Lazydays Holdings Inc (GORV) 2020 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Lazydays Holdings, Inc. Second Quarter 2020 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，歡迎參加 Lazydays Holdings, Inc. 2020 年第二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 turn the conference over to your speaker today, Debbie Harrell. Please go ahead, madam.

我現在想把會議交給今天的發言人黛比·哈勒爾。請繼續，女士。

Thank you. Good morning, and thank you for joining us for our second quarter 2020 financial results conference call. I'm Debbie Harrell, Corporate Controller at Lazydays.

謝謝。早安，感謝您參加我們的 2020 年第二季財務業績電話會議。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 & 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 geographic 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 July 30, 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 7 月 30 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.

我們還將討論非公認會計原則財務績效指標，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 3 months ended June 30, 2020, and 2019, the financial information presented represents the operating results of Lazydays Holdings, Inc.

截至2020年6月30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 second quarter financials.

現在我很高興向您介紹 Nick Tomashot，他將概述 2020 年第二季的財務狀況。

Thank you, Debbie, and good morning, everyone. Please note that unless stated otherwise, the Q2 2020 results comparisons are to the second quarter of 2019.

謝謝你，黛比，大家早安。請注意，除非另有說明，否則 2020 年第二季的結果與 2019 年第二季的結果進行比較。

Total revenues across all lines of business for the second quarter were $214 million, up $45.5 million or 26.9% versus prior year. Revenue from the sale of Recreational Vehicles, or RVs, was $191.5 million for the quarter, up $42.5 million or 28.5%. New RV revenue was $129.4 million, up $35.2 million or 37.3%. And preowned RV revenue was $62.1 million, up $7.3 million or 13.3%.

第二季所有業務線的總營收為 2.14 億美元，比去年同期成長 4,550 萬美元，成長 26.9%。本季房車銷售收入為 1.915 億美元，成長 4,250 萬美元，成長 28.5%。新房車收入為 1.294 億美元，成長 3,520 萬美元，或 37.3%。二手房車收入為 6,210 萬美元，成長 730 萬美元，即 13.3%。

Looking at our RV unit sales, excluding wholesale units, total RV unit sales were 2,950, up 858 units or 41%. New vehicle unit sales were 1,845, up 533 units or 40.6%. And preowned vehicle unit sales, excluding wholesale units, were 1,105, up 325 units or 41.7%.

從我們的房車銷售來看，不包括批發單位，房車總銷量為 2,950 輛，成長 858 輛，即 41%。新車銷量1,845輛，成長533輛，成長40.6%。二手車銷量（不含批發量）為 1,105 輛，成長 325 輛，增幅 41.7%。

The average selling price, or ASP, in new vehicles was $69,500, down $1,800 or 2.5% versus prior year. ASP of preowned vehicles was $52,700, down $10,000 or 16.2%. These reduced ASPs reflect the shift in mix for the quarter towards towables and lower-priced units.

新車平均售價 (ASP) 為 69,500 美元，比前一年下降 1,800 美元，或 2.5%。二手車平均售價為 52,700 美元，下降 10,000 美元，或 16.2%。平均售價的下降反映了本季產品組合向拖車和低價設備的轉變。

Revenue from our other channels consist of sales of parts, accessories and related services; finance and insurance, or F&I revenue; as well as campground and other miscellaneous revenue. In total, revenue from these other lines of business was $22.5 million, up $3 million or 15.2% compared to 2019.

我們其他管道的收入包括零件、配件及相關服務的銷售；金融和保險，或 F&I 收入；以及露營地和其他雜項收入。這些其他業務線的總收入為 2,250 萬美元，比 2019 年增加 300 萬美元，即 15.2%。

The increase was driven by an F&I revenue increase of $3.3 million or 33.8% to $12.8 million and a parts to service revenue increase of $0.5 million or 5% to $9.2 million. These increases were partially offset by a $0.7 million decrease in campground rental and miscellaneous revenue.

這一增長是由 F&I 收入增長 330 萬美元（即 33.8%）至 1,280 萬美元以及服務零件收入增長 50 萬美元（即 5%）至 920 萬美元推動的。這些增長被露營地租金和雜項收入減少 70 萬美元部分抵消。

Total Q2 gross profit excluding noncash last-in-first-out, or LIFO, adjustments was $43.7 million, up $7.9 million versus 2019. Gross margin excluding LIFO adjustments decreased between the 2 periods, coming in at 20.4% versus 21.3% in 2019, with the change attributable to RV revenue growth outpacing growth and higher-margin revenue from our other channels as well as a shift in RV mix.

不包括非現金後進先出(LIFO) 調整的第二季毛利總額為4,370 萬美元，比2019 年增加790 萬美元。 %，而2019 年為21.3%，這項變化歸因於房車收入成長超過成長和我們其他通路的更高利潤率收入以及房車組合的轉變。

Noncash LIFO adjustments had a small net favorable swing of $0.6 million compared to prior year. So gross profit for the quarter including LIFO was $44 million, up $8.5 million or 23.9%.

與前一年相比，非現金後進先出調整的淨利波動較小，為 60 萬美元。因此，包括後進先出法在內，該季度的毛利為 4,400 萬美元，增加了 850 萬美元，即 23.9%。

Excluding transaction costs, stock-based compensation and depreciation and amortization, SG&A for the quarter was $28.3 million, up $3.1 million compared to prior year. This increase is attributable to the additional overhead expenses associated with The Villages dealership we acquired in August 2019, the new service center near Houston that started up in mid-February, the Phoenix dealership we acquired in May 2020 and increased performance wages driven by our strong sales and product performance for the quarter.

不包括交易成本、股票薪酬以及折舊和攤銷，本季的銷售管理及管理費用為 2,830 萬美元，比去年同期增加 310 萬美元。這一成長歸因於我們於2019 年8 月收購的The Villages 經銷店、於2 月中旬啟動的休士頓附近的新服務中心、我們於2020 年5 月收購的Phoenix 經銷店以及我們強勁的業績驅動下的績效工資增加。

Amortization of stock-based compensation was down $0.8 million versus prior year. And depreciation and amortization decreased $30,000 compared to prior year.

股票薪資攤銷比前一年減少了 80 萬美元。與前一年相比，折舊和攤提減少了 30,000 美元。

Net income for the first quarter was $8.1 million, more than 4x Q2 2019's net income of $1.9 million. Earnings per share for the quarter increased from $0.02 per share to $0.39 per share. This $6.2 million improvement in net income was driven primarily by the favorable increase in the net of our increased gross profit and SG&A expense discussed above, the lower 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 810 萬美元，是 2019 年第二季淨利 190 萬美元的 4 倍以上。本季每股收益從每股 0.02 美元增至每股 0.39 美元。淨利潤增加 620 萬美元，主要是由於我們上面討論的毛利潤和 SG&A 費用增加的淨額的有利增長、股票薪酬攤銷的減少以及利息費用減少 50 萬美元，這主要是由於平面圖的興趣。

Adjusted EBITDA was $14.9 million for the quarter, up $5 million. This sets a new quarterly EBITDA record for Lazydays, exceeding Q1 2018's previous record of $11.5 million. Adjusted EBITDA margin increased by 110 basis points to 7%. 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 1,490 萬美元，增加 500 萬美元。這為 Lazydays 創造了新的季度 EBITDA 記錄，超過了 2018 年第一季 1,150 萬美元的先前記錄。調整後 EBITDA 利潤率成長 110 個基點，達到 7%。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 June 30 balance sheet and our financial position. At the end of the quarter, we had cash on hand of $62.1 million and net working capital of $47.1 million, with cash up $30.6 million compared to December 31, 2019. This increase in cash includes the first quarter impact of cash provided by $5 million mortgage on the new service center and property near Houston, Texas; $4.9 million provided in the first quarter by the consummation of the sale-leaseback of the property for the greenfield dealership being built in Nashville, Tennessee; and $8.7 million in second quarter Paycheck Protection Program loans.

現在轉向 6 月 30 日的資產負債表和我們的財務狀況。截至本季末，我們手頭現金為6,210 萬美元，淨營運資本為4,710 萬美元，與2019 年12 月31 日相比，現金增加了3,060 萬美元。美元現金的影響德州休士頓附近的新服務中心和財產的抵押貸款；第一季透過完成田納西州納許維爾正在興建的綠地經銷店的房產售後回租，提供了 490 萬美元；第二季薪資保障計畫貸款 870 萬美元。

As of June 30, 2020, we had approximately $103 million in inventory, consisting of $72.4 million in new vehicles, $27.6 million in preowned vehicles and approximately $4 million in parts inventory, less LIFO reserves of $3.7 million.

截至2020 年6 月30 日，我們的庫存約為1.03 億美元，其中包括7,240 萬美元的新車、2,760 萬美元的二手車和約400 萬美元的零件庫存，減去370 萬美元的後進先出儲備。

Total inventory is down approximately $60.6 million compared to the same time prior year, reflecting the strong recent demand we've experienced while manufacturers had suspended production in respond to COVID-19.

與去年同期相比，總庫存減少了約 6,060 萬美元，反映出我們近期的強勁需求，而製造商已暫停生產以應對 COVID-19。

As of June 30, 2020, we had $14.2 million of term loans outstanding, $92.4 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 $5.2 million outstanding on notes payable related to acquisitions and $8.7 million due under the Paycheck Protection Program loans.

截至 2020 年 6 月 30 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 9,240 萬美元，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 520 萬美元的未償應付票據與收購相關，以及 870 萬美元的薪資保護計畫貸款到期。

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

感謝您抽出時間。我現在想把電話轉給比爾·默南。

Thank you, Nick. Good morning, everyone. Thank you for joining us this morning. As I'm sure you are all aware, the pandemic has caused large swings in both consumer demand for RVs and the availability of product from manufacturers.

謝謝你，尼克。大家早安。感謝您今天早上加入我們。我相信你們都知道，這種流行病導致消費者對房車的需求和製造商的產品供應發生了大幅波動。

Given these special circumstances, we have been providing more frequent updates than we typically would. We believe our updates help our investors and our industry navigate the rapidly changing currents currently in our business.

鑑於這些特殊情況，我們提供的更新比平時更頻繁。我們相信，我們的更新可以幫助我們的投資者和我們的行業應對當前業務中快速變化的趨勢。

At some point, perhaps in the near future, we will go back to our normal cadence of financial updates that typically occur quarterly. When this happens, it should not be interpreted as good, bad or indifferent, but rather that business has stabilized.

在某個時候，也許在不久的將來，我們將回到通常每季進行一次的財務更新的正常節奏。當這種情況發生時，不應該被解釋為好、壞或無所謂，而是業務已經穩定下來。

We have and continue to experience incredibly robust demand for RVs. We believe this strong demand is primarily related to the lifestyle changes caused by the pandemic and the limited options people have to enjoy vacation and leisure activities that allow for social distancing. We also believe that we are gaining market share against our competitors in most markets.

我們已經並將繼續經歷對房車的極其強勁的需求。我們認為，這種強勁的需求主要與疫情引起的生活方式改變以及人們享受假期和休閒活動的選擇有限有關，從而保持社交距離。我們也相信，在大多數市場上，我們正​​在贏得與競爭對手相比的市場份額。

Demand continued to be strong in July. We stated in our press release this morning that we believe adjusted EBITDA for the month of July alone will be equal to or greater than our adjusted EBITDA for all of Q3 2019. For clarity, we believe adjusted EBITDA for the month of July 2020 will be at least $5.2 million.

7 月需求持續強勁。我們在今天早上的新聞稿中表示，我們認為僅 7 月份的調整後 EBITDA 將等於或大於 2019 年第三季調整後的 EBITDA。 520 萬美元。

While product has begun to flow into our stores, demand remains strong and inventory continues to be tight. We believe that inventory is bottoming out and should hold steady in the short term, depending on demand and OEM production levels. We are hopeful that inventory levels will begin to grow throughout the fall and will begin to normalize as we begin 2021.

雖然產品已開始流入我們的商店，但需求仍然強勁，庫存仍然緊張。我們認為，庫存正在觸底反彈，並在短期內保持穩定，具體取決於需求和 OEM 生產水準。我們希望庫存水準將在整個秋季開始成長，並在 2021 年開始時開始正常化。

Having said all this, we are still in wait-and-see mode, given the fluid nature of current demand and production. We will continue to constantly evaluate our procurement decisions based on the most current market conditions.

話雖如此，鑑於當前需求和生產的流動性，我們仍處於觀望狀態。我們將繼續根據最新的市場狀況不斷評估我們的採購決策。

Our growth pipeline remains very active. We recently closed on our new dealership in Phoenix. We are very excited about the Phoenix market and believe it will generate significant future growth for Lazydays.

我們的成長管道仍然非常活躍。我們最近關閉了在鳳凰城的新經銷店。我們對 Phoenix 市場感到非常興奮，並相信它將為 Lazydays 帶來顯著的未來成長。

We recently announced that we have agreed to acquire Total Value RV in Elkhart, Indiana. We anticipate this transaction will close in early fall, and we are very excited about the growth we can generate from this location. I want to thank Hank Schrock, the owner of Total Value RV, for the confidence he has shown in Lazydays by entrusting us with the future of his family's business.

我們最近宣布，我們已同意收購印第安納州埃爾克哈特的 Total Value RV。我們預計這筆交易將在初秋完成，我們對這個地點所能帶來的成長感到非常興奮。我要感謝 Total Value RV 的所有者 Hank Schrock，感謝他將其家族企業的未來託付給我們，從而對 Lazydays 表現出信心。

Later this year, we plan to open the new dealership we are building in Nashville, Tennessee. Nashville is one of the fastest growing cities in America, and we couldn't be more excited to open a first-class dealership with top performing brands in this rapidly growing market.

今年晚些時候，我們計劃在田納西州納許維爾開設我們正在建造的新經銷店。納許維爾是美國發展最快的城市之一，我們非常高興能夠在這個快速發展的市場上開設一家擁有頂級表現品牌的一流經銷店。

These 3 new dealerships position us very well to generate significant growth in 2021. Moreover, strategic activity is very robust at the moment. And given the current level of activity, we expect to continue to add dealerships to our network in the coming year.

這 3 家新經銷商使我們能夠在 2021 年實現顯著成長。鑑於目前的活動水平，我們預計來年將繼續在我們的網路中增加經銷商。

That's all for our prepared remarks. Ian, please open the line for questions.

這就是我們準備好的發言的全部內容。伊恩，請打開提問線。

(Operator Instructions) Your first question comes from the line of Steven Dyer.

（操作員說明）您的第一個問題來自 Steven Dyer。

Bill, you talked a little bit in the prepared remarks about July remaining very, very strong. What is sort of the normal seasonality of -- or kind of the cadence? I'm guessing, July is the strongest, followed by August, followed by September. Maybe I'm wrong. But is that the case? And is that something you expect to sort of be consistent this year as well?

比爾，你在準備好的演講中談到了七月仍然非常非常強勁。正常的季節性或節奏是什麼？我猜七月是最強的，其次是八月，然後是九月。也許我錯了。但事實真的是這樣嗎？您預計今年這一情況也會保持一致嗎？

No, I think the 3 months tend to be pretty similar. We have steady demand through -- typically, we'd have steady demand through the 3 months. Again, this year, we don't know what to predict, and that's why we're not predicting anything, Steve. But in past 2 or 3 years, it's been fairly even across the 3 months of the quarter. Nick?

不，我認為這三個月非常相似。我們的需求穩定，通常情況下，我們在 3 個月內都有穩定的需求。同樣，今年我們不知道要預測什麼，這就是為什麼我們不預測任何事情，史蒂夫。但在過去的兩三年裡，該季度的 3 個月的情況相當均勻。缺口？

Yes. We skew stronger in Q1, just driven by Tampa and the size of it. And then Q2 is also our second strongest quarter, and that's driven by the spring season and our other dealerships that are in the north. But the second half of the year tends to be lower and more steady.

是的。在坦帕及其規模的推動下，我們在第一季的表現更加強勁。第二季度也是我們第二個強勁的季度，這是由春季和我們在北方的其他經銷商推動的。但下半年往往會較低且更加穩定。

Got you. Okay. That's good color. And then, I guess, maybe demographically, what are you seeing in all of the demand? Are you seeing new buyers? Are you seeing people trade up? Any color as to what you see, which maybe foreshadows how sustainable you think this is past the COVID madness?

明白你了。好的。這顏色真好啊然後，我想，也許從人口角度來看，您在所有需求中看到了什麼？您看到新買家了嗎？你看到人們進行交易了嗎？你所看到的任何顏色，這可能預示著你認為這在過去的新冠瘋狂之後有多可持續？

Yes. So we are definitely seeing growth in sort of all 3 demographics that we look at, whether it's boomers, Xers or millennials, all 3 of those areas are growing pretty significantly, all 3 of those demographics, Steve.

是的。因此，我們肯定會看到我們所觀察的所有3 個人口統計數據都在增長，無論是嬰兒潮一代、X 一代還是千禧一代，所有這3 個領域都在顯著增長，所有這3 個人口統計數據都在增長，史蒂夫。

The Xers and the millennials are growing faster than the boomers. So there -- if you think about that from a market share perspective, they're picking up market share from the boomers. And they tend to skew towards either used product or lower priced product. And we think that trend will probably continue.

X 世代和千禧世代的成長速度快於嬰兒潮世代。因此，如果你從市場份額的角度考慮這一點，他們正在從嬰兒潮世代手中奪取市場份額。他們傾向於使用二手產品或低價產品。我們認為這種趨勢可能會持續下去。

Okay. And then lastly from me, just as it relates to the acquisition pipeline, you've been busy doing both greenfields and acquisitions. What sort of -- what are you seeing or what's your sense on asking prices? Is this boom kind of raising asking prices, getting people to hold out for another year or so? Or did the scare in the first part of the year just scare the heck out of people such that you have some people maybe looking for an entry that weren't before?

好的。最後我想說的是，正如與收購管道相關的那樣，您一直忙於綠地開發和收購。您看到了什麼，或您對要價有何看法？這種繁榮是否會提高要價，讓人們再堅持一年左右？還是今年上半年的恐慌只是嚇壞了人們，以至於有些人可能正在尋找以前沒有的條目？

Yes. It's really hard to understand what people are thinking. But our best intelligence says that -- well, prices, I think are the same. Prices really aren't changing. They certainly aren't changing from our perspective. We're not going to overpay for anything, but we will pay a good price for a good dealership.

是的。真的很難理解人們在想什麼。但我們最好的情報表明——嗯，我認為價格是一樣的。價格確實沒有變動。從我們的角度來看，它們當然不會改變。我們不會為任何東西支付過高的費用，但我們會為好的經銷商支付優惠的價格。

But I do think there may have been a bit of a scare in March and some people -- we had a good solid 10-year run here in the RV business. And it may have -- I think it may have been a little shock to the system. And I'm sensing that some owners may feel like they dodged a bullet because the future is certainly uncertain going forward. There's no guarantees that this is going to last, and we still don't understand the overriding effect on the economies.

但我確實認為三月可能有點嚇人，有些人——我們在房車業務上已經有 10 年的良好發展。我認為這可能對系統造成了一些衝擊。我感覺到有些業主可能會覺得自己躲過了子彈，因為未來肯定是不確定的。無法保證這種情況會持續下去，而且我們仍然不了解這對經濟的壓倒性影響。

I would say a lot of people are -- feel like they dodged a bullet and maybe don't want to take their chances dodging another one.

我想說，很多人都覺得自己躲過了一顆子彈，也許不想冒險躲過另一顆子彈。

Got it. That's helpful. Just a quick housekeeping question. Nick, I missed the number of new units. I have used as 1,105. What was new? Could you repeat that?

知道了。這很有幫助。只是一個簡單的內務問題。尼克，我錯過了新單位的數量。我用的是1105。有什麼新鮮事？你能再說一次嗎？

I'll look at my notes here. New units were 1,845, up 533.

我會在這裡查看我的筆記。新增單位 1,845 套，增加 533 套。

(Operator Instructions) There are no further -- your next question comes from the line of Russell Lynde.

（操作員說明）沒有更多的了——您的下一個問題來自 Russell Lynde。

Can you hear me?

你聽得到我嗎？

Yes, we can hear you. It's a little light, Russell, but we can hear you.

是的，我們能聽到你的聲音。有點亮，拉塞爾，但我們能聽到你的聲音。

Okay. Sorry about that. Just curious if you can talk about the maintenance attach rates that you guys typically see? And then just in general, talk about the maintenance opportunity that you're seeing.

好的。對此感到抱歉。只是好奇您能否談談您通常看到的維護附加費率？然後一般來說，談談您所看到的維護機會。

Yes. We have not shared any kind of maintenance attachment rates. Maintenance right now is, I think, most people are using their RVs, we do expect to see a lift on the maintenance side as the summer kind of comes to an end or if this strong use activity continues. And as I think all of our investors know, service is a very strong focus of our business. We think the industry needs a great service provider, where we don't think that exists today. And it's one of the primary reasons where we built our dedicated service center in Houston, Texas. And we think going forward, we'll have more dedicated service centers.

是的。我們尚未分享任何類型的維護附件費率。我認為，現在的維護是大多數人都在使用他們的房車，隨著夏季的結束或這種強烈的使用活動繼續下去，我們確實希望看到維護方面的提升。我想我們所有的投資人都知道，服務是我們業務的重點。我們認為該行業需要一個優秀的服務提供者，但我們認為目前還不存在。這是我們在德克薩斯州休斯頓建立專門服務中心的主要原因之一。我們認為未來我們將擁有更多專門的服務中心。

Service is something that happens more frequently. The margins are higher, gives us a lot more flexibility on where we can and want to grow. But we do think that, especially in this fall, we think we could start to see our lots fill up with a fair amount of maintenance work, given the growth in RV sales and the growth in RV use that's going on right now.

服務是更頻繁發生的事情。利潤率更高，讓我們在能夠和想要發展的領域中擁有更大的彈性。但我們確實認為，特別是在今年秋天，鑑於房車銷售的增長和目前房車使用量的增長，我們認為我們可能會開始看到我們的地段充滿大量的維護工作。

What kind of cash-on-cash returns do you expect for the dedicated service centers? How does that compare to other investments?

您期望專門的服務中心獲得什麼樣的現金回報？與其他投資相比如何？

Yes. We haven't disclosed that. What we have said is the return on investment should be higher than it would be for a full-blown dealership because we don't need as much land and the margins are larger. I have said publicly that we expect a 20-bay service center to generate as much EBITDA as a $50 million dealership on dramatically less revenue.

是的。我們還沒有透露這一點。我們所說的是，投資報酬率應該高於成熟經銷商的投資報酬率，因為我們不需要那麼多土地，而且利潤更大。我曾公開表示，我們預計擁有 20 個停車位的服務中心能夠產生與價值 5000 萬美元的經銷商一樣多的 EBITDA，但收入卻少得多。

So that's -- ultimately, we would expect the earnings of our Houston facility to match a $50 million dealership in our network. That's probably the most I could share at this point.

因此，最終，我們預計休士頓工廠的收入將與我們網路中 5000 萬美元經銷商的收入相符。這可能是我目前能分享的最多的了。

And so how do you prioritize then spending on dedicated service centers, given the uplift in the whole industry and acquiring dealers or building new dealerships?

那麼，考慮到整個行業的發展以及收購經銷商或建立新的經銷商，您如何優先考慮在專門服務中心的支出？

Well, I think if a good dealership -- and everybody has their own definition of a good dealership. I think if a good dealership becomes available or a good market becomes available for a greenfield, we're going to jump on that because it may not be available 6 months, a year down the road. So we're going to be -- we're going to take advantage, especially if it's a good dealership in a good market with good brands that we really like, we're going to take advantage of that and prioritize that.

嗯，我認為如果是一個好的經銷商——每個人對好的經銷商都有自己的定義。我認為，如果有一個好的經銷商可用，或者有一個好的市場可供綠地使用，我們將立即採取行動，因為它可能在 6 個月或一年後就無法使用。因此，我們將——我們將利用這一優勢，特別是如果它是一個良好市場中的良好經銷商，擁有我們真正喜歡的好品牌，我們將利用這一點並優先考慮這一點。

The beauty of the service center model is, we can fill in gaps when we can't find good dealerships to acquire. We can fill those growth gaps with new service centers.

服務中心模式的美妙之處在於，當我們找不到好的經銷商時，我們可以填補空白。我們可以透過新的服務中心來填補這些成長缺口。

And one of the things we look at, if we do acquire dealership, is how balanced our business is between RV sales and service. For instance, in Minneapolis, we immediately invested in an expansion of their service capability, adding practically a stand-alone service center right next door to the dealership building.

如果我們確實收購了經銷權，我們關注的事情之一是我們的房車銷售和服務之間的業務如何平衡。例如，在明尼阿波利斯，我們立即投資擴大他們的服務能力，在經銷商大樓旁邊幾乎增加了一個獨立的服務中心。

And we will likely do the same in Phoenix. Phoenix -- the dealership we acquired in Phoenix does not have an appropriate level of service capacity. In the next year or 2, we're likely to expand that pretty significantly.

我們很可能會在鳳凰城做同樣的事情。菲尼克斯—我們在菲尼克斯收購的經銷商不具備適當水準的服務能力。在未來一兩年內，我們可能會大幅擴展這個範圍。

And last one from me. Sorry for all questions. Roughly speaking, what was your capacity utilization on your service business in 2019?

還有我的最後一張。對所有問題表示抱歉。粗略地說，2019 年您的服務業務產能利用率是多少？

Well, that's a tough one because we have a certain number of bays, but we also have a certain number of technicians, and that fluctuates pretty dramatically. And Nick is looking at me. I don't think we disclose that number. So even if we had it -- we haven't disclosed it yet. We may in the future. But we're -- we typically -- we're getting a much more productive from a service output standpoint. Capacity has moved depending on how many techs we have across our network.

嗯，這是一項艱鉅的任務，因為我們有一定數量的海灣，但我們也有一定數量的技術人員，而且波動很大。尼克正在看著我。我認為我們不會透露這個數字。因此，即使我們掌握了它，我們也還沒有透露它。我們可能在未來。但從服務輸出的角度來看，我們通常會獲得更高的生產力。容量的變化取決於我們網路中擁有的技術人員數量。

So it's fair to say you guys could flex higher in 2020 to 2021 on a same-store basis, if you needed to?

因此，可以公平地說，如果需要的話，你們可以在 2020 年至 2021 年在同店基礎上提高彈性？

Yes. And we think significantly. We're putting a lot of focus in that. We're trying to get the right systems and methods and processes in place, Russell. But -- and we don't want to start flexing that until we have confidence that we can have a consistent, predictable process and give really great service to our customers.

是的。我們深思熟慮。我們非常關注這一點。我們正在努力建立正確的系統、方法和流程，拉塞爾。但是，在我們有信心能夠擁有一致、可預測的流程並為客戶提供真正優質的服務之前，我們不想開始改變這一點。

So we're doing kind of the nuts and bolts, blocking and tackling to get our service fantastic and then -- once we're there. But we have -- we can grow. We have the bays to grow right now in a number of our facilities, and we just need to add techs. And they're hard to come by, but we're going to do our part to attract the good ones to our operations. But there is a fair amount of upside on same-store basis there.

因此，我們正在做一些具體的細節、攔截和處理工作，以使我們的服務變得出色，然後——一旦我們到達那裡。但我們有——我們可以成長。我們的許多設施現在都有可以發展的空間，我們只需要增加技術。他們很難獲得，但我們將盡力吸引優秀人才加入我們的營運。但同店基礎上還有相當大的上升空間。

(Operator Instructions) There are no further questions over the phone lines at this time. I turn the call back over to the presenters.

（操作員說明） 目前，電話線路上沒有進一步的問題。我將電話轉回給演示者。

Great. Thank you, everyone, for joining us today. Have a great day, and we'll talk to you again soon.

偉大的。謝謝大家今天加入我們。祝您有美好的一天，我們很快就會再次與您交談。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。