.

謝謝大家，大家早安。昨天下午，該公司發布了一份涵蓋該公司 2024 年第一季財務業績的新聞稿，該新聞稿的副本可以在該公司網站的投資者關係部分找到。管理階層在本次電話會議上的言論可能包含1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。的預期影響、利率和市場狀況、收購管道和計劃、未來股息支付和資本配置以及預期財務表現。由於各種重要因素，包括我們的表格 10-K、表格 10-Q 和向 SEC 歸檔的其他報告中的風險因素部分討論的因素，實際結果可能與這些聲明中所示的結果存在重大差異。任何前瞻性陳述僅代表我們截至今天的觀點，我們不承擔更新這些陳述的義務。

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. All comparisons of our 2024 1st quarter results are made against the 2023 1st quarter, unless otherwise noted. I'll now turn the call over to Marcus.

另請注意，我們將在今天的電話會議上提及某些非公認會計準則財務指標，例如EBITDA、調整後EBITDA 和調整後攤薄每股收益，我們認為這對於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較的 GAAP 財務報表的調整表包含在我們的收益發布和我們的網站上。除非另有說明，我們 2024 年第一季業績的所有比較均與 2023 年第一季進行。我現在將把電話轉給馬庫斯。

Thanks, Lindsey. Good morning, and welcome to our 2024 first quarter call. On today's call, the team will cover both the operational and financial highlights of the quarter while providing comments on the exciting future ahead. As we entered the quarter, we had very specific targets to execute on, gaining market share on new while improving year-over-year margins. the recalibration of our used inventory levels driven by the unparalleled reduction of new pricing, open up 14 new locations and eliminate nonperforming assets. The double-digit same-store sales momentum and market share growth during both the first quarter and the second quarter to date, improves our thesis around demand and its interdependency on lower-priced units, essentially affordability. We continue to feel strongly about driving our efforts towards the intersection of strong demand and affordability. We expect the average selling price of new units in our company to be at or below $38,000 and could see flexibility up slightly once interest rates retreat in 2025. Consumers ultimately build their monthly financial models around monthly payments. So in addition to change in mix and average selling price, we continue to be successful in working with retail lending partners in a higher rate environment to provide intelligent and thoughtful solutions around financing. This strategy has led to delivering another successful quarter, both in finance income and product penetration, which ultimately enhances the total gross profit per unit. In working to achieve our 2024 earnings growth, we identified the need to continue to eliminate underperforming or noncore assets. Through the quarter, we have sold 1 RV dealership location and signed a definitive agreement to sell our furniture manufacturing business. These moves are not only unleashing locked up capital, but have evolved in 1 case into a holistic strategic partnership that we believe will provide material sales and margin improvement in our parts and aftermarket business. The sale and entrance into a new parts and aftermarket supplier agreement will positively impact our financial results going forward. In addition to the above, our earnings growth goals have required us to make tough cuts around SG&A in the last 6 months. Our target on SG&A as a percentage of gross has and always will be rooted in the low 70% range. We believe that we have made the cuts that allow us to return to that level once gross profit sequentially returns to normal levels. As we unpack the quarter on SG&A, only our January and February results were outside of our standards, but it was exclusively driven by the temporary compression on RV margins caused by our rigorous inventory management plan. March started to return to a more acceptable range, and we expect that to improve in Q2 and then seasonally sequentially improve as margins normalize.

謝謝，林賽。早上好，歡迎參加我們的 2024 年第一季電話會議。在今天的電話會議上，團隊將介紹本季的營運和財務亮點，同時對未來令人興奮的未來發表評論。當我們進入本季度時，我們有非常具體的目標要執行，贏得新產品的市場份額，同時提高同比利潤率。在新定價空前降低的推動下，我們對二手庫存水準進行了重新調整，開設了 14 個新地點並消除了不良資產。迄今為止，第一季和第二季兩位數的同店銷售動能和市佔率成長，改善了我們關於需求及其對低價單位（本質上是負擔能力）的相互依賴的論點。我們繼續強烈地推動我們努力實現強勁需求和負擔能力的交叉點。我們預計公司新單位的平均售價將達到或低於 38,000 美元，一旦 2025 年利率下降，靈活性可能會略有上升。因此，除了組合和平均售價的變化之外，我們還繼續在較高利率環境下與零售貸款合作夥伴成功合作，提供明智且周到的融資解決方案。這項策略在財務收入和產品滲透方面帶來了另一個成功的季度，最終提高了單位總毛利。在努力實現 2024 年獲利成長的過程中，我們發現需要繼續消除表現不佳或非核心資產。本季度，我們已出售 1 家房車經銷店，並簽署了出售家具製造業務的最終協議。這些舉措不僅釋放了鎖定的資本，而且在一個案例中已經發展成為全面的戰略合作夥伴關係，我們相信這將為我們的零件和售後市場業務帶來實質性的銷售和利潤率提高。銷售和簽訂新的零件和售後供應商協議將對我們未來的財務表現產生正面影響。除此之外，我們的獲利成長目標要求我們在過去 6 個月內對 SG&A 進行大幅削減。我們的 SG&A 佔總收入的百分比目標一直並將始終保持在 70% 的低水平範圍內。我們相信，一旦毛利相繼恢復到正常水平，我們已經進行了削減，使我們能夠恢復到這一水平。當我們對本季的 SG&A 進行分析時，只有 1 月和 2 月的業績超出了我們的標準，但這完全是由於我們嚴格的庫存管理計劃導致 RV 利潤率暫時壓縮所致。 3 月開始回到更可接受的範圍，我們預計這一情況將在第二季度有所改善，然後隨著利潤率正常化而按季節順序改善。

As a reminder, our business is largely built around the installed base of RV-ers and that is evidenced by our continued solid performance in Good Sam and our parts and service business. Those categories provide unparalleled stability and predictability unmatched by anyone else. As one would expect, our management team has the responsibility of always looking at ways to improve and unlock value in the company. We've been working with Goldman Sachs to explore alternatives as it relates to our Good Sam business, which was coming off a record year in 2023. Through that process, we have been pleased by the number of interested parties who see the strength of the brand and the opportunity and the value associated with it. Our team has continued to discuss this internally, and we believe that our ability to grow this business by allowing our Good Sam team the flexibility to expand into the larger recreational space, not just RVs would not only yield enhanced earnings but would allow us to widen our prospect audience from the boating and power sports categories, while we continue to explore alternatives.

提醒一下，我們的業務主要是圍繞房車用戶的安裝基礎建立的，這可以從我們在 Good Sam 以及我們的零件和服務業務中持續穩定的業績證明。這些類別提供了其他任何類別都無法比擬的穩定性和可預測性。正如人們所期望的那樣，我們的管理團隊有責任始終尋找改善和釋放公司價值的方法。我們一直在與高盛合作探索與我們的Good Sam 業務相關的替代方案，該業務在2023 年創下了創紀錄的業績。 Sam 業務的實力。我們的團隊繼續在內部討論這個問題，我們相信，透過讓Good Sam 團隊能夠靈活地擴展到更大的休閒空間（而不僅僅是房車），我們有能力發展這項業務，這不僅會增加收入，而且會讓我們擴大業務範圍我們的潛在受眾來自划船和力量運動類別，同時我們繼續探索替代方案。

As we continue through the balance of the year, our focus is simple: continue to see material sales and profit improvement in our existing 211 RV dealership locations; find ways to continue our new market share expansion; expanding our market-making ability on use, which Matt will discuss further; and return to our internal expectations on SG&A while maintaining the same opportunistic approach to acquisitions as we drive towards our goal of 320 locations by 2028. I'd like to turn the call over to Matt Wagner to discuss the operations.

在今年剩下的時間裡，我們的重點很簡單：繼續看到我們現有 211 個房車經銷點的材料銷售和利潤改善；尋找繼續擴大新市場份額的方法；擴大我們的使用做市能力，馬特將進一步討論這一點；回到我們對 SG&A 的內部期望，同時保持同樣的機會主義收購方式，以實現到 2028 年擁有 320 個門市的目標。

Thank you, Marcus. As mentioned, we are experiencing meaningful new unit sales growth to start the year, with same-store new units increasing 16% and momentum continuing through April. Our new unit trends are significantly outpacing the broader industry. resulting in material market share gains in both January and February based on the most recently reported stat survey information. We attribute this performance to our intentional and disciplined inventory management, supporting our previously stated thesis that lower-priced RVs are highly elastic good. Today, we are sitting with less than 3,800 model year 2023 continuing to significantly outpace the industry with almost 90% of our new inventory and current model year 2024s. We sold nearly 16,900 new units in the first quarter, an increase of over 20%. As we move throughout the year, we anticipate that new average selling prices will hover around the $38,000 range.

謝謝你，馬庫斯。如前所述，我們在年初經歷了有意義的新銷量成長，同店新銷量成長了 16%，並且這種勢頭持續到 4 月。我們的新單位趨勢明顯超過了更廣泛的行業。根據最新報告的統計調查消息，一月和二月市場份額均大幅增長。我們將這種表現歸功於我們有意和嚴格的庫存管理，支持了我們先前提出的論點，即低價房車是高彈性商品。如今，我們的 2023 年車型數量不足 3,800 輛，繼續顯著超過行業，新庫存和當前 2024 年車型的庫存佔近 90%。第一季我們銷售了近16,900套新房，成長超過20%。隨著全年的發展，我們預計新的平均售價將徘徊在 38,000 美元左右。

Against this backdrop, we maintained a regimented approach to procuring used inventory having purchased 60% less used through the first 4 months of this year. As we sit here today, we have 35% fewer used in inventory compared to last year. We largely did this because the used RV market lacks the infrastructure and institutional participation needed to create an efficient market. We responded to this need and we launched CW auctions in December. We witnessed immediate interest from consumers, wholesalers, banks and manufacturers alike. Over the course of the last 5 auctions, we amassed over 2.2 million unique views and hundreds of unit sales during the soft launch period. As this business matures over the coming quarters, we see this serving as a profitable, cost-effective remarketing channel that has never existed in this industry at scale, allowing for greater use procurement flexibility while improving the velocity of our sales.

在此背景下，我們維持嚴格的二手庫存採購方式，今年前 4 個月的二手庫存採購量減少了 60%。當我們今天坐在這裡時，我們的庫存使用量比去年減少了 35%。我們這樣做主要是因為二手房車市場缺乏創造有效市場所需的基礎設施和機構參與。我們響應了這項需求，並於 12 月推出了 CW 拍賣。我們看到消費者、批發商、銀行和製造商等立即產生了興趣。在過去 5 次拍賣過程中，我們在試發布期間累積了超過 220 萬次獨特瀏覽量和數百件銷售量。隨著該業務在未來幾季的成熟，我們認為這是一個有利可圖、具有成本效益的再行銷管道，該管道在該行業中從未大規模存在過，可以提高使用採購的靈活性，同時提高我們的銷售速度。

We continue to expect our used volumes to improve over time as appropriately valued inventory is intelligently brought back into the system. We expect our used margins to improve sequentially starting the second quarter and to normalize to historical levels by the fourth quarter. As part of our growth plan for 2024, we'll continue to focus on expanding upon the tremendous progress that we have made with Good Sam service, our used RV business, all while focusing on market share growth of new RVs and continue to add accretive acquisitions to our dealer network. We opened 13 net dealership locations in the first quarter, 5 of which were manufactured exclusive locations, and we plan to continue to remain acquisitive with the goal of growing our store count to 320 stores by the end of 2028. We I'll now turn the call over to Tom Kirn to discuss our financial results.

我們繼續預計，隨著適當價值的庫存被智慧地帶回系統，我們的使用量會隨著時間的推移而增加。我們預計我們的使用利潤率將從第二季度開始連續改善，並在第四季度恢復到歷史水平。作為我們 2024 年成長計畫的一部分，我們將繼續專注於擴大我們在二手房車業務 Good Sam 服務方面取得的巨大進展，同時專注於新房車的市場份額增長，並繼續增加增值服務收購我們的經銷商網絡。我們在第一季度開設了 13 個淨經銷商地點，其中 5 個是製造獨家地點，我們計劃繼續保持收購，目標是到 2028 年底將我們的商店數量增加到 320 家。湯姆·基恩討論我們的財務表現。

Thanks, Matt. For the first quarter, we recorded revenue of $1.4 billion, a decline of roughly 8% from last year, driven primarily by used unit volume, while new vehicle revenue of $656 million marked the first year-over-year increase in 6 quarters. Our Good Sam Services and Plans segment continued to post record quarterly gross profit of $30.5 million. Within our products, services and other revenues, our core service revenues showed continued growth, while product sales declined primarily due to lapping our active sports restructuring from last year and lower retail attachment due to fewer used vehicles being sold. Our adjusted EBITDA for the first quarter was $8.2 million, with the primary drivers of the year-over-year decline stemming from used vehicle gross profit pressure. About $10 million to $20 million of which was related to rebalancing age of used inventory, as Matt mentioned.

謝謝，馬特。第一季度，我們的營收為 14 億美元，比去年下降約 8%，這主要是受二手車銷量的推動，而新車收入為 6.56 億美元，是 6 個季度以來首次同比增長。我們的 Good Sam 服務和計劃部門繼續創下 3050 萬美元的季度毛利紀錄。在我們的產品、服務和其他收入中，我們的核心服務收入持續成長，而產品銷售下降主要是因為去年積極的運動重組結束以及二手車銷售減少導致零售附著力下降。我們第一季調整後的 EBITDA 為 820 萬美元，較去年同期下降的主要原因是二手車毛利壓力。正如馬特所提到的，其中大約 1000 萬至 2000 萬美元與舊庫存年齡的重新平衡有關。

We also incurred a couple of additional expenses worth highlighting, including new store and auction start-up costs as well as professional fees that represented approximately $7 million of impact to the quarter. As we remain focused on extracting additional value from certain noncore and underperforming assets and returning cash to our business. On the balance sheet, we ended the quarter with about $177 million of cash, including $148 million of cash and the floor plan offset accounts. We also have about $220 million of used inventory net of flooring and roughly $219 million of parts inventory. Finally, we own about $116 million of real estate without an associated mortgage. Marcus?

我們還產生了一些值得強調的額外費用，包括新店和拍賣啟動成本以及專業費用，對本季的影響約為 700 萬美元。我們仍然專注於從某些非核心和表現不佳的資產中提取額外價值，並將現金回饋給我們的業務。在資產負債表上，本季末我們擁有約 1.77 億美元的現金，其中包括 1.48 億美元的現金和平面圖抵銷帳戶。我們還有約 2.2 億美元的二手庫存（扣除地板）和約 2.19 億美元的零件庫存。最後，我們擁有約 1.16 億美元的房地產，沒有相關抵押貸款。馬庫斯？

Thanks, Tom. Our strategy and execution is keeping us well ahead of our competitors, and the trend lines are clear. We expect 2024 to be a much better year. I'd like to turn the call over now to the operator for Q&A.

謝謝，湯姆。我們的策略和執行使我們遠遠領先競爭對手，而且趨勢線很清晰。我們預計 2024 年將是更好的一年。我現在想將電話轉給接線員進行問答。

(Operator Instructions) Our first question is from the line of Joe Altobello with Raymond James.

（操作員說明）我們的第一個問題來自 Joe Altobello 和 Raymond James 的線路。

I just want to start with demand. Have you guys seen any improvement as the spring has progressed overall? And how did your new unit sales on a same-store basis look in April?

我只想從需求開始。隨著春季的整體進展，你們有看到任何改善嗎？ 4 月同店新銷售情況如何？

We continue to see demand, Joe. And what hasn't been the problem for our company is demand. What has been the problem, I think, for our company in the back half of '23 and probably for the industry is really this affordability factor, which is why at the beginning of the year, we were very vocal about driving down these ASPs to find the intersection with new interest rates at a payment level that was affordable. So we have no demand problem. What we were struggling with was a conversion problem, which is why we made this really heavy pivot into lower-priced units so that we can gain market share. April has continued to perform double digits on a same-store basis on new and quite frankly, we don't expect that to slow down. Now as we go through the balance of the year, we think that there's an opportunity to continue to accelerate that but we need the macro to help us a little bit to get to where we really want to get to. As you know, the macro has been pretty tough for the first 4 months. So we're really proud of our team and the positive results, particularly, I think, in the month of March -- or excuse me, in February, we recorded the highest market share in the history of our company.

我們繼續看到需求，喬。對我們公司來說，需求並不是問題。我認為，對於 23 世紀後半葉的我們公司以及整個行業來說，問題實際上是這種負擔能力因素，這就是為什麼在今年年初，我們非常強烈地要求將這些 ASP 降低到在可以承受的支付水平上找到與新利率的交集。所以我們不存在需求問題。我們一直在努力解決轉換問題，這就是為什麼我們大力轉向低價單位，以便獲得市場份額。四月份的同店新品銷量持續保持兩位數成長，坦白說，我們預計這一成長不會放緩。現在，當我們經歷今年剩下的時間時，我們認為有機會繼續加速這一進程，但我們需要宏觀經濟來幫助我們達到我們真正想要達到的目標。如您所知，前 4 個月宏觀經濟狀況相當嚴峻。因此，我們真的為我們的團隊和積極的成果感到自豪，特別是，我認為，在三月——或者對不起，在二月份，我們創下了公司歷史上最高的市場份額。

Very helpful. And just on the affordability issue in terms of pricing, it sounds like you don't think we need a further decline on [invoice] prices on new RVs next year. Maybe talk about the thinking on that.

很有幫助。就定價方面的負擔能力問題而言，聽起來您認為我們不需要明年進一步降低新房車的[發票]價格。或許可以談談對此的思考。

Look, I always would love to have lower prices because lower prices means that the funnel is wider. But I don't anticipate any time soon that we're going to see any material movement of the '24 pricing. I want to make a finer point about that, though, because as we finish the back half of 2023, we still internally had a lot of uncertainty around where invoice pricing would settle. We did a great job of negotiating like-for-like pricing down on '24 models, but we were still feeling a little flat-footed on could that continue to decline. That is why you saw us pull back so feverishly and so disciplined on our procurement of used. And when you look at the used results for the first quarter, I want to make sure that people hear me loud and clear that there is no issue with RV demand on used units. We made the conscious decision to not put the shareholders' money at risk by investing in assets while we believe there was potentially still a falling sort. Now that we feel more confident that the pricing on new units have relatively stabilized.

看，我一直希望價格更低，因為更低的價格意味著漏斗更寬。但我預計 24 小時定價不會很快有任何重大變化。不過，我想對此提出更具體的觀點，因為當 2023 年下半年結束時，我們內部對於發票定價的解決方案仍然存在許多不確定性。我們在談判降低 24 款車型的同類價格方面做得很好，但我們仍然對價格是否會繼續下降感到有點措手不及。這就是為什麼我們在二手貨採購方面如此狂熱和嚴格地撤回。當你查看第一季的二手車結果時，我想確保人們清楚地聽到我的聲音，二手房車的需求不存在問題。我們有意識地決定，在我們相信仍可能下跌的情況下，不要透過投資資產而將股東的資金置於風險之中。現在我們對新單位的定價已經相對穩定感到更有信心。

And that doesn't mean they couldn't go up by a percentage or down by percentage. But no violent moves up or down that would cause our used inventory to be out of whack, we will start to step on the gas again probably around the middle of May and slowly and cautiously start to ramp back up again as we get back to levels that we believe we need to have in stock to meet our sales goals. So when you look at the overall financials, we want you to not be alarmed by the drop in used sales because it is not a function of a drop in demand. it is a function of us carrying materially less than we did a year ago, and we think it was prudent, and us deciding to take a lot of pain in Q1 and a little bit in Q2 as it related to our used margins so we can rightsize our inventory. We never want our shareholders to feel that we're holding on to assets that we don't really feel strongly about the value. So we made that aggressive move.

這並不意味著它們不能上漲或下跌。但沒有劇烈的上升或下降會導致我們的二手庫存失控，我們可能會在五月中旬左右開始再次加大力度，並在回到水平時緩慢而謹慎地開始再次增加我們相信我們需要有庫存來實現我們的銷售目標。因此，當您查看整體財務數據時，我們希望您不要對二手銷售的下降感到震驚，因為這並不是需求下降的結果。這是我們的業績比一年前大幅減少的結果，我們認為這是謹慎的，我們決定在第一季度承受很大的痛苦，在第二季度承受一點痛苦，因為這與我們使用的利潤率有關，這樣我們就可以調整我們的庫存規模。我們絕不希望我們的股東覺得我們持有的資產我們並沒有真正強烈地感受到其價值。所以我們採取了這項激進的措施。

Our next question is from the line of James Hardiman with Citi.

我們的下一個問題來自花旗銀行的詹姆斯哈迪曼 (James Hardiman)。

So Marcus, you already talked about sort of timing surrounding the model year -- or not timing, pricing surrounding the model year '25, but maybe delve into just the broader landscape surrounding that model year changeover. It feels a little bit like Groundhog Day yet again, as we sort of brace for that changeover the timing of the release, is there any chance that, that might shift or not? And just any wrinkles that you think that's going to bring along, particularly how much dealers, maybe some of your peers are sort of holding out for the '25 and whether or not there's going to be enough inventory between here and there to satisfy retail demand?

馬庫斯，您已經談到了圍繞車型年份的某種時間安排，或者不是圍繞車型年份 '25 的時間安排和定價，但也許會深入探討圍繞車型年份轉換的更廣泛的前景。感覺有點像土撥鼠之日，當我們為發佈時間的改變做好準備時，是否有可能改變或不改變？以及您認為這會帶來的任何問題，特別是有多少經銷商，也許您的一些同行在 25 世紀堅持不懈，以及這裡和那裡是否有足夠的庫存來滿足零售需求？

Yes. I mean, that's something that we're thinking about every day. One of the things that we are concerned about, and it definitely went into our used thesis is, unfortunately, the number of 22s and aged inventory that is sitting on our competitors' lots. And there seems to be gridlock. And that was the gridlock that we told all of you, both in the Q4 call and in our investor conferences that we were unwilling to participate in. We were going to take whatever financial pain on a short-term basis that we needed to. We don't believe that every dealer has necessarily taken the steps to do that. So that's probably why you see us a little tepid on leaning into use because we don't know if there's going to be some surplus of 22s that could be out there in a foreclosure or liquidation scenario. We believe that the manufacturers have been very intelligent and very smart and listening to the dealer body around the rollout of 25s. And we're anticipating probably a late summer, July, August start on 25s.

是的。我的意思是，這是我們每天都在思考的事情。不幸的是，我們所關心的事情之一，而且它確實進入了我們的二手論文中，是我們競爭對手的地段上的 22 和老化庫存的數量。而且似乎出現了僵局。這就是我們在第四季度電話會議和投資者會議上告訴大家的僵局，我們不願意參加。我們認為並非每個經銷商都必須採取措施來做到這一點。因此，這可能是為什麼您會看到我們在傾向於使用方面有點不溫不火，因為我們不知道在取消抵押品贖回權或清算的情況下是否會出現一些 22 的盈餘。我們相信，製造商非常聰明，非常聰明，在 1925 年代推出時聽取了經銷商的意見。我們預計可能在夏末、7 月、8 月 25 日開始。

For the most part, there may be a few motor home manufacturers in very small scale that start to leak out some 25s. This idea that our competitors are sort of waiting to buy 25s, I sure hope that nobody is running their business that way because they're going to miss an entire selling season. And that entire selling season is going to lead to a lack of cash flow, a lack of margin and continued aging on their part. And when you look at shipments, we still do believe that shipments and retails are going to be in the $335,000 to $345,000 range. So we could be off by a couple of thousand, but that's kind of where we see the general ball of wax. When we see that, we know that there has to be some replacement because if you have retails and replacements, we don't believe that there's going to be destocking here in 2024, and we're hopeful, like in our business that we're going to accelerate into better same-store sales and then a restocking in the back half.

在大多數情況下，可能有一些規模非常小的房車製造商開始洩漏約 25 輛。我們的競爭對手正在等待購買 25 瓶的想法，我當然希望沒有人以這種方式經營他們的業務，因為他們會錯過整個銷售季節。整個銷售季節將導致現金流不足、利潤不足以及持續老化。當你查看出貨量時，我們仍然相信出貨量和零售額將在 335,000 美元到 345,000 美元之間。所以我們可能會相差幾千，但這就是我們看到的一般蠟球的地方。當我們看到這一點時，我們知道必須有一些替代品，因為如果你有零售和替代品，我們不相信 2024 年這裡會出現庫存減少，我們充滿希望，就像我們的業務一樣，我們「我們將加速實現更好的同店銷售，然後在下半年補貨。

But we don't think that the manufacturers are going to play any buggy man surprise on us because it's not in their best interest. If they roll out 25s earlier, than they should or earlier than they've committed to, they're kind of doing themselves a disservice at the same time because there are still 22s out there, there are still 23s out there. We're down to, I think, Matt, you had said like 3,500 or 3,800 in that range, we're much better than we were a year ago. I can't say that for everybody, but we're prepared for it. We also do believe that certain dealers have made some miscalculations on bringing in fresh inventory. We don't know if it's miscalculations on their part or the floor plan lenders preventing them from bringing new inventory in while they still have age. That's why we feverishly wanted to get rid of that.

但我們認為製造商不會為我們帶來任何越野車驚喜，因為這不符合他們的最佳利益。如果他們比應有的時間或早於承諾的時間提前 25 秒推出，那麼他們同時就會對自己造成傷害，因為還有 22 秒，還有 23 秒。我想，馬特，你說過，在這個範圍內，我們已經下降到 3,500 或 3,800 人，我們比一年前好多了。我不能對所有人都這麼說，但我們已經準備好了。我們也確實相信某些經銷商在引入新庫存方面做出了一些錯誤估計。我們不知道這是他們的誤判，還是平面圖貸款人阻止他們在還有年齡的情況下引入新的庫存。這就是為什麼我們迫切希望擺脫它。

Just even further add to that, James, to speak more directly about the model year changeover. I believe that motorized model year 2025 will start to hit the market slowly here over the coming months, actually beginning this month, and we'll start to accelerate here over the ensuing months. Motorized, however, have never necessarily been the issue in terms of aged model year units. Rather, towables could potentially for the future, but we believe that we've managed our inventory very effectively. We believe that the model year 2025 towable units, both travel trailers and fifth wheels will at least turn over and start to be produced in July, but there won't be meaningful amounts to them really hitting the marketplace until maybe October, November, December time frame. And when we think about where we were at this time last year, we're at least 1,000 units better in terms of the aged model removal. So as I take a step back and look at how we played this game and even be very direct about the wholesale shipment numbers that came out recently, if I'm not mistaken, the travel trailer segment was up about 10,000 units.

詹姆斯，請進一步補充這一點，更直接地談論車型年份的轉換。我相信 2025 年的機動車型將在未來幾個月內開始慢慢進入市場，實際上是從本月開始，我們將在接下來的幾個月內開始加速上市。然而，對於舊款車型來說，機動化從來都不是問題。相反，未來可能會出現拖車，但我們相信我們已經非常有效地管理了我們的庫存。我們相信 2025 年款的可牽引裝置（包括旅行拖車和第五輪）至少將在 7 月開始生產，但要到 10 月、11 月、12 月，它們才會真正進入市場。當我們回想去年這個時候的情況時，我們在刪除舊模型方面至少進步了 1,000 個單位。因此，當我退後一步，看看我們如何玩這個遊戲，甚至非常直接地了解最近公佈的批發出貨量時，如果我沒記錯的話，旅行拖車部分增加了約 10,000 輛。

And that's really where you saw the most material gain -- just to be clear, we were up over that same time period in terms of wholesale shipments, about 10,000 units. We've been largely having the foresight to play this game more intelligently than our peer group, and we've been identifying these certain segments, price points that have been turned, which is why we've been picking up material market share. We believe that this thesis will continue to play out exactly as we've suggested through the balance of the year. And as such, we think we'll be sitting in a really advantageous position by September, October to re-up once again and start to play a whole new cycle, whole new game on the news side, while at the same time, picking up the momentum from new and certainly to translate that to the used side. we feel good as we sit here today, but check back, obviously, in the next 3 months to ensure that we're hitting all of our goals.

這確實是您看到最大物質收益的地方 - 需要明確的是，同期我們的批發出貨量增加了約 10,000 件。我們在很大程度上具有遠見，比我們的同行更聰明地玩這個遊戲，並且我們一直在識別這些特定的細分市場和已經轉變的價格點，這就是我們一直在獲得實質市場份額的原因。我們相信，這篇論文將繼續按照我們在今年餘下時間所建議的那樣進行。因此，我們認為到九月、十月我們將處於一個非常有利的位置，再次重新振作，開始在新聞方面玩一個全新的周期、全新的遊戲，同時，選擇從新的方面提升動力，當然也將其轉化為二手的面向。今天坐在這裡，我們感覺很好，但顯然，請在接下來的 3 個月內回來檢查，以確保我們實現所有目標。

Got it. That's really helpful. And then obviously, over the last month or 2, the financial markets appear to be pricing in or at least bracing for rates to be higher for longer. Maybe walk us through sort of the RV ecosystem and whether or not you think the various players have adjusted any of their activity as a result of that. I guess, first, starting with lenders, like how have rates trended as of late? And then customers to the April question, did things get a little bit better, a little bit worse in the month of April relative to sort of that 1Q run rate? And then, I guess, lastly, dealers. You guys have made it no secret that a lot of your peers have been sort of unwilling to take their medicine, maybe hoping that they'll get bailed out by lower rates. Any change in that stance?

知道了。這真的很有幫助。顯然，在過去一兩個月裡，金融市場似乎已經消化或至少準備好利率將在更長時間內走高。也許可以帶我們了解一下房車生態系統，以及您是否認為各個參與者因此調整了他們的活動。我想，首先，從貸款人開始，例如最近利率的趨勢如何？然後，客戶會問 4 月的問題，相對於第一季的運作率，4 月的情況是好一點還是壞一點？然後，我想最後是經銷商。你們已經公開表示，你們的許多同行都不願意服藥，也許希望他們能以較低的利率得到救助。這種立場有什麼改變嗎？

Yes. I'll start with our own business because that obviously is what matters most. The potential delay, which seems to be more firm than it was a couple of months ago on any rate reductions has a negative impact on everybody because it affects affordability. So we have a lot more wrangling to do our retail lenders, trying to figure out how to make things affordable for people. The unfortunate thing and the simplest thing is, when you look at the rate reductions, and we have been planning on rate reductions in our P&L for the year, and the lack of rate reductions. Unfortunately, for us, something as simple as floor plan interest is going to be $15 million higher than we anticipated at the beginning of the year -- not anything. We have control of not anything that we're doing, but that's $15 million that we have to really work hard to try to find somewhere else. We do believe that the consumer has started to settle in around where rates are. And that doesn't mean that they're accepting it, but they're not as shell-shocked by when all the rates were moving up in 2023 at a really rapid pace, and people just couldn't deal with it.

是的。我將從我們自己的業務開始，因為這顯然是最重要的。任何降息的潛在延遲似乎比幾個月前更加堅定，這對每個人都有負面影響，因為它影響了負擔能力。因此，我們的零售貸款機構還有更多的爭論要做，試圖找出如何讓人們負擔得起的東西。不幸的也是最簡單的事情是，當你看到利率降低時，我們一直在計劃今年損益表中的利率降低，但沒有降低利率。不幸的是，對我們來說，像平面圖利息這樣簡單的事情將比我們年初的預期高出 1500 萬美元——什麼都不是。我們無法控制我們正在做的任何事情，但這 1500 萬美元我們必須真正努力工作才能找到其他地方。我們確實相信消費者已經開始適應利率水準。這並不意味著他們正在接受這一點，但當 2023 年所有利率都以非常快的速度上漲並且人們無法應對時，他們並沒有那麼震驚。

We've had to really pivot our mix -- and I think our mix has really given us 2 benefits: number one, our change in mix in driving down those ASPs has allowed us to find a wider audience. And it's evidenced by our massive, massive market share growth that we've never seen in the history of our business. Secondarily, when you drive down your ASPs and you drive down affordability, you could see in the performance of our finance and insurance business is really, really performing nicely. Had we not driven down ASPs, we believe our volume would have been lower and we believe our F&I performance would have been lower because when a customer is buying off on a monthly payment that includes a warranty that they need, roadside assistance that they need and the other products that we sell, had we not been able to drive down the price and unfortunately, some of that's through margin, we would not have been able to recapture some of that margin on the back end. So when people look at our overall GPUs, we strongly, strongly encourage them, as we have since the beginning of our company to take the front and gross profit and the back-end gross profit and look at the combined GPU.

我們必須真正調整我們的組合——我認為我們的組合確實為我們帶來了兩個好處：第一，我們在降低平均售價方面的組合變化使我們能夠找到更廣泛的受眾。我們的市場份額的巨大增長證明了這一點，這是我們業務歷史上從未見過的。其次，當你降低平均售價和負擔能力時，你可以看到我們的金融和保險業務的表現確實非常好。如果我們沒有降低平均售價，我們相信我們的銷售量會更低，我們相信我們的F&I 績效也會更低，因為當客戶購買每月付款時，其中包括他們需要的保固、他們需要的路邊援助以及我們銷售的其他產品，如果我們無法降低價格，不幸的是，其中一些是透過利潤來實現的，我們將無法在後端重新獲得部分利潤。因此，當人們查看我們的整體 GPU 時，我們強烈非常鼓勵他們，就像我們自公司成立以來就採取的那樣，採用前端毛利和後端毛利，並查看合併後的 GPU。

From our perspective, we're agnostic of how we accumulate growth. We'd like to accumulate more growth on the front end, but we feel like we've been very successful in doing that. I worry very significantly about a small subset of dealers that could be anywhere from 4,000 to 5,000 to 6,000 units that could be out there that are still 2022s. People that have been unwilling to take their medicine. Now I say that so cavalierly the reality of it is that some dealers may not have the financial wherewithal the stomach taking on that pain. And whether it's dribbling it out through curtailments or taking on transactions that have negative gross profit, our balance sheet and the strength of our balance sheet and our willingness to part with noncore assets and our willingness to liquidate things that don't make sense to us have given us that dry powder to be able to stomach that. I think that's a unique thing in our company is that we have managed this balance sheet, in our opinion, so well that in these types of moments where we need to dig a little deeper into our pocket and invest in our company, we're able to do that.

從我們的角度來看，我們不知道如何累積成長。我們希望在前端累積更多的成長，但我們覺得我們在這方面做得非常成功。我非常擔心一小部分經銷商可能會在 2022 年出售 4,000 到 5,000 到 6,000 輛汽車。不願意服藥的人。現在我漫不經心地說，現實是一些經銷商可能沒有足夠的財力承受這種痛苦。無論是透過削減開支還是進行毛利為負的交易，我們的資產負債表和資產負債表的實力以及我們放棄非核心資產的意願以及我們清算對我們來說沒有意義的東西的意願給了我們乾粉讓我們能夠忍受它。我認為我們公司的獨特之處在於，我們認為我們對資產負債表的管理非常好，以至於在我們需要更深入地掏腰包並投資於我們公司的時刻，我們能夠做到這一點。

Look, we're not happy with our first quarter financial results. But if you normalize margins, just back to some like normal level on used, our EBITDA would have been just fine. But we made a conscious decision to take that gross profit pain, which ultimately is using some of our working capital, to invest in that, seeing the dividends of that in market share, seeing the dividends in that in a clean inventory, seeing the dividends and our ability to buy stores at almost a 0 time multiple, that's how we built this business. And the amount of stores that we've added in the last 12 months. My best recollection, I think we're at about 33 new locations since the beginning of this down market in '22, I mean, in down market at the beginning of '23, those things are going to start to pay dividends. So as you really, really study our financials, we encourage you to do a little pro forma work like we do.

看，我們對第一季的財務表現並不滿意。但如果你使利潤率正常化，回到正常的使用水平，我們的 EBITDA 就很好了。但我們有意識地決定接受毛利的痛苦，最終使用我們的一些營運資金來投資，看到市場份額的股息，看到乾淨庫存的股息，看到股息我們有能力以幾乎零倍的價格購買商店，這就是我們建立這項業務的方式。以及我們在過去 12 個月內新增的商店數量。我記得，我認為自 22 年低迷市場開始以來，我們大約有 33 個新地點，我的意思是，在 23 年初的低迷市場中，這些東西將開始帶來紅利。因此，當您真正、真正地研究我們的財務狀況時，我們鼓勵您像我們一樣做一些準備工作。

A lot of people have put pressure on me. Why aren't you firing more people? Why aren't you getting word of more people? We want to invest in our people because our market share is a function of our people's performance, not Matt and I, our performance on Good Sam is a function of our people. Our solid service and parts business is a function of our people. We're not willing to just start gassing people because we also know that this business returns like a hockey stick. We can go from up 10% on a new market to 25% in a matter of 6 to 8 months. We need people to do that. And as you open up new stores, as you add new locations, as we add our auction business, as we continue to make acquisitions, as we want to improve training. Those things require people. One little fun fact around the importance of investing in those people.

很多人都給我施加了壓力。為什麼不解僱更多的人？為什麼你沒有收到更多人的消息？我們希望投資我們的員工，因為我們的市場份額是我們員工表現的函數，而不是馬特和我，我們在《好山姆》上的表現是我們員工的函數。我們可靠的服務和零件業務是我們員工的職責。我們不願意就開始向人們毒氣，因為我們也知道這項業務的回報就像曲棍球棒一樣。我們可以在 6 到 8 個月內將新市場的成長率從 10% 提高到 25%。我們需要有人這樣做。當您開設新商店時，當您新增地點時，當我們增加拍賣業務時，當我們繼續進行收購時，當我們希望改進培訓時。這些事情需要人。關於投資這些人的重要性的一個有趣的事實。

Our NPS scores which is a very, very, very important thing that determines the long-term health of any business is at an all-time high in service. We went from negative NPS scores 3 years ago when we were selling like you couldn't stop us to raising that number to north of 32%, that is unheard of in our industry. We have spent several million dollars reframing up the process, restaffing the business to be able to take care of our customers in a good way. In our mind, we know it's running through our P&L. Those are investments. Those types of investments is what's going to allow us to really continue to grab share here in the next 12 to 24 months. and I can promise you, Matt and I are laser-focused on managing the balance sheet, using our cash very intelligently, liquidating or selling off noncore assets and reinvesting those in our people, in our used inventory and ability to be market makers and in strategic acquisitions.

我們的 NPS 分數是一個非常非常重要的事情，它決定了任何企業的長期健康狀況，其服務處於歷史最高水平。我們從 3 年前的 NPS 負值開始，當時我們在銷售時就像你無法阻止我們一樣，現在將該數字提高到 32% 以上，這在我們的行業中是聞所未聞的。我們花了數百萬美元重新建立流程，重新配置業務人員，以便能夠以良好的方式照顧我們的客戶。在我們看來，我們知道它貫穿我們的損益表中。這些都是投資。這些類型的投資將使我們能夠在未來 12 到 24 個月內真正繼續搶佔市場份額。我可以向你保證，馬特和我專注於管理資產負債表，非常明智地使用我們的現金，清算或出售非核心資產，並將這些資產重新投資於我們的員工、我們的二手庫存和做市商的能力以及策略性收購。

Our next question is from the line of Scott Stember with ROTH MKM.

我們的下一個問題來自 Scott Stember 和 ROTH MKM。

Can you maybe talk about the, I guess, the tenor of sales in April. You said that they were still up double digits. Has there been an acceleration on the new side from new units from March into April?

我想您能談談四月的銷售情況嗎？你說他們仍然上漲兩位數。從三月到四月，新單位的新增數量是否有加速成長？

An acceleration, meaning on a percentage of same-store?

加速，意味著同店百分比？

Yes or year-over-year, just in general, just what's...

是的，或者與去年同期相比，總的來說，只是......

Yes. So I think the answer is we're running at about the same pace, but what is the nuance inside of that is that we had a pretty good April, decent April last year. And so while we're up double digits again in April, it actually, in my mind, means we're even doing better than March because we had a really, really rough March last year. So we were up, call it, mid-double digits or kind of 15, 16 in the month of March, we were coming off a pretty low comp. April was a really good year -- a really good month for us last year on a volume basis. It could have been the way the weekend fell or the days fell in the calendar, we were up against not a terrible number, and we still performed on a double-digit basis. So in our estimation, we either stayed even with March or even outpaced it a little bit on a comparative basis.

是的。所以我認為答案是我們的運行速度大致相同，但其中的細微差別是我們去年的四月非常好，體面的四月。因此，雖然我們在 4 月再次實現了兩位數的成長，但在我看來，這實際上意味著我們甚至比 3 月做得更好，因為去年我們的 3 月非常非常艱難。所以我們在 3 月份的業績上升了，可以說是中兩位數，或者說是 15、16 歲，我們的薪水相當低。四月是非常好的一年——從銷售來看，去年對我們來說是非常好的月份。這可能是週末或日曆上的日子減少的方式，我們面對的數字並不可怕，而且我們的表現仍然是兩位數。因此，根據我們的估計，我們要么與 3 月份持平，要么在比較基礎上稍微超過了它。

I mean, Scott, we oftentimes look week-to-week, and it's consistently through the first 4 months of the year, oscillated between high single digits to 20-plus percent week-to-week in terms of our year-over-year gains. That's actually the cleanest way to look at it. And through the balance of the quarter, it all just shakes out.

我的意思是，斯科特，我們經常每週查看，並且在今年的前 4 個月中，我們的同比增長率始終在高個位數到 20% 以上之間波動。這實際上是最乾淨的看待它的方式。在本季度的餘額中，一切都剛剛結束。

Got it. And then on the products and services side, if you were to back out the furniture business and the discontinued active sports business, what is just pure service parts and service. You said it was -- it sounded like in your prepared remarks, it was going quite well. But can you just give us a flavor of how that business is doing?

知道了。然後在產品和服務方面，如果你要退出家具業務和已停產的活躍體育業務，那隻是純粹的服務零件和服務。你說的是——聽起來在你準備好的發言中，一切都很順利。但您能為我們介紹一下該業務的運作嗎？

Yes. So we look at our parts and service business in 2 distinct categories. Our external work, which is when we're taking in customer pay work, which is up nicely over a year ago. That's always, by the way, a great bellwether for the health of the industry is are people coming in, booking appointments, getting repair work, our customer pay, which is actually not provided by us internally. Our customer pay work is up over last year. Our internal work, that's the work that we do to repair trade-ins or purchases that we make is down, but it's down because we elected not to go out and procure a year's inventory. We could have easily manipulated that number by chasing used inventory, buying things we shouldn't be buying and that number would have looked good. So we know that when the used business is down, we know the internal work is down. When the used business is up, the internal work subsequently goes up. But we determine the health of our overall industry and our company based on how customers show up to actually give us currency to repair and replace things on their units. So we feel very good about that indicator.

是的。因此，我們將零件和服務業務分為兩個不同的類別。我們的外部工作，也就是我們接受客戶付費工作，這一數字比一年前有了很大的提高。順便說一句，行業健康狀況的一個重要風向標是人們進來、預約、進行維修工作、我們的客戶付款，而這實際上不是我們內部提供的。我們的客戶付款工作比去年增加。我們的內部工作，即我們為修復以舊換新或購買所做的工作下降了，但下降是因為我們選擇不出去採購一年的庫存。我們可以透過追逐二手庫存、購買我們不應該購買的東西來輕鬆操縱這個數字，而且這個數字看起來不錯。所以我們知道，當使用的業務宕機時，我們就知道內部工作宕機了。當使用的業務上升時，內部工作隨之上升。但我們根據客戶如何實際向我們提供金錢來維修和更換其設備上的物品來確定整個行業和公司的健康狀況。所以我們對該指標感覺非常好。

Got it. And then just the last question. It seems like you're looking for lower retail sales for the industry this year. Is that changing your view of Camping World's ability to sell more units at retail this year? And also, I think last quarter, you gave just some EBITDA growth expectations. Is there an update on that?

知道了。然後是最後一個問題。您似乎預計今年該行業的零售額會下降。這是否會改變您對 Camping World 今年零售銷售更多單位能力的看法？而且，我認為上個季度，您只給了一些 EBITDA 成長預期。有更新嗎？

Yes. I wouldn't call them expectations. I would definitely call them goals. Our goals haven't really moved. We know what we need to do to deliver value to our shareholders. We're facing a few more headwinds that we didn't anticipate that have nothing to do with us, like the fact that the rates aren't going to drop or the fact that the macro isn't that good. But Matt and I, along with Tom and Lindsey and the rest of the team have said, okay, we have to figure out what other pivots we have to make. If we can't control certain factors in the marketplace, there are things we can control. So we have to be very prudent about how we're opening stores and how we're thinking about that. As a small example of that, we have 2 stores that are ready to open.

是的。我不會稱它們為期望。我肯定會把它們稱為目標。我們的目標並沒有真正改變。我們知道需要做什麼才能為股東創造價值。我們也面臨著一些我們沒有預料到的與我們無關的逆風，例如利率不會下降或宏觀經濟狀況不佳。但馬特和我，以及湯姆和林賽以及團隊的其他成員都說，好吧，我們必須弄清楚我們必須做出哪些其他轉變。如果我們無法控制市場中的某些因素，那麼有些事情我們可以控制。因此，我們必須非常謹慎地對待我們如何開設商店以及我們如何考慮這一點。舉一個小例子，我們有 2 家商店準備開業。

The stores are built, they're ready to go. We have elected to push those off to the end of the year or the first of next year because every single choice that we make has an impact on the bottom line. And we have a goal of achieving that, our own goals we don't want to do anything that's going to put those goals in jeopardy at least in the areas that we have control of. We expect our sales, Matt at and even just to hopefully rely largely upon that stat survey information, I think we've proven that we could buck the trend of the larger industry. So regardless of what's happening, we feel like we've hit the goals that we set forth and broadly proclaim that we're going to hit double-digit new same-store sales. And we're going to continue to experience growth in that new same-store number heading into the back half of the year. I believe, pretty material growth based upon how we played our hand with our inventory procurement.

商店已經建成，準備就緒。我們選擇將這些推遲到今年年底或明年年初，因為我們所做的每一個選擇都會對利潤產生影響。我們有一個實現這一目標的目標，我們不想做任何會危及這些目標的事情，至少在我們控制的領域是如此。我們預計我們的銷售額，馬特甚至只是希望很大程度上依賴統計調查信息，我認為我們已經證明我們可以逆向更大行業的趨勢。因此，無論發生什麼，我們都覺得我們已經實現了設定的目標，並廣泛宣布我們將實現兩位數的新同店銷售額。進入今年下半年，我們將繼續經歷新同店數量的成長。我相信，根據我們如何處理庫存採購，會出現相當大的實質成長。

Got it. That was great.

知道了。那很棒。

We wouldn't mind if they dropped the rates a little bit. We could use a little interest expense relief for sure.

如果他們稍微降低費率，我們不會介意。我們絕對可以使用一點利息費用來減免。

Our next question is from Noah Zatzkin with KeyBanc Capital Markets.

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

Not to put too fine a point on this, but in terms of kind of the 30% adjusted EBITDA growth goal for the year, working towards that, has anything changed in terms of the calculus to get there you noted expecting around the $38,000 level on the new ASP. And I think used margins came in a bit stronger than I was expecting. So just wondering how you're kind of thinking through kind of the new and used businesses maybe relative to a few months ago as you kind of work towards that goal?

不要對此說得太過分，但就今年調整後30% 的EBITDA 增長目標而言，朝著這個目標努力，實現這一目標的計算方法是否發生了任何變化，您注意到，您預計38,000 美元左右的水平新的 ASP。我認為使用利潤率比我預期的要高一些。因此，我想知道，在您為實現這一目標而努力的過程中，與幾個月前相比，您對新業務和二手業務的看法如何？

Yes, I think that's a great question. Our goals remain the same, but variables have been thrown in our face that we're having to sort of reach into our rabbit hat and try to find new opportunities. The interest rate expense on the floor plan piece is a real number. I mean, it's $15 million. It's not like maybe it will happen. It's just factually correct. I think secondarily, had interest rates started to drop, we may have experienced -- we all anticipated that maybe by summer, something would have pushed. We now have taken any interest rate cuts out of our calculus entirely. And that's putting a little bit of pressure on ASPs. And as ASPs get pushed down, because we want to drive market share, that puts pressure on the overall GPU on the front-end side. While we can make it up on the back end if it's a $40,000 ASP and the margin is x or it's a $37,000 ASP, and it's the same margin percentage, there's just less gross dollars available. So that's put a little bit of pressure that we're having to sort of work around.

是的，我認為這是一個很好的問題。我們的目標保持不變，但變數擺在我們面前，我們不得不伸手去尋找新的機會。平面圖上的利率費用是實數。我的意思是，這是 1500 萬美元。這不像也許會發生。這實際上是正確的。我認為其次，如果利率開始下降，我們可能會經歷——我們都預計，也許到了夏天，某些事情就會發生。我們現在已經完全排除了任何降息的影響。這給 ASP 帶來了一點壓力。隨著 ASP 的下降，因為我們想要提高市場份額，這給前端的整體 GPU 帶來了壓力。如果 ASP 為 40,000 美元，利潤為 x，或者 ASP 為 37,000 美元，利潤百分比相同，則我們可以在後端進行彌補，但可用的總美元較少。因此，這給我們帶來了一些壓力，我們必須設法解決這個問題。

I think the other piece is, we're not going to take our foot off the gas as we've seen the positive results in continuing to rebalance our inventory, and we will have continued pressure on the used side, both on margin and in demand here in April, and it will extend over into May. And that's something that Matt and I have looked at and said, we're going to take whatever pain people are going to give us, but we know if we own this business, just the 2 of us, we would be doing this because it's the right business decision. And we've seen the fruits of that. And I think him and I have gotten really excited by when you make these really conclusive decisions to drive ASP down, and you see the results, it becomes like a drug, you want to chase it some more. When you make the tough decisions to get rid of the use and to rebalance and you see the positive results. you want to chase that some more.

我認為另一件事是，我們不會放鬆警惕，因為我們已經看到了繼續重新平衡庫存的積極成果，而且我們將在二手貨方面面臨持續的壓力，無論是在保證金方面還是在庫存方面。月份的需求旺盛，並且會延續到5月。馬特和我看過並說過，我們將承受人們給我們帶來的任何痛苦，但我們知道，如果我們擁有這家企業，只有我們兩個人，我們就會這樣做，因為它是正確的商業決策。我們已經看到了其成果。我認為，當你做出這些真正決定性的決定來降低 ASP 時，我和他都感到非常興奮，當你看到結果時，它就像一種藥物，你想要更多地追逐它。當您做出放棄使用並重新平衡的艱難決定時，您會看到積極的結果。你還想再追一點。

We want to do the things that we think we would do if it was just us, and that's how we're running the business. And we know that optically, the results don't necessarily reflect where we want them to be or other people want them to be when you see market share growth, when you see us hitting our other goals around Good Sam, when you see us hitting our internal customer pay work, when you see the F&I results, we hope that you feel as good as we do about those results.

我們想做那些我們認為只有我們自己會做的事情，這就是我們經營業務的方式。我們知道，從視覺上看，當你看到市場份額增長時，當你看到我們實現圍繞 Good Sam 的其他目標時，當你看到我們實現我們的內部客戶薪酬工作，當你看到F&I 結果時，我們希望您對這些結果的感覺和我們一樣好。

I mean I couldn't be more proud to of how we managed through the used portfolio. And that was perhaps the biggest variable that threw a rent into some of our plans in the short term. We're being down on -- to the tune of 60% of used procurement through the first 4 months of the year with something that wasn't necessarily in our calculus. We believe that it was the right play for our company, for investors knowing how risk-averse we were in a relatively volatile segment in that short term, while there was for the first time ever in our history is in industry deflation of new invoice prices. Now that, that market has stabilized on the new side, that's directly impacting the used, which gives us a clear focus and a clearer path whereby we could start to ramp up procurement. But as Marcus said earlier, it's going to take us until about mid-May for us to really get this machine ramped up again and to start to target those segments price points that we know are going to yield the highest return on investment.

我的意思是，我對我們如何管理使用過的產品組合感到非常自豪。這也許是短期內將租金納入我們一些計劃的最大變數。今年前 4 個月，我們所使用的採購量中，有 60% 的採購量在我們的計算中不一定存在。我們相信，這對我們公司來說是正確的選擇，因為投資者知道我們在短期內處於相對波動的細分市場中是多麼厭惡風險，而我們歷史上第一次出現了新發票價格的行業通貨緊縮。現在，新市場已經穩定下來，這直接影響了二手市場，這給了我們明確的重點和更清晰的路徑，使我們可以開始增加採購。但正如馬庫斯早些時候所說，我們需要到五月中旬左右才能真正讓這台機器再次加速，並開始瞄準那些我們知道將產生最高投資回報的細分市場價格點。

And it isn't because the machine isn't ready to rev. It's because him and I kind of wake up every morning and we're like, are we there yet? Should we just wait a little bit, let's test it in this market. And Matt has been the absolute genius in setting up this auction idea, and we're excited. We'll be glad to post a link on maybe even our investor site just to show people what this auction process is looking at. We've had both in-person and virtual auctions and we were just in the early stages of testing it. We only ran 500 units, plus or minus through the auction process. We had dealers, consumers around the country flying to places to see it. There is no market maker for the RV industry.

這並不是因為機器還沒準備好轉速。這是因為他和我每天早上醒來都會想，我們到了嗎？我們是否應該稍等一下，讓我們在這個市場上進行測試。馬特在提出這個拍賣想法方面絕對是天才，我們很興奮。我們很樂意在我們的投資者網站上發布一個鏈接，只是為了向人們展示這個拍賣過程所關注的內容。我們已經進行了現場拍賣和虛擬拍賣，而且我們還處於測試的早期階段。我們只生產了 500 套，在拍賣過程中有所增減。我們讓全國各地的經銷商、消費者飛到各地去看它。房車業沒有做市商。

And we believe for the growth of our new business, because we need to be able to take in a creative blend of trade for the growth of our used business, we have to firm ourselves up between our Good Sam RV valuator and our CW auctions, we now believe we will become the market maker on establishing used values. When you control 20-plus percent of the new side and you control the largest portion of the used side, and you can create a market through this open, independent process, you now start to establish yourself as the authority. And that is really the investment that we spent. We spent about $7 million launching the auction process in the first quarter. We know that, that $7 million is a very, very small price to pay to become the market maker in the industry.

我們相信，為了我們新業務的成長，因為我們需要能夠採用創造性的貿易組合來促進我們二手業務的成長，我們必須在 Good Sam RV 估價師和 CW 拍賣之間堅定自己的立場，我們現在相信我們將成為建立二手價值的做市商。當你控制了百分之二十以上的新方，並且控制了舊方的最大部分，並且你可以透過這個開放、獨立的過程創造一個市場時，你現在就開始確立自己的權威地位。這確實是我們花費的投資。我們在第一季花了約 700 萬美元啟動拍賣流程。我們知道，700 萬美元對成為產業做市商來說是非常非常小的代價。

Our next question is from the line of Mike Swartz with Truist Securities.

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

Marcus, I just wanted to follow up on the CW Auction business. I guess, just curious of what spurred that decision? And maybe within that, how much of an investment are you making? I think you said $7 million in the first quarter, but if we think about that just on an annualized basis, how much are you planning to spend there? And then what are the -- I guess what does the economics look like within that business as it pertains to Camping World?

馬庫斯，我只是想跟進 CW 拍賣業務。我想，只是好奇是什麼促使了這個決定？也許其中您要進行多少投資？我想你說第一季是 700 萬美元，但如果我們只按年化計算，你打算在那裡花多少錢？然後，我想，與露營世界相關的業務中的經濟狀況是什麼樣的？

So Mike, let me take a step back. And the impetus behind auctions was to enable us to procure more used assets. In some respects, site unseen when I say like virtual, we could take pictures, we could basically explore the assets but we had no idea what it actually smelled like. There are some fine or 2 details that require someone actually to go out there and inspect the asset. We could never quite figure out a way whereby we could buy more assets, site unseen, but all flowed in case we made a slight mistake. And really, that's representative of an efficient marketplace in a free enterprise environment within the used side of the business, which has never existed. So we have largely been a bit timid from a centralized perspective to buy too much because we didn't want to make too many mistakes.

麥克，讓我退後一步。拍賣背後的動力是讓我們能夠購買更多二手資產。在某些方面，當我說像虛擬的時候，網站是看不見的，我們可以拍照，我們基本上可以探索資產，但我們不知道它實際上聞起來是什麼樣的。有一些或兩個細節需要有人實際去那裡檢查資產。我們永遠無法完全找到一種方法來購買更多的資產，地點看不見，但萬一我們犯了一個小錯誤，一切都會順利進行。實際上，這代表了業務使用方內自由企業環境中的高效率市場，而這種市場從未存在過。因此，從集中的角度來看，我們在很大程度上有點膽怯，不敢買太多，因為我們不想犯太多錯誤。

The auction concept really strung out of that. And that's what we've been working diligently for the past couple of years to figure out, okay, how do we centralize more function of used procurement while at the same time knowing that if we step into something and unfortunately make a mistake here or there or if we want to just allow more assets to be run through the market to procure more information and actually start to set more accurate market day supply pricing of all the used marketplace, we knew that the auctions needed to take form. Through this process, we've learned a tremendous amount and in a lot of ways, we've had to build the market and prime the pump for this marketplace, which is why these are largely just upfront onetime costs that we referenced with the $7 million. This is not going to be an annualized expense.

拍賣的概念確實源自於此。這就是我們在過去幾年裡一直在努力弄清楚的問題，好吧，我們如何集中更多的二手採購功能，同時知道如果我們進入某件事並不幸在這裡或那裡犯了錯誤或者​​，如果我們只是想讓更多的資產在市場上運行以獲取更多信息，並實際上開始為所有使用的市場設定更準確的市場日供應定價，我們知道拍賣需要採取形式。透過這個過程，我們在很多方面學到了很多東西，我們必須建立市場並為這個市場做好準備，這就是為什麼這些很大程度上只是我們用 7 美元提到的一次性一次性成本百萬。這不會是年度費用。

Rather, we view this as a business that we're building. And we've realized how much bigger this business could be than more than we even imagined at first, given that wholesalers, banks, different manufacturers, consumers alike have altered the raise their hand and participate. Yesterday, for example, we held our first ever virtual auction. And what I mean by that is it was literally entirely online. We ran just 35 through the shot. We were able to sell 31 and these consumers and/or wholesalers and/or banks, whomever was bidding, literally did not even see these assets. This is the first time they are bidding on them. And for us to successfully sell through that many tells us that, wow, we could actually improve this velocity of sales and even greater extent.

相反，我們將其視為我們正在建立的業務。我們已經意識到，考慮到批發商、銀行、不同的製造商、消費者都已經改變了舉手和參與的方式，這項業務可能比我們最初想像的要大得多。例如，昨天，我們舉行了首次虛擬拍賣。我的意思是它實際上完全是在線的。我們只跑了 35 度。我們能夠出售 31 個資產，而這些消費者和/或批發商和/或銀行，無論誰出價，實際上甚至沒有看到這些資產。這是他們第一次競標。對於我們成功銷售來說，許多人告訴我們，哇，我們實際上可以提高這種銷售速度，甚至更大程度。

Furthermore, as Marcus referenced earlier, when we think about the opportunity on trade-ins that are coming in, we think that we could open up all these trades, whether we want to retail it, we could do that as we always do, and that's just our normal course of business. Or if we need to get a wholesaler bid, we think we can get more real-time feedback quicker to turn around and make a quick buck. Where today, we're wholesaling about 8,000 units on an annualized basis. I believe we can pull down at least another couple of hundred dollars of front-end gross profit. Never mind the fact, too, that we're going to start to be able to run different bank repos as well as different wholesalers that want to list their own assets.

此外，正如馬庫斯之前提到的，當我們考慮即將到來的以舊換新的機會時，我們認為我們可以開放所有這些交易，無論我們是否想要零售它，我們都可以像往常一樣這樣做，並且這只是我們的正常業務流程。或者，如果我們需要獲得批發商的出價，我們認為我們可以更快地獲得更多即時回饋，從而扭轉局面並快速賺錢。如今，我們每年的批發量約為 8,000 件。我相信我們至少可以再拉低幾百美元的前端毛利。也不要介意這樣一個事實：我們將開始能夠運行不同的銀行回購協議以及想要列出自己資產的不同批發商。

Off of that concept, we've taken a page out of the larger auction houses books where we'll be able to charge sellers and buyers fees on both sides of the transactions. And as this thing starts to expand, we'll have an auction at least every other week beginning this month somewhere in the country, be it a virtual auction, an in-person auction, where we see a lot of consumers looking to participate. I'm super excited for this on the backside of this, of how this becomes a true revenue stream and profitable for our business.

基於這個概念，我們借鏡了大型拍賣行的經驗，可以向交易雙方收取費用。隨著事情開始擴大，從本月開始，我們將至少每隔一周在該國某個地方舉行一次拍賣，無論是虛擬拍賣，還是現場拍賣，我們看到很多消費者希望參與其中。我對此感到非常興奮，因為這將成為真正的收入來源並為我們的業務帶來利潤。

One thing to keep in mind, it is acting independent of our dealership operations so that we truly believe that the values are not contaminated by any influence other than whatever the free market provides. And when we run our own units, we adhere to that free market principle. And so when you look at the losses, some of those or us taking some of those losses through the auction, some of it was the cost to stand it up. But just to reiterate, it is not $7 million on an annualized multiplied times 3 more quarters of that, you should not expect that at all. We feel like we've gotten it down to a bit of a science, and we've taken kind of the big steps that we needed to, to launch it.

需要記住的一件事是，它的運作獨立於我們的經銷業務，因此我們真正相信，除了自由市場提供的任何影響之外，這些價值觀不會受到任何影響的污染。當我們經營自己的單位時，我們堅持自由市場原則。因此，當你看到損失時，其中一些損失或我們透過拍賣承擔了一些損失，其中一些是承受損失的成本。但重申一下，以年化計算再乘以 3 個季度，這並不是 700 萬美元，你根本不該指望這一點。我們覺得我們已經把它簡化為一門科學，我們已經採取了我們需要的重大步驟來啟動它。

Okay. That's extremely helpful. I appreciate that. And what are the -- I guess, the second question is just on your expectations for new door additions. This is always kind of a difficult thing for I think most of us to model just in terms of timing. And I think you've given us some framework for how many doors you expect to open this year, but it sounds like you may have put some of those on hold or delayed some of those just given some of the macro considerations out there. But any way to think about just from an updated standpoint, how many doors you expect to open this year?

好的。這非常有幫助。我很感激。我想，第二個問題是關於您對新增門的期望。我認為對於我們大多數人來說，僅根據時間進行建模總是一件困難的事情。我認為您已經為我們提供了一些關於今年預計打開多少扇門的框架，但聽起來您可能已經擱置了其中一些門，或者只是出於一些宏觀考慮而推遲了其中一些門。但從更新的角度考慮，您預計今年會打開多少扇門？

Yes. So we opened 14 already. We did mention that we sold 1 location. We actually sold that location, I think, for around $3 million. It was much more than we had in that transaction. So we netted to 13. We have 2 more stores that we expect to open internally by year-end, potentially 3. And then as always, we're always looking for opportunistic acquisitions. As we look at the landscape of dealers who potentially are sitting with more inventory than they would like to were always a great source. We did fall off a number of deals that we had contemplated. And we didn't fall off because of anything internally on our side. We fell off because through the diligence process, they didn't meet certain standards, and they weren't willing to do the things that we felt were necessary to receive our money, quite frankly.

是的。所以我們已經開了14家了。我們確實提到我們出售了 1 個地點。我想，我們實際上以大約 300 萬美元的價格出售了那個地點。這比我們在那次交易中得到的要多得多。所以我們的淨額達到了 13 家。 我們預計到年底還會在內部開設 2 家商店，可能是 3 家。當我們觀察經銷商的情況時，他們可能擁有比他們希望的更多的庫存，這始終是一個很好的來源。我們確實放棄了一些我們曾經考慮過的交易。我們並沒有因為我們內在的任何事情而失敗。我們之所以失敗，是因為在盡職調查過程中，他們沒有達到某些標準，坦白說，他們不願意做我們認為收到我們的錢所需的事情。

We are not in the business of just adding doors. We are in the business of being accretive in our acquisitions, which means I'm not going to pay much and we expect to get a lot out of it. And anything absent of that, we're not interested in. So we -- I would expect that we'll have no less than 17, potentially 1 or 2 more than that. But we could turn around in the fourth quarter and see a dilution of opportunities and capitalize on 4, 5, 6 of them. We're not going to do anything that's going to flex our own business or put our own balance sheet at risk or put our own human capital at risk for anybody or anything.

我們的業務不僅僅是增加門。我們的業務是在收購中實現增值，這意味著我不會付出太多，但我們希望從中獲得很多。如果沒有的話，我們就不感興趣 所以我們——我預計我們將有不少於 17 個，可能比這個多 1 到 2 個。但我們可能會在第四季扭轉局面，看到機會被稀釋，並利用其中的 4、5、6 個機會。我們不會做任何會影響我們自己的業務、讓我們自己的資產負債表面臨風險、或讓我們自己的人力資本面臨任何人或任何事的風險的事情。

Our next question is from the line of Bret Jordan with Jefferies.

我們的下一個問題來自布雷特喬丹 (Bret Jordan) 和傑弗里斯 (Jefferies) 的提問。

On the Good Sam continuing to explore alternatives comment, I guess it sounds like you're also simultaneously expanding the business into things like marine. -- should we expect that, that's going to sort of push back the alternatives that you're pursuing there as you develop more of the in-house strategy?

關於 Good Sam 繼續探索替代方案的評論，我想聽起來您也在同時將業務擴展到海洋等領域。 ——我們是否應該預期，當您制定更多的內部策略時，這會在某種程度上推遲您在那裡追求的替代方案？

No. I think what happened was when we talked about this internally before we disclose it to the market. We have a unique relationship inside of our company between our Camping World management team and our Good Sam management team. And Matt and I are always put in the middle of that like 2 parents. And the Good Same team wants to do certain things and the dealership team wants to ensure that they're not being compromised. And we kind of just put everybody in their own corner and said, "Look, you're chartered and you're incentivized financially to run your business." And the response from the Good Sam team is, "Well, great. Let me go run my business." I understand that you're not in the boat dealership business, but that doesn't mean that I can't go explore the recreational landscape. We have the policies, we have the process, we have the relationships with the vendors. So we have given -- Matt and I have given permission to the Good Sam team to grow their business in ways that they believe are going to be financially accretive to the business.

不，我認為發生的事情是我們在向市場披露之前在內部討論的。我們公司內部的 Camping World 管理團隊和 Good Sam 管理團隊之間有著獨特的關係。馬特和我總是像兩位父母一樣處於中間。 Good Same 團隊希望做某些事情，而經銷商團隊則希望確保他們不會受到損害。我們只是把每個人都放在自己的角落裡說，“看，你被特許了，你在經營你的生意上得到了經濟激勵。” Good Sam 團隊的回應是：“好吧，太好了。讓我去經營我的生意吧。”我知道您不是從事船舶經銷業務，但這並不意味著我不能去探索休閒景觀。我們有政策，我們有流程，我們有與供應商的關係。因此，我和馬特已經允許 Good Sam 團隊以他們認為能為業務帶來經濟效益的方式發展他們的業務。

And if they choose to get into the boat warranty space, which they're getting into or the power sports space, which they're getting into, it really is none of Camping World dealership business. And I think historically, we try to keep everybody happy, and we were probably holding that business back a little bit. Now that's a long maturation process. But while that's happening, we'll continue to explore ideas. And as everybody knows, that was very matter of fact in the first quarter that I have a certain perspective on what I think the value of that business is, the $100 million contribution in 2023. And I don't believe that the market properly recognizes the value of that business.

如果他們選擇進入船舶保固領域（他們正在進入）或動力運動領域（他們正在進入），那麼這確實不屬於露營世界經銷業務。我認為從歷史上看，我們試圖讓每個人都滿意，但我們可能會稍微阻礙這項業務。現在這是一個漫長的成熟過程。但在這種情況發生的同時，我們將繼續探索想法。眾所周知，事實上，在第一季度，我對該業務的價值有一定的看法，即 2023 年的 1 億美元貢獻。

I put a marker out there and shockingly enough, the inbound activity that Goldman received from that statement that we made was surprising and pleasing. At the same time that we explore those ideas, the Board wants to understand how does that work with the database? What happens with a variety of questions? And we will get the board all of those answers over the next several months. but it doesn't mean that Good Sam management team has to wait to pursue their initiatives, to pursue their path at the same time. So we see those as parallel paths. We obviously are focused right now on growing our business. And so Goldman is handling that process. And if something interesting comes up, we'll present it to the Board. We'll look at all the options. We'll see if it makes sense for the shareholders and we'll make a decision. But at this point, we're still exploring it.

我在那裡做了一個標記，令人震驚的是，高盛從我們所做的聲明中收到的入站活動令人驚訝且令人愉快。在我們探索這些想法的同時，董事會希望了解它如何與資料庫配合使用？遇到各種各樣的問題會發生什麼事？我們將在接下來的幾個月內向董事會提供所有這些答案。但這並不意味著 Good Sam 的管理團隊必須等待以追求他們的主動性，同時追求他們的道路。所以我們將這些視為平行路徑。顯然，我們現在專注於發展我們的業務。因此高盛正在處理這個過程。如果出現一些有趣的事情，我們會將其提交給董事會。我們將研究所有選項。我們將看看這對股東是否有意義，然後做出決定。但目前，我們仍在探索之中。

Okay. And then you also commented on a new aftermarket supplier agreement. Is that changing your strategy around the aftermarket side of the business? And I guess who is the agreement with or is it at scale?

好的。然後您也評論了新的售後供應商協議。這是否會改變您在售後市場的業務策略？我猜是誰達成協議，或是大規模達成的協議？

Yes. So we believe -- as we looked at our retail business, and retail is a dirty word. But as we look at our parts and aftermarket business, which is a foundation of our stores, the Camping World brand, we really thought to ourselves, we have to kind of reset, we have to reset how we're approaching the market. We have to reset how we're deploying money and inventory. We have to reset our partners. Years ago, we made the acquisition of a furniture business. They were manufacturing furniture and we were selling it in the aftermarket space successfully, and we were selling it directly to OEMs. And we have a very, very good relationship with Lippert, which is a very dominant force outside of frames in the aftermarket, with Furrion, with Solera, with CURT hitches and when we look at wanting to minimize our risk in that business and enhance product development, product rollout and all of those things. we ended up signing a definitive agreement to sell our furniture business to Lippert.

是的。所以我們相信，當我們審視我們的零售業務時，零售是一個骯髒的詞。但當我們審視我們的零件和售後市場業務（這是我們露營世界品牌商店的基礎）時，我們真的對自己說，我們必須重新調整，我們必須重新調整我們進入市場的方式。我們必須重新調整資金和庫存的配置方式。我們必須重置我們的合作夥伴。幾年前，我們收購了一家家具企業。他們製造家具，我們在售後市場成功銷售家具，我們直接將其銷售給原始設備製造商。我們與 Lippert 有著非常非常好的關係，Lippert 是售後市場車架之外的一支非常主導的力量，與 Furrion、Solera、CURT 掛鉤，當我們考慮希望最大限度地降低該業務的風險並增強產品時開發、產品推出以及所有這些事情。我們最終簽署了一份最終協議，將我們的家具業務出售給利珀特。

As part of that consideration, we entered in -- we're going to enter into a supplier agreement that gives us the proper pricing for giving them the proper amount of business. So we see margin expansion there for us and for them, and we have an opportunity to earn additional rebates based on our performance. I believe that an acute focus with a small number of suppliers, Lippert being one of them, Airxcel being one of them, LKQ being one of them, is going to put a hyperfocus on the product assortment that we have in our stores. Ultimately, we need better returns in that business, and we need better margins. And we believe that, that's going to happen. We will take on an entire reset of our retail business in 2024. We're going to spend around $10 million resetting all the stores to one standard. As most people know, we accumulated all 200 stores over 20, 30, 40 years they have different iterations inside of them based on where we were in our life cycle, we're going to press the reset button one time.

作為考慮的一部分，我們將簽訂一份供應商協議，為我們提供適當的定價，以便為他們提供適當的業務量。因此，我們看到我們和他們的利潤率都在擴大，而且我們有機會根據我們的業績獲得額外的回扣。我相信，對少數供應商（Lippert 是其中之一、Airxcel 是其中之一、LKQ 是其中之一）的高度關注，將高度關注我們商店中的產品種類。最終，我們需要在該業務中獲得更好的回報，並且需要更好的利潤率。我們相信，這將會發生。我們將在 2024 年對零售業務進行全面重置。大多數人都知道，我們在 20、30、40 年間累積了所有 200 家商店，根據我們所處的生命週期階段，它們內部有不同的迭代，我們將按一次重置按鈕。

We've now come up with the proper assortment to address aftermarket parts, repair, replacement and enhancement. We've nailed down our suppliers to be largely Lippert, secondarily, Airxcel, which we have a great relationship. That's a THOR company and using suppliers and distributors like LKQ. That doesn't mean we still won't have import of our own products for margin improvement, and there are a variety of other vendors that will be there. But we needed to do the same thing on the retail side that has given us the dominance on the RV sales side. And years ago, we used to sell everything. And today, we hyperfocus on the THOR companies, Forest River and Winnebago. And we're taking that same approach to do business with less people and have it be more meaningful so that the performance would be more meaningful on the bottom line.

我們現在已經推出了適當的產品組合來解決售後零件、維修、更換和增強問題。我們已經確定我們的供應商主要是 Lippert，其次是 Airxcel，我們與這家公司有著良好的關係。那是一家 THOR 公司，使用 LKQ 等供應商和分銷商。這並不意味著我們仍然不會進口我們自己的產品來提高利潤，而且還會有許多其他供應商。但我們需要在零售方面做同樣的事情，這讓我們在房車銷售方面佔據了主導地位。幾年前，我們曾經賣掉所有東西。今天，我們重點關注 THOR 公司、Forest River 和 Winnebago。我們正在採取同樣的方法，以更少的人員開展業務，並使其更有意義，以便績效在底線上更有意義。

Our next question comes from the line of Brandon Rollé with D.A. Davidson.

我們的下一個問題來自 Brandon Rollé 和 D.A.戴維森。

Just piggybacking on the supplier environment right now. I think back in 3Q, you had talked about wanting a diversification of sourcing within the industry. Could you update us on kind of what you've seen over the past 6 months? And in terms of maybe new suppliers entering the market and maybe having a say within the model year '25 bidding process?

現在只是依賴供應商環境。我記得在第三季度，您曾談到希望行業內的採購多元化。您能否向我們介紹一下您在過去 6 個月中所看到的最新情況？就可能有新供應商進入市場以及在 25 年車型招標過程中擁有發言權而言？

Are you talking about on the aftermarket side or on the RV manufacturing side?

您是在談論售後市場方面還是房車製造方面？

On the RV manufacturing side?

在房車製造方面？

Look, Brandon, we continue to work and develop products with THOR, Forest River in Winnebago. And I think proof of our effectiveness in doing that is what has resulted in what's happened with Coleman. Many, many years ago, Matt and I decided to -- I think it was actually maybe 10 years now, we decided to get into the Coleman licensing business. and we went down to Wichita, Kansas, and we did a deal with Coleman and we connected Coleman and THOR and us together. In the first quarter, it appears at least through January and February that Coleman will be the #1 selling travel trailer in America, period. And by the way, that product is only sold by us. And so our ability to influence the way things are made or the design or the engineering is probably stronger than ever, not because we have a heavy hand but because we have a lot of data. And that data is very useful to manufacturers.

看，布蘭登，我們繼續與溫尼貝戈森林河的雷神合作並開發產品。我認為科爾曼所發生的事情證明了我們在這方面的有效性。很多很多年前，馬特和我決定——我想實際上可能已經有 10 年了，我們決定進入科爾曼授權業務。我們去了堪薩斯州威奇托，與科爾曼達成協議，將科爾曼、托爾和我們聯繫在一起。在第一季度，至少到一月和二月，科爾曼將成為美國銷售第一的旅行拖車。順便說一句，該產品僅由我們銷售。因此，我們影響事物製造方式、設計或工程的能力可能比以往任何時候都更強，不是因為我們有高壓手段，而是因為我們擁有大量數據。這些數據對製造商非常有用。

So whether they're looking at repair records or whether they're looking at churns or whether looking at ASPs or whether we're looking at innovation, we do have a significant influence but that influence over the market isn't something that only we benefit from. In order for our company to meet our goals, which is to be in excess of $10 billion, $12 billion of revenue, we need the TAM of the overall industry to grow. And the only way the TAM of the overall industry growth is that the industry is healthy. And the way that it becomes healthy is that we use our data to make it available to everybody. Here's what we have. Here's what we know. And I think this idea of everything having to be proprietary in some cases, applies.

因此，無論他們是在查看維修記錄，還是在查看客戶流失率，或者是在查看 ASP，還是我們在關注創新，我們確實具有重大影響力，但對市場的影響不僅僅是我們從。 。為了讓我們公司實現收入超過 100 億美元、120 億美元的目標，我們需要整個產業的 TAM 成長。而整個產業成長的TAM唯一途徑就是產業健康。它變得健康的方式是我們使用我們的數據將其提供給每個人。這就是我們所擁有的。這是我們所知道的。我認為在某些情況下一切都必須是專有的這一想法是適用的。

But in other cases, if we want the industry to manufacture and ship and sell 750,000 units we have to share some of our secret sauce so that the industry as a whole is more successful. And whether that's working with Lippert to develop better ways to do hitching or working with Lippert to do other things or working with THOR between Airxcel and Keystone or JCO, to develop more innovative products or working with Forest River. Whatever it may be, we have a duty and an obligation to grow the overall industry. because we're primary benefactors of that.

但在其他情況下，如果我們希望產業製造、運輸和銷售 75 萬台，我們就必須分享一些我們的秘密武器，以便整個產業更加成功。無論是與 Lippert 合作開發更好的掛接方法，還是與 Lippert 合作做其他事情，或與 Airxcel 和 Keystone 或 JCO 之間的 THOR 合作，開發更多創新產品，或與 Forest River 合作。無論是什麼，我們都有責任和義務發展整個產業。因為我們是它的主要捐助者。

Our next question is from Tristan Thomas-Martin with BMO Capital Markets.

我們的下一個問題來自 BMO 資本市場的 Tristan Thomas-Martin。

I think last quarter, you said 25 to 30 new dealerships by the end of the year, now it's 13. Is that just due to falling off some deals? Or did something else change there?

我想上個季度，您說到年底會有 25 到 30 個新經銷商，現在是 13 個。還是那裡發生了其他變化？

No, we didn't say 13. We've already opened 13 as we sit here.

不，我們沒有說 13。

No less than 17.

不少於17個。

What's that?

那是什麼？

You said no less than 17.

你說的是不少於17個。

Yes, you said 13. So we've opened 14 since January 1. We sold one, so that's a net of 13. We have 2 to 3 stores that will more than likely open, hopefully, by the end of the year. And that's before we even open the (inaudible) to look at what acquisitions are out there in the back half. But I'm not going to meet a number by just buying something. We know that deals are brought to us every day and every week. Right now, as we sit here today in May, June and July, Matt and I are focused on 1 thing, and that's crushing our same-store new number and growing our market share. The deals that are out there are going to be out there in the fall, in the winter, and we believe they're only going to get better. So we're not in a rush to have money leave our vault at a level that we believe we could deploy that later and get better. The goal is always going to be to do acquisitions. That's the blueprint of our company from the beginning of time. And whether it ends up being 25 or 35 or 18, it always needs to be smart, profitable and accretive.

是的，你說的是13 家。 。那是在我們打開（聽不清楚）看看後半部有哪些收購之前。但我不會只是透過買東西來滿足一個數字。我們知道每天、每週都會有優惠。現在，當我們五月、六月和七月的今天坐在這裡時，馬特和我專注於一件事，那就是粉碎我們的同店新數量並增加我們的市場份額。那裡的交易將在秋季、冬季推出，我們相信它們只會變得更好。因此，我們並不急於讓資金離開我們的金庫，達到我們相信稍後可以部署並變得更好的水平。目標始終是進行收購。這就是我們公司成立之初的藍圖。無論最終是 25 歲、35 歲還是 18 歲，它總是需要聰明、盈利和增值。

Got it. I may have missed this, but how does OEM promotional support in the quarter? And then how has that been trending so far in 2Q?

知道了。我可能錯過了這一點，但是本季度 OEM 促銷支援如何？那麼，第二季度迄今的趨勢如何？

We didn't really have that much promotional support in Q1, like we did in Q4 of last year because we had taken the bulk of our bath back then but manufacturers have always been helpful, particularly THOR, Forest River and Winnebago have always been helpful in addressing it. We want to always find the balance so. And the balance is, I'm not going to take money if I need to buy more inventory in exchange for it. We don't want to get hooked on that drug or you have to buy something to get something. We want you to help us with the product we bought and it needs -- the period needs to be at the end of that sentence. And then we want to make good inventory purchasing decisions that are separated from that assistance. So we did not have much in the quarter at all, Tom?

我們在第一季並沒有像去年第四季那樣提供那麼多的促銷支持，因為當時我們已經採取了大部分行動，但製造商一直都很樂於助人，特別是THOR、Forest River 和Winnebago 一直都很樂於助人。我們希望始終找到平衡。平衡點是，如果我需要購買更多庫存來換取它，我就不會拿錢。我們不想對這種藥物上癮，或者你必須買東西才能得到東西。我們希望您幫助我們購買我們購買的產品及其所需的產品 - 句號需要位於該句子的末尾。然後我們希望做出與該幫助無關的良好庫存採購決策。所以我們這個季度根本就沒有什麼，湯姆？

No, no, not much at all.

不，不，一點也不。

And just as well, we like the manufacturers in a healthy position and continue to maintain and innovate their products just as well. So never do we want to take needlessly, just any sort of promotional support knowing that just as well, we can both be profitable together as we pursue certain price point segments, which we worked very well with especially the 3 entities that Marcus has named already THOR, Forest River, Winnebago, to continue to target those segments.

同樣，我們希望製造商保持健康的狀態，並繼續維護和創新他們的產品。因此，我們永遠不想接受不必要的任何形式的促銷支持，因為我們知道，當我們追求某些價格點細分時，我們都可以一起盈利，我們與特別是馬庫斯已經命名的3 個實體合作得很好THOR、Forest River、Winnebago 將繼續瞄準這些細分市場。

Yes, one more thing to just point out on top of that, and I think Matt alluded to it. We've also invested and so have they in launching some exclusive locations. And we have, I think how many we have now, total? We just launched 5 within this segment or within the spirits, I think we're up to 8 now yes. So the exclusive locations that we've launched, whether that's Grand Design of Green Bay or Keystone of Northern Michigan or whatever it may be, are performing really nicely. And I think we're learning that the future growth of this business, in addition to Camping World stores, may have cracked the code on a way to have incremental store growth and incremental acquisitions with a lower cost of capital deployed to do those not building out big retail stores. They're not on 20 acres. They don't take on big rent factors.

是的，除此之外還需要指出一件事，我認為馬特也提到了這一點。我們也投資了，他們也投資了一些獨家地點。我想我們現在總共有多少？我們剛剛在這個細分市場或烈酒中推出了 5 種，我想我們現在已經達到 8 種了，是的。因此，我們推出的獨家地點，無論是格林灣的 Grand Design 還是北密西根的 Keystone 或其他任何地點，都表現得非常好。我認為我們正在了解到，除了露營世界商店之外，這項業務的未來增長可能已經破解了一種方法，以較低的資本成本部署來實現增量商店增長和增量收購，以完成那些不建設的業務大型零售店。他們佔地不到20英畝。他們不考慮很大的租金因素。

So the true road on those is pretty good. I mean, the return on investment has been pretty spectacular in those areas. And I would expect us to continue to double down on those. The manufacturers are spending some money on that. So when you talk about assistance, assistance from manufacturers can come in the form of training, which they've all been amazing. -- investing in parts and service systems, which they've all been doing, investing in aging processes, which they've all been doing, and investing in this exclusive store concept. We couldn't be happier with the partnerships and the participation that the 3 core manufacturers have provided not only our company, but we believe the other dealers as well.

所以真正的道路是相當不錯的。我的意思是，這些領域的投資回報非常可觀。我希望我們能夠繼續在這些方面加倍努力。製造商正在為此投入一些資金。因此，當您談論幫助時，製造商的幫助可以以培訓的形式提供，這一切都令人驚嘆。 ——投資零件和服務系統，他們一直在做，投資老化過程，他們一直在做，並投資這個獨家商店概念。我們對三大核心製造商不僅為我們公司提供的合作夥伴關係和參與感到非常高興，而且我們也相信其他經銷商。

Our next question is from the line of Alice Wycklendt with Baird.

我們的下一個問題來自 Alice Wycklendt 和 Baird。

On for Craig this morning. I think just 1 question. I wanted to dig in on the new margin side. I mean, I think the gross profit dollars came in around 5,400 per unit gross margin percentage just under 14%. It sounds like there maybe weren't any significant transitory factors from OEM support in the quarter. But how should we think about that number through the balance of the year?

今天早上克雷格。我想只有 1 個問題。我想深入研究新的利潤方面。我的意思是，我認為每單位毛利約為 5,400 美元，毛利率略低於 14%。聽起來本季 OEM 支援可能沒有任何重大的暫時性因素。但我們該如何看待今年剩下的這個數字呢？

I think that this is largely indicative of what we normally see in the first quarter of most years. If you look at pre-pandemic margin levels, so I would suggest then that for the next 2 quarters, probably could bump up around that 15% range, if not a little bit higher, depending upon what that general mix is of inventory. And then generally, the fourth quarter kind of settles in, once again, a little bit lower, but perhaps like 14.5%, give or take.

我認為這在很大程度上反映了我們通常在大多數年份第一季看到的情況。如果你看看大流行前的利潤水平，那麼我建議，在接下來的兩個季度，可能會在 15% 的範圍內上漲，甚至更高一點，這取決於庫存的整體組合。然後總的來說，第四季再次穩定下來，有點低，但可能是 14.5%，或多或少。

So to your point, Alice, there was no manufacturer assistance putting that number at 14%. That was true performance. I'm hoping, and I think Matt and I are definitely on the same page about this. As we work through the last [3,800 23s] and sort of shrink that down, that is really what could prop it up to 15%. I think 15% is probably a good number for Q2 and Q3. We obviously still want to take care of the customer. we still want to actually grow market share. And then as you get back into the fourth quarter, it's going to fall back down again because we want to clean inventory going into the end of the year, things are a little quieter. You have to incentivize the customer a little bit more, but we're feeling good about where our new margins are. We always want to have more. One of the downsides of driving ASPs down is even though you open up the dam and you find more people, the total gross profit dollars on the front end when you lower ASPs, even when margins are good, they're a little lower. So hopefully, over time, as interest rates come back down and affordability becomes a little easier those ASPs could start to rise 1,000 here, 1,000 there and get us back to where we think it really should be, which is right around that $39,000 to $40,000 range.

所以就你的觀點而言，愛麗絲，沒有製造商協助將這個數字定為 14%。那是真實的表現。我希望如此，而且我認為馬特和我在這一點上的看法肯定是一致的。當我們完成最後的 [3,800 23s] 並將其縮小時，這確實可以將其支撐到 15%。我認為 15% 對於第二季和第三季來說可能是一個不錯的數字。顯然我們仍然想照顧客戶。我們仍然希望真正增加市場佔有率。然後，當你回到第四季時，它會再次下降，因為我們想在年底清理庫存，情況會稍微平靜一些。你必須多一點激勵客戶，但我們對新的利潤率感覺良好。我們總是想擁有更多。降低平均售價的缺點之一是，即使你打開水壩並找到更多的人，當你降低平均售價時，前端的總毛利美元，即使利潤率很高，也會略低一些。因此，希望隨著時間的推移，隨著利率回落並且負擔能力變得更容易，這些平均售價可以開始在這裡上漲1,000 美元，那裡上漲1,000 美元，讓我們回到我們認為真正應該的水平，即39,000 美元到40,000 美元左右範圍。

Ladies and gentlemen, this concludes our question-and-answer session. I would now hand the conference over to Marcus Lemonis for his closing comments.

女士們先生們，我們的問答環節到此結束。我現在將會議交給馬庫斯·萊莫尼斯（Marcus Lemonis）發表閉幕詞。

Great. Thank you so much for joining the call. As we continue to deal with the headwind, we want the market to understand that we are very disciplined about our balance sheet. We're very focused on delivering on the results, and we thank you for your support. So we'll see you on the next call. Take care.

偉大的。非常感謝您加入通話。當我們繼續應對逆風時，我們希望市場明白我們對資產負債表非常嚴格。我們非常注重交付成果，並感謝您的支持。那我們下次通話再見。小心。

Thank you. The conference of Camping World Holdings Inc. has now concluded. Thank you for your participation. You may now disconnect your lines.

謝謝。露營世界控股公司的會議現已結束。感謝您的參與。現在您可以斷開線路。

So we'll see you on the next call. Take care.

那我們下次通話再見。小心。