Lazydays Holdings Inc (GORV) 2020 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Lazydays Holdings, Inc. Third 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，並歡迎參加 Lazydays Holdings, Inc. 2020 年第三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. Thank you, and please go ahead.

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。

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

謝謝。早安，感謝您參加我們的 2020 年第三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。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 November 4, 2020. 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.

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 11 月 4 日向 SEC 提交的 8-K 表格中討論的風險因素。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 September 30, 2020 and 2019, the financial information presented represents the operating results of Lazydays Holdings, Inc.

截至2020年9月30日及2019年9月30日的三個月，所提供的財務資訊代表Lazydays Holdings, Inc.的經營績效。

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

現在我很高興向您介紹 Nick Tomashot，他將概述 2020 年第三季的財務狀況。

Thanks, Debbie. Please note that unless stated otherwise, the Q3 2020 results comparisons are to prior year Q3 2019. Total revenues across all lines of business for the third quarter were $215.7 million, up $57.3 million or 36% versus prior year. Revenue from the sale of recreational vehicles, or RVs, was $194.6 million for the quarter, up $55.7 million or 40%. New RV sales revenue was $130.3 million, up $43.5 million or 50%. And preowned sales revenue was $64.2 million, up $12.2 million or 23%.

謝謝，黛比。請注意，除非另有說明，否則2020 年第三季的業績比較是與上一年2019 年第三季相比。萬美元，即36%。本季休閒車 (RV) 銷售收入為 1.946 億美元，成長 5,570 萬美元，成長 40%。新房車銷售收入為 1.303 億美元，成長 4,350 萬美元，即 50%。二手車銷售收入為 6,420 萬美元，成長 1,220 萬美元，即 23%。

Looking at our RV unit sales, excluding wholesale units, total unit sales were 2,595, up 731 units or 38%. New vehicle unit sales were $1,645, up 397 or 32%. Preowned vehicle unit sales, excluding wholesale units were up 950 or 263 units or 38%. Average selling price for new vehicles for the quarter was $76,900, up $7,800 or 11% versus prior year. The average selling price of preowned vehicles was $62,900, down $2,600 or 4%. These lower preowned ASPs reflect the shift in mix for the quarter towards towables and lower-priced units.

從我們的房車銷量來看，不包括批發銷量，總銷量為 2,595 輛，成長 731 輛，即 38%。新車銷量為 1,645 美元，成長 397 美元，即 32%。二手車銷量（不包括批發量）增長了 950 輛，即 263 輛，即 38%。本季新車平均售價為 76,900 美元，比去年同期上漲 7,800 美元，成長 11%。二手車平均售價為 62,900 美元，下降 2,600 美元，或 4%。這些較低的二手車平均售價反映了本季產品組合向拖車和低價單位的轉變。

Revenues from our other channels consist of sales of parts, accessories and related service, 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 $21.1 million, up $1.6 million or 8% compared to 2019. The increase was driven by an F&I revenue increase of $1.8 million or 20% to $11.1 million, and a parts and service revenue increase of $0.7 million or 8% to $9.5 million. These increases were partially offset by a $0.9 million decrease in campground, rental and miscellaneous revenue and includes the impact of our rental business being phased out in 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。這些其他業務線的收入總計為2,110 萬美元，比2019 年增加160 萬美元，即8%。增加推動的70 萬美元或 8% 至 950 萬美元。這些成長被露營地、租金和雜項收入減少 90 萬美元部分抵消，其中包括 2019 年逐步取消租賃業務的影響。

Total Q3 gross profit, excluding the impact of noncash last-in-first-out or LIFO adjustments, was $47.9 million, up $16.5 million or 53% versus 2019. Gross margin, excluding LIFO adjustments, increased between the 2 periods, coming in at 22.2% versus 19.9% in 2019, with a change attributable to improved RV sales margin and mix of business. Noncash LIFO adjustments had a net favorable swing, improving gross profit by an additional $2.3 million compared to prior year. So including LIFO adjustments, gross profit for the quarter was $49.3 million, up $18.8 million or 62% versus 2019.

第三季總毛利（不包括非現金後進先出或LIFO 調整的影響）為4,790 萬美元，比2019 年增加1,650 萬美元，即53%。間增加，為22.2%，而 2019 年為 19.9%，此變化歸因於房車銷售利潤率和業務組合的改善。非現金後進先出調整產生了淨有利波動，與去年相比，毛利額外增加了 230 萬美元。因此，包括後進先出調整在內，本季毛利為 4,930 萬美元，比 2019 年增加 1,880 萬美元，即 62%。

SG&A for the quarter, which excludes transaction costs, stock-based compensation and depreciation and amortization was $28.6 million, up $3 million compared to prior year. This increase is attributable to the additional overhead expenses associated with the The Villages dealership we acquired in August 2019, our new service center near Houston that we started up in mid-February, the Phoenix dealership we acquired in May 2020 and increased performance wages driven by our strong sales and profit performance for the quarter, partially offset by overhead cost reductions the company took in the second quarter of 2020. SG&A as a percentage of gross profit improved from 83.7% in Q3 2019, down to 58% in 2020. Amortization of stock-based compensation was down $1.1 million versus prior year, and depreciation and amortization were approximately flat, down $0.03 million. Net income for the third quarter was $11.6 million, more than 5x Q3 2019's net loss of $2.5 million. Earnings per share improved from $0.55 from a loss of $0.41 per share in Q3 2019. This was $14.1 million improvement in net income was primarily driven by the favorable increase in the net of our increased gross profit and SG&A expense discussed above, lower amortization of stock-based compensation as well as $0.6 million reduction in interest expense driven by mainly a reduced Floorplan interest. Adjusted EBITDA was $19 million for the quarter, up $13.7 million versus prior year. This set the new quarterly EBITDA record for Lazydays, exceeding the record we just set last quarter of $14.9 million. Adjusted EBITDA margin increased by 540 basis points to 8.7%. Please refer to our earnings release for a table, which includes a reconciliation of net income to adjusted EBITDA.

本季的 SG&A（不包括交易成本、股票薪酬以及折舊和攤提）為 2,860 萬美元，比去年同期增加 300 萬美元。這一成長歸因於與我們於2019 年8 月收購的The Villages 經銷店、我們於2 月中旬在休士頓附近啟動的新服務中心、我們於2020 年5 月收購的Phoenix 經銷店相關的額外管理費用以及績效工資的增加我們本季強勁的銷售和利潤表現，部分被公司在2020 年第二季度削減的間接費用所抵消。到2020 年的58%。第三季淨利為 1,160 萬美元，是 2019 年第三季淨虧損 250 萬美元的 5 倍。每股收益較2019 年第三季每股虧損0.41 美元的0.55 美元有所改善。股票攤銷的降低基於的薪酬以及 60 萬美元的利息支出減少，主要是由於平面圖利息減少所致。本季調整後 EBITDA 為 1,900 萬美元，比去年同期增加 1,370 萬美元。這為 Lazydays 創造了新的季度 EBITDA 記錄，超過了我們上季度剛創下的 1,490 萬美元的記錄。調整後 EBITDA 利潤率成長 540 個基點，達到 8.7%。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 our September 30 balance sheet and our financial position. We had cash on hand at the end of the quarter of $81.7 million and net working capital of $39 million, with cash up $50.2 million compared to December 31, 2019. This increase in cash includes the impact of cash provided by a $6 million mortgage on the new service center and property near Houston, Texas we had self-funded. $4.9 million provided by the first quarter consummation of a sale-leaseback of property we had self-funded for the greenfield in Nashville, Tennessee, and $8.7 million provided by Paycheck Protection Program loans we have taken out in the second quarter of 2020. It also includes the cash outflow for the cash acquisition of our Phoenix dealership location which we closed on in May 2020.

現在轉向我們 9 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 8,170 萬美元，淨營運資本為 3,900 萬美元，與 2019 年 12 月 31 日相比，現金增加了 5,020 萬美元。我們自籌資金在德克薩斯州休斯頓附近建立了新的服務中心和財產。 我們為田納西州納許維爾綠地自籌資金的財產售後回租第一季完成提供了 490 萬美元，我們在 2020 年第二季發放的薪資保護計畫貸款提供了 870 萬美元。月關閉的鳳凰城經銷店現金收購的現金流出。

As of September 30, 2020, the company has declared the cash payment of Series A preferred dividends of $11 million which are included in dividends payable on the accompanying balance sheet for the period ended September 30, 2020. This dividend was paid on October 7, 2020. Dividends on the Series A preferred stock accrue and are payable quarterly in arrears at an initial rate of 8%. Accrued and unpaid dividends until paid full in cash accrue at the applicable 8% dividend rate plus 2% or a 10% annual rate. This October 7 payment pays down the company's accrued dividend balance in full.

截至2020年9月30日，該公司已宣布以現金支付1,100萬美元的A系列優先股股息，該股息已包含在截至2020年9月30日止期間資產負債表上的應付股息中。於10月7日支付， 2020 年。在全額現金支付之前應計和未支付的股息按適用的 8% 股息率加 2% 或 10% 年利率累積。 10 月 7 日的付款將全額支付公司的應計股息餘額。

As of September 30, 2020, we had approximately $71.5 million in inventory, consisting of $50.6 million in new vehicles, $19.1 million in preowned vehicles and approximately $4 million in parts inventory, less LIFO reserves of $2.2 million. Total inventory is down approximately $89 million compared to the same time prior year, reflecting the strong recent demand we've experienced and the manufacturer's temporary suspension of production in response to COVID-19.

截至2020 年9 月30 日，我們的庫存約為7,150 萬美元，其中包括5,060 萬美元的新車、1,910 萬美元的二手車和約400 萬美元的零件庫存，減去220 萬美元的後進先出儲備。與去年同期相比，總庫存減少了約 8,900 萬美元，反映出我們近期的強勁需求以及製造商為應對 COVID-19 而暫時停產的情況。

As of September 30, 2020, we had $13.5 million of term loans outstanding, $59.2 million in gross notes payable on our Floorplan facility, $6.1 million on the Houston M&T mortgage and no borrowings under our $5 million revolving credit facility. We also had approximately $5.7 million outstanding on notes payable related to acquisitions and $8.7 million borrowed under Paycheck Protection Program loans.

截至 2020 年 9 月 30 日，我們的未償還定期貸款為 1,350 萬美元，Floorplan 貸款的應付票據總額為 5,920 萬美元，休士頓 M&T 抵押貸款為 610 萬美元，500 萬美元的循環信貸貸款沒有借款。我們還有大約 570 萬美元未償付的與收購相關的應付票據，以及根據薪資保障計劃貸款借入的 870 萬美元。

This concludes my summary of the results. Thanks for your time. And I'll now turn the call over to Bill Murnane.

我對結果的總結到此結束。感謝您抽出時間。我現在將把電話轉給比爾·默南。

Thanks, Nick, and thank you, everyone, for joining us today. Good morning. Nothing short of a great quarter is -- there's no other way to describe it. It's the best quarter Lazydays has ever had and just a fantastic quarter. So I want to start by thanking the Lazydays employees.

謝謝尼克，也謝謝大家今天加入我們。早安.沒有什麼比一個偉大的季度更好的了——沒有其他方式可以形容它。這是 Lazydays 有史以來最好的一個季度，也是一個非常棒的季度。首先我要感謝 Lazydays 的員工。

The volume increases that we've experienced recently and their dedication and effort to support the -- those increases to meet this unprecedented demand is nothing short of remarkable. They're truly a very unique and wonderful group of people, and we're fortunate to have them supporting all of our efforts. So great job to everyone who works with us at Lazydays.

我們最近經歷的銷售成長以及他們為支持這些成長所做的奉獻和努力，以滿足這一前所未有的需求，這無疑是令人矚目的。他們確實是一群非常獨特和出色的人，我們很幸運有他們支持我們所有的努力。對於所有在 Lazydays 與我們一起工作的人來說，做得很好。

We have and continue to experience very strong 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. In addition, inventory continues to be tight. Tight inventory likely causes us to miss some sales, but has a very positive impact on our margins. Demand continued to be strong, and inventory continued to be limited in October. Our inventory position is beginning to improve, and we expect it to continue to improve through the end of the year. Demand also remains strong. And although our inventory levels are improving, they are still well below where we would like them to be.

我們已經並將繼續經歷對房車的強勁需求。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。此外，庫存持續緊張。庫存緊張可能會導致我們錯過一些銷售，但會對我們的利潤產生非常積極的影響。需求持續旺盛，10月庫存持續有限。我們的庫存狀況開始改善，我們預計到年底將繼續改善。需求也依然強勁。儘管我們的庫存水準正在改善，但仍遠低於我們希望的水平。

OEM production levels continue to recover from the impact of the pandemic and we expect OEM production to continue to improve through the rest of the year. We are hopeful that inventory levels will begin to normalize sometime in mid-2021, but we are still in a wait and see mode given the fluid nature of current demand and production.

OEM 生產水準繼續從疫情的影響中恢復，我們預計 OEM 生產將在今年剩餘時間內繼續改善。我們希望庫存水準將在 2021 年中期的某個時候開始正常化，但鑑於當前需求和生產的流動性，我們仍處於觀望狀態。

We believe we continue to outperform the market. Through September, our unit volume is up close to 30%. Stat survey shows that the market is up through August, approximately 6%. So we believe Lazydays continues to outperform the market. Our growth pipeline remains robust, and is the most active it has been since we began our geographic expansion strategy a few years ago. We recently closed on the acquisition of our new dealership in Elkhart, Indiana. And we expect to close on Camp-Land acquisition in the Chicagoland area before year-end. We are very excited about the markets these acquisitions will open up for us in Indiana, Illinois and Michigan. And we believe they will generate significant future growth and returns for Lazydays.

我們相信我們的表現將繼續跑贏大盤。截至 9 月份，我們的單位銷售量成長了近 30%。統計調查顯示，截至8月份市場上漲約6%。因此，我們相信 Lazydays 的表現將繼續跑贏大盤。我們的成長管道仍然強勁，並且是自幾年前我們開始地域擴張策略以來最活躍的。我們最近完成了對印第安納州埃爾克哈特新經銷商的收購。我們預計在年底前完成芝加哥地區營地土地的收購。我們對這些收購將為我們在印第安納州、伊利諾伊州和密西根州打開的市場感到非常興奮。我們相信它們將為 Lazydays 帶來顯著的未來成長和回報。

We are in the process of adding new dealer integration resources so we can add up to 8 acquired or greenfield dealerships per year. Historically, we have had capacity to add 4 dealerships per year. We believe we will increase our capacity to add 8 stores per year by Q1 2021.

我們正在增加新的經銷商整合資源，因此每年可以增加多達 8 個收購或新建經銷商。從歷史上看，我們每年有能力增加 4 家經銷商。我們相信，到 2021 年第一季度，我們將提高產能，每年新增 8 家門市。

In 2021, we expect to generate substantial growth from our 4 new stores located in Phoenix, Arizona; Elkhart, Indiana; Chicagoland; and Nashville, Tennessee. The growth from these 4 stores will be in addition to planned growth from existing stores. Moreover, we are currently evaluating numerous acquisition opportunities and new greenfield dealership sites around the country and expect to add many more new stores in 2021 and 2022.

2021 年，我們預計位於亞利桑那州鳳凰城的 4 家新店將大幅成長；印第安納州埃爾克哈特；芝加哥蘭；和田納西州納什維爾。這 4 家商店的成長將不包括在現有商店的計畫成長之外。此外，我們目前正在評估全國各地的眾多收購機會和新的綠地經銷店，並預計在 2021 年和 2022 年增加更多新店。

As we grow, we continue to focus on improving our ability to provide a best-in-class customer experience and service excellence. We have several new initiatives in place and are investing sizable human and financial resources into people, processes and technology that will help us deliver the best RV purchasing and service experience in the country to all of the wonderful customers.

隨著我們的成長，我們繼續專注於提高提供一流客戶體驗和卓越服務的能力。我們實施了多項新舉措，並在人員、流程和技術方面投入了大量人力和財力資源，這將幫助我們向所有優質客戶提供全國最好的房車購買和服務體驗。

That is all for my prepared remarks. Operator, please open up the line for questions.

我準備好的發言就到此為止。接線員，請開通提問線。

(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。

Nice work as has been the case all year. I guess, just in the quarter, Bill, are you seeing anything sort of, of note regionally? I think you've got a little bit more regional footprint than you had maybe back when you first went public. Are you seeing anything sort of unique there? I know in Florida, we're coming into a stronger time of the year weather wise? Any commentary around that?

幹得好，一整年都是如此。我想，就在本季度，比爾，您是否看到了區域性的任何值得注意的事情？我認為你的區域足跡比你第一次上市時可能要多一些。您在那裡看到什麼獨特的東西嗎？我知道在佛羅裡達州，我們即將進入一年中天氣最好的時期？對此有何評論？

Not really, Steve. In all of our dealerships across all of our locations, we've just seen continued strong demand. We think some of that we're generating by just finding ways to get closer to our customers. But we haven't really -- any differences in dealership performance seems to be things that are under our control, not necessarily market-driven. So we don't see anything in our numbers that indicates that 1 market is performing significantly different than the other.

不完全是，史蒂夫。在我們所有地點的所有經銷商中，我們都看到了持續強勁的需求。我們認為，我們只是想辦法拉近與客戶的距離，產生了一些成果。但我們實際上並沒有——經銷商業績的任何差異似乎都在我們的控制之下，不一定是市場驅動的。因此，我們在數據中沒有看到任何顯示一個市場的表現與另一個市場有顯著差異的資訊。

Got it. And then sort of the move more towards towables and so forth. Is that something that you anticipate continuing lower price points, et cetera? Do you feel like that's sort of driven by COVID pushing people to this lifestyle? How much of that do you feel like it's sustainable?

知道了。然後更多地轉向可牽引等。您是否預計價格會持續走低等等？您是否覺得這是新冠疫情推動人們採取這種生活方式的原因？您認為其中有多少是可持續的？

Yes. I think it's sustainable, certainly, for the next couple of years. We believe the new entrants to the market is definitely sustainable. The market is -- the new entrants are typically looking for lower-priced new products or used products because they have -- they tend to be a little younger and looking for a little lower price point. Let's not forget that one of the biggest generations in the history of this country is entering retirement age right now and will be for the next 10 years. So there's a massive group of retirees also. That would normally -- that's always been a good demographic for us and the industry, and it's going to continue to perform well. But we do think that, especially as we add more dealerships because the dealerships we add tend to index closer to the industry average, which roughly is 80% towable, 20% motorhomes. So as we add more dealerships, we're certainly going to index a little more that way because the smaller dealerships in other parts of the country don't have as big a focus as maybe Florida does on motorhomes and specifically our Tampa dealership. Having said that, we're still very bullish on motorhome. Somebody's got to sell them. They may not be growing as fast as towable product, but they carry very nice margins, so we can turn them very quickly, both new and used. So we will continue to focus on both the towable and motorhome market.

是的。我認為這在未來幾年肯定是可持續的。我們相信新進入市場的企業絕對是可持續的。市場上的新進業者通常會尋找價格較低的新產品或二手產品，因為他們往往更年輕，並且尋找價格較低的產品。我們不要忘記，這個國家歷史上最偉大的一代人之一現在即將進入退休年齡，並將在未來十年內進入退休年齡。所以還有一大批退休人員。通常情況下，這對我們和整個行業來說一直是一個良好的人口統計，並且將繼續表現良好。但我們確實認為這一點，特別是當我們增加更多經銷商時，因為我們增加的經銷商往往指數更接近行業平均水平，大約是 80% 為拖車，20% 為房車。因此，當我們添加更多經銷商時，我們肯定會以這種方式進行索引，因為該國其他地區的小型經銷商不像佛羅裡達州那樣關注房車，特別是我們的坦帕經銷商。話雖如此，我們仍然非常看好房車。總得有人把它們賣掉。它們的成長速度可能不如可牽引產品，但它們的利潤率非常高，因此我們可以非常快速地週轉它們，無論是新的還是二手的。因此，我們將繼續關注牽引車和房車市場。

Great. Very helpful. And then I guess, maybe if I could, a question on capital allocation. You guys have accumulated a nice chunk of cash on the balance sheet over the last few quarters for sure. And you obviously have a lot of options, whether it's addressing the warrants, whether it's greenfield opportunities. It sounds like you are sort of increasing infrastructure to be able to do more acquisitions. Just big picture, how do you guys look at that sort of on an ongoing basis and allocating capital going forward?

偉大的。非常有幫助。然後我想，如果可以的話，我想問一個關於資本配置的問題。在過去的幾個季度裡，你們的資產負債表上肯定累積了大量現金。顯然，你有很多選擇，無論是解決認股權證，還是綠地機會。聽起來您正在增加基礎設施，以便能夠進行更多收購。只是大局，你們如何看待這個持續的基礎以及未來的資本分配？

Thanks, Steve. Yes, good question. Our cash is precious, and we manage it very closely. Our strong focus and priority is to deploy our cash towards our highest return investments. And we continually analyze different uses for our cash. And we consider many alternatives, including some of the ones that you mentioned. The alternative that went out are always the investments with the highest shareholder return. Currently, none of the many investment opportunities we have evaluated, including stock buybacks and buying back warrants come anywhere close to the returns we can get on new or acquired dealerships. The returns on new and acquired dealerships are through the roof. At present, the returns we can get on new and acquired dealerships are, I would say, multiples higher than any other investment that we have considered. Conditions, of course, will change over time, and we'll continue to evaluate all investment opportunities. But at this time, we don't foresee any near-term change in our focus to invest most of our available cash into new or acquired dealerships. Of course, we will also invest in people, processes and technologies that enhance our customer sales or service experience, but these investments are small compared to the investment in growing our dealership network, which will remain our focus for the foreseeable future.

謝謝，史蒂夫。是的，好問題。我們的現金很寶貴，我們對其管理非常嚴格。我們的重點和優先事項是將我們的現金用於最高回報的投資。我們不斷分析現金的不同用途。我們考慮了許多替代方案，包括您提到的一些方案。被淘汰的選擇始終是股東回報最高的投資。目前，我們評估的眾多投資機會（包括股票回購和回購認股權證）都無法接近我們從新的或收購的經銷商處獲得的回報。新的和收購的經銷商的回報率非常高。我想說，目前我們從新的和收購的經銷商身上獲得的回報比我們考慮過的任何其他投資都要高出好幾倍。當然，情況會隨著時間而改變，我們將繼續評估所有投資機會。但目前，我們預計短期內我們的重點不會有任何變化，將大部分可用現金投資於新的或收購的經銷商。當然，我們還將投資於人員、流程和技術，以增強我們的客戶銷售或服務體驗，但與發展經銷商網路的投資相比，這些投資很小，而經銷商網路在可預見的未來仍將是我們的重點。

That's great. Great color. I guess, lastly, just as a tag on yesterday or earlier this week, one of your larger public competitors has said the best M&A environment he's seen. It's increased even significantly in the last 30 days. Is that sort of consistent with what you're seeing and the comments you've made about adding resources there?

那太棒了。顏色很棒。我想，最後，就像昨天或本週早些時候的標籤一樣，你們的一位較大的公開競爭對手已經說過他見過的最好的併購環境。在過去 30 天內，這一數字甚至顯著增加。這與您所看到的以及您對在那裡添加資源所做的評論是否一致？

Yes. We won't argue with that position. We feel very good, and our pipeline is very robust.

是的。我們不會反對這個立場。我們感覺非常好，我們的管道也非常強大。

Your next question comes from the line of Fred Wightman.

你的下一個問題來自 Fred Wightman。

In the release, you mentioned that the OEMs are shipping units slightly ahead of retail demand. I think that was a bit of a change versus what you said in the pre-release back in mid-October. So can you just dig into that a little bit more? Is it better shipments, slower retail? What's sort of driving that change in the language?

在新聞稿中，您提到 OEM 的出貨量略高於零售需求。我認為這與您在 10 月中旬的預發布中所說的有所不同。那你能再深入研究一下嗎？是出貨量增加，零售速度變慢嗎？是什麼推動了語言的改變？

Better shipments from the OEMs. We've seen our numbers continue to go up on what we're getting in. Now keep in mind, we have a big presence in the south, and I think we're going to get served first because we're coming into season across the southern U.S. So I think it's a priority. We are also a larger player, so we may get some priority there as well. But it's coming. It's because of the increase in shipments, not because of any change in demand.

OEM 廠商的出貨量較好。我們已經看到我們的人數繼續上升。 。我們也是一個更大的參與者，所以我們也可能在那裡獲得一些優先權。但它即將到來。這是因為出貨量的增加，而不是因為需求的改變。

Really helpful. And then just to follow-up on that. I mean, are you seeing or hearing anything as far as the supply chain impact on those shipments? Totally fair points on your size and the geographical mix that you guys have. But do you think that supply chain issues that have been a bit of an Achilles heel here for the industry could be resolved in the next few months and sort of drive more normalized shipments?

真的很有幫助。然後跟進此事。我的意思是，您是否看到或聽到了供應鏈對這些貨物的影響？關於你們的規模和地理組合，這是完全公平的。但您認為對該行業來說有點致命弱點的供應鏈問題可以在未來幾個月內解決，並在一定程度上推動出貨量的正常化嗎？

Yes, it's really hard for us to predict that. What I can say is they continue to put out fires and solve problems that are disrupting their supply chain. We have every confidence that our OEMs will resolve those problems and continue to increase production in the coming months, but we don't have a crystal ball.

是的，我們確實很難預測這一點。我能說的是，他們繼續滅火並解決擾亂供應鏈的問題。我們完全相信我們的原始設備製造商將解決這些問題並在未來幾個月繼續增加產量，但我們沒有水晶球。

And then just one final one. I think you mentioned, Bill, that you think inventory levels could normalize sometime in mid '21. Can you just sort of talk about the retail and wholesale assumptions that you're including in that time frame?

然後只有最後一件事。 Bill，我想你提到過你認為庫存水準可能會在 21 年中期的某個時候恢復正常。您能談談您在該時間範圍內包含的零售和批發假設嗎？

Yes. So we're continuing to expect strong demand next year. And we're also continuing -- we're expecting to see continued increases in our shipments from the OEMs. Again, we don't have a crystal ball. Is it going to be May or June, or is it going to be September, October, we don't know, but we think somewhere around the middle of the year we should start to get back to normal according to the information we have today, which is always subject to change in this environment.

是的。因此，我們繼續預計明年的需求強勁。我們也在繼續——我們預計原始設備製造商的出貨量將持續增加。再說一次，我們沒有水晶球。是五月還是六月，還是九月、十月，我們不知道，但我們認為根據今天掌握的信息，我們應該在年中左右開始恢復正常，在這種環境中總是會發生變化。

Your next question comes from the line of Charles [McDoulan].

你的下一個問題來自查爾斯[麥克杜蘭]。

Congrats on the quarter. Just trying to understand a little bit more about capital allocation and how you guys think about potentially cleaning up the capital structure while pursuing M&A because we're generating $6.5 million in EBITDA per month, we have $82 million in cash, just $25 million in non-floor plan debt, potentially a refinance coming in a couple of quarters could add even more cash to bring maybe debt to 1x. So basically, we're trading at 2.5 to 3x EV-to-EBITDA. We're very excited about the M&A opportunity. But should we have a lot of cash in just a couple of quarters and plenty of ammo for M&A over the next 2 years? So just kind of trying to understand why we're not trying to reduce dilution at 2.5, 3x EV-to-EBITDA?

恭喜本季。只是想更多地了解資本配置，以及你們如何考慮在進行併購時清理資本結構的可能性，因為我們每月產生650 萬美元的EBITDA，我們有8200 萬美元的現金，只有2500 萬美元的非流動資金。所以基本上，我們的交易價格是 EV 與 EBITDA 的 2.5 到 3 倍。我們對併購機會感到非常興奮。但我們是否應該在短短幾季內擁有大量現金，並在未來兩年內擁有充足的併購彈藥？那麼，我們想了解為什麼我們不嘗試將稀釋度降低至 2.5 倍、3 倍 EV 與 EBITDA 比率？

Yes. So we -- as I said before, we look at capital allocation very carefully. And when we do that, we're evaluating the return we can get on that capital. So we're in unprecedented times now. And yes, we've generated a lot of cash, but anybody that's been around this industry for any amount of time, certainly 11 years that I've been around it know that it's very cyclical. And we don't know how long the good times will last. So we -- our approach to that is to be conservative to limit the debt. I have a very strong background in distressed debt, so I understand debt very well and I understand its benefits and its risks. So we're -- we take a very conservative approach.

是的。因此，正如我之前所說，我們非常仔細地審視資本配置。當我們這樣做時，我們正在評估我們可以從該資本中獲得的回報。所以我們現在正處於前所未有的時代。是的，我們已經賺了很多錢，但任何在這個行業工作了很長時間的人，當然是我已經工作了 11 年的人都知道它是非常週期性的。我們不知道美好的時光會持續多久。因此，我們的做法是保守地限制債務。我在不良債務方面有很強的背景，所以我非常了解債務，也了解它的好處和風險。所以我們——我們採取非常保守的方法。

Now as far as our investments today, we've had a number of people ask us about stock buybacks and warrant buybacks. We have numerous questions about that from shareholders. We have evaluated these programs, buyback program or a warrant purchase or exchange program. We've evaluated them extensively. And we've built the model to help us fully understand the shareholder value that such a program could create. And it's not that complicated to run that analysis. Our detailed analysis shows that a warrant buyback or exchange program has a relatively low single-digit return to shareholders. Comparatively, the return on new or acquired dealerships is in order of magnitude higher than the return on a payback or exchange program according to our analysis. Given this, we believe it is in the very best interest of our shareholders to invest our available cash in growing our dealer network. We will continue to analyze and compare investment opportunities and make investment decisions based on what we believe are the highest available returns to shareholders. But right now, there just isn't an investment opportunity that comes anywhere close to expanding our dealer network. If you -- I hope we have a lot more cash in a year or 2, but we can't plan on that, and we don't want to find ourselves in a position a year or 2 from now where we're tight on cash because we made a low single-digit investment -- return investment in buying warrants or buying back shares, and now we can't execute on this is very, very powerful geographic expansion strategy.

就我們今天的投資而言，有很多人向我們詢問有關股票回購和認股權證回購的問題。股東對此提出了許多問題。我們已經評估了這些計劃、回購計劃或認股權證購買或交換計劃。我們對它們進行了廣泛的評估。我們建立了模型來幫助我們充分了解此類計劃可以創造的股東價值。運行該分析並不複雜。我們的詳細分析表明，認股權證回購或交換計畫給股東帶來的回報相對較低，為個位數。相較之下，根據我們的分析，新的或收購的經銷商的回報比投資回收或交換計畫的回報高出一個數量級。有鑑於此，我們相信將可用現金投資於發展我們的經銷商網路符合我們股東的最佳利益。我們將繼續分析和比較投資機會，並根據我們認為能為股東帶來的最高回報做出投資決策。但目前，還沒有任何投資機會可以擴大我們的經銷商網絡。如果你——我希望我們在一兩年內有更多的現金，但我們無法對此進行計劃，而且我們不想在一兩年後發現自己處於緊張的境地現金，因為我們進行了低個位數的投資－購買認股權證或回購股票的報酬投資，但現在我們無法執行這個非常非常強大的地域擴張策略。

(Operator Instructions) Your next question comes from the line of [Greg Cohen].

（操作員說明）您的下一個問題來自 [Greg Cohen]。

Yes, I'd like to second what people have said, the earnings and the performance is incredible for the third quarter. So congratulations on that. It seems to me, and I think it's clear to everyone that the business is firing all cylinders and the runway is going to be quite long, and the RV expansion is nice to flash in the pan. So I guess the question that I kind of have, right, is why do you guys think that -- I guess the stock is not reacting more favorably to these amazing results and sort of what is the company going to do from an investor relations perspective to sort of bridge the valuation gap between where we trade, that's sort of 2.5x 2021 EBITDA versus our publicly traded larger peer?

是的，我想贊同人們所說的，第三季的獲利和業績令人難以置信。所以恭喜你。在我看來，而且我認為每個人都清楚，業務正在全力以赴，跑道將會相當長，房車擴張很高興曇花一現。所以我想我的問題是，對吧，為什麼你們認為——我想股票對這些驚人的結果沒有做出更有利的反應，從投資者關係的角度來看，公司將採取什麼行動為了彌補我們交易地點之間的估值差距，2021 年EBITDA 是我們公開交易的較大同業的2.5 倍？

Yes. So we communicate as best we can with our shareholders. Our focus really stays on the things we can control. And we can't control the market. We can't control what investors do. What we can control is how our business performs to some extent, within -- given what the market gives us, we can perform -- we can control how we perform. We can control dealerships that we open -- new dealerships we open. New dealerships will require how we deploy our capital. We fundamentally believe that if we continue to perform well the market will understand and reward us. And we're not looking for a 1 month or a 3-month or a 6-month results from that. We're patient. We're in this for the long haul. And we're going to continue to focus and execute on our strategy. And we have every confidence that the market will reward us for that performance. It may not reward us as fast as we would like. But I think we've proven, at least in the past 6 months that it will reward us. And we think that it will continue to reward us, provided we continue to execute. So that's where -- and are smart with the deployment of our capital, and that's what we continue to try to do.

是的。因此，我們會盡力與股東溝通。我們的注意力確實集中在我們可以控制的事情上。而且我們無法控制市場。我們無法控制投資者的行為。我們可以控制的是我們的業務在某種程度上的表現，在考慮到市場給我們什麼，我們可以表現的範圍內，我們可以控制我們的表現。我們可以控制我們開設的經銷商—我們開設的新經銷商。新的經銷商將要求我們如何部署我們的資本。我們從根本上相信，如果我們繼續表現良好，市場將會理解並獎勵我們。我們並不是在尋找 1 個月、3 個月或 6 個月的結果。我們很有耐心。我們將長期致力於此。我們將繼續關注並執行我們的策略。我們堅信市場會因為我們的表現而回報我們。它可能不會像我們希望的那樣快速地回報我們。但我認為至少在過去 6 個月裡我們已經證明它會為我們帶來回報。我們認為，只要我們繼續執行，它將繼續獎勵我們。這就是我們明智地部署我們的資本的地方，這就是我們繼續努力做的事情。

Yes, I think these points are well taken, Bill. I think one thing, though, that could be a pretty sort of simple thing you could do is to post the investor deck online. The deck that you put out for the roadshow a few weeks ago was fairly comprehensive, but that was only seen by a select group of investors. So if you could just post that presentation on the website for the broader public to see, I think that would be incredibly helpful in disseminating the story. So if you can just consider that, that would be great.

是的，我認為這些觀點得到了很好的理解，比爾。不過，我認為有一件事可能是一件非常簡單的事情，你可以做的就是在網路上發布投資者資料。您幾週前為路演推出的簡報相當全面，但只有少數投資者看到了。因此，如果您可以將該簡報發佈在網站上以供更廣泛的公眾查看，我認為這對於傳播這個故事將非常有幫助。所以如果你能考慮到這一點，那就太好了。

The second question I had is around some of the ancillary opportunities to grow the business. As you know, the peer-to-peer segment is growing incredibly fast. You have stand-alone companies such as Outdoorsy, which have very, very high valuations. These are high-growth, low-CapEx, high-margin, high-multiple businesses, and obviously, Camping World is rolling out a similar program. Secondarily, it looks like we're not really doing RV rentals anymore. And that business also seems to have a very high ROI. So as I kind of think about the multiple on the stock, right, it seems like we're being punished because we don't have as many of these high-growth, high-margin, high-multiple segments of our business. So I guess, like how are you thinking about those type of things so that we can be valued closer to a typical dealership and Camping World in particular.

我的第二個問題是關於發展業務的一些輔助機會。如您所知，點對點細分市場正在以驚人的速度成長。你有像Outdoorsy這樣的獨立公司，它們的估值非常非常高。這些都是高成長、低資本支出、高利潤、高倍數的業務，顯然，露營世界正在推出類似的計畫。其次，我們似乎不再真正從事房車租賃業務了。而且該業務似乎也具有非常高的投資報酬率。因此，當我想到股票的倍數時，對吧，我們似乎受到了懲罰，因為我們沒有那麼多高成長、高利潤、高倍數的業務部門。所以我想，你是如何考慮這些類型的事情的，這樣我們的價值就可以更接近典型的經銷商，尤其是露營世界。

Yes. So I'll go back to the comments I think I made to Steve's question. We consider all investments. Not all investments, we consider a lot of different investment opportunities. We have certainly considered those 2 opportunities at great length, in fact, we were in the rental business for a number of years. And the rental business is hard. It does not get returns anywhere close to the returns we're getting on acquired or greenfield dealerships. It's a best case, kind of a low double-digit return on capital, the rental business. So we have evaluated those. There the return targets did not meet our hurdle, especially given the other investment opportunities that we have. And we determine that it's just not the best deployment of our capital. If that changes sometime down the road because we don't have other opportunities to invest in, we will certainly look at those and invest in those if they are the best opportunity we have and they meet our hurdle rate. But at this point in time, neither one of them does. In the rental business, we don't want to do is react to a potentially shorter-term trend in the market and build infrastructure to support that. We're not going to -- we don't want to chase opportunities that may not be long term. We're in the business of selling servicing, selling financing and servicing RVs. That's our core business. And we have a fundamental belief that a focused management team that stays focused on their fundamental business will drive the ultimately best results. And if we distract ourselves chasing things that aren't our core business, and right now rentals are not our core business, then we will distract ourselves from capturing the highest return on our core business. And so I think, a, rentals don't meet the hurdle rate, and they're not even close to the return we can get deploying that capital elsewhere; and b, we're very careful about distracting this management.

是的。因此，我將回到我對史蒂夫問題所做的評論。我們考慮所有投資。並非所有投資，我們考慮了很多不同的投資機會。我們當然已經仔細考慮了這兩個機會，事實上，我們從事租賃業務多年。而且租賃生意也很難做。它獲得的回報遠不及我們從收購或新建經銷商獲得的回報。這是最好的情況，資本回報率較低，即租賃業務。所以我們對這些進行了評估。那裡的回報目標沒有達到我們的障礙，特別是考慮到我們擁有的其他投資機會。我們認為這不是我們資本的最佳部署。如果這種情況在未來某個時候發生變化，因為我們沒有其他投資機會，我們肯定會關注這些機會，並在它們是我們擁有的最佳機會並且滿足我們的最低門檻要求的情況下進行投資。但此時此刻，他們誰都沒有。在租賃業務中，我們不想做的是對市場中潛在的短期趨勢做出反應並建立基礎設施來支持這一趨勢。我們不會——我們不想追逐可能不是長期的機會。我們的業務是銷售服務、銷售融資和維修房車。這是我們的核心業務。我們堅信，專注於其基本業務的管理團隊將帶來最終的最佳結果。如果我們分心去追求不是我們核心業務的事情，而現在租賃不是我們的核心業務，那麼我們就會分心，無法獲得核心業務的最高回報。所以我認為，a，租金沒有達到最低門檻，而且甚至還沒有接近我們將資本部署到其他地方所能獲得的回報； b，我們非常小心，避免分散管理階層的注意力。

Okay. And just one last question. That was incredibly helpful. I guess like if you continue to go on this path of buying dealerships, opening greenfields and kind of staying focused as you're laying out here, and were generating tons of cash every month, and the business continues to boom. But for whatever reason, the market does not want to give us a real multiple. Kind of at what point is management, and I guess the Board going to start thinking about sort of broader strategic alternatives to recognize value because, I mean, clearly, Bill, you know this with having your private equity background and distressed debt background, that this franchise that we're building with its national scale and scope is worth multiples of where the stock is trading today to private equity buyers who could lever this thing up and pay almost nothing for interest and generate massive amounts of free cash flow on a levered basis. So I guess, like this strategy, if it works, that's great. But at some point, the stock has to work, too. And if you don't want to buy the warrants, you don't want to buy the stock, that's your decision, obviously, as being CEO. But at the same time, right, like the stock kind of needs to work at some point. And you've been the CEO for, I think, 3 or 4 years now, and the company has been public for quite a long time. And the performance of the stock has been okay, but it hasn't -- but it's still dramatically undervalued to where it would trade in the private markets, which may be $30, $40, $50 a share today. So I think we're all in this for the long term. But I guess I'm just wondering what your thoughts are on sort of how you think about strategic alternatives review, if the stock doesn't end up working, kind of how we all want it to work out over the next sort of 6 months, as you say?

好的。還有最後一個問題。這非常有幫助。我想，如果你繼續走這條購買經銷店、開闢綠地的道路，並在佈局時保持專注，每個月都會產生大量現金，那麼業務就會繼續蓬勃發展。但無論出於何種原因，市場並不想給我們一個真正的倍數。管理層現在處於什麼階段，我想董事會將開始考慮更廣泛的戰略替代方案來認識價值，因為，我的意思是，比爾，你清楚地知道這一點，因為你有私募股權背景和不良債務背景，我們正在全國範圍內建立的特許經營權的價值是目前股票交易價格的數倍，對於私募股權買家來說，他們可以利用這個東西，幾乎不需要支付任何利息，並通過槓桿產生大量的自由現金流基礎。所以我想，像這個策略一樣，如果它有效，那就太好了。但在某些時候，股票也必須發揮作用。如果你不想購買認股權證，你就不想買股票，這顯然是你身為執行長的決定。但同時，就像股票需要在某個時候發揮作用一樣。我想你已經擔任執行長三、四年了，而且公司已經上市很久了。該股的表現一直不錯，但事實並非如此——但它的價值仍然被大大低估，低於其在私人市場上的交易價格，今天可能是每股 30 美元、40 美元、50 美元。所以我認為我們都是從長遠來看的。但我想我只是想知道你對策略替代方案審查的看法，如果股票最終沒有發揮作用，我們都希望它在接下來的 6 個月內如何發揮作用，正如你所說？

Well, 6 months is a very short time frame. And our horizon is much longer than that. And all of our Board, and we think the majority of our shareholders have a much longer-term view than that. And like I said before, we're not going to be impatient to rush to try and capture value. I can tell you that your opinion on the private equity market and the valuation of this business and this industry is wrong. I was -- I have very direct experience. I've been Chairman of this company for 11 years. While it was private equity owned, we -- I joined as CEO in 2016, so it will be 4 years in December. And we went public 2 years ago, which really isn't that long ago. And I think we have a much longer-term view than apparently you do, and we think valuation will take care of itself. If we get years down the road and we still can't seem to get what we think is a fair market value for the company, of course, we'll consider other alternatives. But given the opportunity that's in front of us and the value we think we're creating now -- and it wasn't that long ago. The original shareholders 2 years ago paid $8.75 for the -- and I'm one of them for the shares of Lazydays. I think they've gotten -- they doubled their money in 2 years or close to it. So I think they've gotten an okay return in 2 years on that money. So I wouldn't say its okay, I say it's pretty good in that time frame. So -- and we think we can continue to do better, and we will certainly work hard to do it. But I don't think we're going to be considering strategic alternatives in 6 months. That would be a mistake. And anyway, so it's all I got to say on that.

嗯，6個月是一個非常短的時間範圍。我們的視野比這更長。我們所有的董事會，以及我們認為大多數股東都有比這更長遠的觀點。正如我之前所說，我們不會急於嘗試獲取價值。我可以告訴你，你對私募市場、對這個企業、這個產業的估值的看法是錯誤的。我——我有非常直接的經驗。我擔任這家公司的董事長已經 11 年了。雖然它是私募股權公司所有，但我們——我於 2016 年加入擔任首席執行官，所以到 12 月就已經滿 4 年了。我們兩年前上市，其實並不是很久以前。我認為我們的觀點比你們顯然更長遠，而且我們認為估值會自行解決。如果幾年後我們似乎仍然無法獲得我們認為的公司公平市場價值，當然，我們會考慮其他選擇。但考慮到我們面前的機會以及我們認為我們現在正在創造的價值——而且那是不久前的事了。兩年前，原始股東支付了 8.75 美元購買了 Lazydays 的股票，我也是其中之一。我認為他們的資金在兩年內翻了一番或接近翻倍。所以我認為他們在兩年內用這筆錢獲得了不錯的回報。所以我不會說沒關係，我說在那個時間範圍內它非常好。所以——我們認為我們可以繼續做得更好，而且我們一定會努力做到這一點。但我認為我們不會在 6 個月內考慮策略替代方案。那將是一個錯誤。無論如何，這就是我要說的。

There are no further questions at this time.

目前沒有其他問題。

Great. Well, thank you, everyone. We're really excited about what's going on right now. We thank you for your support, and we'll look forward to talking to you next quarter. Have a great rest of your week. Thank you.

偉大的。嗯，謝謝大家。我們對現在發生的事情感到非常興奮。我們感謝您的支持，我們期待下個季度與您交談。祝你一週好好休息。謝謝。

Ladies and gentlemen, this does conclude today's conference call. You may now disconnect your lines.

女士們先生們，今天的電話會議到此結束。現在您可以斷開線路。