Lazydays Holdings Inc (GORV) 2020 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Lazydays Holdings First Quarter 2020 Financial Results Conference Call. (Operator Instructions)

女士們、先生們，感謝大家的支持，歡迎參加 Lazydays Holdings 2020 年第一季財務業績電話會議。 （操作員說明）

I would now like to hand the conference over to your speaker today, Debbie Harrell. Thank you. Please go ahead, ma'am.

我現在想把會議交給今天的發言人黛比·哈勒爾。謝謝。請繼續，女士。

Thank you, April. Good morning, and thank you for joining us for our First Quarter 2020 Financial Results Conference Call. I'm Debbie Harrold, Corporate Controller at Lazydays.

謝謝你，四月。早安，感謝您參加我們的 2020 年第一季財務業績電話會議。我是黛比·哈羅德 (Debbie Harrold)，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 that you will 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 geographical expansion. Actual results or trends for future periods could differ materially from the forward-looking statements as a result of many factors. For additional information, please refer to the risk factors discussed in the Form 8-K filed with the SEC on May 7, 2020.

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。如需了解更多信息，請參閱 2020 年 5 月 7 日向 SEC 提交的 8-K 表中討論的風險因素。

We will also discuss non-GAAP measures of financial performance that we believe are useful 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. For the 3 months ended March 31, 2020, and 2019, the financial information presented represents the operating results of Lazydays Holdings, Inc.

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。截至2020年3月31日及2019年的三個月，所提供的財務資訊代表Lazydays Holdings, Inc.的營運表現。

Now it is my pleasure to introduce Nick Tomashot, who will provide an overview of the 2020 first quarter financials.

現在我很高興向您介紹 Nick Tomashot，他將概述 2020 年第一季的財務狀況。

Thanks, Debbie. Please note that unless stated otherwise, the Q1 results comparisons are to the same 3-month period ended March 2019.

謝謝，黛比。請注意，除非另有說明，第一季業績比較是與截至 2019 年 3 月的同一三個月期間進行的比較。

Total revenues across all lines of business for the first quarter were $190.9 million, up $17.8 million or 10.3% versus 2019. Revenue from the sale of recreational vehicles, or RVs, was $167.2 million for the quarter, up $14.6 million or 9.5%. New RV revenue was $102.4 million, up $4.6 million or 4.7%. And pre-owned RV sales revenue was $64.7 million, up $9.9 million or 18.1%.

第一季所有業務線的總營收為 1.909 億美元，比 2019 年成長 1,780 萬美元，成長 10.3%。新房車收入為 1.024 億美元，成長 460 萬美元，成長 4.7%。二手房車銷售收入為 6,470 萬美元，成長 990 萬美元，即 18.1%。

RV unit sales, excluding wholesale units, were 2,416, up 442 units or 22.4%. New vehicles unit sales were 1,367, up 151 units or 12.4%. And pre-owned vehicle unit sales, excluding wholesale units, were 1,049, up 291 units or 38.4%.

房車銷售量（不含批發量）為 2,416 輛，成長 442 輛，成長 22.4%。新車銷量1,367輛，成長151輛，成長12.4%。二手車銷量（不含批發量）為 1,049 輛，成長 291 輛，成長 38.4%。

Average selling price for -- of new vehicles was $74,400, down $5,600 or 7%. The average selling price of pre-owned RVs was $59,000, 9.8% lower compared to Q1 2019.

新車的平均售價為 74,400 美元，下降了 5,600 美元，即 7%。二手房車的平均售價為 59,000 美元，比 2019 年第一季下降 9.8%。

Revenues from our other channels consist 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 $23.7 million, up $3.3 million or 16.1% compared to 2019. The increase was driven by an F&I revenue increase of $1.6 million or 16% to $11.3 million and a parts and service revenue increase of $2 million or 22.7% to $10.8 million. These increases were partially offset by a $0.3 million decrease in campground and miscellaneous revenue.

我們其他管道的收入包括零件、配件及相關服務、金融和保險或F&I收入以及露營地和雜項收入。總的來說，這些其他業務線的收入為2,370 萬美元，比2019 年增加330 萬美元，即16.1% 這一增長的推動因素是F&I 收入增加160 萬美元，即16%，達到1,130 萬美元。 ，以及零件和服務收入增加200 萬美元，即 22.7% 至 1,080 萬美元。這些增長被露營地和雜項收入減少 30 萬美元部分抵消。

Q1 gross profit, excluding noncash last-in-first-out or LIFO adjustments, was $41.7 million, up $4.5 million versus 2019. Gross margin, excluding LIFO adjustments, increased between the 2 periods at 21.7% compared to 21.3% in 2019, with the change attributable to the growth across our core lines of business. Noncash LIFO adjustments had a small net unfavorable swing of $0.5 million compared to prior year. So gross profit for the quarter, including LIFO, was $41.5 million, up $4.6 million or 12.5%.

第一季毛利（不包括非現金後進先出或LIFO 調整）為4,170 萬美元，比2019 年增加450 萬美元。 2019 年為21.3%，此變更歸因於我們核心業務的成長。與前一年相比，非現金後進先出調整的淨不利波動較小，為 50 萬美元。因此，包括後進先出法在內，該季度的毛利為 4,150 萬美元，成長了 460 萬美元，即 12.5%。

Excluding transactions costs, stock-based compensation and depreciation and amortization, SG&A for the quarter was $31.1 million, up $4.6 million compared to prior year. This increase is attributable to the additional overheads associated with The Villages dealership acquired in August 2019, the new service center near Houston has started up in mid-February and increased performance wages driven by higher unit sales and revenues. Amortization of stock-based compensation increased -- decreased $0.8 million and depreciation and amortization decreased $0.6 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 3,110 萬美元，比去年同期增加 460 萬美元。這一增長歸因於與 2019 年 8 月收購的 The Villages 經銷店相關的額外管理費用、休斯頓附近的新服務中心已於 2 月中旬啟動，以及單位銷量和收入增加推動的績效工資增加。與前一年相比，股票薪資攤提增加 - 減少 80 萬美元，折舊和攤提減少 60 萬美元。

Net income for the first quarter was $3 million or $0.08 per share compared to net income of $1.8 million or $0.04 per share in 2019. This $1.2 million improvement was driven by the net of increased gross profit and SG&A expense discussed above, the reduced amortization of stock-based compensation as well as a $0.5 million reduction in interest expense, driven mainly by reduced floor plan interest.

第一季淨利為300 萬美元，即每股0.08 美元，而2019 年淨利為180 萬美元，即每股0.04 美元。 、攤銷減少所致以股票為基礎的薪酬以及利息支出減少 50 萬美元，這主要是由於平面圖利息減少所致。

Adjusted EBITDA was $9.5 million for the quarter, up $0.1 million. Adjusted EBITDA margin decreased by 40 basis points to 5.0%. Please refer to our earnings release for a table, which includes a reconciliation of net income to adjusted EBITDA.

本季調整後 EBITDA 為 950 萬美元，增加 10 萬美元。調整後 EBITDA 利潤率下降 40 個基點至 5.0%。請參閱我們的收益發布表，其中包括淨利潤與調整後 EBITDA 的調節表。

Now turning to the March 31 balance sheet and our financial position. We had cash on hand of $43.3 million and net working capital of $34.5 million, with cash up $11.8 million compared to December 31, 2019. This increase in cash includes the impact of cash provided by a $5 million mortgage on the recently completed service center near Houston, Texas, plus $4.9 million provided by the consummation of a sale-leaseback of property for the greenfield dealership being built here in Nashville, Tennessee.

現在轉向 3 月 31 日的資產負債表和我們的財務狀況。我們手頭現金為4,330 萬美元，淨營運資本為3,450 萬美元，與2019 年12 月31 日相比，現金增加了1,180 萬美元。現金的影響。

We had approximately $153.3 million in inventory, consisting of $121.4 million in new vehicles, $31.8 million in pre-owned vehicles, approximately $4 million in parts inventory and LIFO reserves of $3.9 million. Total inventory is up approximately $10 million compared to the same time prior year, which includes the addition of approximately $19 million in RV and parts inventory from our location near The Villages that we acquired in the second half of 2019.

我們擁有約 1.533 億美元的庫存，其中包括 1.214 億美元的新車、3,180 萬美元的二手車、約 400 萬美元的零件庫存以及 390 萬美元的後進先出儲備。與去年同期相比，總庫存增加了約 1,000 萬美元，其中包括我們在 2019 年下半年收購的 The Villages 附近的地點增加了約 1,900 萬美元的房車和零件庫存。

As of March 31, 2020, we had $14.2 million of term loans outstanding, $133.6 million in gross notes payable on our floor plan facility, $5 million on the Houston M&T mortgage and no borrowings under our $5 million revolving credit facility. We also had approximately $5.9 million outstanding on notes payable related to acquisitions.

截至 2020 年 3 月 31 日，我們的未償還定期貸款為 1,420 萬美元，平面圖貸款的應付票據總額為 1.336 億美元，休士頓 M&T 抵押貸款為 500 萬美元，500 萬美元的循環信貸安排沒有借款。我們還有大約 590 萬美元未償付的與收購相關的應付票據。

Thank you for your time. And I'd like to turn the call over to Bill Murnane. Bill?

感謝您抽出時間。我想把電話轉給比爾·默南。帳單？

Thank you, Nick.

謝謝你，尼克。

2020 started strong and remained strong until mid-March when the COVID-19 shelter-at-home orders began to take effect. Through the first 10 to 11 weeks of the quarter, our revenue and earnings were up significantly and both were on pace to set an all-time Lazydays record. The demand was strong at all of our dealerships across the country.

2020 年開局強勁，直到 3 月中旬 COVID-19 居家隔離令開始生效為止，一直保持強勁勢頭。在本季的前 10 到 11 週，我們的營收和收益顯著成長，並且都有望創下 Lazydays 的歷史記錄。我們全國各地的所有經銷商的需求都很強勁。

During the last 2 to 3 weeks of Q1, we experienced a substantial drop in demand as a result of most states issuing strong shelter-at-home orders. Although we managed to finish the quarter showing growth in revenue and earnings, we are confident we would have had much higher growth if not for COVID-19. In addition to the demand drop, we also experienced a shift to more used and lower-priced units, which is reflected in our lower year-over-year average selling price.

在第一季的最後 2 至 3 週，由於大多數州發布了強有力的居家避難令，我們的需求大幅下降。儘管我們在本季度的收入和收益方面取得了成長，但我們相信，如果沒有 COVID-19，我們的成長將會高得多。除了需求下降之外，我們還經歷了使用更多和價格更低的單位的轉變，這反映在我們較低的同比平均售價上。

We are encouraged by the growth in our F&I and service businesses during the quarter. As you know, we are very focused on improving and growing our service businesses at Lazydays, and we continue to grow this business as the country recover -- we will continue to grow this business as the country recovers from COVID-19.

本季 F&I 和服務業務的成長令我們感到鼓舞。如您所知，我們非常專注於改善和發展我們在Lazydays 的服務業務，並且隨著國家的復甦，我們將繼續發展這項業務- 隨著國家從COVID-19 中恢復，我們將繼續發展這項業務。

We did not lose sight of our goal to provide a best-in-class customer experience. During the quarter, we made very nice improvements in customer survey scores for both our sales and service operations. The Lazydays team has worked hard to improve these scores, and it is exciting to see their hard work generate meaningful results.

我們沒有忘記提供一流的客戶體驗的目標。在本季度，我們的銷售和服務營運的客戶調查得分都取得了巨大的進步。 Lazydays 團隊一直在努力提高這些分數，很高興看到他們的辛勤工作產生了有意義的結果。

We have managed our inventory closely, and I'm happy to report that our inventory is in great shape. We believe the size of our inventory is well matched to expected future demand. We are also very pleased with the age of our inventory. As you may know, Lazydays turns its inventory as fast or faster than anyone in the industry. Our team has worked hard to keep our inventory moving and fresh. We believe our focused inventory management positions us well as we enter the model change season in Q2 and Q3 because we will have less aged inventory to move off our lots at discounted prices.

我們密切管理我們的庫存，我很高興地報告我們的庫存狀況良好。我們相信我們的庫存規模與預期的未來需求非常匹配。我們對庫存的壽命也非常滿意。如您所知，Lazydays 的庫存週轉速度與業內任何公司一樣快，甚至更快。我們的團隊努力保持我們的庫存流動和新鮮。我們相信，我們重點關注的庫存管理使我們在第二季度和第三季度進入型號更換季節時處於有利地位，因為我們將有更少的陳舊庫存以折扣價從我們的批次中移出。

We continue to believe it is prudent to plan for COVID-19 to have a negative impact on the economy and our industry for the foreseeable future. We made a number of hard decisions and took difficult actions in April to get our costs in line with expected demand. These decisions and actions have been previously disclosed in the company's filings.

我們仍然認為，在可預見的未來，針對 COVID-19 對經濟和我們行業產生負面影響的計劃是謹慎的。我們在四月做出了許多艱難的決定並採取了艱難的行動，以使我們的成本符合預期需求。這些決定和行動先前已在公司文件中披露。

Given the special circumstances presented by COVID-19, we would like to give a little color on the month of April. Given the drop in sales during the back half of March, we came into April with a much smaller delivery backlog than normal. Moreover, April started off the same way March ended with significantly lower demand versus prior year, which continued to diminish our delivery backlog. As a result, our April deliveries were below prior year.

鑑於 COVID-19 帶來的特殊情況，我們想為 4 月增添一些色彩。鑑於 3 月下半月的銷量下降，我們進入 4 月時的交貨積壓量比正常情況要少得多。此外，4 月的開局與 3 月結束時的情況相同，需求與去年同期相比顯著下降，這繼續減少了我們的交貨積壓。因此，我們 4 月的交貨量低於去年同期。

Keep in mind that we recognize revenue when we deliver a unit. There's often a delay of a week or more between when we sell an RV and when we deliver an RV.

請記住，我們在交付單位時確認收入。我們出售房車和交付房車之間通常會延遲一周或更長時間。

Around mid-April, our demand improved dramatically and has continued to be strong into May. Year-over-year unit sales during the past 3 weeks have increased at most of our dealerships. Overall, April monthly unit sales were higher than last year. Remember that there can be a delay of a week or more between the sale and delivery of a unit. As a result of this strong sales activity, we entered May with a much improved delivery backlog.

4 月中旬左右，我們的需求大幅改善，並持續強勁至 5 月。過去三週，我們大多數經銷商的銷售量較去年同期都有所成長。整體而言，4 月的月銷量高於去年同期。請記住，單位的銷售和交付之間可能會有一周或更長時間的延遲。由於銷售活動強勁，進入五月後，我們的交貨積壓情況有了很大改善。

We continue to see our customers migrate towards lower-priced units in April, which drove ASPs lower. Although we are encouraged by the strong demand we are experiencing, we are not losing sight of the economic impact of COVID-19 and we are managing our business accordingly.

我們繼續看到我們的客戶在四月轉向價格較低的單位，這導致平均售價下降。儘管我們對當前的強勁需求感到鼓舞，但我們並沒有忽視 COVID-19 的經濟影響，並且我們正在相應地管理我們的業務。

We will continue to intelligently grow our business. In Q1, we opened Lazydays RV Service of Houston, our first dedicated service center. Lazydays RV Service of Houston continues ramping nicely and we expect it to achieve breakeven in Q3. To support our service excellence strategy, we expect to open more dedicated service centers in the future. We have broken ground on our new dealership in Nashville, Tennessee. We expect to open Lazydays RV of Nashville for sales and service in Q4 of this year. We are very excited to enter the rapidly growing Nashville market. Our growth pipeline remains robust and we believe we will be able to continue to grow our dealership and service network as shelter-in-place orders come to a close.

我們將繼續明智地發展我們的業務。第一季度，我們在休士頓開設了 Lazydays RV Service，這是我們的第一個專門服務中心。休士頓的 Lazydays 房車服務繼續保持良好成長勢頭，我們預計將在第三季實現盈虧平衡。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。我們在田納西州納許維爾的新經銷店已破土動工。我們預計將於今年第四季在納許維爾開設 Lazydays RV 進行銷售和服務。我們很高興進入快速成長的納許維爾市場。我們的成長管道仍然強勁，我們相信，隨著就地避難訂單的結束，我們將能夠繼續擴大我們的經銷商和服務網絡。

That is all for our prepared remarks. Please open the line for questions.

這就是我們準備好的發言的全部內容。請打開提問專線。

(Operator Instructions) And your first question comes from the line of Steve Dyer from Craig-Hallum Capital.

（操作員說明）您的第一個問題來自 Craig-Hallum Capital 的 Steve Dyer。

Ryan Sigdahl on for Steve. I just want to clarify. I thought I caught it in the prepared remarks, but did you say April was up year-over-year? And was that on a unit or a revenue basis or both?

瑞安·西格達爾替補史蒂夫。我只是想澄清一下。我想我在準備好的發言中明白了這一點，但你是否說四月份同比增長了？這是以單位為基礎還是以收入為基礎，還是兩者兼具？

April, April was up on a unit basis year-over-year. Given the ASP change that we talked about, customers are definitely moving towards lower-priced and more used products. That's going to drive our ASP down. So revenue, we're not giving -- we -- revenue likely will be down, although we're not being specific on that.

4月份，4月份單位較去年同期成長。鑑於我們談到的平均售價的變化，客戶肯定會轉向價格更低、使用率更高的產品。這將導致我們的平均售價下降。因此，我們並沒有給出收入可能會下降，儘管我們沒有具體說明這一點。

But keep in mind also that the April revenue is impacted by the backlog we come into April with. So there's a delay. So when I say unit sales, so those are units that we contracted to sell. They may not get delivered until May.

但也要記住，四月的收入受到四月積壓訂單的影響。所以有延遲。因此，當我說單位銷售時，這些是我們簽訂合約銷售的單位。它們可能要到五月才能交付。

Got it. And then from a mix standpoint, is -- used was stronger in the quarter in Q1. Has that trend continued in April and kind of quarter-to-date here?

知道了。然後從組合的角度來看，第一季的使用量更強。這種趨勢在 4 月是否持續，並且是本季至今的趨勢？

Yes. Definitely, the trend towards used -- more used and overall just lower-priced units, even on the new side. It's definitely a shift towards lower priced.

是的。毫無疑問，二手的趨勢是二手的更多，總體上只是價格較低的單位，即使是在新的方面。這絕對是向低價的轉變。

Got it. Then you guys have a decent cash balance and liquidity. You announced earlier a couple of weeks ago that basically you're foregoing your interest and principal payments. I guess what's the thought process there given the cash and liquidity you have? And then how are those conversations with your lenders going?

知道了。那麼你們就有了不錯的現金餘額和流動性。您幾週前早些時候宣布，您基本上將放棄支付利息和本金。我想考慮到你擁有的現金和流動性，你的思考過程是什麼？那麼與貸方的對話進展如何？

Yes. The conversation -- our lenders are great. I'll let Nick add. He talks to them more than I do, but we both talk to them a lot. Yes, we have a cash balance, but we're a pretty conservative company. And as a person that's been in this industry for over 10 years, things can change quickly. And we also have a lot of debt. And a lot of things can change quickly, especially when the economy heads the wrong direction. So that's -- we're just -- we're being, we think, prudent in managing our business very conservatively.

是的。談話——我們的貸款人很棒。我會讓尼克補充。他和他們說話比我多，但我們都和他們說話很多。是的，我們有現金餘額，但我們是一家相當保守的公司。作為一個在這個行業工作了 10 多年的人，事情可能很快就會改變。而且我們也有很多債務。許多事情可能會迅速發生變化，尤其是當經濟走向錯誤的方向時。因此，我們認為，我們在非常保守地管理我們的業務方面非常謹慎。

Yes. I'll just add that we -- as Bill had mentioned, we saw a pretty steep drop-off in demand at the end of March and beginning of April. And so we were taking every action we could to make sure we're positioning ourselves to lower cost and preserve cash.

是的。我想補充一點，正如比爾所提到的，我們看到 3 月底和 4 月初的需求急劇下降。因此，我們正在採取一切可能的行動，以確保我們能夠降低成本並保留現金。

And one more comment. Like I said, we're encouraged by the growth, and growth has been strong in the last 3 weeks or so. We're definitely encouraged by that, but we're not losing sight of what's happening. A lot of people are unemployed. The broader economy, I think the longer-term impacts of this are not clear to anybody at this point. We'll -- but we are very encouraged by the growth we're seeing.

還有一則評論。就像我說的，我們對這種增長感到鼓舞，而且在過去三週左右的時間裡增長一直很強勁。我們確實對此感到鼓舞，但我們並沒有忽視正在發生的事情。很多人失業了。就更廣泛的經濟而言，我認為目前任何人都不清楚其長期影響。我們會—但我們對所看到的成長感到非常鼓舞。

And then last one for me and then I'll turn it over. Just on that growth and kind of the stabilization improvement the last few weeks, is that primarily -- what demographic is that primarily driven by? Is it the people looking to go outdoors and naturally social distance? Is it the retired community? Just any comments on kind of who that buyer is.

最後一張給我，然後我會把它翻過來。就過去幾週的成長和穩定性改善而言，這主要是由哪些人口推動的？是人們想要戶外活動並自然保持社交距離嗎？是退休社區嗎？只是關於買家是誰的任何評論。

Yes. Well, it's across the board, Ryan. We think there's likely -- and it's hard for us to gauge at this point what the primary drivers are, but we think there's probably 3 primary drivers of the growth. One is there's some pent-up demand. People are home. They haven't been getting out. So there's some pent-up demand. And while they're home, they're looking for things to do. So they're hunting for RVs online. We think there's definitely more people maybe thinking about a vacation and getting into an RV sounds better than getting on a plane or go into a hotel somewhere.

是的。嗯，這是全面的，瑞安。我們認為有可能——目前我們很難判斷主要驅動因素是什麼，但我們認為成長的主要驅動因素可能有 3 個。一是存在一些被壓抑的需求。人們都回家了。他們還沒有出去。因此存在一些被壓抑的需求。當他們在家時，他們會尋找事情做。所以他們正在網路上尋找房車。我們認為肯定有更多的人考慮度假，乘坐房車聽起來比搭飛機或入住飯店更好。

We also think we're taking market share. We are doing a great job internally, marketing and selling. And we think we're gaining market share.

我們也認為我們正在佔領市場份額。我們在內部、行銷和銷售方面做得很好。我們認為我們正在獲得市場份額。

And your next question comes from the line of Barry Haimes from Sage Asset Management.

您的下一個問題來自 Sage Asset Management 的 Barry Haimes。

I had -- one is given what's going on in the industry, do you anticipate that there could be some industry consolidation in terms of weaker dealers dropping out? Or is this downturn at the moment feel so short that we may not see much of a change there? So that's my first question.

我——考慮到該行業正在發生的事情，您是否預計，由於較弱的經銷商退出，可能會出現一些行業整合？或者，目前的低迷是否感覺如此短暫，以至於我們可能看不到太大的變化？這是我的第一個問題。

Yes. I think the answer is we don't know. I think it's been -- it hasn't been long enough. We need more time to understand the longer-term impact of this. Quite frankly, we don't think we fully understand the longer-term impact of this, and that's why we're being conservative. So it's definitely too early to see if there's any impact on the industry and consolidation, although our goal and our plan strategically is still to consolidate, be a consolidator.

是的。我認為答案是我們不知道。我認為這還不夠長。我們需要更多時間來了解其長期影響。坦白說，我們認為我們沒有完全理解這一點的長期影響，這就是我們持保守態度的原因。因此，現在判斷這是否會對產業和整合產生任何影響絕對為時過早，儘管我們的目標和策略計畫仍然是整合，成為整合者。

Okay. Great. And then second question I had was, I wonder if you could talk about marketing a little bit. What have you done in total in response to everything? But then within that and especially as your sales come back, as you mentioned, there's logic to doing the RV vacation versus getting on an airplane somewhere, given COVID-19. So are you doing anything different from a marketing point of view to try to get that message across, maybe reach some new people who hadn't thought about RV-type vacations before, were used to fly in places? So anything on the marketing side, would love any color.

好的。偉大的。我的第二個問題是，我想知道你是否可以談談行銷。為了應對這一切，你總共做了什麼？但在此期間，特別是當你的銷售回升時，正如你所提到的，考慮到 COVID-19，進行房車度假而不是在某個地方乘坐飛機是合乎邏輯的。那麼，您是否從行銷的角度做了一些不同的事情來嘗試傳達這一訊息，也許接觸到一些以前沒有考慮過房車式假期、習慣於飛行的新人？所以行銷方面的任何事情都會喜歡任何顏色。

Yes. And unfortunately, Barry, we're not going to be able to give any color other than we're keeping the pedal to the metal. We're not -- marketing is not an area we're going to let up on. But we believe marketing is a competitive advantage for us. And our competitors, we do not want to share with them what we're doing. But we feel like we're -- our marketing team is doing a good job in getting our sales guys what they need -- and women, get them what they need to close deals. And they're doing it. The salespeople are doing a good job of converting what marketing hands have into sales, but we don't -- we will not get into specifics on how we market.

是的。不幸的是，巴里，除了全力踩踏板之外，我們無法給出任何顏色。我們不會－行銷不是我們會放鬆的領域。但我們相信行銷對我們來說是一個競爭優勢。對於我們的競爭對手，我們不想與他們分享我們正在做的事情。但我們覺得我們的行銷團隊在為我們的銷售人員提供他們需要的東西方面做得很好，而女性則為他們提供完成交易所需的東西。他們正在這樣做。銷售人員在將行銷人員的資源轉化為銷售額方面做得很好，但我們沒有——我們不會詳細介紹我們的行銷方式。

Yes. No, that's fine, but let me rephrase without asking about specifics at all. Are you -- again, without getting specific, are you doing anything different in the marketing spend to try to get -- reach those people who may not have thought about RVs before, who are used to the flying and staying in a hotel-type vacation? I mean is that something you're trying to address?

是的。不，沒關係，但讓我重新表達一下，而不詢問具體細節。再說一遍，在沒有具體說明的情況下，您是否在行銷支出上做了任何不同的事情，以試圖接觸到那些以前可能沒有考慮過房車、習慣於乘坐飛機和住在酒店類型的人假期？我的意思是，這是你想要解決的問題嗎？

Yes. I think everybody has probably changed some messaging, but that's a small piece. We're just -- our primary goal is to reach people who are showing interest in the RV lifestyle. It's not really our job to convert people from camping to RV. Our job is to convert people who are interested in RV into buying from Lazydays. It's more of an industry. Those -- we don't spend a lot of dollars trying to convince people to take up the lifestyle. That's somebody else's job. Our job is to -- where people are interested in the lifestyle and the Lazydays customers.

是的。我認為每個人可能都改變了一些消息，但這只是一小部分。我們的主要目標是吸引對房車生活方式感興趣的人。讓人們從露營轉向房車並不是我們真正的工作。我們的工作是讓對房車有興趣的人轉而從 Lazydays 購買房車。它更像是一個行業。那些——我們不會花很多錢試圖說服人們接受這種生活方式。那是別人的工作。我們的工作是——人們對生活方式和 Lazydays 客戶感興趣。

That is all the questions that we have.

這就是我們的所有問題。

Right. Well, thank you, everyone, for joining us today. We'll talk to you next quarter. Have a great and safe week.

正確的。好的，謝謝大家今天加入我們。我們將在下個季度與您交談。祝您有個愉快又安全的一週。

Thanks.

謝謝。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

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。