Lazydays Holdings Inc (GORV) 2019 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to Lazydays Holdings Fourth Quarter 2019 Financial Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

女士們、先生們，感謝大家的支持並歡迎參加 Lazydays Holdings 2019 年第四季財務業績電話會議。 （操作員指示）請注意，今天的會議正在錄製中。 （操作員說明）

I would now like to hand the conference over to your speaker today, Debbie Harrell, Corporate Controller. Thank you. Please go ahead, Ms. Harrell.

我現在想將會議交給今天的發言人黛比·哈雷爾（Debbie Harrell），公司財務總監。謝謝。請繼續，哈勒爾女士。

Okay. Thank you so much. Good morning, and thank you for joining us for our Fourth Quarter Year-End 2019 Financial Results Conference Call. I'm Debbie Harrell, Corporate Controller at Lazydays.

好的。太感謝了。早安，感謝您參加我們的 2019 年第四季年終財務業績電話會議。我是黛比·哈雷爾 (Debbie Harrell)，Lazydays 的公司財務總監。

We issued the company's earnings press release this morning. A copy of the earnings release is available under the Events and 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.

我們今天早上發布了該公司的收益新聞稿。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 you'll hear today during our discussion may consist of forward-looking statements, including, without limitation, statements regarding unit sales, revenue, gross margins, operating expenses, stock-based compensation expense, taxes, product mix shift and geographic expansion. Actual results or trends for future periods could differ materially from the forward-looking statements as a result of many factors.

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，包括但不限於有關單位銷售額、收入、毛利率、營運費用、股票補償費用的陳述、稅收、產品結構轉變和地域擴張。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 19, 2020.

如需了解更多信息，請參閱 2020 年 3 月 19 日向 SEC 提交的 8-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 for understanding the company's results, including EBITDA and adjusted EBITDA. Please refer to our earnings press release for reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures.

我們也將討論非公認會計準則財務績效指標，我們認為這些指標有助於了解公司的業績，包括 EBITDA 和調整後的 EBITDA。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 fiscal year ended November -- December 31, 2019, the 3 months ended December 31, 2019, and the 3 months ended December 31, 2018, the financial information presented represents the operating results of Lazydays Holdings, Inc. For the fiscal year ended December 31, 2018, the financial information presented represents the combined operating results of Lazydays Holdings, Inc. for the period from March 15, 2018, to December 31, 2018, with the operating results of Lazy Days' R.V. Center, Inc. for the period from January 1, 2018 to March 14, 2018.

截至2019年11月至12月31日的財政年度、截至2019年12月31日的三個月以及截至2018年12月31日的三個月，所提供的財務資訊代表Lazydays Holdings, Inc.的經營績效。 。 Center, Inc.的期限為2018年1月1日至2018年3月14日。

Now it is my pleasure to introduce Nick Tomashot, who will provide an overview of the 2019 fourth quarter and full year financials.

現在我很高興向您介紹 Nick Tomashot，他將概述 2019 年第四季和全年財務狀況。

Thank you, Debbie. Please note that unless stated otherwise, the quarter and fiscal year results comparisons are to the same 3 and 12-month periods ended December 31, 2018.

謝謝你，黛比。請注意，除非另有說明，季度和財年業績比較均針對截至 2018 年 12 月 31 日止的 3 個月和 12 個月期間。

Total revenues for the fourth quarter were $144.9 million, up $19 million or 15.1% from 2018. Revenue from the sale of recreational vehicles was $126.5 million for the quarter, up $16.4 million or 14.9%. RV unit sales, excluding wholesale units, were 1,585, up 251 units or 18.8%.

第四季總營收為 1.449 億美元，比 2018 年成長 1,900 萬美元，增幅 15.1%。房車銷售量（不含批發單位）為 1,585 輛，成長 251 輛，成長 18.8%。

Q4 revenue from the sale of new recreational vehicles was $74.4 million, up $8.3 million or 12.6%.

第四季新休閒車銷售收入為 7,440 萬美元，成長 830 萬美元，成長 12.6%。

New vehicle unit sales were 874, up 87 units or 11.1%. The average selling price of new vehicles was $84,500, up $1,000 or 1.2%.

新車銷量874輛，成長87輛，成長11.1%。新車平均售價為84,500美元，上漲1,000美元，漲幅1.2%。

Q4 revenue from the sale of pre-owned vehicles was $52.1 million, up $8 million or 18.2% from 2018. Pre-owned units sold, excluding wholesale units, were 711, up 164 units or 30%.

第四季二手車銷售收入為 5,210 萬美元，比 2018 年增加 800 萬美元，增幅為 18.2%。

The average selling price of used recreational vehicles was $68,300, which was 7.7% lower compared to the fourth quarter of 2018. Revenue 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 miscellaneous revenue. In total, revenue from these other lines of business was $18.4 million, up $2.7 million or 17.1% compared to 2018.

二手休閒車的平均售價為 68,300 美元，較 2018 年第四季下降 7.7%。這些其他業務線的總收入為 1,840 萬美元，比 2018 年增加 270 萬美元，即 17.1%。

The increase was driven by an F&I revenue increase of $1.4 million or 20.6% to $8.2 million and a parts and service revenue increase of $1.6 million or 20.7% to $9.3 million. These increases were partially offset by a $0.3 million decrease in campground and other miscellaneous revenue. Q4 gross profit, excluding noncash, last-in, first-out or LIFO adjustments, was $30.1 million, up $2.8 million versus 2018.

這一成長的推動因素是 F&I 收入成長 140 萬美元，即 20.6%，達到 820 萬美元，零件和服務收入成長 160 萬美元，即 20.7%，達到 930 萬美元。這些成長被露營地和其他雜項收入減少 30 萬美元部分抵消。不包括非現金、後進先出或 LIFO 調整的第四季毛利為 3,010 萬美元，比 2018 年增加 280 萬美元。

Gross margin, excluding LIFO adjustments, declined between the two periods to 20.8% compared to 21.7% in 2018 with the change primarily driven by competitive end-of-model-year pricing, reducing RV sales gross margins as well as increased wholesale sales as a percentage of our overall sales mix.

不包括後進先出調整的毛利率在兩個期間內下降至 20.8%，而 2018 年為 21.7%，這一變化主要是由於競爭性的年終定價、房車銷售毛利率下降以及批發銷售增加所致。占我們整體銷售組合的百分比。

Including noncash LIFO adjustments, which had a net unfavorable swing of $0.5 million compared to prior year, gross profit for the quarter was $29.2 million, up $2.3 million or 8.6%.

包括非現金後進先出調整（與前一年相比淨不利波動 50 萬美元），本季毛利為 2,920 萬美元，成長 230 萬美元，成長 8.6%。

Excluding transaction costs, stock-based compensation and depreciation and amortization, SG&A for the quarter was $26.3 million, up $4.6 million compared to prior year. This increase is attributable to the additional overhead expenses contributed by the recently acquired location at The Villages in Florida as well as a full quarter of overhead associated with the Tennessee location acquired in December 2018.

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 (SG&A) 為 2,630 萬美元，比去年同期增加 460 萬美元。這一增長歸因於最近收購的佛羅裡達州 The Villages 地點帶來的額外管理費用以及 2018 年 12 月收購的田納西州地點相關的整整四分之一的管理費用。

The prior year comparable is also unfavorable because of an approximately $1.2 million net favorable impact in Q4 2018 related to accruals for employee benefits and incentive compensation and bad debt reserves.

由於 2018 年第四季與員工福利、激勵薪資和壞帳準備金的應計費用相關的約 120 萬美元的淨有利影響，上一年的可比情況也很不利。

In addition, Q4 2019 SG&A was impacted by a $0.4 million adjustment for impairment of rental units as well as an increase in performance and incentive compensation and other personnel costs.

此外，2019 年第四季的 SG&A 受到租賃單位減損 40 萬美元調整以及績效和激勵薪酬以及其他人員成本增加的影響。

Amortization of stock-based compensation decreased $1.7 million and depreciation and amortization increased $0.2 million compared to prior year.

與前一年相比，股票薪資攤提減少了 170 萬美元，折舊和攤提增加了 20 萬美元。

Net loss for the fourth quarter was $0.5 million as compared to a net loss of $2.4 million in 2018. This $1.9 million improvement was primarily the result of the just discussed increase in gross profit and operating expenses, the decline in amortization of stock-based compensation as well as a $2.7 million decrease in income tax expense.

第四季淨虧損為 50 萬美元，而 2018 年淨虧損為 240 萬美元。 270 萬美元。

Adjusted EBITDA was $3.3 million for the quarter, down $1.3 million. Adjusted EBITDA margin decreased by 140 basis points to 2.3%.

本季調整後 EBITDA 為 330 萬美元，減少 130 萬美元。調整後 EBITDA 利潤率下降 140 個基點至 2.3%。

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。

I'm now going to take you through a summary of our full year and financial results.

現在我將向您介紹我們的全年業績和財務業績摘要。

Total revenue for the year was $644.9 million, up $36.7 million or 6% from 2018. Revenue from the sale of recreational vehicles was $56.1 million for the year, up $28.9 million or 5.4%. RV unit sales, excluding wholesale units, were 7,591, up 295 units or 4%.

全年總收入為 6.449 億美元，較 2018 年增加 3,670 萬美元，增幅 6%。 全年休閒車銷售收入為 5,610 萬美元，較 2018 年增加 2,890 萬美元，增幅 5.4%。房車銷售量（不含批發單位）為 7,591 輛，成長 295 輛，即 4%。

Year-end gross profit, excluding LIFO adjustments, was $134.6 million, up $1.5 million versus 2018. Gross margin, excluding LIFO adjustments, declined between the two years from 21.9% in 2018 to 20.9% in 2019, primarily driven by competitive end-of-model-year pricing reducing RV sales gross margins, partially offset by improved F&I revenue per vehicle sold.

年末毛利（不包括後進先出調整）為1.346 億美元，比2018 年增加150 萬美元。 ，這主要是由於年末競爭所致-車型年份定價降低了房車銷售毛利率，但每輛車銷售的 F&I 收入的提高部分抵消了這一影響。

Including noncash LIFO adjustments, which had a net unfavorable swing of $1 million compared to the prior year, gross profit for the quarter was $132.2 million, up $0.5 million or 0.4% versus 2018.

包括非現金後進先出調整（與前一年相比淨不利波動為 100 萬美元），本季毛利為 1.322 億美元，比 2018 年增加 50 萬美元，即 0.4%。

Excluding transaction costs, stock-based compensation and depreciation and amortization, SG&A for the year was $103.5 million, up $6.7 million compared to the prior year. This is attributable to the additional overhead expenses contributed by the recently acquired location at The Villages as well as the full year overhead impact associated with the Minnesota and Tennessee locations acquired in 2018.

不計交易成本、股票薪酬以及折舊和攤銷，本年度的銷售管理及管理費用為 1.035 億美元，比上年增加 670 萬美元。這是由於最近收購的 The Villages 地點帶來的額外管理費用以及 2018 年收購的明尼蘇達州和田納西州地點相關的全年管理費用影響。

Amortization of stock-based compensation decreased $3.9 million, and depreciation and amortization increased $1.4 million compared to the prior year.

與前一年相比，股票薪資攤提減少了 390 萬美元，折舊和攤提增加了 140 萬美元。

Adjusted EBITDA, a non-GAAP financial measure, was $27.9 million for the year, down $4.4 million compared to 2018. The was primarily driven by decreased RV sales gross margins previously discussed, partially offset by the increase in revenue and units sold.

調整後的EBITDA（非GAAP 財務指標）全年為2,790 萬美元，比2018 年減少440 萬美元。抵消。

Adjusted EBITDA margin, as a percentage of revenue, decreased for the year to 4.3% compared to 5.3% in 2018.

調整後 EBITDA 利潤率佔營收的百分比從 2018 年的 5.3% 下降至 4.3%。

Now turning to the December 31 balance sheet and our financial position, we had cash on hand of $31.5 million and net working capital of $36.9 million, with cash down $2 million compared to September 30, 2019. This decrease in cash includes the impact of cash used to invest in growth initiatives, including more than $9 million of fourth quarter funding towards greenfield start-ups near Houston, Texas and Nashville, Tennessee.

現在轉向12 月31 日的資產負債表和我們的財務狀況，我們手頭現金為3150 萬美元，淨營運資本為3690 萬美元，與2019 年9 月30 日相比，現金減少了200 萬美元。減少包括現金的影響用於投資成長計劃，包括第四季度為德克薩斯州休斯頓和田納西州納什維爾附近的綠地初創企業提供超過 900 萬美元的資金。

We had approximately $160.9 million in inventory, consisting of $124 million in new vehicles, $36.6 million in pre-owned vehicles and approximately $3.8 million in parts inventory, and LIFO reserves of $3.7 million. As of December 31, 2019, we had no borrowings under our $5 million revolving credit facility, $14.9 million of term loans outstanding and $144.1 million in gross notes payable on our Floorplan facility.

我們擁有約 1.609 億美元的庫存，其中包括 1.24 億美元的新車、3,660 萬美元的二手車和約 380 萬美元的零件庫存，以及 370 萬美元的後進先出儲備。截至 2019 年 12 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 1,490 萬美元，Floorplan 額度的應付票據總額為 1.441 億美元。

We also had approximately $6.7 million outstanding on notes payable related to acquisitions.

我們還有大約 670 萬美元未償付的與收購相關的應付票據。

Thank you, and now I'll turn the call over to Bill Murnane.

謝謝您，現在我將把電話轉給 Bill Murnane。

Thank you, Nick. 2019 was a tough year. Overall demand for RVs declined, excess inventory created aged inventory across the industry. Aged inventory, in turn, created a challenging pricing and margin environment. The combination of lower demand and aggressive pricing ultimately led to lower profits.

謝謝你，尼克。 2019 年是艱難的一年。房車整體需求下降，庫存過剩造成全產業庫存老化。陳舊的庫存反過來又造成了充滿挑戰的定價和利潤環境。需求下降和激進的定價最終導致利潤下降。

While 2019 proved to be a tough year for unit margins, we are happy with our overall revenue growth during the year. We were especially pleased with our service and F&I revenue growth, which are higher margin sources of revenue for our business.

雖然 2019 年對於單位利潤率來說是艱難的一年，但我們對這一年的整體收入成長感到滿意。我們對我們的服務和 F&I 收入成長感到特別滿意，它們是我們業務利潤率較高的收入來源。

Although it was a challenging year, we did not let the tough conditions of 2019 deter us from executing on our long-term business strategy. We remain laser-focused on our 3 strategic pillars, and made great strides towards achieving a best-in-class customer experience, service excellence and geographic expansion. We believe this focus has and will continue to pay big dividends.

儘管這是充滿挑戰的一年，但我們並沒有讓 2019 年的嚴峻情況阻止我們執行長期業務策略。我們仍然專注於我們的三大策略支柱，並在實現一流的客戶體驗、卓越的服務和地理擴張方面取得了長足的進步。我們相信這種關注已經並將繼續帶來巨大紅利。

We have put a lot of money -- excuse me, we've put a lot of time, energy and money into understanding and improving our customer experience, and we will continue to do so.

我們投入了大量的資金——對不起，我們投入了大量的時間、精力和金錢來理解和改善我們的客戶體驗，我們將繼續這樣做。

We independently survey every customer after their sales or service experience and have a high rate of participation in these surveys.

我們在每位客戶的銷售或服務體驗後對他們進行獨立調查，而這些調查的參與率很高。

I'm happy to report that our survey scores are showing strong improvement. And this is from a baseline that we believe is already higher than most in the industry. We still have a long way to go towards creating a best-in-class customer experience, but we are clearly moving in the right direction.

我很高興地報告，我們的調查分數顯示出強勁的進步。我們認為這是高於業界大多數基準的基準。在創造一流的客戶體驗方面，我們還有很長的路要走，但我們顯然正在朝著正確的方向前進。

We're putting tremendous effort and resources into improving the service experience at Lazydays. These efforts are streamlining our service process, so our customers will have consistency and predictability when getting their RV serviced by Lazydays.

我們正在投入巨大的努力和資源來改善 Lazydays 的服務體驗。這些努力正在簡化我們的服務流程，因此我們的客戶在獲得 Lazydays 的房車服務時將具有一致性和可預測性。

In February, we opened our first dedicated service center in Houston, Texas, and it is ramping up nicely. To support our service excellence strategy, we expect to open more dedicated service centers in the future.

二月份，我們在德克薩斯州休斯頓開設了第一個專門服務中心，並且發展勢頭良好。為了支持我們的卓越服務策略，我們預計未來將開設更多專門的服務中心。

We are moving forward on our new dealership in Nashville, Tennessee. It took us a little longer than expected to get our permitting in place, but it is now in place, and we expect to open Lazydays of Nashville for sales and service late in Q3 or early in Q4 2020. We are very excited to enter the rapidly growing Nashville market later this year.

我們正在田納西州納許維爾建立新的經銷店。我們花了比預期更長的時間才獲得許可，但現在已經到位，我們預計在 2020 年第三季度末或第四季度初開放納什維爾的 Lazydays 進行銷售和服務。時候納許維爾市場快速成長。

Our growth pipeline remains robust, and we believe we will be able to continue to grow our dealership and service network fairly aggressively for the foreseeable future.

我們的成長管道仍然強勁，我們相信在可預見的未來，我們將能夠繼續相當積極地發展我們的經銷商和服務網絡。

After a tough 2019, we were greeted in 2020 with a new pandemic called the coronavirus or COVID-19. Taking into consideration the interest around the coronavirus and its impact on our business and industry, we have decided to give an update on the current quarter. Although we normally will not comment on a quarter until it ends and we have closed our books, these are not normal times.

經過艱難的 2019 年，我們在 2020 年迎來了一種新的大流行病，稱為冠狀病毒或 COVID-19。考慮到人們對冠狀病毒的興趣及其對我們業務和行業的影響，我們決定提供本季的最新情況。儘管我們通常不會在季度結束並且結帳之前對其發表評論，但現在不是正常時期。

In addition, as a result of the later timing of our year-end versus quarterly filings, our earnings call is being held today with about 85% of Q1 complete. So we have a clear picture of how the quarter will end.

此外，由於我們的年終申報時間比季度申報的時間晚，我們今天舉行的財報電話會議已完成第一季約 85% 的工作。因此，我們清楚地了解本季將如何結束。

2020 started strong and remained strong throughout the quarter to date. In the first 2 months of the quarter, that's through February 2020, to be clear, our consolidated units and revenue were up more than 20% year-over-year. Our EBITDA was up more than 30% year-over-year through February. The demand was strong in all regions of the country.

2020 年開局強勁，並在整個季度迄今保持強勁。需要明確的是，在本季的前 2 個月，即截至 2020 年 2 月，我們的合併銷售量和營收年增了 20% 以上。截至 2 月份，我們的 EBITDA 年成長超過 30%。全國所有地區的需求都很強勁。

As a reminder, we operate in 4 regions of the country, the Southeast, the Upper Midwest, the Mountain and Southwest regions. So far in March, and that means through yesterday, we have experienced unit growth of more than 20%. It is hard to predict what the last 12 days of the quarter will look like, especially in these uncertain times, but traffic and demand have held up reasonably well through the first 18 days of March.

提醒一下，我們在全國 4 個地區開展業務：東南部、中西部上部、山區和西南部地區。 3 月到目前為止，這意味著截至昨天，我們的銷量成長了 20% 以上。很難預測本季的最後 12 天會是什麼樣子，尤其是在這些不確定的時期，但在 3 月的前 18 天中，流量和需求一直保持得相當不錯。

We do not know what the future will hold, and we are not trying to predict the future. In this environment, things can change dramatically at any time. We are simply trying to give an up-to-date status of our business to the best of our ability and view of the uncertainty in the economy and in our industry.

我們不知道未來會怎樣，也不想預測未來。在這種環境下，事情隨時都可能發生巨大變化。我們只是盡我們最大的能力以及對經濟和行業不確定性的看法來提供我們業務的最新狀況。

We are encouraged by our growth and believe it is a result of our product, pricing, promotion and merchandising choices, along with our focus on improving our customer experience and service excellence.

我們對我們的成長感到鼓舞，並相信這是我們的產品、定價、促銷和行銷選擇以及我們致力於改善客戶體驗和卓越服務的結果。

Based on RV shipment data and RV registration data, we do not believe the market is growing at the same rate as Lazydays. We believe we are gaining market share.

根據房車出貨數據和房車註冊數據，我們認為該市場的成長速度與 Lazydays 不同。我們相信我們正在贏得市場份額。

I also want to point out that Lazydays has a very strong balance sheet, and is extremely well situated to either grow aggressively or weather a significant downturn. Of course, we would prefer to use our financial strength to grow, but we understand that often economic conditions are outside of our control, and we have prepared carefully for either scenario. We also don't believe that growth and the downturn are mutually exclusive.

我還想指出，Lazydays 擁有非常強勁的資產負債表，並且處於非常有利的位置，既可以積極增長，也可以度過嚴重的低迷時期。當然，我們更願意利用我們的財務實力來實現成長，但我們知道經濟狀況往往超出我們的控制範圍，因此我們已經為這兩種情況做好了仔細的準備。我們也不認為成長和衰退是互相排斥的。

We can and will, when appropriate, continue to expand our dealership and service center network in good times and bad, and have managed our balance sheet accordingly.

無論順境或逆境，我們都可以而且願意在適當的時候繼續擴大我們的經銷商和服務中心網絡，並相應地管理我們的資產負債表。

Our cash balance was $31.5 million at the end of 2019 versus $26.6 million at the end of 2018. Moreover, we anticipate our cash balance will increase significantly during the current quarter.

2019 年底我們的現金餘額為 3,150 萬美元，而 2018 年底為 2,660 萬美元。

We believe it is prudent to plan for the coronavirus to have a negative impact on the economy and our industry over the next several weeks, and we are actively putting plans in place to deal with the -- with these potential situations.

我們認為，為冠狀病毒在未來幾週內對經濟和我們的行業產生負面影響做好計劃是謹慎的，我們正在積極制定計劃來應對這些潛在情況。

I want to emphasize that we plan to stay open for business as long as we are legally allowed to be open. I also want to be clear that nothing is more important to us than the safety of our customers and our employees.

我想強調的是，只要法律允許我們營業，我們就會計劃繼續營業。我還想澄清的是，對我們來說，沒有什麼比客戶和員工的安全更重要的了。

We have implemented and are strictly adhering to CDC coronavirus guidelines at all Lazydays locations. We believe that we provide essential services for our customers. Our customers rely on RVs for temporary housing. A large segment of the RV owners are seniors, the highest risk group for coronavirus exposure, and RVs provide seniors a safe and controlled environment. In addition, RVs are currently being used as COVID 19 mobile test centers and temporary quarantine quarters.

我們已在所有 Lazydays 地點實施並嚴格遵守 CDC 冠狀病毒指南。我們相信我們為客戶提供必要的服務。我們的客戶依靠房車作為臨時住房。房車車主中很大一部分是老年人，他們是接觸冠狀病毒的最高風險群體，房車為老年人提供了一個安全、受控的環境。此外，房車目前也被用作 COVID 19 移動測試中心和臨時隔離區。

In fact, our industry association, petitioned Vice President Pence yesterday to designate RV dealers as essential service providers. If our customers are spending time in their RVs, they will depend on Lazydays to support their RV needs, and we will be there to support them.

事實上，我們的產業協會昨天向副總統彭斯請願，指定房車經銷商為基本服務提供者。如果我們的客戶在房車上度過時光，他們將依靠 Lazydays 來滿足他們的房車需求，我們將隨時為他們提供支援。

In closing, I want to take a moment to thank the Lazydays employees. I've never been around a team of people who are more dedicated to their customers. The effort they are putting forth to make sure we continue to take great care of our customers in these very difficult times, is nothing short of amazing. I'm proud to be part of this outstanding team of people.

最後，我想花點時間感謝 Lazydays 的員工。我從未見過比他們更專注於客戶的團隊。他們為確保我們在這個非常困難的時期繼續照顧好我們的客戶而付出的努力簡直令人驚嘆。我很自豪能成為這個傑出團隊的一員。

Thank you. We'll now open the call for questions. Thanks.

謝謝。我們現在開始提問。謝謝。

(Operator Instructions)

（操作員說明）

Your first question comes from Steve Dyer.

你的第一個問題來自史蒂夫戴爾。

Maybe to start, just kind of on your last point, when you mentioned RVs being used for medical test centers, temporary housing, et cetera. Have you guys seen any increased demand in the past few days, weeks, et cetera? Or are you expecting any going forward?

也許從你的最後一點開始，當你提到房車被用於醫學測試中心、臨時住房等。你們在過去幾天、幾週等時間有看到需求增加嗎？或者說你對未來有什麼期待嗎？

Increased demand? No. I think in -- as I mentioned, we have had increased demand over -- year-over-year in -- so far this month. I would say the last 7 days versus last year, about flat, is what our data is showing. But our -- we are showing that our leads are increasing, so year-over-year. So that's kind of where we're at right now. But I wouldn't feel comfortable saying demand is increasing in the last week.

需求增加？不。我想說的是，我們的數據顯示，過去 7 天與去年相比基本持平。但我們的——我們正在表明，我們的領先優勢正在逐年增加。這就是我們現在所處的情況。但如果說上週需求增加，我會感到不舒服。

Yes. And I -- that's a poorly worded question. I meant increasing for those specific uses and what you were seeing, which you answered. And then as it relates to the -- your Q1 expectation, how much of that has already been booked versus kind of what's the expectation for the last 2 weeks of the quarter?

是的。我——這是一個措辭糟糕的問題。我的意思是增加這些特定用途和你所看到的，你回答了。然後，由於它與您對第一季的預期有關，其中已經預訂了多少，以及該季度最後兩週的預期是什麼？

Yes. Well, 85% of it's -- the quarter is done. We tend to deliver a lot of units at the end of the month. And we factored that into our consideration here. So -- what was the other part of the question?

是的。嗯，這個季度已經完成了 85%。我們傾向於在月底交付大量單位。我們在這裡考慮了這一點。那麼——問題的另一部分是什麼？

I'm sorry.

對不起。

And also, we haven't seen cancellation rates above what they typically are for this time of the year. So our book of business is holding up.

而且，我們還沒有看到取消率高於每年這個時候的通常水平。所以我們的業務記錄是可靠的。

And like I said, we do not know what today will bring, what tomorrow will bring, all we know is where we stand today.

就像我說的，我們不知道今天會帶來什麼，明天會帶來什麼，我們只知道我們今天所處的位置。

And are you factoring in any delayed delivery or inability or unwillingness, I guess, from the customers who're going to take delivery in the next few weeks? Or are you assuming kind of business as usual with that increased delivery trend at the end of the quarter?

我想，您是否考慮了未來幾週內將要提貨的客戶的任何延遲交貨或無能力或不願意的情況？還是您假設業務一切如常，季末交貨量呈現增加趨勢？

We've got 10 different scenarios we're prepared for. We -- as Nick said, we haven't seen any change in our cancellation rates. They've remained steady with historical levels. And so we're anticipating we're going to deliver -- honestly, I think we'll deliver a few less. I think a few less people will be coming in into these conditions. But we're expecting to still deliver a bunch of units over the next week in a week or 2.

我們準備了 10 種不同的場景。正如尼克所說，我們沒有看到取消率有任何變化。它們一直穩定在歷史水平。因此，我們預計我們將交付——老實說，我認為我們會交付更少的東西。我認為遇到這種情況的人將會減少。但我們預計仍將在下週的一兩週內交付大量產品。

Great. And then as it relates to capital allocation, you mentioned the cash and some of your liquidity, but you authorized a stock buyback in late 2019, which looks more attractive at current prices, but also understand the need to maintain financial flexibilities in this uncertain times. I guess, how do you think about cash uses? And then what is your current liquidity? You mentioned cash, but kind of all in, what's the liquidity available? And then any other covenants or restrictions that we should be aware of if things worsen?

偉大的。然後，就資本配置而言，您提到了現金和部分流動性，但您授權在2019 年底進行股票回購，這在當前價格下看起來更具吸引力，但也了解在這個不確定時期保持財務靈活性的必要性。我想，您如何看待現金使用？那你目前的流動性是多少？您提到了現金，但總而言之，可用的流動性是多少？如果情況惡化，我們應該注意哪些其他契約或限制？

Yes. We have a quite a bit of headroom under any covenants, under any of our debt agreements or other agreements, so we're not -- I don't have an exact liquidity.

是的。根據任何契約、任何債務協議或其他協議，我們都有相當大的空間，所以我們沒有任何東西——我沒有確切的流動性。

Nick, you may have to get back to -- we may have to get back to you on that.

尼克，你可能必須回覆——我們可能必須就此回覆你。

Exactly, we are, because we did do an amendment to our debt agreement, it is going to be part of our K disclosure. So we'll be disclosing that.

確實如此，因為我們確實對債務協議進行了修訂，這將成為我們 K 披露的一部分。所以我們將披露這一點。

So there'll be more information in the K, but I don't think we have an exact liquidity number.

因此，K 中會有更多信息，但我認為我們沒有確切的流動性數字。

In this environment, we're going to be real careful how we outlay cash, and we're going to manage it maybe a little more closely than we typically would.

在這種環境下，我們將非常謹慎地支出現金，並且我們將比通常情況更嚴格地管理現金。

But like I said, we really have a very, very strong balance sheet, probably one of the strongest in the industry, if not the strongest in the industry. And we're -- we don't have any concerns from a liquidity standpoint at this point.

但就像我說的，我們確實擁有非常非常強大的資產負債表，即使不是行業中最強的，也可能是行業中最強的。從流動性的角度來看，我們目前沒有任何擔憂。

Great. One more for me, and then I'll turn it over. Houston service center just opened, any quick early learnings there from kind of economics and what you've seen from that business? And then the opportunity to expand kind of that -- the stand-alone service center opportunity throughout the U.S.?

偉大的。再給我一份，然後我會把它翻過來。休士頓服務中心剛剛開業，您是否從經濟學中獲得了一些快速的早期經驗，以及您從該業務中看到了什麼？然後是擴大這種業務的機會——在美國各地建立獨立的服務中心的機會？

Yes. No learnings as of yet. It's still early. We're still ramping up, but things are going smooth. It's unfortunate that this situation happened during that ramp, but we do think that there's a chance that people will use their RVs even more in this environment. And if they use them more, they're going to need more service and repair. And we're going to be there for them, to help keep them safe and allow them to use their RVs as they see fit. But no learnings to date other than we're ramping according to plan.

是的。目前還沒有任何學習成果。現在還早。我們仍在努力，但一切進展順利。不幸的是，這種情況發生在斜坡期間，但我們確實認為人們有可能在這種環境下更多地使用他們的房車。如果他們更多地使用它們，他們將需要更多的服務和維修。我們將隨時為他們提供協助，確保他們的安全，並允許他們以自己認為合適的方式使用房車。但到目前為止，除了我們按照計劃進行升級之外，沒有任何收穫。

We have no further questions. I'll turn the call back over to the presenters.

我們沒有其他問題了。我會將電話轉回給演示者。

All right. Thank you, everyone, for joining us this morning, and please stay safe. And we'll talk to you in another quarter. Thank you.

好的。謝謝大家今天早上加入我們，請注意安全。我們將在另一個季度與您交談。謝謝。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。