Camping World Holdings Inc (CWH) 2024 Q2 法說會逐字稿

Good day, and welcome to the Camping World Holdings, Inc. second-quarter 2024 results conference call. (Operator Instructions) Please note this event is being recorded.

美好的一天，歡迎參加 Camping World Holdings, Inc. 2024 年第二季業績電話會議。（操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Brent Moody. Please go ahead.

我現在想把會議交給布倫特·穆迪。請繼續。

Actually, it will be Lindsey Christen, who will be reading that section. Thank you.

實際上，林賽·克里斯滕將閱讀該部分。謝謝。

Good morning, everyone. A press release covering the company's second-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.

大家早安。昨天下午發布了一份涵蓋該公司 2024 年第二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。

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 pipeline and plans, capital allocation, and anticipated financial performance.

管理階層對本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。這些言論可能包括有關我們的業務計劃和目標、行業和客戶趨勢、庫存預期、通貨膨脹的預期影響、利率和市場狀況、收購管道和計劃、資本配置以及預期財務業績的聲明。

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-Q 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.

由於各種重要因素，包括我們的表格 10-K、表格 10-Q 和向 SEC 歸檔的其他報告的風險因素部分中討論的因素，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 second-quarter results are made against the 2023 second quarter unless otherwise noted.

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原則財務指標，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 年第二季業績的所有比較均與 2023 年第二季進行。

I will now turn the call over to Marcus.

我現在將把電話轉給馬庫斯。

Good morning, Lindsey. Joining me on today's call is Matthew Wagner, who's our President; Lindsey Christen, Chief Administrative Officer; Brett Andress, Senior Vice President of Investor Relations. Unfortunately, Tom Kirn, our CFO, has fallen ill and was part of preparing today's remarks but was unable to join the call.

早上好，林賽。參加今天電話會議的是我們的總裁馬修‧瓦格納 (Matthew Wagner)。林賽·克里斯滕，首席行政官；布雷特‧安德斯 (Brett Andress)，投資人關係資深副總裁。不幸的是，我們的財務長湯姆·基恩（Tom Kirn）生病了，他正在準備今天的講話，但無法參加電話會議。

On today's call, we're going to cover both the operational and financial highlights of the quarter while providing comments on the future ahead. Before we get into those details, I wanted to take a moment to show my immense gratitude to Brent Moody and Karin Bell for their over 40 years of combined service to Camping World. It's been a real privilege for me and an honor to grow this business from the beginning with both of them.

在今天的電話會議上，我們將介紹本季的營運和財務亮點，同時對未來發表評論。在我們討論這些細節之前，我想花點時間向 Brent Moody 和 Karin Bell 表達我的極大謝意，感謝他們 40 多年來為 Camping World 提供的共同服務。對我來說，能夠從一開始就與他們一起發展這項業務真是一種榮幸。

As we look towards 2025 and beyond, I could not be prouder of Matthew Wagner on his promotion to President and Tom Kirn to his promotion as Chief Financial Officer. These two individuals know this company very well. They've been instrumental in working side-by-side with me for many years to help set the strategic direction of our business. Without exception, they, along with Lindsey Christen, our Chief Administrative and Legal Officer, are the right talent at the right time to fuel Camping World's future growth.

展望 2025 年及以後，我對馬修·瓦格納 (Matthew Wagner) 晉升為總裁和湯姆·基恩 (Tom Kirn) 晉升為首席財務官感到無比自豪。這兩個人非常了解這家公司。多年來，他們一直與我並肩工作，幫助制定我們業務的策略方向。無一例外，他們以及我們的首席行政和法律官 Lindsey Christen 都是在正確時間推動 Camping World 未來發展的正確人才。

As we're all aware, the last 24 months have been challenging for all of us: the industry, our company, everybody. But despite those factors, our company has taken the decades of experience to continue to outperform others in the industry. We continue to work hard to improve the overall financial results for 2024, and we're pleased with several operational highlights and milestones, like record market share for our company, double-digit new same-store sales improvement while the industry reports double-digit decreases, record gross profit for the quarter for our Good Sam business, opening up 16 new locations, the launch and performance of our OEM exclusive stores, the establishment of a broader used infrastructure for the future, and profitability during the highest inflation and interest rate environment in 20 years.

眾所周知，過去 24 個月對我們所有人來說都是充滿挑戰的：產業、我們的公司、每個人。但儘管有這些因素，我們公司憑藉著數十年的經驗，繼續超越業內其他公司。我們將繼續努力改善 2024 年的整體財務業績，我們對幾個營運亮點和里程碑感到滿意，例如我們公司創紀錄的市場份額、兩位數的新同店銷售增長以及行業報告兩位數的增長下降， Good Sam 業務本季創紀錄的毛利，開設16 家新店，我們的OEM 專賣店的推出和業績，為未來建立更廣泛使用的基礎設施，以及在最高通膨和利率期間的盈利能力20年後的環境。

There's a variety of other notable achievements, but it's important for us to also acknowledge some of the challenges. We've had to liquidate model years like '22 and '23 as model year 2024 has come out with a lower price. We've had the balance of tight expense management while building and utilizing an infrastructure around our company's thesis of growth.

還有許多其他值得注意的成就，但對我們來說，承認一些挑戰也很重要。我們不得不清算「22」和「23」等年份車型，因為 2024 年車型的價格較低。我們在嚴格的費用管理和圍繞公司成長主題構建和利用基礎設施的同時取得了平衡。

We've had a difficult employment environment with rapidly rising wages and benefits costs while growing the base of operations through acquisitions and new store openings. And we have the highest rate of inflation and the highest rate environment in 20 years. It not only affects the consumer, but it affects our floorplan interest, our senior debt interest expense, and we know that it's been meaningful to our P&L, and we look forward to rate reductions in the future as every quarter point of rate reduction just in our floor plan alone will return $4 million of earnings and cash flow to our business.

我們的就業環境很困難，薪資和福利成本迅速上漲，同時透過收購和開設新店擴大了業務基礎。我們面臨著20年來最高的通貨膨脹率和最高的利率環境。它不僅影響消費者，而且影響我們的平面圖利息、我們的高級債務利息支出，我們知道這對我們的損益有意義，我們期待未來降息，因為每降息四分之一個百分點僅我們的平面圖就將為我們的業務帶來400 萬美元的收入和現金流。

The two key things that we are front and center focused on as we work through the balance of the year and prepare for what we hope will be a much more prosperous 2025 or how we're handling our used and how we're managing our SG&A. First, our volume is on used -- is not where we hoped it would be. But unlike other areas outside of our control, this one is squarely in our hands.

在我們度過今年剩下的時間並為我們希望更加繁榮的 2025 年做準備時，我們重點關注的兩個關鍵事情是我們如何處理我們的二手貨以及我們如何管理我們的 SG&A 。首先，我們的捲已被使用——不是我們希望的那樣。但與我們無法控制的其他領域不同，這一領域完全掌握在我們手中。

Starting late last year, after model 2024 pricing was revealed, we recognize the need to adjust quickly. We elected to temporarily pull back our level of aggressiveness on used acquisition so that we can see how model year 2020 -- '24 pricing would affect values in the entire market.

從去年年底開始，2024 年車型的定價公佈後，我們意識到需要快速調整。我們選擇暫時降低對二手車收購的積極程度，以便我們可以看到 2020 年車型 - '24 的定價將如何影響整個市場的價值。

A out of quick mindset, much like we had on the new side is what we had to do. And when you look at our very, very aggressive style of eliminating new models in 2022 and 2023, and you see the fruits of that labor with our market share growth in 2024 on new, we had a pretty good idea there. We've now decided to take that same level of conservative approach as it relates to our used.

我們必須採取快速的思維方式，就像我們在新方面一樣。當你看到我們在 2022 年和 2023 年淘汰新車型的非常非常激進的風格時，你會看到我們的勞動成果以及 2024 年新車型的市場份額增長，我們有一個非常好的主意。我們現在決定採取與我們使用的相關的相同程度的保守方法。

As we entered the year, we had high expectations that rates would start to get cut, and that sentiment would improve. After the first quarter, we felt like maybe it was going to be delayed a little bit. And we just needed to keep cleaning inventory and prepare for the upcoming selling season. May would come, and we would hope to see things dramatically improve.

進入今年，我們對利率將開始下調以及市場情緒將有所改善抱有很高的期望。第一季之後，我們覺得可能會延後一點。我們只需要繼續清理庫存，為即將到來的銷售季節做好準備。五月即將到來，我們希望看到情況顯著改善。

Well, while it did for us in certain areas, the industry continued to struggle. While we started to see nice gains on the new side simply because we play the lower price point gain, we continue to see the dealers at large struggle -- some down to as much as 20% to 30% -- on a year-over-year basis. That concerned us.

好吧，雖然它在某些領域為我們帶來了好處，但該行業仍在苦苦掙扎。雖然我們開始看到新方的良好收益只是因為我們發揮了較低的價格點收益，但我們仍然看到經銷商在一年中陷入困境 - 有些下降到 20％ 至 30％年為基礎。這讓我們很擔心。

Although we were gaining in market share, improving new sales, the data for the overall industry seemed to be getting worse. In that moment, we made the conscious decision to hunker down, selling off for closing underperforming assets, tightening up our inventory pieces. The slowdown of buying more used inventory wasn't around our lack of confidence in our ability, but our concern about the aged inventory that was still looming across the inventory in businesses that we didn't control and what impact that could potentially have on us.

儘管我們的市場份額不斷增加，新銷量也不斷提高，但整個行業的數據似乎正在變得更糟。在那一刻，我們有意識地決定縮手縮腳，拋售以關閉表現不佳的資產，收緊我們的庫存。購買更多二手庫存的放緩並不是因為我們對自己的能力缺乏信心，而是因為我們擔心我們無法控制的企業庫存中仍然存在老化庫存，以及這可能對我們產生什麼影響。

As of this morning, we estimate that there's still in excess of 14,000 units on dealer lots that are 2022s and 2023s, and that's a real uncomfortable level of distressed dealers and inventory for us. As more dealers started coming to us to sell, manufacturers and bank chatter around distressed dealers, stat surveys showing dealers down mid- to upper-double-digits, we thought it would be best to protect our kingdom.

截至今天早上，我們估計 2022 年和 2023 年的經銷商地塊上仍有超過 14,000 輛單位，這對我們來說確實是一個令人不安的經銷商和庫存水平。隨著越來越多的經銷商開始來找我們銷售，製造商和銀行圍繞著陷入困境的經銷商喋喋不休，統計調查顯示經銷商的收入下降了中上兩位數，我們認為保護我們的王國是最好的。

A true balance of mitigating risk and being prepared to be opportunistic is how we wanted to approach the balance of the year. We've shifted some of that risk by getting better at doing consignments as a percentage of our total used inventory. With a lower risk appetite, we acknowledge that the consignment level of profitability isn't as good as the units that we purchased. It's still better than new, but it's slightly underperformed on a margin basis by 2 to 3 points at a minimum.

我們希望在今年餘下的時間裡實現降低風險和做好機會主義準備之間的真正平衡。我們透過更好地處理寄售占我們已用庫存總量的百分比來轉移部分風險。由於風險偏好較低，我們承認寄售的獲利水準不如我們購買的單位。它仍然比新的更好，但在保證金基礎上表現稍差，至少 2 到 3 個百分點。

We expect as we continue to sell down our own used inventory and transition into more consignments on a temporary basis, that we're going to continue to see pressure against our margins from our traditional and historical 20% margin -- something we think is temporary. As we gain confidence in the macro, hoping for that first rate cut potentially in September and we get past the election, we'll become more confident to start aggressively ramping up our purchases, because the risk won't seem as pronounced.

我們預計，隨著我們繼續出售自己的二手庫存並臨時過渡到更多寄售，我們將繼續看到我們的傳統和歷史 20% 利潤率對我們的利潤率造成壓力——我們認為這是暫時的。隨著我們對宏觀經濟信心增強，希望在 9 月首次降息，並且我們能夠度過大選，我們將更有信心開始積極增加購買，因為風險似乎不會那麼明顯。

Second, in our opinion, we all have to continue to have a marker that lands SG&A in the 72% to 73% range. I've been consistent about that since the inception of our business. For the quarter, we missed our target for very specific reasons. Our gross profit is still under temporary pressure. And while we don't like it, we find it to be more important to continue to move inventory, continue to keep our inventory clean and gain market share.

其次，我們認為，我們都必須繼續有一個將 SG&A 控制在 72% 至 73% 範圍內的標記。自從我們業務成立以來，我一直堅持這一點。由於非常具體的原因，我們在本季未能實現目標。我們的毛利仍面臨暫時壓力。雖然我們不喜歡這樣，但我們發現繼續轉移庫存、繼續保持庫存清潔並獲得市場份額更為重要。

Second, the average selling price has dropped more than $5,000 on a like-for-like models from a year ago. 120,000 units have a $5,000 lower ASP; that's a significant amount. Now when you lower ASPs, keep in mind that even when our margins maintain historical levels -- on new, for example, it's 15 or used, 19 to 20 -- there is a significant reduction in the gross profit per unit simply because the average selling price is lower.

其次，同類型號的平均售價比一年前下降了 5,000 美元以上。 12 萬套的平均售價低 5,000 美元；這是一個很大的金額。現在，當您降低平均售價時，請記住，即使我們的利潤率保持歷史水平（例如，新產品為15 美元，二手產品為19 至20 美元），單位毛利也會大幅下降，這僅僅是因為平均利潤率銷售價格較低。

Third as the company grows with acquisitions, new store openings, advanced training, rapidly expanding technology, infrastructure around new tech and cybersecurity, rising wages -- yeah, it's a long list. It's a long list about building an infrastructure and maintaining an infrastructure to be the company that we've always been and will continue to be. We are a growth company.

第三，隨著公司透過收購、新店開業、高級培訓、快速擴展的技術、圍繞新技術和網路安全的基礎設施、不斷上漲的工資來發展——是的，這是一個很長的清單。這是一個關於建立基礎設施和維護基礎設施的長長的清單，以成為我們一直以來並將繼續成為的公司。我們是一家成長型公司。

Now we're not naive to think that we shouldn't be making changes, and we have. As I mentioned earlier, we've closed locations. We've laid people off. We've deferred initiatives into the future, but we still have an infrastructure that we want to protect because we believe particularly in recent times that we're starting to see the inflection point. But we're seeing that simply on the new side.

現在我們並不天真地認為我們不應該做出改變，我們確實已經這樣做了。正如我之前提到的，我們已經關閉了地點。我們已經解雇了人。我們已將舉措推遲到未來，但我們仍然擁有想要保護的基礎設施，因為我們相信，特別是在最近一段時間，我們開始看到轉折點。但我們只是在新的方面看到了這一點。

It is important to be clear that our conviction stems from our current outperformance of our competitors. Our growth in market share, which is record breaking, and our belief that 2025 will be a much better year is how we are entering the balance of the year.

重要的是要明確，我們的信念源自於我們目前優於競爭對手的表現。我們的市佔率破紀錄成長，我們相信 2025 年將是更好的一年，這就是我們進入這一年餘下時間的方式。

I'll now turn the call over to Matt.

我現在將電話轉給馬特。

Thank you, Marcus. As mentioned, our intentional and disciplined inventory management led to another quarter of robust new unit sales growth. We continue to significantly outpace the broader new RV industry sales, resulting in material market share gains in April and May based on the most recently reported stat survey information. And as we exited May to June, we started to see new comp trends accelerate to mid-teens growth with July increasing further into the low-20s.

謝謝你，馬庫斯。如前所述，我們有意且嚴格的庫存管理導致新銷售又一個季度強勁成長。根據最新報告的統計調查信息，我們繼續顯著超過更廣泛的新房車行業銷售，導致 4 月和 5 月的市場份額大幅增長。隨著 5 月到 6 月的結束，我們開始看到新的比較趨勢加速到 15 左右的成長，而 7 月則進一步成長到 20 左右。

As Mark has discussed, we moved through the quarter, and we became a bit more risk-averse in our used procurement strategy as we're seeing little to no improvement in the amount of competitors out there with aged inventory, and we were concerned about the overall health of the larger dealer body.

正如馬克所討論的，我們度過了這個季度，我們在使用的採購策略中變得更加規避風險，因為我們發現擁有老化庫存的競爭對手數量幾乎沒有任何改善，我們擔心較大經銷商機構的整體健康狀況。

In the back half of the quarter, we saw some stabilization and gained a bit more visibility into the model year 2025 pricing. With that knowledge, our user intake in June increased year over year for the first time in over 10 months with record volumes of consignments and inbound leads. We are proceeding judiciously into the second half of the year and expect continued pressure on used vehicle unit volumes and margins, particularly in the third quarter.

在本季後半段，我們看到了一些穩定的情況，並對 2025 年車型的定價有了更多的了解。有了這些知識，我們 6 月的用戶攝取量在 10 多個月以來首次同比增長，寄售量和入境潛在客戶數量創歷史新高。我們正在明智地進入今年下半年，並預計二手車銷售和利潤率將繼續面臨壓力，特別是在第三季。

We are committed to building the infrastructure for used RV sales business that the consumer and ultimately, we at Camping World will benefit from. Specifically, our CW Auctions business has created both market efficiency and market transparency. In just eight months, the CW Auctions business has had over 3 million unique views and over 1,000 sold assets with over 4,300 individual bidders.

我們致力於為二手房車銷售業務建立基礎設施，消費者以及我們露營世界最終都將從中受益。具體來說，我們的 CW 拍賣業務創造了市場效率和市場透明度。在短短 8 個月內，CW 拍賣業務已獲得超過 300 萬次獨特瀏覽，並有超過 4,300 名個人競標者出售了 1,000 多件資產。

Today, we are pleased to say we have multiple third-party banks and manufacturers signed onto the platform presenting a unique countercyclical opportunity for us. We've also invested in infrastructure meant to reduce transaction friction and increase sales volume across our new and used assets, including nationwide mobile inspections, online private party listings, centralized procurement teams, and industry-leading parts portal for our service shop, and the formal launch of our CW Direct channel.

今天，我們很高興地說，我們有多家第三方銀行和製造商簽署了該平台，為我們提供了獨特的反週期機會。我們還投資了旨在減少交易摩擦並增加新舊資產銷售的基礎設施，包括全國範圍內的移動檢查、在線私人方列表、集中採購團隊以及我們服務店的行業領先的零件門戶，以及正式推出CW Direct頻道。

As we've proven over the last decade, the investments that we make from our purchase, the industry leader had the effect of both influencing and throttling the behavior of the broader RV industry. As we begin to look into 2025, we know that our company gets much sharper in downturns. We are focused on prudently reestablishing our used business, establishing our dominance as the market maker in the RV industry, all while expanding upon the tremendous progress we have made in Good Sam service and our new unit market share.

正如我們在過去十年中所證明的那樣，我們透過購買行業領導者進行的投資既影響又限制了更廣泛的房車行業的行為。當我們開始展望 2025 年時，我們知道我們的公司在經濟低迷時期會變得更加嚴重。我們專注於謹慎地重建我們的二手車業務，建立我們作為房車行業做市商的主導地位，同時擴大我們在 Good Sam 服務和新房車市場份額方面取得的巨大進步。

Lastly, throughout our history, we demonstrated our expertise in taking distressed dealerships and quickly turning these assets around, most recently evidenced by a large multi-location chain that was losing nearly $10 million annually prior to our acquisition. In just six months, all seven dealerships are profitable, reporting top quartile dealership KPI metrics, and all of them are taking market share in their respective geographies. We are positioned to act upon what we believe will be a number of unique dealership acquisition opportunities in the coming months.

最後，在我們的整個歷史中，我們展示了我們在收購陷入困境的經銷商並迅速扭轉這些資產方面的專業知識，最近一個大型多地點連鎖店在我們收購之前每年損失近1000 萬美元就證明了這一點。在短短六個月內，所有七家經銷商都實現了盈利，報告了排名前四分之一的經銷商 KPI 指標，並且所有經銷商都在各自地區佔據了市場份額。我們相信，未來幾個月將有許多獨特的經銷商收購機會，我們將採取行動。

I'll now turn the call back over to Marcus to discuss our financial results and also provide concluding remarks.

現在我將把電話轉回給馬庫斯，討論我們的財務表現並提供結論性意見。

Thanks, Matt. As a reminder, I'm covering this section for my teammate, Tom Kirn, who's out today. He'll be available post this call in the coming week to answer any specific questions that people may have.

謝謝，馬特。提醒一下，我正在為我的隊友湯姆·基恩（Tom Kirn）報道這一部分，他今天不在。他將在下週發布此電話會議，回答人們可能提出的任何具體問題。

Turning to the financials for the second quarter, we recorded a revenue of $1.8 billion, a decline of 5% from last year, driven primarily by used unit volume with new vehicle rising for the second consecutive quarter to $847 million, an increase of 6% over last year. Good Sam services and plans posted another quarter of record gross profit at $35.4 million. With products, services and other, our core dealer services revenue continued to show growth, while product sales declined primarily due to lower retail accessory attachment as we sold fewer used vehicles in the quarter, and top line was partially impacted by the sale of our furniture business in early May.

轉向第二季度的財務數據，我們的收入為 18 億美元，比去年下降 5%，主要是由於二手車銷量連續第二個季度增長至 8.47 億美元，增長 6%比去年。Good Sam 服務和計劃再創季度毛利紀錄，達 3,540 萬美元。在產品、服務和其他方面，我們的核心經銷商服務收入持續呈現成長，而產品銷售下降主要是由於零售配件配件減少，因為我們在本季度銷售的二手車減少了，而收入部分受到家具銷售的影響五月初做生意。

Our adjusted EBITDA for the quarter was $105.6 million, with the primary driver of the year-over-year decline stemming from our deliberate actions to remain risk-averse in our used inventory procurement, impacting used vehicle volume and consequently used vehicle gross profit. We now expect used vehicle volume for the full year to be roughly 50,000 units with margins in the back half in the range of mid- to high-teens. While our conservative stance on used procurement will still -- will have the effect of weighing on used gross profit dollars and thus our SG&A to gross profit ratio by anywhere from 3 to 6 points higher than we previously expected.

我們本季調整後的 EBITDA 為 1.056 億美元，較去年同期下降的主要原因是我們在二手車庫存採購中採取了規避風險的故意行動，影響了二手車數量，從而影響了二手車毛利。我們現在預計全年二手車銷量約為 50,000 輛，下半年利潤率將在中雙位數至高雙位數之間。雖然我們對二手採購的保守立場仍然會影響二手毛利，因此我們的 SG&A 與毛利比我們之前的預期高出 3 到 6 個百分點。

We continue to aggressively manage our cost structure and assess underperforming assets. We have been extremely pleased by the performance of our ODM exclusive stores as we ramp our consignment and CW Auctions channels. We are undergoing a review of our dealership portfolio with plans to reconfigure brand banners and protect mix and product mix at select stores in key markets to improve the yield on our fixed cost base.

我們持續積極管理成本結構並評估表現不佳的資產。隨著我們擴大寄售和 CW 拍賣管道，我們對 ODM 專賣店的表現感到非常滿意。我們正在對我們的經銷商組合進行審查，並計劃重新配置品牌橫幅並保護主要市場的選定商店的組合和產品組合，以提高我們固定成本基礎上的收益。

On the balance sheet, we ended the quarter with about $223 million of cash, including approximately $200 million of cash in the floorplan offset accounts. We also had $262 million of used inventory, net of flooring, and roughly, $187 million of parts inventory. Finally, we own about $145 million of real estate without an associated markets.

在資產負債表上，本季末我們擁有約 2.23 億美元的現金，其中包括平面圖抵銷帳戶中約 2 億美元的現金。我們還有 2.62 億美元的二手庫存（扣除地板）以及約 1.87 億美元的零件庫存。最後，我們擁有約 1.45 億美元的房地產，但沒有相關市場。

I'd now like to turn the call back over to the operator for Q&A.

我現在想將電話轉回給接線員進行問答。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（操作員說明）

John Healy, Northcoast Research.

約翰希利，北海岸研究中心。

Thanks, guys. Marcus, I wanted to dive into a comment you made. You said you feel like 2025 will be a better year. Can you maybe give us a little bit of a hint of what you think 2025 looks like and maybe some framework of maybe how you might be approaching merchandising or just kind of sizing and building your book of business for next year?

謝謝，夥計們。馬庫斯，我想深入探討你的評論。你說你覺得 2025 年會是更好的一年。您能否向我們透露您對 2025 年的看法，以及您可能如何進行商品推銷的一些框架，或者只是確定明年的業務規模和建立業務簿？

Yeah. I'll split it into three distinct sections. First, with the rapid increase in our new same-store sales, we feel very confident that we have reached an inflection point with our ability to drive new sales year over year improvement again in 2025. I think what we're really excited about on the new side is that we won't be liquidating out of '22s and '23s. So we see an opportunity to see margin stabilization in that 15% range, which I'm hopeful that maybe we can be a little higher than that, but that's sort of what we're forecasting.

是的。我將把它分成三個不同的部分。首先，隨著我們新同店銷售額的快速成長，我們非常有信心在2025年再次推動新銷售額逐年改善，我們已經達到了轉折點。我認為我們對新方面真正感到興奮的是，我們不會在 1922 年代和 1923 年代清算。因此，我們看到了利潤率穩定在 15% 範圍內的機會，我希望我們的水平可能會比這個高一點，但這就是我們的預測。

On the used side, it is our anticipation with the hopeful rate cut and getting the election behind us and having 2025 model years come out, so we can become aggressive again in our acquisition process. We have the infrastructure to do it. And quite frankly, we're more we're better equipped today than we were even two years ago when we were setting records with what Matt has done on the auctions and a variety of other things.

在二手車方面，我們期望降息、大選結束以及 2025 年車型問世，因此我們可以在收購過程中再次變得積極進取。我們擁有做到這一點的基礎設施。坦白說，我們今天的裝備比兩年前更好，當時我們用馬特在拍賣和其他各種事情上所做的事情創造了記錄。

And then lastly, our most important asset, Good Sam, as RV-ers to start to get comfortable again with getting out and campground activation start again and people start using the rigs, again, we expect to see continued growth on the Good Sam side. What we do also know is that as those gross profits return to normal on new and they return to the 19% to 21% range on used and Good Sam continues to stabilize, that will quickly bring our SG&A as a percentage of growth back in line closer to the goal of 72 to 73. I don't know that we'll get there right away, but it will start to bring it back in line.

最後，我們最重要的資產，Good Sam，隨著房車愛好者開始重新適應外出，露營地的激活再次開始，人們再次開始使用裝備，我們期望看到 Good Sam 方面的持續增長。我們也知道，隨著新產品的毛利恢復正常，二手產品的毛利恢復到19% 至21% 的範圍，並且Good Sam 繼續穩定，這將很快使我們的SG&A 在成長中所佔的百分比恢復正常距離72比73的目標更近了。我不知道我們是否會立即到達那裡，但它將開始使其恢復正常。

I think the thing that I'm most excited about is that we've acquired a number of locations over the last two years and even with the ones that Matt referenced that are profitable after being significant losers in the past that we're going to enjoy the fruits of the labor from all of those acquisitions. Improvements in our original stores, the growth of the acquisitions stores and us getting back into acquisition mode again is really going to all fuel 2025.

我認為最令我興奮的是，我們在過去兩年中收購了許多地點，即使是馬特提到的那些在過去遭受重大損失後仍能盈利的地點，我們將享受所有這些收購的勞動成果。我們原有商店的改進、收購商店的成長以及我們再次回到收購模式確實將為 2025 年提供動力。

Got it. And just a mechanical question for me. The relationship between new unit sales and Good Sam, I was just trying to get a little color on why Good Sam is not seeing maybe as much momentum as you're seeing just on the new unit side. Is there some offsets that I might not be aware of or might not quite understand?

知道了。對我來說這只是一個機械問題。關於新單位銷售和 Good Sam 之間的關係，我只是想了解為什麼 Good Sam 沒有看到像你在新單位方面看到的那樣強勁的勢頭。是否有一些我可能不知道或不太理解的偏移？

No. The Good Sam business is the steady Eddie horse in the race; it always has been. And when the market starts to collapse like it did a couple of years ago with negative same-store sales quarter after quarter month after month, Good Sam hung in there.

不。好山姆的生意就是比賽中穩定的艾迪馬；一直如此。當市場開始像幾年前那樣崩潰時，同店銷售額每季都呈現負數，好山姆堅持了下來。

On the opposite side, keep in mind, that the way that we record our revenue with Good Sam is deferred. And so if we sell a warranty today or sell a product today, we don't enjoy that immediately.

另一方面，請記住，我們記錄 Good Sam 收入的方式是遞延的。因此，如果我們今天出售保固或今天出售產品，我們不會立即享受這一點。

Matt, you want to add anything to that?

馬特，你想補充什麼嗎？

I wanted to also split it up into two separate buckets here, because in terms of our Good Sam products that we actually sell direct to consumer as well as our attached by means of our new and used RV sales, that business has performed quite well, where that was actually a record-breaking gross profit quarter for us for the second quarter for that business. However, John, you might be alluding to the Good Sam membership size, which if you are alluding to that, it is even -- to further clarify, technically, it is down slightly year over year. That was a conscious decision though that we made by means of a transition from a traditional membership file to an actual loyalty program.

我還想在這裡將其分為兩個單獨的部分，因為就我們的Good Sam 產品而言，我們實際上直接向消費者銷售以及透過新房車和二手房車銷售附加的產品，該業務表現相當不錯，這實際上是我們該業務第二季創紀錄的毛利季度。然而，約翰，你可能指的是 Good Sam 的會員規模，如果你指的是這一點，那麼，從技術上講，它甚至是 - 進一步澄清，它逐年略有下降。儘管我們透過從傳統的會員檔案過渡到實際的忠誠度計劃來做出這一決定，但這是一個有意識的決定。

During the introduction of that loyalty program, we've also actually entered into a free tier. And there's in excess of 300,000 free tiers that consumers are already subscribing to right now. That's not included in the numbers. So technically year over year, we're actually up on our membership size, and we've made that decision going from a traditional membership, which used to cost individually $29 a year, we actually raised the price for the first time in goodness. Marcus, it's probably over 15 years?

在推出該忠誠度計劃期間，我們實際上也進入了免費套餐。目前消費者已經訂閱了超過 30 萬個免費套餐。這不包括在數字中。因此，從技術上講，我們的會員規模實際上逐年增加，並且我們已經從傳統會員資格（過去每年的個人費用為 29 美元）做出了決定，實際上我們第一次善意地提高了價格。馬庫斯，大概已經超過 15 年了吧？

15 years, yeah.

15年了，是的。

And when we think about why we did that, we were able to remove what was -- I would regard as excess discounting at times through our retail channel. And we were able to reestablish a margin profile through our retail channel and actually enrich our cash position while at the same time providing customers the opportunity to come back and give repeat buyer and engage in a point subsidy. They're able to actually earn points every time they come back to us. So we have changed the entire narrative around that, and we've seen a lot of early success.

當我們思考為什麼要這樣做時，我們能夠消除有時透過我們的零售管道進行的過度折扣。我們能夠透過我們的零售管道重新建立利潤狀況，實際上豐富了我們的現金狀況，同時為客戶提供了回來並給予回頭客和參與積分補貼的機會。他們每次回到我們這裡都能夠真正賺取積分。因此，我們改變了圍繞這一點的整個敘述，並且我們已經看到了許多早期的成功。

Yeah, I think one thing that we learned as we really dug into the numbers is that in some cases, there was a subset of members who were strictly getting the membership to exploit the discounted retail, and we weren't getting the lifetime value by them taking on other products and services. And so we decided to add more benefits reward those members who did shop with us across multiple platforms, raise the price, but more importantly, raise the benefits at a greater rate.

是的，我認為，當我們真正深入研究這些數字時，我們了解到的一件事是，在某些情況下，有一小部分會員嚴格獲得會員資格以利用折扣零售，而我們並沒有通過以下方式獲得終身價值：他們接受其他產品和服務。所以我們決定增加更多的福利來獎勵那些在多個平台上與我們一起購物的會員，提高價格，但更重要的是，以更高的速度提高福利。

We saw a number of members who didn't necessarily want those other products fall off and candidly, our cost to fulfill that membership, the discounts we were providing them, that actually wasn't a profitable member for us. And so as a way for us to break that mould after more than a decade.

我們看到許多會員不一定希望其他產品下降，坦白說，我們履行該會員資格的成本，我們為他們提供的折扣，實際上對我們來說並不是一個有利可圖的會員。因此，這是我們在十多年後打破這種模式的一種方式。

Joe Altobello, Raymond James.

喬·阿爾托貝洛，雷蒙德·詹姆斯。

Thank you, guys. Good morning. First question on pricing. Marcus, you mentioned you had greater insight into model year '25. Are you still anticipating that pricing for this model year will be flat to up modestly?

謝謝你們，夥計們。早安.第一個問題關於定價。馬庫斯，您提到您對 25 年車型有了更深入的了解。您是否仍預計該車型今年的定價將持平或小幅上漲？

I think we're anticipating that it's going to be up modestly, but up modestly similar to how it was all the other years in the history of the industry. And as you know, Joe, we had this record rise in pricing on like-for-like units. And then we had for the first time in the history of the industry, this record deflation coming back down. I think the stabilization of new pricing and normal and customized sort of increases year after year that are small in nature because of normal inflation is kind of what it feels like we're getting back to. Matt?

我認為我們預計它會小幅上漲，但與該行業歷史上所有其他年份的情況類似。如你所知，喬，我們同類產品的定價創下了創紀錄的漲幅。然後，我們在該行業的歷史上第一次看到了創紀錄的通貨緊縮回落。我認為，新定價的穩定性以及年復一年的正常和客製化的成長，由於正常的通貨膨脹，本質上很小，這就是我們正在回歸的感覺。馬特？

It's, of course, Joe, going to just vary across different segments of the business where we believe some of these motorized segments could experience a little bit higher price points, in which case we're keeping a closed eye on where we can pick and choose our opportunities within the market to satisfy consumer demand, because our greatest concern and our greatest focus has always been the affordability of this lifestyle, which is why we consistently worked with the manufacturing partners like Thor, Winnebago, or Forest River. And they've been very effective in helping us actually create demand and satisfy demand in the marketplace.

當然，喬，業務的不同部分會有所不同，我們相信其中一些機動部分可能會經歷更高的價格點，在這種情況下，我們會密切關注我們可以在哪裡選擇和選擇我們在市場上的機會來滿足消費者的需求，因為我們最關心和最關注的一直是這種生活方式的負擔能力，這就是為什麼我們一直與Thor、Winnebago 或Forest River 等製造合作夥伴合作。他們非常有效地幫助我們真正創造需求並滿足市場需求。

In fact, within the month of July, we had pretty material growth within our new motorized segment on a same-store basis. Within that class C segment, I mean, goodness, we were up very high, double-digits, year over year. So I use that as one dataset just to prove that the manufacturers are willing to be very aggressive in certain segments with us, just at the same time, they have different margin obligations that they need to hit and we know that we need to hit while at the same time continue to expand this overall segment.

事實上，在 7 月份，我們的新機動部門在同店基礎上取得了相當大的成長。我的意思是，在 C 級細分市場中，天哪，我們的成長率非常高，年復一年達到兩位數。因此，我將其用作數據集，只是為了證明製造商願意在某些細分市場與我們一起非常積極，同時，他們需要達到不同的保證金義務，我們知道我們需要同時滿足同時繼續擴大這一整體細分市場。

And then me put a finer point on the increase on motorized or the increase in travel trailers. In every single instance, it's at the bottom of the price stack in those categories. And so if we look at travel trailers, our exceptional growth points really back to our strategy that we disclosed to all of you of driving down that average selling price and finding the elasticity and bringing customers in.

然後我對機動化或旅行拖車的增加提出了更詳細的觀點。在每一個實例中，它都位於這些類別中價格堆疊的底部。因此，如果我們看看旅行拖車，我們非凡的成長點實際上可以追溯到我們向大家披露的策略，即降低平均售價並找到彈性並吸引客戶。

We believe that the US consumer on products like this is focused on one thing and one thing only: their monthly payment. They know what they want. And while we're still seeing strong demand across all the categories, when we don't carry price points at the bottom of those individual type codes, we don't do well.

我們認為，美國消費者對此類產品的關註只關註一件事，而且只關註一件事：他們的每月付款。他們知道自己想要什麼。雖然我們仍然看到所有類別的強勁需求，但當我們不在這些單獨類型代碼的底部提供價格點時，我們的表現就不佳。

And what I think Matt and the inventory team did exceptionally well -- and I'll use that motorized case that Matt just mentioned as an example --- that was the lead engineering of opening price points inside of the Class C business, the Class B business, and the Class A. business, where we are taking some chances with volume buys, some levels of de-contenting and some creative ways to present the product to the customer on term, on rate, because all we're essentially doing is giving them the product they want maybe with a little less bells but at the payment they can afford.

我認為馬特和庫存團隊做得非常好 - 我將使用馬特剛才提到的機動案例作為例子 - 這是 C 級業務內部開放價格點的領先工程，Class B 類業務和A 類業務，我們在大量購買、一定程度的去內容化和一些創造性的方式上抓住機會，按時、按價向客戶展示產品，因為我們本質上所做的一切為他們提供他們想要的產品，也許價格要低一些，但價格是他們能負擔的。

That's simply why you're seeing our market share in our same-store number explode. We're following the customer to the affordability point that they are telling us to go to and not being ignorant to the fact that they don't want to buy expensive things. They're not going to take their monthly payments up too high.

這就是為什麼您會看到我們的同店市佔率爆炸性成長。我們追蹤客戶，直到他們告訴我們要達到的負擔能力點，並且不會忽視他們不想購買昂貴的東西。他們不會將每月還款額提高得太高。

As interest rates come back down -- and I want everybody to really understand this point -- as interest rates come back down sequentially, hopefully over the next couple of years, we believe that those ASPs will slowly rise back up. Because at the end of the day, the way that you come up with the monthly payment is a price of the unit and the rate. And so as those ASPs come back up, GPUs will come along with it.

隨著利率回落——我希望每個人都能真正理解這一點——隨著利率依次回落，希望在未來幾年內，我們相信這些平均售價將慢慢回升。因為歸根結底，您得出每月付款的方式是單位價格和費率。因此，當這些 ASP 重新出現時，GPU 也會隨之出現。

But we believe in order to see kind of a mid-cycle environment, we're going to need to see probably 200 basis points of reductions. It doesn't need to go back to free (technical difficulty) so we went from zero to 5-plus on the Fed funds rate. It doesn't need to go all the way back down to zero, but I think at this level right now, you're keeping certain buyers out of the market, because even with the cheapest travel trailer imputed against a 9% or 10% interest rate, it's a bit of a barrier.

但我們相信，為了看到某種中期環境，我們將需要看到大約 200 個基點的削減。它不需要回到免費狀態（技術難度），因此我們將聯邦基金利率從零提高到了 5+。它不需要一路回到零，但我認為在目前的這個水平上，你將某些買家排除在市場之外，因為即使最便宜的旅行拖車也以 9% 或 10% 計算利率，這是一個有點障礙。

So as those rates come back down, the funnel opens up not only in travel trailers than in each of those segments individually. To offset that in the short term, we're just driving prices down by stocking and selling less expensive units inside of each of those type boats.

因此，當這些價格下降時，漏斗不僅會在旅行拖車中打開，而且會在每個細分市場中單獨打開。為了在短期內抵消這種影響，我們只是透過在每種類型的船上儲存和銷售較便宜的設備來壓低價格。

Got it. Very helpful. Maybe just a housekeeping item. Dealership locations -- looks like they were flat versus Q1. Where do you guys expect to end the year at?

知道了。非常有幫助。也許只是一個家事用品。經銷店地點－看起來與第一季持平。大家預計今年會在哪裡結束呢？

I expect -- we don't have a final number, but we will end the year lower in our dealership headcount than we're operating today. The one thing I've learned over the 20 years that I've been doing this is if you have a situation that's not presenting a return on investment, you exit; you convert; you come up with another strategy.

我預計——我們沒有最終數字，但今年年底我們的經銷商人數將低於今天的營運人數。20 年來我在這方面學到的一件事是，如果你遇到的情況無法帶來投資回報，你就退出；否則，你就會退出。你轉換；你想出了另一個策略。

And while we are not removing our goal of getting to 320 locations in the foreseeable future, we are not going to do it at all costs. So if certain locations have to consolidate or convert or close, we're not going to hesitate. We take our SG&A very, very seriously. And we know that locations that are breaking even or losing money really don't help that cause of hitting the target that we want to be at, and we're not going to hold back and making those decisions.

雖然我們不會取消在可預見的將來開設 320 個地點的目標，但我們不會不惜一切代價實現這一目標。因此，如果某些地點必須合併、轉換或關閉，我們不會猶豫。我們非常非常重視我們的SG&A。我們知道，收支平衡或虧損的地點確實無助於實現我們想要達到的目標，我們不會猶豫並做出這些決定。

James Hardiman, Wedbush Securities.

詹姆斯‧哈迪曼，韋德布希證券。

Hey, good morning. So I wanted to dig into the June, July inflection and that you spoke to a little bit. I think you were careful to point to market share gain. I guess I'm curious what you think the broader industry is doing. Obviously, you may take a pretty big step down.

嘿，早安。所以我想深入探討六月、七月的轉捩點，你也談到這一點。我認為你很謹慎地指出了市場佔有率的成長。我想我很好奇你認為更廣泛的行業正在做什麼。顯然，你可能會邁出相當大的一步。

I think the general expectation or belief among investors is that things have only gotten worse since May. But you seem to be seeing something different and not only in the immediate term, but you seem to think that that's sustainable. And so I don't know if the sustainability of that is a function of -- you think your market share is going to get even better or you actually think maybe there's some inflection happening in the underlying industry.

我認為投資者的普遍預期或信念是，自五月以來，情況只會變得更糟。但你似乎看到了一些不同的東西，不僅在短期內，而且你似乎認為這是可持續的。所以我不知道它的可持續性是否是一個函數——你認為你的市場份額會變得更好，或者你實際上認為基礎行業可能會發生一些變化。

Well, I think first and foremost, we're not happy that we're seeing a 12% to 15%, 18% declines in the overall stat survey information. And based on what we have read and what we have heard, it did get progressively tougher in June and July. I think part of the difference that separates us from everybody else and the reason we think our company is so special is we understand how to modify our business, modify our inventory, modify our marketing, modify our cost structure in the face of very strong winds. We knew without a shadow of a doubt that the path to prosperity on the new side was taking our average in-stock selling price and stocking price down to a level where the intersection of payments would meet the customer's expectations.

嗯，我認為首先也是最重要的是，我們對整體統計調查資訊下降 12% 到 15%、18% 感到不高興。根據我們所讀到的和所聽到的，六月和七月確實變得越來越困難。我認為我們與其他公司的區別以及我們認為我們公司如此特別的部分原因是我們了解如何在強風面前調整我們的業務、調整我們的庫存、調整我們的行銷、調整我們的成本結構。我們毫無疑問地知道，新方面的繁榮之路是將我們的平均庫存售價和庫存價格降低到付款交集能夠滿足客戶期望的水平。

Early on in the process, customers were coming in the same way they always have, and they would see the interest rate and the payment, and they would -- we don't want any part of that, which is why we made that strong pivot to lower price units in each of the tiers. We actually believe that our performance will continue.

在這個過程的早期，客戶以他們一貫的方式來到這裡，他們會看到利率和付款，他們會——我們不想要其中的任何部分，這就是為什麼我們做得那麼強大轉向每個層級中較低價格的單位。我們實際上相信我們的業績將繼續下去。

For example, in the month of May, we were up 4% on a new same-store sales basis, while the industry was down, I think from my best recollection, close to 20%. Okay? In June, we were up just north of 15%, and in July, we were up in the mid-20s on a same-store basis.

例如，在 5 月份，我們在新的同店銷售額基礎上成長了 4%，而根據我的最佳記憶，整個產業卻在​​下滑，接近 20%。好的？6 月份，我們的同店成長率略高於 15%，而 7 月份，我們的同店成長率達到了 20% 左右。

Now in some cases, right, it just is really simply about having the right product, at the right price, at the right time. By the way, that's the whole business. That's what separates us from everybody else. We expect that same performance to continue through the back half of the year on the new side, expecting double-digit same-store sales increases on new for the back half of the year with margins in that 15% range -- 14.5% to 15% range.

現在在某些情況下，對的，這實際上只是在正確的時間以正確的價格提供正確的產品。順便說一句，這就是整個事情。這就是我們與其他人的區別。我們預計新產品下半年將繼續保持同樣的表現，預計今年下半年新產品同店銷售額將實現兩位數增長，利潤率在 15% 範圍內——14.5% 至 15% ％ 範圍。

Usually when we get into the fourth quarter, and it's snowing outside, we just take deals because we want to feed our people and keep things moving. But I feel very comfortable in that range.

通常，當我們進入第四季度時，外面正在下雪，我們只是接受交易，因為我們想要養活我們的員工並讓事情繼續進行。但在這個範圍內我覺得很舒服。

I am worried about the overall dealer health; I am not going to lie. And I want to be very thoughtful in explaining that that concern that I have is partially what's driving our conservative nature on the used acquisition side.

我擔心經銷商的整體健康狀況；我不會說謊。我想非常周到地解釋說，我的這種擔憂部分是導致我們在二手收購方面持保守態度的部分原因。

We want to accomplish two principle things. One, we don't want to deploy our actual cash in an environment where things still seem unstable. We have an election coming up, and typically, when elections come up over decades, it always gets a little squishy. It's probably more contentious than we've ever seen. And we don't know what's going to happen.

我們想要完成兩個原則性的事。第一，我們不想在事情看起來仍然不穩定的環境中部署我們的實際現金。我們即將舉行選舉，通常，當選舉持續數十年時，它總是會變得有點脆弱。這可能比我們見過的更有爭議。我們不知道會發生什麼事。

I think secondarily, we are hopeful that there's going to be rate cuts. We would sure love it; our P&L would sure love it, but we have no certainty around that. And so with those two factors and seeing dealers with a lot of aged inventory, that's why we continue to be more conservative.

我認為其次，我們希望降息。我們一定會喜歡它；我們的損益表肯定會喜歡它，但我們對此並不確定。因此，考慮到這兩個因素，並且看到經銷商擁有大量陳舊庫存，這就是我們繼續更加保守的原因。

We also are more conservative because we want to leave a basket of availability on our balance sheet to take advantage of any opportunity that may present itself in the back half of the year on the procurement of distressed or liquidated inventory. When I see 14,000 units out there that are still '22s and '23s, I have to be a little more direct. Those are essentially used units at this point.

我們也更加保守，因為我們希望在資產負債表上留下一籃子可用資源，以利用下半年可能出現的任何購買不良或清算庫存的機會。當我看到 14,000 個單位仍然是 22 年代和 23 年代時，我必須更直接一點。此時這些基本上是已使用的單位。

And so if we can keep our cash rich and our floor planability wide, we see an opportunity if it presents itself to capture a lot of those units at material discounts to the invoice and in line with market values. So we are playing a little bit of a hedge here. At the same time, we're mitigating our risks. That's all really good color.

因此，如果我們能夠保持充足的現金和廣泛的平面佈局，我們就會看到一個機會，如果它能夠以發票的實質折扣並符合市場價值來捕獲大量這些單位。所以我們在這裡做了一點對沖。同時，我們正在降低風險。這都是非常好的顏色。

And following up, you mentioned that affordability math a number of times now. I thought one of the most encouraging things you said today is the idea that we don't need to go back to where we were in terms of interest rates that maybe 200 basis points is what we need to get back to more of a mid-cycle environment.

接下來，您多次提到了負擔能力數學。我認為你今天所說的最令人鼓舞的事情之一就是我們不需要回到利率水平，也許 200 個基點才是我們需要回到中期水平的想法。

I guess, continuing down that path, the over-under by the time we get to the selling season, which -- it sounds like is ultimately what we're playing for here, it may be 75 to 100 basis points. If those were to come through, if we were to see that level of cuts over the next, call it, six or seven months, what type of an impact do you think that that would have on your business outside of the obvious math that you'd laid out in terms of your actual (multiple speakers)

我想，繼續沿著這條路走下去，當我們進入銷售季節時，價格可能會上漲 75 到 100 個基點，聽起來這就是我們最終的目標。如果這些能夠實現，如果我們在接下來的六到七個月內看到這種程度的削減，您認為這會對您的業務產生什麼類型的影響，除了您認為的明顯數學之外已根據您的實際情況進行了安排（多個發言者）

Listen, I think everybody appreciates and enjoys the brotherly sparring between Matt and I on certain topics. And I have a very definitive position that every quarter of a point in rate cut will turn into a certain amount of rise in ASP, and that rise in ASP will start to return our GPUs to levels that we want to be at. But where Matt and I do agree that in order to get the kind of volume out of the industry -- and we're not just thinking about ourselves -- our march back to 400,000, we're going to need to see significant inflection points in that rate.

聽著，我想每個人都欣賞並享受我和馬特在某些話題上兄弟般的爭論。我有一個非常明確的立場，即降息每四分之一個百分點都會導致 ASP 一定程度的上升，而 ASP 的上升將開始使我們的 GPU 恢復到我們想要的水平。但馬特和我確實同意，為了讓行業達到這樣的銷量——我們不僅僅考慮自己——我們的銷量要回到 40 萬，我們需要看到重大的拐點以這個速度。

It's going to be a multi-faceted component that where you have to think about not only obviously the interest rate and the implications of what that could mean for consumer in monthly payments but also the term and the invoice price and what sort of volume do we want to yield out of this, James. So there is an opportunity for us to actually increase the gross profit per unit and in turn, the average selling price per unit with each rate reduction that comes out.

這將是一個多方面的組成部分，您不僅要考慮明顯的利率及其對消費者每月付款的影響，還要考慮期限和發票價格以及我們需要什麼樣的數量。因此，我們有機會實際增加每單位的毛利，進而提高每單位的平均售價。

The question is how much does that ASP go up, and that's where we can go round and round in terms of the theory behind it. But you see that year over year, our new average selling price went backwards $4,000; our used average selling price went backwards, $4,000. And this has been a relatively rate stable environment.

問題是平均售價會上漲多少，這就是我們可以圍繞背後的理論進行反覆研究的地方。但你會發現，我們的新平均售價逐年下降了 4,000 美元；我們使用的平均售價倒退了 4,000 美元。這是一個相對穩定的環境。

So now that we have established kind of the control, okay, the question is how much more does this go up? Don't know for a fact, but what I can tell you is I feel very confident in our prospects within the new space to actually satisfy further price point compared to what we have today, which should naturally drive up our ASP. It's no secret that the best-selling travel retailer in America right now is the Coleman travel trailer And largely, we were hitting entry-level price points to actually satisfy the demand that exists out there.

現在我們已經建立了某種控制措施，好吧，問題是這個數字還會上升多少？事實上我不知道，但我可以告訴你的是，我對我們在新領域的前景非常有信心，與我們今天的產品相比，我們能夠真正滿足更高的價格點，這自然會提高我們的平均售價。眾所周知，目前美國最暢銷的旅遊零售商是 Coleman 旅行拖車。

On the used side, we've taken a very similar approach, where we have procured and consigned assets. We're actually up; when you look at our used segment of what we're selling had a cost base under $15,000. So there's a correlation between consumers that are seeking that value versus those that -- what they can afford.

在二手方面，我們採取了非常相似的方法，我們購買和委託資產。我們其實已經起來了；當您查看我們銷售的二手產品時，其成本基礎低於 15,000 美元。因此，尋求這種價值的消費者與那些能夠負擔得起的消費者之間存在相關性。

So I think on the upside, I think we'll see growth in the new. I think within the used segment, we can be a bit more aggressive just given the mere fact that 2025 volume pricing has stabilized, period. And given those two components, I feel a lot better about the growth for next year.

所以我認為從好的方面來說，我認為我們會看到新產品的成長。我認為在二手車領域，考慮到 2025 年的批量定價已經穩定這一事實，我們可以更加激進一些。考慮到這兩個因素，我對明年的成長感覺好多了。

Like when you when you think about how fragile the customer is between the summer of '22 and the summer of '23, all of the interest rate increases happened in that 12-month period. We have never seen that in our history, and we're happy to report that in both June and July, we crossed 13,100 units both months. And in July, we actually sold more units than we did in June, and that has never happened. So that sort of inflection point where we're bucking the seasonal trend gives us a lot of hope.

就像當您考慮 22 年夏天到 23 年夏天之間客戶的脆弱程度一樣，所有利率上漲都發生在這 12 個月期間。這是我們歷史上從未見過的情況，我們很高興地報告，在 6 月和 7 月，我們的銷量都突破了 13,100 輛。7 月份，我們實際上售出了比 6 月份更多的銷量，這是從未發生過的。因此，我們逆季節性趨勢的轉折點給了我們很大的希望。

I think for me, it tells me that customers are starting to, I guess, not accept, but embrace the fact that the rates are what they are. They love the lifestyle. So I have to believe that as rates come back down, they're going to love the lifestyle even more, and the affordability bands are going to widen because as I said earlier, it's simply a monthly payment gain. Lower rates, lower monthly payments; lower monthly payments, the funnel is wider.

我認為對我來說，它告訴我，我想，客戶開始不接受，而是接受費率就是這樣的事實。他們熱愛這種生活方式。因此，我必須相信，隨著利率回落，他們會更喜歡這種生活方式，而且負擔能力範圍也會擴大，因為正如我之前所說，這只是每月付款的收益。較低的利率，較低的每月付款；每月付款越低，管道越寬。

Craig Kennison, Baird.

克雷格·肯尼森，貝爾德。

Yeah, hey, good morning. Thanks for taking my questions as well. And Marcus, I appreciate you taking a stab at 2025 so early; that's not easy.

是的，嘿，早安。也感謝您回答我的問題。Marcus，我很感謝你這麼早就決定 2025 年；這並不容易。

And maybe just to push back a little bit, if we look at '24, it clearly will be a year in which you and the industry would have discounted more than you would have liked in order to stimulate demand. The hope is next year you won't have to discount in order to stimulate demand, but just pulling the rug out from under consumers looking for promo? I mean, isn't that a tougher environment to grow volume? And I'm wondering where you see the offset.

也許只是稍微推遲一下，如果我們看看 24 年，很明顯，在這一年中，您和整個行業會進行比您希望的更多的折扣，以刺激需求。希望明年你不必為了刺激需求而打折，而只是從尋求促銷的消費者手中拉走地毯？我的意思是，這不是一個更難增加銷售的環境嗎？我想知道你在哪裡看到偏移量。

Yeah. I'm really glad that you brought that up Craig. I agree that other dealers have had to discount to move product, because they did not do what we did, which is get out of the burning building before everybody else. But if you look at our margin profile, other than the COVID years, our margin profile on new is actually pretty good at 15%. That's kind of exceptional if you look at history.

是的。我真的很高興你向克雷格提起這個問題。我同意其他經銷商不得不打折來轉移產品，因為他們沒有做我們所做的事情，即先於其他人逃離燃燒的大樓。但如果你看看我們的利潤率概況，除了新冠疫情期間外，我們的新產品利潤率實際上相當不錯，為 15%。如果你回顧歷史的話，這是很特殊的。

So we haven't had to discount. What we have done -- and maybe to people's satisfaction or dissatisfaction, as we have become more aggressive in the way we find new customers and attract new customers and bring back old customers. So if you look at our SG&A, our marketing expense was up a little bit. Our marketing expense was up as we look to find new customers.

所以我們沒有必要打折。我們所做的——也許讓人們滿意或不滿意，因為我們在尋找新客戶、吸引新客戶和帶回老客戶的方式上變得更加積極主動。因此，如果你看看我們的銷售、管理和行政費用，我們的行銷費用略有增加。當我們尋找新客戶時，我們的行銷費用增加了。

So when we talk about promotional activity, we've been successful at gaining market share, getting back to 13,000 type units in the month of June and July without having to discount. But we did spend a little bit more money to get people in the door, to get people to send us a lead, to get people to sit down, and it has been a little tougher to convert people in the higher rate environment. Our conversion has started to improve, and we believe it's only going to improve from here.

因此，當我們談論促銷活動時，我們已經成功地獲得了市場份額，在 6 月和 7 月無需打折就恢復到了 13,000 個型號。但我們確實花了更多的錢來讓人們進來，讓人們給我們發送線索，讓人們坐下來，並且在更高的利率環境中轉變人們變得有點困難。我們的轉換率已經開始改善，我們相信從現在開始只會有所改善。

I worry, again, though, Craig, that with 14,000 22s and 23s still out there, that's a problem. Because no matter how much those dealers discount -- 10%, 20%, 30% off of invoice -- now that pricing 20%, 30% off in 22 and 23 models is still higher than the price we're selling 24s, 25s for. They got really caught there. So I expect our discounting to be the same as it is, and I expect our margins to stabilize as we go into '25. I do worry about the dealers though -- the other dealers.

不過，克雷格，我再次擔心，仍有 14,000 個 22 和 23 存在，這是一個問題。因為無論經銷商打多少折扣——發票上的 10%、20%、30% 折扣——現在 22 和 23 型號的 20%、30% 折扣仍然高於我們銷售 24、25 型號的價格為了。他們真的被困在那裡了。因此，我預計我們的折扣將與現在相同，並且我預計隨著進入 25 年，我們的利潤率將穩定。不過，我確實擔心經銷商——其他經銷商。

That's great. Thanks, Marcus. And then, Matt, I think you mentioned a reconfiguration of your dealer portfolio and some other changes. Just curious if you could shed a little more light on those changes with some of the dealers that may be underperforming.

那太棒了。謝謝，馬庫斯。然後，馬特，我想你提到了經銷商投資組合的重新配置和其他一些變化。只是好奇您是否可以更多地了解一些可能表現不佳的經銷商的這些變化。

You heard both Marcus and I, Craig, allude to the success that we've experienced with our exclusive stores. And Marcus and I had the opportunity last week actually to visit two more locations, and we were both enthralled by what we saw in terms of the general experience, where it feels very different than a very traditional Camping World, insomuch it's that brand focus where our own team members were decked out in this case, in Grand Design gears as well as Coachmen gear. It gave the appearance that it's a manufacturer-specific store.

你聽到馬庫斯和我克雷格都提到了我們在專賣店的成功。馬庫斯和我上週有機會實際上參觀了另外兩個地點，我們都被我們所看到的整體體驗所吸引，感覺與非常傳統的露營世界非常不同，因為它是品牌重點在這種情況下，我們自己的團隊成員穿著宏偉的設計裝備和車夫裝備。它看起來像是一家製造商專賣店。

And the level of focus on all of the sales processes and service processes gives customers a different experience altogether. We've seen that our Net Promoter Scores, but more importantly, our margin profile and our return on investment has been amongst the top quartile of all of our locations in short order, if you remove one-time expenses to actually get these businesses up and running.

對所有銷售流程和服務流程的關注程度為客戶帶來了完全不同的體驗。我們已經看到我們的淨推薦值，但更重要的是，如果您除去一次性費用以真正推動這些業務，我們的利潤狀況和投資回報率很快就會躋身我們所有地點的前四分之一之列和跑步。

So as we look forward, Craig, we believe that we can take some of these dealerships that are underperforming -- you're always going to have to look at a dealership portfolio in excess of 200 locations, and there's only going to be a bottom 10%. So in our mind, there's an opportunity to take that bottom 10% and reassess the markets in which they operate and how they actually operate in connection with a nearby Camping World location.

因此，當我們展望未來時，克雷格，我們相信我們可以選擇其中一些表現不佳的經銷商 - 你總是必須查看超過 200 個地點的經銷商組合，而且只會有一個底部10%。因此，我們認為，有機會利用這最後 10% 的人，重新評估他們經營的市場以及他們與附近露營世界地點相關的實際經營方式。

For example, we have locations in Texas and Minnesota and Colorado that are in close proximity to one another. We get opportunities to convert some of those locations to either exclusive stores or a concept and idea that we've spoken about of consignment stores.

例如，我們在德克薩斯州、明尼蘇達州和科羅拉多州設有辦事處，這些辦事處彼此之間距離很近。我們有機會將其中一些地點轉變為專賣店或我們談論的寄售店的概念和想法。

And as some may recall, we acquired a business called RV Arizona, a consignment specialist store, and we've learned a tremendous amount post acquisition of this business. In fact, it's an asset-light model in the sense that nearly all of the assets are consignments. There's always a handful of units or used unit that we will purchase. But this business solely focuses on selling used units.

有些人可能還記得，我們​​收購了一家名為 RV Arizona 的企業，這是一家寄售專賣店，收購該企業後我們學到了很多東西。事實上，從幾乎所有資產都是寄售的意義上來說，這是一種輕資產模式。我們總是會購買少量的單位或二手單位。但該業務僅專注於銷售二手設備。

And as we all know, looking at the history of our business, the margin profile on used always exceeds new outside of a period in '21 and '22 with outlandish new margins for that short time period. And the RV Arizona business, it's taught us a scalable playbook that has enabled us to take that same methodology, same concept and expand our consignment process across the entirety of our enterprise.

眾所周知，縱觀我們的業務歷史，二手利潤率總是超過 21 和 22 年期間以外的新利潤率，而在這段時間內的新利潤率卻非常驚人。亞利桑那州的房車業務教會了我們一個可擴展的劇本，使我們能夠採用相同的方法、相同的概念，並將我們的寄售流程擴展到整個企業。

We would historically average, as a company, Craig, about thousand consignments across our entire business. In the span of four short months, we've grown that to in excess of over 4,000 units just using this RV Arizona consignment playbook. We believe that we should be able to take not only our exclusive stores, but also this consignment playbook and start to convert some additional stores to yields that much more as these underperforming assets.

從歷史上看，作為一家公司，克雷格，我們整個業務的平均寄售量約為數千件。在短短四個月的時間裡，我們僅使用亞利桑那州房車寄售手冊就將其數量增加到超過 4,000 輛。我們相信，我們不僅能夠利用我們的專賣店，還能夠利用這種寄售策略，並開始將一些額外的商店轉化為比這些表現不佳的資產更高的收益率。

Because when you look at taking the floor plan expense out of things, particularly at the rates that we're at, and you look at taking other labor savings in those locations, we can flip the script pretty quickly. We paid I think, approximately $3 million for that RV Arizona location and in the last several months, it's put up $200,000-$250,000 in bottom-line performance.

因為當你考慮從事物中剔除平面圖費用時，特別是按照我們目前的費率，並且考慮在這些地點節省其他勞動力，我們可以很快地改變劇本。我想，我們為亞利桑那州的 RV 地點支付了大約 300 萬美元，在過去的幾個月裡，它的底線表現達到了 20 萬至 25 萬美元。

And we look at that and say to ourselves, okay, we don't have to invest our capital. We don't have to put it on our floorplan; we're using other people's money, and we're getting that kind of return. We think there's a handful of locations around the country where we're either losing money because of floorplan expense and underperformance and convert those into something that will be positive. Those kinds of swings really matter.

我們看到這一點並對自己說，好吧，我們不必投資我們的資本。我們不必把它放在我們的平面圖上；我們用的是別人的錢，我們得到了這樣的回報。我們認為，全國有一些地方我們要么因為平面圖費用和表現不佳而虧損，要么將其轉化為積極的東西。這些波動確實很重要。

I just want to put one last point on the exclusive stores. Matt mentioned two brands. He mentioned Grand Design; he mentioned Coachmen. We also have Forest River. We have Keystone. We have Jayco. Our Jayco business at a year to date, which is a division of Thor, is up approximately -- Matt?

我只想對專賣店提出最後一點。馬特提到了兩個品牌。他提到了宏偉的設計；他提到了車夫。我們還有森林河。我們有基石。我們有傑科。到目前為止，我們的 Jayco 業務（Thor 的一個部門）大約增長了——馬特？

Almost double year over year. In terms of the segments, specifically, the travel trailers, fifth wheels combined, the motorized business, specifically Class C has performed quite well.

年比幾乎翻倍。就細分市場而言，特別是旅行拖車、第五輪組合、機動化業務（特別是C級）表現相當出色。

So the manufacturers are starting to really enjoy market share gains and volume gains because of these exclusive stores. And it's funny, when I walk into them (technical difficulty) this is the greatest thing -- idea that you and I ever had, because it mitigates risk. It gives us a closer focus on product knowledge, and the performance has been exceptional.

因此，由於這些專賣店，製造商開始真正享受市場份額的成長和銷售的成長。有趣的是，當我走進它們（技術難度）時，這是最偉大的事情 - 你和我曾經有過的想法，因為它降低了風險。它讓我們更加關注產品知識，並且性能非常出色。

Very helpful. Just one point of clarification on the consignment piece. I think earlier in the conversation or in the script, you talked about that being lower margin. But if I'm not mistaken, those -- you don't actually purchase and then resell those units. You just capture the profits. So what's the accounting around the consignment units?

非常有幫助。僅對寄售件進行一點澄清。我想在談話或劇本的早些時候，你談到了利潤率較低。但如果我沒記錯的話，你實際上並沒有購買然後轉售這些單位。您只需獲取利潤即可。那麼寄售單位的會計處理是怎麼樣的呢？

Yeah. So when we consign a unit, we obviously sign paperwork with the consumer. That asset sits on our lot. It's still owned by the consumer; no money has changed hands. We do spend a little bit of money to clean it up to make it presentable. And when we sell that unit, it actually comes into our inventory through a purchase and increases our turns.

是的。因此，當我們委託一個單位時，我們顯然會與消費者簽署文件。該資產位於我們的地段上。它仍然屬於消費者所有；沒有錢易手。我們確實花了一點錢來清理它，使其美觀。當我們出售該單位時，它實際上通過購買進入我們的庫存並增加了我們的周轉率。

We are starting to improve our turns. In fact, in the month of July, we're starting to see our turns get back to where we want them to be. The offset of that is that the margin profile of a consignment is a little lower, and that's what's driving some of our margin compression in the back half.

我們開始改進我們的轉彎。事實上，在七月份，我們開始看到我們的輪次回到了我們想要的位置。與之相抵消的是，寄售的利潤率略低，這就是我們後半部分利潤率壓縮的原因。

When you look at our traditional used purchases, they tend to be around 20%. When we look at our consignments, they're in the 16% to 17% range. And while that doesn't sound like a lot, when you grow your consignment business at a rapid pace and you slow down your purchase business at a rapid pace, on a temporary basis, you're going to change the overall margin profile.

如果你看看我們傳統的二手購買情況，你會發現這一比例往往在 20% 左右。當我們查看我們的貨物時，它們在 16% 到 17% 的範圍內。雖然這聽起來不是很多，但當您快速發展寄售業務並暫時放慢採購業務時，您將改變整體利潤狀況。

What we want to do is continue to ramp up that consignment process, because we love free money, and we love fast turns. But we want to get back into purchases as well so that we can find that blend that gets us to the margin profile we need to be at.

我們想做的是繼續加快寄賣流程，因為我們喜歡免費的錢，而且我們喜歡快速週轉。但我們也希望重新進行購買，以便我們能夠找到使我們達到所需利潤率的混合方案。

Michael Swartz, Truist.

邁克爾·斯沃茨，真理主義者。

Hey, good morning, guys. Maybe sticking on the SG&A topic, I think in the second quarter, it was up about 3 points relative to last year as a percentage of gross profit. And understanding that part of that is the denominator being a bit lower on profitability as we've spoken about. But were there any kind of one-time or transitory costs in that number for the second quarter?

嘿，早上好，夥計們。也許繼續關注SG&A主題，我認為在第二季度，它佔毛利的百分比比去年上升了約3個百分點。正如我們所說，其中一部分是盈利能力略低的分母。但第二季的這個數字是否有任何一次性或暫時性成本？

There were. But as you have been with me for a long time, we don't like to always make excuses about missing our own internal targets. We launched the auction business. And I think more important than anything else -- and maybe this is the fine point on this -- we are a growth company. And when we started this business -- when Karin and Brent and I started this business 20 years ago, it was three of us in a cubicle.

有。但正如你和我在一起很長時間一樣，我們不喜歡總是為未能實現自己的內在目標找藉口。我們推出了拍賣業務。我認為最重要的是——也許這就是最好的一點——我們是一家成長型公司。當我們 20 年前開始這項業務時，卡琳、布倫特和我開始這項業務時，我們三個人在一個小隔間裡。

But with 14,000 employees and a $7 billion-ish type business, we have to deal with a lot of different things. And Lindsey, who -- we will talk about this in just a second -- is overseeing an infrastructure that protects our company, that trains our people, that provides them services that make them want to be here. Just talk about that a little, Lindsey?

但擁有 14,000 名員工和價值 70 億美元左右的業務，我們必須處理很多不同的事情。林賽（Lindsey）——我們稍後會討論這個問題——正在監督保護我們公司的基礎設施，培訓我們的員工，為他們提供讓他們願意留在這裡的服務。稍微談談這個吧，林賽？

Yeah. So we are heavily investing in our people. We've been talking about this now for a number of quarters. We're making significant investments in training our team across the enterprise, to improve our sales process, to improve our service.

是的。因此，我們大力投資我們的員工。我們已經討論這個問題好幾個季度了。我們正在大力投資培訓整個企業的團隊，以改善我們的銷售流程並改善我們的服務。

And so we're really proud of those investments and seeing some -- an increase in NPS scores and customer NPS scores. And employee NPS scores, we are really excited about what that has to do. At the same time, we're also continuing to enhance our IT infrastructure and security. We all have to do that in today's environment. So of course, you will naturally see an increase in those costs, but feel good about the contribution in that investment.

因此，我們對這些投資感到非常自豪，並看到 NPS 分數和客戶 NPS 分數的提高。員工 NPS 分數，我們對此感到非常興奮。同時，我們也持續增強 IT 基礎架構和安全性。在今天的環境下，我們都必須這樣做。因此，當然，您自然會看到這些成本的增加，但對投資的貢獻感到滿意。

Yeah, I think, Michael, the other thing that that's really important is we're a growth company. And in order to absorb 16 locations, 18 locations, 15 locations, make acquisitions, open stores, convert to exclusive stores, it required us to put in an infrastructure that allowed that to happen so that it's a good experience for the customer and the employee. And we've had a lot of healthy debates in our organization: do we just chop everything and cut everything all the way down to the bone?

是的，我認為，邁克爾，另一件真正重要的事情是我們是一家成長型公司。為了吸收 16 個地點、18 個地點、15 個地點、進行收購、開設商店、轉變為專賣店，我們需要建立一個基礎設施來實現這一點，以便為客戶和員工提供良好的體驗。我們在組織中進行了很多有益的辯論：我們是否只是砍掉一切，把一切都砍到骨頭裡？

And the answer is we could. But what we worry about is how do we then prepare ourselves to be opportunistic again on acquisitions and open up stores and convert things. And it really is the choice. So we really have to be really thoughtful around that.

答案是我們可以。但我們擔心的是，我們如何做好準備，再次在收購、開店和轉型方面投機取巧。這確實是一個選擇。所以我們真的必須對此深思熟慮。

In terms of follow-up, I think you made the comment that the target is -- low 70% -- 72%, 74%, something in that range in terms of SG&A over the long run and obviously running above that now. But is there any way to think about it? There's a lot going on obviously in the model and a lot of variability going into '25. But is there any way to think about what that should actually look like in the back half of the year?

在後續行動方面，我認為您曾評論過，目標是——低70%——72%、74%，從長遠來看，SG&A 就在這個範圍內，而且現在顯然高於這個範圍。但有沒有辦法思考一下呢？模型中顯然發生了很多事情，並且在進入 25 年後也存在很多變化。但有沒有辦法思考下半年實際情況應該是什麼樣子呢？

Yeah. So in the back half of the year, we're unfortunately going to be higher than we want to be unless the used business picks up, which we're hopeful that it does; unless the margins pick up, which we're hopeful that it does. But as we start to plan for the back half -- and for our investors, we want to be very clear -- we think we're going to end the year in the mid -- in the low- to mid-80s, far away from where we want to be by 4 or 5 points.

是的。因此，在今年下半年，不幸的是，除非二手業務有所回升，否則我們的業績將高於我們的預期，我們希望如此；除非利潤率回升，我們希望如此。但當我們開始為下半年做計劃時——對於我們的投資者來說，我們希望非常明確——我們認為我們將在年中結束——在 80 年代中下旬，遠距離我們想要的目標還有4 到5 個百分點。

And GPUs coming from lower ASPs are contributing. Consignments instead of purchases are contributing. But what we would ask our investors to consider is the thoughtfulness behind risk mitigation, capital preservation, and protecting the business against -- and still focusing on being a growth company against just making these wide-slot cuts that we believe could impair the overall enterprise value arc of our company, the market performance against our competitors and our ability to grow at the pace that we want to.

來自較低 ASP 的 GPU 也做出了貢獻。寄售而非購買正在做出貢獻。但我們要求投資者考慮的是風險緩解、資本保值和保護業務背後的深思熟慮，並且仍然專注於成為一家成長型公司，而不是僅僅進行這些我們認為可能損害整個企業的大幅削減我們公司的價值弧、相對於競爭對手的市場表現以及我們以我們想要的速度成長的能力。

We're asking our investors to trust us in this process that while we seem probably more conservative than we should, we've seen this movie many times. And maybe I have a little PTSD from the past. I'm not 25 anymore, and I want to be really thoughtful about protecting our capital and protecting our business and protecting our shareholders.

我們請求投資者在這個過程中相信我們，雖然我們看起來可能比我們應該有的更保守，但我們已經看過這部電影很多次了。也許我過去有一點創傷後壓力症候群。我不再是 25 歲了，我想認真考慮保護我們的資本、保護我們的業務和保護我們的股東。

I'm focused on the fact that we are outperforming every single other dealer in the country and not by a little. And we know that our infrastructure and our people are really the ones that are doing that. There's no other magic sauce behind that. So we expect our SG&A to be higher than we'd like.

我關注的事實是，我們的表現比國內所有其他經銷商都好，而且不是一點點。我們知道，我們的基礎設施和員工確實在做這件事。這背後沒有其他魔法。因此，我們預期 SG&A 會高於我們的預期。

As we head into 2025, we're still always focused on 72% to 73%, but we need a few things to come together to get down to that number. We need the ASPs to come back up a little bit. We need gross profits to return a little bit. And most importantly, we need the volume to come back.

進入 2025 年，我們仍然始終關注 72% 到 73%，但我們需要採取一些措施才能降低到這個數字。我們需要 ASP 恢復一點。我們需要毛利能夠回一點點。最重要的是，我們需要恢復銷售量。

Scott Stember, Roth MKM.

斯科特·斯坦伯，羅斯·MKM。

Good morning and thanks for taking my questions as well. Marcus, you made a comment that you would expect the new same-store sales to be up in '25. I'm just trying to get a sense of what your expectation for the underlying market will be in units, and if you expect to keep benefiting from this lightning in the bottle of these lower priced units like with Coleman?

早安，也感謝您提出我的問題。馬庫斯，您曾評論說您預計 25 年新的同店銷售額將會上升。我只是想了解一下您對基礎市場的期望（以單位為單位），以及您是否希望像科爾曼一樣繼續從這些低價單位的瓶中閃電中受益？

Well, I'm going to have Matt take that one and then I'll add some color to it.

好吧，我會讓馬特拿走那個，然後我會給它添加一些顏色。

We are yielding greater confidence with our opportunity for upside, because of key segments that are om got discount, we vacated this last year, because we were unable to negotiate the deals or architect the model that a significant price point reduction that would give us the actual confidence to go out to the market. What I mean by that is we scaled back our entire Coleman lineup pretty substantially over this last year. And it's still sitting at the number one position when we actually eliminated in excess of 20 floor plans that was part of the Coleman brand lineup.

我們對上行機會產生了更大的信心，因為關鍵細分市場有折扣，我們去年騰出了這個空間，因為我們無法談判交易或構建模型，大幅降低價格點可以給我們帶來真正有信心走出去。我的意思是，去年我們大幅縮減了科爾曼的整個陣容。當我們實際上消除了 Coleman 品牌陣容中超過 20 個平面圖時，它仍然佔據第一的位置。

We did that in the name of a re-architecture of the entirety of that brand. And we've also worked with some of our other exclusive products, specifically Heartland, where we had actually baking in the entirety of what was the Pioneer Mallard, which if you look at those floor plans and those brands that that surveys, they were amongst the top-15 best-selling brands in America two years ago. We slowly started to scale that back over the last year and a half, and we've been quietly re-architecting all of that.

我們以重新架構整個品牌的名義做到了這一點。我們也與其他一些獨家產品合作，特別是 Heartland，我們實際上在那裡烘烤了整個 Pioneer Mallard，如果你看看那些平面圖和調查的那些品牌，它們就在其中。 15名。在過去的一年半里，我們慢慢地開始縮減規模，並且一直在悄悄地重新建構所有這些。

Right now within the Coleman segment, we've been largely focused on segments or price points under $20,000. We believe, based on the work that our manufacturing partners have done with us, that we should be able to yield increases just in Coleman and those Heartland segments alone; never mind all of the other exclusive products that we have out there.

目前，在 Coleman 細分市場中，我們主要關注 20,000 美元以下的細分市場或價位。我們相信，根據我們的製造合作夥伴與我們所做的工作，我們應該能夠僅在科爾曼和那些中心地帶部分提高產量；不用介意我們擁有的所有其他獨家產品。

So independent of what will transpire within the broader industry, which I do believe that the broader industry will actually start to increase sales again next year -- to what extent? I think we're still waiting to see exactly where we settle in this year, where we've maintained very publicly that we think that retail and wholesale will end up in that 340-ish range plus or minus for both retail and wholesale, depending upon which lens you want to look at it through? The question is next year, how much does that go up on those side? Because we do believe that there's relatively scarce supply of certain new units and general rolling stock across the broad part of our industry.

因此，與更廣泛的行業內將發生什麼無關，我確實相信更廣泛的行業明年實際上將開始再次增加銷售額 - 到什麼程度？我認為我們仍在等待今年的具體結果，我們非常公開地表示，我們認為零售和批發最終將在 340 左右的範圍內上下浮動，具體取決於零售和批發你想通過哪個鏡頭來看待它？問題是明年，這些方面會增加多少？因為我們確實相信，在我們整個產業的大部分地區，某些新機組和普通機車車輛的供應相對稀缺。

Yeah. I mean, I think as we look at the data, and we're very hopeful for not only ourselves but for the industry at large -- so we would expect 2025 to have a decent increase over 2024 both in shipments and in retail. Now that contemplates things coming together and the world not falling apart, which we don't expect to happen or we're hopeful it's not going to happen.

是的。我的意思是，我認為，當我們查看這些數據時，我們不僅對我們自己，而且對整個行業都充滿希望，因此我們預計2025 年的出貨量和零售量將比2024 年有相當大的增長。現在，考慮到事情會走到一起，世界不會分崩離析，我們不希望這種情況發生，或者我們希望它不會發生。

But we don't see it returning back to the 400,000-unit level in the next 12 months. We would be very pleased if that happened, because we get our pro rata share. But I think we have to be very conservative and realistic about how we step back up on our way back to 400,000-plus.

但我們認為未來 12 個月內它不會回到 40 萬台的水平。如果發生這種情況，我們會非常高興，因為我們會按比例獲得份額。但我認為，對於如何重返 40 萬以上的道路，我們必須非常保守和現實。

Does it go up to 355 or 360 and then move itself to 385 over the next several years? We hope. That's sort of our anticipation, and we want our lion's share of that, but we're not building any business model or ordering any inventory as if it's going to all of a sudden magically go from 340,000 to 400,000. That would be reckless and irresponsible, and we're not going to do that.

它會升至 355 或 360，然後在未來幾年內升至 385？我們希望。這就是我們的預期，我們希望能從中分到最大份額，但我們並沒有建立任何商業模式或訂購任何庫存，就好像庫存會突然神奇地從 340,000 件增加到 400,000 件一樣。這是魯莽和不負責任的行為，我們不會這麼做。

Got it. Again, last question on the customer pay work within products and services. I think the last couple of quarters, we were running up organically mid-single-digits. At least that's kind of what it sounds like. Can you maybe give us a little -- a direction how that part of the business did?

知道了。再次，關於產品和服務中的客戶付費工作的最後一個問題。我認為過去幾個季度，我們有機地實現了中個位數的成長。至少聽起來是這樣。您能給我們一些指導嗎？

Yeah, our customer pay work and continues to be not as robust as we would like it to be. We find that consumers are still camping, but they're not camping as much. And I'm assuming that with the general pinch on their pocket with rates being where they are and discretionary income being a little tighter that instead of people taking next seven trips a year, they're taking five. And there's a direct correlation between the number of trips that people take and how often they shop in our service department.

是的，我們的客戶付費工作仍然沒有我們希望的那麼強勁。我們發現消費者仍在露營，但露營的次數沒有那麼頻繁。我假設，由於他們的口袋普遍拮据，利率處於當前水平，可自由支配收入也更加緊張，因此人們不會每年進行七次旅行，而是會進行五次旅行。人們的出行次數與他們在我們服務部門購物的頻率之間有直接相關性。

The other thing that we're starting to see is in a tighter economic environment, people just either live with whatever is there or they start to fix things themselves. And so we're hopeful that as things open up again, and people get more comfortable with what's happening in the marketplace that all of that will come back.

我們開始看到的另一件事是，在更緊張的經濟環境中，人們要麼隨遇而安，要麼開始自己解決問題。因此，我們希望，隨著事情再次開放，人們對市場上發生的事情更加滿意，所有這些都會回來。

Noel Atkinson, M3 Partners.

諾埃爾·阿特金森，M3 合夥人。

Hi. Thanks for taking my question on. I guess taken kind of altogether with the comments around kind of July bucking the trend and remaining strong, how do you think about -- maybe this is a bit of a pointed question -- like your ability to grow earnings year over year in the back half?

你好。感謝您回答我的問題。我想，綜合考慮七月逆勢而行、保持強勁的評論，你如何看待——也許這是一個有點尖銳的問題——比如你的盈利逐年增長的能力一半？

And then looking out to next year, specifically around margin, is it your expectation on the used side that you could kind of get closer back to normal levels? And what would it kind of take to get back there from the kind of mid- to high-tees rate you talked about in the second half on the used side. Thanks.

然後展望明年，特別是在利潤率方面，您對二手設備的期望是否可以接近正常水平？怎麼樣才能從你在下半場談到的二手球隊的中高發球率中恢復過來呢？謝謝。

Yeah, for the earnings on the back half, there's really just a couple of simple inputs. The one is SG&A as a percentage of gross, and we need our gross profit to return to a level of normalcy. At the same time, we take out additional costs and rationalize locations and things of that nature.

是的，對於後半部的收益，實際上只有幾個簡單的輸入。一個是SG&A佔毛利潤的百分比，我們需要我們的毛利恢復到正常水準。同時，我們會削減額外成本，並對地點和此類性質的事物進行合理化調整。

The second input in that is how our used is going to perform, and used has become such a staple of contributing to not only our top line but the gross profit line. We expect our used business to return to a level of normalcy in margins in 2025. And we see that sequentially happening as we go through the balance of the year with the idea that we're going to potentially see a rate cut get past the election, and we start absorbing inventory at a faster rate.

第二個輸入是我們的二手貨將如何表現，二手貨已成為不僅對我們的營收線而且對毛利線做出貢獻的主要因素。我們預計我們的二手業務的利潤率將在 2025 年恢復到正常水平。我們看到，當我們經歷今年餘下的時間時，這種情況會依次發生，因為我們有可能在大選後看到降息，我們開始以更快的速度吸收庫存。

We're hoping that in December, as a very small example, that we're back at that 18.5% to 19%. And then we sequentially get back to 20% through the first quarter and into the selling season. That's how we're building our model. And we see the ways to do that simply by just starting to aggressively acquire again when we have the level of comfort.

作為一個很小的例子，我們希望在 12 月能夠回到 18.5% 到 19% 的水平。然後我們在第一季和銷售季節期間依次恢復到 20%。這就是我們建構模型的方式。我們看到了做到這一點的方法，只要當我們達到舒適程度時，就開始積極地再次獲得。

And just so I'm clear, you kind of mentioned may be leaning into consignment a bit more. Obviously, floor planned benefits there. But structurally, is there anything to consider on used margins looking kind of longer term, if you were to kind of increase your mix of consignment? Thanks.

我很清楚，你提到的可能會更傾向寄賣。顯然，樓層規劃有好處。但從結構上講，如果您要增加寄售組合，從長遠來看，是否需要考慮已使用利潤？謝謝。

What we have to weigh out in that equation is the cost of capital against the margin profile, and what is the best way to deploy our capital. And so if you told me that we can grow our consignment business materially, which we plan on doing, and we can lower our carrying costs, our floorplan interest materially, which would be a byproduct of that, and that our margins would be 1% lower on the top side, but ultimately be something better on the bottom line, we're going to find that perfect science. I think that is really, really important.

在這個等式中，我們必須權衡的是資本成本與利潤率的關係，以及部署資本的最佳方法是什麼。因此，如果你告訴我，我們可以大幅成長我們的寄售業務（我們計劃這樣做），並且我們可以大幅降低我們的持有成本、我們的平面圖利息（這將是其副產品），並且我們的利潤率為1%頂部較低，但最終底線會更好，我們將找到完美的科學。我認為這真的非常非常重要。

But as rates come back down, we're going to be aggressive in going out and procuring used again. As we gain more confidence, we're going to be aggressive in going out to procure used again. What happens when we make that used acquisition isn't just the sale of the unit. It's what happens in service; it's what happens in parts as we recondition those units.

但隨著利率回落，我們將積極出去購買二手貨。隨著我們信心的增強，我們將積極地再次採購二手產品。當我們進行二手收購時，發生的不僅僅是出售該設備。這就是服務中發生的事情；這就是我們修復這些部件時發生的情況。

So keep in mind, one of the significant deltas on the consignment versus purchase is that the consignment goes through a reconditioning process after the unit is sold. And that definitely puts pressure in the overall margins because the price is established with the customer. When we purchase those units, we go through a rigorous inspection process and we end up investing in that unit and then enjoying the margins, both on the service side, the parts side, and the sales side.

因此請記住，寄售與購買的顯著差異之一是寄售在設備售出後會經歷翻新過程。這肯定會給整體利潤帶來壓力，因為價格是與客戶共同決定的。當我們購買這些設備時，我們會經過嚴格的檢查流程，最終投資該設備，然後在服務方面、零件方面和銷售方面享受利潤。

On the consignment process, we miss a piece of that. Well, that's offset by not having to take the risk. At this point, we'd rather just not take the risk.

在寄售過程中，我們錯過了其中的一部分。好吧，這可以透過不必承擔風險來抵消。在這一點上，我們寧願不冒這個風險。

Tristan Thomas Martin, BMO Capital Markets.

特里斯坦·托馬斯·馬丁 (Tristan Thomas Martin)，BMO 資本市場。

Good morning. I may have missed this, but did you call out how much carryover inventory you have? And then Marcus, you mentioned getting turned back to where you want them to be. Where do you want them to be?

早安.我可能錯過了這一點，但是你有沒有指出你有多少結轉庫存？然後馬庫斯，你提到要回到你希望他們去的地方。你希望他們在哪裡？

On the used side, we would like our turns to be north of 3.5. And while we experienced better than that in July, there's seasonal adjustments to that.

在使用側，我們希望輪次在 3.5 以上。雖然我們的經驗比 7 月要好，但也存在季節性調整。

On the 2023 side, I think we only have just around 800 left. I mean that -- so no '22s have any consequence, and '23 were down to only 800, which is far, far better than we were a year ago. I think one of the reasons we think we're going to see nice margin stabilization on the new side is that we're not liquidating through those units, and we're starting to bring in 2025.

到 2023 年，我認為我們只剩下大約 800 個。我的意思是——所以 22 歲沒有任何後果，23 歲下降到只有 800，這比一年前好得多。我認為我們認為新方面將看到良好的利潤率穩定的原因之一是我們不會透過這些單位進行清算，並且我們將在 2025 年開始引入。

Okay. And then what about new terms, your targets. Historically, our target, Tristan, has been 2.4 turns, which you'll recognize that we worked diligently to try and just get over two turns annualized again. And of course, there's going to be certain periods like we saw in July where that spiked up just given the seasonal adjustment, even that actually spiked. But our goal is to get back to that norm and that mean of 2.4 times.

好的。然後新的術語和你的目標呢？從歷史上看，我們的目標 Tristan 是 2.4 回合，您會意識到我們努力工作，試圖再次將年化回合數超過 2 回合。當然，在某些時期，就像我們在 7 月看到的那樣，考慮到季節性調整，這個數字會飆升，即使實際上是飆升。但我們的目標是恢復到 2.4 倍的標準和平均值。

And there's a fine balance between putting the right inventory on the ground so that there's selection and opportunities for the stores. And keep in mind that the way that our business is fueled, we're not as stand at the front door waiting for people to walk in the door business. We are a digital game. And I think part of what has separated our company from everybody else is the nature in which we find new customers.

在放置正確的庫存以便為商店提供選擇和機會之間存在良好的平衡。請記住，我們的業務發展方式並不是站在前門等待人們進來。我們是一個數字遊戲。我認為我們公司與其他公司的區別在於我們尋找新客戶的本質。

Our digital game is where the lion's share of our marketing dollars go. We're not spending money sponsoring things in a year like this; we're not spending money on branding. We're spending money on performance marketing to drive leads. And those leads go into a very rigorous lead management process. And that lead management process goes through a very rigorous sales process.

我們的數位遊戲是我們行銷資金的最大份額。在這樣的一年裡，我們不會花錢贊助事情；我們不會把錢花在品牌建立上。我們在績效行銷上投入資金來吸引潛在客戶。這些潛在客戶進入非常嚴格的潛在客戶管理流程。這個潛在客戶管理流程經歷了非常嚴格的銷售流程。

That conversion off of that very regimented process is what we believe is separating us from everybody else. In order to generate those leads. You've got to have a wide offering. It doesn't have to be necessarily deep in terms of having multiple duplicates of the same units, but you do have to have a wide swath.

我們認為，擺脫這種嚴格控制的流程是我們與其他人的區別。為了產生這些線索。你必須有廣泛的產品。就擁有相同單位的多個重複項而言，它不一定很深，但你必須有很寬的範圍。

Ryan Brinkman, JP Morgan.

瑞安·布林克曼，摩根大通。

Hi. Thanks for taking my question. Just on the competitive environment. Given that sometimes in the past, even when you have been differentiated versus peers when they came to managing, the volume of your inventory still margin could be pressured by discounting that other dealers who had gotten out over their skis.

你好。感謝您提出我的問題。就競爭環境而言。考慮到過去有時，即使您在管理方面與同行有所差異，您的庫存量仍然可能會因對其他已經退出滑雪板的經銷商進行折扣而受到壓力。

It sounds like now because you had anticipated the customer affordability challenges, you have been early and tilting toward those lower priced entry models that maybe there is an extra layer of insulation there from competitor discounting, which is probably driven on the higher end as consumers are focused on monthly payment. How differentiated do you think your mix of vehicles by price strata is and are competitors also shifting toward entry-level models and how long might it take them to catch up?

聽起來現在是因為你已經預見了客戶承受能力的挑戰，所以你很早就開始傾向於那些價格較低的入門型號，這些型號可能與競爭對手的折扣有額外的絕緣層，這可能是由於消費者的高端需求而推動的專注於每月付款。您認為您的車輛組合按價格層劃分的差異化程度如何？

That is a really great insight, and I couldn't agree with you more in terms of our overall strategy and how we feel like we anticipated everyone else's move. And now everyone is going to be moving in arrears to us, where I expect a migration down to a price point and segment where they'll trying to compete with our lower priced units which if you look through stat surveys, we have commanding market share for every asset being sold under $15,000 right now. And that's largely a byproduct of how we constructed Coleman over years in addition to a number of other exclusive brands that we source.

這是一個非常偉大的見解，就我們的整體策略以及我們對其他人的舉動的感受而言，我非常同意你的觀點。現在每個人都會拖欠我們的費用，我預計價格會下降到一個價格點和細分市場，他們將試圖與我們的低價單位競爭，如果你查看統計調查，我們擁有主導的市場份額目前每項售價低於15,000 美元的資產。這很大程度上是我們多年來建立科爾曼以及我們購買的許多其他獨家品牌的副產品。

We've actually worked even more diligently with our manufacturing partners over the last year to come up with an even greater value enhancement to that lower price point for less money. And furthermore, we built up an entire brand lineup with Eddie Bauer, which we've not referenced, which we have slowly started to dribble out into the marketplace as well, as I said earlier, Ryan, reconstructing the entirety of our Coleman lineup and our Heartland Pioneer lineup, and as Marcus suggested earlier, every other entry-level price point and segment with every other category leader -- so be it Thor Motor Coach, Winnebago, Forest River, when we think of their Class C lineup, their entire motorized lineup, and their fifth lineup, we feel like we've covered every single major price point heading into this fall season to position us very well to actually grow our market share again next year, regardless of what happens in the broader macroenvironment.

實際上，去年我們與製造合作夥伴更加努力合作，以更少的資金在更低的價格點上實現更大的價值提升。此外，我們與 Eddie Bauer）建立了一個完整的品牌陣容，我們沒有提到這一點，我們也慢慢開始將其推向市場，正如我之前所說，瑞安，重建了我們整個科爾曼的陣容，我們的Heartland Pioneer 系列，正如馬庫斯之前建議的那樣，所有其他入門級價格點和細分市場都與其他類別的領導者- 所以無論是Thor Motor Coach、Winnebago、Forest River，當我們想到他們的C 級陣容時，他們的整個機動化陣容以及他們的第五個陣容，我們覺得我們已經涵蓋了進入今年秋季的每一個主要價格點，這使我們能夠很好地在明年真正擴大我們的市場份額，無論更廣泛的宏觀環境發生什麼。

That level of commitment to manufacturers like Thor has given us a strong competitive advantage as we work to help them predict their own supply chain, giving them very intelligent 4, 5, 6, 8, 10 months forecast so they can procure the raw materials that are needed to drive those prices down.

對像Thor 這樣的製造商的這種承諾給了我們強大的競爭優勢，因為我們致力於幫助他們預測自己的供應鏈，為他們提供非常聰明的4、5、6、8、10 個月的預測，以便他們能夠採購所需的原料。

And while other dealers will attempt to move into those lower price points potentially at the wrong time of year and hold those units over the winter, we'll start moving into preparing for 2025 and already anticipate the moves that other people are going to make and be one step ahead. Always one step ahead.

雖然其他經銷商可能會試圖在一年中的錯誤時間進入這些較低的價格點，並在冬季持有這些單位，但我們將開始為2025 年做準備，並已經預料到其他人將採取的行動，領先一步。永遠領先一步。

I think that concludes our questions. We are thankful for everybody's participation and for their confidence in our company. We'll see you next quarter. Thank you.

我想我們的問題就到此結束了。我們感謝大家的參與以及對我們公司的信任。我們下季見。謝謝。

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

會議現已結束，感謝您參加今天的演講。您現在可以斷開連線。