Lazydays Holdings Inc (GORV) 2019 Q3 法說會逐字稿

Good morning.

早安.

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

我叫蘇珊娜，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.。

Third Quarter 2019 Financial Results Conference Call.

2019 年第三季財務業績電話會議。

(Operator Instructions)

（操作員說明）

Mr. James Meehan, Corporate Controller, you may now begin.

公司財務總監 James Meehan 先生，現在可以開始了。

Thank you, Suzanne.

謝謝你，蘇珊娜。

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

早安，感謝您參加我們的 2019 年第三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 and 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 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」部分下獲取，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, tax, 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 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 September 30, 2019, and 2018 as well as the 9 months ended September 30, 2019, the financial information presented represents the operating results of Lazydays Holdings, Inc.

截至2019年9月30日及2018年的3個月以及截至2019年9月30日的9個月，所提供的財務資訊代表Lazydays Holdings, Inc.的經營業績。

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。

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。

In the third quarter, we saw a continuation of the weaker demand that began in September 2018.

第三季度，我們看到自 2018 年 9 月開始的需求疲軟持續。

Destocking also continued in the third quarter, and we believe the pace of destocking was more aggressive in the third quarter for a number of reasons.

第三季去庫存也持續，我們認為由於多種原因，第三季去庫存的步伐更加激進。

First, there was a model year change in the quarter, and this created a lot of incentive to move 2019 product off of lots.

首先，本季車型年份發生變化，這產生了很大的動力將 2019 年產品從批次中移除。

Second, the third quarter represents the end of the primary summer selling season for the majority of dealers in the country, and dealers were trying to move as much inventory as possible off their lots before the demand slowed down for the winter.

其次，第三季代表了該國大多數經銷商主要夏季銷售季節的結束，經銷商正試圖在冬季需求放緩之前將盡可能多的庫存移出他們的地段。

Third, dealers typically have curtailment payments due on their Floorplan loans once a new vehicle has been on the lot for a year or more.

第三，一旦新車停放一年或更長時間，經銷商通常會因平面圖貸款而需要支付縮減付款。

The behavior we saw in the marketplace indicates to us that dealers reacted to the overstocking of the last year or so as to avoid larger-than-normal curtailment payments.

我們在市場上看到的行為表明，經銷商對去年的庫存過剩做出了反應，以避免超出正常水平的限產付款。

Curtailments can have a significant negative impact on cash flow, forcing dealers to reduce prices and margins to move vehicles facing curtailment.

限電可能會對現金流量產生重大負面影響，迫使經銷商降低價格和利潤，以出售面臨限電的車輛。

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

一般來說，我們盡量不參與大幅的價格折扣。

Unfortunately, the trifecta of activities mentioned above forced us to price more aggressively during the quarter, which did impact our margins.

不幸的是，上述三重活動迫使我們在本季更加積極地定價，這確實影響了我們的利潤率。

Based on early indications we've seen in the market, we believe margins will improve in the fourth quarter.

根據我們在市場上看到的早期跡象，我們相信第四季度的利潤率將有所改善。

The good news is that this activity has likely accelerated destocking in the industry.

好消息是，這項活動可能加速了該行業的去庫存。

The bad news is that it had a very adverse impact on gross margins, as many dealers priced product very aggressively at or below cost in order to move it.

壞消息是，這對毛利率產生了非常不利的影響，因為許多經銷商為了銷售而非常積極地將產品定價為成本或低於成本。

Nick will comment more on the gross margin impact in a few minutes, but we believe margins should start to move higher as the activities mentioned above come to an end.

尼克將在幾分鐘內對毛利率的影響進行更多評論，但我們認為，隨著上述活動的結束，利潤率應該開始走高。

We are pleased to continue to experience the growth benefits of our geographic expansion strategy in the third quarter.

我們很高興在第三季度繼續體驗我們的地域擴張策略的成長效益。

Although overall RV demand was down in the third quarter, we were able to generate double-digit revenue growth.

儘管第三季房車整體需求下降，但我們仍實現了兩位數的營收成長。

Our inventory continues to be well balanced, and we feel very good about our current inventory position.

我們的庫存繼續保持良好平衡，我們對當前的庫存狀況感覺非常好。

Our balance sheet is in great shape, and we are ready to take advantage of any strategic opportunity that presents itself.

我們的資產負債表狀況良好，我們已準備好利用任何出現的策略機會。

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

現在我將把它交給我們的財務長尼克·托馬肖特（Nick Tomashot），他將帶您了解第三季度的一些財務亮點。

Nick?

缺口？

Thank you, Bill, and good morning, everyone.

謝謝你，比爾，大家早安。

Please note that unless stated otherwise, the 2019 third quarter results comparisons are to the same 3-month period ended September 30, 2018.

請注意，除非另有說明，2019 年第三季業績比較是與截至 2018 年 9 月 30 日的三個月期間進行的比較。

Total revenues for the quarter were $158.4 million, up $16 million or 11.3% versus 2018.

本季總營收為 1.584 億美元，比 2018 年增加 1,600 萬美元，增幅 11.3%。

Starting with RV sales, total RV revenue from the sale of recreational vehicles was $138.9 million for the quarter, up $13.6 million or 10.8%.

從房車銷售開始，本季房車銷售總收入為 1.389 億美元，成長 1,360 萬美元，成長 10.8%。

Total RV unit sales, excluding wholesale units, were 1,935, up 135 units or 7.5%.

房車總銷量（不含批發單位）為 1,935 輛，成長 135 輛，即 7.5%。

Breaking out new RV sales, unit sales were 1,248, up 170 units or 15.8% compared to prior year.

從新房車銷售來看，銷量為 1,248 輛，比上年增加 170 輛，成長 15.8%。

The average selling price of new vehicles was $69,100, down $4,400 per unit or 6%.

新車平均售價為 69,100 美元，每輛下降 4,400 美元，或 6%。

Net new RV sales revenue was $86.8 million, up $7 million or 8.8%.

新房車淨銷售收入為 8,680 萬美元，成長 700 萬美元，即 8.8%。

Shifting to pre-owned vehicle results.

轉向二手車結果。

Units sold, excluding wholesale, were 687, down 35 units or 4.8%.

銷量（不含批發）為 687 套，下降 35 套，即 4.8%。

Pre-owned vehicle revenue for the quarter was $52 million, up $6.4 million or 14.2% from 2018.

該季度二手車收入為 5,200 萬美元，比 2018 年增加 640 萬美元，增幅 14.2%。

The average selling price of pre-owned recreational vehicles was $65,500, up $5,500 per unit or 9.2%.

二手休閒車的平均售價為 65,500 美元，每輛上漲 5,500 美元，或 9.2%。

The unit decline impact on our retail pre-owned vehicle sales revenues versus 2018 were partially offset by a $4 million increase in our low- to no-margin wholesale sales.

與 2018 年相比，我們零售二手車銷售收入的銷售下降所受到的影響被我們低利潤甚至無利潤的批發銷售額增加 400 萬美元所部分抵銷。

Revenues from our other lines of business consists of parts, accessories and related services, finance and insurance or F&I revenue as well as other miscellaneous revenue, including consignment sales commissions, camp grounds, 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、租金、餐廳等。

In total, revenue from these other lines of business for the quarter was $19.5 million, up $2.5 million or 14.7% 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 250 萬美元，即 14.7%。

This increase was driven by an F&I revenue increase of $1.2 million or 13.7% to $9.3 million and a parts and service revenue increase of $1.6 million or 23.2% to $8.8 million.

這一增長是由 F&I 收入增長 120 萬美元（即 13.7%）至 930 萬美元以及零件和服務收入增長 160 萬美元（即 23.2%）至 880 萬美元推動的。

These F&I and service revenue increases were driven by our acquired locations in Minnesota, Tennessee and The Villages, Florida as well as increased F&I penetration across our combined business and were partially offset by declines in other miscellaneous revenue streams.

這些 F&I 和服務收入的成長是由我們在明尼蘇達州、田納西州和佛羅裡達州 The Villages 收購的地點以及我們合併業務中 F&I 滲透率的提高所推動的，但部分被其他雜項收入流的下降所抵消。

We continue to be pleased with our F&I performance as evidenced by F&I revenue indexing at 7% of retail RV revenue compared to 6.6% in Q3 2018.

我們仍然對我們的 F&I 業績感到滿意，F&I 收入指數佔零售房車收入的 7%，而 2018 年第三季為 6.6%。

Q3 gross profit was $30.5 million, up $0.2 million versus 2018.

第三季毛利為 3,050 萬美元，比 2018 年增加 20 萬美元。

Gross margin as a percentage of revenue declined compared to prior year to 19.3% versus 21.3% in 2018, with the change primarily driven by aggressive competitive end-of-year -- end-of-model-year pricing, reducing RV sales gross margins as well as increased low- to no-margin wholesale sales as a percentage of our sales mix.

毛利率佔收入的百分比較上一年下降至 19.3%，而 2018 年為 21.3%，這一變化主要是由於年末定價競爭激烈，導致房車銷售毛利率下降以及增加低利潤甚至無利潤的批發銷售在我們銷售組合中所佔的百分比。

Excluding transactions costs, depreciation and amortization and the amortization of stock-based compensation, SG&A for the quarter was $25.6 million, up $1.8 million compared to the prior year related to expenses from our 3 dealership acquisitions since August 2018 in Minnesota, Tennessee and The Villages, Florida.

不包括交易成本、折舊和攤銷以及股票薪酬攤銷，本季的銷售及管理費用為2560 萬美元，比上一年增加180 萬美元，這與我們自2018 年8 月以來在明尼蘇達州、田納西州和The Villages 收購3 家經銷商的費用有關，佛羅裡達州。

Amortization of stock-based compensation decreased $1.6 million compared to the prior year as a result of the graded vesting schedule of the market-based awards issued to management in March of 2018.

由於 2018 年 3 月向管理層發放的基於市場的獎勵的分級行權時間表，與上一年相比，基於股票的薪酬攤銷減少了 160 萬美元。

Income tax expense was $0.9 million as compared to $1.1 million for 2018.

所得稅費用為 90 萬美元，而 2018 年為 110 萬美元。

And the net loss for the third quarter was $2.5 million as compared to the net loss of $2.7 million in 2018 for the reasons noted above.

由於上述原因，第三季淨虧損為 250 萬美元，而 2018 年淨虧損為 270 萬美元。

Adjusted EBITDA was $5.3 million for the quarter, down $1 million versus 2018.

本季調整後 EBITDA 為 530 萬美元，比 2018 年減少 100 萬美元。

Adjusted EBITDA margin decreased 110 basis points to 3.3%.

調整後 EBITDA 利潤率下降 110 個基點至 3.3%。

This was primarily driven by the decline in our gross margins for the period, which were down 200 basis points to 19.3% for the reasons I've discussed previously.

這主要是由於我們在此期間的毛利率下降所致，由於我之前討論過的原因，毛利率下降了 200 個基點至 19.3%。

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 September 30 balance sheet and our financial position.

現在轉向我們 9 月 30 日的資產負債表和我們的財務狀況。

We had cash on hand of $33.5 million and net working capital of $45.2 million, with cash up $6.9 million compared to December 31, 2018, and up $3.3 million compared to June 30, 2019.

我們手頭現金為3,350萬美元，淨營運資本為4,520萬美元，與2018年12月31日相比現金增加690萬美元，與2019年6月30日相比增加330萬美元。

This increase was primarily the result of cash flows from operating activities net of our Floorplan financing payoffs as we reduced our inventory year-to-date by approximately $54 million, excluding the recently acquired inventory at The Villages, Florida.

這一增長主要是由於經營活動產生的現金流扣除了我們的平面圖融資支出，因為我們今年迄今減少了約 5,400 萬美元的庫存（不包括最近在佛羅裡達州 The Villages 收購的庫存）。

At the end of Q3, we had approximately $126.2 million in total inventory consisting of $88.7 million in new vehicles, $36.4 million in pre-owned vehicles, about $4 million in parts and inventory and LIFO reserves of $2.8 million.

截至第三季末，我們的庫存總額約為 1.262 億美元，其中包括 8,870 萬美元的新車、3,640 萬美元的二手車、約 400 萬美元的零件和庫存以及 280 萬美元的後進先出儲備。

As of September 30, 2019, we had no borrowings under our $5 million revolving credit facility, $15.7 million in term loans outstanding and $107.6 million in gross notes payable in our Floorplan facility.

截至 2019 年 9 月 30 日，我們的 Floorplan 貸款中沒有 500 萬美元循環信貸額度下的借款、1,570 萬美元的未償還定期貸款和 1.076 億美元的應付票據總額。

We also had approximately $7.4 million outstanding on notes payable related to acquisitions.

我們還有約 740 萬美元的未償應付票據與收購相關。

Thanks for your time this morning, and now I'll turn the call back over to Bill Murnane.

感謝您今天早上抽出寶貴的時間，現在我將把電話轉回比爾·默南 (Bill Murnane)。

Thanks, Nick.

謝謝，尼克。

We had a number of exciting announcements during the third quarter.

我們在第三季發布了許多令人興奮的公告。

We closed on our acquisition of Alliance Coach on August 1. This dealership has been branded Lazydays at The Villages and is located near the entrance to The Villages' active adult community, and just 30 minutes from Orlando, Florida.

我們於 8 月 1 日完成了對 Alliance Coach 的收購。

It will give us great access not only to The Villages but also to the Orlando and Ocala, Florida markets and help us grow our Florida market share.

它不僅使我們能夠輕鬆進入 The Villages，而且還能進入佛羅裡達州奧蘭多和奧卡拉市場，並幫助我們擴大佛羅裡達州的市場份額。

Lazydays at The Villages becomes our seventh full-service dealership.

Lazydays at The Villages 成為我們第七家全方位服務的經銷商。

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

請回想一下，今年早些時候，我們還宣布，我們將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 年第二季末投入營運。

In September, we announced we will open Lazydays Service of Houston in the first quarter of 2020.

9 月，我們宣布將於 2020 年第一季開放休士頓 Lazydays 服務。

This 30,000-square foot state-of-the-art service facility will be the first of what we hope will be many dedicated Lazydays service centers.

這個佔地 30,000 平方英尺的最先進的服務設施將是我們希望成為的眾多專門的 Lazydays 服務中心中的第一個。

RV owners and RV manufacturers are demanding better service from the RV industry, and we are committed to providing it.

房車車主和房車製造商要求房車產業提供更好的服務，我們致力於提供這項服務。

The Lazydays name and brand is very well known across the RV industry and stands for an exceptional sales and service experience.

Lazydays 的名稱和品牌在房車行業中廣為人知，代表著卓越的銷售和服務體驗。

Our goal is to bring our great experience to more customers in more locations, and growing our dedicated service center footprint will help us achieve this goal.

我們的目標是為更多地點的更多客戶帶來我們的優質體驗，擴大我們的專用服務中心覆蓋範圍將幫助我們實現這一目標。

We continue to aggressively pursue growth opportunities.

我們繼續積極尋求成長機會。

We are seeing an increase in the number of owners wishing to sell their dealership.

我們看到希望出售經銷商的車主數量增加。

This doesn't mean they are all attractive or all a good fit with Lazydays' strategic direction, but it is safe to say that the sale activity has picked up in the last quarter, which should improve our ability to find attractive prospects for geographic expansion.

這並不意味著它們都有吸引力或都非常適合 Lazydays 的戰略方向，但可以肯定地說，銷售活動在上個季度有所回升，這應該會提高我們尋找有吸引力的地域擴張前景的能力。

As many of you know, we have deliberately kept a very strong balance sheet with little debt and strong cash flow to enable us to aggressively expand during an industry downturn if attractive opportunities present themselves.

正如你們許多人所知，我們刻意保持了非常強勁的資產負債表，債務很少，現金流強勁，以便我們能夠在行業低迷時期，如果有吸引力的機會出現，就能積極擴張。

We can't guarantee all or any opportunities will be appealing to us, but we do believe our chances of finding good growth prospects are improving in the current market conditions.

我們不能保證所有或任何機會都會對我們有吸引力，但我們確實相信，在當前的市場條件下，我們找到良好成長前景的機會正在增加。

And we have the resources and are well prepared to act when necessary.

我們擁有資源，並做好在必要時採取行動的充分準備。

Lastly, we are also excited to announce this morning that our Board of Directors has authorized a stock repurchase program.

最後，我們今天早上也很高興地宣布，我們的董事會已批准股票回購計畫。

We are constantly evaluating the best allocation of our capital.

我們不斷評估資本的最佳配置。

And based on the current value of our stock price, along with the confidence we have in our growth strategy, management and the Board believe that Lazydays stock is an attractive investment opportunity.

根據我們目前的股價價值，以及我們對成長策略的信心，管理階層和董事會認為 Lazydays 股票是一個有吸引力的投資機會。

The stock repurchase program will have no impact on our growth plans or strategy.

股票回購計畫不會對我們的成長計畫或策略產生影響。

We will continue to aggressively grow our geographic footprint.

我們將繼續積極擴大我們的地理足跡。

That is all for our repaired -- prepared remarks.

這就是我們準備好的評論的全部內容。

Please open the line for questions.

請打開提問專線。

Thank you.

謝謝。

Of course.

當然。

(Operator Instructions) Our first question comes from the line of Fred Wightman of Citibank.

（操作員指示）我們的第一個問題來自花旗銀行的 Fred Wightman。

Could we just start off talking about the gross margin performance in the quarter?

我們可以先談談本季的毛利率表現嗎？

I think it was down 200 basis points.

我認為下跌了 200 個基點。

It's a bit more than it was down last quarter.

比上個季度的下降幅度大一些。

Is that really all due to the uptick in promo activities?

這真的都是促銷活動增加造成的嗎？

Could you help us understand the cadence of the promo activity sort of throughout the quarter?

您能否幫助我們了解整個季度促銷活動的節奏？

And then maybe specifically on that comment about margins improving a bit or normalizing a bit into the fourth quarter, what's sort of giving you confidence there?

然後，也許特別是關於第四季度利潤率有所改善或正常化的評論，是什麼給了您信心？

Yes.

是的。

So Fred, could you repeat the question?

弗雷德，你能重複一下這個問題嗎？

I'm not sure we fully understand what you're asking.

我不確定我們是否完全理解您的要求。

Just gross margins, right?

只是毛利率，對嗎？

I mean, gross margins were down in the quarter pretty significantly on a year-over-year basis.

我的意思是，本季的毛利率比去年同期大幅下降。

Was that entirely due to promo activity and discounting?

這完全是由於促銷活動和折扣嗎？

And how did that sort of trend throughout the quarter?

整個季度的這種趨勢如何？

Yes.

是的。

I think the quarter was rough right from the start.

我認為這個季度從一開始就很艱難。

I knew it was a continuation of last -- the end of last quarter.

我知道這是上個季度末的延續。

So it -- I don't know if -- promo activity, there were 3 things that impacted it that we discussed, right?

所以它——我不知道——促銷活動，我們討論過有三件事影響它，對吧？

It was -- the end of the summer selling season certainly had an impact.

夏季銷售季節的結束肯定產生了影響。

The model year change to 2020 certainly had an impact.

車型年份更改為 2020 年確實產生了影響。

And we believe, based on the actions we're seeing and quite frankly some of the information we're seeing from acquisition candidates, that a number of dealers are facing curtailments, which is putting a lot of strain on their cash flow, which is forcing them to sell.

我們相信，根據我們所看到的行動，以及坦率地說，我們從收購候選者那裡看到的一些信息，許多經銷商正面臨著削減，這給他們的現金流帶來了很大的壓力。迫使他們出售。

So we think those conditions, it's hard for us to weigh how much each of those conditions impacted the margins, but there is a distinct movement in the market in margins and in what people were willing to take for our product.

因此，我們認為這些條件，我們很難權衡這些條件對利潤率的影響有多大，但市場上的利潤率以及人們願意接受我們產品的價格有明顯的變化。

And those were the 3 things we believe had most of the impact.

我們認為這三件事影響最大。

Go ahead, Nick.

來吧，尼克。

And when the 2020s were introduced, then dealers had more leeway to promote discounted pricing online, and we were able to see aggressive pricing being offered by our competitors relative to invoice costs.

當 2020 年代推出時，經銷商有更多的餘地在網路上推廣折扣價格，我們可以看到競爭對手提供相對於發票成本更激進的定價。

Okay.

好的。

I think that's really helpful.

我認為這真的很有幫助。

So rather than -- I mean, it's -- rather than promo, it's really discounting and sort of aggressive pricing in the industry?

所以，我的意思是，這不是促銷，而是真正的折扣和業內激進的定價？

That's sort of what I was getting at.

這就是我的意思。

And you did mention that 4Q, you think that the margin improvement is going to normalize.

您確實提到了第四季度，您認為利潤率改善將會正常化。

Can you just talk about what's giving you that confidence?

能談談是什麼給了您這樣的信心嗎？

Yes.

是的。

What we said is early indications are that it's going to improve in Q4.

我們所說的早期跡象表明，第四季度情況將會有所改善。

And we have a month of Q4 under our belt, and that's what we're basing that on.

我們已經掌握了第四季的一個月，這就是我們的基礎。

But that isn't to say things couldn't change in November or December.

但這並不是說 11 月或 12 月情況不會改變。

We're just -- we're -- it's feeling like it's moving back in the other direction now.

我們只是──我們──感覺現在朝著另一個方向移動。

One more comment, and Nick touched on it.

尼克又談到了一則評論。

I think you know, Fred, that advertised pricing, Internet pricing, when they introduce a new model year, that comes off of the old product.

弗雷德，我想你知道，當他們推出新車型時，廣告定價、網路定價是從舊產品中扣除的。

So there is no longer a minimum price and dealers can really go out there and promote any price they want, and that ends up really having a negative impact on margins when that happens.

因此，不再有最低價格，經銷商可以真正推銷他們想要的任何價格，而當這種情況發生時，最終會對利潤產生負面影響。

Sure.

當然。

That makes sense.

這是有道理的。

And I think last quarter, you talked about destocking, the retail destocking.

我認為上個季度，您談到了去庫存，零售去庫存。

You expected that to continue through the end of this year.

您預計這種情況將持續到今年年底。

It sounds like that accelerated a little bit this quarter.

聽起來本季這一趨勢有所加速。

I mean is the inventory, sort of at an industry level, clean now?

我的意思是，從產業層面來看，庫存現在乾淨了嗎？

Do you still think that there are some more units that need to come out?

您還認為還有更多單位需要推出嗎？

How are you thinking about that today?

今天你對此有何感想？

Yes.

是的。

We obviously don't see everybody else's inventory, so it's hard for us to gauge that.

顯然，我們看不到其他人的庫存，因此我們很難衡量這一點。

We do get insight into some others' inventory as we pursue our geographic expansion.

當我們追求地域擴張時，我們確實深入了解了其他一些公司的庫存。

And it's still -- we think there was a good move in the quarter to get inventories right, but we still think there's a little room to grow.

我們仍然認為本季在調整庫存方面採取了很好的舉措，但我們仍然認為還有一點成長空間。

But we're in much better shape, is our sense.

但我們的感覺是，我們的狀態好多了。

Okay.

好的。

And then just finally, sort of overall retail expectations for the industry.

最後，是對該行業的整體零售預期。

I mean, not a lot of units left here in '19, but how are you thinking about '19 and '20 just from sort of an overarching industry performance at the retail level?

我的意思是，19 年留下的單位並不多，但是僅從零售層面的整體行業表現來看，您如何看待 19 和 20 年？

I'm sorry.

對不起。

Could you repeat the question again, Fred?

弗雷德，你能再重複一次這個問題嗎？

Sorry.

對不起。

Yes.

是的。

Just industry-level retail expectations for the rest of this year and next year.

只是今年剩餘時間和明年的產業級零售預期。

Yes.

是的。

I'm still not sure.

我還是不確定。

What do we expect for the balance of the year next year?

我們對明年的剩餘時間有何預期？

Well, for retail, I mean at an industry level, it's -- where do you think 2019 full year retail will end up at an industry level?

嗯，對於零售業來說，我的意思是在行業層面上，您認為 2019 年全年零售業最終會在行業層面上走向何方？

And then for 2020, do you think that'll stay the same?

那麼到了 2020 年，您認為這種情況會保持不變嗎？

Is it going to improve?

會有所改善嗎？

Sort of still be down mid-single digit?

還是會下降中個位數嗎？

Like how are you thinking about that?

例如你怎麼想這個？

Yes.

是的。

We're kind of planning for a continued softening in 2020, flat to down a little bit in 2020.

我們計劃在 2020 年繼續走軟，2020 年持平或略有下降。

But that's just our planning process.

但這只是我們的規劃過程。

It's really hard for us to give you any insight into where the industry is going.

我們真的很難讓您深入了解該行業的發展方向。

Sure.

當然。

And just to confirm that flat to down, that's talking about on an absolute level, right?

只是為了確認從持平到下降，這是在絕對水平上談論的，對嗎？

You're not saying flat versus what you saw in '19 to down a little bit.

你並不是說與 19 年看到的相比持平或下降了一點。

You're saying at an absolute level, it could be flat to down slightly.

你是說在絕對水平上，它可能會持平甚至略有下降。

We're thinking overall, RV retail demand is probably flat to down a little bit.

我們認為，整體而言，房車零售需求可能持平甚至略有下降。

That's what everybody is saying, so we're not saying anything different than what others are saying.

這就是每個人都在說的，所以我們所說的話與其他人所說的話沒有什麼不同。

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

瑞安·西格達爾替補史蒂夫。

So I know you guys historically don't comment on organic sales versus acquisition contribution, but it would be helpful.

所以我知道你們歷來不會對有機銷售與收購貢獻發表評論，但這會很有幫助。

So I guess, at a minimum, are you willing to comment if revenue was up year-over-year on an organic basis in the quarter?

所以我想，至少，您是否願意評論本季收入是否比有機增長？

We're not prepared to give that.

我們不准備這樣做。

And we're not -- when we get bigger, we may do that, Ryan, but it's just -- competitively, we don't want to share too much data like that.

我們不會——當我們變得更大時，我們可能會這樣做，瑞安，但這只是——競爭性的，我們不想分享太多這樣的數據。

So the answer is no, we're not going to break out same-store sales at this point in time.

所以答案是否定的，我們目前不打算公佈同店銷售狀況。

Okay.

好的。

A few follow-up questions on the vehicle gross margins.

關於車輛毛利率的一些後續問題。

But -- so first, of the 220-basis point vehicle gross margin decline, can you quantify how much of that was from mix shift from new to used?

但是，首先，在汽車毛利率下降 220 個基點中，您能否量化其中有多少是由於從新車到二手車的混合轉變造成的？

So like new units were up quite nicely and used were down.

因此，就像新單位成長得相當好，而舊單位則下降了。

I don't have what the mix shift was that I was breaking that out, but there definitely was an impact of a shift from the higher-margin used to the newer units.

我不知道我要打破的混合轉變是什麼，但從使用的較高利潤單位轉向較新的單位肯定會產生影響。

And then at the same time, the -- we also believe that the discounting that we were seeing on the new units, the move to 2019 model year, had an impact on used sales overall.

同時，我們也認為，新車型的折扣以及轉向 2019 年車型年對二手車的整體銷售產生了影響。

Just with new units being attractively priced, it was putting pressure on our ability to sell through the used.

由於新單位的價格很有吸引力，這給我們銷售二手單位的能力帶來了壓力。

Got you.

明白你了。

So that kind of goes along to my next question.

這就是我的下一個問題。

But was there any -- it sounds like both new and used felt the pressure from new.

但有沒有——聽起來新的和二手的都感受到了來自新的壓力。

But was there any outsized pricing pressure, I guess in either the new versus used, and then as well as towables, motorized, et cetera?

但我猜無論是新車還是二手車，以及拖車、機動車輛等，是否有巨大的定價壓力？

Yes.

是的。

Yes.

是的。

And then moving along to F&I, nicely up 14%.

然後是 F&I，成長了 14%。

Is that primarily a structural improvement at Lazy of getting better tax rates?

這主要是 Lazy 獲得更好稅率的結構性改進嗎？

Or is there some market dynamics that are improving that are also helping there?

或者是否有一些正在改善的市場動態也對此有所幫助？

I think that's all internal improvement, either us improving our existing operations or some of the new ones that we acquire.

我認為這都是內部改進，要嘛是我們改進現有業務，要嘛是我們收購的一些新業務。

But that's just a great F&I team that we have that's doing a great job.

但這只是我們擁有的一支出色的 F&I 團隊，他們做得非常出色。

And we're able to benchmark our locations against each other.

我們能夠對我們的地點進行相互比較。

And if there's best practices that we can apply or even getting the right people in the right seat and in those F&I roles, we make those adjustments.

如果有我們可以應用的最佳實踐，甚至讓合適的人擔任合適的職位並擔任這些 F&I 角色，我們就會做出這些調整。

Got you.

明白你了。

Last one for me.

最後一張給我。

You've talked quite a bit about curtailments and how it impacted from a competitive standpoint of competitors having to move the inventory.

您已經談論了很多關於削減的問題，以及從競爭對手必須轉移庫存的競爭角度來看，它是如何影響的。

I guess did you guys bump up against any curtailments that impacted your inventory decisions?

我想你們是否遇到任何影響你們庫存決策的削減？

Or was that entirely just a pricing issue against competitor actions?

或者這完全只是針對競爭對手行為的定價問題？

It was all against competitive action.

這都是反對競爭行為的。

Our curtailments are minimal.

我們的削減是最小的。

And certainly, similar to historical levels, we've managed our inventory, so we do not face any issues relative to curtailment.

當然，與歷史水準類似，我們已經管理了庫存，因此我們不會面臨任何與削減相關的問題。

But we do think a number of our competitors did.

但我們確實認為我們的一些競爭對手做到了。

(Operator Instructions) We have another question from Fred Wightman, Citibank.

（操作員說明）花旗銀行的 Fred Wightman 向我們提出了另一個問題。

Just one quick follow-up on the curtailment side.

只是在削減方面進行了一次快速跟進。

This isn't -- you're not seeing Floorplan lenders get more aggressive with curtailments, it's really just the fact that we're coming up on the 12th month anniversary of some of this inventory hitting the channel, is that fair to say?

這不是——你沒有看到Floorplan貸款人在削減方面變得更加積極，這實際上只是我們即將迎來部分庫存進入渠道12個月週年紀念日的事實，這樣說公平嗎？

Or are you actually seeing some changes in the terms or finance partners get a little bit stricter with some of those payments?

或者您實際上是否看到條款發生了一些變化，或者財務合作夥伴對其中一些付款變得更加嚴格了？

No.

不。

I think you have it right, Fred.

我認為你說得對，弗雷德。

It's just normal.

這很正常。

You pass an anniversary curtailment start, it's normal practice.

你度過了周年紀念日削減開始，這是正常的做法。

And if you're approaching the end of the season, if you're, say, in one of the northern areas, the likelihood that you're going to have to continue to make payments during the slow season is high.

如果您接近季節末，例如您在北部地區之一，那麼您在淡季期間必須繼續付款的可能性很高。

And there are no further questions in the queue.

並且隊列中沒有其他問題。

I turn the call back over to Bill Murnane for his closing remarks.

我將電話轉回給比爾‧默南，讓他作結束語。

Great.

偉大的。

Thank you, everyone, for joining us this morning, and we'll talk to you next quarter.

謝謝大家今天早上加入我們，我們將在下個季度與您交談。

Thank you.

謝謝。

Have a great day.

祝你有美好的一天。

And 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。