Camping World Holdings Inc (CWH) 2026 Q1 法說會逐字稿

Good morning, and welcome to the Camping World Holdings conference call to discuss financial results for the first-quarter ended March 31, 2026.

早安，歡迎參加 Camping World Holdings 的電話會議，討論截至 2026 年 3 月 31 日止第一季的財務業績。

(Operator Instructions)

(接線員指示)

Please be advised that the call is being recorded and the reproduction of the call, in whole or part is not permitted without written authorization from the company. Joining on the call today are Matthew Wagner, Chief Executive Officer and President; Tom Kirn, Chief Financial Officer; Lindsey Christen, Chief Administrative and Legal Officer; Brett Andress, Senior Vice President and Investor Relations.

請注意，本次電話會議將被錄音，未經公司書面授權，不得全部或部分重製本次通話內容。今日與會者包括：執行長兼總裁 Matthew Wagner；財務長 Tom Kirn；首席行政與法務長 Lindsey Christen；資深副總裁暨投資人關係主管 Brett Andress。

I will now turn the conference call over to Lindsey Christen, Chief Administrative and Legal Officer. Please go ahead.

現在我將電話會議交給首席行政與法務長 Lindsey Christen。請開始。

Thank you, and good morning, everyone. A press release covering the company's first-quarter ended March 31, 2026, 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，各位早安。公司已於昨日下午發布新聞稿，內容涵蓋截至 2026 年 3 月 31 日止第一季的財務業績；該新聞稿可於公司網站的「投資人關係」專區查閱。

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 operations and market share, capital allocation and future financial results and position.

管理層在本次電話會議中的發言可能包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。這些發言可能包括有關我們的業務計畫與目標、總體經濟與產業趨勢、客戶趨勢、庫存策略、營運與市占率的未來成長、資本配置，以及未來財務結果與財務狀況的陳述。

Actual results may differ materially from those indicated by these statements as a result of various important factors, including those discussed in the Risk Factors section in our Form 10-K, our Form 10-Qs and other reports on file with the SEC. Any forward-looking statements represent our views only as of today, and we undertake no obligation to update them.

由於多項重要因素，實際結果可能與這些陳述所示存在重大差異，包括我們在 Form 10-K、Form 10-Q 及其他向美國證券交易委員會（SEC）申報之報告中的「風險因素」章節所討論者。任何前瞻性陳述僅代表我們截至今日的觀點，我們不承擔更新之義務。

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 2026 first-quarter results are made against the 2025 first-quarter results, unless otherwise noted.

另請注意，我們在今日電話會議中將提及若干非 GAAP 財務衡量指標，例如 EBITDA、調整後 EBITDA，以及調整後稀釋每股盈餘；我們認為這些指標可能有助於投資人評估我們的營運表現。上述非 GAAP 財務衡量指標與最直接可比之 GAAP 財務報表的調節表，已包含於我們的財報新聞稿及公司網站中。除非另有說明，我們對 2026 年第一季業績的所有比較，均以 2025 年第一季為對照。

I'll now turn the call over to Matt.

接下來我把電話交給 Matt。

Good morning, everyone, and thank you for joining our first-quarter 2026 earnings call. I'm pleased to report that despite a challenging RV industry backdrop, we delivered a first-quarter that demonstrates the discipline and operating leverage we discussed on our last call. These results are a validation of the steps we believe will grow adjusted EBITDA and generate strong free cash flow for the full year.

各位早安，感謝參加我們 2026 年第一季財報電話會議。我很高興報告，儘管 RV（休閒車）產業環境充滿挑戰，我們第一季的表現展現了我們在上次電話會議中所談到的紀律與營運槓桿。這些結果驗證了我們所採取的步驟，並且我們相信這些步驟將在全年推動調整後 EBITDA 成長並產生強勁的自由現金流。

Market conditions came in softer than expected, but the underlying quality of this quarter is what I want you to take away from this call. On a year-over-year basis, we reduced SG&A by more than $29 million or 7.5% and improved our SG&A as a percentage of gross profit by 135 basis points. This is the transformation showing up in the numbers.

市場狀況比預期更疲弱，但我希望各位從本次電話會議帶走的重點，是本季業績的內在品質。以年對年來看，我們將 SG&A（銷售、一般及行政費用）降低超過 2,900 萬美元（或 7.5%），並將 SG&A 占毛利的比率改善 135 個基點。這就是轉型在數字上的體現。

On this call, we'll walk through the three priorities I laid out to start the year, growing new and used unit share, driving SG&A efficiency, and accelerating Good Sam. Then I'll close with our outlook for the year. Our new unit sales outpaced the industry.

在本次電話會議中，我們將回顧我在年初提出的三項優先事項：提升新車與二手車的市占、推動 SG&A 效率，以及加速 Good Sam 的發展。接著我將以我們對全年展望作結。我們的新車銷售表現優於產業。

According to SSI, new unit retail sales through February were tracking down in excess of 15%. We believe we outperformed the broader new RV sales market in every major category, driven largely by our exclusive brand strategy. Within the new Fifth Wheel segment, we're up nearly 10% year-to-date, driven by the introduction of private label products that hit compelling price points with unique features.

根據 SSI，新車零售銷售截至 2 月的走勢顯示下滑幅度超過 15%。我們認為，在我們的獨家品牌策略帶動下，我們在各主要類別的新 RV 銷售市場表現均優於整體市場。在新款第五輪（Fifth Wheel）細分市場方面，我們年初至今成長近 10%，主要受惠於自有品牌產品的推出，這些產品以具吸引力的價格點搭配獨特功能。

On the used side, SSI data shows that the used RV industry has grown in six of the last eight months through February, reinforcing our strategic focus on this end market. While we saw positive signs of growth within certain categories, our same-store used sales were down 2.6% in the quarter.

在二手方面，SSI 數據顯示，截至 2 月，二手 RV 產業在過去 8 個月中有 6 個月呈現成長，進一步強化我們對此終端市場的策略聚焦。儘管我們在部分類別看到正向成長跡象，但本季同店二手銷售下滑 2.6%。

We attribute the decline into January and February weather disruptions that limited our ability to aggressively move assets. More importantly, the year over year trajectory of our new and used volume improved as we moved through March, with new and used units in April trending to end the month slightly positive year over year.

我們將下滑歸因於 1 月與 2 月的天候干擾，限制了我們積極處置資產的能力。更重要的是，隨著 3 月推進，我們新車與二手車的年對年量能走勢有所改善；4 月的新車與二手車單位數趨勢顯示，月底年對年略為轉正。

Moving to inventory and SG&A. Our message has been simple. Disciplined execution drives profitability and our metrics at the end of April reflect that focus. As of today, our total same-store RV unit inventory is down over 10% year over year, and we have purchased over 20% less units year to date year over year. Even on fewer units in inventory, our daily sales velocity for the month of April is positive versus last year. Our new model year 2025 inventory now sits at roughly 8% of total new inventory, down over 50% in units versus the same time last year.

接著談庫存與 SG&A。我們的訊息一直很簡單。有紀律的執行帶來獲利能力，而截至 4 月底的各項指標反映了這項聚焦。截至今日，我們同店 RV 單位總庫存年對年下降超過 10%，且年初至今的採購單位數年對年減少超過 20%。即使庫存單位數較少，我們 4 月的每日銷售速度仍較去年為佳。我們 2025 年式新車庫存目前約占新車總庫存的 8%，單位數較去年同期下降超過 50%。

On SG&A, I'm very pleased with our progress. The 135-basis-point improvement in SG&A to gross profit and the $29 million reduction reflects a fundamentally lower cost basis, not onetime savings. This includes $19 million of compensation reduction in the quarter and the consolidation of 13 store locations over the last year that sharpened the efficiency of our footprint. On top of $29 million SG&A reduction fully realized in the quarter, we also executed about $10 million of additional annualized cost rationalization, bringing our year to date total to nearly $35 million of annualized cost savings.

在 SG&A 方面，我對我們的進展非常滿意。SG&A 占毛利比率改善 135 個基點，以及 SG&A 減少 2,900 萬美元，反映的是根本性較低的成本基礎，而非一次性節省。其中包括本季 1,900 萬美元的薪酬降低，以及過去一年整併 13 個門市據點，提升我們據點布局的效率。除本季已完全實現的 2,900 萬美元 SG&A 降幅外，我們也額外執行約 1,000 萬美元的年度化成本合理化，使年初至今的年度化成本節省總額接近 3,500 萬美元。

Looking ahead, we see the potential for significant cost takeout opportunities from the AI initiatives we're rolling out across the enterprise, with the bulk of that opportunity sitting within our IT spend. We expect these initiatives to drive material hard dollar savings and improvements in dealership productivity and the customer experience. Longer term, we believe we are building a leaner, stronger company with greater operating leverage, and we expect that to translate into enhanced earnings and free cash flow.

展望未來，我們看到在全企業推行的 AI 計畫可帶來顯著的成本削減機會，其中大部分機會集中在我們的 IT 支出。我們預期這些計畫將帶來實質的現金節省，並提升經銷商生產力與客戶體驗。長期而言，我們相信我們正在打造一家更精實、更強健、具更高營運槓桿的公司，並預期這將轉化為更佳的獲利與自由現金流。

Good Sam also made great progress in the quarter, continuing its top-line growth pace while stabilizing margins to roughly flat year over year. We expect to complete our Good Sam ERP overhaul in the second-quarter, which will allow us to accelerate entry into adjacent marketplaces. And using AI, we have developed and deployed a custom in-house CRM solution specifically for our extended service plan business, and it's already showing early signs of productivity, conversion, and revenue uplift. Good Sam remains a cornerstone of our long-term growth and the early margin stabilization we are seeing reinforces our conviction in the opportunity ahead.

Good Sam 在本季也取得重大進展，在維持營收成長速度的同時，毛利率年對年大致持平並趨於穩定。我們預期將在第二季完成 Good Sam 的 ERP 系統全面改造，這將使我們能加速切入相鄰市場。此外，透過 AI，我們已為延長服務方案業務開發並部署一套客製化的自建 CRM 解決方案，且已出現生產力、轉換率與營收提升的初步跡象。Good Sam 仍是我們長期成長的基石，而我們目前看到的早期毛利率穩定，也進一步強化我們對未來機會的信心。

Less than four months into this year, we believe the new RV industry is likely tracking towards the lower end of our 2026 retail outlook, calling for 325,000 to 350,000 units, while the used RV industry is likely playing out towards the midpoint of our range, which is between 715,000 to 750,000 units.

今年尚未滿四個月，我們認為新 RV 產業很可能正朝向我們 2026 年零售展望區間的下緣發展，即 325,000 至 350,000 輛；而二手 RV 產業則可能落在我們區間的中點附近，即 715,000 至 750,000 輛之間。

We believe that the momentum we have built on new market share, on inventory, on SG&A and on good Sam keeps us on track to grow adjusted EBITDA year over year. Today, we are reiterating our full year 2026 adjusted EBITDA guidance range of $275 million to $325 million.

我們相信，我們在新增市占率、庫存、SG&A 以及 Good Sam 方面所建立的動能，使我們仍按計畫推動調整後 EBITDA 年對年成長。今天，我們重申 2026 全年調整後 EBITDA 指引區間為 2.75 億美元至 3.25 億美元。

With that, I will turn the call over to Tom to walk you through our financial results in more detail.

接下來，我將把電話交給 Tom，請他帶各位更詳細地回顧我們的財務結果。

Thanks, Matt. For the first-quarter, we recorded revenue of $1.35 billion. New and used unit declines were partially offset by a richer mix with new vehicle average selling prices up approximately 4% year over year. On the new side specifically, we believe our unit volumes outpaced the industry in the quarter. As expected, vehicle gross margins were under pressure in the first-quarter as we moved through assets in certain aging buckets.

謝謝，Matt。第一季我們錄得營收 13.5 億美元。新車與二手車的銷量下滑，部分被更佳的產品組合所抵銷，新車平均售價年對年約上升 4%。就新車而言，我們認為本季的銷量表現優於產業整體。如預期，第一季車輛毛利率承壓，因為我們處理了某些庫齡區間的資產。

New vehicle gross margin declined 148 basis points to 12.2% and used vehicle gross margin declined 91 basis points to 17.7%. We expect this gross margin trend to continue through the second-quarter, consistent with our commentary on last quarter's call before beginning to improve in the back half of 2026 as we expect velocity and aging improvements to take hold. New ASPs should also continue to increase at a similar rate year over year as we progress through the second-quarter.

新車毛利率下滑 148 個基點至 12.2%，二手車毛利率下滑 91 個基點至 17.7%。我們預期此毛利率趨勢將延續至第二季，與我們在上一季電話會議中的評論一致；並預期在 2026 年下半年，隨著周轉速度與庫齡改善開始發揮效果，毛利率將開始回升。隨著我們進入第二季，新車 ASP 也應會以類似的年對年增幅持續上升。

Within Good Sam, we were pleased by the sequential improvement in gross margin from Q4, which is consistent with our expectations to yield returns on the significant operational investments we've made over the past 18 months. We believe Good Sam margins should show year-over-year improvements through the balance of the year.

在 Good Sam 方面，我們對毛利率較 Q4 的連續改善感到滿意，這與我們的預期一致，亦即過去 18 個月所做的重大營運投資將帶來回報。我們認為 Good Sam 的毛利率在今年剩餘期間應可呈現年對年改善。

Our first-quarter adjusted EBITDA of $28 million compares to $31.2 million in the first-quarter of 2025. The decline in gross profit was largely mitigated by the $29 million SG&A reduction. We ended the quarter with $200 million of cash on the balance sheet, and our net debt leverage ratio improved to 5.6 times compared to 8.1 times at the end of the first-quarter of 2025.

第一季調整後 EBITDA 為 2,800 萬美元，對比 2025 年第一季的 3,120 萬美元。毛利下滑主要由 2,900 萬美元的 SG&A 降幅所大幅抵銷。本季末資產負債表現金為 2 億美元，淨負債槓桿比率改善至 5.6 倍，對比 2025 年第一季末的 8.1 倍。

Our cash flows from operating and investing activities improved markedly year over year as we remain focused on our inventory turn goals and CapEx restraint. We also paid down $56 million of debt in the quarter. Our capital deployment framework continues to focus on strengthening the balance sheet while retaining growth capital within the business.

由於我們持續聚焦庫存周轉目標與資本支出（CapEx）控管，來自營運與投資活動的現金流量年對年顯著改善。我們也在本季償還了 5,600 萬美元的債務。我們的資本配置框架仍以強化資產負債表為重點，同時在公司內部保留成長資本。

With that, I will turn it back to Matt.

接下來我把時間交回給 Matt。

Thanks, Tom. I'll close with this. This is my first full quarter as CEO since stepping into the role at the top of the year. And while we're still in the early innings of the plan we laid out on last quarter's call, I am proud of what our team has accomplished so far. We took share, we pulled down costs, and we strengthened our balance sheet.

謝謝，Tom。我最後做個總結。這是我在年初接任 CEO 以來的第一個完整季度。雖然我們仍處於上一季電話會議所提出計畫的早期階段，但我為團隊目前的成果感到自豪。我們提升了市占、降低了成本，並強化了資產負債表。

Operator, we're now ready to take your questions.

接線員，我們現在準備開始回答各位的提問。

(Operator Instructions)

（接線員指示）

Bret Jordan, Jefferies.

Bret Jordan，Jefferies。

This is Patrick Buckley on for Bret. On the F&I per unit, it looks like a pretty healthy step up. Can you talk a bit more about the dynamics there and what drove that and maybe the outlook moving forward?

我是代替 Bret 的 Patrick Buckley。就每單位的 F&I 來看，似乎有相當健康的提升。你能否多談談其中的動態、是什麼因素驅動，以及未來的展望？

Yeah, it has been a really fascinating dynamic where historically speaking, when our average sales price goes up, that F&I penetration typically goes down a little bit. And oftentimes, it's an immaterial amount, maybe 25 to 50 basis points. But we have seen some interesting dynamics recently within the F&I segment. Specifically, we've been tracking the amount of down payment that consumers are coming into the finance office with. And therefore, they also are looking to add on a number of different finance products in the back-end.

是的，這一直是個非常有意思的動態。從歷史經驗來看，當我們的平均售價上升時，F&I 的滲透率通常會小幅下降。而且多半影響不大，可能是 25 到 50 個基點。但我們最近在 F&I 業務板塊看到一些有趣的變化。具體而言，我們一直在追蹤消費者進入融資辦公室時所帶來的頭期款金額。因此，他們也會希望在後端加購多種不同的金融產品。

More specifically, we've recognized a pattern that those consumers that are buying more expensively priced assets, oftentimes in excess of $50,000 average sale price are actually coming down with a higher down payment than we've seen historically, whereas those consumers that are buying lower-priced assets, oftentimes under, say, $25,000, they're actually coming to the finance office with a little bit lower down payment amount.

更具體地說，我們觀察到一個模式：購買較高價資產的消費者（平均售價往往超過 50,000 美元）實際上帶來的頭期款比我們過去看到的更高；而購買較低價資產的消費者（例如往往低於 25,000 美元）則是帶來的頭期款金額略低。

In either cohort, though, we're still seeing a higher product attachment. That is all the Good Sam affinity products that we offer, be it roadside assistance, extended service plans, tire wheel protection, et cetera. So largely, our inventory strategy has been derived from these trends that we've been seeing not only over the last few months, but even leading into this year, that there's clearly this K-shaped economy that's forming here. And those customers that are oftentimes buying those higher average sale price assets do have a willingness not only with more money that they're coming to the finance office, but also to protect their asset and becoming a part of our whole Good Sam affinity network.

不過在這兩個族群中，我們仍看到更高的產品附加率。也就是我們提供的所有 Good Sam 會員關聯產品，不論是道路救援、延長保固方案、輪胎輪圈保障等等。因此，我們的庫存策略很大程度上是根據這些趨勢而制定的；這些趨勢不僅出現在過去幾個月，甚至在今年初之前就已經開始顯現：很明顯地，這裡正在形成一個 K 型經濟。而那些經常購買較高平均售價資產的客戶，不僅帶著更多資金進入融資辦公室，也更願意為其資產提供保障，並加入我們完整的 Good Sam 會員關聯網路。

Got it. That's helpful. And then on the recent used value trends, a bit of a decrease in ASPs. I guess is there anything notable driving that? And a bit of a follow-up there. We have seen some headlines on negative equity value in light vehicles and cars. Are you seeing any trends like that in your customers?

了解。這很有幫助。另外，關於近期二手價值的趨勢，ASP 有些下滑。我想問是否有任何值得注意的因素在驅動？再追問一下。我們看到一些新聞標題提到輕型車與汽車的負資產（negative equity）情況。你們在客戶身上有看到類似趨勢嗎？

We've spoken extensively over our last few earnings calls about just the negative equity position that a lot of consumers have found themselves in coming out of that pandemic period in particular. We're not seeing that negative equity trend being amplified similar to what I saw in that same article you probably read within the automotive industry. Rather, we're seeing more of a corrective self-healing environment in this industry, where we've been in this environment for the last going on five years now, where you've seen declining demand on the new RV sales side, which I believe is a high corollary to what that negative equity position has been historically.

在過去幾次財報電話會議中，我們已經詳細談過，許多消費者在疫情期間之後，特別是那段時期結束後，所處的負資產狀況。我們並未看到負資產趨勢被放大到像你可能讀到的那篇汽車產業文章所描述的程度。相反地，我們看到這個產業正處於一個修正、逐步自我修復的環境；過去將近五年以來，你看到新 RV 銷售端需求下滑，而我認為這與負資產狀況在歷史上具有高度相關性。

So when I think of just that ASP coming down, it was kind of an immaterial amount. And we're keeping a watchful eye on that. But I wouldn't put too much stock in Q1, which I would oftentimes regard as a very volatile quarter, where we know about 20% of our volume in terms of new and used unit sales oftentimes comes out of Q1.

所以當我看 ASP 的下滑時，其實幅度不大。我們會持續密切關注。但我不會對 Q1 賦予過多解讀；我通常會把 Q1 視為波動性很高的一季，因為我們在新車與二手車的單位銷量中，大約有 20% 的量往往來自 Q1。

Really, it's in the meat of the selling season where I think you can more effectively assess what the trends are going to be. And we're seeing it in Q2, Q3, there is a stabilization here compared to what we had projected for the year. We believe that we're still on pace for our used ASPs to land in that $31,500 range, give or take. And we believe that there should be stabilization here as we look into out years.

真正能更有效評估趨勢走向的，是銷售旺季的核心期間。而我們在 Q2、Q3 看到，相較於我們對今年的預測，市場出現了某種程度的穩定。我們認為二手 ASP 仍可望落在約 31,500 美元左右（上下些許浮動）。並且我們認為，展望未來年度，這裡應會維持穩定。

James Hardiman, Citigroup.

James Hardiman，花旗集團。

Congrats on a strong quarter given a lot of moving pieces, a lot of curveballs thrown at you guys. And I guess maybe along those lines, obviously, rough weather to start the year. And then just as the weather seems to be getting a little bit better, war started in the Middle East.

恭喜在有很多變動因素、很多突發狀況接連出現的情況下，仍交出強勁的一季。我想也許沿著這個脈絡，顯然年初天氣惡劣。然後就在天氣似乎開始好轉之際，中東爆發了戰爭。

So maybe walk us through some of what you saw over the course of the quarter and beyond to help us discern the weather impact from the Middle East impact and how you're thinking about that going forward? Were it not for the Middle East situation, do you think you'd be raising today? Just trying to understand sort of the moving parts there.

所以也許請你帶我們回顧一下你們在本季以及之後所觀察到的一些情況，幫助我們分辨天氣影響與中東事件影響，並說明你們未來將如何看待？如果沒有中東局勢，你覺得你們今天會上調嗎？只是想了解其中各種變動因素。

James, thanks for the question. This really was quite a textured quarter, and I wish it was a lot smoother and a lot clear to be able to explain. But I can tell you, we entered the year firing on all cylinders. We had a great show season. And actually, our success at show seasons prevailed throughout the entirety of the quarter, which really manifested itself in, I believe, our outperformance on the new RV sales side, regardless of whatever the backdrop was that we were confronted with.

James，謝謝你的提問。這一季確實相當多層次，我也希望它能更平順、更清楚，讓我更容易解釋。但我可以告訴你，我們在年初是火力全開地進入新年度。我們的展會季表現非常出色。而且實際上，我們在展會季的成功貫穿了整個季度，我認為這也反映在我們在新房車（RV）銷售端的超越表現上，不論我們面對的外部環境背景是什麼。

But you are correct that when we had to shut down in excess of 60 of our stores for at least a day between January and February, that was clearly the biggest disruption that we saw. In our last earnings call, we spoke about we think that we missed out on about 1,500 unit sales. And coincidence or not, we were actually off on same-store unit sales about 1,700 units. So perhaps that was the biggest driving factor. And as we transition into March, in particular, that was also kind of a choppy month, where we had a couple of weeks stretch where we did very well in particular.

但你說得沒錯，當我們在1月到2月之間有超過60家門市至少停業一天時，那顯然是我們看到的最大干擾。在上一次財報電話會議中，我們提到我們認為大約錯失了1,500台的銷量。而巧合與否，我們同店單位銷量實際上大約少了1,700台。所以那或許是最大的驅動因素。而當我們進入3月，特別是3月也有些起伏，我們有連續幾週表現非常好。

And then we had a couple of week stretch where we were just kind of scratching our head and so why were we off a little bit? So either way, though, we saw a lot more stabilization as we started to exit March and enter into April, where things started to come into clear focus and picture as to what we believe we could experience throughout the balance of Q2 in particular.

然後又有連續幾週我們有點摸不著頭緒，想說為什麼會稍微落後一些。不過無論如何，當我們在3月底、進入4月時，看到更多的穩定，事情開始變得更清晰，我們也更能掌握我們認為在特別是第二季剩餘期間可能會遇到的情況。

And we took a lot of thoughts in the fact that we ended March strong. We're now trending throughout April. And obviously, today, we're closing a lot of deals, and we're looking to wrap up the month of April, but we are trending to be positive on a same-store basis, new and used combined.

而且我們也從3月強勁收尾這件事得到很多信心。我們現在在4月持續呈現趨勢。當然，今天我們也正在成交很多交易，我們希望在4月收官；但我們的趨勢顯示，在同店基礎上（新車與二手合計）將會是正成長。

Used obviously trending up high single digits year over year on a same-store basis, new about flat to slightly down, which we believe is still an outperformance of what we're seeing. More to come here, though, as this year progresses. But to start the year, we believe that we weathered a very volatile environment exceedingly well.

二手車顯然在同店基礎上年增呈現高個位數成長；新車大約持平到小幅下滑，我們認為這仍優於我們所看到的整體情況。不過隨著今年推進，後續還會有更多進展。但就年初而言，我們認為我們在非常波動的環境中表現得相當出色。

That's really helpful. And then the headline here is obviously that you guys are reiterating the $275 million to $325 million. Obviously, it's never quite that easy, but nothing changed. I think you guys called out new RV from an industry perspective, maybe at the lower end of the previous range, used in line. But maybe within the context of the full year EBITDA guidance, any other puts and takes we should be thinking about, whether it's ASPs or margin within that broader context?

這很有幫助。然後這裡的重點顯然是你們重申了2.75億到3.25億美元。當然事情從來不會那麼簡單，但看起來沒有改變。我想你們提到從產業角度看，新房車可能落在先前區間的低端，二手則符合預期。但在全年EBITDA指引的脈絡下，還有沒有其他我們應該考量的增減因素，例如ASP或毛利率等？

I think the numbers that we previously provided for our full year outlook of ASPs and margin in particular, really hold true still, where we did have a bit of an outperformance even based upon our expectation of some margin on the used side. And that's largely attributable to the fact, as I said previously, that Q1 is a volatile quarter, and it's not necessarily going to be the principal driver of the overall annualized results.

我認為我們先前提供的全年展望數字，特別是ASP與毛利率，仍然成立；其中我們在二手端的毛利甚至比我們原先預期略有超出。這主要是因為，如我先前所說，第一季是波動較大的季度，未必會是全年年化結果的主要驅動因素。

But as we think through the balance of the year, we know that we can control much more of our SG&A structure. And that's where you saw as evidenced by our Q1 results that we were very focused on ensuring that we are optimizing every component of this business, and we're going to remain focused on all of the SG&A opportunities that still exist out there.

但當我們思考今年剩餘期間，我們知道我們能更有效掌控的是SG&A（銷售、一般及行政費用）結構。而你也從我們第一季的結果看得出來，我們非常專注於確保把這門生意的每一個組成部分都最佳化；我們也會持續聚焦於仍然存在的各項SG&A機會。

We're providing updates as we complete different objectives as opposed to projecting what we think we will get done. And we'll continue to over the ensuing quarters ensure that we're hitting our goals in this guidance range with the things that we can control.

我們會在完成不同目標時提供更新，而不是去預測我們認為將完成什麼。接下來幾個季度，我們也會持續確保，透過我們可控的事項，達成這個指引區間內的目標。

Joe Altobello, Raymond James.

Joe Altobello，Raymond James。

A few questions on the inventory initiatives. You've talked about taking turns on new and used up by roughly, I think, half a turn or so by the end of this year. Is that still your target? Is the bulk of that going to be done by the end of the second-quarter ahead of the model year changeover? Or do you think some of that spills over into the second half? And is the hit on that EBITDA still around $35 million?

我有幾個關於庫存措施的問題。你們談到在今年底前，將新車與二手的周轉率提高大約（我記得）半圈左右。這仍是你們的目標嗎？其中大部分會在第二季結束前、也就是在車型年度切換之前完成嗎？還是你認為有些會延續到下半年？而對EBITDA的影響仍大約是3,500萬美元嗎？

We believe that you should be looking at those turnover goals on an annualized basis, in particular, because how we calculate that for purposes of just the markets in particular, is looking at a quarterly snapshot of any inventory balances as compared to a trailing 12-month total COGS amount attributable to that inventory.

我們認為你應該以年化的角度來看待那些周轉目標，特別是因為我們為了市場溝通所採用的計算方式，是以某一季的庫存餘額快照，去對比過去12個月與該庫存相關的COGS（銷貨成本）總額。

So as such, the annualized turnover number takes a little bit of time to actually percolate throughout the entire system. So we will make very good progress, we believe, throughout the balance of Q2 in terms of rationalization of inventory that we'd like to continue to push through. And that's going to be aged multiyear new 2025 units, which, by the way, we reduced those 50% from the last time we even spoke with you. Never mind when you look at year over year. So we've made really good progress on the new side of derisking that in particular.

因此，年化周轉數字需要一些時間，才能在整個系統中真正反映出來。所以我們相信，在第二季剩餘期間，我們會在我們希望持續推進的庫存合理化方面取得非常好的進展。這將包括已陳年的跨年度新款2025年車型庫存；順帶一提，從上次與各位交流到現在，我們已把這部分減少了50%。更不用說若以年對年來看。所以在新車端、特別是降低這部分風險方面，我們已取得非常好的進展。

On the used side, just as well, we didn't quite sell as much volume as we wanted to in Q1. So we know in Q2, this is our greatest opportunity where demand just seasonally adjusts and seasonally becomes a bigger opportunity for us to continue to push assets through the system. We would anticipate that our Q2 ending inventory balance on used will actually probably be close to down if we had to project out.

二手端也是一樣，我們在第一季的銷量沒有達到我們想要的水準。所以我們知道第二季是我們最大的機會，因為需求會隨季節性調整，並在季節性上成為更大的機會，讓我們能持續把資產推動在系統中流轉。如果要我們做預估，我們預期第二季期末的二手庫存餘額，可能會接近下降。

And as we look through the balance of the year, that's where we're being very diligent about replenishment as well as ensuring that we have this nice balance of good fresh product coming in with margin augmentation while continue to push out some assets that are a little bit aged at this moment. So when we think of these actual annualized turnover goals, I look more so over the total balance of the year as opposed to trying to break it down quarter by quarter.

而當我們看今年剩餘期間，我們也會非常謹慎地進行補貨，同時確保有良好的平衡：一方面有新鮮的優質產品進來、帶動毛利提升；另一方面也持續把目前稍微偏陳年的一些資產推出去。所以在思考這些實際的年化周轉目標時，我更傾向於從全年整體來看，而不是試圖逐季拆解。

Okay. So it will be gradual. Is that kind of what you're saying? Okay. And then the second question on the Costco partnership. Curious how that's going and maybe what we could see from an EBITDA contribution. So I believe that's not in your guidance at this point.

好的。所以會是逐步進行。這大概就是你的意思嗎？好的。然後第二個問題是關於與 Costco 的合作夥伴關係。想了解目前進展如何，以及我們可能會看到多少 EBITDA 的貢獻。所以我相信目前這還沒有納入你們的指引。

It's not. And admittedly, this is a partnership that both parties want to ensure its executed flawlessly. So we've started out a little bit slower in that relationship than we would have preferred. We sprung it up really fast, and we've been working diligently with the Costco auto buying program to ensure that we just have the best experience for these Costco consumers.

沒有。而且坦白說，這是一項雙方都希望確保能夠完美執行的合作。因此，我們在這段關係上的起步比我們原本希望的稍微慢了一些。我們很快就把它啟動起來，並且一直與 Costco 汽車購買計畫密切合作，確保為這些 Costco 消費者提供最佳體驗。

So while we were just a little bit unhappy with how certain lead flows were going, the general pricing logic, we actually took a little bit of a pause for a moment. And we've been working with them over the last 6 weeks now to actually recreate the entire online product listings pages, product detail pages. We came up with a whole new pricing algorithm. So we'll start to see the fruits of that labour, we believe, beginning in May, when that's when we'll have our first warehouse roadshow begin.

因此，雖然我們對某些潛在客戶（lead）流量的表現、以及整體定價邏輯有點不滿意，我們確實暫停了一下。過去 6 週我們一直與他們合作，實際上重新打造整個線上產品列表頁、產品詳情頁。我們提出了一套全新的定價演算法。因此我們相信，從 5 月開始會看到這些努力的成果，因為那時我們的第一場倉庫路演（warehouse roadshow）將會開始。

And this actually coalesces very nicely with seasonally the opportunities that we see. May oftentimes is going to be the largest unit volume month for the industry and for us as a company. And June oftentimes represents the highest revenue month as a company and as an industry. So this will be the best opportunity for us to have gone through this exercise, ensure that we are flawlessly executing this and really more to come here. We're hopeful over the next three months when we speak with you that we'll have really good feedback to provide back.

而且這也與我們在季節性上看到的機會非常契合。5 月往往會是整個產業、以及我們公司，單位銷量最大的月份。而 6 月往往代表我們公司與整個產業的最高營收月份。因此，這將是我們完成這次調整、確保完美執行的最佳時機，後續也還會有更多進展。我們希望在接下來三個月與各位交流時，能提供非常好的回饋。

Tristan Thomas-Martin, BMO Capital Markets.

Tristan Thomas-Martin，BMO 資本市場。

So early in the year, we were hearing quite a bit about kind of like the pre-COVID cohort coming back and trading in. So I'm curious if you could maybe -- one, is that true? Can you quantify it? And maybe how did that trend over the course of the quarter?

所以在年初，我們聽到不少關於疫情前（pre-COVID）那一批客群回來換購、以舊換新的說法。因此我想請教，第一，這是真的嗎？你們能量化嗎？以及這個趨勢在本季期間是如何變化的？

In the early phase of this year, Tristan, we've not yet seen a material increase in trade-in percentages yet. We have recognized though that those consumers that had bought in that 2018 to 2021 time period are starting to come back in. And that's just evidenced by us looking at the general average model year of assets that are coming back into inventory right now. So we do believe that there has been some self-healing of these consumers that were confronted with negative equity.

Tristan，今年年初階段，我們尚未看到以舊換新比例出現實質性的提升。不過我們確實注意到，那些在 2018 到 2021 年期間購買的消費者開始回流。這可從我們觀察目前回到庫存中的資產平均車型年份（model year）得到佐證。因此我們確實認為，先前面臨負資產（negative equity）的這些消費者，已經出現一定程度的自我修復。

But as we said in the last call, we would anticipate by the end of this year to be in the early innings of what we think will be a trade-in cycle that will continue to materialize with greater frequency and really magnitude over the ensuing three to five years, where at that point, beginning in '27, '28, the industry should start to see the benefit of a double stack effect.

但正如我們在上次電話會議所說，我們預期到今年年底，我們將進入我們認為的以舊換新循環的早期階段；該循環在接下來三到五年會以更高頻率、且更大幅度逐步成形。

And what that means is, those consumers that were buying in 2020, '21, '22 that have just been sitting on the sidelines here for a little bit longer than we historically had anticipated, but they'll also be augmented by those same consumers that benefited from the deflation that existed in the RV industry in 2024.

這代表的是：那些在 2020、2021、2022 年購買的消費者，因為各種原因比我們歷史上預期的更久才回到市場，但他們也會再加上另一批消費者的回流；後者是在 2024 年 RV 產業通縮（deflation）環境中受益的同一批消費者。

So in other words, you'll have a 2020 and the '21 cohort as well as the '24 cohort, all coming back into the marketplace all around the same time period. And this is now where we believe it's more of a theoretical debate of the industry has never quite seen this before. So how big is that order of magnitude, don't quite know yet, but we'll continue to provide you more insights as we have them readily available.

換句話說，你會看到 2020 與 2021 年那一批客群，以及 2024 年那一批客群，在大致相同的時間段一起回到市場。而我們認為，這在某種程度上仍屬於理論層面的討論，因為產業過去從未真正遇過這種情況。所以其規模到底會有多大，我們目前還不確定，但只要有更多可用的洞見，我們會持續與各位分享。

Okay. Awesome. And then just given all the talk around kind of raw material inflation, how are you thinking about model year '27 pricing, both like-for-like and then kind of your mix?

好的。太棒了。另外，考量到大家一直在談原物料通膨，你們如何看待 2027 年式（model year '27）的定價，不論是同款對比（like-for-like）以及你們的產品組合（mix）？

So we, obviously, in 2026, have seen roughly a 5% to 7% increase compared to model year '25. We've been working diligently with our manufacturing partners to ensure that we are focused on affordability. That has been a problem that has plagued this industry off and on over the last five years.

所以我們很明顯地看到，2026 年相較於 2025 年式大約上漲了 5% 到 7%。我們一直與製造合作夥伴努力合作，確保我們聚焦在可負擔性（affordability）。這一直是過去五年來不時困擾這個產業的問題。

We've already started to receive some model year 2027 motorized units, and we're pleased to report as of this moment, we're only seeing about a 1% to 2% price increase, which we believe is roughly in line with what consumers can handle based upon inflation. And we all know, ideally, these prices be relatively stabilized as opposed to seeing any sort of inflation or deflation.

我們已經開始收到一些 2027 年式的動力式（motorized）車款；截至目前，我們很高興地回報只看到約 1% 到 2% 的漲價，我們認為這大致符合消費者在通膨環境下可承受的範圍。而且大家都知道，理想狀況是價格相對穩定，而不是出現任何通膨或通縮。

Towables are starting to -- or will be hitting lock over the next, I'd say, 1.5 months to 2 months here. So we'll have a clearer view as to what those price increases could or will be. Based upon conversations, they could be anywhere from 1% to 3%. We're hopeful that there'll be different opportunities for us to work with our manufacturing partners and supplier partners just to ensure that we are keeping as many consumers in this industry and actually attracting that many more customers back into this industry.

拖曳式（towables）車款接下來大概 1.5 個月到 2 個月內會開始定案（hit lock）。因此我們會更清楚看到那些漲價幅度可能或將會是多少。根據目前的對話，可能落在 1% 到 3% 之間。我們希望能有不同的機會與製造合作夥伴及供應商夥伴合作，確保我們能讓更多消費者留在這個產業，並且吸引更多客戶回到這個產業。

Scott Stember, ROTH Capital Markets.

Scott Stember，ROTH 資本市場。

Can we talk about the products and parts and service side? I know the narrative over the last year, 1.5 years has been prioritizing used reconditioning work over some of the more like warranty and customer pay work just because of what's available from a service day perspective. Is there any change to that narrative going forward, particularly as the wear and tear cycle on these multiple millions of RVs that have been sold since the pandemic starts to kick in over the next year?

我們可以談談產品、零件與服務這一塊嗎？我知道過去一年到一年半的主軸敘事是：相較於保固與客戶自費（customer pay）維修，會更優先處理二手車整備（used reconditioning）工作，主要是因為從每日可用的服務產能（service day）角度來看，能做的事情有限。展望未來，這個敘事會有任何改變嗎？特別是隨著疫情以來賣出的數百萬台 RV，在接下來一年開始進入磨損與耗損循環（wear and tear cycle）？

So the narrative still remains relatively the same, given that our focus on used, in particular, is going to drive a lot of the service needs. And as you know, Scott, when we actually recondition that asset, that service revenue gross profit actually moves to that used asset in so much as you're actually improving the value of that asset. So that has worked against us in terms of looking at the parts, service, and other category.

所以整體敘事仍大致相同，因為我們對二手車的聚焦，尤其會帶動大量的服務需求。而如你所知，Scott，當我們對該資產進行整備時，那部分的服務營收毛利會轉移到該二手資產上，因為你實際上是在提升該資產的價值。因此，這在我們檢視「零件、服務及其他」類別時，會對我們造成不利影響。

But I can tell you in terms of our actual parts component of that segment, we've seen a nice improvement in customers coming back in and looking for those replacement components. But what we need to do is do a better job as a company is continue to ensure that those customers are not only buying that part from us, but they're also leveraging our service capacity. And we need to get a little bit better here as we move through the balance of this year, but really with a focus on the back half of this year into next year to ensure that we're growing more external service work more effectively.

但我可以告訴你，就該部門中的零件（parts）組成而言，我們看到客戶回流並尋找替換零件的情況有不錯的改善。但我們公司需要做得更好的是，持續確保這些客戶不僅向我們購買零件，也同時使用我們的服務產能。在今年剩餘期間我們需要再提升一些，但更重要的是聚焦在今年下半年到明年，確保我們能更有效地成長更多對外（external）的服務業務。

This entire industry has had a capacity issue, inefficient supply chain issue. And we believe we've been working on a lot of creative methodologies and tools to ensure that we do a much better job in the ensuing quarters, but more importantly, years.

整個產業一直存在產能問題，以及供應鏈效率不彰的問題。我們相信，我們一直在運用許多具創意的方法與工具，確保在接下來的幾個季度、更重要的是在未來幾年，我們能做得更好。

Got it. And then last question on the balance sheet, nice improvement on the leverage ratio. It looks like cash flow in the first-quarter was up nicely over last year. Can you give us some expectations where you would expect maybe free cash flow to find its way by the end of the year as well as the leverage ratio?

了解。接著最後一個關於資產負債表的問題，槓桿比率改善得很好。看起來第一季的現金流較去年明顯提升。你能否談談你們對年底自由現金流可能落點，以及槓桿比率的預期？

Sure, Scott. As we think about -- I mean, free cash flow for our company, I mean, if you take our guidance range and you back out our term loan interest and our real estate interest, maybe $10 million to $15 million of cash taxes. Our goal this year in terms of net CapEx is to be south of $100 million for the year when you back out sale leasebacks that we're executing on projects that were previously completed. So that's kind of how we're thinking about managing and tightening the CapEx line as we move through the balance of the year.

當然可以，Scott。我們在思考——我的意思是，就我們公司而言，自由現金流如果以我們的指引區間為基礎，扣除定期貸款利息與不動產利息，再加上大約1,000萬到1,500萬美元的現金稅負。我們今年在淨資本支出（net CapEx）方面的目標，是在扣除我們正在執行、針對先前已完工專案的售後回租（sale leasebacks）之後，全年低於1億美元。這就是我們在今年剩餘期間，如何管理並收緊資本支出項目的思考方式。

Andrew Didora, Bank of America.

美國銀行（Bank of America）的 Andrew Didora。

Matt, I just kind of wanted to dig in maybe a little bit more on SG&A. You clearly got off on the right foot here to start the year. The way we look at it, it has been running just over $1.5 billion for each of the past five years or so, I guess, when we exclude stock comp. Do you think you can flex below that? Or can you maybe give us a little bit more insight into how you think about the opportunity within that line item?

Matt，我想再更深入一點談談SG&A（銷售、一般及行政費用）。你們今年開局顯然走在正確的軌道上。以我們的看法，過去大約五年，在排除股票薪酬（stock comp）後，這個數字每年都略高於15億美元。你覺得有機會把它壓到低於這個水準嗎？或者你能否多分享一些，你如何看待這個費用項目的改善空間？

I'm not going to give a specific range yet. And I'd rather we continue down the path that we're on right now, where we are very focused on implementing a variety of different processes, tools, and rationalization methods to ensure that we maintain this pace that we're on today and continue to provide feedback.

我目前還不會給出一個明確的區間。我更希望我們先沿著目前這條路繼續走下去：我們非常專注於導入各式各樣的流程、工具與精簡（rationalization）方法，確保我們能維持目前的節奏，並持續提供回饋。

I could tell you as a proof point, over the last few months, we've been heavily invested in researching all different opportunities that exist with AI. We've set up a lot of different teams separately to figure out different ways to optimize different SaaS environments or software environments and also to eliminate unnecessary consulting contracts that exist out there.

我可以提供一個佐證：過去幾個月，我們大量投入研究AI相關的各種機會。我們分別成立了許多不同的團隊，去找出優化不同SaaS環境或軟體環境的方法，同時也要淘汰外部一些不必要的顧問合約。

As just one proof point, you heard in my prepared remarks that we spoke about how we created our own bespoke CRM for just one specific business line of just our extended service plan business. And using that as just one proof point in particular, we had originally budgeted for this year $800,000 to stand up that specific environment, plus we are anticipating ongoing maintenance associated with that environment of roughly $400,000 to $500,000 a year.

再舉一個佐證，你在我事先準備的發言中也聽到：我們為某一條特定業務線——也就是我們延長服務方案（extended service plan）業務——打造了自有的客製化CRM。以這個案例來說，我們原本今年預算是80萬美元用來建置該特定環境，另外預期每年還需要約40萬到50萬美元的持續維護費用。

If we were to break that down, that would oftentimes be just a normal environment that we had a third-party tech company come in, help us out with, and every business can speak about the fact that once you bring in this environment, you'll have ongoing support and maintenance costs associated with it.

如果把它拆開來看，這通常會是我們找第三方科技公司進來協助建置的一般情境；而且每個企業都知道，一旦導入這種環境，後續就會有持續的支援與維護成本。

We were able to stand up that entire environment with three individuals in particular, taking the product and technical lead, which is really just sweat equity. We were able to then turn it over to the rest of our IT organization to ensure that we are fully in compliance, fully safe and secure, and we're able to stand up our infrastructure team to actually execute all of that in 26 days.

我們其實只靠三位同仁就把整個環境建起來，特別是由他們擔任產品與技術負責人，基本上就是投入自己的時間與心力（sweat equity）。接著我們把它交由IT組織其他團隊接手，確保完全合規、完全安全且具備資安防護，並且讓我們的基礎架構團隊在26天內把所有工作落地完成。

And we believe that on an ongoing basis, it will require the time of maybe 1/4 of the time of one FTE to maintain that environment. And then it just naturally gets inbuilt in our overall infrastructure and security environment as well. So when you think of just that as one specific proof point that we needed to prove to ourselves that we could start to scale up this environment faster and faster, we see a lot of opportunity, specifically within the IT spend.

我們認為，後續維運大概只需要一位全職人員（FTE）約四分之一的時間即可維持該環境。而且它也會自然地被整合進我們整體的基礎架構與資安環境之中。所以，當你把這當作一個具體佐證：我們需要先向自己證明，我們可以更快、更快地擴大這類環境的建置能力；我們看到很多機會，特別是在IT支出方面。

Got it. That's some helpful color. And maybe just for my second question, I was going to ask the CapEx question this year, but I guess kind of how should we think about that maybe over the next three years once you exclude any SLBs that you do? And I guess on that note, how can you improve maybe your EBITDA to free cash flow conversion over time?

了解。這些補充很有幫助。第二個問題，我本來想問今年的CapEx，但我想改問：在排除你們做的任何售後回租（SLBs）之後，未來三年我們應該如何看待CapEx？同時，你們要如何隨時間提升EBITDA到自由現金流的轉換率？

I think, as we look forward, I mean, for this year, obviously, I mentioned south of $100 million is the goal for this year. There are some onetime projects in there or what we believe are onetime projects in there for some new builds and some larger construction items. We haven't typically published a maintenance CapEx range in the past, but I think there is room in there to get that closer to the $75 million range from a maintenance perspective.

我想，往前看，今年如我提到的，目標顯然是低於1億美元。其中包含一些一次性專案，或我們認為屬於一次性的專案，例如一些新建案與較大型的工程項目。過去我們通常不會公布維護性資本支出（maintenance CapEx）的區間，但我認為有空間把維護性CapEx拉近到約7,500萬美元的水準。

And then as we continue to grow our footprint or see other opportunities to move facilities or if we have needs on the real estate side to move facilities, that's where you see us historically have to flex and maybe purchase some real estate. And then in a subsequent year, sell that real estate to a REIT as we kind of move in and out of facilities.

接著，當我們持續擴大據點、或看到其他搬遷設施的機會、或在不動產端有搬遷需求時，這就是你們過去看到我們需要彈性調整、可能購置一些不動產的情況。然後在後續年度，當我們在不同設施之間進出調整時，再把該不動產出售給REIT（不動產投資信託）。

So that's where historically, you've seen the number move a little bit year-to-year, and that may be the case going forward. So I don't want to peg it to an exact number, but that's sort of the range for maintenance and also what we're looking at for this year as a goal.

所以，歷史上你會看到這個數字每年會有些波動，未來也可能如此。因此我不想把它釘死在某個精確數字上，但這大致就是維護性CapEx的區間，以及我們今年目標的方向。

Noah Zatzkin, KeyBanc Capital Markets.

KeyBanc Capital Markets 的 Noah Zatzkin。

I guess just on the kind of March and April commentary, it would appear that your comments kind of point to meaningful share gains versus at least what we're hearing from others out there in terms of how the industry kind of trended in March and April. So I guess, first, is your sense that, that's the right way to think about it? And if it is, what do you think has kind of led to the share gain acceleration?

我想就你們對3月與4月的評論來問：看起來你們的說法似乎指向相較於我們從其他同業聽到的產業走勢，你們在3月與4月有顯著的市占提升。所以第一，你的感覺是這樣解讀是對的嗎？如果是，你認為是什麼因素導致市占提升加速？

No, as you know, by the way, we'll have some more Stat Survey information over the next week that will provide us insights into March's retail activity. And that's where we largely rely upon that as the independent third party to provide us actual insights based other than just speculative behaviour within the industry or even us speculating on it. But we do believe, based upon January and February's results that we have had a significant outperformance. And I believe that's attributable to our replenishment and our inventory strategy associated with our exclusive brands.

不過你也知道，順帶一提，我們在接下來一週會拿到更多Stat Survey的資訊，這會讓我們對3月的零售活動有更多洞見。我們很大程度上依賴它作為獨立第三方，提供實際的洞察，而不是只根據產業內的推測行為，甚至是我們自己的推測。但我們確實相信，基於1月與2月的結果，我們表現明顯優於同業。我認為這可歸因於我們針對自有獨家品牌（exclusive brands）的補貨與庫存策略。

And even as we look at our specific exclusive travel trailer brands in the month of April, we're trending to be up in excess of 20% on just our exclusive travel trailer brands year over year, which was a relatively difficult comp for that same lineup of brands. So when I juxtapose that against traditionally OEM brands that exist out there, we're not performing quite as well with those OEM brands.

即使我們看4月自家特定的獨家旅行拖車（travel trailer）品牌，我們的趨勢是年增超過20%，而且對同一系列品牌來說，去年同期的比較基期其實相對偏高、較具挑戰。所以當我把這與市場上傳統的OEM品牌做對照時，我們在那些OEM品牌上的表現就沒有那麼好。

So I think of how creative our team has been of not only continuing to work with manufacturers and suppliers to ensure that we have very creative floor plans, but most importantly, we're hitting the affordability curve of consumers in this industry, and we're attracting greater consumers into the industry. We believe we've been best-in-class at least our exclusive brand strategy, especially over the last two to three years.

所以我會想到我們團隊有多麼有創意：不僅持續與製造商和供應商合作，確保我們擁有非常有創意的平面配置（floor plans），更重要的是，我們正好切中本產業消費者的可負擔性曲線，並吸引更多消費者進入這個產業。我們相信，至少就我們的獨家品牌策略而言，尤其在過去兩到三年，我們一直是同業最佳（best-in-class）。

And maybe just one on the industry. Any sense for kind of industry inventory levels right now? Anything in terms of what you're seeing on promo from others. Just kind of a state of what you're seeing out there would be helpful.

另外也許再問一個關於產業面的問題。你們對目前整體產業的庫存水位有什麼看法嗎？以及你們看到其他業者在促銷（promo）方面有什麼情況？如果能分享一下你們在外部市場看到的整體狀態，會很有幫助。

I wish we had better insights into what the actual rolling stock of inventory was in the entire industry. It's almost impossible for us to calculate. We've tried in a variety of different ways. But given the very nature that there are wholesalers that exist in the industry, and there's a lot of rental units that are sold, sometimes [FEMA] has a contract with different dealers and those don't necessarily get registered as cleanly. It has been really difficult for us to zero-in on what actual rolling stock inventory is.

我希望我們能對整個產業實際的在途/流動庫存（rolling stock of inventory）有更好的洞察。這幾乎不可能讓我們去計算。我們用過各種不同的方法嘗試。但由於產業本質上存在批發商，而且有大量租賃單位被出售；有時候 [FEMA] 會與不同經銷商簽約，而這些不一定能被很乾淨地登記在案。因此，我們很難精準鎖定實際的在途/流動庫存到底是多少。

But based upon just us working with different competitors, knowing different competitors, it does appear that there is quite a promotional environment that exists out there, which is why we try to be pragmatic about our approach to inventory and to pricing for the year and be very realistic about what the margin profile could look like for the balance of the year.

不過，基於我們與不同競爭對手的合作、以及對他們的了解，確實看起來外部存在相當強的促銷環境；這也是為什麼我們在今年的庫存與定價策略上，會盡量採取務實的做法，並對今年剩餘期間的毛利結構可能呈現的樣貌保持非常現實的預期。

Alice Wycklendt, Baird.

Alice Wycklendt，Baird。

Matt, I think you touched on it a little bit in your comments on F&I with kind of the consumer down payments. But maybe I wanted to step back big picture and hear maybe what you're seeing in the credit environment more broadly from a consumer financing perspective.

Matt，我想你在談到 F&I 時有稍微提到一點，關於消費者的頭期款（down payments）。但也許我想先退一步，從更宏觀的角度聽聽你們在更廣泛的信用環境上，從消費者融資的角度看到了什麼。

I'll handle a portion of the question, and then I'll turn it to Brett Andress as well to speak more intelligently about our relationship with the lenders that we have. But as of right now, we've not seen any sort of different behaviours in terms of like credit profile or approval rates. We have been working very effectively with our lenders to ensure that we're doing our best to maintain current rate, if not driving them down. But in terms of the overall creditworthiness of our customers, we feel really good with what we're seeing right now.

我先回答其中一部分，然後也會請 Brett Andress 來補充，針對我們與放款機構（lenders）的關係做更精準的說明。但就目前而言，我們沒有看到任何不同的行為變化，例如信用輪廓（credit profile）或核准率（approval rates）。我們一直非常有效地與放款機構合作，確保我們盡最大努力維持目前利率，甚至推動利率下調。至於客戶整體的信用狀況（creditworthiness），我們對目前看到的情況感到相當放心。

Yeah, Alice, I would say from a consumer lending pricing standpoint over the last couple of months, we have actually seen rates start to drift down at a rather increasing rate actually over the last couple of weeks. So with all the rate vol out there, I think that has been encouraging to us as we go into the season. Hopefully, some of that vol starts to probably ease itself, and we can find some additional cuts as we go through the season, but it has been more favourable over the last couple of weeks from a pricing standpoint.

是的，Alice，我會說從消費者貸款定價的角度來看，過去幾個月我們其實看到利率開始下滑，而且在過去幾週下滑速度還在加快。所以在外部利率波動（rate vol）這麼大的情況下，這對我們進入旺季而言是令人鼓舞的。希望這些波動能逐步緩和，讓我們在旺季期間還能看到一些額外的降息空間；但就定價面而言，過去幾週確實更有利。

Great. That's helpful. And then maybe just a little bit of housekeeping question. I mean your location is down 10 year over year, but up, I think, three sequentially. How should we think about your plans for the number of locations over the next three quarters or so?

很好。這很有幫助。接著可能是一個比較行政性的問題。你們的據點數量年對年減少 10 家，但我想季對季增加了 3 家。我們應該如何看待你們未來大約三個季度的據點數量規劃？

Actually, last month, we did close on an acquisition, Tiny Little M&A in Indiana, which fit through the very disciplined framework that we spoke about on the last call, where we were able to acquire the store for little goodwill. It's in a very favourable market with good brands where we have low market share. And we were fortunate in so much of being able to pick this up and just fill out ours.

其實上個月我們完成了一筆收購交割，是印第安納州一個很小的併購案（Tiny Little M&A），符合我們在上次電話會議提到的非常嚴謹的框架：我們能以很少的商譽（goodwill）收購該門市。它位於一個非常有利的市場，擁有不錯的品牌，而我們在那裡的市占率偏低。我們也很幸運能把這個案子拿下，並把它納入我們的版圖來補齊布局。

We'll continue to be diligent about looking at different M&A opportunities, but we also want to be very disciplined about how we're approaching them, as opposed to we could, in many situations, just buy brands off of dealerships that want to get out of the industry or just want to unwind whatever they're working on within their localized market. And just as frequently as we get opportunities to buy a dealership, we're able to turn that back around then and say, do we really want to acquire the fixed costs associated with that dealership, or do we really just want the brands.

我們會持續審慎地評估不同的併購機會，但同時也希望在切入方式上保持高度紀律；因為在很多情況下，我們其實可以直接向想退出產業的經銷商買下品牌，或是向想在其在地市場結束/解套其正在進行事項的經銷商買下品牌。而且幾乎同樣頻繁地，當我們有機會收購一家經銷商時，我們也會反過來問自己：我們真的想承接該經銷商所伴隨的固定成本嗎？還是我們其實只想要那些品牌？

And consolidate the marketplace. And we've taken that latter position in quite a few environments where we were able to work with, I believe, three dealerships now, year to date. We're able to acquire either all the brands or some of the brands off their lot.

並整併市場。在不少情境下，我們採取了後者的做法；截至目前為止，我相信我們今年已經與三家經銷商合作。我們能夠從他們的場地（lot）上取得全部品牌或部分品牌。

So what we're going to end up with for the year, tough to say. We're going to be opportunistic and continue to look through the framework of, does it make sense for us from a goodwill perspective? Is it going to be highly accretive? Are we able to get in there for a low rent factor if we could acquire the real estate for a reduced amount? And do we have low market share there?

所以今年最後會是什麼結果，現在很難說。我們會把握機會，並持續用同一套框架來檢視：從商譽（goodwill）角度看是否合理？是否會高度增益（highly accretive）？如果能以較低價格取得不動產，是否能以較低的租金係數（rent factor）進入？以及我們在那個市場的市占率是否偏低？

And there are no further questions at this time. Mr. Matthew Wagner, you may proceed.

目前沒有其他問題。Matthew Wagner 先生，您可以繼續。

Thank you for everyone's time this morning. We're quite pleased with our results in Q1. We still know we have much more work to do, and we look forward to speaking with you all again in the next three months.

感謝各位今天早上的時間。我們對第一季（Q1）的結果感到相當滿意。我們也知道還有很多工作要做，並期待在接下來三個月後再次與各位交流。

Ladies and gentlemen, this concludes your conference call for today. We thank you very much for your participation, and you may now disconnect. Have a great day.

各位女士、先生，今天的電話會議到此結束。非常感謝各位的參與，您現在可以掛線。祝您有美好的一天。