Lazydays Holdings Inc (GORV) 2018 Q2 法說會逐字稿

Good morning.

早安.

My name is Caitlyn, and I will be your conference operator today.

我叫凱特琳，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to the Lazydays Holdings, Inc.

此時此刻，我謹歡迎大家來到 Lazydays Holdings, Inc.。

Second Quarter 2018 Financial Results Conference Call.

2018 年第二季財務業績電話會議。

(Operator Instructions)

（操作員說明）

James Meehan, Corporate Controller, you may begin your conference.

James Meehan，公司財務總監，您可以開始會議了。

Thank you, operator.

謝謝你，接線生。

Good morning, and thank you for joining us for our second quarter 2018 financial results conference call.

早安，感謝您參加我們的 2018 年第二季財務業績電話會議。

I'm James Meehan, Corporate Controller at Lazydays.

我是 James Meehan，Lazydays 的公司財務長。

We issued the company's earnings press release this morning.

我們今天早上發布了該公司的收益新聞稿。

A copy of the earnings release is available under the Events & Presentations section to the Investor Relations page of our website and has been furnished as an exhibit to our current report on Form 8-K with the SEC.

收益發布的副本可在我們網站投資者關係頁面的「活動和演示」部分下獲取，並已作為我們向 SEC 提交的 8-K 表當前報告的附件提供。

With me on the call today are Mr. Bill Murnane, our Chairman and Chief Executive Officer; and Mr. Nick Tomashot, our Chief Financial Officer.

今天與我一起參加電話會議的是我們的董事長兼執行長 Bill Murnane 先生；以及我們的財務長 Nick Tomashot 先生。

As a reminder, please note that some of the information that you will hear today during our discussion may consist of forward-looking statements, including, without limitation, those regarding revenue, gross margins, operating expenses, stock-based compensation expense, taxes, product mix and geographic expansion.

請注意，您今天在我們的討論中聽到的一些資訊可能包含前瞻性陳述，包括但不限於相關收入、毛利率、營運費用、股票補償費用、稅收、產品組合和地理擴張。

Actual results or trends for future periods could differ materially from the forward-looking statements as a result of many factors.

由於許多因素，未來時期的實際結果或趨勢可能與前瞻性陳述有重大差異。

For additional information, please refer to the risk factors discussed in the Form 8-K filed with the SEC on March 21, 2018.

如需了解更多信息，請參閱 2018 年 3 月 21 日向 SEC 提交的 8-K 表中討論的風險因素。

We will also discuss non-GAAP measures financial performance that we believe are useful to the company, including EBITDA and adjusted EBITDA.

我們還將討論我們認為對公司有用的非公認會計原則財務績效指標，包括 EBITDA 和調整後的 EBITDA。

Please refer to our earnings press release for reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures.

請參閱我們的收益新聞稿，以了解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。

For the 3 months ended June 30, 2018, the financial information presented represents the operating results of Lazydays Holdings, Inc.

截至 2018 年 6 月 30 日止 3 個月，所提供的財務資訊代表 Lazydays Holdings, Inc. 的營運表現。

for the 3 months ended June 30, 2017 with the financial information presented represents the operating results of Lazy Days’ R.V. Center, Inc.

截至 2017 年 6 月 30 日止 3 個月，所提供的財務資訊代表 Lazy Days’ R.V. 的經營績效。中心有限公司

For the 6 months ended June 30, 2018, the financial information presented represents the combined operating results of Lazydays Holdings, Inc.

截至 2018 年 6 月 30 日的 6 個月，所提供的財務資訊代表 Lazydays Holdings, Inc. 的合併經營業績。

for the period from March 15, 2018 to June 30, 2018 with the operating results of Lazy Days’ R.V. Center, Inc.

Lazy Days’R.V. 2018年3月15日至2018年6月30日期間的經營業績中心有限公司

for the period from January 1, 2018 to March 14, 2018.

期間為2018年1月1日至2018年3月14日。

For the 6 months ended June 30, 2017, the financial information presented represents the operating results of Lazy Days’ R.V. Center, Inc.

截至 2017 年 6 月 30 日止 6 個月，所提供的財務資訊代表 Lazy Days’ R.V. 的經營績效。中心有限公司

Now it is my pleasure to introduce Bill Murnane.

現在我很高興向大家介紹比爾‧默南。

Thank you, James, and good morning, everyone.

謝謝你，詹姆斯，大家早安。

We are very happy to report strong quarterly results.

我們很高興報告強勁的季度業績。

Our adjusted EBITDA increased by 2.5% to $10 million in the quarter.

本季調整後 EBITDA 成長 2.5%，達到 1,000 萬美元。

Although our total revenue decreased 1.6% to $162.1 million, this decrease was the result of a mix shift towards higher margin, lower average selling price towable products.

儘管我們的總收入下降了 1.6% 至 1.621 億美元，但這一下降是由於向利潤率更高、平均售價更低的可牽引產品混合轉型的結果。

Nick Tomashot will give more details on the mix shift and its impact in a few moments when he provides more details on our financial results.

Nick Tomashot 將在稍後提供有關我們財務業績的更多詳細資訊時提供有關混合轉變及其影響的更多詳細資訊。

Recreational vehicle demand remained strong in the marketplace.

市場上休閒車的需求仍然強勁。

More importantly, we were able to improve our margins and leverage unit growth to deliver strong bottom line performance.

更重要的是，我們能夠提高利潤率並利用單位成長來實現強勁的獲利業績。

We will remain very focused on delivering strong margins and profitable revenue growth.

我們將繼續專注於實現強勁的利潤率和獲利性收入成長。

The RV industry remained strong, and we see no change in the underlying trends of the industry.

房車產業依然強勁，我們認為該產業的基本趨勢沒有變化。

We continue to see strong demand from all demographic groups.

我們繼續看到所有人口群體的強勁需求。

Now I'm going to turn the call over to Nick Tomashot, our CFO, to take you through some of the financial highlights of the second quarter.

現在我將把電話轉給我們的財務長尼克·托馬肖特 (Nick Tomashot)，他將帶您了解第二季的一些財務亮點。

Thanks, Bill, and good morning, everyone.

謝謝比爾，大家早安。

Please note that unless stated otherwise, the comparisons I'm providing are between the recent second quarter ended June 30, 2018, compared to the same period for 2017.

請注意，除非另有說明，我提供的比較是截至 2018 年 6 月 30 日的最近第二季與 2017 年同期的比較。

As Bill stated, we continued to show growth in the second quarter of 2018, where, excluding wholesale, RV unit sales across all of our dealerships for the quarter increased 3.9% to 2,104 units versus 2,025 in the second quarter of 2017.

正如 Bill 所說，我們在 2018 年第二季度繼續呈現成長勢頭，除批發外，本季度我們所有經銷商的房車銷量增長了 3.9%，達到 2,104 輛，而 2017 年第二季度為 2,025 輛。

Year-to-date, unit sales, excluding wholesale, were up 1.6% to 4,157 units through the end of June 2018 compared to 4,090 for the same period last year.

截至 2018 年 6 月，年初至今，單位銷量（不含批發）增長了 1.6%，達到 4,157 輛，而去年同期為 4,090 輛。

Total revenue for the quarter decreased 1.6% to $162.1 million.

該季度總營收下降 1.6% 至 1.621 億美元。

Although RV unit sales were up for the quarter, new and preowned RV sales revenue decreased $2.3 million to approximately $144.4 million, reflecting an overall shift in mix towards towable units, which have lower average selling prices per unit.

儘管本季房車銷量有所增長，但新房車和二手房車銷售收入減少了 230 萬美元，至約 1.444 億美元，反映出房車組合整體轉向可牽引房車，而每輛房車的平均售價較低。

New RV sales decreased $7.8 million or 8.1% to $88.6 million.

新房車銷售額下降 780 萬美元，或 8.1%，至 8,860 萬美元。

While new vehicle unit sales increased 63 units or 5.3% to 1,249, the average selling price decreased by 12.7% to approximately $70,400 per unit driven by shift and a mix towards towables.

雖然新車銷量成長了 63 輛，即 5.3%，達到 1,249 輛，但由於轉向可牽引車和混合型汽車的推動，平均售價下降了 12.7%，至每輛約 70,400 美元。

The decrease in new vehicle revenue was offset by an increase in preowned vehicle sales revenue, which increased approximately $5.5 million or 10.8% to $55.7 million.

新車收入的減少被二手車銷售收入的增加所抵消，二手車銷售收入增加了約 550 萬美元，即 10.8%，達到 5,570 萬美元。

This reflects both a 1.9% increase in preowned units sold, excluding wholesale, to 855, plus a 6.6% increase in the average revenue per unit sold to $59,500.

這反映出二手車銷量（不包括批發）增長了 1.9%，達到 855 輛，每輛銷量的平均收入增長了 6.6%，達到 59,500 美元。

For the quarter preowned motorized versus towable RV unit mix was comparable to prior year with motorized units growing at a moderately faster rate than towables.

本季二手機動房車與可牽引房車的組合與去年相當，機動房車的成長速度比可牽引房車的成長速度稍快。

Revenues in our other channels consists of sales of parts, accessories and related services, finance and insurance revenue as well as campground and other revenue.

我們其他管道的收入包括零件及相關服務的銷售、金融和保險收入以及露營地和其他收入。

In total, second quarter revenue associated with these other lines of business decreased by approximately $300,000 or 1.5% to $17.8 million.

總的來說，第二季與這些其他業務相關的收入減少了約 30 萬美元或 1.5%，至 1,780 萬美元。

Prior year second quarter 2017 revenue included approximately $900,000 of our now discontinued e-commerce business sales.

去年 2017 年第二季的營收包括我們現已終止的電子商務業務銷售額中的約 90 萬美元。

Excluding this e-commerce sales, revenues from these other lines of business increased approximately $800,000 or 3.7%.

不包括電子商務銷售，其他業務線的收入增加了約 80 萬美元，即 3.7%。

Sales in our other parts and service department increased by approximately $200,000 or 2.6% to $8.1 million.

我們其他零件和服務部門的銷售額增加了約 20 萬美元或 2.6%，達到 810 萬美元。

Finance and insurance sales increased approximately $600,000 or 8.2% to $8.2 million.

金融和保險銷售額增加約 60 萬美元，成長 8.2%，達到 820 萬美元。

This was driven by our previously mentioned increased RV unit sales for the quarter.

這是由我們之前提到的本季房車銷量增加所推動的。

In total, Lazy days second quarter 2018 gross profit compared to 2017 increased 5.7% to $35.7 million.

總的來說，Lazy days 2018 年第二季的毛利與 2017 年相比成長了 5.7%，達到 3,570 萬美元。

Despite the overall decrease in sales revenue for the quarter, the mix shift towards preowned and towable units, which carry higher gross margins, drove a 9.7% increase in our RV sales gross profit to $22 million.

儘管本季銷售收入總體下降，但向毛利率較高的二手車和可牽引車的組合轉變，推動我們的房車銷售毛利成長 9.7%，達到 2,200 萬美元。

Gross profit from our other lines of business was approximately flat at $13.7 million but showed a year-on-year increase of approximately $100,000 or 1.2%, excluding the 2017 impact of our discontinued e-commerce business.

我們其他業務線的毛利大致持平，為 1,370 萬美元，但年增約 10 萬美元，即 1.2%（不包括 2017 年終止的電子商務業務的影響）。

Excluding transaction costs related primarily to the business combination between Andina Acquisition Corp.

不包括主要與 Andina Acquisition Corp. 和 Andina Acquisition Corp. 之間的業務合併相關的交易成本。

II and Lazy Days’ R.V. Center, Inc., operating expenses increased approximately $4.7 million or 6.5% to $30.3 million.

II 和 Lazy Days’ R.V. Center, Inc. 的營運支出增加了約 470 萬美元，即 6.5%，達到 3,030 萬美元。

This was primarily driven by increased noncash expenses with combined depreciation and amortization increasing $1.2 million to $2.7 million driven by the balance sheet revaluation from the March merger as well as $2.5 million attributable to stock-based compensation for awards granted with market conditions in March.

這主要是由於非現金支出增加，3 月份合併導致的資產負債表重估導致折舊和攤銷合計增加120 萬美元至270 萬美元，以及3 月份根據市場條件授予的基於股票的獎勵增加了250 萬美元。

As a percentage of gross profit, selling, general and administration, or SG&A expenses, excluding transaction costs, increased 880 basis points to 84.6%.

銷售、一般和管理費用或 SG&A 費用（不包括交易成本）佔毛利的百分比增加了 880 個基點，達到 84.6%。

Excluding transaction costs, depreciation, amortization and stock-based compensation SG&A as a percentage of gross profit decreased 120 basis points from 70.9% second quarter 2017 to 69.7% for the second quarter of 2018.

不計交易成本、折舊、攤提和股票薪酬，SG&A佔毛利的百分比從2017年第二季的70.9%下降120個基點至2018年第二季的69.7%。

Net income for the second quarter of 2018 was $1.8 million, down from $3.6 million in the prior year.

2018 年第二季淨利為 180 萬美元，低於去年同期的 360 萬美元。

This 2018 net income includes the impact of $3.7 million of before tax, noncash expense increases versus 2017 that I've previously mentioned in my SG&A discussion.

2018 年淨利潤包括我之前在 SG&A 討論中提到的與 2017 年相比增加 370 萬美元的稅前非現金費用的影響。

This increase in noncash expense was made up of the $1.2 million before-tax increase in depreciation and amortization as well as $2.6 million before tax expense attributable to stock-based compensation.

非現金支出的增加包括 120 萬美元的稅前折舊和攤提增加以及 260 萬美元的股票薪資稅前支出。

Adjusted EBITDA increased by approximately $0.2 million or 2.5% to $10 million.

調整後 EBITDA 增加約 20 萬美元或 2.5%，達到 1,000 萬美元。

Adjusted EBITDA margin increased by 20 basis points to 6.1%.

調整後 EBITDA 利潤率成長 20 個基點，達到 6.1%。

Please refer to our earnings release for a table, which includes a reconciliation of net income to adjusted EBITDA.

請參閱我們的收益發布表，其中包括淨利潤與調整後 EBITDA 的調節表。

Now turning to our June 30, 2018's balance sheet and financial position.

現在來看看我們 2018 年 6 月 30 日的資產負債表和財務狀況。

We had cash on hand of $35.6 million and net working capital of $57.6 million.

我們手頭現金為 3560 萬美元，淨營運資本為 5760 萬美元。

We had approximately $115.2 million in inventory, consisting of $82 million in new vehicles, $29.2 million in used vehicles and approximately $4.1 million in parts inventory.

我們的庫存約為 1.152 億美元，其中包括 8,200 萬美元的新車、2,920 萬美元的二手車和約 410 萬美元的零件庫存。

As of June 30, 2018, we had no borrowings under our $5 million revolving credit facility, $19.3 million of term loans outstanding and $95.8 million in notes payable on our floor plan facility.

截至 2018 年 6 月 30 日，我們的平面圖貸款中沒有 500 萬美元循環信貸額度下的借款、1,930 萬美元的未償還定期貸款和 9,580 萬美元的應付票據。

The company's effective tax rate was 39% for the second quarter of 2018 as compared to 38.1% in 2017.

該公司2018年第二季的有效稅率為39%，而2017年為38.1%。

Differences between the new statutory rate and our 2018 effective rate are primarily a result of the impact of the nondeductible stock compensation expense and transaction costs on the effective tax rate.

新法定稅率與 2018 年實際稅率之間的差異主要是由於不可扣除的股票補償費用和交易成本對實際稅率的影響所造成的。

Thank you, and I'd like now to turn the call back over to Bill Murnane.

謝謝您，我現在想把電話轉回比爾·默南。

Thank you, Nick.

謝謝你，尼克。

I'd like to give a little more insight into the mix shift we are experiencing.

我想更深入地了解我們正在經歷的混合轉變。

Going forward, we believe there will be 2 components to a continued mix shift towards towable products.

展望未來，我們相信將有兩個組成部分來持續轉變為可牽引產品的組合。

First, these younger, first-time buyers enter the market, they are typically purchasing more affordable towable products that carry lower average selling prices.

首先，這些年輕的首次購買者進入市場，他們通常會購買更實惠的平均售價較低的可牽引產品。

Second, as we continue our geographic expansion, we will most likely acquire or create dealerships that have a higher total mix than Lazydays' current or historical towable mix of 50% to 60%.

其次，隨著我們繼續進行地理擴張，我們很可能會收購或創建總組合高於 Lazydays 當前或歷史可拖車組合 50% 至 60% 的經銷商。

As many of you know, our Tampa dealership has a very strong and successful motor home business.

正如你們許多人所知，我們的坦帕經銷店擁有非常強大且成功的房車業務。

Tampa is a very unique dealership given its size and location.

鑑於其規模和位置，坦帕是一家非常獨特的經銷商。

As we expand, we don't believe there will be many opportunities to create a dealership similar to Tampa.

隨著我們的擴張，我們相信不會有很多機會創建類似坦帕的經銷商。

Our other dealerships and most dealerships across the country have a towable mix of 70% to 80%.

我們的其他經銷商和全國大多數經銷商的可拖車比例為 70% 至 80%。

Therefore, as we expand geographically, it is only natural to expect that our towable mix would increase.

因此，隨著我們的地理擴張，我們的可牽引產品組合將會增加是很自然的。

Given towable products typically generate higher gross margin as a percent of revenue, we would also expect our gross margin as a percent of revenue to increase as our towable mix grows.

鑑於可牽引產品通常會產生較高的毛利率（佔收入的百分比），我們也預期隨著可牽引產品組合的成長，我們的毛利率佔收入的百分比也會增加。

We are very excited to have closed our acquisition of Shorewood RV in Minnesota this week.

我們非常高興本週完成了對明尼蘇達州 Shorewood RV 的收購。

This dealership is now branded as Lazydays.

該經銷店現在品牌為 Lazydays。

Our Minnesota team is talented, and we are excited to welcome them into the Lazydays family.

我們的明尼蘇達團隊才華橫溢，我們很高興歡迎他們加入 Lazydays 大家庭。

We will immediately begin construction on a new state-of-the-art service facility in Minnesota and expect this facility to have a meaningful impact on our Minnesota dealerships growth beginning in the spring of 2019.

我們將立即開始在明尼蘇達州建造一座新的最先進的服務設施，並預計該設施將從 2019 年春季開始對我們明尼蘇達州經銷商的成長產生有意義的影響。

It is important for our investors to note that the Minnesota selling season will begin to slow down in the next 30 to 60 days, so we don't expect Minnesota to have a significant impact on our Q3 and Q4 2018 financial performance.

我們的投資者需要注意的是，明尼蘇達州的銷售季節將在未來 30 至 60 天內開始放緩，因此我們預計明尼蘇達州不會對我們 2018 年第三季和第四季的財務業績產生重大影響。

Regarding future geographic expansion.

關於未來的地域擴張。

We are actively looking at multiple expansion opportunities, and we remain confident that we will be able to continue to grow our network of dealerships and service centers.

我們正在積極尋找多種擴張機會，我們仍然有信心能夠繼續發展我們的經銷商和服務中心網路。

Our 3-point strategic focus has not changed and will not change in the foreseeable future.

我們的三點戰略重點沒有改變，在可預見的未來也不會改變。

We'll continue to be focused on, one, providing each and every customer with the best-in-class experience; two, delivering outstanding and a predictable service; and three, growing our dealership and service network geographically.

我們將繼續專注於，第一，為每位客戶提供一流的體驗；二、提供卓越且可預測的服務；第三，擴大我們的經銷商和服務網絡的地理分佈。

This concludes our prepared remarks.

我們準備好的演講到此結束。

Operator, you can now turn -- you can now open up the lines for questions, please.

接線員，您現在可以打開提問線路了。

(Operator Instructions) Your first question comes from the line of Steve Dyer with Craig-Hallum.

（操作員說明）您的第一個問題來自 Steve Dyer 和 Craig-Hallum 的對話。

I guess just a couple of questions on the mix shift.

我想只有幾個關於混合班次的問題。

It seems -- I don't know if it was sudden, I guess, in your view.

我想，在你看來，我不知道這是否突然。

Was it a function of mix shift change sort of at the Tampa facility or just more outperformance at some of the smaller dealership groups?

這是坦帕工廠混合班次變化的結果，還是只是一些規模較小的經銷商集團表現較好？

And is that something that you sort of expect?

這是您所期望的嗎？

Even absent acquisitions, is that something that you think we should be thinking about more going forward?

即使沒有收購，您認為我們未來應該多考慮這一點嗎？

Yes.

是的。

It was actually both.

實際上兩者都是。

We had some strong performance outside of Tampa as well as the mix shift in Tampa.

我們在坦帕以外的地區表現出色，並在坦帕進行了混合轉變。

And it's something we were talking about this morning about whether we need to evaluate breaking that out in the future, but we haven't previously broken out our towable mix.

這是我們今天早上討論的，關於我們是否需要評估將來是否需要打破這一點，但我們之前還沒有打破過我們的可牽引組合。

So I think probably the part that was -- maybe it wasn't a surprise, but we didn't plan on as much as maybe the outperformance at an outlined dealership had a very strong quarter and they have the heavier towable mix.

所以我認為這可能是——也許這並不令人意外，但我們並沒有計劃那麼多，因為可能概述的經銷商的出色表現有一個非常強勁的季度，而且他們有更重的可拖車組合。

But as we grow geographically, I think most of the dealerships that we either acquire or create, Steve, will have a much stronger towable mix.

但隨著我們在地理上的成長，我認為我們收購或創建的大多數經銷商，史蒂夫，將擁有更強大的可牽引組合。

So I think it's right to expect that to grow going forward.

因此，我認為預計這一成長趨勢是正確的。

And then just a couple other questions.

然後還有其他幾個問題。

I mean, do you feel like that's the same customer that maybe instead of buying a small class A maybe ops for a fifth wheel or something like that?

我的意思是，您是否覺得這是同一個客戶，也許不是購買小型 A 級車，而是購買第五輪或類似的東西？

Or is this an entirely different sale to a different customer?

或者這是針對不同客戶的完全不同的銷售？

And then, I guess, also along those lines, does that sort of impact how we should think about your revenue growth rate comp?

然後，我想，同樣沿著這些思路，這是否會影響我們如何看待您的收入成長率比較？

You guys have sort of talked about that mid-single digit number.

你們已經討論過那個中間個位數的數字了。

Does that change that?

這會改變嗎？

It may.

可能會。

We need to do some more analysis on it but it may think about how we look at our revenue growth rate, certainly not our bottom line growth rate because, as we stated there, the towable products tend to carry higher margins, and the F&I that goes with the towable product tends to carry a higher margin relative to the unit as well.

我們需要對此進行更多分析，但它可能會考慮我們如何看待我們的收入成長率，當然不是我們的底線成長率，因為正如我們所說，可牽引產品往往具有更高的利潤率，而 F&I與可牽引產品配套的產品往往也相對於該裝置具有更高的利潤。

But -- the other part of your question, Steve, I...

但是——你問題的另一部分，史蒂夫，我…

Yes.

是的。

I was just trying to figure out in the mix shift, is that typically a different sale to the same customer?

我只是想弄清楚在混合轉變中，這通常是對同一客戶的不同銷售嗎？

In other words, somebody ops for a fifth wheel instead of a small Class A?

換句話說，有人選擇第五輪而不是小型 A 級車？

Or are you seeing the absence of one kind of customer and a totally new customer walking in the door.

或者您是否看到一種客戶缺席，而一位全新的客戶走進了門口。

No.

不。

I think it's both again.

我想這兩者又是一樣的。

But there are some customers who may have -- there's been a tremendous progress made, I would say, in fifth wheels and the amenities offered in fifth wheel.

但有些客戶可能已經——我想說，在第五輪和第五輪提供的便利設施方面取得了巨大的進步。

So there are definitely customers who are trying to detach the drivetrain from the unit itself, so they can have little more freedom to travel once they've reached their destination.

因此，肯定有客戶試圖將動力傳動系統與設備本身分離，這樣他們在到達目的地後就可以有更多的自由旅行。

But -- so there's some of that going on, people opting for a fifth wheel or a larger towable product versus maybe a smaller Class A or B or C. And I think, again, it's the newer entrants to the market also that are driving that all faster, for sure.

但是，有些事情正在發生，人們選擇第五輪或更大的可牽引產品，而不是較小的A 類、B 類或C 類產品。趨勢當然，這一切都更快。

Okay.

好的。

And then lastly from me, and I'll hop back in the queue.

最後，我會跳回隊列。

Just kind of with the moving parts, you guys have typically given some sense of how you're thinking about EBITDA for the year.

就移動部分而言，你們通常已經表達了對今年 EBITDA 的一些看法。

And sort of given that, how should we sort of think about this year's number going forward.

有鑑於此，我們應該如何看待今年的數字。

I'm not sure what you're -- we aren't giving guidance, Steve, if that's what you're asking for the year.

我不確定你在做什麼——史蒂夫，如果這就是你今年所要求的，我們不會提供指導。

(Operator Instructions) Your next question comes from the line of Paul Penney with Northland Capital.

（操作員說明）您的下一個問題來自 Paul Penney 與 Northland Capital 的線路。

Can you talk about some of your like your tangible recent efforts to kind of reinvigorate the F&I and service repair segments?

您能否談談您最近為重振 F&I 和服務維修領域所做的具體努力？

And specifically, as a percentage of revenues, where can these 2 segments go over a longer-term basis?

具體來說，作為收入的百分比，這兩個細分市場長期可以走向何方？

Yes.

是的。

I think the biggest opportunity on the F&I side is with some of the newer dealerships that we either create or acquire.

我認為 F&I 方面最大的機會是我們創建或收購的一些新經銷商。

We tend to find that our performance at our existing dealerships is higher on the F&I side that a lot of the dealerships were looking at, so we do think that's a definite opportunity.

我們往往會發現，我們現有經銷商的 F&I 方面的表現比許多經銷商所關注的要高，所以我們確實認為這是一個明確的機會。

For example, we were looking at dealerships in the range of 3% to 4%.

例如，我們研究的經銷商比例在 3% 到 4% 之間。

Their F&I is in 3% to 4% of the units they sell as a percent of revenue.

他們的 F&I 佔其銷售量的 3% 到 4%（佔收入的百分比）。

Ours tends to be higher than that.

我們的往往比這個更高。

On the service side, we think there's a big opportunity.

在服務方面，我們認為有很大的機會。

We've got some work to do.

我們還有一些工作要做。

We're still in the process of locking down our processes and procedures so that we can provide very good, very predictable service for our customers.

我們仍在鎖定我們的流程和程序，以便我們能夠為客戶提供非常好的、非常可預測的服務。

And we aren't quite there yet.

我們還沒有完全做到這一點。

It's probably going to take us another 6 months to really lock down our process and procedure internally, but then we do see a pretty substantial opportunity to increase our service offering, both at our existing operations, by becoming more efficient and creating more capacity and at new locations around the country.

我們可能還需要6 個月的時間才能真正在內部鎖定我們的流程和程序，但隨後我們確實看到了一個相當大的機會來增加我們的服務提供，無論是在我們現有的運營中，還是透過提高效率和創造更多的能力以及全國各地的新地點。

Okay, great.

好的，太好了。

And then switching over to acquisitions.

然後轉向收購。

Can you just give a general range on what kind of multiples you're seeing deals?

您能否給出您所看到的交易倍數的大致範圍？

We really haven't given that.

我們確實還沒有給出這個。

We've -- I think, we've said in the past in the 2x to 4x range, and that's kind of where we think the market is at right now.

我想，我們過去曾說過在 2 倍到 4 倍的範圍內，這就是我們認為市場目前所處的位置。

Fair enough.

很公平。

And then lastly, just go back to the mix shift question.

最後，回到混合班次問題。

What is the differential in margins?

利潤率有何差異？

And do you -- and given kind of this mix shift, do you materially plan to change like your inventory or store layouts to -- or is it too early at that point -- this point?

鑑於這種混合轉變，您是否有實質計劃改變您的庫存或商店佈局，或者現在還為時過早？

We haven't broken out our towable versus motorized margins.

我們還沒有打破拖曳式與機動化的利潤率。

We do -- we have been disclosing the new versus the used.

我們確實這樣做了——我們一直在披露新產品與舊產品的比較。

But as for managing the mix in the inventory, you'll see if you look at our disclosures, we've actually taken our inventory down quite a bit so far this year.

但至於管理庫存組合，如果你看看我們的揭露，你會發現，今年到目前為止，我們實際上已經減少了相當多的庫存。

And part of that is managing to making sure we have the right units on the lot that are going to be turning, but there is a shift towards towables as well being reflected in that.

其中一部分是設法確保我們在即將轉動的地段上擁有合適的單位，但這也反映了拖車的轉變。

Yes.

是的。

And just so you know, we literally meet every week and evaluate our inventory and our orders.

如您所知，我們實際上每週都會見面並評估我們的庫存和訂單。

We manage our inventory very closely.

我們非常嚴格地管理我們的庫存。

And those weekly meetings, we're constantly evaluating what's selling, what isn't selling and adjusting to make sure we have the best, fastest-selling, highest-turning, most profitable products on our lot possible.

在每週的會議上，我們不斷評估什麼暢銷，什麼不暢銷，並進行調整，以確保我們擁有最好、銷售最快、週轉率最高、利潤最高的產品。

So we manage that very, very closely every week not just every quarter, every year.

因此，我們每週都非常非常密切地管理這一點，而不僅僅是每個季度、每年。

(Operator Instructions) And we have no questions at this time.

（操作員說明）目前我們沒有任何問題。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。