Camping World Holdings Inc (CWH) 2020 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to Camping World Holdings Conference Call to discuss the Financial Results For the Second Quarter of Fiscal 2020. (Operator Instructions) Please be advised that this call is being recorded, and that the reproduction of the call in whole or part is not permitted without written authorization from the company.

下午好，女士們、先生們，歡迎參加 Camping World Holdings 電話會議，討論 2020 財年第二季度的財務業績。本公司書面授權，不得全部或部分使用。

Participating in the call today are Marcus Lemonis, Chairman and Chief Executive Officer; Brent Moody, President; Karin Bell, Chief Financial Officer; and Tamara Ward, Chief Operating Officer.

董事長兼執行長馬庫斯·萊莫尼斯 (Marcus Lemonis) 出席了今天的電話會議；布倫特·穆迪，總裁；卡琳·貝爾，財務長；和塔瑪拉·沃德，首席營運長。

I'd now like to turn the call over to Mr. Moody to get us started. Please go ahead, sir.

我現在想把電話轉給穆迪先生，讓我們開始。請繼續，先生。

Thank you, and good afternoon, everyone. A press release covering the company's second quarter 2020 financial results was issued this afternoon, and a copy of that press release can be found in the Investor Relations section on the company's website. Management's remarks on this call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These remarks may include statements regarding the impact of COVID-19 on our business, financial results and financial condition; our business goals, plans, abilities and opportunities; results and financial condition; industry and customer trends; our 2019 strategic shift; increases in our borrowings; our liquidity and future compliance with our financial covenants; and anticipated financial performance.

謝謝大家，大家下午好。今天下午發布了一份涵蓋該公司 2020 年第二季財務業績的新聞稿，該新聞稿的副本可以在該公司網站的投資者關係部分找到。管理階層在本次電話會議上的言論可能包含1995 年《私人證券訴訟改革法案》含義內的前瞻性聲明。 ；我們的業務目標、計劃、能力和機會；結果和財務狀況；行業和客戶趨勢；我們2019年的策略轉變；我們的借款增加；我們的流動性以及未來對財務契約的遵守；以及預期的財務表現。

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.

由於各種重要因素的影響，實際結果可能與這些聲明所顯示的結果有重大差異，包括我們的表格 10-K、表格 10-Q 以及向 SEC 歸檔的其他報告的風險因素部分中討論的因素。任何前瞻性陳述僅代表我們截至今天的觀點，我們不承擔更新這些陳述的義務。

Please also note that we will be referring to certain non-GAAP financial measures on today's call such as EBITDA, adjusted EBITDA and adjusted earnings per share diluted, which we believe may be important to investors to assess our operating performance. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in our earnings release and on our website. All comparisons to our 2020 second quarter results are made against the 2019 second quarter results unless otherwise noted.

另請注意，我們將在今天的電話會議上提及某些非公認會計原則財務指標，例如EBITDA、調整後EBITDA 和調整後攤薄每股收益，我們認為這對於投資者評估我們的經營業績可能很重要。這些非公認會計原則財務指標與最直接可比較的公認會計原則財務指標的調節表包含在我們的收益發布和我們的網站上。除非另有說明，所有與 2020 年第二季業績的比較都是針對 2019 年第二季業績進行的。

I'll now turn the call over to Marcus.

我現在將把電話轉給馬庫斯。

Thanks, Brent. Good afternoon, everyone. As we all know, we are living in unprecedented times. Our focus, as a nation and as a company, is rooted in doing our best to ensure that everyone is safe and protected as we look forward into the future.

謝謝，布倫特。大家下午好。眾所周知，我們生活在一個前所未有的時代。作為一個國家和一家公司，我們的重點是在展望未來時盡最大努力確保每個人的安全和受到保護。

What we have reaffirmed over the last 5 months is that Americans are resilient. They learn to adapt to everything, but the path to get there isn't always a straight road. As a company who feels strongly about inclusivity, diversity and kindness, our close to 11,000 employees demonstrated that in a meaningful way. Their collective dedication to the customer, each other, and the company has never been stronger and it shows in our results.

過去五個月我們重申，美國人是有韌性的。他們學會適應一切，但到達那裡的道路並不總是平坦的。作為一家強烈推崇包容性、多元化和友善的公司，我們的近 11,000 名員工以有意義的方式證明了這一點。他們對客戶、彼此和公司的集體奉獻從未如此強烈，這在我們的業績中得到了體現。

Over the years, we've always prided ourselves as being the leader in the RV space. Being leaders isn't defined singularly by revenue, but more importantly, our employee experience, our customer experience and our performance for our shareholders. The accountability to our shareholders, which includes close to 2,000 of our associates, must be rooted in a number of metrics, both financial and operational.

多年來，我們一直為自己是房車領域的領導者而感到自豪。領導者的定義不僅在於收入，更重要的是我們的員工體驗、客戶體驗以及我們為股東帶來的績效。對我們的股東（包括我們近 2,000 名員工）的責任必須植根於一系列財務和營運指標。

As the single largest shareholder, with beneficial ownership of over 36 million shares, and it's steward for a nearly 11,000 associates, I feel strongly that our goals and focus as shareholders are aligned. My focus, as this company's leader, is to deliver a solid financial performance with world-class margins, heighten our intention to improving the customer and associate experience, a thoughtful capital allocation, including balance sheet improvement, and stable and quarterly dividends -- and growing quarterly dividends.

作為單一最大股東，實益擁有超過 3,600 萬股股票，並且管理著近 11,000 名員工，我強烈感覺到我們作為股東的目標和重點是一致的。作為這家公司的領導者，我的重點是提供穩健的財務表現和世界一流的利潤率，加強我們改善客戶和員工體驗的意圖，周到的資本配置，包括資產負債表的改善，以及穩定的季度股息——以及季度股息不斷增長。

While I'm generally pleased with our second quarter results, I do believe we have significant opportunity for improvement to drive customer engagement, leverage our assets, expand our footprint and grow our market share.

雖然我總體上對我們第二季的業績感到滿意，但我確實相信我們有很大的改進機會，以推動客戶參與、利用我們的資產、擴大我們的足跡並增加我們的市場份額。

For the quarter, demand was strong and revenue was slightly over $1.6 billion. Our balance sheet is strong and we are pleased with our liquidity position. In our company, we primarily keep cash in 2 places: our ordinary deposit account and operating accounts for treasury management purposes; and a floor plan offset account which works to reduce our borrowing costs.

本季需求強勁，營收略高於 16 億美元。我們的資產負債表強勁，我們對流動性狀況感到滿意。在我們公司，我們主要將現金存放在兩個地方：我們的普通存款帳戶和用於資金管理目的的營運帳戶；以及一個平面圖抵銷帳戶，旨在降低我們的借貸成本。

We ended the quarter with $228 million of cash in our ordinary deposit account and operating accounts, an additional $217 million in our floor plan offset account, most cash we've ever had. Gross profit was $489 million and gross margin increased 260 basis points to 30.4%, driven by a combination of our RV unit and retail margin improvement and our high-margin recurring Good Sam branded businesses.

本季結束時，我們的普通存款帳戶和營運帳戶中還有 2.28 億美元現金，平面圖抵銷帳戶中還有 2.17 億美元現金，這是我們有史以來擁有的現金最多的。毛利為 4.89 億美元，毛利率成長 260 個基點，達到 30.4%，這得益於我們的房車部門和零售利潤率的改善以及我們高利潤的經常性 Good Sam 品牌業務的共同推動。

Adjusted EBITDA was $221 million, up 122%. Our adjusted EBITDA margin for the quarter was 13.7% and 9.7% year-to-date. These results put us back on track towards achieving our adjusted annualized EBITDA margin goals.

調整後 EBITDA 為 2.21 億美元，成長 122%。年初至今，本季調整後的 EBITDA 利潤率分別為 13.7% 和 9.7%。這些結果使我們重回實現調整後的年度 EBITDA 利潤率目標的正軌。

We ended the quarter with our leverage ratio as determined under our senior credit facility below 3.5x, and we expect to be below 3x at the end of the third quarter. We are very comfortable with our existing LIBOR plus 2.75% bank debt with a 75 basis point LIBOR floor and our expected anticipated debt-to-EBITDA levels.

本季結束時，根據我們的高級信貸安排確定的槓桿率低於 3.5 倍，我們預計第三季末將低於 3 倍。我們對現有的 LIBOR 加上 2.75% 的銀行債務（LIBOR 下限為 75 個基點）以及我們預期的債務與 EBITDA 水準感到非常滿意。

We ended the quarter with 2,067,000 Good Sam members, which is a key metric in our business because each member spends roughly $1,850 annually. We sold a record 38,786 RVs for the quarter. Website activity across all brands experienced significant growth in the second quarter of 2020. Unique website user sessions were 57.6 million in the second quarter of 2020, an improvement of nearly 14 million sessions the last year.

截至本季末，Good Sam 會員數量為 2,067,000 名，這是我們業務的關鍵指標，因為每位會員每年的支出約為 1,850 美元。本季我們售出了創紀錄的 38,786 輛房車。所有品牌的網站活動在 2020 年第二季都出現了顯著成長。

For the 6-month period, ended June 30, 2020, user sessions grew to 94.4 million, an improvement of over 16 million sessions.

截至 2020 年 6 月 30 日的 6 個月期間，用戶會話數增至 9,440 萬，增加了超過 1,600 萬個會話。

Our SG&A, which is a big focus for us, our SG&A expenses as a percentage of gross profit for the company were 56% for the quarter and 68% for the 6-month period ended June 30, 2020 compared to 74% and 81%, respectively, for the same period in 2019. While we are pleased with the year-to-date direction, we strongly believe we always have opportunity for improvement.

SG&A 是我們關注的重點，我們的SG&A 費用占公司毛利的百分比在截至2020 年6 月30 日的季度中分別為56% 和68%，而截至2020 年6 月30 日的六個月期間分別為74% 和81%分別為 2019 年同期。

One point we want to be crystal clear on. Our results are not singularly a function of COVID-related demand. Our results for the first 70 days of 2020, which were not affected by COVID either way, had strong momentum and metrics.

我們想明確一點。我們的結果不僅取決於與新冠病毒相關的需求。我們 2020 年前 70 天的業績沒有受到新冠疫情的影響，勢頭強勁，指標也強勁。

While we struggled as a nation and an industry during the back half of March and all of April, we were able to make up much ground in May and June to bring our year-to-date numbers to an annualized level that we hope to largely experience going forward.

雖然我們作為一個國家和一個行業在3 月後半段和整個4 月都在苦苦掙扎，但我們在5 月和6 月取得了很大進展，使我們的年初至今的數字達到了我們希望在很大程度上能夠實現的年化水準。

With the strategic shift we initiated in 2019, we outlined a number of key initiatives our team felt would move us directionally where we knew we wanted to be for the long term. These include, but are not limited to: an extreme focus on efficiency improvements, including refining our process and our cost structure; a deep focus on improving retention across all of our high-margin Good Sam recurring revenue files; and lowering our cost of customer acquisition through the digitizing process and most importantly growing sales. We believe that these initiatives will lead to solid, stable free cash flow generation for the next 3 to 5 years. We believe there is a realistic chance that 2020 will be the company's most profitable year ever. And over the next 3 to 5 years, we see no reason other than items outside of our control that we would ever look backwards.

隨著我們在 2019 年啟動的策略轉變，我們概述了一些關鍵舉措，我們的團隊認為這些舉措將引導我們朝著我們所知道的長期目標前進。這些包括但不限於： 極度注重效率改進，包括改善我們的流程和成本結構；高度重視提高所有高利潤 Good Sam 經常性收入文件的保留率；透過數位化流程降低我們的客戶獲取成本，最重要的是增加銷售額。我們相信，這些措施將在未來 3 至 5 年內帶來堅實、穩定的自由現金流。我們相信 2020 年很有可能成為該公司有史以來獲利最多的一年。在接下來的三到五年裡，除了我們無法控制的事情之外，我們看不到任何理由讓我們回顧過去。

It is estimated that approximately 11 million households in the U.S. own an RV. And as more people experience the outdoors, we believe there is an opportunity for significant growth in this number. We feel that this growth is more likely today than ever based on the number of first-time buyers we see showing an interest in entering the RV and outdoor lifestyle, and we believe our company and its wide array of products and services would be a significant beneficiary of this potential growth.

據估計，美國約有 1100 萬個家庭擁有房車。隨著越來越多的人體驗戶外活動，我們相信這個數字有機會大幅成長。我們認為，根據我們看到的對進入房車和戶外生活方式感興趣的首次購買者的數量，這種增長的可能性比以往任何時候都大，我們相信我們的公司及其廣泛的產品和服務將是一個重要的成長點。

We currently operate in 36 states through 164 retail operations, and we see significant whitespace for profitable expansion, which we plan to take advantage of through new greenfield locations and opportunistic acquisitions.

目前，我們在 36 個州開展了 164 家零售業務，我們看到了盈利擴張的巨大空間，我們計劃透過新的綠地地點和機會性收購來利用這一空間。

These new locations should grow our footprint and our market share. Our plan, absent circumstances outside of our control, is to return to our historical growth levels by opening or acquiring 8 to 10 locations per year.

這些新地點應該會擴大我們的足跡和市場份額。如果沒有我們無法控制的情況，我們的計劃是每年開設或收購 8 至 10 家門市，以恢復到歷史成長水準。

All of this fuels our Good Sam file size growth. Our multiyear or annual renewal Good Sam branded products, including insurance, roadside assistance, extended warranties and TravelAssist provides the protection and services needed for the RV lifestyle. And they generate stable, high-margin recurring and predictable revenue and cash flow.

所有這些都推動了 Good Sam 檔案大小的成長。我們的多年或年度續約 Good Sam 品牌產品，包括保險、路邊援助、延長保固和 TravelAssist，為房車生活方式提供所需的保護和服務。它們產生穩定、高利潤、可預測的經常性收入和現金流。

As we announced several weeks ago, we proudly promoted Karin Bell to the CFO position and she officially took over her role on July 1. Karin and I have worked together at Camping World for more than 17 years. She is a diligent financial steward and trusted adviser who will hold our team accountable for how we're allocating capital to maximize returns and drive long-term profitable growth.

正如我們幾週前宣布的那樣，我們自豪地晉升 Karin Bell 為財務官，她於 7 月 1 日正式接任。她是一位勤奮的財務管家和值得信賴的顧問，她將使我們的團隊對如何分配資本以實現回報最大化並推動長期獲利成長負責。

Now it's my pleasure, let me turn the call over to Karin for her commentary.

現在我很高興將電話轉給卡琳，請她發表評論。

Thanks, Marcus, and good afternoon, everyone. I'm excited to be in this new role, and I'm proud to have been part of our company for the last 17 years.

謝謝馬庫斯，大家午安。我很高興能夠擔任這個新角色，也很自豪能夠在過去 17 年中成為我們公司的一員。

Together, we have built the company to withstand the ups and downs of the industry and generate long-term growth. My job is to ensure that our growth is profitable, that we are allocating our capital efficiently with focus on our return on investment and we continue to strengthen our balance sheet with sufficient cash reserves.

我們共同打造了一家能夠承受產業風風雨雨並實現長期成長的公司。我的工作是確保我們的成長是有利可圖的，我們有效地配置我們的資本，重點關注我們的投資回報，並繼續透過充足的現金儲備來加強我們的資產負債表。

Generally, I'm pleased with the results of the quarter, which I believe demonstrates the unique nature of our business. Demand has been strong across all of our business units and our team has done a nice job in managing inventory and our supply chain. Gross margins have improved, and we have controlled expenses, and the combination has led to a significant improvement in our EBITDA and adjusted EBITDA margins year-over-year.

總的來說，我對本季的業績感到滿意，我相信這反映了我們業務的獨特性。我們所有業務部門的需求都很強勁，我們的團隊在管理庫存和供應鏈方面做得很好。毛利率有所改善，我們控制了費用，合併導致我們的 EBITDA 和調整後 EBITDA 利潤率比去年同期顯著改善。

We have spent considerable time reviewing our expense structure. Our expenses as a percentage of gross profit have improved and while partially reflective of expense reductions during the pandemic, the progress in our expense control is also a result of our efforts started prior to the middle of March.

我們花了相當多的時間來審查我們的費用結構。我們的費用佔毛利的百分比有所改善，雖然部分反映了大流行期間費用的減少，但我們費用控制的進展也是我們在3月中旬之前開始努力的結果。

While we are generally pleased, we recognize we still have room for improvement. Our working capital is healthy at $475 million as of the end of the quarter. And as Marcus has mentioned, our balance sheet is strong with $228 million in cash and cash equivalents and $217 million in our floor plan interest offset account at the end of the quarter. Our leverage ratio is calculated using our senior secured credit facility definition was under 3.5x at the end of the quarter and should continue to improve. We are pleased with the direction and anticipate lower leverage in the coming quarters.

雖然我們總體上感到滿意，但我們認識到我們仍然有改進的空間。截至本季末，我們的營運資金健康狀況為 4.75 億美元。正如馬庫斯所提到的，我們的資產負債表強勁，截至本季末，我們的現金和現金等價物為 2.28 億美元，平面圖利息抵銷帳戶為 2.17 億美元。我們的槓桿率是使用我們的高級擔保信貸額度定義計算的，截至本季度末，槓桿率低於 3.5 倍，並且應該會繼續改善。我們對這一方向感到滿意，並預計未來幾季槓桿率會降低。

The attachment to the earnings release will provide other metrics and details of our performance in the quarter. Please refer to the release.

收益發布的附件將提供我們本季業績的其他指標和詳細資訊。請參閱發布。

Those are our prepared remarks. We are now happy to take your questions. Operator, please go ahead.

這些是我們準備好的發言。我們現在很樂意回答您的問題。接線員，請繼續。

(Operator Instructions) And first from Stephens, we have Rick Nelson.

（操作員說明）首先是史蒂芬斯，我們有里克·尼爾森。

Marcus, could you speak, or Karin, to the cadence of sales as the quarter progressed and what you're seeing in July and early August thus far?

Marcus，或 Karin，您能談談本季的銷售節奏以及您在 7 月和 8 月初迄今為止所看到的情況嗎？

When we look at our overall business, web traffic, our call center volume, our service traffic, our retail volume, we clearly saw a pretty dark and gloomy time in at least the first 20 days of April. And as we got into the last week of April, when we decided to press the gas and take in inventory, we started to see that accelerate, starting largely with online activity. May and June were progressively stronger. But as I have to remind everybody, May and June are typically pretty strong. And when you look at the performance of RV sales on a year-over-year basis, it really is relatively consistent from a percentage standpoint of what we were already experiencing in January and February, which we thought were strong. We're seeing the same type of activity for all of our channels in July and we don't see any reason why that would slow down in the near future.

當我們審視我們的整體業務、網路流量、呼叫中心業務量、服務流量、零售量時，我們清楚地看到至少在 4 月的前 20 天是一段相當黑暗和沮喪的時期。當我們進入四月的最後一周時，當我們決定加強並增加庫存時，我們開始看到這種加速，主要是從線上活動開始。 5 月和 6 月逐漸走強。但正如我必須提醒大家的那樣，五月和六月通常非常強勁。當你查看房車銷售的同比表現時，從百分比的角度來看，它確實與我們在一月和二月已經經歷過的情況相對一致，我們認為這很強勁。我們在 7 月的所有管道都看到了相同類型的活動，而且我們看不出有任何理由會在不久的將來放緩。

Do you have an idea of what the industry is growing? It appears like you're taking quite a bit of market share, if you could comment there?

您知道這個產業正在發展嗎？看起來你已經佔據了相當多的市場份額，你能在那裡發表評論嗎？

Yes. As we've said over the last several years, we as a company and as a management team do not think about what the rest of the industry or competitors are doing. We're very focused on what sort of performance we have at each 1 of our locations, do we have the right inventory on the ground? Is our process refined? Are we capturing the maximum amount of margin so the supply/demand curve works? Are we taking the calls in the call center properly? We are hopeful that the industry overall is healthy because we are a big part of the industry. And we haven't heard of anything that would make us believe that everybody isn't just getting fantastic, quite frankly.

是的。正如我們在過去幾年中所說的那樣，作為一家公司和一個管理團隊，我們不會考慮行業其他公司或競爭對手在做什麼。我們非常關注我們每個地點的績效，我們是否有合適的庫存？我們的流程是否完善？我們是否獲得了最大的保證金，以便供需曲線發揮作用？我們是否正確地在呼叫中心接聽電話？我們希望整個行業保持健康，因為我們是這個行業的重要組成部分。坦白說，我們還沒有聽說過任何事情可以讓我們相信每個人都沒有變得出色。

You mentioned inventory per location down 29% year-over-year. Do you feel like you have enough product at this point to continue to grow at this pace or are you supply constrained?

您提到每個地點的庫存年減 29%。您覺得目前您是否有足夠的產品來繼續以這種速度成長，或者您的供應是否受到限制？

Yes. As a consummate salesperson, I can never have enough inventory, but we want to find the balance between the proper amount of inventory and maximizing margin and churns. And as we look at the industry, we have approximately 35,000 travel trailers on order, and we have not seen many bumps in the row, at least from our company's perspective in working with Thor and Forest River to secure the inventory necessary. If you talk to some of our general managers at our locations, I would imagine that they all would like more inventory. But we have to be realistic about the fact that we are coming into the back half of the year, and we seasonally start to bring our inventory down. This is the silver lining. We dramatically improved our consignment process, our use process. And as we look at where the inventory is coming in, we've also increased our churns. We don't seem to have a terrible concern about inventory. But clearly, we would all like more. Doesn't seem to be hurting our volume much.

是的。作為一名完美的銷售人員，我永遠不可能擁有足夠的庫存，但我們希望在適當的庫存量與最大化利潤和流失率之間找到平衡。縱觀整個行業，我們大約訂購了 35,000 輛旅行拖車，而且我們沒有看到太多的麻煩，至少從我們公司與 Thor 和 Forest River 合作確保必要庫存的角度來看是這樣。如果您與我們工廠的一些總經理交談，我想他們都希望有更多的庫存。但我們必須現實地認識到，我們即將進入下半年，我們會季節性地開始降低庫存。這是一線希望。我們大幅改善了我們的寄售流程和使用流程。當我們查看庫存的來源時，我們也增加了客戶流失率。我們似乎不太擔心庫存。但顯然，我們都想要更多。似乎並沒有對我們的音量造成太大影響。

And if supplies come back for the industry, curious how long you think you can hang on to these GPUs, which are above peers?

如果產業的供應恢復，您想知道您認為這些優於同業的 GPU 能持續多久嗎？

I missed that, Rick, I'm sorry, there was a little bit of disruption on your...

我錯過了，里克，對不起，你的……受到了一點幹擾。

The gross profit per unit. Do you think you're going to be able to hang on to that as we push forward and the inventories across the industry start to come back?

每單位毛利潤。隨著我們的推進以及整個行業的庫存開始回升，您認為您能夠堅持下去嗎？

Our internal goals when we started the year, one of our key initiatives was to improve our gross profit over the previous 2 years. And we knew that we needed to lean into our used inventory and our consignments. We knew that we needed to go deeper down into the travel trailer segment and expand that. So we expect our gross margins to be materially better than 2019 as we get into the back half of 2020 on a comparative basis.

我們年初的內部目標之一是提高過去兩年的毛利。我們知道我們需要依靠我們的二手庫存和寄售貨物。我們知道我們需要更深入地進入旅行拖車領域並擴展它。因此，我們預計，進入 2020 年下半年，我們的毛利率將明顯優於 2019 年。

Okay. And finally, if I could ask you if you do hit a record EBITDA here in 2020, do you think there's enough demand out there or other initiatives where you can grow, top that in 2021?

好的。最後，如果我可以問您，如果您在 2020 年確實達到了創紀錄的 EBITDA，那麼您認為 2021 年是否有足夠的需求或其他可以讓您實現成長的舉措？

Look, we think we have a chance at having our most profitable year ever. But we also know that we're making certain steps inside of our business to not have to look back as we get into '21, '22 and beyond.

看，我們認為我們有機會實現有史以來利潤最高的一年。但我們也知道，我們正在業務內部採取某些步驟，以便在進入「21」、「22」及以後時不必回頭看。

We're sort of really thinking about our 3- and 5-year plan. Some of the stores that we have today, for example, the stores that are branded Gander for the first 6 months had revenue of approximately $500 million and an EBITDA contribution of roughly $28 million. While that EBITDA margin doesn't meet our overall company goals, some of those stores are less than 12 months old. And so we're getting a combination of our newer stores that we built in the last few years maturing, which has given us the confidence to get back to making acquisitions and doing greenfield openings 8 to 10 a year over the next 3 to 5 years. We also have a number of other initiatives that we're not prepared to disclose today that we believe are going to dramatically change the digital strategy for our company, which will give us a larger share of wallet for the overall customer.

我們正在認真考慮我們的 3 年和 5 年計劃。例如，我們今天擁有的一些商店，以 Gander 為品牌的商店前 6 個月的收入約為 5 億美元，EBITDA 貢獻約為 2800 萬美元。雖然 EBITDA 利潤率未達到我們公司的整體目標，但其中一些商店開業還不到 12 個月。因此，我們正在將過去幾年建立的新店組合起來，使其日趨成熟，這讓我們有信心在未來 3 至 5 年內重新進行收購並每年開設 8 至 10 家新店。我們還有一些今天不準備透露的其他舉措，我們相信這些舉措將極大地改變我們公司的數位策略，這將使我們為整個客戶帶來更大的錢包份額。

From KeyBanc we have Brett Andress.

來自 KeyBanc 的 Brett Andress 是我們的嘉賓。

So clearly, a lot of new buyers entering the lifestyle here over the last few months. But can you give us any update on the data that you track, like trade in ratios, lead generation, just how many new buyers is the industry attracting, trying to put some numbers around it?

很明顯，在過去的幾個月裡，許多新買家進入了這裡的生活方式。但您能否向我們提供您追蹤的數據的最新情況，例如交易比率、潛在客戶開發、該行業吸引了多少新買家，並試圖提供一些數字？

We definitely saw more first-time buyers than we had ever historically seen. And we think there's a combination of things that led to that. We want to be very careful for the industry at large and the analysts who study the industry to not put so much focus on COVID being the new magic pill that sort of made everything better. When you look at manufacturers like Thor and Forest River, who have spent millions of dollars developing and creating units that are lighter and smaller and less expensive, we really have seen that, that funnel has opened up. So you look at entry-level travel trailer, single axle travel trailer, that historically was not a big part of the marketplace, it now makes up a sizable part of the marketplace and we think that's going to continue to grow.

我們確實看到了比歷史上任何時候都多的首次購房者。我們認為這是多種因素共同導致的。我們希望整個產業和研究該產業的分析師非常小心，不要過度關注新冠病毒是一種讓一切變得更好的新靈丹妙藥。當你看看像 Thor 和 Forest River 這樣的製造商，他們花了數百萬美元開發和​​製造更輕、更小、更便宜的設備，我們確實看到了，這個漏斗已經打開了。所以你看看入門級旅行拖車，單軸旅行拖車，它在歷史上並不是市場的重要組成部分，但現在它佔據了市場的很大一部分，我們認為它會繼續增長。

The Motorhomes business continues to be suppressed overall, which is why we continue to drive more money into the entry-level travel trailer market. In terms of how we analyze it, we look at the percentage of units that are bought and what the trade-in ratio is. And we're about 8 to 9 points lower than we've historically been. And so while we have reason to want to be concerned for about a minute about that, we all -- we actually know that, that number isn't as stunning as one would think because the overall number is bigger. And so we're seeing our existing installed base return at the same pace that they were before, same trade-in cycle, so we haven't lost any folks there. And the only reason that our trade-in rate is slightly lower is because we are seeing first-time buyers in that entry-level travel perspective. We hope that doesn't go away. And if 18% continues to be the number, when the number is higher overall, we're okay with that because we have a unique ability that no competitor in the industry can get anywhere near, which is our ability to procure consignments, which is our ability to use our Good Sam database and our digital strategy to buy used and to use the strength of our balance sheet going forward to control the marketplace unused.

房車業務總體上繼續受到抑制，這就是我們繼續向入門級旅行拖車市場投入更多資金的原因。就我們的分析方式而言，我們會關注購買單位的百分比以及以舊換新的比率。我們比歷史上的水準低了大約 8 到 9 個百分點。因此，雖然我們有理由對此擔心一分鐘，但我們實際上都知道，這個數字並不像人們想像的那麼令人震驚，因為整體數字更大。因此，我們看到我們現有的安裝基礎以與之前相同的速度、相同的以舊換新周期恢復，所以我們沒有失去任何人。我們的以舊換新率略低的唯一原因是我們從入門級旅行的角度看到了首次購買者。我們希望這種情況不會消失。如果 18% 繼續是這個數字，當這個數字總體更高時，我們對此表示同意，因為我們擁有行業內任何競爭對手都無法企及的獨特能力，這就是我們採購貨物的能力，這是我們有能力使用我們的Good Sam 資料庫和我們的數位策略來購買二手產品，並利用我們未來資產負債表的實力來控制未使用的市場。

As I've said before, we're agnostic whether somebody buys a new unit or a used unit. We want to sell them what works for them and for their budget. That's how we're thinking about it going forward.

正如我之前所說，我們不知道有人購買的是新設備還是二手設備。我們想向他們出售適合他們並符合他們預算的產品。這就是我們對未來的思考。

Got it. No, makes sense. And then just a question, I guess, building off of that, thinking about the sustainability of this demand going forward. I mean, this environment has been compared to the multiyear growth that happened around September 2001 and all of the air travel disruption that, that caused. I mean so do you think that using history in that context is fair, is an analog or how do you -- what did your business do around that time frame? Just trying to kind of put that in perspective.

知道了。不，有道理。我想，然後就是一個問題，在此基礎上思考這種需求未來的可持續性。我的意思是，我們將這種環境與 2001 年 9 月左右發生的多年增長以及由此造成的所有航空旅行中斷進行了比較。我的意思是，您認為在這種情況下使用歷史是公平的，是一種類比，還是您的企業在那個時間範圍內做了什麼？只是試著正確看待這一點。

The odd statistic that I think you'll find interesting is as Rick Nelson pointed out, we have grabbed significant market share over the last several months. But the same-store sales number over those last several months is actually, on a percentage basis, lower than what we were trending in January and February. And so it's really important to note that our strength of our business was very solid and we believe that we were headed for a fantastic year absent COVID. I think in the first 2.5 months of the year, we were up about 11%. And when you look at our same store numbers, from that moment in time, when you include the March dip and the April dip and then the May and June and July clawbacks, I think we're probably closer to 9.2% or 9.3%. So we haven't even been able to get back to the levels that we were in January and February, even with us grabbing a ton of market share.

我認為您會發現有趣的奇怪統計數據，正如 Rick Nelson 指出的那樣，我們在過去幾個月中佔據了重要的市場份額。但過去幾個月的同店銷售額實際上以百分比計算低於我們一月和二月的趨勢。因此，值得注意的是，我們的業務實力非常雄厚，我們相信，在沒有新冠疫情的情況下，我們將迎來美好的一年。我認為今年前 2.5 個月，我們上漲了約 11%。當你看到我們相同的商店數字時，從那時起，當你包括3 月的下跌和4 月的下跌，然後是5 月、6 月和7 月的回補時，我認為我們可能更接近9.2% 或9.3%。因此，即使我們搶佔了大量市場份額，我們甚至還無法回到一月和二月的水平。

So we know that the market share is there. We believe our digital strategy is what put us in the catbird seat. When everybody else was retreating, we were pressing the gas and now that we've had a successful quarter, and our balance sheet is rightsized, I think the market could expect me to put the company into overdrive as it relates to going after market share and going after growth, but we'll not compromise our SG&A or our margins to get there.

所以我們知道市場佔有率就在那裡。我們相信，正是我們的數位化策略讓我們處於領先地位。當其他人都在撤退時，我們正在加大力度，現在我們已經度過了一個成功的季度，而且我們的資產負債表也得到了調整，我認為市場可能會期望我讓公司超速運轉，因為這與追求市場佔有率有關並追求成長，但我們不會為了實現這一目標而犧牲我們的銷售管理費用或利潤率。

Maybe my question was more around just historical context. I guess, what does your business do in around 9/11?

也許我的問題更多地圍繞著歷史背景。我猜，9/11 左右你的生意是做什麼的？

We didn't exist back then as a company. So I don't have any comments.

那時我們還不作為一家公司存在。所以我沒有任何評論。

Moving on, from Jefferies we have Bret Jordan.

接下來，傑弗里斯請來了布雷特喬丹 (Bret Jordan)。

When you think about seasonality this year, obviously, a lot of the manufacturers are talking about pretty extended backlog. Do you think that you will hold more inventory going into the fall and winter season, just given customers that are waiting for product or maybe interested in buying what was not normally a seasonal strong period? Or are you really not seeing this COVID demand being significant enough to justify holding inventory off-season?

當你考慮今年的季節性時，顯然，許多製造商都在談論相當長的積壓。您是否認為在進入秋冬季節時，考慮到正在等待產品或可能有興趣購買通常不是季節性旺季的產品的客戶，您會持有更多庫存？或者您真的沒有看到這種新冠病毒需求足夠大，足以證明淡季持有庫存是合理的嗎？

I want to try to answer this as best I can. Our inventory science is a proprietary formula that we have built over the last 12 years. And we want to make sure that we continue to have the kind of aging on new and used that we do, which is infantile. I know it's small as an exaggeration. But as we head into the back half of the year, we're working very closely by the hour, by the day with each one of the manufacturers and their subsidiary brands to ensure that we are properly stocked for the end of 2020 and loaded for bear going into '21. But we will not make the mistakes that the industry has made in years previous to load it to a point where it feels irresponsible. We have built some forecasting models. And as I said, we don't see any reason why we will be looking backwards. So at a minimum, we would expect our stocking levels to be equal to or greater than they were at the same time last year as we go into the fall. We will be prepared for '21 and our size and our leverage and our relationships with the manufacturers have put us in a position that makes us very comfortable that we are prepared today and will be prepared next year.

我想盡力回答這個問題。我們的庫存科學是我們在過去 12 年中建立的專有公式。我們希望確保我們繼續經歷新的和二手的老化，這是嬰兒期的。我知道它很小，有點誇張。但當我們進入今年下半年時，我們正在與每個製造商及其子公司品牌密切合作，以確保我們在 2020 年底有適當的庫存並為 2020 年裝貨。但我們不會犯下行業前幾年所犯的錯誤，將其加載到讓人感覺不負責任的地步。我們建立了一些預測模型。正如我所說，我們看不出有任何理由要向後看。因此，至少，我們預計進入秋季時我們的庫存水準將等於或高於去年同期。我們將為21世紀做好準備，我們的規模、我們的影響力以及我們與製造商的關係使我們處於一個讓我們非常放心的位置，我們今天已經做好了準備，明年也會做好準備。

Okay. And then a follow-up to your comp trend comments. They were plus 11% in the first 2 months and then decelerated to a plus 9% more recently. What do you see being the cause of that? Is conversion down at a lower rate? Or is it a shortage of inventory issue? I would have expected like a just deeper channel comment from you...

好的。然後是對您的比較趨勢評論的後續。前 2 個月增長了 11%，最近增長放緩至 9%。您認為造成這種情況的原因是什麼？轉換率是否會降低？還是庫存不足的問題？我本來希望您能發表更深入的頻道評論...

Yes, neither of those. What everybody is forgetting is that April was an absolute disaster, right? And so when you look at April, for the first 21 days of the month, the world was literally locking down, things were coming to an end. That was a big number to call out of. When you look at the days following April 21, our numbers were plus 25, plus 30, plus 35, plus 50 in some markets, but we want to be realistic. Now we know that there's been some stats provided by some very small players in the space, talking about up 30 and up 40. Let me remind you, there are no comps to Camping World, not Lazydays, there's nobody else. And in fact, our competitors, which are a fraction of our size, also made a significant number of acquisitions. So their year-over-year numbers are not authentic in our opinion. Our plus number factors in the absolute disaster that was the first 21 days of April.

是的，兩者都不是。每個人都忘記了四月絕對是一場災難，對吧？所以當你看看 4 月的時候，這個月的前 21 天，世界實際上處於封鎖狀態，一切都即將結束。這是一個很大的數字。當你查看 4 月 21 日之後的日子時，我們的數字在某些市場上是+25、+30、+35、+50，但我們希望現實一點。現在我們知道，該領域的一些非常小的參與者提供了一些統計數據，談論了 30 和 40。事實上，我們的競爭對手雖然規模只是我們的一小部分，但也進行了大量收購。因此，我們認為他們的同比數據並不真實。我們的正數因素導致了 4 月前 21 天的絕對災難。

Okay. So if we just look at May, June, though, the comp trends would be higher than the January, February comp trend, right? So should -- it does appear that there was a COVID benefit to demand.

好的。因此，如果我們只看五月、六月，比較趨勢會高於一月、二月比較趨勢，對吧？應該如此——看起來確實有新冠疫情帶來的好處。

No, sir, I could argue that, that demand was delayed.

不，先生，我可以說，這個需求被推遲了。

(Operator Instructions) We'll move on to Gerrick Johnson with BMO Capital Markets.

（操作員說明）我們將轉向 BMO 資本市場的 Gerrick Johnson。

I was just hoping you could talk about the Good Sam membership role. Looks like it dropped a little bit. So what's going on there?

我只是希望你能談談好山姆會員角色。看起來好像下降了一點點。那麼那裡發生了什麼事？

So the only reason that the Good Sam membership file looks like it's optically down over last year is when we made the strategic shift in September of 2019, we eliminated all of the members from the file that were associated with the 39 stores we closed. We wanted to level set to make sure that we were comparing apples-to-apples. That was about 200,000 members, plus or minus. And so when we look at our number today, on a same-store basis, on a same file basis, when you extract out the stores and the markets we exited, we're actually up about 2%.

因此，Good Sam 會員檔案看起來比去年明顯下降的唯一原因是，當我們在 2019 年 9 月進行策略轉變時，我們從檔案中刪除了與我們關閉的 39 家商店相關的所有會員。我們希望進行水平設置，以確保我們進行同類比較。大約有 20 萬名會員，上下浮動。因此，當我們今天查看我們的數字時，在同一商店的基礎上，在同一文件的基礎上，當你提取出我們退出的商店和市場時，我們實際上上漲了約 2%。

Next question will come from Craig Kennison with Baird.

下一個問題將由克雷格·肯尼森和貝爾德提出。

And congratulations, Karin. Question, Karin, for you on the SG&A expense line, much better than we expected. And something you called out in terms of your efficiency. Is there any way to shed light on where you found efficiencies and how sustainable those would be?

恭喜你，卡琳。卡琳，請問您的 SG&A 費用線，比我們預期的要好得多。以及你在效率方面提出的一些要求。有什麼方法可以闡明您在哪裡發現了效率以及這些效率的可持續性如何？

That's a good question. I mean, some of the things that we've been looking at is Marcus was talking about the digitization of our advertising and our processes to reach in and help our customers. That versus traditional advertising is substantially less money, so that was a very big change. There were some changes in the quarter related to some compensation changes, but most of those people have been hired. And there have been other avenues that we've been looking at, mostly in technology, as I mentioned, and in advertising.

這是個好問題。我的意思是，我們一直在關注的一些事情是馬庫斯正在談論我們的廣告數位化以及我們接觸和幫助客戶的流程。與傳統廣告相比，這花費的錢要少得多，所以這是一個非常大的變化。本季度出現了一些與薪資變化相關的變化，但大多數人已經被雇用。正如我所提到的，我們一直在尋找其他途徑，主要是在科技和廣告方面。

Craig, let me be more direct than Karin about it. In the back half of '19, we flattened out the organization in a way that was draconian, to be quite candid with you. And as we got into 2020, we only added things that we felt were going to be accretive to us. And so we went individual by individual to ensure that their productivity and their contribution to our profitability made sense for us. We eradicated locations that were not performing. That was a big contributor. We tightened down on our inventory levels, which we will continue to do to save on floor plan expense. And we had a significant sort of a reimagination of pay points. We got away from big bases, and we refigured people's pay points to be performance-driven. And you're seeing the results of how people's mindsets were shifted. We needed to return to a high level of variability with our cost structure. And when you look at 56% for the quarter, that's clearly our highest-performing quarter of the year, but our year-to-date number, quite frankly, is what we're looking at.

克雷格，讓我比卡琳更直接地說。坦白說，在 19 年下半年，我們以一種嚴厲的方式對組織進行了扁平化。當我們進入 2020 年時，我們只添加了我們認為會對我們有利的東西。因此，我們逐一進行調查，以確保他們的生產力及其對我們獲利能力的貢獻對我們有意義。我們消除了表現不佳的地點。這是一個很大的貢獻者。我們收緊了庫存水平，我們將繼續這樣做以節省平面圖費用。我們對支付點進行了重大的重新構想。我們擺脫了大基數，並重新調整了人們的薪資點，使其以績效為導向。你會看到人們心態轉變的結果。我們的成本結構需要恢復高度可變性。當你查看本季度的 56% 時，這顯然是我們今年表現最好的季度，但坦白說，我們今年迄今為止的數字才是我們所關注的。

We want to be 66%, 67% in that range or better on an annualized basis, and we know the levers that have to get pulled on. One of those levers is ensuring that our gross margins are in line with our expectations. SG&A, as you know, Craig, is a function of not only expense control, if you can't save your way to a profit, with expense control combined with margins. And when you look at our service margin and the unbelievable solid 80-plus percent margins that come out of our Good Sam business, those kinds of things give us the gross margin opportunity and the EBITDA margin opportunity of this business needs to separate itself from everybody, including the most profitable public auto out there that I don't think is even half of this number from an EBITDA margin standpoint.

我們希望年化成長率達到 66%、67% 或更好，我們知道必須採取哪些措施。這些槓桿之一是確保我們的毛利率符合我們的預期。克雷格，如您所知，SG&A 不僅是費用控制的功能，如果您無法透過儲蓄來獲取利潤，那麼費用控制與利潤相結合。當你看到我們的服務利潤率和來自Good Sam 業務的令人難以置信的80% 以上的利潤率時，這些事情給我們帶來了毛利率機會，而該業務的EBITDA 利潤率機會需要將自己與其他公司區分開來。

And then as a follow-up, just to the demand that you're seeing, is there any change to the demographic profile of your traffic or sales? Just curious if you're seeing like a different type of consumer come in based on either the pandemic or just other work that's been done to attract a larger audience?

然後，作為後續行動，就您所看到的需求而言，您的流量或銷售的人口統計特徵是否有任何變化？只是好奇您是否看到不同類型的消費者因為大流行或只是為了吸引更多受眾而進行的其他工作而進入？

Look, I think you've definitely seen a significant drop in the average age of inquiries. We look at our web traffic. And one of the things that we're spending a lot of time and energy on is creating a digital narrative that attracts somebody that used to think that the RV lifestyle was like their father's Oldsmobile. It used to be like something that a retiree would do. And we think we're doing a really good job by making this young, cool, hip and easy. Part of that is having lighter, cheaper, affordable units so that it's a hobby and not a lifestyle 7 days a week. We think we've been very successful at that. And we're going to continue to do that. I think additionally you're also seeing people that have never thought about entering the lifestyle, never ever, ever thought about it, that are starting to at least poke around it. Has that necessarily translated into massive numbers? No, but it could be 1% or 2% of the revenue that we saw for the quarter, could have come from people that a year ago would have said, "Oh, no, that's not for me." I think we're trying to make RV cooler than it's ever been, and our marketing really speaks to that.

聽著，我認為您肯定已經看到查詢的平均年齡顯著下降。我們查看我們的網路流量。我們花費大量時間和精力的事情之一就是創造一種數位敘事，吸引那些曾經認為房車生活方式就像他們父親的奧茲莫比爾的人。這曾經就像是退休人員會做的事情。我們認為我們做得非常好，讓這款產品變得年輕、酷、時尚、簡單。其中一部分是擁有更輕、更便宜、負擔得起的單位，這樣它就成為一種愛好，而不是每週 7 天的生活方式。我們認為我們在這方面非常成功。我們將繼續這樣做。我認為此外，你還會看到那些從未想過要進入這種生活方式的人，從來沒有想過它，他們至少開始探索它。這一定會轉化為大量的數字嗎？不，但它可能是我們在本季度看到的收入的 1% 或 2%，可能來自一年前會說「哦，不，這不適合我」的人。我認為我們正在努力讓房車比以往任何時候都更酷，我們的行銷確實說明了這一點。

Next we have Seth Sigman with Crédit Suisse.

接下來是瑞士信貸銀行的賽斯西格曼 (Seth Sigman)。

So I wanted to follow up on demand as well. It looks like same-store unit sales are tracking up 3.6% year-to-date. Obviously, there was that slowdown in March and early April. It sounds like you've come out a bit stronger now. My question is, do you think that demand has caught up now? Or do you feel like you're still missing sales in the context of that up 3.6%?

所以我也想按需跟進。今年迄今為止，同店單位銷售額似乎成長了 3.6%。顯然，三月和四月初出現了放緩。聽起來你現在變得更強了一些。我的問題是，您認為現在需求已經跟上了嗎？或者您覺得在成長 3.6% 的情況下您仍然錯過了銷售額？

I don't know where you're getting 3.6%. I'd have to study my numbers. But I don't have anything with 3.6% in it.

我不知道你從哪裡得到3.6%。我必須研究我的數字。但我裡面沒有3.6%的東西。

I think the 6-month trend based on the release says that same-store unit sales were up 3.6% year-to-date, unless I'm looking at the wrong thing. But I mean, obviously that would be...

我認為基於該發布的 6 個月趨勢表明，今年迄今同店單位銷售額增長了 3.6%，除非我看錯了。但我的意思是，顯然那會是......

It's higher than 5%, and we can dig into it for our one-on-one call, but we are much higher than 3.6%. But to address the question of whether 3.6% or 6.6%, as you know, this industry has a bit of a bell curve to it, right? I mean the 4th of July was always Christmas Day for us. What we're seeing happen is that the year we're seeing it potentially get a little longer. And with school potentially not coming back at the same level and people home schooling, we're really anticipating that the fall could be slightly more robust.

它高於 5%，我們可以在一對一通話中深入研究它，但我們遠高於 3.6%。但要回答3.6%還是6.6%的問題，如你所知，這個產業有點鐘形曲線，對吧？我的意思是 7 月 4 日對我們來說一直都是聖誕節。我們所看到的情況是，這一年的時間可能會更長一些。由於學校可能不會恢復到原來的水平，而且人們在家上學，我們確實預計秋季可能會稍微強勁一些。

Now the balance to that is because of COVID, the fall usually has a lot of outdoor shows, big shows. We don't have those shows this particular year. We opted out of those shows because we felt that it was unsafe for our employees, but we think we'll continue to see solid performance for the back half of the year. But again, we will not compromise our margins or our EBITDA margin for volume. And so there may be other dealers who are willing to start giving product away as they get into winter to generate cash, we have enough cash, we want to stick to our business plan. But we still believe we will continue to take market share like we have demonstrated in the first 6 months of the year.

現在的平衡是因為新冠疫情，秋季通常有許多戶外表演、大型表演。今年我們沒有這些節目。我們選擇退出這些節目，因為我們認為這對我們的員工來說不安全，但我們認為今年下半年我們將繼續看到穩健的表現。但同樣，我們不會為了銷售而犧牲我們的利潤率或 EBITDA 利潤率。因此，可能還有其他經銷商願意在進入冬季時開始贈送產品以賺取現金，我們有足夠的現金，我們想堅持我們的商業計劃。但我們仍然相信，我們將繼續佔據市場份額，就像我們在今年前 6 個月所展示的那樣。

So it sounds like some of the sales could have been deferred, right? And some of the strength that you're seeing in July may just be those delayed sales. And I guess your view is that this Q3 could be a little bit better seasonally than it typically would because of some of those factors.

聽起來有些銷售可能會被推遲，對吧？您在 7 月看到的一些強勁勢頭可能只是銷售延遲所致。我想您的觀點是，由於其中一些因素，第三季的季節性情況可能比通常情況要好一些。

Yes. I think our Q3 will be better than last year. It's not going to be second quarter good, but it will be better than last year for a number of reasons: One, our game is stronger. In the third quarter of last year, we were definitely distracted with our strategic shift. We think from an EBITDA performance, it's going to be materially different. Right now, we're just focused on making sure that we're taking care of our supply chain, and we're taking care of our margins and our customers.

是的。我認為我們的第三季會比去年更好。第二季不會好，但會比去年好，原因有很多：第一，我們的比賽更強。去年第三季度，我們確實因策略轉變而分心。我們認為，從 EBITDA 表現來看，情況將會有很大不同。現在，我們只專注於確保我們照顧好我們的供應鏈，我們照顧好我們的利潤和我們的客戶。

Got it. Okay. And then just a follow-up on store growth. Getting back to the 8 to 10, I may have missed it, but did you give us a time line for that? And then if you could just update us on whether you've made any sort of changes to the real estate selection strategy as you think about reaccelerating the growth?

知道了。好的。然後是商店增長的後續行動。回到8點到10點，我可能錯過了，但你給我們一個時間表嗎？那麼，您能否向我們介紹一下您在考慮重新加速成長時是否對房地產選擇策略進行了任何改變？

So we expect to add 8 to 10 stores in 2021 and don't see any reason why we wouldn't do that for several years after that consistent with what we did when we started the company in 2003 all the way up to the day we went public. We took a pause for 2020 because we felt like we needed to rightsize our balance sheet, rightsize our process and get refocused. We're now ready to go back out. In terms of looking at our real estate strategy, because we want to keep our competitors at bay, I can tell you that we have either signed LOIs on real estate or are in final discussions of LOIs with acquisitions. And so we'll be announcing those in normal course. But everybody could plan on us having 8 to 10 in 2021 and every year after that, unless something in the market outside of our controls changes our opinion of that.

因此，我們預計在 2021 年增加 8 到 10 家商店，而且我們沒有任何理由在之後的幾年內不這樣做，這與我們 2003 年創辦公司時一直到我們成立的那一天所做的一致。 。我們暫停了 2020 年的計劃，因為我們覺得我們需要調整資產負債表規模、調整流程並重新調整重點。我們現在準備回去了。就我們的房地產策略而言，因為我們希望阻止競爭對手，我可以告訴你，我們要么簽署了房地產意向書，要么正在就收購意向書進行最終討論。因此，我們將按照正常流程宣布這些內容。但每個人都可以計劃在 2021 年以及之後的每年推出 8 到 10 個，除非市場中出現超出我們控制範圍的事情改變我們的看法。

And next questions comes from Tim Conder with Wells Fargo.

接下來的問題來自富國銀行的提姆‧康德。

And congrats, Marcus, to the whole team there, great execution in obviously a little volatile environment. Can you talk a little bit about on the used side? You talked earlier about the funnel of consignment, the marketing database and so forth, how are those acquisitions cost of used inventory? How is that trending? And I guess, back into the earlier question about gross margins and going forward there, how does that play into that equation? And then I did want to come back to the first-time buyers. Any way you can parse, again, the first-time buyers versus maybe a lapsed buyer in any way versus that ongoing trade up type buyer.

恭喜馬庫斯，恭喜整個團隊，在明顯有點不穩定的環境中表現出色。能談談二手方面嗎？您之前談到了寄售管道、行銷資料庫等，二手庫存的採購成本如何？趨勢如何？我想，回到之前關於毛利率的問題並展望未來，這對這個方程式有何影響？然後我確實想回到首次買家那裡。再次，您可以以任何方式解析首次購買者與可能以任何方式流失的購買者與持續交易類型的購買者。

The used industry is actually a pretty complicated matrix. And a lot of people don't have the resources that we have with our call center, with our national trade desk with a couple of hundred million dollars in the bank and with 5 million active customers in our database. And so we're able to lower our cost of acquisition of a traditional used unit compared to our competitors because of that -- because of those points that I just mentioned. For example, a traditional dealer will still buy on the curve, will still try to consign, but they're mostly relegated to going to auctions and buying and paying fees to buy them, fees to transport them. And we try to, at all costs, avoid that angle, which is why our margins are materially better.

二手產業其實是一個相當複雜的矩陣。很多人沒有我們的呼叫中心所擁有的資源，我們的全國貿易櫃檯在銀行裡有幾億美元，在我們的資料庫中有 500 萬活躍客戶。因此，與我們的競爭對手相比，我們能夠降低購買傳統二手設備的成本，因為我剛才提到的這些點。例如，傳統經銷商仍然會在曲線上購買，仍然會嘗試委託，但他們大多會去拍賣、購買和支付購買費用、運輸費用。我們不惜一切代價試圖避免這種角度，這就是為什麼我們的利潤率大幅提高的原因。

We also try to have a solid mix of our consignment business. And our consignment business allows us to have the customer maximize their value, right, because that's the goal of a consignment and us still be able to retain world-class use margins. And so the use business has gotten tougher as demand has gotten bigger. But we believe that we have the right strategies in place. In fact, if you visited one of our websites today or you visited one of our stores today, you don't see it as a consumer, but our process of appraising the trade or making the decision to purchase the unit is not a local decision anymore, and it used to be. And the reason we elected not to do that anymore is because we felt like our local stores were potentially missing out on opportunity.

我們也嘗試將我們的寄售業務進行穩固的組合。我們的寄售業務使我們能夠讓客戶實現價值最大化，對吧，因為這是寄售的目標，而且我們仍然能夠保持世界一流的使用利潤。因此，隨著需求的增加，使用業務也變得更加困難。但我們相信我們已經制定了正確的策略。事實上，如果您今天訪問了我們的網站之一或您今天訪問了我們的商店之一，您不會將其視為消費者，但我們評估交易或做出購買該單位的決定的過程不是本地決策現在不再是了，過去也是如此。我們選擇不再這樣做的原因是因為我們覺得當地的商店可能會錯過機會。

If somebody came in with a particular type code that they maybe weren't comfortable with, they may either put a low number on it or pass on the transaction completely. We elect to take all of those trades in. And then we analyze them at the end of the night, and we allocate them to the stores that we believe are going to best be able to maximize margin and maximize churn. That's a big shift for us, and that shift happened during the COVID process where we accelerated our digital strategy. We used 15 years of proprietary data to build a valuator that we'll be launching in the coming weeks to allow our stores and our consumers to get a price that is different than the book, different than Kelley Blue Book. We don't believe that Kelley Blue Book has enough empirical data to justify a value, and we believe that the customer wasn't getting enough for their trade.

如果有人輸入了他們可能不喜歡的特定類型代碼，他們可能會在上面輸入一個較低的數字或完全傳遞交易。我們選擇接受所有這些交易。這對我們來說是一個巨大的轉變，這種轉變發生在新冠疫情期間，我們加快了數位化策略。我們使用 15 年的專有數據建立了一個估價器，我們將在未來幾週內推出該估價器，以便我們的商店和消費者能夠獲得不同於書本、不同於凱利藍皮書的價格。我們認為凱利藍皮書沒有足夠的經驗數據來證明其價值，我們認為客戶的交易沒有得到足夠的數據。

So we are going to be, going forward, the market maker on unit value to protect our Good Sam member, to ensure they're getting the most value and to ensure that we're stepping up. What our competitors largely deal with when they take in use is most of them don't have several hundred million dollars, $400 million to be exact, of cash on their balance sheet. They may have to floor plan that unit. And the floor plan providers only allow for that unit to be financed, in some cases, with a maximum of 75% or 80%. In most cases, those dealers won't want to put more money into the trade than they'll be able to floor the unit for. And we believe that if we can reset the market, raise the values for the consumers, we'll be able to: A, attract more trades and buyers; and B, raise the value for consumers across the entire enterprise; and three, separate ourselves from our competitors who may not have the working capital to compete with our trade values. It isn't that their trade values are wrong, it's that they're managing their trade values based on the liquidity on their balance sheet, especially going into winter.

因此，展望未來，我們將成為單位價值的做市商，以保護我們的 Good Sam 會員，確保他們獲得最大價值，並確保我們不斷進步。我們的競爭對手在使用時主要面臨的問題是，他們中的大多數人的資產負債表上沒有數億美元，確切地說是4億美元的現金。他們可能必須對該單元進行平面圖規劃。在某些情況下，平面圖提供者只允許為該單位提供最多 75% 或 80% 的融資。在大多數情況下，這些經銷商不想在交易中投入超出他們能夠為該單位提供的資金的資金。我們相信，如果我們能夠重置市場，提高消費者的價值，我們將能夠： A，吸引更多的產業和買家； B、提高整個企業消費者的價值；第三，將我們與可能沒有營運資金與我們的貿易價值競爭的競爭對手區分開來。這並不是說他們的貿易價值是錯誤的，而是他們根據資產負債表上的流動性來管理貿易價值，尤其是進入冬季。

Okay. Okay. So basically, the proprietary data allows you to price better than Kelley Blue Book, which is what the competitors are utilizing to make their decision on the floor plan availability also.

好的。好的。所以基本上，專有數據可以讓你比凱利藍皮書定價更好，競爭對手也利用凱利藍皮書來決定平面圖的可用性。

It is our goal in the next 2 to 3 years to reset the values of how the industry looks at used. We sell over 100,000 units a year. In fact, we -- hopefully, we're crossing our 1 millionth unit next year. We have enough data that supports our value and our values, for the most case, are higher than any book that's out there.

我們的目標是在未來 2 到 3 年內重新設定業界看待二手產品的價值觀。我們每年銷售超過 10 萬件。事實上，我們希望明年就能突破第一百萬個單位。我們有足夠的數據來支持我們的價值，在大多數情況下，我們的價值高於任何現有的書籍。

Okay. Okay. And then, I guess, back to the question on the first-time buyers, is there anything else you can add there? And lastly, just to clarify, maybe a little bit of confusion on the comps, which is unit based and which is dollar based? I guess, maybe that's -- that may be a little bit of the root of the confusion, I guess?

好的。好的。然後，我想，回到關於首次購屋者的問題，您還有什麼可以補充的嗎？最後，為了澄清一下，也許對比較有點困惑，哪一個是基於單位的，哪一個是基於美元的？我想，也許這就是──這可能是混亂的根源，我想？

You know what, I don't have that handy, and I don't want to misspeak. John, do you have that answer?

你知道嗎，我沒有那個方便的東西，而且我不想說錯話。約翰，你有這個答案嗎？

What is he looking for?

他在尋找什麼？

There's confusion around the comp numbers. And then are we talking about units or dollars? That's the question. That's what Tim is asking. What's the answer?

補償數字存在混亂。那我們是在談單位還是美元？這就是問題所在。這就是提姆要問的。答案是什麼？

He's looking at the 6 months and you were talking about...

他正在研究 6 個月，而你正在談論...

But Tim is asking, is it units or dollars? 3.6% was based on what?

但提姆問，是單位還是美元？ 3.6%是基於什麼？

New and used.

新的和二手的。

New and used, combined.

新的和二手的，結合起來。

New is around 5%.

新的大約是5%。

New is around 5% at 6 months.

6 個月時新品約 5%。

Okay. So units is what you're referring to on those -- on the top numbers. Okay. And then, again...

好的。所以單位就是你所指的那些──頂部的數字。好的。然後，再一次…

That's correct. Tim, I think you know this -- Tim, I think you know this, and so does everybody else, that the whole world started to get locked down around March 12. And so when you looked at our first quarter of, I think, we were 30-some-odd million, $36 million, we missed out -- in our opinion, we missed out on about $20 million to $25 million of earnings because in the last 3 weeks of March, the bottom fell out, and it continued through April 21st. So we believe that what we want the market to look at is the full 6 months. We think that our EBITDA margin is better at a full 6-month. Our same-store sales numbers are a full 6-month. We think that, that's the way we want everybody to look at our business. Don't look at the quarter, don't look at the first quarter, don't look at April, look at the first 6 months, that will really give you a good picture of where our business is.

這是正確的。提姆，我想你知道這一點- 提姆，我想你知道這一點，其他人也知道這一點，整個世界在3 月12 日左右開始被封鎖。 ，我想，我們錯過了30 多萬美元，3600 萬美元，我們錯過了——在我們看來，我們錯過了大約2000 萬至2500 萬美元的收益，因為在3 月的最後3 週，谷底出現了，而且這種情況還在繼續。因此，我們認為我們希望市場關注的是整整 6 個月的時間。我們認為我們的 EBITDA 利潤率在整個 6 個月內更好。我們的同店銷售數字是整整 6 個月的。我們認為，這就是我們希望每個人看待我們業務的方式。不要看季度，不要看第一季度，不要看四月份，看前六個月，這才能真正讓您清楚地了解我們的業務狀況。

(Operator Instructions) Next from Bank of America. We have John Lovallo.

（操作員指示）接下來來自美國銀行。我們有約翰·洛瓦洛。

First one is maybe going back to SG&A for a second here. On a year-over-year basis, it looks like it's about $30 million lower on an absolute basis. Just curious if you believe that the level you're running at right now is sustainable? I mean, should we think about SG&A potentially being down on a year-over-year basis going forward? Or were there some COVID costs in there, less travel, et cetera, that may have artificially lowered that?

第一個可能是再回到 SG&A。與去年同期相比，絕對值似乎減少了約 3,000 萬美元。只是好奇您是否相信您現在的運作水平是可持續的？我的意思是，我們是否應該考慮 SG&A 未來可能會比去年同期下降？或者是否存在一些新冠疫情成本、旅行減少等因素，可能人為地降低了成本？

Look, I think there was definitely less travel, and there were a few less employees, but there were also some additional costs that it took to operate during COVID as well. We also, at the end of the quarter, did provide some sizable bonuses to those folks who took pay cuts in the beginning part of the quarter. So our number isn't completely avoid of personnel expense. Our margins drove a big portion of the SG&A as a percentage of for the second quarter. But as we move into the back half of this year and we move into '21, '22 and beyond, we want our SG&A as a percentage of growth to be below 70%, and we want to return to the EBITDA margin between 7% and 8% that we always believe we should have been at and we were.

看，我認為旅行肯定減少了，員工也減少了一些，但在新冠疫情期間，營運也產生了一些額外的成本。在季度末，我們也向那些在季度初接受減薪的人提供了一些可觀的獎金。所以我們的數字並不能完全避免人員費用。我們的利潤率佔第二季 SG&A 的很大一部分。但隨著我們進入今年下半年，進入 21 年、22 年及以後，我們希望 SG&A 佔增長的百分比低於 70%，並且我們希望 EBITDA 利潤率恢復到 7% 之間8%是我們一直認為我們應該達到的水平，而且我們也確實做到了。

When you have an influx of new stores, like we did over the last 2 years, or you have to shut things down, it screws up all of the metrics. So in the third quarter and in the fourth quarter, the expenses as a percentage of everything compared to last year are going to look better. What we want to keep focusing on is take out the stores that we eliminated. If you see our total expenses below 70%, we internally believe we're finding the right balance of taking care of the customer, taking care of the employees and providing a good return on capital.

當你有大量新商店湧入時，就像我們過去兩年所做的那樣，或者你必須關閉商店，它就會搞砸所有的指標。因此，在第三季度和第四季度，與去年相比，費用佔所有費用的百分比看起來會更好。我們要繼續關注的是淘汰那些我們淘汰的商店。如果您看到我們的總費用低於 70%，我們內部相信我們正在找到照顧客戶、照顧員工和提供良好資本回報率的適當平衡。

56% is not something that we believe is an annualized number. But if you said to me, could you be in the low 60s in 2021? I think we have a shot at it in the second quarter. Second quarter always has our best metrics in those categories. That's usually the quarter we're the most profitable. But I think our number for year-to-date was like 68 point something. We're going to try to hold on to that like a mother bear as best we can.

56% 並不是我們認為的年化數字。但如果你對我說，2021年你能到60歲以下嗎？我認為我們在第二季度有機會做到這一點。第二季在這些類別中總是有我們最好的指標。這通常是我們利潤最高的季度。但我認為我們今年迄今為止的數字大約是 68 分。我們將盡力像熊媽媽一樣抓住這一點。

(technical difficulty)

（技術難度）

Well I can't hear you. I apologize. You are muffled, sorry.

好吧，我聽不到你說話。我道歉。你悶悶不樂，抱歉。

Can you hear me now?

現在你能聽到我說話嗎？

Yes, sir.

是的，先生。

Okay. Sorry about that. Maybe the margin differential between a towable and motorized RV, I would think that a bigger, more highly contented vehicle, like on the light vehicle side, for instance, would carry higher margins. But is that not the case with RVS because the towables have a higher percent margin?

好的。對此感到抱歉。也許牽引式房車和機動車房車之間的利潤率存在差異，我認為更大、更滿足的車輛，例如輕型車輛方面，將帶來更高的利潤率。但 RVS 的情況不是這樣嗎？

So unlike the auto business, where a luxury product could yield a higher gross margin because of the way the manufacturer structures invoice and the way they manage the supply chain, we have the inverted. And so as you think about the price grid, typically, the margins are better as you drive down the average selling price. And remember that you are financing units anywhere between 100 in and 44 months and 200 in 40 months, and so that allows for a full suite of necessary products to be included in that transaction.

因此，與汽車行業不同的是，在汽車行業，由於製造商設計發票的方式和管理供應鏈的方式，奢侈品可以產生更高的毛利率，但我們的情況卻是相反的。因此，當您考慮價格網格時，通常，當您降低平均售價時，利潤會更好。請記住，您為 44 個月內 100 個單位和 40 個月內 200 個單位之間的任何地方提供融資，這樣就可以在該交易中包含一整套必要的產品。

What always throws everybody off about our business and our margins and our EBITDA margin performance is the $120 plus million that comes from our Good Sam, high-margin recurring revenue. It would be like saying -- taking AAA and mushing it into CarMax. That's one of the benefits that we have that we don't believe that the market gives us credit for. We have almost 2.1 million people spending approximately $1,850 a year and that -- a good chunk of that margin is 70%, 80% margin business. That gives us the ability to have world-class margins and be the leader in volume on the travel trailer side.

總是讓每個人對我們的業務、我們的利潤率以及我們的 EBITDA 利潤率表現感到失望的是來自我們 Good Sam、高利潤率經常性收入的 120 多萬美元。這就像說——將 AAA 放入 CarMax 中。這是我們擁有的好處之一，但我們不相信市場會認可我們。我們有近 210 萬人每年花費約 1,850 美元，其中很大一部分利潤是 70%、80% 利潤的業務。這使我們能夠擁有世界一流的利潤率，並成為旅行拖車方面銷售的領導者。

Now we do need that blend. And this particular business model, why we believe that this company is still undervalued today is because the model that we have built is -- has a giant moat around it. And the moat starts with the database, it leads with the Good Sam member being loyal and buying the products and services that they need, and it ends with our finance and service business.

現在我們確實需要這種混合。而這種特殊的商業模式，為什麼我們認為這家公司今天仍然被低估，是因為我們建立的模式有一個巨大的護城河。護城河從資料庫開始，以 Good Sam 會員忠誠併購買他們需要的產品和服務為導向，最後以我們的金融和服務業務結束。

The commodity that we sell, where we compete with everybody else, is the common travel trailer fifth wheel or C class. Where we separate ourselves from everybody is our ability to acquire the customer for less, the ability to capture a higher-margin with that customer and the ability to hold on to them for a longer period of time. That's our differentiator.

我們銷售的、與其他所有人競爭的商品是常見的旅行拖車第五輪或 C 級。我們與其他人的不同之處在於我們有能力以更低的價格獲取客戶，有能力從該客戶那裡獲取更高的利潤，並有能力更長時間地保留他們。這就是我們的與眾不同之處。

Okay. That's helpful. And finally, just on the acquisitions that you mentioned potentially picking up here a bit. Are you finding that with the current industry strength that potential sellers are less inclined or more inclined to want to exit?

好的。這很有幫助。最後，關於您提到的可能會有所增加的收購。您是否發現，以當前的行業實力，潛在賣家不太願意或更願意退出？

I always make at least 1 bold statement a call. We can buy pretty much anything we want. And if we can't buy it, we will open in that market. And I used to tell people, the whitespace exist and our job is to fill the whitespace for the interested party in the RV lifestyle. And whether that's Lincoln, Nebraska or Cheyenne, Wyoming or Oshkosh, Wisconsin, or Cape Girardeau, Missouri, we're going to go where we see whitespace because the customer is asking us to come there. And we're going to bring our full suite of products, including our retail offering, our Good Sam offering, our RV service offering and our RV sales offering. We ultimately know that we can grow this business by 10%, 20%, 30%, 40%, 50% over the next 3 to 5 years. And that is our focus going forward. But we will not do it unless it's profitable.

我總是在打電話時至少做出一項大膽的聲明。我們幾乎可以買到任何我們想要的東西。如果我們買不到，我們就會在那個市場上開業。我曾經告訴人們，空白是存在的，我們的工作就是為房車生活方式感興趣的一方填補空白。無論是內布拉斯加州的林肯、懷俄明州的夏延、威斯康辛州的奧什科甚還是密蘇裡州的開普吉拉多，我們都會去看到空白的地方，因為客戶要求我們去那裡。我們將帶來全套產品，包括我們的零售產品、我們的 Good Sam 產品、我們的房車服務產品和我們的房車銷售產品。我們最終知道，我們可以在未來 3 到 5 年內將這項業務成長 10%、20%、30%、40%、50%。這就是我們未來的重點。但除非有利可圖，否則我們不會這麼做。

And next, we'll move to Ryan Brinkman with JPMorgan.

接下來，我們將邀請摩根大通的瑞安布林克曼 (Ryan Brinkman)。

I think the margin number stands out to me as maybe the most impressive part. Could you just kind of comment on the various different tailwinds to margin during the quarter and rate their sustainability? Are you able to quantify the degree to which you might have benefited from any austerity measures that won't repeat going forward? And then while we can see your average used RV ASP from the release, I'm just curious if maybe used RVs are sequentially surging like in the light vehicle market, the prices, such that you might have benefited from that? And what's your outlook for used pricing going forward?

我認為保證金數字對我來說可能是最令人印象深刻的部分。您能否對本季利潤率的各種不同推動因素發表評論並評價其可持續性？您是否能夠量化您可能從任何今後不會重複的緊縮措施中受益的程度？然後，雖然我們可以從發布中看到您的二手房車平均售價，但我只是好奇二手房車是否會像輕型汽車市場那樣連續飆升，價格，這樣您可能會從中受益？您對未來二手價格的展望如何？

I'll start with your last question. So a surge in used demand would actually contract our margins because while we'd like to believe that we could sell them for more, we also have to pay more for them when we buy them from the consumer. And it is our belief that if we provide the customer the right value for the used, not some behind the desk talk to the sales manager underneath their tie trying to steal their trade, we will gain loyalty for life with that particular customer. It's a very competitive environment, and we believe used will contribute -- continue to contribute. But our margins on an annualized basis -- let's just leave the quarter for just a minute, on an annualized basis, are pretty much bolstered by a few things that people don't like to talk about a lot. Our Good Sam margin business is a 75% to 80% margin business; our service and repair business is a 70% plus margin business, and we will build more service space; our retail operations are a 35% to 39% margin business; our F&I business is a significant margin business; and our lowest margin business in the entire company and the entire industry is the sale of a new RV.

我將從你的最後一個問題開始。因此，二手需求的激增實際上會收縮我們的利潤，因為雖然我們願意相信我們可以以更高的價格出售它們，但當我們從消費者那裡購買它們時，我們也必須支付更多的費用。我們相信，如果我們為客戶提供正確的二手產品價值，而不是一些在辦公桌後面與領帶下的銷售經理交談試圖竊取他們的交易，我們將獲得該特定客戶的終身忠誠度。這是一個競爭非常激烈的環境，我們相信二手將會做出貢獻——繼續做出貢獻。但我們的年化利潤率——讓我們暫時離開本季一分鐘，以年化為基礎，我們的利潤率在很大程度上受到了一些人們不喜歡談論太多的事情的支持。我們的Good Sam保證金業務是75%到80%的保證金業務；我們的服務和維修業務是利潤率70%以上的業務，我們將建造更多的服務空間；我們的零售業務利潤率為 35% 至 39%；我們的 F&I 業務是一項重要的利潤業務；而我們整個公司、整個產業利潤率最低的業務就是新房車的銷售。

And so when you hear me talk a lot about us being agnostic to whether the customer buys new or used, we're agnostic because we don't mind if they buy used. The margin is better. The service performance is better, the finance penetration is better. And at the end of the day, we are a data mining company that wants to take care of the customer in a 360-degree wheel by selling them roadside and warranty and insurance and credit card and club and accessories and toilet paper and service and collision repair and all the things that go along with it. And the spark to that is the volume of transactions that we can do with the sale of new and used RVs. But it's important to note that when new and used RV sales are down, like they were in March, like they were in able, our Good Sam business, from a profitability standpoint, was actually up because we have a bit of a reverse hedge. The Good Sam business doesn't skyrocket, like we'd like it to, but it also doesn't go backwards. And that's an important thing that we want investors to understand that everything we do drives -- driving our 2 million-plus database because if you extrapolate out $1,850 times the number of members we have, you'll see that a lion's share of our revenue comes from our members.

因此，當你聽到我談論我們對客戶是否購買新的或二手的不可知論時，我們是不可知的，因為我們不介意他們是否購買二手的。利潤率更好。服務績效較好，金融滲透力較好。歸根結底，我們是一家數據挖掘公司，希望透過向他們出售路邊服務、保固、保險、信用卡、俱樂部、配件、衛生紙、服務和碰撞來照顧 360 度的客戶修理以及與之相關的所有東西。引發這一點的是我們可以透過銷售新房車和二手房車進行的交易量。但值得注意的是，當新房車和二手房車銷量下降時，就像三月份那樣，就像他們有能力的那樣，從盈利能力的角度來看，我們的Good Sam 業務實際上是上升的，因為我們有一些反向對沖。 Good Sam 的業務並沒有像我們希望的那樣一飛沖天，但也不會倒退。這是一件很重要的事情，我們希望投資者明白，我們所做的一切都在推動我們超過200 萬的資料庫，因為如果你以我們擁有的會員數量乘以1,850 美元來推斷，你會發現我們收入的很大一部分來自我們的會員。

And as we add locations or make acquisitions or get -- add more benefits to our members or do things that help them to retain them, all that does is take that $1,850 to $1,860 and $1,870. So we have 2 goals going forward; grow our total file size profitably, by the way; and grow the average spend per member. That is our business model, and it always has been. We did a terrible job of explaining that clearly until now.

當我們增加地點或進行收購或為我們的會員增加更多福利或做一些幫助他們留住會員的事情時，所做的就是將 1,850 美元增加到 1,860 美元，再到 1,870 美元。所以我們有兩個目標：順便說一下，增加我們的總檔案大小是有利可圖的；並增加每位會員的平均支出。這就是我們的商業模式，而且一直都是如此。到目前為止，我們在清楚地解釋這一點方面做得很糟糕。

That's very helpful. And then just relative to all these new buyers entering the industry for the first time, which types of RVs do you find that they're gravitating towards new versus used, towables, I imagine, price range, et cetera? And then the number of new buyers coming into the industry, I would have expected maybe the number of Good Sam club members to grow year-over-year. It looks like it declined a little bit there. Do you have any color on what might have been driving that?

這非常有幫助。然後，相對於所有這些首次進入該行業的新買家，您發現他們傾向於購買新房車還是二手房車、拖車房車、價格範圍等等？然後進入該行業的新買家數量，我預計 Good Sam 俱樂部會員的數量可能會逐年增長。看起來那裡有點下降了。您對造成這種情況的原因有什麼看法嗎？

Our Good Sam membership file actually grew when you extract out the members that are associated with the stores that we exited in September of 2019. And Tamara Ward, who's our Chief Operating Officer, felt it necessary to remove them. In fact, when we made the strategic shift, we stopped selling those memberships in those stores, we stop renewing them because we felt that it would be a bad experience for the customer. We don't want to have file size to be -- a file size number just to be a number. We want the purity and the clarity and the cleanliness of that file to be really right because we spend money marketing to that customer. And so we feel very -- we are very proud that we are at 2,063,000, considering that we extracted about 200,000 members from the file when we exited those markets. So we are actually up, but we know that the narrative doesn't give us the opportunity to put all that color around it.

當你提取出與我們於2019 年9 月退出的商店相關的會員時，我們的Good Sam 會員檔案實際上有所增長。他們。事實上，當我們進行策略轉變時，我們停止在這些商店銷售這些會員資格，我們停止更新會員資格，因為我們認為這對客戶來說將是一次糟糕的體驗。我們不希望檔案大小只是一個數字。我們希望該文件的純度、清晰度和清潔度真正正確，因為我們花錢向該客戶進行行銷。因此，考慮到我們在退出這些市場時從檔案中提取了大約 20 萬名成員，我們對自己的 2,063,000 名成員感到非常自豪。所以我們實際上已經完成了，但我們知道敘述並沒有讓我們有機會在它周圍添加所有的顏色。

Okay. That's great. And then for the new buyers, what are they gravitating toward? Which types of vehicles are they more interested in?

好的。那太棒了。那麼對於新買家來說，他們會被什麼吸引呢？他們對哪些類型的車輛更感興趣？

It really depends on the average income and the lifestyle choices of that buyer. And you would think that they would all be buying travel trailers. But as the funnel opens up and people's curiosity opens up, if somebody made $150,000 a year plus, they may buy a C class; if they made $300,000 a year, they may buy a motorhome because they have the access to store the motorhome or the staff to help them with it. But the bulk of our first-time buyers are living in that $25,000 and under category. And as -- if you really study our inventory online and you look at our ASP, what's interesting is nobody notices that our top line revenue is only up 9%, but some of it is intentional because we have continually and will continually exit the heavy diesel market.

這實際上取決於買家的平均收入和生活方式選擇。你可能會認為他們都會購買旅行拖車。但隨著漏斗的打開和人們好奇心的開放，如果有人年收入超過15萬美元，他們可能會購買C級車；如果他們年收入 30 萬美元，他們可能會購買房車，因為他們有權存放房車或有工作人員幫助他們保管。但我們的大部分首次購屋者都生活在 25,000 美元及以下的類別中。如果你真的在線上研究我們的庫存並查看我們的平均售價，有趣的是沒有人注意到我們的頂線收入僅增長了9%，但其中一些是故意的，因為我們已經並將繼續退出重磅業務。

When we look at the return on capital for the industry of selling a diesel at 1.34%, I am not interested in being in a business where I get a 1.3% return, I'll just pick my money in a local bank. I want to be in sectors and in segments and in categories where I could drive volume, because that drives memberships and all the ancillary products and, not or, and I can get a reasonable return on capital that's at a minimum on a transaction on a unit of 10 plus.

當我們看到柴油銷售行業的資本回報率為 1.34% 時，我對回報率為 1.3% 的行業不感興趣，我只會把錢存入當地銀行。我希望進入可以推動銷售的行業、細分市場和類別，因為這可以推動會員資格和所有輔助產品，而不是或，而且我可以獲得合理的資本回報，至少是在交易上以10+為單位。

Ladies and gentlemen, that does conclude our question-and-answer session. I'd like to turn the floor back to Mr. Lemonis for any additional or closing remarks.

女士們先生們，我們的問答環節到此結束。我想請萊莫尼斯先生發表補充或結束語。

Look, we're very grateful to our almost 11,000 associates. But more importantly, we think that this industry has nowhere to go but up. And we think it's important to recognize the suppliers and manufacturers and camp ground owners who really made the last 6 months possible.

看，我們非常感謝我們的近 11,000 名員工。但更重要的是，我們認為這個產業除了向上別無他路。我們認為，重要的是要表彰供應商、製造商和營地所有者，他們真正使過去 6 個月的情況成為可能。

The supply chain was very difficult. And we saw suppliers and manufacturers, whether it was Lippert or Patrick or Thor really step-up in the way, and there are many more really step-up in the way and pull all the tricks out of the bag to keep our industry healthy. A healthy industry is a healthy Camping World and a healthy Camping World results in these kinds of results.

供應鏈非常困難。我們看到供應商和製造商，無論是利珀特（Lippert）、帕特里克（Patrick）還是托爾（Thor），都在真正採取行動，還有更多的供應商和製造商在採取行動，使出所有技巧來維持我們行業的健康發展。一個健康的產業就是一個健康的露營世界，而一個健康的露營世界會帶來這些結果。

So we're grateful, and we thank you, and we look forward to another solid report as we head into the third quarter. Thank you very much.

因此，我們很感激，也感謝你們，我們期待在進入第三季時收到另一份可靠的報告。非常感謝。

And once again, ladies and gentlemen, that does conclude our call for today. Thanks again for joining us. You may now disconnect.

女士們先生們，我們今天的呼籲到此結束。再次感謝您加入我們。您現在可以斷開連線。