Camping World Holdings Inc (CWH) 2025 Q2 法說會逐字稿

Good morning, and welcome to Camping World Holdings conference call to discuss financial results for the second quarter ended June 30, 2025. (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.

早安，歡迎參加 Camping World Holdings 電話會議，討論截至 2025 年 6 月 30 日的第二季財務表現。（操作員指示）請注意，此通話正在錄音，未經本公司書面授權，不得全部或部分複製此通話。

Joining on the call today are: Marcus Lemonis, Chairman and Chief Executive Officer; Matthew Wagner, President; Tom Kirn, Chief Financial Officer; Lindsey Christen, Chief Administrative and Legal Officer; and Brett Andress, Senior Vice President, Investor Relations. I will turn the call over to Ms. Christen to get us started.

今天參加電話會議的人員有：董事長兼執行長 Marcus Lemonis、總裁 Matthew Wagner、財務長 Tom Kirn、首席行政和法律長 Lindsey Christen 和投資者關係高級副總裁 Brett Andress。我將把電話轉給克里斯滕女士，讓我們開始吧。

Thank you, and good morning, everyone. A press release covering the company's second quarter ended June 30, 2025, 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.

謝謝大家，早安。該公司於昨天下午發布了一份新聞稿，涵蓋截至 2025 年 6 月 30 日的第二季財務業績，該新聞稿的副本可在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, macroeconomic and industry trends, customer trends, inventory strategy, future growth of our operations, capital allocation and future financial results and position. 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.

管理階層在本次電話會議上的評論可能包含《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述。這些評論可能包括有關我們的業務計劃和目標、宏觀經濟和行業趨勢、客戶趨勢、庫存策略、我們業務的未來成長、資本配置以及未來財務結果和狀況的聲明。由於各種重要因素，包括我們 10-K 表、10-Q 表和提交給美國證券交易委員會的其他報告中的風險因素部分所討論的因素，實際結果可能與這些聲明所示的結果存在重大差異。

Any forward-looking statements represent our views only as of today, and we undertake no obligation to update them. Please 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 2025 second quarter are made against the 2024 second quarter results, unless otherwise noted.

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觀點的義務。請注意，我們將在今天的電話會議上參考某些非 GAAP 財務指標，例如 EBITDA、調整後的 EBITDA 和調整後的每股攤薄收益，我們認為這些指標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 財務報表的對帳包含在我們的收益報告和網站上。除非另有說明，我們對 2025 年第二季的所有比較均針對 2024 年第二季的結果進行。

I'll now turn the call over to Marcus.

我現在將電話轉給馬庫斯。

Good morning. Thank you, Lindsey. Along with Lindsey, the rest of the team is joining; Matt, Tom, Brett and myself. We obviously will cover all the operational and financial highlights as we go through the prepared remarks and the Q&A. But I think before we jump into very particular numbers, we want to give a broad overview of how we're feeling about our business, particularly inside of the backdrop of both the RV industry and the general macro environment.

早安.謝謝你，林賽。除了 Lindsey 之外，團隊的其他成員也加入了：Matt、Tom、Brett 和我。在準備發言和問答環節時，我們顯然會涵蓋所有營運和財務亮點。但我認為，在我們討論具體數字之前，我們想先大致概述一下我們對業務的感受，特別是在房車行業和一般宏觀環境的背景下。

When the quarter started, it was obviously a nerve-racking situation for all of us. Liberation Day had started, tariffs had set in, the general market was in a bit of a free fall in a volatile situation, and people were obviously concerned about what was going to happen to a discretionary item like RVs. I'm proud to tell you that our 12,000 team members purely, simply delivered for the quarter. We set a record selling more RVs than we ever have in an entire quarter, 45,000 units. We set a record in our finance and insurance department, highest amount of revenue we've ever generated, $200 million.

當本季開始時，對於我們所有人來說，這顯然是一個令人緊張的情況。解放日已經開始，關稅已經開始，整個市場在動盪的局勢下處於自由落體狀態，人們顯然擔心房車等非必需品會發生什麼。我很自豪地告訴大家，我們 12,000 名團隊成員在本季出色地完成了任務。我們創下了整個季度房車銷售 45,000 輛的紀錄。我們的金融和保險部門創下了歷史最高收入記錄，達到 2 億美元。

And we set a revenue record for Good Sam, all in the backdrop of what looked like an industry that was in free fall with shipments and new registrations. Now, we never ever started this company or built this company under the premise that market share was the most important thing. I guess our pure execution just delivered that market share.

我們為 Good Sam 創造了新的收入記錄，而這一切都發生在整個行業的出貨量和新註冊量看似自由落體的背景下。現在，我們從來沒有在市場佔有率是最重要的前提下創辦或建立這家公司。我想我們的純粹執行力就帶來了這個市場佔有率。

We don't wake up every day thinking about how many units we're going to sell in terms of market share. We think about how many units we're going to sell, how much money we're going to make on those transactions and how those customers enter our ecosystem, both from the first purchase of buying a new or used RV all the way through F&I, service, Good Sam, et cetera.

我們不會每天醒來就思考我們將銷售多少台產品來獲得多少市場份額。我們考慮的是要銷售多少輛房車，從這些交易中賺多少錢，以及這些客戶如何進入我們的生態系統，從第一次購買新房車或二手房車，一直到財務保險、服務、Good Sam 等等。

We're starting to really see file size growth. In fact, for the quarter, our file size growth was up 80,000 new customers. If you go back and you look over the previous years, you may say, well, the file size looks down. But as we've shed ourselves of businesses that are non-core and gotten out of certain things, we have flushed through that on a 48-month trailing basis.

我們開始真正看到檔案大小的成長。事實上，本季我們的文件大小成長了 80,000 個新客戶。如果你回顧過去幾年的情況，你可能會說，檔案大小看起來減少了。但隨著我們擺脫非核心業務並退出某些領域，我們已經在過去 48 個月內完成了這些工作。

As we look at the overall business, you look at the results and you try to shy away from the big glaring number of new and used RV sales and the improvement in F&I and the improved margin in service, you come down to one simple number, which is what's the bottom line look like. And while we were happy with beating what analysts call consensus, we were probably not as happy as one would imagine.

當我們審視整體業務時，你會看到結果，並且試圖避開新舊房車銷售的顯著數字、財務和保險的改善和服務利潤率的提高，你會得到一個簡單的數字，這就是底線的樣子。儘管我們很高興能夠超越分析師所認為的共識，但我們可能並不像人們想像的那麼高興。

Through the quarter, we continued to consolidate locations looking to really get more proficiency and efficiency out of every single one of our locations. We look at the number of units we sell per location. We look at the SG&A per location. We look at the overall headcount. And I'm disappointed to tell you that we're 1,000 people down.

整個季度，我們繼續整合各個地點，希望真正提高每個地點的熟練程度和效率。我們查看每個地點銷售的單位數量。我們查看每個地點的銷售、一般及行政費用 (SG&A)。我們來看看總員工人數。我很遺憾地告訴你們，我們損失了 1,000 人。

It's what we've had to get rid of since January. That's never something to be braggadocios about. That's an unfortunate circumstance, but we have made the hard cuts. I'm also happy that with the pressure that we've seen in the general macro environment, our nimbleness and our knowledge of inventory and our ability to act quickly has put the right inventory on the ground on both the new side and the used side. Customers walk in our front door.

這是我們自一月以來就必須擺脫的東西。這絕對不是什麼值得吹噓的事。這是一個不幸的情況，但我們已經做出了艱難的削減。我也很高興，儘管我們在宏觀環境中看到了壓力，但我們的靈活性、對庫存的了解以及快速行動的能力使我們在新舊庫存方面都擁有了正確的庫存。顧客走進我們的前門。

We don't try to drive them to one specific unit. We try to drive them to a transaction and folks different levels of affordability and different preferences around floor plan and our sales process leads them to a transaction that ends up closing. I'm also happy to report that our gross margins broke (technical difficulty). So any idea that we grew our volume on the backs of heavy discounting, that would be false. Earlier in the year, I think probably in January or February, we set a short-term goal of reducing our SG&A by 600 to 700 basis points.

我們不會試圖把他們驅趕到某個特定的單位。我們試圖促使他們達成交易，人們有不同的負擔能力和對平面圖的不同偏好，我們的銷售流程會引導他們達成最終的交易。我也很高興地報告，我們的毛利率突破了（技術難度）。因此，任何認為我們透過大幅折扣來增加銷量的想法都是錯誤的。今年早些時候，我想可能是在一月或二月，我們設定了一個短期目標，即將銷售、一般及行政費用 (SG&A) 降低 600 至 700 個基點。

Let me be crystal clear. That goal isn't moving. We made a lot of progress in the quarter despite the ASP pressure that the general market gave us. But we're not going to stop selling affordable inexpensive units. The goal is to build the file, build the transactions, get lifetime value out of people, put them in good Sam, have them buy warranties, come back for service, have them buy parts and then trade in again and do it all over again.

讓我說得更清楚。那個目標沒有改變。儘管整體市場給我們帶來了平均售價壓力，但我們在本季仍取得了很大進展。但我們不會停止銷售價格實惠的廉價產品。目標是建立文件、建立交易、從人們身上獲取終身價值、讓他們加入 Good Sam、讓他們購買保固、回來接受服務、讓他們購買零件、然後再次交易並重複所有步驟。

I think as we start to look at, what is the general backdrop of the overall industry? We have to make the assumption that in the short term, the new RV market is going to stay relatively in the range that it's in today. I think in 2026, we'll get a small bump. Instead of being in the [ 340 ] range, I think we could see a 15,000 to 20,000 unit increase in 2026. And of course, we'll get our lion's share.

我認為當我們開始觀察時，整個產業的整體背景是什麼？我們必須假設，短期內，新的房車市場將相對保持在目前的範圍內。我認為到 2026 年，我們會取得小幅成長。我認為，到 2026 年，我們可能會看到單位數量增加 15,000 到 20,000 個，而不是 [ 340 ] 個。當然，我們會獲得最大份額。

But for us, the growth, both on the top line and on the bottom line is largely going to come from our recent pivot back into used. If you go back and look at our COVID numbers, our profitability was driven by our used focus. And then when the market got a little dislocated on new pricing, we had to pull back. And more recently, we've gotten back in it, and we've delivered massive growth on the used. It's important to note that, that massive growth is -- it's okay.

但對我們來說，無論是營收還是利潤的成長，很大程度上都來自於我們最近重新轉向二手市場。如果你回頭看看我們的 COVID 數字，你會發現我們的獲利能力是由我們的二手重點所驅動的。然後，當市場因新定價而出現一些混亂時，我們不得不撤退。最近，我們又重新回到了這個領域，並在使用方面取得了巨大的成長。值得注意的是，這種大規模的成長是可以接受的。

We're happy with it. But it's against the backdrop of pretty easy numbers last year. What we're committing to you going forward is that we expect double-digit growth. And I'm not going to pin in whether it's going to be 10% or 11% or 19%, but we expect double-digit growth to continue on the used side. As we look at the SG&A, we believe we have another $10 million to $15 million of fixed cost opportunity reductions to happen through the balance of the year through, unfortunately, headcount reduction and/or location consolidation.

我們對此很滿意。但這是與去年相當輕鬆的數字形成對比的。我們向您承諾的是，我們預計未來將實現兩位數的成長。我不會確定這個數字是 10% 還是 11% 或 19%，但我們預計二手車市場將繼續保持兩位數的成長。當我們查看銷售、一般和行政費用時，我們相信，透過裁減員工和/或合併地點，我們在今年餘下的時間裡還有 1000 萬至 1500 萬美元的固定成本機會削減。

For those people who have been hyper-focused on the number of locations we've operated, we don't want you to be. We want you to be focused on the productivity of the locations we have, the profitability and revenue per employee and the contribution that we drop to the bottom line in doing that. What we were surprised to see is, through consolidating 16 locations over the last, call it, 5, 6 months, our unit count per store has risen, our profitability per store has risen and our margin profile per store has risen.

對於那些過度關注我們經營地點數量的人們，我們不希望你們也這樣做。我們希望您專注於我們所在地點的生產力、每位員工的獲利能力和收入以及我們為此做出的貢獻。我們驚訝地發現，透過在過去 5、6 個月內整合 16 個門市，我們每家門市的門市數量增加了，每家門市的獲利能力增加了，每家店的利潤率也增加了。

We understand that the important part of getting to 600 to 700 basis points of improvement in SG&A are not as complicated as one would think. Sure, the big pressure point in all of that is what's happening on the average selling price, not because of the price itself, but when margins remain constant, the amount of gross profit generated per transaction is just simply lower.

我們明白，實現 SG&A 成本 600 至 700 個基點的改善這一重要部分並不像人們想像的那麼複雜。當然，這一切中最大的壓力點在於平均售價的變化，這並不是因為價格本身，而是因為當利潤率不變時，每筆交易產生的毛利就會更低。

Here's the good news. We've already started to see a rebound in our average selling price in July, close to $1,000 already, and we expect that to continue to accelerate. We don't see, however, it getting back to $40,000 for the full year as we did last year, but we hope to see that march back towards $40,000 happen over the next 6, 8, 10, 12, 15 months. We can't predict what's going to happen. We don't know what's going to happen with the general economy and interest rates.

這是個好消息。我們的平均售價在 7 月已經開始反彈，已接近 1,000 美元，我們預計這一反彈速度將繼續加速。然而，我們並不認為它會像去年一樣在全年回到 40,000 美元，但我們希望在未來 6、8、10、12、15 個月內看到它回到 40,000 美元的水平。我們無法預測會發生什麼。我們不知道總體經濟和利率會發生什麼變化。

But as we have proven, we will continue to make the adjustments to our business to reach the level of profitability that we believe we should have. When we look at the balance of this year, many have said, well, if your ASPs are going to be lower and your SG&A is going to be higher, you're mathematically going to make less. Look, we don't know what's going to happen to the ASPs, and we're being conservative in giving you a range of what they could be in terms of the downside.

但正如我們已經證明的那樣，我們將繼續對我們的業務進行調整，以達到我們認為應該達到的盈利水平。當我們回顧今年的收支平衡時，許多人會說，如果你的平均銷售價格 (ASP) 較低而銷售、一般及行政費用 (SG&A) 較高，那麼從數學上講，你的收入就會減少。你看，我們不知道 ASP 會發生什麼，我們保守地提供你一個可能出現的負面影響範圍。

And quite frankly, we're comfortable giving you that and sticking to it. When it comes to SG&A of 300 to 400 basis points of improvement that we've experienced so far, we know that there's more to take out. In fact, if we pro forma some of the expense reductions we made in the second quarter, the number would already be better.

坦白說，我們很樂意為您提供這個並堅持下去。當談到我們迄今為止經歷的 300 到 400 個基點的銷售、一般和行政費用改善時，我們知道還有更多需要削減。事實上，如果我們對第二季進行的部分費用削減進行預測，那麼數字已經會更好了。

And you'll see some of those benefits happen in Q3 and then again in Q4. As we look forward to our capital allocation, and you can see the $118 million of cash on our balance sheet, the amount of inventory we own free and clear, the amount of real estate that we own without a mortgage. Our balance sheet, quite frankly, has never been stronger. So far for the year, we've de-levered a pretty significant amount, and Tom will address that in his results -- in his comments a little later.

您將看到其中一些好處在第三季和第四季再次顯現。當我們期待我們的資本配置時，您可以看到我們的資產負債表上有 1.18 億美元的現金、我們擁有的自由且明確的庫存數量以及我們擁有的沒有抵押的房地產數量。坦白說，我們的資產負債表從未如此強勁。今年到目前為止，我們已經降低了相當大的槓桿率，湯姆稍後會在他的結果評論中談到這一點。

As we think about growth for this business, we want you to think about capital being allocated this way. For the first time in a very long time, we are in heavy discussions and looking at alternates around what acquisitions or what investments Good Sam could make to start to really grow its business.

當我們考慮這項業務的成長時，我們希望您考慮以這種方式分配資本。很長一段時間以來，我們第一次進行深入討論，尋找 Good Sam 可以透過哪些收購或投資來真正實現業務成長的替代方案。

When you look at the Good Sam revenue number for the quarter, it's, I think, a record revenue number. When you look at the profitability, it's slightly down, but it's slightly down for two simple reasons. One, we're investing in that business to grow it. And the way that revenue happens and the recognition of revenue happens, you realize the expense today, you realize the revenue over a period of time. So you'll see that start to blossom over the next several years.

當你查看 Good Sam 本季的營收數字時，我認為這是一個創紀錄的營收數字。當你查看盈利能力時，它略有下降，但略有下降的原因很簡單。首先，我們正在投資該業務以使其發展。收入產生的方式和收入確認的方式是，您今天實現費用，然後在一段時間內實現收入。因此，您將看到它在未來幾年內開始蓬勃發展。

The second thing is that RVs are out using -- RVs are out using their unit, so our claims on roadside assistance are also up. Sure, there's a little bit of inflation related to the claims cost. We think we have some ways to mitigate that here in the next 12 to 15 months. But as we look to grow the profitability, we know that raising our gross margin on an annualized basis above 30% is a great target for us. We know that keeping the guidepost of new revenue growth and new unit growth and used unit growth; those are all things that they're going to continue.

第二件事是，房車正在外出使用——房車正在外出使用其設備，因此我們對路邊援助的索賠也增加了。當然，索賠成本存在一些通貨膨脹。我們認為在未來 12 到 15 個月內我們有一些方法來緩解這種情況。但當我們尋求提高獲利能力時，我們知道將年毛利率提高到 30% 以上對我們來說是一個很好的目標。我們知道，保持新收入成長、新單位成長和二手單位成長的指導方針；這些都是他們將繼續做的事情。

And because the clock strikes 12 on December 31, we're not going to come out with a new set of ideas. The idea is to continue to sell more RVs, take fixed costs out of the business, grow our Good Sam business, and deliver the EBITDA performance that we know we're capable of. When I look at the performance for the quarter of 140, whatever number it was, $140-some-odd million, I have to tell you that that's probably the best performance that I've seen in my 20 years in light of the backdrop of what's happening in the macro.

而且由於 12 月 31 日鐘聲敲響 12 點，我們不會提出新的創意。我們的想法是繼續銷售更多的房車，從業務中剔除固定成本，發展我們的 Good Sam 業務，並實現我們知道我們有能力實現的 EBITDA 業績。當我看到 140 季度的表現時，無論這個數字是多少，1.4 億美元左右，我不得不告訴你，考慮到宏觀經濟的背景，這可能是我 20 年來見過的最好的表現。

For those people that are wondering, we believe that the macro environment in 2025 was actually tougher than 2024, lot more uncertainty with tariffs and interest rates and just the general overall economic environment. And that's why we go into the next quarter, into next year with a very, very high level of confidence.

對於那些感到疑惑的人，我們認為 2025 年的宏觀環境實際上比 2024 年更加嚴峻，關稅、利率以及整體經濟環境的不確定性更大。這就是為什麼我們滿懷信心地進入下一季、進入明年。

I'll now turn the call over to Matthew.

我現在將電話轉給馬修。

Thanks, Marcus. As Marcus suggested earlier, we cannot be more proud of our team and the outsized results that they delivered within the second quarter. Our same-store unit growth trends continue to show promising signs as we move into the third quarter. July month-to-date, we're already seeing unit growth tracking up in the high teens on used RV sales and high single digits on new RV sales year-over-year. And on a multi-year basis, both of these trends are in line compared to what we saw in our record-setting second quarter.

謝謝，馬庫斯。正如馬庫斯之前所說，我們對我們的團隊以及他們在第二季度的出色成績感到無比自豪。隨著進入第三季度，我們的同店單位成長趨勢繼續顯示出良好的跡象。截至 7 月份，我們已經看到二手房車銷量年增 10% 以上，新房車銷量較去年同期成長 10% 以上。從多年來看，這兩種趨勢與我們創紀錄的第二季的情況一致。

We also continue to make significant gains in our new and used market share, achieving the distinction of selling over 14% of all new and used RVs registered in North America year-to-date. We continue to separate ourselves from the competition, and we are driving these results with fewer but more productive rooftops.

我們的新車和二手車市場份額也繼續大幅增長，今年迄今為止，我們在北美註冊的所有新車和二手房車的銷售量已超過 14%。我們繼續在競爭中脫穎而出，並透過更少但更有效率的屋頂來推動這些成果。

On a trailing 12-month basis, our new and used retail same-store growth is now tracking up in excess of 10%, which compares to an industry that continues to track down in excess of high single digits. A year ago, we set a long-term goal of achieving 15% combined market share of new and used RVs. Given our performance and consistent ability to navigate a complex industry backdrop, we now see 20% market share of all new and used retail sales as a very realistic medium-term goal.

在過去 12 個月中，我們的新舊零售同店成長率現已超過 10%，而整個產業的成長率則持續保持在高個位數以上。一年前，我們制定了一個長期目標，實現新舊房車市場總份額達到 15%。鑑於我們的業績和在複雜行業背景下持續應對的能力，我們現在認為，佔據所有新舊零售銷售 20% 的市場份額是一個非常現實的中期目標。

During the second quarter, we further developed and enhanced our used procurement methodology, resulting in a record amount of used RVs purchased within the quarter. As I look out over the next several quarters, I'm most optimistic about the capabilities and the scalability that we've built into our used RV supply chain.

在第二季度，我們進一步開發和增強了二手房車採購方法，使得本季二手房車的購買量創下了歷史新高。展望未來幾個季度，我對我們在二手房車供應鏈中建立的能力和可擴展性最為樂觀。

We approach this segment with a very long-term mindset, having made significant investments into a centralized team with the ability to flex up and down our values and buy in real time. We know that used RV sales is going to be the key to our continued idiosyncratic earnings growth in the years ahead.

我們以非常長遠的眼光來對待這一領域，對一個集中的團隊進行了大量投資，該團隊能夠靈活調整我們的價值觀並即時購買。我們知道，二手房車銷售將成為未來幾年我們持續實現獨特獲利成長的關鍵。

I'll now turn the call over to Tom.

我現在將電話轉給湯姆。

Thanks, Matt. For the second quarter, we recorded revenue of $2 billion, an increase of over 9%, driven by unit volume increases in both new and used in excess of 20%. New and used gross margins both performed in line with their historical averages.

謝謝，馬特。第二季度，我們的營收達到 20 億美元，成長超過 9%，這得益於新車和二手車銷量均成長超過 20%。新車和二手車的毛利率均與歷史平均值一致。

Within Good Sam, the business continues to post positive top line growth with the organization positioned for margin stabilization as we make additional investments in our roadside business and lap claims cost increases. Within product services and other, our core dealer service revenues on our accessory business showed improved gross profit dollars and margins despite reported top line pressure from a higher allocation of service hours to used inventory as we deployed our cash towards used RV acquisition throughout the quarter.

在 Good Sam 內部，隨著我們對路邊業務進行額外投資以及索賠成本增加，業務繼續實現積極的收入成長，組織利潤率保持穩定。在產品服務和其他方面，儘管報告稱由於我們整個季度將現金用於二手房車收購，導致二手庫存的服務時間分配增加，從而給營收帶來壓力，但我們配件業務的核心經銷商服務收入的毛利和利潤率有所提高。

We also lapped the sale of our furniture business during the second quarter of last year. We reported adjusted EBITDA of $142.2 million compared to $105.6 million last year. SG&A as a percentage of gross profit improved 276 basis points year-over-year as we continue to consolidate underperforming locations and pull costs out of the business. The team achieved these improvements despite pressure from lower ASPs on new vehicles. In sum, we've strengthened our operating model, enhanced financial performance and created more room to grow.

我們也在去年第二季完成了家具業務的出售。我們報告的調整後 EBITDA 為 1.422 億美元，而去年同期為 1.056 億美元。由於我們繼續整合表現不佳的門市並降低業務成本，銷售、一般及行政費用佔毛利潤的百分比比去年同期提高了 276 個基點。儘管新車平均售價較低，團隊仍取得了這些進展。總之，我們加強了營運模式，提高了財務業績，並創造了更大的成長空間。

We ended the quarter with about $118 million of cash. We also have paid down $75 million of long-term debt since October, including a prepayment made yesterday. We also have about $519 million of used inventory net of flooring and another $193 million of parts inventory. Finally, we own about $247 million of real estate without an associated mortgage. I'll now turn the call back over to Marcus.

本季末我們的現金約為 1.18 億美元。自去年 10 月以來，我們還償還了 7,500 萬美元的長期債務，其中包括昨天支付的預付款。我們還擁有約 5.19 億美元的二手庫存（不包括地板）和 1.93 億美元的零件庫存。最後，我們擁有價值約 2.47 億美元的房地產，且沒有相關抵押貸款。我現在將電話轉回給馬庫斯。

Thanks, Tom. We'll go ahead and jump right into the Q&A.

謝謝，湯姆。我們將繼續並直接進入問答環節。

(Operator Instructions) Joe Altobello, Raymond James.

（操作員指示）喬·阿爾托貝洛、雷蒙德·詹姆斯。

I want to ask about ASPs, not surprisingly. You mentioned the weakness on the new side is really all mix, but I'm curious what you're seeing from a promotional standpoint this summer. Are competitors getting more aggressive, particularly as you guys continue to gain pretty significant market share?

我想問一下有關 ASP 的問題，這並不奇怪。您提到新方面的弱點確實是多種多樣的，但我很好奇您從今年夏天的促銷角度看到了什麼。競爭對手是否變得更加激進，特別是當你們繼續獲得相當大的市場份額時？

Well, I think the important thing is, is that we don't see the ASPs as a problem. We see that as an opportunity to grow our file, to build our base, to sell them other things through our whole ecosystem. And we're happy about it.

嗯，我認為重要的是，我們並不認為 ASP 是個問題。我們認為這是一個擴大我們的文件、建立我們的基礎、透過我們的整個生態系統向他們銷售其他產品的機會。我們對此感到高興。

In terms of competitors, we've stopped paying attention to how other people are pricing because we actually are very focused on growing our margins, and you saw that margin growth through the quarter, breaking 30%. I don't know what other dealers are doing right now. And quite frankly, what I've told the team every single day that we wake up is, I don't care.

就競爭對手而言，我們不再關注其他人的定價，因為我們實際上非常注重提高利潤率，而且您看到本季的利潤率成長突破了 30%。我不知道其他經銷商現在在做什麼。坦白說，每天醒來我都會告訴團隊，我不在乎。

What I care about is an acute focus on turning that new inventory, finding new customers, being very profitable on every single one of those transactions, which we are, including on the lower-priced units and driving the growth of our business, both on the top and bottom line by focusing on our used business.

我關心的是專注於轉換新庫存，尋找新客戶，在每一筆交易中都獲得豐厚的利潤，包括低價單位，並透過專注於二手業務來推動業務的成長，無論是在頂線還是底線。

And Joe, let's not forget the competitive advantage that we have with our contract manufacturing and our ability to just add additional content features while we even just like had done previous cursory checks of competitors. I mean, we are clearly coming in under invoice pricing based upon OEM brands that are of equivalent products. So I don't know that I'm seeing any different type of behavior than we normally would experience. I mean, just as well, we feel like we've played a much more competitive and intelligent game in terms of our inventory management.

喬，我們不要忘記我們在合約製造方面的競爭優勢，以及我們添加額外內容功能的能力，而我們甚至像以前對競爭對手進行過粗略檢查一樣。我的意思是，我們的定價顯然低於基於同等產品的 OEM 品牌的發票定價。所以我不知道我看到的行為是否與我們通常會經歷的行為不同。我的意思是，我們感覺在庫存管理方面我們玩了一場更具競爭力和更聰明的遊戲。

Joe, one thing that we did discover more clearly in the first six months of this year is that the growth of our new unit volume isn't singularly attributable to selling cheap units. The growth of our new models and the growth going forward in the next 12 to 18 months is us really understanding where the elasticity is by type code.

喬，我們在今年上半年確實更清楚發現的一件事是，我們的新單位數量增長並非僅歸功於廉價單位的銷售。我們的新車型的成長以及未來 12 到 18 個月的成長讓我們真正了解類型代碼的彈性所在。

And so it isn't about just selling a $1,000, $12,000, $15,000 trailer. That's a very small number inside of our overall business, but it's understanding as you get into larger trailers, as you get into fifth wheels, as you get into Cs and Bs and As, how do we enter into each one of those type codes and start to be disruptive on the opening price points there. We believe that the slowdown in motorized can be accelerated with us finding price points that trigger customers' behavior.

因此，這不僅僅是銷售價值 1,000 美元、12,000 美元或 15,000 美元的拖車。在我們的整體業務中，這只是一個很小的數字，但當你進入更大的拖車、進入第五輪、進入 C、B 和 A 時，我們可以理解，我們如何進入每一種類型代碼，並開始顛覆那裡的開盤價位。我們相信，透過找到能夠激發客戶行為的價格點，機動化進程的放緩將會加速。

And whether that's a $100,000 Class A, a $69,000 Class C, a $74,000 Class B, we know that in all of those segments, there's significant volume growth opportunities available to us. But understanding that we take our playbook from the entry-level travel trailer, and we start to stratify that across all the different price points, that's where we think we're going to win in the next 12 to 15 months.

無論是 100,000 美元的 A 類、69,000 美元的 C 類，還是 74,000 美元的 B 類，我們都知道，在所有這些領域，我們都擁有巨大的銷售成長機會。但要知道，我們的策略是從入門級旅行拖車開始的，並且我們開始將其分層到所有不同的價格點，這就是我們認為我們將在未來 12 到 15 個月內獲勝的地方。

It is not our focus, much like it hasn't ever been, to try to just generate volume by selling cheap things. It is our focus to try to sell as many things as we possibly can and get them into our ecosystem and do all of those transactions profitably. One thing that I heard yesterday from some feedback that I got is that we look like we're selling units at a loss to try to grow a file or to try to grow market share.

我們的重點並不是僅僅透過銷售廉價商品來增加銷量，這一點從來都不是。我們的重點是嘗試銷售盡可能多的商品，並將它們納入我們的生態系統，並使所有這些交易都獲利。昨天我從收到的一些回饋中得知，我們似乎在虧本銷售產品，試圖擴大文件或試圖增加市場佔有率。

That's just total nonsense. Every transaction that we do cumulatively is intended to be profitable between what we generate in the front, what we generate in F&I, what we generate in service and that cumulative transaction needs to be profitable. Sure, are there cases where we sell the unit with a front-end loss? Yes, because it has some aging, because we made a mistake trading for it. But when you look at the summation of our transactions, they're profitable and they're meant to be contributory, not market share gains.

這完全是胡說八道。我們累積的每筆交易都旨在實現盈利，包括在前端產生的收入、財務與保險產生的收入、服務產生的收入，並且累積交易需要實現盈利。當然，是否存在我們出售單位時有前端虧損的情況？是的，因為它有些老化了，因為我們在交易它時犯了一個錯誤。但當你查看我們的交易總額時，你會發現它們是有利可圖的，而且旨在做出貢獻，而不是為了獲得市場份額。

Appreciate that. And just quickly on used gross profit margin, it looks like it's north of 20% again. Is that sustainable? And would you expect to hold 20% in the back half on the used side?

非常感謝。就毛利率而言，它似乎又回到了 20% 以上。這是可持續的嗎？您是否希望在二手部分的後半部保留 20% ？

I'm going to stay consistent with what we provided as a guidepost for the year, which is in that 19% -- 18.5% to 19.5% range. As we get into the back half, Matt and I have begun testing some different pricing strategies on used. We have a desire to get our used turns up to 4x.

我將堅持我們今年提供的指導方針，即在 19% - 18.5% 到 19.5% 的範圍內。當我們進入後半部分時，馬特和我已經開始測試一些不同的二手定價策略。我們希望將使用次數提高到 4 倍。

We have some work to do to get there. We're probably sitting at around 3.68x right now, and so, we're testing some different things because we believe the long-term prospects of generating more gross profit on that asset, getting a better gross margin return on investment in a 12-month period is more important than anything else.

為了實現這一目標，我們還需要做一些工作。我們現在大概處於 3.68 倍左右，因此，我們正在測試一些不同的東西，因為我們相信從長遠來看，從該資產上產生更多的毛利，在 12 個月內獲得更好的毛利率投資回報比其他任何事情都重要。

We think we can get 1/4 of a turn more by giving up 0.5% or 0.25% of margin, which is going to yield us more dollars. And so that's the game that we're playing right now. So I would expect that same guidepost to maintain. If we outkick our coverage and come up with 20%, then that's a win for us.

我們認為，放棄 0.5% 或 0.25% 的保證金，我們可以獲得 1/4 的收益，這將為我們帶來更多的收益。這就是我們現在正在玩的遊戲。因此我希望維持同樣的指導方針。如果我們超出我們的覆蓋範圍並達到 20%，那麼這對我們來說就是勝利。

And I mean, this is really a GPU game, as Mark is saying for us. Just to enhance that opportunity, let's not forget, Joe, coming out of season, we typically like to accelerate our sales, convert those used assets into cash because once September, October hits, that's amongst the best time period to actually buy more used heading into next year.

我的意思是，正如馬克對我們說的那樣，這確實是一款 GPU 遊戲。為了增強這個機會，我們不要忘記，喬，在淡季，我們通常喜歡加速銷售，將那些二手資產轉換成現金，因為一旦進入九月、十月，那就是在明年購買更多二手資產的最佳時期之一。

There's going to be some consumers that don't want to necessarily pay the storage fees, don't want to necessarily hold on to their assets or pay insurance. They'd rather just buy a new one in March or April of next year. So we'll certainly take advantage of those opportunities over the ensuing months.

有些消費者不一定願意支付倉儲費，不一定願意保管自己的資產或支付保險費。他們寧願在明年三月或四月購買一輛新的。因此，我們一定會在接下來的幾個月裡利用這些機會。

To give you a little insight, as we look at July, our margins look pretty close to 20% and our same-store sales number is pretty close to also 20%. So we're seeing that momentum continue, and we're excited about the prospects going forward.

為了讓您稍微了解一下，當我們看 7 月時，我們的利潤率看起來非常接近 20%，我們的同店銷售額也非常接近 20%。因此，我們看到這種勢頭仍在繼續，我們對未來的前景感到興奮。

James Hardiman, Citi.

花旗銀行的詹姆斯哈迪曼。

So I mean, you touched on a lot of this, but maybe just a quick summary as we think about these various guideposts, right, new and used unit price margin, what's changed and what hasn't changed? And should the landing point, ultimately -- obviously, you guys don't give guidance, but the landing point as we think about EBITDA for the year, how should that be, at least in your internal models, how is that moving?

所以我的意思是，您談到了很多這方面的內容，但也許只是一個快速總結，當我們思考這些不同的指導方針時，對吧，新的和二手的單價利潤，什麼改變了，什麼沒有改變？最終的著陸點應該是——顯然，你們沒有給出指導，但是當我們考慮今年的 EBITDA 時，著陸點應該是怎樣的，至少在你們的內部模型中，它是如何移動的？

Yes. So we have taken our projections up on new. I think we had originally started the year at 2%, 3%, 4%, 5%. We're taking that up from here. We're keeping our used number relatively consistent, but we believe we can outkick our coverage there.

是的。因此，我們做出了新的預測。我認為我們年初的成長率原本是 2%、3%、4%、5%。我們從這裡開始。我們的使用數量保持相對穩定，但我們相信我們可以擴大覆蓋範圍。

We believe that our gross margin, our goal is to keep that above 30%. That's a little bit higher than we originally entered the year in our minds. And we will continue to make progress on the SG&A. We feel like the SG&A goal of 600 to 700 points isn't moved. It feels like it just had some headwind in front of it based on what happened with Liberation Day and some of the other things.

我們相信我們的毛利率目標是維持在30%以上。這比我們最初預想的今年的水準要高一點。我們將繼續在銷售、一般及行政費用方面取得進展。我們感覺 600 到 700 點的 SG&A 目標沒有改變。從解放日和其他一些事情的發生來看，感覺它只是遇到了一些逆風。

As I look at the balance of the year, though, just to be very candid, as we're tracking here, we think that getting closer to 350 to 400 on the SG&A side is a goal, unless we see those ASPs unlock by thousands of dollars here in the back half, and we could potentially break 400. The goal to 600 to 700 will take, plain and simple, and you can see the slides that we've attached, it will take the requirement for us to get our ASPs back up closer to 38, 38.5 for us to get to that 600 to 700. We think that's very possible.

不過，當我回顧今年的餘額時，坦白說，正如我們所追蹤的那樣，我們認為銷售、一般和行政費用 (SG&A) 方面接近 350 到 400 是一個目標，除非我們看到這些 ASP 在下半年解鎖數千美元，我們才有可能突破 400。要達到 600 到 700 的目標，很簡單，您可以看到我們附加的幻燈片，我們需要將 ASP 重新提高到接近 38、38.5 才能達到 600 到 700 的目標。我們認為這是很有可能的。

And we think it's even possible in the back half of '26. But in the short term, we think we're still going to have a little bit of pressure from (technical difficulty) we're hopeful that an interest rate cut here in the next several months will be part of that fuel.

我們認為在 2026 年下半年這甚至是有可能實現的。但在短期內，我們認為我們仍然會面臨一些來自（技術困難）的壓力，我們希望未來幾個月的降息將成為推動力之一。

Got it. That's helpful. And then Marcus, you made the point in the prepared remarks that the strategy doesn't change once the calendar flips. It seems like other RV companies are really going out of their way to tell us that fiscal '26 is unlikely to be significantly better than fiscal 2025. Obviously, there are some differences there, right? (technical difficulty) gaining market share, right, hand over fist. I guess, early thoughts on '26 is the question.

知道了。這很有幫助。然後馬庫斯，你在準備好的發言中指出，即使日曆翻過，策略也不會改變。似乎其他 RV 公司真的不遺餘力地告訴我們，26 財年不太可能比 2025 財年好很多。顯然，這裡存在一些差異，對嗎？（技術難度）獲得市場份額，對，輕而易舉。我想，對 26 的早期想法是個問題。

We expect to continue to grow our new business in '26 and outsize our growth in used in '26, and we expect to do that with fewer rooftops and a tighter expense structure. And that's not something that's going to start or stop today.

我們預計在 2026 年我們的新業務將繼續成長，並且在 2026 年我們的使用業務將實現更大的成長，並且我們預計將以更少的屋頂和更嚴格的費用結構來實現這一目標。這不是今天就能開始或停止的事情。

It's going to -- it's continuing today, and it's going to continue until we get to our goals, and then we're going to set new goals. So we're not expecting '26 to be anything but up for us. We don't really give a (inaudible) about everybody else, to be totally honest.

它會——它會一直持續到今天，它會一直持續到我們實現目標，然後我們會設定新的目標。因此，我們並不認為 26 年會有什麼好結果。說實話，我們真的不在乎（聽不清楚）其他人。

And I don't mean to be that punchy about it. But we're putting up big market share numbers, and we're going to continue to punish the competitors. You didn't have to hang up on that one though. I don't know who's next. I think he may have dropped off, operator.

我並不是想對此太過嚴厲。但我們正在取得巨大的市場份額，我們將繼續懲罰競爭對手。不過你沒必要掛斷電話。我不知道下一個是誰。我認為他可能已經掉下去了，接線員。

Our next question comes from Alex Perry with Bank of America.

我們的下一個問題來自美國銀行的亞歷克斯·佩里。

Two questions. I think they're related to each other, not surprisingly on pricing. But I guess just more granularly, can you talk through the embedded pricing expectations in the back half across both new and used? For new, are you expecting similar levels of decline year-over-year as you saw in the second quarter?

兩個問題。我認為它們是相互關聯的，在定價方面這並不奇怪。但我想更詳細地說，您能否談談後半部分新車和二手車的嵌入式定價預期？對於新產品，您是否預期會出現與第二季類似的年減趨勢？

And then maybe just provide a bit more color in terms of any green shoots in terms of higher content and units starting to sell? Are you starting to see an unlock in fifth wheel or motorized? And what is driving the higher ASPs in July? Are you starting to see a bit of a mix benefit there?

然後也許只是在更高的內容和開始銷售的單位方面提供更多的綠色芽苗的顏色？您是否開始看到第五輪或機動車輛的解鎖？那麼，是什麼原因推動了 7 月平均售價的上漲呢？您是否開始看到一些混合效益？

I need to understand -- I apologize. I understood the back half of the questions. I just need to understand the pricing. I heard pricing dislocation of some kind. Can you clarify that?

我需要理解——我很抱歉。我理解了問題的後半部。我只需要了解定價。我聽說了某種定價混亂的情況。你能澄清一下嗎？

Pricing, yes, more about the embedded pricing expectations in the back half for both new and used to get to your down 10% guide that you laid out in terms of ASP. Like is there an embedded ASP recovery in the back half across both new and used? Just trying to think through what you're anticipating there.

定價，是的，更多關於後半部分嵌入的定價預期，包括新車和二手車，以達到您在 ASP 方面列出的 10% 的降價指南。例如，新車和二手車的後半部是否有嵌入式 ASP 復甦？只是想想想你在那裡期待什麼。

So on the new side, as you may be aware, we were just slightly over $40,000 on a new ASP in 2024. And we're operating today far below that. But we've already started to see that number tick up. The range that we gave of 10% to 12% down was our very conservative finger in the air guess. That number could be as low as 8% or 7% if we get a little pop here. The growth that we're seeing in our ASPs in July and in the back half are really not that peculiar. We normally see seasonal improvement in our pricing.

因此，在新產品方面，正如您可能知道的，我們在 2024 年的新 ASP 上的價格略高於 40,000 美元。而我們今天的營運水準遠低於這個水準。但我們已經開始看到這個數字上升。我們給出的 10% 至 12% 的下降幅度是我們非常保守的猜測。如果出現小幅上漲，這個數字可能會低至 8% 或 7%。我們在 7 月和下半年看到的平均銷售價格的成長實際上並不奇怪。我們的定價通常會出現季節性改善。

Really, Alex, the confidence stems from the fact that we historically will take a very bullish position on lower-priced assets heading into season. And then our inventory mix and ergo our sales mix is modified in accordance with whatever our inventory mix is.

真的，亞歷克斯，這種信心源於這樣一個事實：從歷史上看，進入旺季時，我們會對低價資產採取非常樂觀的態度。然後，我們的庫存組合以及銷售組合將根據我們的庫存組合進行修改。

So as we sit here today, I mean, the cost of our average new piece of inventory in rolling stock has gone up in excess of 12%, which is going to be just the norm that we see in terms of our inventory mix. And therefore, that would give us the confidence just to suggest that seasonally in Q3, Q4, you're going to see our new ASPs increase.

所以，當我們今天坐在這裡時，我的意思是，我們機車車輛的平均新庫存成本已經上漲了 12% 以上，這只是我們在庫存組合方面看到的常態。因此，這將使我們有信心在第三季和第四季看到我們的新 ASP 季節性成長。

However, when you look at it on a year-over-year basis, we still expect that there's going to be year-over-year declines much in line with the percentage year-over-year declines that we saw in Q1 and Q2. So in other words, you could just track throughout the balance of the year just to suggest that, that same 10% to 12% decline is what we'd anticipate between now and the end of the year.

然而，如果從年比來看，我們仍然預期同比下降幅度將與第一季和第二季的年減百分比大致一致。換句話說，你可以追蹤全年的餘額，結果顯示，從現在到年底，我們預計會出現同樣的 10% 到 12% 的下降。

Which is still higher.

這仍然更高。

Exactly.

確切地。

Because everything takes off. I think Q4 was 44,000.

因為一切都開始起飛。我認為第四季是 44,000。

Yes. And really, Alex, to transition to your second question, are we seeing green shoots? Yes, absolutely. And most of the green shoots are a byproduct of the time investment that we made into our contract manufacturing, where it's no coincidence that our best-selling Class B, Class C and Class A are contract manufactured units within each of those specific segments.

是的。亞歷克斯，說真的，轉到你的第二個問題，我們看到了復甦的跡象嗎？是的，絕對是。大部分的復甦都是我們在合約製造方面投入時間的副產品，我們最暢銷的 B 級、C 級和 A 級產品都是在各個特定領域內合約製造的，這並非巧合。

And we have taken different approaches to continue to expand that lineup heading into next year, inclusive of just adding different elements, like in a Class B, a different pop-top optionality to increase the sleeping capacity. We're looking at a Super C as an example, which we've seen that being one of the few segments within the motorized space that's actually growing year-over-year, and we really don't have a meaningful footprint in that segment.

我們採取了不同的方法來繼續擴大明年的產品線，包括添加不同的元素，例如在 B 級車中添加不同的彈出式車頂選項以增加睡眠容量。我們以 Super C 為例，它是機動化領域中為數不多的逐年增長的細分市場之一，但我們在該細分市場中並沒有佔據重要地位。

So we see a lot of opportunity to weave into and out of different areas, segments to enhance and up content a lot of our assets while at the same time, maintaining what we're doing, where we feel like we've been the market driver over the last two years. And you take us out of the market, and this industry has gone backwards a substantial amount.

因此，我們看到了很多機會，可以將不同的領域和細分市場交織在一起，以增強和提升我們的許多資產內容，同時保持我們正在做的事情，我們覺得在過去的兩年裡，我們一直是市場驅動力。如果你把我們撤出市場，這個產業就會倒退一大截。

Very clear and very helpful. Best of luck going forward.

非常清楚並且非常有幫助。祝你未來好運。

Tristan Thomas-Martin, BMO Capital Markets.

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

Matt, I want to follow up on that question. And Marcus, in one of the previous questions, you said you could reaccelerate price points implying going lower to reengage customers. So how should we think about mix and pricing in calendar '26?

馬特，我想跟進一下這個問題。馬庫斯，在之前的問題中，您說過您可以重新提高價格點，即降低價格以重新吸引客戶。那我們該如何考慮 26 年曆的組合和定價呢？

You should think about us putting products on the ground that the customers want to buy. And so, our ability is to be like the wind. We're going to adjust to whatever is happening with the general consumer. We do, however, want to start to track drops in potential interest rates and our ability to raise the type of unit that somebody could buy. Look, the 13B and the 13R, the 17B and the 17R, which are our entry-level units, are meant to bring people into the lifestyle.

你應該想想我們把產品放在顧客想要購買的地方。所以，我們的能力就像風一樣。我們將根據普通消費者發生的任何變化做出調整。然而，我們確實希望開始追蹤潛在利率的下降以及我們提高人們可以購買的單位類型的能力。你看，13B 和 13R、17B 和 17R 是我們的入門級產品，旨在讓人們融入這種生活方式。

That's the goal of them. It's not meant to gain market share, it's meant to bring people into our ecosystem so that the lifetime value of that customer can start earlier, and the trade cycle can start faster. Those units that I just identified are some of our most popular traded-in units.

這就是他們的目標。這不是為了獲得市場份額，而是為了將人們帶入我們的生態系統，以便客戶的終身價值可以更早開始，貿易週期可以更快開始。我剛剛確定的那些單位是我們最受歡迎的以舊換新單位。

And so, we know that the traditional trade cycle of 3.5 to 4 years gets materially accelerated when they buy that entry-level unit. And then we get to make money on them multiple times throughout their journey and really start to diversify the places that they go inside of our organization, particularly inside of Good Sam. So as we look at 2026, we expect to see a growth in ASP for a variety of reasons.

因此，我們知道，當他們購買入門級設備時，3.5 到 4 年的傳統貿易週期會大大加快。然後，我們可以在他們的整個旅程中多次從他們身上賺錢，並真正開始使他們在我們組織內部，特別是在 Good Sam 內部去的地方多樣化。因此，展望 2026 年，我們預計由於各種原因，ASP 將會成長。

We expect to see growth in our new and used combined ASP because we continue to see nice stabilization on the used side. But if the market tells us to go up, we're going to follow it. If the consumer tells us to go down, we're going to follow it. Our job is to do what the consumer tells us to do, which is why we have domination on all categories of our business.

我們預計新車和二手車的綜合平均售價將會成長，因為我們繼續看到二手車市場保持良好的穩定性。但如果市場告訴我們上漲，我們就會跟著走。如果消費者告訴我們要降價，我們就會遵循。我們的工作就是按照消費者的要求去做，這也是為什麼我們在所有業務領域都佔據主導地位。

We have really good insight, Tristan, too, into the monthly payment that a consumer is willing to pay within each specific segment. And that's really been our secret sauce this year, is driving down that monthly payment year-over-year, therefore, expanding the entire funnel of buyers today and for the future.

特里斯坦，我們對消費者在每個特定細分市場中願意支付的每月付款也有很好的了解。這確實是我們今年的秘訣，即逐年降低每月付款額，從而擴大當前和未來的整個買家管道。

Okay. And then just one more on M&A. I know it's a little bit of an -- it's in a pause, right, on the dealership side. What would it take for you to get more aggressive there? What would you have to say?

好的。然後再談一下併購。我知道這有點——在經銷商方面，它處於暫停狀態，對吧。你需要做什麼才能變得更具侵略性？你想說什麼？

Well, let me clarify that. We are never on a pause for M&A. We are more thoughtful and less aggressive at certain times because the capital that we have today is really being allocated to delevering our business. We don't like where our leverage sits, while it's materially improved from January 1, and Tom mentioned that we paid our debt down $75 million. But we are looking at deals right now.

好吧，讓我澄清一下。我們從未停止併購。在某些時候，我們會更加深思熟慮，不那麼咄咄逼人，因為我們今天擁有的資本實際上是用來降低業務槓桿的。我們不喜歡我們的槓桿率，儘管從 1 月 1 日起它已經有了實質性的改善，湯姆提到我們已經償還了 7500 萬美元的債務。但我們現在正在尋找交易。

And what we want to make sure that we're doing is, we're finding white space However, when we think about capital allocation, allocating money towards Good Sam's growth, allocating money towards used growth, allocating money towards getting more out of our existing stores is just a better return on capital. But we are never on pause from acquisitions. We're slightly more thoughtful. And I would never be surprised if you woke up tomorrow and we had a deal to announce. We just don't know.

我們要確保我們所做的是，我們正在尋找空白空間。然而，當我們考慮資本配置時，將資金分配給 Good Sam 的成長，將資金分配給使用的成長，將資金分配給從我們現有商店中獲得更多收益，只是為了獲得更好的資本回報。但我們從未停止收購。我們稍微考慮一下。如果您明天醒來發現我們達成了一項協議要宣布，我絕對不會感到驚訝。我們只是不知道。

Scott Stember, ROTH Capital Markets.

史坦伯 (Scott Stember)，羅仕資本市場。

Good morning. Matt, you were saying that the rolling stock coming in these days is low double digits higher, I guess, than last year. How does the '26 model year regarding tariffs, how will that get impacted for next year just from an affordability standpoint?

早安.馬特，你說的是，我猜，這些天進來的機車車輛比去年高出兩位數。26 款車型的關稅如何？從可負擔性角度來看，這會對明年產生什麼影響？

So Scott, let me clarify one thing in particular. I was suggesting our mix of assets on the ground is actually higher compared to what it was in prior quarters. But that's also a byproduct of, yes, what's coming in but also how the mix shifts. Because as we sell down lower-priced assets, naturally, that's going to skew towards a higher average cost. But just as well, where we've seen in terms of model year '26 on the most pure level, looking at a basket of goods, about a 5% increase on the most pure level. And there's going to be like various levels between 3% to upwards of 10% depending upon the category.

那麼史考特，讓我特別澄清一件事。我認為，與前幾季相比，我們的實地資產組合實際上更高。但這也是一種副產品，是的，它既是新事物的產物，也是混合變化的產物。因為當我們出售低價資產時，自然平均成本就會偏高。但同樣，就 26 年款車型而言，從最純粹的水平來看，一籃子商品的價格最純粹的水平上漲了約 5%。根據類別不同，會有 3% 到 10% 以上的不同水準。

But by and large, I think you can put 5%. And then also, of course, there's going to be chatter here over the ensuing months of different tariffs taking effect. And therefore, manufacturers might be pressed into raising prices slightly more within that September, October time frame or perhaps they try to punt it into next year. So we feel like we've been trying to take advantage of every opportunity we have and weave into and out of when to procure these assets to ensure that we're just prepared to meet these monthly payment demands of consumers.

但總的來說，我認為你可以投入5%。當然，在接下來的幾個月裡，這裡還會討論各種關稅的生效。因此，製造商可能會被迫在 9 月和 10 月期間稍微提高價格，或者他們可能會試圖將價格推遲到明年。因此，我們覺得我們一直在努力利用我們擁有的每一個機會，並考慮何時購買這些資產，以確保我們已準備好滿足消費者的每月付款需求。

Any increase in new pricing results in us being the big winner. Because of our ability to have the contract manufacturing relationships, we're always able to be better than everybody else. And with every new unit increase in price, the value of our used inventory actually goes up at the same time. So that could be some margin expansion for us as well. So we're not dissuading any manufacturer to avoid raising prices if that's what needs to happen. As long as content and quality don't get compromised, we're fine with that.

任何新價格的上漲都會讓我們成為最大的贏家。由於我們擁有合約製造關係，我們總是能夠比其他任何人都做得更好。隨著每個新單位價格的上漲，我們二手庫存的價值實際上也會同時上漲。因此這對我們來說也可能是一種利潤的擴大。因此，如果有必要，我們不會勸阻任何製造商避免提高價格。只要內容和品質不受影響，我們就沒問題。

Got it. And then last question on F&I, tremendous growth the last few quarters. Is there any reason to believe that we shouldn't be seeing this low double-digit growth as long as the units are growing the way that they are? And also, going 12 months out, talk about how this will help you attain your goals of 600 to 700 basis points of SG&A leverage.

知道了。最後一個問題是關於財務和保險的，過去幾季實現了巨大的成長。有什麼理由相信，只要銷售量以目前的方式成長，我們就不應該看到這種低兩位數的成長？此外，展望 12 個月，討論一下這將如何幫助您實現 600 至 700 個基點的銷售、一般和行政費用槓桿目標。

On the F&I side, we see opportunity to grow the gross dollars that we're generating. We don't think that the percentage of penetration that we have per transaction will grow. But if that penetration remains constant as it has for several years in terms of our ability to sell the different products and services, the gross dollars will naturally go up as the ASPs go up with it.

在財務和保險方面，我們看到了增加總收入的機會。我們認為每筆交易的滲透率不會成長。但是，如果這種滲透率在我們銷售不同產品和服務的能力方面保持數年不變，那麼隨著平均售價的上漲，總收入自然也會上漲。

And I think that's a bit of a hidden secret in this whole process is that as the ASPs start to go up again, which we're seeing already in July, not only do the gross profit per units go up, but the F&I dollars per unit go up with it. When those two things happen, our cost structure does not change other than the small amounts of commission that we pay out.

我認為整個過程中隱藏的一個秘密是，隨著平均售價再次開始上漲（我們在 7 月已經看到這種情況），不僅單位毛利潤上漲，而且單位財務及保險費用也隨之上漲。當這兩件事發生時，除了我們支付的少量佣金外，我們的成本結構不會改變。

And so, what's really created the separation between or the delay in us achieving the 600 to 700 points is very simple that once the ASPs start to go up and the GPUs go up just a couple of hundred bucks and the F&I goes up a couple of hundred bucks, and we continue to take costs out. which I want to be clear. We are going to continue to take costs out. Those two things when they meet in the middle, get us to 600 to 700, I think, quicker than anybody would expect.

因此，造成我們實現 600 到 700 分之間的差距或延遲的原因很簡單，一旦 ASP 開始上漲，GPU 上漲幾百美元，F&I 上漲幾百美元，我們就會繼續削減成本。我想把這一點說清楚。我們將繼續削減成本。當這兩件事在中間相遇時，我認為我們就能達到 600 到 700 的速度，比任何人預期的都要快。

Ryan Brinkman, JPMorgan.

摩根大通的瑞安·布林克曼。

Relative to the trend in new RV pricing, how much of that trend do you think is a result of lower prices for the same type of RV versus how much is driven by that downshift in mix you alluded to that's driven by customer preferences in light of affordability challenges, et cetera?

相對於新房車定價趨勢，您認為這種趨勢有多少是由於同類型房車價格下降造成的，又有多少是由於您提到的價格下降而導致的，這種下降是由於客戶在承受能力挑戰等方面的偏好所致？

And then I heard you say that aggressive discounting wasn't behind your market share gain in new RVs during the quarter. So how much of a contributing factor was maybe your differentiated assortment of more affordable RVs? How much longer will that be a differentiating factor? And then just relatedly, I realize your used RV margin remains strong, but are there any implications for used RV prices to keep in mind?

然後我聽到您說，大幅折扣並不是本季新房車市佔率成長的原因。那麼，你們差異化推出的更實惠的房車系列在多大程度上起到了推動作用呢？這還會成為多久的區別因素？然後，與此相關的是，我知道您的二手房車利潤率仍然很高，但這對二手房車價格有什麼影響需要注意嗎？

Or do you need to somehow position yourself differently on the used side like you have before when there were significant changes taking place in the new RV marketplace with regard to either price or mix?

或者，您是否需要以某種方式在二手車市場中做出不同的定位，就像以前在新房車市場的價格或產品組合發生重大變化時所做的那樣？

The benefit that we have -- thank you, Ryan, for your question. The benefit that we have on new RV pricing going up is very different in our used strategy than when -- than when new RV pricing went down in the '23, '24 model year changeover, because ultimately, the values of used got dislocated the wrong way.

我們所獲得的好處——感謝瑞安提出的問題。在我們的二手車策略中，新房車價格上漲給我們帶來的好處與 23、24 年車型轉換期間新房車價格下降時帶來的好處截然不同，因為最終，二手車的價值被錯誤地打亂了。

In this particular instance, as we sit here and buy today, and we're buying behind book value in many cases, every time that new price goes up, that gives us margin expansion. That actually increases what the value of used units are in the marketplace. When you think about our market share growth, and I commented and will comment again about the fact that we don't need to be promotional in nature to drive our market share or to drive our volume gains.

在這個特定情況下，當我們今天坐在這裡購買時，在許多情況下我們都是按照帳面價值購買，每當新價格上漲時，我們的利潤就會擴大。這實際上增加了二手設備在市場上的價值。當您考慮我們的市佔率成長時，我曾經評論過並且會再次評論這樣一個事實：我們不需要透過促銷來推動我們的市場佔有率或推動我們的銷售成長。

it is really our idiosyncratic way of thinking about when to put inventory on the ground, what to put on the ground and how to price it. And it varies by market, and it varies by type code. What we've learned how to do very well is understand where the white space is from a pricing standpoint across all the type codes top to bottom, not just in the entry-level travel trailer. And as we get deeper into '25 and get ready for '26, I think you'll see us start to gain more momentum in other type codes that we have historically not had as much of explosive growth like we did on the bottom side.

這實際上是我們思考何時將庫存放到地面、將什麼放到地面以及如何定價的獨特方式。並且它因市場而異，也因類型代碼而異。我們學到的很好的方法是從定價的角度了解所有類型代碼的空白在哪裡，而不僅僅是入門級旅行拖車。隨著我們深入 25 年並為 26 年做好準備，我想你會看到我們開始在其他類型代碼中獲得更多動力，而從歷史上看，我們並沒有像在底部那樣爆炸性增長。

Alice Wycklendt, Baird.

愛麗絲·威克倫特，貝爾德。

Marcus, I just want to follow up on your comments on the trade-in cycle. I mean your contract manufacturing strategy is obviously drawing new entrants into the market with that affordable price point. Maybe provide a bit more detail on your approach to follow-up and retention of those customers to keep them in the RV lifestyle, maybe more specifically in your ecosystem and maybe at that faster trade-in rate that you mentioned?

馬庫斯，我只是想跟進一下你對以舊換新周期的評論。我的意思是，您的合約製造策略顯然以可承受的價格吸引了新進入者進入市場。也許可以提供一些更詳細的信息，說明您如何跟進和留住這些客戶，讓他們繼續保持 RV 生活方式，也許更具體地說，在您的生態系統中，也許以您提到的更快的以舊換新率？

The one thing that is unique about our business is the multiple touch points that a customer has just slightly right after the RV purchase transaction. And whether that's the interaction with Good Sam and the F&I and the Good Sam F&I office, or the type of interaction they have as a walk-through in our retail business or the follow-up with the service department, we just have so many different touch points and ways to engage with customers that it gives us different revenue and upsell opportunities.

我們的業務的獨特之處在於客戶在房車購買交易後不久就會擁有多個接觸點。無論是與 Good Sam、F&I 和 Good Sam F&I 辦公室的互動，還是他們在我們的零售業務中進行的互動類型，還是與服務部門的後續互動，我們都有許多不同的接觸點和與客戶互動的方式，這為我們帶來了不同的收入和追加銷售機會。

I think what's unique for us is that the opening price point units have given us the ability to bring people into the lifestyle, get them into an affordable payment, get them to try new products and services inside the business. And as they step up their units, they're also stepping up the types of products they have. Let me give you an example.

我認為我們的獨特之處在於，起始價格點單位使我們能夠將人們帶入這種生活方式，讓他們以可負擔的價格付款，讓他們嘗試企業內部的新產品和服務。隨著他們加強單位規模，他們也加強了產品類型的拓展。讓我給你舉個例子。

The price of a warranty on a $14,000 single-axle travel trailer is significantly lower than the price of a warranty on a 25-foot fiberglass travel trailer. And so, as we bring people in and we take them through the cycle all the way up to maybe the largest unit they'll ever own, not only does the revenue per customer start to increase, but the gross profit that they contribute to their lifetime value also increases. This idea of contract manufacturing that we started many, many years ago was really built on a couple of premises. One, there is no block from us entering a market. We didn't want any resistance or any block of any kind.

14,000 美元的單軸旅行拖車的保固價格明顯低於 25 英尺玻璃纖維旅行拖車的保固價格。因此，當我們引進人才並帶領他們經歷整個週期直至他們擁有的最大單位時，不僅每個客戶的收入開始增加，而且他們為其終身價值貢獻的毛利也會增加。我們多年前開始的合約製造理念實際上是建立在幾個前提之上的。第一，我們進入市場沒有任何阻礙。我們不希望有任何抵抗或任何形式的阻礙。

We can go into any market tomorrow. Two, we wanted to be able to control features and benefits that were unique to us based on the research that we do, the feedback that we get. Three, we want to increase the trade cycle and the trade rate that we have because we need that supply chain on the used side. And maybe most importantly, last, our ability to have margin protection around those private label units. When you start to sell other OEM products, which we do, and we're the best at it in all cases, we also are competing with other people who may not have the type of infrastructure to deliver the customer experience that we do.

我們明天就可以進入任何市場。其次，我們希望能夠根據我們所做的研究和得到的回饋來控制我們獨特的功能和優勢。第三，我們希望增加貿易週期和貿易率，因為我們需要二手貨的供應鏈。最後，也許最重要的是，我們有能力為這些自有品牌單位提供利潤保護。當您開始銷售其他 OEM 產品時（我們就是這樣做的，而且我們在所有情況下都是最好的），我們也在與其他可能沒有我們所提供的基礎設施來提供客戶體驗的人競爭。

They could be operating on a gravel lot, not caring about the return customer, not caring about service, not even having service, and we're competing with them. So we have to be careful in that environment. The reason we have to stick with selling OEM units is because we need the credibility, we need the web traffic, we need the leads. But the contract manufacturing units have a very, very unique value proposition in our company. Trade cycle is one of them, but all the other things really are the architecture around all of it.

他們可能在碎石場上經營，不關心回頭客，不關心服務，甚至沒有服務，而我們正在與他們競爭。因此，在那種環境下我們必須小心謹慎。我們堅持銷售 OEM 設備的原因是我們需要信譽、需要網路流量、需要潛在客戶。但合約製造單位在我們公司有非常獨特的價值主張。貿易週期是其中之一，但所有其他事物實際上都是圍繞它的架構。

So Alice, we don't disclose how many customers are repeat buyers within the RV cycle. However, we do disclose Good Sam member size, all the different Good Sam products that we sell and our retention of those customers through Good Sam.

所以愛麗絲，我們不會透露有多少客戶是 RV 週期內的重複購買者。但是，我們確實揭露了 Good Sam 會員規模、我們銷售的所有不同的 Good Sam 產品以及我們透過 Good Sam 對這些客戶的保留情況。

And we can also share with you that we average about 30,000 trades a year of customers coming back. Many of those we sold. We don't go through and disclose the specifics, but we feel very confident by means of the 13B 13R, 17B 17R sales that we've enjoyed over the last few years.

我們也可以告訴您，我們平均每年約有 30,000 筆回頭客交易。其中很多我們都賣掉了。我們不會透露具體細節，但鑑於過去幾年 13B 13R、17B 17R 的銷售情況，我們對此非常有信心。

We're seeing that as the most common repeat buyer coming back into our system, where those are amongst the most traded-in models and have been for the last three years running now. So this is really us playing a long-term futures game of selling more inexpensively priced assets to satisfy consumers, knowing that they're going to come back here in the next two to three years.

我們發現他們是最常見的重複購買者，他們也是我們系統中以舊換新最多的車型之一，並且已經連續三年如此。因此，這實際上是我們在玩一場長期期貨遊戲，出售更便宜的資產來滿足消費者，因為我們知道他們會在未來兩到三年內回來。

Alice, I know you know this, but just in case other people do not. When we say inexpensive unit, it doesn't mean de-content, without features. It means we're using our scale and using our size and using the time in which we order our inventory and take our inventory and collaborating with the Lipperts, and collaborating with the Patricks and working with the manufacturers together to make sure that the value proposition and the front forward foot that we're putting is really great.

愛麗絲，我知道你知道這一點，但以防其他人不知道。當我們說廉價單元時，並不意味著沒有內容或功能。這意味著我們正在利用我們的規模、我們的規模、我們訂購庫存和獲取庫存的時間，並與 Lipperts 合作，與 Patrick 合作，與製造商合作，以確保我們所提出的價值主張和前瞻性舉措確實非常棒。

If you just try to sell on price and de-content things, every other dealer has tried that. You have to bring value to the table and have a good price. And I think that is maybe misunderstood in our model.

如果您只是試圖以價格和減少內容來銷售商品，那麼其他經銷商都嘗試過這樣做。你必須提供有價值的產品並給出一個好的價格。我認為我們的模型可能誤解了這一點。

Great. That's very helpful. Then just on the used side, I mean, I think your used inventory per location was up over 60%. You talked about record purchasing in the quarter. Is that inventory at a level you're comfortable with today? Or do you have more to go there? And maybe just in general, talk about the supply dynamics on the used market.

偉大的。這非常有幫助。那麼就二手貨而言，我的意思是，我認為每個地點的二手貨庫存增加了 60% 以上。您談到了本季的創紀錄採購量。目前庫存水準是否讓您滿意？或者你還有更多事情要去那裡嗎？也許只是一般性地談論二手市場的供應動態。

So what Matt and I have done for probably a decade together is, we find new watermarks. We push, we see how far the business can go and then we adjust. I would say today that if both of us were being totally honest, we're probably slightly over inventoried on the used side.

因此，馬特和我一起努力了大約十年，尋找新的水印。我們不斷努力，看看業務能發展到什麼程度，然後再進行調整。我今天想說的是，如果我們兩個都完全誠實的話，我們的二手庫存可能略微過剩了。

The good news is, we're still selling at a 20% up clip, and we can toggle the purchases up or down in an instance. So for example, in the month of August, for example, if we wanted to just reduce our used inventory, nothing cataclysmic has to happen.

好消息是，我們的銷售量仍以 20% 的增幅成長，而且我們可以立即增加或減少購買量。舉例來說，在八月份，如果我們只想減少二手庫存，那麼就不會發生什麼災難性的事情。

We just pulled back a little bit on the marketing spend on used acquisitions, sell that inventory down, see if we've hit the turn level that we want to be at and then adjust the toggle from there. It is very much of a real-time thing.

我們只是稍微減少了二手收購的行銷支出，賣掉庫存，看看我們是否達到了我們想要的周轉水平，然後從那裡調整切換。這在很大程度上是一個實時的事情。

(Operator Instructions) Bret Jordan, Jefferies.

（操作員指示）布雷特·喬丹，傑富瑞。

This is Patrick Buckley on for Bret. On the parts and service side, now that you've lapped the sale of the furniture business, should we expect to see a rebound to growth in the second half? And I guess more long term, what is the primary driver of that business? Is it new sales and refurbishing? Or is it keeping units in the ecosystem for repairs and maintenance? And I guess, how do the margin profiles compare between those two?

這是 Patrick Buckley 代替布雷特 (Bret)。在零件和服務方面，既然您已經完成了家具業務的銷售，我們是否應該期待下半年反彈成長？我想從長遠來看，這項業務的主要驅動力是什麼？是新銷售和翻新嗎？還是將單位保留在生態系統中以進行維修和維護？我想，這兩者之間的利潤狀況如何比較？

Well, our growth is to keep our bays and our service technicians busy. And there's a finite amount of hours in a week and a finite number of technicians that we have and a finite number of bays. And so, we look at really maximizing the yields out of that particular facility.

嗯，我們的成長是為了讓我們的車間和服務技術人員保持忙碌。每週的工作時間是有限的，我們的技術人員數量也是有限的，而且工位數量也是有限的。因此，我們真正著眼於最大限度地提高該特定設施的產量。

The challenge that we have is that we want to take care of every customer that walks in the door, whether they're coming for warranty or whether they're coming for external customer pay. But as we've grown our used inventory, we also have to be sure that we're reconditioning our units because the assets that we're selling need to be properly valued and we need to maximize our margin.

我們面臨的挑戰是，我們要照顧好每一位進門的客戶，無論他們是來保固的，還是來支付外部客戶費用的。但隨著我們二手庫存的成長，我們也必須確保對我們的設備進行修復，因為我們出售的資產需要適當的估價，並且我們需要最大化我們的利潤。

Any shortcut in reconditioning the unit leads to aging and leads to poor margin performance. At the end of the day, as we get through the back half, I would expect that our customer pay business as a percentage of our total will start to inch up again because we've reached a level with our used that we're relatively happy with. But I see growth happening over the next 12 to 24 months in our service and parts business.

任何在設備修復過程中走捷徑都會導致老化，並導致利潤表現不佳。最終，當我們度過後半段時，我預計我們的客戶支付業務占我們總額的百分比將再次開始上升，因為我們已經達到了相對滿意的水平。但我預計未來 12 到 24 個月我們的服務和零件業務將實現成長。

Whether it's going to come from internal work or external work, I'd like to tell you that we're relatively agnostic. We want to take care of every customer, but a customer includes the used unit that needs to be reconditioned that's sitting in the bay that pays the same price as a customer walking through the door, and in some cases, has less discount associated with it. So we're looking for margin yield out of those bays and looking to make sure that we're capturing all of that revenue.

我想告訴你們，無論它是來自內部工作還是外部工作，我們都是相對不可知的。我們希望照顧到每位客戶，但客戶包括需要翻新的二手設備，這些設備放在倉庫裡，支付的價格與走進門的客戶相同，在某些情況下，折扣較少。因此，我們希望從這些海灣獲得利潤收益，並確保能夠獲得所有收入。

Got it. That's helpful. And then could you talk a bit more about what you're seeing in the competitive market and the broader dealer health? Any signs of distress from some of the smaller players? Or does it feel like the broader dealer network is also starting to see the benefits of a unit recovery?

知道了。這很有幫助。然後您能否再多談談您在競爭激烈的市場和經銷商整體健康狀況方面所看到的情況？一些較小的參與者有表現出困境的跡象嗎？或者感覺更廣泛的經銷商網絡也開始看到單位復甦的好處？

Look, we're not spending a lot of time polling what the competition is doing, but we know that there are a number of competitors out there that are really struggling. They've reached out to us, asking us to either buy their business or invest in their business.

瞧，我們並沒有花很多時間去調查競爭對手在做什麼，但我們知道有很多競爭對手確實在苦苦掙扎。他們聯繫我們，要求我們收購他們的業務或投資他們的業務。

As we sit here today, we are a capitalist, and our job is to give our shareholders a maximum return on every dollar that they put into this business. And so if we believe that there's an opportunity to make an acquisition, we're going to wait till the very last minute to ensure that the yield is there. As an example, many people know that we purchased five Lazydays locations, I think, gosh, a little less than eight or nine months ago.

今天，我們坐在這裡，我們是資本家，我們的工作是讓我們的股東從他們投入這項業務的每一美元中獲得最大的回報。因此，如果我們認為有收購的機會，我們就會等到最後一刻，以確保獲得收益。舉個例子，很多人都知道我們買了五個 Lazydays 店面，我想，天哪，大概是在八九個月前吧。

The trailing 12 of those 5 locations, and this is just to give you an example of why we make acquisitions. The trailing 12 of those 5 locations was significantly negative EBITDA, significantly. In less than one year, we've gone in and changed the entire process, changed the branding, changed the training module, changed the mix. And those locations year-to-date are close to $4 million in EBITDA contribution, a massive swing. So when we make these acquisitions, we also want to make sure that they don't create cannibalization in a market for us.

這 5 個地點中的後 12 個，這只是向您提供我們進行收購的原因的一個例子。這 5 個地點中，後 12 個地點的 EBITDA 明顯為負。在不到一年的時間裡，我們改變了整個流程、改變了品牌、改變了培訓模組、改變了組合。今年迄今為止，這些地區的 EBITDA 貢獻已接近 400 萬美元，這是一個巨大的變化。因此，當我們進行這些收購時，我們也希望確保它們不會為我們帶來市場蠶食。

They don't change our general thesis behind how we think about inventory. So we're not going to go out and buy somebody that sells $300,000 motorhomes. That's not our model, and that they possess the right process around finance, service and parts. There are plenty of those opportunities out there, and we will always exploit every opportunity that's out there. But we also want more out of our existing base.

它們不會改變我們對庫存的看法背後的一般論點。所以我們不會去買售價 30 萬美元的房車。這不是我們的模式，他們擁有圍繞財務、服務和零件的正確流程。有很多這樣的機會，我們將始終利用每一個機會。但我們也希望從現有基礎上獲得更多。

That was our number one goal in 2025 that we committed to some of our large shareholders. We will give you the type of performance on a per rooftop basis that you expect us to have and that we've had in the past and that we can make acquisitions, but not at the expense of hurting the existing performance of our existing stores.

這是我們向一些大股東承諾的 2025 年首要目標。我們將為您提供您期望的、我們過去曾擁有的、並且我們可以進行收購的、按屋頂計算的性能類型，但不會以損害我們現有商店的現有性能為代價。

This concludes our question-and-answer session. I would now like to turn the conference back over to Marcus Lemonis for any closing remarks.

我們的問答環節到此結束。現在，我想將會議交還給 Marcus Lemonis 並請他作結束語。

Thank you. Heading into the second half of the year, we are more confident than ever in our mid-cycle earnings power. On today's store count, we really believe we can generate well over $500 million of adjusted EBITDA. That's being driven by accelerating the per door productivity, delivering better earnings, better leverage and the confidence to explore new market expansion opportunities. And to capitalize on that ambition, we have set a new internal mandate.

謝謝。進入下半年，我們對中期獲利能力比以往任何時候都更有信心。根據今天的門市數量，我們確實相信我們可以產生超過 5 億美元的調整後 EBITDA。這是透過提高每扇門的生產力、提供更好的收益、更好的槓桿率以及探索新的市場擴張機會的信心來推動的。為了實現這一目標，我們制定了新的內部任務。

We want to accelerate our gross margin by 100 basis points over the next 18 months, regardless of the broader industry trends. Thanks so much for joining our call.

無論產業大趨勢如何，我們都希望在未來 18 個月內將毛利率提高 100 個基點。非常感謝您參加我們的電話會議。