Lazydays Holdings Inc (GORV) 2018 Q3 法說會逐字稿

Good morning.

早安.

My name is Tiffany, and I would like to welcome everyone to today's Lazydays Holdings Q3 2018 Conference Call.

我是蒂芬妮，歡迎大家參加今天的 Lazydays Holdings 2018 年第三季電話會議。

(Operator Instructions) Thank you.

（操作員說明）謝謝。

I would now like to turn the conference over to James Meehan, corporate control.

我現在想將會議轉交給公司控制部詹姆斯·米漢 (James Meehan)。

You may begin your conference.

您可以開始您的會議了。

Thank you, operator.

謝謝你，接線生。

Good morning, and thank you for joining us for our Third Quarter 2018 Financial Results Conference Call.

早安，感謝您參加我們的 2018 年第三季財務業績電話會議。

I'm James Meehan, Corporate Controller of 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 statements regarding revenue, gross margins, operating expenses, stock-based compensation, taxes, product mix shift 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，包括但不限於有關收入、毛利率、營運費用、股票薪酬、稅收、產品組合轉變的陳述和地域擴張。

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 of 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準則財務績效指標，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 September 30, 2018, the financial information presented represents the operating results of Lazydays Holdings, Inc.

截至 2018 年 9 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 September 30, 2017, the financial information presented represents the operating results of Lazy Days' R.V. Center, Inc.

截至 2017 年 9 月 30 日止 3 個月，所提供的財務資訊代表 Lazy Days 的 R.V. 的經營業績。中心有限公司

For the 9 months ended September 30, 2018, the financial information presented represents the combined operating results of Lazydays Holdings, Inc.

截至 2018 年 9 月 30 日的 9 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 September 30, 2018, with the operating results of Lazy Days' R.V. Center, Inc.

2018年3月15日至2018年9月30日期間，Lazy Days R.V.的經營業績中心有限公司

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

有效期限為2018年1月1日至2018年3月14日。

For the 9 months ended September 30, 2017, the financial information presented represents the operating results of Lazy Days' R.V. Center, Inc.

截至 2017 年 9 月 30 日止 9 個月，所提供的財務資訊代表 Lazy Days 的 R.V. 的經營業績。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。

Thank you for joining us this morning.

感謝您今天早上加入我們。

I'd like to give an overview of what we are seeing in the markets, and then Nick will give more details on our specific performance.

我想概述我們在市場上看到的情況，然後尼克將提供有關我們具體表現的更多詳細資訊。

Recreational vehicle demand remained reasonably strong in most of our markets.

我們大多數市場的休閒車需求仍然相當強勁。

We did experience some softness at our Florida dealership.

我們在佛羅裡達經銷店確實經歷了一些疲軟。

Our business partners indicate that in general the Southeast was softer than the rest of the country during the third quarter.

我們的業務夥伴表示，總體而言，第三季東南部地區的情況比全國其他地區要軟。

We did not experience any significant demand changes in our dealerships outside of Florida other than normal seasonal demand changes.

除了正常的季節性需求變化外，我們在佛羅裡達州以外的經銷商中沒有遇到任何重大的需求變化。

Also impacting our Florida dealership was difficulty procuring quality pre-owned motorized product.

採購優質二手機動產品的困難也影響了我們佛羅裡達州的經銷商。

The market for pre-owned motorized product is tight, and we had difficulty finding enough pre-owned motorized product to support our sales goals.

二手機動產品市場緊張，我們很難找到足夠的二手機動產品來支持我們的銷售目標。

Our Florida dealership sells a much higher volume of pre-owned motorized product than our other dealerships, so it felt more of an impact from the shortage of this product.

我們佛羅裡達州的經銷商銷售的二手機動產品數量比其他經銷商高得多，因此該產品短缺的影響更大。

In spite of softer sales, we were able to maintain gross margins during the quarter.

儘管銷售疲軟，我們仍能在本季維持毛利率。

Our sense of the broader RV market is that in general dealers exited the summer with inventories a little higher than normal and will be working hard to bring down inventories through the end of the year.

我們對更廣泛的房車市場的感覺是，總的來說，經銷商在夏季結束時庫存略高於正常水平，並將努力在年底前降低庫存。

Lazydays takes great pride in its ability to manage its inventory, and we are very comfortable with our current inventory position, and we are on track to meet our inventory goals for the year.

Lazydays 對其庫存管理能力感到非常自豪，我們對當前的庫存狀況非常滿意，並且有望實現今年的庫存目標。

Many of you are probably aware we turn our inventory more than 4 times a year, which is industry leading, and we will turn our inventory more than 4 times a year in 2018 as well.

你們中的許多人可能都知道，我們每年的庫存週轉次數超過 4 次，這是業界領先的，2018 年我們的庫存週轉次數也將超過 4 次。

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

現在我要把電話轉給我們的財務長尼克·托馬肖特 (Nick Tomashot)，讓您了解第三季的一些財務亮點。

Thank you, Bill.

謝謝你，比爾。

Good morning, everybody.

大家早安。

Please note that unless stated otherwise, the quarter results comparisons are to the same 3-month period ended September 30, 2017.

請注意，除非另有說明，季度業績比較是與截至 2017 年 9 月 30 日的三個月期間進行的比較。

Revenues for the third quarter were $142.4 million, down $1.2 million or 0.8% from 2017.

第三季營收為 1.424 億美元，比 2017 年下降 120 萬美元，降幅為 0.8%。

Revenue from sales of recreational vehicles was $125.3 million for the quarter, down $1.5 million or 1.1%.

本季休閒車銷售收入為 1.253 億美元，下降 150 萬美元，或 1.1%。

RV unit sales excluding wholesale units were 1,801, down 18 units or 1%.

不計批發量的房車銷量為 1,801 輛，下降 18 輛，即 1%。

Q3 revenue from sales of new recreational vehicles was $79.8 million, up $1.8 million or 2.3%.

第三季新型休閒車銷售收入為 7,980 萬美元，成長 180 萬美元，成長 2.3%。

New vehicle unit sales were 1,076, down 15 units or 1%.

新車銷量為 1,076 輛，下降 15 輛，即 1%。

The average selling price of new vehicles was $73,600, up $2,300 or 3.2%.

新車平均售價為73,600美元，上漲2,300美元，漲幅3.2%。

Q3 revenue from pre-owned vehicles was $45.6 million, down $3.2 million or 6.6% from 2017.

第三季二手車營收為 4,560 萬美元，比 2017 年下降 320 萬美元，成長 6.6%。

Pre-owned vehicle units sold excluding wholesale units were 725, down only 3 units or 0.4%, but included within this small decrease was a significant decline in pre-owned motorized sales resulting in a majority of the revenue decline.

不包括批發單位的二手車銷量為 725 輛，僅下降 3 輛或 0.4%，但在這一小幅下降中，二手機動車輛銷量大幅下降，導致大部分收入下降。

This decrease was driven by limits on availability, as Bill mentioned earlier in the call, on quality pre-owned motorized units.

正如比爾早些時候在電話會議中提到的那樣，這種下降是由於優質二手機動車輛的可用性限制所致。

The average selling price of used recreational vehicles was $59,900, down $3,300 or 5.6%, driven by the decline in pre-owned motorized sales.

由於二手機動車輛銷量下降，二手休閒車的平均售價為 59,900 美元，下降了 3,300 美元，即 5.6%。

Revenues in our other channels consist of sales of parts, accessories and related service; finance and insurance or F&I revenue; as well as campground and other revenue.

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

In total, revenue from these other lines of business was $17 million, up $0.2 million or 1.5% compared to 2017.

這些其他業務線的總收入為 1,700 萬美元，比 2017 年增加 20 萬美元，即 1.5%。

Excluding last year's $900,000 in revenue from the discontinued e-commerce business unit, sales from these other lines of business were up approximately $1.1 million or 7.3%, driven by an F&I revenue increase of $900,000 or 12.4% to $8.1 million and parts and service revenue increasing $200,000 or 2.4% to $7.2 million.

不包括去年已終止的電子商務業務部門的90 萬美元收入，這些其他業務部門的銷售額增長了約110 萬美元，即7.3%，這主要得益於F&I 收入增長90 萬美元，即12.4%，達到810 萬美元，以及零件和服務收入增加 20 萬美元，即 2.4%，達到 720 萬美元。

Gross profit excluding noncash last-in first-out or LIFO adjustments was $31.2 million, down $0.7 million versus 2017.

不包括非現金後進先出或 LIFO 調整的毛利為 3,120 萬美元，比 2017 年下降 70 萬美元。

Gross margin excluding LIFO adjustments was relatively flat at 21.9% compared to 22.2% in 2017, with the change primarily driven by the decrease in pre-owned motorized vehicle sales.

不包括後進先出調整的毛利率相對持平，為 21.9%，而 2017 年為 22.2%，這一變化主要是由於二手機動車銷量下降所致。

Gross profit for the quarter, including a $3.7 million net swing in noncash LIFO adjustments, was $30.3 million, down $4.4 million or 12.8%.

本季毛利（包括非現金後進先出調整的 370 萬美元淨波動）為 3,030 萬美元，下降 440 萬美元，或 12.8%。

Excluding transaction costs, stock-based compensation and depreciation and amortization, SG&A for the quarter was $23.8 million, up $0.4 million compared to prior year, primarily related to our Minnesota acquisition.

不包括交易成本、股票薪酬以及折舊和攤銷，本季的銷售管理及管理費用為 2,380 萬美元，比上年增加 40 萬美元，主要與我們在明尼蘇達州的收購有關。

Stock-based compensation and depreciation and amortization increased $2.7 million and $1 million, respectively, compared to prior year.

與前一年相比，基於股票的薪酬以及折舊和攤提分別增加了 270 萬美元和 100 萬美元。

These noncash expenses have increased compared to prior years, stemming from the March 2018 merger between Andina Acquisition Corp.

由於 Andina Acquisition Corp 和 2018 年 3 月的合併，這些非現金支出比往年增加。

II and Lazy Days' R.V. Center, Inc., which included options issued to management and increases in tangible and in intangible asset valuations on our balance sheet.

II 和 Lazy Days' R.V. Center, Inc.，其中包括向管理層發行的選擇權以及我們資產負債表上有形和無形資產估值的增加。

Net loss for the third quarter was $2.7 million as compared to net income of $4.3 million in 2017.

第三季淨虧損為 270 萬美元，而 2017 年淨利為 430 萬美元。

This $7 million decrease was primarily the result of the $3.7 million net impact of LIFO adjustments between the periods mentioned in my discussion of gross profit as well as the $3.7 million increase in noncash expenses that I mentioned in my SG&A discussion.

這 700 萬美元的減少主要是由於我在討論毛利潤時提到的期間內 LIFO 調整產生了 370 萬美元的淨影響，以及我在 SG&A 討論中提到的非現金費用增加了 370 萬美元。

Despite the pretax loss shown for the third quarter, we still recorded net income tax expense of $1.1 million, primarily due to the anticipated impact of the nondeductible expenses for stock-based compensation on our effective tax rate for the year.

儘管第三季出現稅前虧損，但我們仍錄得 110 萬美元的淨所得稅費用，這主要是由於股票薪酬的不可扣除費用對我們今年的有效稅率的預期影響。

Adjusted EBITDA was $6.3 million for the quarter, down $1.3 million.

本季調整後 EBITDA 為 630 萬美元，減少 130 萬美元。

Adjusted EBITDA margin decreased by 90 basis points to 4.4%.

調整後 EBITDA 利潤率下降 90 個基點至 4.4%。

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

請參閱我們的收益發布表，其中包括淨收入或虧損與調整後 EBITDA 的調節表。

Now turning to the September 30 balance sheet and our financial position.

現在轉向 9 月 30 日的資產負債表和我們的財務狀況。

We had cash on hand of $37.4 million and net working capital of $55.6 million, with cash up $1.8 million compared to June 30, 2018, driven by cash flow from operations of $4.5 million.

我們手頭現金為 3,740 萬美元，淨營運資本為 5,560 萬美元，與 2018 年 6 月 30 日相比，現金增加了 180 萬美元，這主要得益於 450 萬美元的營運現金流。

We had approximately $127.2 million in inventory consisting of $93.2 million in new vehicles, $30.4 million in pre-owned vehicles and approximately $4.5 million in parts inventory and LIFO reserves of $900,000.

我們擁有約 1.272 億美元的庫存，其中包括 9,320 萬美元的新車、3,040 萬美元的二手車、約 450 萬美元的零件庫存以及 90 萬美元的後進先出儲備。

As of September 30, 2018, we had no borrowings under our $5 million revolving credit facility, $20.3 million of term loans outstanding and $106.7 million in notes payable on our floor plan facility.

截至 2018 年 9 月 30 日，我們的 500 萬美元循環信貸額度中沒有借款，未償還定期貸款為 2,030 萬美元，平面圖貸款中的應付票據為 1.067 億美元。

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

謝謝您，我想將電話轉回比爾·默南。

Thank you, Nick.

謝謝你，尼克。

I'd like to focus for a minute on one of Nick's last comments regarding our cash generation.

我想花一分鐘重點討論尼克關於我們現金生成的最後評論之一。

We were able to generate $1.8 million of cash during the quarter in spite of a little softness and after accounting for the cost of the Minnesota acquisition and the payment of the dividend on our preferred stock.

儘管情況有些疲軟，考慮到明尼蘇達州收購的成本和優先股股息的支付，我們仍能夠在本季度產生 180 萬美元的現金。

We remain confident that our business model will continue to generate strong cash flow and support our growth strategy.

我們仍然相信，我們的業務模式將繼續產生強勁的現金流並支持我們的成長策略。

Our 3-pronged growth strategy has not changed and will not change anytime soon.

我們的「三管齊下」成長策略沒有改變，短期內也不會改變。

We remain focused on our 3 strategic priorities, which are: one, best-in-class customer experience; two, service excellence; and three, geographic expansion.

我們仍然專注於我們的 3 個策略重點，它們是： 一、一流的客戶體驗；二、服務卓越；第三，地域擴張。

We believe that providing a great customer experience and great service all across the country will generate above-market performance, and all of our internal efforts are focused on these priorities.

我們相信，在全國範圍內提供卓越的客戶體驗和優質服務將產生高於市場的業績，我們所有的內部努力都集中在這些優先事項上。

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

我們非常高興在八月完成了對明尼蘇達州 Shorewood RV 的收購。

This dealership is now branded as Lazydays of Minneapolis.

該經銷店現在品牌為 Lazydays of Minneapolis。

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 expect Lazydays of Minneapolis to generate strong results in 2019.

我們預計明尼阿波利斯的 Lazydays 活動將在 2019 年取得強勁成果。

We are equally excited to have recently announced we signed an agreement to purchase the assets of Tennessee RV Supercenter.

我們同樣很高興最近宣布簽署了購買田納西州房車超級中心資產的協議。

We expect the acquisition to close before the end of the calendar year.

我們預計收購將在今年年底前完成。

This dealership will be branded Lazydays of Knoxville after the close.

交易結束後，該經銷店將命名為 Lazydays of Knoxville。

The Knoxville team is also very talented, and we are very excited to welcome them into the Lazydays family in the very near future.

諾克斯維爾團隊也非常有才華，我們非常高興在不久的將來歡迎他們加入 Lazydays 大家庭。

We also expect Lazydays of Knoxville to generate strong results in 2019.

我們也預期諾克斯維爾的 Lazydays 活動將在 2019 年取得強勁成果。

The opportunities for continued geographic expansion are robust, and we expect to continue our geographic growth in 2019.

持續地域擴張的機會很大，我們預計 2019 年將繼續地域成長。

Operator, those are all of our prepared remarks.

接線員，這些都是我們準備好的發言稿。

You can open up the line for questions, please.

您可以開通提問專線。

(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。

You mentioned kind of a greater mix shift to towables away from motorized.

您提到了一種更大的混合轉向，遠離機動化的拖車。

Did you see that again in the quarter?

您在本季再次看到這種情況嗎？

Any color there?

那裡有什麼顏色嗎？

Yes.

是的。

I think the market, we think, continues to shift a little bit towards towables.

我認為，我們認為市場將繼續轉向可拖曳式設備。

It's really hard to get a read on that, Steve, given some of the softness we had on the used motorized, and that was really a supply issue more than anything else.

史蒂夫，考慮到我們對二手機動車輛的一些疲軟態度，這真的很難理解這一點，而這實際上是一個供應問題。

Yes, that was my next question.

是的，這是我的下一個問題。

It sounds like primarily just inventory constraints, as opposed to shift in customer preference or something else.

聽起來主要只是庫存限制，而不是客戶偏好或其他因素的變化。

Yes, it's hard to tell, but what we do know is we did not have the inventory we plan to have and use.

是的，這很難說，但我們確實知道我們沒有計劃擁有和使用的庫存。

We just couldn't find quality inventory.

我們只是找不到優質庫存。

We're not going to -- there's some lower-quality inventory, which we aren't going to buy, but we weren't able to find the quality -- the quantity of the quality we wanted to support our sales goals.

我們不會——有一些品質較低的庫存，我們不會購買，但我們無法找到品質——我們想要支持我們的銷售目標的品質數量。

Got it.

知道了。

And then just as the industry softened, I guess, ever so slightly here in the last 3 or 6 months, have you seen any change in the M&A environment in terms of what targets are willing to sell for, how many targets there are, et cetera?

然後，就在行業疲軟的時候，我想，在過去的 3 到 6 個月裡，您是否看到併購環境在目標願意出售的價格、有多少目標等方面發生了任何變化？

What I can tell you is we're more active right now in terms of the opportunities we're seeing.

我可以告訴你的是，我們現在在看到的機會方面更加積極。

So I think that, that is maybe a function of something going on in the market.

所以我認為，這可能是市場上正在發生的事情的結果。

I don't know, but yes, our incoming opportunities have increased.

我不知道，但是是的，我們的進來機會增加了。

We are very selective.

我們非常有選擇性。

We are very disciplined.

我們非常有紀律。

So our -- and we're going to -- we're not going to overpay for anything.

所以我們的——我們將會——我們不會為任何事情支付過高的費用。

We're going to be very disciplined and very selective in terms of the quality dealership we buy and how much we pay for the dealership.

我們將非常嚴格地選擇我們購買的優質經銷商以及為經銷商支付的費用。

Got it.

知道了。

And then last from me.

最後是我。

You've mentioned sort of some softening in the Southeast U.S., particularly Florida.

您提到美國東南部地區，特別是佛羅裡達州出現了一些軟化。

Anything you can point to?

有什麼可以指點的嗎？

Is that because of something?

是因為什麼事情嗎？

And then would you expect it to persist for a bit?

然後你會期望它會持續一段時間嗎？

Or was that sort of a transient thing you can point to?

或者你可以指出這是一種短暫的事情嗎？

That's -- we got that from our business partners who deal with multiple operators in the industry, and that was the data they gave us.

那是——我們從與業內多個運營商打交道的業務合作夥伴那裡得到了這些數據，這就是他們給我們的數據。

Why?

為什麼？

I'd just be speculating and I probably shouldn't speculate.

我只是在猜測，而且我可能不應該猜測。

It could be just a slowdown in the industry.

這可能只是行業放緩。

It could be weather related.

這可能與天氣有關。

We did have some hurricanes in the Southeast during the quarter.

本季東南部確實發生了一些颶風。

So I'd prefer not to speculate, but what we know is, from talking to our partners, that it was a little broader than just Lazydays.

所以我不想猜測，但從與合作夥伴的交談中我們知道，它的範圍比 Lazydays 更廣泛一些。

(Operator Instructions) Your next question comes from the line of Greg Gibas with Northland Securities.

（操作員說明）您的下一個問題來自 Northland Securities 的 Greg Gibas。

I'm on for Paul Penney today.

我今天替補的是保羅·彭尼。

First, just given some of the excess inventory at OEMs, are you seeing greater ability to negotiate better wholesale pricing?

首先，考慮到原始設備製造商的一些過剩庫存，您是否認為有更大的能力來協商更好的批發定價？

Yes, I think there is on -- not across the board, but I think on select makes and models there are opportunities to get better pricing, Greg.

是的，我認為存在——不是全面的，但我認為在精選的品牌和型號上有機會獲得更好的定價，格雷格。

Okay.

好的。

And then could you provide an update on the progress with F&I and S&R efforts?

那麼您能否介紹一下 F&I 和 S&R 工作的最新進展？

Maybe talk a little bit about it, but do the 2 recent acquisitions have any ancillary segments today and it's not -- like are you looking to add these?

也許可以稍微討論一下，但是最近的兩次收購是否有任何輔助部門，但沒有——就像你想添加這些嗎？

The 2 acquisitions have the same -- a very similar business model to what we have today, which includes F&I.

這兩次收購具有相同的業務模式，與我們今天的業務模式非常相似，其中包括 F&I。

And I think there's an opportunity to, at some of those locations, not necessarily all of them, to improve their F&I performance.

我認為，其中一些地點（不一定是所有地點）有機會提高其 F&I 績效。

And we certainly will try and aggressively do that.

我們當然會嘗試並積極地做到這一點。

Okay, great.

好的，太好了。

And then the Tennessee RV Supercenter looks like a pretty good acquisition.

田納西州房車超級中心看起來是一筆不錯的收購。

Just wondering, would that -- would we expect to see positive EBITDA contributions from that as we look into 2019?

只是想知道，當我們展望 2019 年時，我們是否會期望看到積極的 EBITDA 貢獻？

And could you talk maybe about the synergy opportunities with the rest of Lazydays?

您能否談談與 Lazydays 其他公司的協同機會？

Yes, I think we're really excited.

是的，我想我們真的很興奮。

We won't do an acquisition we're not excited about, so we're really excited about them all.

我們不會進行我們不感興趣的收購，所以我們對它們都感到非常興奮。

But we told you last quarter how excited we were about Minnesota, so we'll share some of our excitement about Tennessee.

但我們上個季度告訴您我們對明尼蘇達州感到多麼興奮，因此我們將分享一些對田納西州的興奮之情。

It's a great dealership with a great ownership, with a great team.

這是一家偉大的經銷商，擁有偉大的所有權和優秀的團隊。

It's -- we don't have to do a lot.

我們不需要做很多事。

I think we can do some things, like increase their turns, grow their revenue, which will in turn impact their bottom line, but it's in a great location, right very close to the entrance of the Smoky Mountains.

我認為我們可以做一些事情，例如增加他們的轉彎，增加他們的收入，這反過來會影響他們的利潤，但它的位置很好，非常靠近大煙山的入口。

And there is just a ton of opportunity in that location.

那個地方有很多機會。

So we're really excited about that.

所以我們對此感到非常興奮。

And yes, we do think they will have a positive EBITDA contribution in 2019.

是的，我們確實認為他們將在 2019 年做出積極的 EBITDA 貢獻。

Great.

偉大的。

And then just one kind of follow-up is, now that we've seen 2 acquisitions in 2 quarters since being public, would it be safe to assume a cadence of approximately 1 per quarter is safe to assume going forward?

然後，只有一種後續行動是，既然我們已經在上市以來的兩個季度內看到了兩次收購，那麼可以安全地假設未來每季度大約 1 次收購的節奏是安全的嗎？

Yes, we're not going to assume anything.

是的，我們不會假設任何事情。

Greg, I think our goal is to grow.

格雷格，我認為我們的目標是成長。

We said this.

我們這麼說。

We want to try.

我們想嘗試一下。

Over a 5-year period, we want to try and grow 20% a year.

在 5 年內，我們希望嘗試每年成長 20%。

And we're going to -- sometimes we'll have multiple acquisitions, smaller acquisitions in a row.

有時我們會連續進行多次收購、規模較小的收購。

Sometimes we're going to have a bigger acquisition at one time.

有時我們會同時進行一項更大的收購。

There's a good chance we'll do some greenfield stuff as well.

我們也很有可能做一些新的事情。

So I can't commit to doing one a quarter, but we will certainly take advantage.

所以我不能承諾每季做一次，但我們肯定會利用這一點。

And there's a lot of opportunity out there, so we'll do the best we can, but we're going to remain disciplined in the process.

那裡有很多機會，所以我們會盡力而為，但我們將在過程中保持紀律。

There are no further questions in queue at this time.

目前隊列中沒有其他問題。

I turn the conference back over to our presenters.

我將會議重新交給我們的主持人。

Yes, thanks, everyone.

是的，謝謝大家。

Thanks for joining us this quarter, and we look forward to speaking with you again next quarter.

感謝您本季加入我們，我們期待下季再次與您交談。

Have a great day.

祝你有美好的一天。

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。