Lazydays Holdings Inc (GORV) 2019 Q1 法說會逐字稿

Good morning.

早安.

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

我叫傑森，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 Lazyday Holdings, Inc.

此時此刻，我謹歡迎大家來到 Lazyday Holdings, Inc.。

First Quarter 2019 Financial Results Conference Call.

2019 年第一季財務業績電話會議。

(Operator Instructions) Thank you.

（操作員說明）謝謝。

James Meehan, you may begin your conference.

詹姆斯·米漢，你可以開始你的會議了。

Thank you, Jason.

謝謝你，傑森。

Good morning, and thank you for joining us for our first quarter 2019 financial results conference call.

早安，感謝您參加我們的 2019 年第一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 of the Investor Relations page of our website and has been furnished as an exhibit to our current report on Form 8-K filed 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獲取，並已作為我們向 SEC 提交的 8-K 表格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 expense, 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，包括但不限於相關收入、毛利率、營運費用、股票補償費用、稅收、產品組合轉變和地理擴張。

Actual results or trends for future periods could differ materially from 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 regarding factors that could impact the forward-looking statements, please refer to the risk factors discussed in the Form 10-K filed with the SEC on March 22, 2019.

有關可能影響前瞻性陳述的因素的更多信息，請參閱 2019 年 3 月 22 日向 SEC 提交的 10-K 表中討論的風險因素。

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

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、調整後 EBITDA 和調整後 EBITDA 利潤率。

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 March 31, 2019, the financial information presented represents the operating results of Lazydays Holdings, Inc.

截至 2019 年 3 月 31 日的三個月，所提供的財務資訊代表 Lazydays Holdings, Inc. 的營運表現。

For the 3-months ending March 31, 2018, the financial information presented represents the combined operating results of Lazydays Holdings, Inc.

截至 2018 年 3 月 31 日的三個月，所提供的財務資訊代表 Lazydays Holdings, Inc. 的合併經營績效。

for the period from March 15, 2018 to March 31, 2018 with the operating results of Lazy Days' R.V. Center, Inc.

2018年3月15日至2018年3月31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.

期間為2018年1月1日至2018年3月14日。

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 will give a quick overview of what we are seeing in our markets, and then Nick will give more details on our specific performance.

我將快速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。

Quarter 1 of this year began with similar slow demand as we experienced in quarter 4 of last year and remained relatively weak through February.

今年第一季開始時，需求與去年第四季類似，需求放緩，並在整個 2 月保持相對疲軟。

We did begin to feel demand improve a little in March, but it was still weaker than March of 2018 -- the March quarter of 2018.

我們確實開始感覺到 3 月的需求略有改善，但仍弱於 2018 年 3 月——2018 年 3 月的季度。

It is far too early to get any read on quarter 2 of this year, but we should begin to benefit from the addition of our Minneapolis and Knoxville dealerships in quarter 2 of this year.

現在了解今年第二季的情況還為時過早，但我們應該開始從今年第二季明尼阿波利斯和諾克斯維爾經銷商的增加中受益。

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

現在我將把它交給我們的財務長尼克·托馬肖特（Nick Tomashot），他將帶您了解第一季度的一些財務亮點。

Thank you, Bill, and good morning, everybody.

謝謝你，比爾，大家早安。

Please note that unless stated otherwise, the 2019 first quarter result comparisons are to the same quarter ended March 31, 2018.

請注意，除非另有說明，2019 年第一季業績比較對像是截至 2018 年 3 月 31 日的同一季度。

Total revenues for the quarter were $173.1 million, down $4.7 million or 2.7% from 2018.

該季度總收入為 1.731 億美元，比 2018 年減少 470 萬美元，即 2.7%。

Recreational vehicle unit sales, excluding wholesale units, were 1,974, down 80 units or 3.9%.

休閒車銷量（不含批發量）為 1,974 輛，下降 80 輛，即 3.9%。

RV sales revenue was down 3.6% as well at $152.6 million for the quarter, down $5.7 million.

本季房車銷售收入下降 3.6%，至 1.526 億美元，減少 570 萬美元。

New RV unit sales were 1,216, up 11 units or 0.9%.

新房車銷量為 1,216 輛，成長 11 輛，成長 0.9%。

There was a product mix shift for the quarter from motorized towards towable vehicles, and our average selling price for new vehicles was $1,900 lower than prior year at $80,000, down 2.3%.

本季產品結構從機動車輛轉向牽引車輛，新車的平均售價比去年同期低 1,900 美元，為 80,000 美元，下降 2.3%。

Net new RV sales revenue was down $1.3 million or 1.3% to $97.8 million.

新房車淨銷售收入下降 130 萬美元，或 1.3%，至 9,780 萬美元。

For the pre-owned side of our business, there was a unit and revenue decline driven by a decline in pre-owned motorized vehicle sales.

對於我們的二手車業務而言，由於二手機動車輛銷售下降，導致銷售和收入下降。

This decrease was driven by limits in the availability of quality pre-owned motorized units.

這一下降是由於優質二手機動車輛的供應受到限制。

Pre-owned units sold, excluding wholesale, were 758, down 91 units or 10.7%.

二手房銷售（不含批發）為 758 套，下降 91 套，即 10.7%。

Pre-owned revenue for the quarter was $54.8 million, down $4.4 million or 7.3% from 2018.

該季度二手貨收入為 5,480 萬美元，比 2018 年下降 440 萬美元，成長 7.3%。

The average selling price of pre-owned recreational vehicles was $65,400, down $3,500 or 5.1%, reflecting the shift in product mix towards lower list price towables.

二手休閒車的平均售價為 65,400 美元，下降了 3,500 美元，即 5.1%，反映出產品組合向較低定價的拖車的轉變。

The decline in our retail pre-owned vehicle sales was partially offset by a $2.2 million increase in wholesale sales compared to 2018.

與 2018 年相比，批發銷售額增加了 220 萬美元，部分抵消了零售二手車銷售額的下降。

Revenues from our other lines of business consist of parts, accessories and related service, finance and insurance or F&I revenue as well as other miscellaneous revenue, including consignment sales commissions, campgrounds, rentals, restaurants, et cetera.

我們其他業務線的收入包括零件、配件和相關服務、金融和保險或 F&I 收入以及其他雜項收入，包括寄售佣金、露營地、租賃、餐廳等。

In total, combined revenue from these other lines of business was $20.4 million, up $0.8 million or 4.4% compared to 2018.

總的來說，這些其他業務線的合併收入為 2,040 萬美元，比 2018 年增加了 80 萬美元，即 4.4%。

The increase was driven by F&I revenue growth of $0.4 million or 4.5% to $9.7 million, and parts and service revenue increased $0.8 million or 10.2% to $8.8 million.

這一成長的推動因素是 F&I 收入成長 40 萬美元，即 4.5%，達到 970 萬美元，零件和服務收入成長 80 萬美元，即 10.2%，達到 880 萬美元。

These increases were offset by declines in other miscellaneous revenue primarily driven by decreased commissions on consignment sales.

這些成長被其他雜項收入的下降所抵消，這主要是由於寄售佣金減少所致。

Q1 gross profit was $36.9 million, down $2 million versus 2018.

第一季毛利為 3,690 萬美元，比 2018 年下降 200 萬美元。

Gross margin declined between the 2 periods to 21.3% compared to 21.9% in 2018, but the change is due to the product mix shift towards new vehicles, primarily driven by decreases in pre-owned motorized unit sales.

兩個時期的毛利率下降至 21.3%，而 2018 年為 21.9%，但這一變化是由於產品結構轉向新車，主要是由於二手機動車輛銷售下降所致。

Excluding transaction costs, stock-based compensation and depreciation and amortization, SG&A for the quarter was $26.5 million, down $0.1 million compared to prior year.

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 2,650 萬美元，比去年同期減少 10 萬美元。

Stock-based compensation and depreciation of amortization increased $0.9 million and $1.1 million, respectively, compared to prior year.

與前一年相比，基於股票的薪酬和攤銷折舊分別增加了 90 萬美元和 110 萬美元。

These noncash expenses have increased compared to prior year, stemming from the March 15, 2018 merger between Andina Acquisition Corp.

由於 Andina Acquisition Corp. 和 2018 年 3 月 15 日的合併，這些非現金支出較前一年增加。

II and Lazy Days' R.V. Center, Inc., which included options issued to management and increases in intangible and 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無形和無形資產估值的增加。

Transaction costs decreased by approximately $3 million compared to prior year due to the 2018 fees associated with the merger between Andina and Lazydays.

由於 2018 年 Andina 和 Lazydays 合併相關費用，交易成本比前一年減少了約 300 萬美元。

Net income for the first quarter was $1.8 million compared to net income of $3 million in 2018.

第一季淨利為 180 萬美元，而 2018 年淨利為 300 萬美元。

The $1.2 million decline reflects the $2 million lower gross profit for the quarter plus the $2 million higher noncash expense for stock-based compensation and depreciation and amortization, partially offset by the $3 million decline in transaction-related expenses and $0.1 million lower SG&A.

下降120 萬美元反映了本季毛利下降200 萬美元，加上股票薪酬、折舊和攤銷非現金費用增加200 萬美元，但部分被交易相關費用下降300 萬美元和SG&A 下降10 萬美元所抵消。

Income tax expense remained relatively flat at approximately $1.2 million for 2019 compared to 2018.

與 2018 年相比，2019 年所得稅費用保持相對平穩，約 120 萬美元。

Adjusted EBITDA was $9.4 million for the quarter, down $2.1 million.

本季調整後 EBITDA 為 940 萬美元，減少 210 萬美元。

Adjusted EBITDA margin decreased by 110 basis points to 5.4%.

調整後 EBITDA 利潤率下降 110 個基點至 5.4%。

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

請參閱我們的收益發布表，其中包括 GAAP 淨利潤與調整後 EBITDA 以及淨利潤率與調整後 EBITDA 利潤率的調整表。

Now turning to the March 31 balance sheet and our financial position.

現在轉向 3 月 31 日的資產負債表和我們的財務狀況。

We had cash on hand of $31.1 million and net working capital of $46.8 million, with cash up $4.5 million compared to December 31, 2018, generated primarily by the $24.1 million decrease in inventory offset by the associated pay-down of our floor plan.

我們手頭現金為3,110 萬美元，淨營運資本為4,680 萬美元，與2018 年12 月31 日相比，現金增加了450 萬美元，主要是由於庫存減少2,410 萬美元，並被平面圖的相關付款所抵消。

At the end of Q1, we had approximately $143.2 million in inventory, consisting of $106.1 million in new vehicles, $35 million in pre-owned vehicles and approximately $3.7 million of parts inventory and LIFO reserves of $1.5 million.

截至第一季末，我們的庫存約為 1.432 億美元，其中包括 1.061 億美元的新車、3500 萬美元的二手車、約 370 萬美元的零件庫存以及 150 萬美元的 LIFO 儲備。

As of March 31, 2019, we had no borrowings under our $5 million revolving credit facility, $17.1 million of term loan outstanding and $124 million in gross notes payable to our floor plan facility.

截至 2019 年 3 月 31 日，我們的 500 萬美元循環信貸額度下沒有借款，未償還定期貸款為 1,710 萬美元，應付平面圖貸款總額為 1.24 億美元。

We also had approximately $5.2 million outstanding on notes payable related to acquisitions.

我們還有大約 520 萬美元未償付的與收購相關的應付票據。

Thank you for your time this morning, and I'd now like to turn the call back over to Bill Murnane.

感謝您今天早上抽出寶貴的時間，我現在想將電話轉回比爾·默南 (Bill Murnane)。

Thank you, Nick.

謝謝你，尼克。

As we stated in our press release, we are generally pleased with our performance in quarter 1 of 2019.

正如我們在新聞稿中所述，我們對 2019 年第一季的業績整體感到滿意。

In spite of an industry slowdown and more competition for fewer customers, we were able to keep our margins relatively flat with the same period in 2018.

儘管產業成長放緩，客戶數量減少，競爭加劇，但我們的利潤率仍與 2018 年同期保持相對持平。

The general managers and sales teams at our dealerships did a great job of articulating the Lazydays value proposition to our customers and not simply succumbing to the price competition that may have existed in the market.

我們經銷商的總經理和銷售團隊在向客戶闡明 Lazydays 價值主張方面做得非常出色，而不是簡單地屈服於市場上可能存在的價格競爭。

We closely manage our dealership inventory -- we closely managed our dealership inventories during the quarter, and we're pleased to exit the quarter with same-store inventories below 2018 levels.

我們密切管理我們的經銷商庫存——我們在本季度密切管理我們的經銷商庫存，我們很高興以低於 2018 年水準的同店庫存結束本季。

We feel good about our inventory -- current inventory levels, and we believe our inventory is well positioned going forward.

我們對我們的庫存（目前的庫存水準）感覺良好，我們相信我們的庫存未來處於有利地位。

As Nick stated, we were able to generate $4.5 million in cash during the quarter, and this will help support our continued geographic expansion.

正如尼克所說，我們在本季能夠產生 450 萬美元的現金，這將有助於支持我們持續的地域擴張。

We believe our growth opportunities are strong, and we will continue to execute on our expansion strategy.

我們相信我們的成長機會很大，我們將繼續執行我們的擴張策略。

That's all for our prepared remarks.

這就是我們準備好的發言的全部內容。

Jason, please open the line for questions.

傑森，請打開提問線。

(Operator Instructions) Your first question comes from the line of Fred Wightman from Citi.

（操作員說明）您的第一個問題來自花旗銀行的 Fred Wightman。

Could you maybe just give a little bit more color on sort of the retail cadence throughout the quarter?

您能否為整個季度的零售節奏提供更多資訊？

It sounded like things improved in March.

聽起來情況在三月有所改善。

I wasn't sure if that just sort of got less negative or if it actually turned positive.

我不確定這是否只是減少了負面影響，還是實際上變得積極了。

And then anything sort of from a preliminary perspective that you're comfortable sharing for 2Q would be helpful.

然後，從初步角度來看，您願意在第二季分享的任何內容都會有所幫助。

Yes, sure.

是的，當然。

We -- in March, it was a big improvement or -- was a big improvement over January and February, which started out quite slow.

我們在三月份，這是一個很大的進步，或者說，與一月和二月相比，這是一個很大的進步，一月份和二月份的進展相當緩慢。

Relative to prior year, it was still down, but just the trend was certainly more favorable, and April was probably more similar to March.

與去年相比，仍然有所下降，但趨勢肯定更加有利，四月可能與三月更加相似。

Too early to tell about the rest of the Q2, Fred.

弗雷德，現在談論第二季度的其餘部分還為時過早。

So we're in -- and we don't give guidance, as you know, so that's probably about all we can say for now.

所以，正如你所知，我們不提供指導，所以這可能是我們目前能說的全部。

Yes.

是的。

That's really helpful.

這真的很有幫助。

And then just from an industry perspective, I think in the past, you talked about the industry being down anywhere from sort of down [10%] to flat.

然後，從行業角度來看，我認為在過去，您談到了行業的下滑，從下降 [10%] 到持平。

Can you just sort of share your updated thoughts on that?

能分享一下您對此的最新想法嗎？

Is that still sort of how you're thinking about the year?

您對這一年的看法仍然如此嗎？

Yes.

是的。

We look at the same data you guys look at and hear commentary from others.

我們查看的數據與你們查看的數據相同，並聽取其他人的評論。

Yes, we kind of feel the same.

是的，我們有同樣的感覺。

That's how this year is going to go.

今年也將如此。

Again, I'd like to point out that the industry strength -- the strongest quarters are really Q2 and Q3 because the majority of the industry is in the northern part of the country, and this -- we're just coming into the strong selling season for the northern part of the country.

我想再次指出，行業實力最強勁的季度實際上是第二季度和第三季度，因為該行業的大部分位於該國北部地區，而我們剛剛進入強勁階段。

We're a little different because we have a sizeable presence in the southern half of the country, so we do have quite a bit more strength than most in Q1.

我們有點不同，因為我們在該國南半部擁有相當大的影響力，所以我們在第一季的實力確實比大多數人強得多。

Sure.

當然。

In the weather-impacted markets, I think you talked about those a bit in the release.

在受天氣影響的市場中，我想您在新聞稿中談到了一些事情。

I understand that your footprint is a little bit different than the broader market.

我知道您的足跡與更廣泛的市場略有不同。

But in those markets where you did see some weather impact as we've sort of moved into the early spring here, have trends picked up there?

但在那些確實看到天氣影響的市場中，隨著我們進入早春，那裡的趨勢是否有所回升？

Yes.

是的。

In the northern markets where we and others experienced weather, we're definitely seeing -- the thaw has arrived, and people are coming out.

在我們和其他人經歷過天氣的北方市場，我們確實看到了——解凍已經到來，人們正在走出去。

We're seeing a lot more activity, which we expected, but it is happening now.

我們看到了更多的活動，這是我們所預料的，但現在它正在發生。

Okay.

好的。

And then just lastly, on the used business, I mean a little bit softer here in the quarter, it sounded like, specifically on the motorized side.

最後，在二手業務方面，我的意思是本季有點疲軟，聽起來特別是在機動化方面。

Is that just due to product availability?

這只是因為產品的可用性嗎？

Can you just sort of talk about how the new versus used is shaking out and how that used inventory is in the channel today?

您能談談新貨與二手貨的比較以及二手庫存目前在通路中的情況嗎？

Yes.

是的。

It's all about supply, and it's just really hard for us to get as much supply as we would like and the quality of supply that we would like.

這一切都與供應有關，而我們真的很難獲得我們想要的盡可能多的供應以及我們想要的供應品質。

And I think that's -- what we're reading is that's similar to others in the market, but it's all on the supply side with the used.

我認為，我們讀到的內容與市場上的其他內容類似，但都是在二手貨的供應方面。

We could sell it if we could get our hands on it.

如果我們能得到它，我們就可以賣掉它。

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

（操作員說明）您的下一個問題來自 Craig-Hallum 的 Steve Dyer。

Ryan Sigdahl on for Steve Dyer.

瑞安·西格達爾替補史蒂夫·戴爾。

To start, I think you said parts and service was up 10%, if I caught that right, in the quarter.

首先，我想你說過，如果我沒聽錯的話，本季的零件和服務成長了 10%。

How much of that was organic?

其中有多少是有機的？

And then what drove that strength?

那麼是什麼驅動了這種力量呢？

Nick, do you want to take that?

尼克，你想接受這個嗎？

Yes.

是的。

We're not really breaking that out, but the -- a large portion of it was organic.

我們並沒有真正打破這一點，但其中很大一部分是有機的。

And we really have been putting a focus on our retail service business and saw some nice growth in that.

我們確實一直專注於我們的零售服務業務，並看到了一些不錯的成長。

And Ryan, we would -- I'll add to that.

瑞安，我們會——我會補充一點。

We would expect that to continue.

我們預計這種情況會持續下去。

As we put in our press release, we should open a brand-new, fairly large service facility in Minnesota, which our dealership was under capacity in terms of service bays, so -- and we think the market was under-serviced from just a pure service perspective.

正如我們在新聞稿中所說，我們應該在明尼蘇達州開設一個全新的、相當大的服務設施，我們的經銷商在服務港方面能力不足，所以——我們認為市場的服務不足純粹的服務視角。

But I think you're going to see more of that going forward.

但我認為未來你會看到更多這樣的事。

So we have a significant focus on the service side of the business, so we're hopeful you're going to see more growth there as we move forward.

因此，我們非常關注業務的服務方面，因此我們希望隨著我們的前進，您會看到更多的成長。

And that's a good segue to my next question kind of on that new service center that's going to be opening up soon.

這是我的下一個問題的一個很好的延續，該問題涉及即將開放的新服務中心。

How much upfront cost was there in Q1 and then expected here in Q2 associated with that before it fully ramps?

第一季有多少前期成本，然後在第二季預期在完全提升之前與之相關的前期成本是多少？

And then secondly, you mentioned some thoughts about expanding the service offerings, but do you think that's more of a expansion of existing facilities?

其次，您提到了一些關於擴大服務範圍的想法，但您認為這更多的是現有設施的擴展嗎？

Or do you ever think about opening stand-alone service centers?

還是您考慮過開設獨立的服務中心？

Yes.

是的。

So the first part of your question, Ryan, was -- could you repeat that, please?

瑞安，你的問題的第一部分是──你能再說一次嗎？

I'm sorry.

對不起。

About costs?

關於成本？

Yes.

是的。

Just if there was any onetime-type costs with the startup of that facility in Q1 and then expect some probably in Q2 here before it ramps.

如果第一季該設施啟動時存在一次性成本，那麼預計第二季可能會出現一些一次性成本，然後再增加。

Yes.

是的。

It was actually very minimal.

它實際上是非常小的。

When we did the sale-leaseback on the property there, we were -- included the build-out facility and the terms of the lease, so we're able to effectively finance both of those costs.

當我們對那裡的房產進行售後回租時，我們包括了擴建設施和租賃條款，因此我們能夠有效地為這兩項成本提供資金。

And we're just now ramping up the hiring curve for the facility and with a focus on techs that can actually generate revenue.

我們現在正在加快該設施的招募曲線，並專注於能夠真正產生收入的技術。

So the upfront costs have been pretty minimal besides the capital expense, which were all run through the lease.

因此，除了資本支出之外，前期成本非常低，這些支出都在租賃期間進行。

Yes.

是的。

Regarding the second part of your question, Ryan, we'll look at both, both expanding existing dealership service offerings and the potential of just having stand-alone service offerings.

關於你問題的第二部分，瑞安，我們將同時考慮這兩方面，即擴大現有的經銷商服務產品和提供獨立服務產品的潛力。

Great.

偉大的。

One final one for me, and then I'll turn it over.

給我最後一張，然後我會把它翻過來。

But you mentioned some commentary about inventory, that used was -- that there were some supply constraints in the quarter, but then you also made the comment that you feel good about where inventory is right now.

但您提到了一些關於庫存的評論，即本季度存在一些供應限制，但您也發表了評論，表示您對目前的庫存狀況感到滿意。

So maybe just combine those 2 and current thoughts on inventory balance today and what that could mean for Q2, Q3 on supply.

因此，也許只需將這兩個想法和當前對庫存平衡的想法結合起來，以及這對第二季、第三季的供應意味著什麼。

Yes.

是的。

Actually, our same-store inventories, as Bill has mentioned, are actually down from where they were a year ago, so we really feel good about how we managed that during the quarter.

事實上，正如比爾所提到的，我們的同店庫存實際上比一年前有所下降，所以我們對本季的管理方式感到非常滿意。

The short supply is on the used inventory, and so the -- and more importantly, quality used units.

供應短缺在於二手庫存，因此，更重要的是優質二手商品。

I think you'll notice in my commentary, we actually wholesaled more units than we did a year ago, I think $2 million more.

我想你會在我的評論中註意到，我們實際上比一年前批發了更多的單位，我想多了 200 萬美元。

And the margins are better on the used business, and we're trying to find all the quality used units that we can.

二手業務的利潤率更高，我們正在盡力尋找所有優質的二手設備。

Ryan, we have a reputation for quality with our customers.

瑞安，我們在客戶中享有品質聲譽。

So we sometimes take trades that are not of the quality to put on our lot, and as Nick said, we have wholesaled a lot of them.

因此，我們有時會接受品質不合格的交易，正如尼克所說，我們批發了很多交易。

So it's a combination of not just supply but good supply that we feel comfortable putting on our lot and selling to a customer.

因此，這不僅是供應的結合，而且是良好供應的結合，我們可以放心地將我們的批次出售給客戶。

There are no further questions at this time.

目前沒有其他問題。

I turn it back over you.

我把它轉回給你。

Yes.

是的。

Thank you, Jason.

謝謝你，傑森。

Thanks, everyone, for joining us this morning.

謝謝大家今天早上加入我們。

We'll look forward to speaking with you next quarter.

我們期待下個季度與您交談。

Have a great day.

祝你有美好的一天。

That 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。