Lazydays Holdings Inc (GORV) 2019 Q2 法說會逐字稿

Good morning.

早安.

My name is Lisa, and I'll be your conference operator today.

我叫麗莎，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 2019 Financial Results Conference Call.

2019 年第二季財務業績電話會議。

(Operator Instructions) Thank you.

（操作員說明）謝謝。

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, Lisa.

謝謝你，麗莎。

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

早安，感謝您參加我們的 2019 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 of 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 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 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 will also 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 June 30, 2019 and 2018 as well as the 6 months ended June 30, 2019, the financial information presented represents the operating results of Lazydays Holdings, Inc.

截至2019年6月30日及2018年6月30日止3個月以及截至2019年6月30日止6個月，所提供的財務資訊代表Lazydays Holdings, Inc.的經營業績。

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 日止 6 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 June 30, 2018 with the operating results of Lazy Days' R.V. Center, Inc.

2018年3月15日至2018年6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.

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 here this morning.

感謝您今天早上加入我們。

I'll 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。

In the second quarter, we saw a continuation of the weaker demand that began last September.

在第二季度，我們看到去年 9 月開始的需求疲軟仍在持續。

RVIA OEM wholesale data and stat survey retail registration data both confirm weaker year-over-year demand for RVs.

RVIA OEM 批發資料和統計調查零售登記資料均證實房車需求較去年同期疲軟。

Moreover, the gap between the wholesale data and the retail data indicates dealer inventories are still above normal levels and destocking continues.

此外，批發數據與零售數據之間的差距表明經銷商庫存仍高於正常水平，去庫存仍在繼續。

Given the summer selling season is starting to wind down and retail inventories are still out of balance, we expect that destocking will continue through the balance of the year.

鑑於夏季銷售旺季開始結束且零售庫存仍不平衡，我們預計去庫存將持續到今年剩餘時間。

The inflated retail inventories have created some aggressive pricing in the market as many dealers try to move aged inventory at or below cost.

由於許多經銷商試圖以成本或低於成本的價格出售陳舊庫存，因此膨脹的零售庫存在市場上造成了一些激進的定價。

In general, we have opted not to participate in significant price discounting.

一般來說，我們選擇不參與大幅價格折扣。

We continually evaluate the market, our market share, our inventory levels and OEM discounting and we will change our approach to the market if and when warranted without sacrificing our long-term growth and financial goals.

我們不斷評估市場、我們的市場份額、我們的庫存水準和 OEM 折扣，如果有必要，我們將在不犧牲我們的長期成長和財務目標的情況下改變我們的市場方法。

We have closely managed our inventories to levels appropriate for the current level of customer demand.

我們嚴格管理庫存，使其達到適合當前客戶需求水準的水準。

Our inventories are well-balanced and we feel very good about our current inventory position.

我們的庫存非常平衡，我們對當前的庫存狀況感覺非常好。

Some OEMs are pricing new inventory aggressively and we'll strategically adjust our inventory approach and product offerings to take advantage of situations that will enhance our market position and long-term success.

一些原始設備製造商正在積極地為新庫存定價，我們將策略性地調整我們的庫存方法和產品供應，以利用這種情況來增強我們的市場地位和長期成功。

Our balance sheet is in great shape and we're locked, loaded and ready to take advantage of any opportunities that presents itself.

我們的資產負債表狀況良好，我們已經鎖定、加載並準備好利用出現的任何機會。

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

現在我將把它交給我們的財務長尼克·托馬肖特（Nick Tomashot），他將帶您了解第二季度的一些財務亮點。

Thanks, Bill.

謝謝，比爾。

Please note that unless stated otherwise, the 2019 second quarter result comparisons are to the same 3-month period ended June 30, 2018.

請注意，除非另有說明，2019 年第二季業績比較是與截至 2018 年 6 月 30 日的三個月期間進行的比較。

Total revenues for the quarter were $168.5 million, up $6.4 million or 4% from 2018.

該季度總收入為 1.685 億美元，比 2018 年增加 640 萬美元，即 4%。

Revenue from the sale of recreational vehicles was $149 million for the quarter, up $4.6 million or 3.2%.

該季度休閒車銷售收入為 1.49 億美元，成長 460 萬美元，成長 3.2%。

RV unit sales, excluding wholesale units, were 2,092, down 17 units or 0.8%.

房車銷售量（不含批發量）為 2,092 輛，下降 17 輛，即 0.8%。

New RV unit sales were 1,312, up 61 units or 4.9%.

新房車銷量為 1,312 輛，成長 61 輛，成長 4.9%。

The average selling price of new vehicles was $71,300, up $900 per unit or 1.3%.

新車平均售價為71,300美元，每輛上漲900美元，漲幅1.3%。

Net new inventory sales revenue was $94.2 million, up $5.6 million or 6.3%.

新庫存淨銷售收入為 9,420 萬美元，成長 560 萬美元，即 6.3%。

For the pre-owned side of our business, there was a unit and revenue decline particularly in pre-owned motorized vehicles.

對於我們的二手車業務而言，單位數量和收入均出現下降，尤其是二手機動車輛。

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

這一下降是由於優質二手房的供應有限所致。

Pre-owned vehicle units sold, excluding wholesale, were 780, down 78 units or 9.1%.

二手車銷量（不含批發）為 780 輛，下降 78 輛，即 9.1%。

Pre-owned vehicle revenue for the quarter was $54.8 million, down $0.9 million or 1.6% from 2018.

該季度二手車營收為 5,480 萬美元，比 2018 年下降 90 萬美元，成長 1.6%。

The average selling price of pre-owned RVs was $62,900, up $3,500 per unit or 5.9%.

二手房車的平均售價為 62,900 美元，每輛上漲 3,500 美元，漲幅 5.9%。

The declines in our retail pre-owned vehicle sales were partially offset by a $400,000 increase in wholesale sales compared to 2018.

與 2018 年相比，批發銷售額增加了 40 萬美元，部分抵消了二手車零售銷售額的下降。

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

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，包括來自寄售、露營地、租賃、餐廳等的佣金。

In total, revenue for the quarter from these other lines of business was $19.5 million, up $1.7 million or 9.8% compared to 2018.

總的來說，本季其他業務線的收入為 1,950 萬美元，比 2018 年增加 170 萬美元，即 9.8%。

The increase was driven by an F&I revenue increase of $1.3 million or 16% to $9.5 million and a parts and service revenue increase of $0.6 million or 7.8% to $8.7 million.

這一成長的推動因素是 F&I 收入增加 130 萬美元，即 16%，達到 950 萬美元，零件和服務收入增加 60 萬美元，即 7.8%，達到 870 萬美元。

These increases, which were due to the additions of our new locations in Minnesota and Tennessee as well as increased F&I penetration were partially offset by declines in miscellaneous revenue due to decreased commissions on consignment sales.

這些增長是由於我們在明尼蘇達州和田納西州增加了新地點以及 F&I 滲透率的提高而造成的，但由於寄售佣金減少而導致雜項收入下降，部分抵消了這些增長。

We are especially pleased with our F&I performance for the period as evidenced by F&I revenue indexing at 6.7% of retail revenue compared to 5.9% in Q2 2018.

我們對本期間的 F&I 表現尤其滿意，F&I 收入指數佔零售收入的 6.7%，而 2018 年第二季為 5.9%。

Q2 gross profit was $35.5 million, down $0.2 million versus 2018.

第二季毛利為 3,550 萬美元，比 2018 年下降 20 萬美元。

Gross margin declined between the 2 periods to 21.0% of revenue compared to 22% in 2018 with the change primarily driven by the decreases in pre-owned motorized unit sales.

這兩個時期的毛利率下降至佔收入的 21.0%，而 2018 年為 22%，這一變化主要是由於二手機動車輛銷量下降所致。

Excluding transaction costs, depreciation and amortization, and amortization of stock-based compensation, SG&A for the quarter was $25.2 million, up $0.3 million compared to prior year due to the acquisition of our Minnesota and Tennessee locations in the second half of 2018.

不包括交易成本、折舊和攤銷以及股票薪酬攤銷，由於2018 年下半年收購了我們的明尼蘇達州和田納西州工廠，本季度的銷售及管理費用為2,520 萬美元，比上一年增加了30萬美元。

Expense related to the amortization of stock-based compensation decreased $1.5 million compared to prior year stemming from the March 2018 merger between Andina Acquisition Corp.

由於 2018 年 3 月 Andina Acquisition Corp 與 2018 年合併，與股票薪資攤提相關的費用比前一年減少了 150 萬美元。

II and Lazy Days' R.V. Center, Inc., which issued -- which included options issued to management.

II 和 Lazy Days' R.V. Center, Inc. 發行了－其中包括向管理層發行的選擇權。

The noncash, nontax deductible expense associated with these option awards was front loaded due to the accounting treatment for awards that vest based upon market conditions.

由於對根據市場條件授予的獎勵進行會計處理，與這些選擇權獎勵相關的非現金、不可扣稅的費用被預先加載。

Income tax expense was $2.1 million as compared to $1.2 million for 2018.

所得稅費用為 210 萬美元，而 2018 年為 120 萬美元。

Net income for the second quarter was $1.9 million as compared to net income of $1.8 million in 2018 for the reasons noted above.

由於上述原因，第二季淨利為 190 萬美元，而 2018 年淨利為 180 萬美元。

Adjusted EBITDA was $9.9 million for the quarter, almost flat versus last year's adjusted EBITDA of $10 million.

本季調整後 EBITDA 為 990 萬美元，與去年調整後 EBITDA 1,000 萬美元幾乎持平。

Adjusted EBITDA margin decreased 20 basis points to 5.9%.

調整後 EBITDA 利潤率下降 20 個基點至 5.9%。

This was primarily driven by our vehicle mix impact on gross margins, which were down 100 basis points to 21% driven by the decline in pre-owned vehicle unit sales.

這主要是由於我們的車輛組合對毛利率的影響，由於二手車銷量下降，毛利率下降了 100 個基點至 21%。

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 our June 30 balance sheet and our financial position.

現在轉向我們 6 月 30 日的資產負債表和我們的財務狀況。

We had cash on hand of $30.2 million and net working capital of $50.8 million, with cash up $3.6 million compared to December 31, 2018.

我們手頭現金為 3,020 萬美元，淨營運資本為 5,080 萬美元，與 2018 年 12 月 31 日相比，現金增加了 360 萬美元。

This was driven primarily by a $47 million decrease in RV inventory offset by paying down the associated Floorplan balances.

這主要是由於房車庫存減少了 4700 萬美元，並透過支付相關的平面圖餘額來抵消。

We had approximately $118.6 million in total inventory consisting of $81.9 million in new vehicles, $35.4 million in pre-owned vehicles, approximately $3.2 million in parts inventory and LIFO reserves of $1.9 million.

我們的庫存總額約為 1.186 億美元，其中包括 8,190 萬美元的新車、3,540 萬美元的二手車、約 320 萬美元的零件庫存以及 190 萬美元的 LIFO 儲備。

Further Bill's opening comments regarding our RV inventory position, our June 30 combined new and pre-owned vehicle inventory of $117.2 million is down $47 million or 29% versus December 31, 2018 and down $23.8 million or 16.9% versus March 31, 2019.

根據比爾關於我們的房車庫存狀況的開場評論，我們6 月30 日的新車和二手車庫存合計為1.172 億美元，與2018 年12 月31 日相比減少了4700 萬美元或29%，與2019 年3 月31 日相比減少了2,380 萬美元或16.9%。

As of June 30, 2019, we had no borrowings under our $5 million revolving credit facility, $16.4 million in term loans outstanding and $95 million in gross notes payable on our Floorplan facility.

截至 2019 年 6 月 30 日，我們的 500 萬美元循環信貸額度中沒有任何借款，Floorplan 額度中的未償還定期貸款為 1,640 萬美元，應付票據總額為 9,500 萬美元。

We had approximately $4.9 million outstanding on notes payable related to acquisitions.

我們仍有約 490 萬美元未償付的與收購相關的應付票據。

Overall, we're pleased with how we've managed our balance sheet.

整體而言，我們對資產負債表的管理方式感到滿意。

We've acquired 2 dealerships, maintained our cash above $30 million and managed inventories to being relatively flat as -- and at appropriate levels for the level of business that we're seeing and have taken on minimal liabilities over the same time frame.

我們收購了2 家經銷店，將現金維持在3000 萬美元以上，並將庫存管理在相對平穩的水平上，並保持在適合我們所看到的業務水平的適當水平，並在同一時間範圍內承擔了最低限度的負債。

Thank you all for your time this morning and I'll turn the call back over to Bill Murnane.

感謝大家今天早上抽出寶貴的時間，我會將電話轉回給 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 the quarter.

正如我們在新聞稿中所述，我們對本季的表現總體感到滿意。

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 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存在的價格競爭。

We closed on our acquisition of Alliance Coach on August 1. We want to thank Judy Shapiro for entrusting Lazydays with a wonderful dealership she and her late husband, Allan, built near Ocala, Florida.

我們於8 月1 日完成了對Alliance Coach 的收購。我們要感謝朱迪·夏皮羅(Judy Shapiro) 委託Lazydays 與她已故的丈夫艾倫(Allan) 在佛羅裡達州奧卡拉附近建造了一家出色的經銷店。

The dealership has been branded Lazydays of Ocala and is located just south of Ocala, Florida.

該經銷店名為 Lazydays of Ocala，位於佛羅裡達州奧卡拉以南。

This location, which is near the entrance to the village's active adult community and just 30 minutes from Orlando, Florida, will give us great access to these important markets and help us grow our Florida market share.

該地點靠近村莊活躍的成人社區入口，距離佛羅裡達州奧蘭多僅 30 分鐘路程，將使我們能夠輕鬆進入這些重要市場，並幫助我們擴大佛羅裡達州的市場份額。

Lazydays of Ocala is the third acquisition we have closed in the past 12 months, along with Lazydays of Minneapolis and Lazydays of Knoxville.

Lazydays of Ocala 是我們在過去 12 個月內完成的第三筆收購，另外兩家是 Lazydays of Minneapolis 和 Lazydays of Knoxville。

Our integration team did an outstanding job bringing Lazydays of Ocala into the Lazydays family by completing the closing in less than 60 days from entering into a letter of intent.

我們的整合團隊出色地完成了將 Lazydays of Ocala 納入 Lazydays 大家庭的工作，在簽訂意向書後不到 60 天內完成了交割。

Lazydays of Ocala becomes our seventh full-service dealership.

Lazydays of Ocala 成為我們第七家提供全方位服務的經銷商。

Please recall that earlier this year, we also announced that we are building our eighth full-service dealership in Nashville, Tennessee, and we expect this dealership to be operational in Q2 2020.

請回想一下，今年早些時候，我們也宣布正在田納西州納許維爾建立第八家全方位服務經銷店，我們預計該經銷店將於 2020 年第二季投入營運。

Our geographic expansion strategy is progressing well and we feel confident in our ability to continue to expand our national footprint.

我們的地域擴張策略進展順利，我們對持續擴大全國足跡的能力充滿信心。

During the quarter, we completed construction of a new 30,000 square-foot state-of-the-art service facility adjacent to our Minnesota dealership.

本季度，我們在明尼蘇達州經銷店附近建造了一座佔地 30,000 平方英尺的最先進的新服務設施。

Service is a very important component of our go-forward strategy and we'll continue to invest in and expand our service offering across the company.

服務是我們前進策略的一個非常重要的組成部分，我們將繼續投資並擴大我們在整個公司範圍內的服務範圍。

We continue to make good progress on 2 other key components of our strategy, which are our best-in-class customer experience and service excellence initiatives.

我們繼續在策略的另外兩個關鍵組成部分上取得良好進展，即一流的客戶體驗和卓越服務計劃。

We have added focus and resources to these efforts and are actively changing and improving processes and procedures to greatly enhance the Lazydays experience for our customers.

我們為這些努力增加了重點和資源，並積極改變和改進流程和程序，以大大增強客戶的 Lazydays 體驗。

Our customers expect the best when they buy a product or receive service from Lazydays and it is our goal to exceed their expectations.

當我們的客戶從 Lazydays 購買產品或接受服務時，他們期望獲得最好的服務，而我們的目標就是超越他們的期望。

By exceeding customer expectations, Lazydays will become stronger and more successful.

透過超越客戶的期望，Lazydays 將變得更強大、更成功。

That is all for our prepared remarks.

這就是我們準備好的發言的全部內容。

Lisa, please open the line for questions.

麗莎，請打電話提問。

(Operator Instructions) Our next or our first question comes from the line of Steve Dyer from Craig-Hallum Capital.

（操作員說明）我們的下一個或第一個問題來自 Craig-Hallum Capital 的 Steve Dyer。

Ryan Sigdahl on for Steve.

瑞安·西格達爾替補史蒂夫。

Congrats on the solid results given the challenging environment.

恭喜在充滿挑戰的環境下所取得的紮實成果。

First off, I don't know if I missed it in the prepared remarks, but what was organic revenue growth in the quarter?

首先，我不知道我是否在準備好的發言中錯過了這一點，但本季的有機收入成長是多少？

And then, also, if you could break that out by segment that would be helpful.

然後，如果你能按部分細分，那也會很有幫助。

Yes, Ryan, we have -- we are not breaking out same-store versus new store sales at this time.

是的，瑞安，我們現在沒有公佈同店銷售與新店銷售的情況。

We may in the future, but at this point, we're not doing that.

將來我們可能會這樣做，但目前我們還沒有這樣做。

So we can't comment on that.

所以我們無法對此發表評論。

Do you want -- do you have a break out of the other segments or what have we done historically?

你想——你是否想突破其他細分市場，或者我們歷史上做了什麼？

We break out the different revenue streams, but I would just say between new and used, we're still at that roughly 60/40 mix, but we are tilting a few hundred basis points more towards the new than the used.

我們劃分了不同的收入來源，但我只想說，在新的和二手的之間，我們仍然處於大約 60/40 的比例，但我們向新的傾斜比舊的多了幾百個基點。

And we mentioned that when we gave the high level results.

當我們給出高水準結果時我們提到了這一點。

And maybe just a follow-up on the new versus used.

也許只是新的與舊的後續的行動。

So the mix shift, I know it was a lack of quality used inventory.

因此，混合轉變，我知道這是缺乏優質的二手庫存。

But are you also seeing any shift in demand, I guess, from new or used to new?

但我想，您是否也看到了需求從新的或二手到新的轉變？

Not, no, we -- used has always been a big and strong part of our business and it's really driven by the availability of good units.

不，不，我們——二手貨一直是我們業務的重要組成部分，它實際上是由優質設備的可用性所驅動的。

It's always carried strong margins.

它始終具有很高的利潤率。

It's always turned quickly.

總是轉得很快。

We have -- we get most -- we get a lot of our used product through trades.

我們已經——我們得到了大部分——我們透過交易得到了很多二手產品。

We're active out in the market buying it, but I wouldn't say from a demand perspective, we're seeing any significant change there.

我們在市場上積極購買它，但我不會說從需求角度來看，我們看到了任何重大變化。

Demand is probably lighter on the new side, and I think that's probably the change.

新方面的需求可能較輕，我認為這可能就是改變。

And we're still seeing strong turns in the used inventory that we do have.

我們仍然看到我們現有的二手庫存出現強勁變化。

Right.

正確的。

Used is a good business, always has been, always will be.

二手是一門好生意，一直如此，永遠如此。

It's just it's a tight supply out there right now.

只是現在供應緊張。

And then you briefly mentioned increased promotional environment and one of your competitors recently reported pretty meaningful margin compression because of that, but you guys were able to hold sales and margins really well.

然後，您簡要提到了促銷環境的增加，您的一位競爭對手最近報告稱，因此，利潤率受到了相當大的壓縮，但您能夠很好地保持銷售額和利潤率。

Can you elaborate on, I guess, how prevalent the discount is in your markets?

我想您能詳細說明一下折扣在您的市場中有多普遍嗎？

And then secondly, if you expect that impact to be bigger in the second half?

其次，您預計下半年影響會更大嗎？

It's hard to predict the second half.

很難預測下半年的情況。

What we can tell you is nothing's changed since the end of June.

我們可以告訴您的是，自六月底以來沒有任何變化。

I think the market is -- in Q3 it started out similar to how Q2 went.

我認為市場在第三季的開始與第二季的情況類似。

We haven't increased promotional dollars.

我們沒有增加促銷費用。

We are shifting them to different media, but we haven't actually increased -- significantly increased any margin.

我們正在將它們轉移到不同的媒體，但我們實際上並沒有增加——顯著增加任何利潤。

What we -- our approach is not to chase some -- certain customers are just price focused, that's all they want.

我們的方法不是追逐某些特定的客戶，他們只是專注於價格，這就是他們想要的。

We've chosen not to chase those customers too far.

我們選擇不過度追逐這些客戶。

We'll chase them a little bit, but we won't chase them too far.

我們會追他們一點，但不會追得太遠。

And like I said in my comments, Ryan, our sales team has done a great job, our dealerships have done a great job of articulating our value proposition.

正如我在評論中所說，瑞安，我們的銷售團隊做得很好，我們的經銷商在闡明我們的價值主張方面也做得很好。

When you buy from Lazydays, we feel like you get more.

當您從 Lazydays 購買商品時，我們感覺您得到了更多。

And I think our customers, a lot of them, feel that way.

我認為我們的許多客戶都有這種感覺。

And therefore, they know that that what they get cost a little more.

因此，他們知道他們得到的東西要花更多的錢。

So if they're chasing the lowest price then down the road, they're going to have a little different experience than what they get with Lazydays.

因此，如果他們追求最低價格，那麼他們將獲得與 Lazydays 不同的體驗。

So does that answer your question?

那麼這回答了你的問題嗎？

Yes.

是的。

That's helpful.

這很有幫助。

Then as it relates to Ocala dealership, anything you can add or, I guess, that you are willing to share as far as terms of the deal and then contribution going forward to revenue and EBITDA?

那麼，就奧卡拉經銷商而言，您可以添加任何內容，或者我想您願意分享交易條款以及對收入和 EBITDA 的貢獻嗎？

Yes.

是的。

No, I don't think.

不，我不認為。

The terms of the deal are pretty standard for what we've disclosed in the past.

交易條款與我們過去所揭露的內容相當標準。

There's nothing out of the ordinary.

沒有什麼不尋常的。

It's a solid dealership.

這是一家實力雄厚的經銷店。

They've had a little bit more focus on motorized product, which kind of fits with our strategy in Florida.

他們更加關注機動產品，這符合我們在佛羅裡達州的策略。

We think we can do some things to enhance the performance there both on the sales side and on the F&I side.

我們認為我們可以採取一些措施來提高銷售方面和 F&I 方面的績效。

The thing that they have done really well over the years is service, which is we've commented is a very important part of our strategy.

多年來他們做得非常好的事情是服務，我們評論說這是我們策略中非常重要的一部分。

So -- but we think on the sales and F&I side, we could probably enhance their performance there.

所以，但我們認為在銷售和 F&I 方面，我們可能可以提高他們的績效。

And we just think that's a really strong market up there that we have not gotten enough off and we're going to get, we think, a lot more of it than both we were getting and the former Alliance Coach was getting there.

我們只是認為那裡是一個非常強大的市場，我們還沒有得到足夠的幫助，我們認為，我們將得到比我們和前聯盟教練所得到的更多的東西。

Great.

偉大的。

One more for me then I'll turn it over.

再給我一份，然後我就把它翻過來。

M&A strategy, have you guys seen any change in the M&A environment given the industry challenges?

併購策略，鑑於產業挑戰，您認為併購環境有什麼變化嗎？

And then does the current environment change your short-term strategy to become more or less aggressive or hold a little more cash on the balance sheet?

那麼當前的環境是否會改變你的短期策略，變得更加激進或不那麼激進，或者在資產負債表上持有更多的現金？

Yes, thanks, Ryan.

是的，謝謝，瑞安。

We've always kind of kept a -- have been pretty disciplined about our balance sheet as you can tell.

如你所知，我們一直對我們的資產負債表保持著相當嚴格的紀律。

I think the current environment, there is plenty of activity out there.

我認為在當前的環境下，那裡有很多活動。

We don't necessarily like at all, but there is opportunities out there.

我們不一定喜歡，但機會就在那裡。

We do think that if this slowdown continues for another 6 to 12 months, that more dealers are going to have an aged problem, more dealers are going to have to start paying curtailments on their floor plan and their financial situations will get tighter, which we think may create more opportunities.

我們確實認為，如果這種放緩繼續持續6 到12 個月，更多的經銷商將面臨老化問題，更多的經銷商將不得不開始支付其平面圖的削減費用，他們的財務狀況將變得更加緊張，我們認為認為可能會創造更多的機會。

And as I said in my comments, we're ready to go when and if that happens.

正如我在評論中所說，如果這種情況發生，我們已經準備好出發。

We are limited by how many dealerships we can acquire in a year.

我們受到一年內可以獲得的經銷商數量的限制。

We don't have unlimited resources.

我們沒有無限的資源。

So we only want to pick the ones that fit our strategy the best and I think that's what we've done and what we will continue to do.

因此，我們只想選擇最適合我們策略的那些，我認為這就是我們已經所做的以及我們將繼續做的。

We've walked away from a number of potential dealership acquisitions because they just weren't the right fit for Lazydays.

我們放棄了一些潛在的經銷商收購，因為它們不適合 Lazydays。

So -- but we -- there's a possibility if this slowdown continues in the next 6 to 12 months that we'll see a little -- we'll see more opportunities.

因此，如果這種放緩在未來 6 到 12 個月內持續下去，我們有可能會看到更多的機會。

Put it that way.

就這樣說吧。

Nick, do you want to add to that, no?

尼克，你想補充一下嗎？

No, no, covered it.

不不不，覆蓋了。

(Operator Instructions) And we have no further questions in queue.

（操作員說明）我們隊列中沒有其他問題了。

I'll turn the call back to Bill Murnane for closing remarks.

我將把電話轉回給比爾莫南 (Bill Murnane)，讓其致閉幕詞。

Thank you, Lisa.

謝謝你，麗莎。

Thanks, everyone, for joining us today.

謝謝大家今天加入我們。

We will talk to you again in 3 months.

我們將在 3 個月後再次與您交談。

Have a great week.

祝你有個愉快的一周。

Thank you.

謝謝。

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。