Lazydays Holdings Inc (GORV) 2020 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Lazydays Holdings, Inc., Fourth Quarter 2020 Financial Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions) I would now like to turn the call over to Debbie Harrell, Controller. Thank you. Please go ahead.

女士們、先生們，感謝大家的支持，並歡迎參加 Lazydays Holdings, Inc. 2020 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）我現在想將電話轉給財務主任黛比·哈雷爾 (Debbie Harrell)。謝謝。請繼續。

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

謝謝你，接線生。早安，感謝您參加我們的 2020 年第四季和年底財務業績電話會議。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 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 Form 8-K filed with the SEC on March 18, 2021.

請注意，您今天在我們的討論中聽到的一些資訊可能包含前瞻性陳述，包括但不限於相關單位銷售額、收入、毛利率、營運費用、股票補償費用、稅收、產品結構轉變和地理擴張。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 2021 年 3 月 18 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 release for reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures. For the 3 months, and year-ended December 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。請參閱我們的收益報告，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對帳情況。截至2020年12月31日和2019年的三個月和全年，所提供的財務資訊代表Lazydays Holdings, Inc.的經營業績。

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

現在我很高興向您介紹 Nick Tomashot，他將概述 2020 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 versus the same 3- and 12-month periods ended December 31, 2019. Revenues for the quarter were $196.6 million, up $51.7 million or 35.7% from 2019. Revenue from the sale of recreational vehicles, or RVs, was $176.6 million for the quarter, up $50.1 million or 39.6%. Total RV unit sales, excluding wholesale units, were 2,129 for the quarter, up 544 units or 34.3%. Q4 revenue from the sale of new recreational vehicles was $117.4 million, up $43.1 million or 57.9%. New RV unit sales were 1,337, up 463 units or 52.9%. The average selling price of new RVs for the quarter was $87,000, up $2,500 or 3%.

謝謝你，黛比。請注意，除非另有說明，季度和財年業績比較是與截至2019 年12 月31 日的相同3 個月和12 個月期間進行的比較。 5,170 萬美元，即35.7%。本季房車總銷量（不含批發單位）為 2,129 輛，成長 544 輛，成長 34.3%。第四季新休閒車銷售收入為 1.174 億美元，成長 4,310 萬美元，成長 57.9%。新房車銷量為 1,337 輛，成長 463 輛，增幅 52.9%。本季新房車的平均售價為 87,000 美元，上漲 2,500 美元，即 3%。

Q4 revenue from the sale of pre-owned RVs was $59.2 million, up $7.1 million or 13.5%. Pre-owned RV units sold, excluding wholesale units, were 792, up 81 units or 11.4%. The average selling price of pre-owned recreational vehicles was $71,000, up 4% versus the fourth quarter of 2019. Revenues 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 $19.9 million, up $1.5 million or 8.4% compared to 2019. The increase was driven by an F&I revenue increase of $1.8 million or 22.1% to $10 million, offset by a small 0.8% or $0.1 million decrease in parts and service revenue and a $0.2 million decrease in campground and miscellaneous revenues.

第四季二手房車銷售收入為 5,920 萬美元，成長 710 萬美元，成長 13.5%。二手房車銷售（不含批發單位）為 792 輛，成長 81 輛，即 11.4%。二手休閒車的平均售價為 71,000 美元，較 2019 年第四季上漲 4%。整體而言，這些其他業務線的收入為1,990 萬美元，比2019 年增加150 萬美元，即8.4% 這一增長是由F&I 收入增加180 萬美元（即22.1%，達到1,000 萬美元）推動的，但被0.8% 或0.8% 的小幅增長所抵消。

Q4 gross profit, excluding noncash last-in-first-out or LIFO adjustments, was $45.6 million, up $15.5 million versus 2019. Gross margin excluding LIFO adjustments increased between the 2 periods to 23.2% compared to 20.8% in 2019, with the change primarily driven by growth in all lines of business. Including noncash LIFO adjustments, which had a net unfavorable swing between the periods of $0.5 million compared to prior year, gross profit for the quarter was $44.2 million, up $15 million or 51.4%. Excluding transaction costs, stock-based compensation and depreciation and amortization, SG&A for the quarter was $29.7 million, up $3.4 million compared to prior year. This increase is attributable to overhead associated with our new service center near Houston, which opened in February 2020, the Phoenix dealership acquired in May 2020, the Elkhart dealership acquired in October 2020, the Burns Harbor dealership acquired in December 2020, plus increased performance wages as a result of the increased unit sales and profitability for the quarter, all partially offset by overhead reductions taken in early 2020.

不包括非現金後進先出或LIFO 調整的第四季毛利為4,560 萬美元，比2019 年增加1,550 萬美元。年為20.8%。包括非現金後進先出調整（與上一年相比，各期間之間的淨不利波動為 50 萬美元），本季毛利為 4,420 萬美元，增加 1,500 萬美元，即 51.4%。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 2,970 萬美元，比去年同期增加 340 萬美元。這一增長歸因於與我們在休士頓附近於2020 年2 月開業的新服務中心、2020 年5 月收購的菲尼克斯經銷店、2020 年10 月收購的埃爾克哈特經銷店、2020 年12 月收購的伯恩斯港經銷店相關的管理費用，以及績效工資的增加由於本季度單位銷量和盈利能力的增加，所有這些都被 2020 年初削減的管理費用所部分抵消。

SG&A as a percentage of gross profit, excluding LIFO, improved from 87.4% in Q4 2019 to 65.1% in 2020, reflecting improved operating leverage. Amortization of stock-based compensation decreased $0.6 million and depreciation and amortization increased $0.4 million compared to prior year. Net income for the fourth quarter was $6.5 million as compared to a net loss of $0.5 million in 2019. This $7 million improvement was the net result of the just discussed increase in sales and gross profits relative to our overhead expenses.

SG&A 佔毛利的百分比（不包括後進先出法）從 2019 年第四季的 87.4% 提高到 2020 年的 65.1%，反映出營運槓桿的改善。與前一年相比，股票薪資攤提減少了 60 萬美元，折舊和攤提增加了 40 萬美元。第四季淨利潤為 650 萬美元，而 2019 年淨虧損為 50 萬美元。

Adjusted EBITDA for the quarter was $15.5 million, up $12.2 million or 370%. Adjusted EBITDA margin increased by 560 basis points to 7.9% from 2.3% in 2019. 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 1,550 萬美元，成長 1,220 萬美元，即 370%。調整後 EBITDA 利潤率從 2019 年的 2.3% 增加了 560 個基點至 7.9%。

I'm now going to provide a summary of our 2020 full-year year-end financial results. Revenue for the year were $817.1 million, up $172.2 million or 26.7% versus 2019. Revenue from the sale of recreational vehicles was $729.9 million for the year, up $162.8 million or 28.7%. Total RV unit sales, excluding wholesale units, were 10,020, up 2,429 units or 32%. Year-end gross profit, excluding LIFO adjustments, was $178.9 million, up $44.3 million versus 2019.

我現在將總結我們 2020 年全年的年終財務表現。全年營收為 8.171 億美元，較 2019 年成長 1.722 億美元，增幅 26.7%。 全年休閒車銷售收入為 7.299 億美元，成長 1.628 億美元，增幅 28.7%。房車總銷量（不含批發單位）為 10,020 輛，成長 2,429 輛，即 32%。不包括後進先出調整的年末毛利為 1.789 億美元，比 2019 年增加 4,430 萬美元。

Gross margin, excluding LIFO adjustments, increased between the 2 periods from 20.9% in 2019 to 21.9%, primarily driven by growth across all lines of business. Including noncash LIFO adjustments, which had a net favorable swing of $2.5 million compared to prior year, gross profit for the quarter was $179 million, up $46.8 million or 35.4% versus 2019.

毛利率（不包括後進先出法調整）在兩個時期之間從 2019 年的 20.9% 增長至 21.9%，這主要是由所有業務線的增長推動的。包括非現金後進先出調整（與上一年相比淨有利波動為 250 萬美元），本季毛利為 1.79 億美元，比 2019 年增長 4,680 萬美元，即 35.4%。

Excluding transaction costs, stock-based compensation and depreciation and amortization, SG&A for the year was $117.7 million, up $14.2 million compared to prior year. This increase is attributable to the overhead associated with The Villages dealership acquired August 2019. The new service center near Houston, which opened in February 2020, the 3 dealerships acquired in May, October and December 2020, plus increased performance wages as a result of the increased unit sales and profitability for the year, all partially offset by overhead reductions taken in 2020.

不計交易成本、股票薪酬以及折舊及攤銷，本年度的銷售管理及管理費用為 1.177 億美元，比上年增加 1,420 萬美元。這一增長歸因於與2019 年8 月收購的The Villages 經銷店相關的管理費用。收購，此外，由於今年單位銷售和盈利能力的增加，全部被 2020 年管理費用減少所部分抵消。

SG&A as a percentage of gross profit ex LIFO improved from 76.9% in 2019 to 65.8% in 2020, reflecting improved operating leverage. Amortization of stock-based compensation decreased $3.3 million and depreciation and amortization increased $0.4 million compared to prior year. Adjusted EBITDA, a non-GAAP financial measure, was $59 million for the year, up $31 million or 111% compared to 2019. This was primarily driven by improved RV sales and gross profit relative to overhead expenses previously discussed. Adjusted EBITDA margin as a percentage of revenue for the year increased to 7.2% compared to 4.3% in 2019.

SG&A 佔毛利（除後進先出法）的百分比從 2019 年的 76.9% 提高到 2020 年的 65.8%，反映了營運槓桿的改善。與前一年相比，股票薪資攤提減少了 330 萬美元，折舊和攤提增加了 40 萬美元。調整後的 EBITDA（非 GAAP 財務指標）全年為 5,900 萬美元，比 2019 年增加 3,100 萬美元，即 111%。調整後 EBITDA 利潤率佔當年收入的百分比從 2019 年的 4.3% 增至 7.2%。

Now turning to the December 31 year-end balance sheet and our financial position. We had cash on hand of $63.5 million and net working capital of $29.7 million, with cash $18.2 million lower than September 30, 2020. This decrease in cash includes the impact of cash used to invest in growth initiatives, including our 2 fourth quarter acquisitions as well as the fourth quarter payment of approximately $11 million for accrued dividends on the Series A preferred stock. At the end of 2020, we had $116.3 million in inventory, consisting of $92.4 million in new vehicles, $23 million in pre-owned vehicles and approximately $4.5 million in parts inventory, plus LIFO reserves of $3.6 million.

現在來看看 12 月 31 日的年終資產負債表和我們的財務狀況。我們手頭現金為6,350 萬美元，淨營運資本為2,970 萬美元，現金比2020 年9 月30 日減少了1,820 萬美元。項收購：以及第四季為 A 系列優先股應計股息支付的約 1,100 萬美元。截至 2020 年底，我們的庫存為 1.163 億美元，其中包括 9,240 萬美元的新車、2,300 萬美元的二手車和約 450 萬美元的零件庫存，加上 LIFO 儲備金 360 萬美元。

As of December 31, 2020, we had no borrowings under our $5 million revolving credit facility, $12.8 million of term loans outstanding and $105.5 million in gross notes payable on our floor plan facility. We also had approximately $5.2 million outstanding on notes payable related to acquisitions, $8.7 million of PPP loans outstanding and approximately $6 million mortgage.

截至 2020 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 1,280 萬美元，平面圖貸款的應付票據總額為 1.055 億美元。我們還有約 520 萬美元的未償收購相關應付票據、870 萬美元的未償 PPP 貸款和約 600 萬美元的抵押貸款。

Thank you very much. And now I'd like to turn the call over to Bill Murnane. Bill?

非常感謝。現在我想把電話轉給比爾·默南。帳單？

Thank you, Nick. Good morning, everyone. We have and continued to experience very strong demand for RVs. In addition, inventory continues to be tight. The combination of robust demand and tight inventory has had and continues to have a very positive impact on our margins. Our inventory position improved modestly in Q4. But inventory has been relatively flat to slightly down so far this quarter. Our dealership inventory levels are well below historical and desired levels. OEM production levels continued to recover from the impact of the pandemic, and we expect OEM production to continue to improve throughout calendar year 2021.

謝謝你，尼克。大家早安。我們對房車的需求一直非常強勁。此外，庫存持續緊張。強勁的需求和緊張的庫存相結合已經並將繼續對我們的利潤產生非常積極的影響。我們的庫存狀況在第四季略有改善。但本季到目前為止，庫存一直相對持平甚至略有下降。我們的經銷商庫存水準遠低於歷史水準和期望水準。 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 2021 年全年繼續改善。

Recent commentary by 1 large OEM indicated that they do not believe their output will begin to outpace demand until late in calendar year 2021. They also commented that it could be late in calendar year 2022 before dealer inventory levels normalize. We agree with this commentary. Given this, we believe the significant supply-demand imbalance will continue for the next year and will allow us to maintain elevated margins throughout calendar year 2021 and likely into calendar year 2022.

一家大型 OEM 最近的評論表示，他們認為要到 2021 年末，他們的產量才會開始超過需求。我們同意這個評論。有鑑於此，我們認為明年供需嚴重失衡將持續，並使我們能夠在 2021 年甚至 2022 年保持較高的利潤率。

As a result of the unprecedented demand for RVs, combined with the tight inventory conditions, our pending sale backlog is at a historical high. Pending sales or contracts for units that are sold, but have not been delivered to the dealerships by the OEM. Our large pending sale backlog is a positive indicator for future unit sales and revenue. Our growth pipeline remains very healthy and active. In 2020, we closed on the acquisitions of Lazydays RV of Phoenix, Lazydays RV of Elkhart and the Lazydays RV of Chicagoland.

由於房車需求空前，加上庫存緊張，我們的待售積壓量處於歷史最高水準。已售但 OEM 尚未交付給經銷商的單位的待銷售或合約。我們大量的待售積壓是未來銷售和收入的正面指標。我們的成長管道仍然非常健康和活躍。 2020 年，我們完成了對 Phoenix 的 Lazydays RV、Elkhart 的 Lazydays RV 和 Chicagoland 的 Lazydays RV 的收購。

In addition, we commenced operations at Lazydays RV of Nashville in early January of this year. We are very excited about the markets these acquisitions will open for us in Arizona, Indiana, Illinois, Michigan and Tennessee, and we believe they will generate significant future growth for Lazydays.

此外，我們於今年一月初在納許維爾的 Lazydays RV 開始營運。我們對這些收購將為我們在亞利桑那州、印第安納州、伊利諾伊州、密西根州和田納西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。

We normally don't comment on individual dealership profitability. But I would like to note that our Nashville dealership was able to generate a very respectable profit in both January and February. This is a noteworthy achievement because we first opened the doors and turned on the lights on January 4 of this year. It is not typical for a greenfield dealership to be profitable in the first month or 2 of operation. This high level of performance is attributed to the strong team we have in our Nashville store and demonstrates the strength of the Lazydays brand when we enter a new market.

我們通常不會評論個別經銷商的獲利能力。但我想指出的是，我們的納許維爾經銷商在一月和二月都創造了非常可觀的利潤。這是一項值得注意的成就，因為我們在今年 1 月 4 日首次開門亮燈。新建經銷商在營運的第一個月或第二個月內獲利的情況並不常見。這種高水準的業績歸功於我們納許維爾商店的強大團隊，並展示了 Lazydays 品牌在進入新市場時的實力。

We recently announced the acquisitions of Chilhowee RV in the Knoxville, Tennessee market and Sprad's RV in the rapidly growing Reno, Nevada market. We expect to close on the Chilhowee RV transaction this month and the Sprad's RV transaction next quarter. Both Chilhowee and Sprad's will be outstanding additions to the Lazydays family of dealerships.

我們最近宣布收購田納西州諾克斯維爾市場的 Chilhowee RV 和快速成長的內華達州里諾市場的 Sprad RV。我們預計本月將完成 Chilhowee 房車交易，下季完成 Sprad 房車交易。 Chilhowee 和 Sprad's 都將成為 Lazydays 經銷商家族的傑出成員。

We've also announced new dedicated Airstream dealerships in Minneapolis, Minnesota; Knoxville, Tennessee; and Nashville, Tennessee. We are very excited to partner with Airstream on these dedicated dealerships and believe they will help Lazydays and Airstream grow market share in these respective markets.

我們也宣佈在明尼蘇達州明尼阿波利斯市設立新的專門 Airstream 經銷商；田納西州諾克斯維爾；和田納西州納什維爾。我們非常高興能與 Airstream 在這些專門經銷商方面進行合作，並相信他們將幫助 Lazydays 和 Airstream 擴大在這些各自市場的市場份額。

Lazydays and Airstream are both recognized as premium brands in the RV industry, and we believe Airstream is a great fit with not only our growth strategy but also our focus on providing a best-in-class customer experience and service excellence. We look forward to working more closely with Airstream and continuing to grow with them. In addition to all the expansion I just mentioned, we are currently evaluating numerous new acquisition opportunities and new greenfield dealership sites around the country and expect to add many more new stores in 2021 and 2022. It is a very busy and exciting time to be part of Lazydays.

Lazydays 和 Airstream 都是房車行業公認的優質品牌，我們相信 Airstream 不僅非常適合我們的成長策略，而且也非常適合我們致力於提供一流的客戶體驗和卓越服務的重點。我們期待與 Airstream 更緊密地合作，並繼續與他們一起成長。除了我剛才提到的所有擴張之外，我們目前正在評估全國各地的眾多新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。興奮的時刻懶惰日。

As we grow, we never lose our 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 our wonderful customers.

隨著我們的成長，我們始終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秀客戶提供全國最好的房車購買和服務體驗。

In closing, I would like to take a moment to thank the outstanding team at Lazydays. 2020 was a very difficult and challenging year. The year started with a worldwide pandemic that frightened all of us and had us searching every corner of the organization for cost reductions that would allow us to survive. In addition, we needed to quickly implement new safety processes and systems that would keep our customers and employees safe. At the time, it was all very scary and stressful.

最後，我想花點時間感謝 Lazydays 的出色團隊。 2020年是非常困難和充滿挑戰的一年。今年伊始，一場全球性的流行病讓我們所有人都感到恐懼，我們在組織的各個角落尋找降低成本的方法，以求生存。此外，我們需要快速實施新的安全流程和系統，以確保客戶和員工的安全。當時，一切都非常可怕和壓力。

Then suddenly, without warning, demand took off and the year ended with our team pulling its hair out trying to figure out how to procure, deliver and service more products than ever before, all while maintaining a safe work environment. Throughout this rollercoaster of stress and emotion, the Lazydays team never lost focus, never complained and always rose up to meet every challenge. I am proud, honored and humbled to be part of such an amazing and special group of people.

然後，突然間，在沒有任何警告的情況下，需求猛增，年底，我們的團隊絞盡腦汁地試圖弄清楚如何採購、交付和提供比以往更多的產品，同時保持安全的工作環境。在壓力和情緒的過山車般的過程中，Lazydays 團隊從未失去專注，從不抱怨，總是奮起迎接每一個挑戰。能夠成為這樣一個令人驚嘆和特殊的群體中的一員，我感到自豪、榮幸和謙卑。

Operator, that's all for our prepared remarks. Please open the line for questions.

接線員，我們準備好的發言就到此為止。請打開提問專線。

(Operator Instructions) Your first question comes from Steven Dyer with Craig-Hallum.

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

Congratulations on the good results. A couple of questions just around demand. It's obviously very strong. Are you seeing any differences regionally in demand? And then, I guess, as you look at the year, Q1 typically your seasonally strongest quarter, would you anticipate that will be the same this year? Or might they all look fairly similar given that inventory should improve throughout the year?

恭喜取得好成績。關於需求的幾個問題。顯然是非常強的。您是否發現地區需求有差異？然後，我想，當您回顧這一年時，第一季通常是季節性最強的季度，您預計今年也會如此嗎？或者考慮到庫存全年都會有所改善，它們看起來是否都非常相似？

Yes. I think a couple of things. We -- your first question, Steve, demand has been strong everywhere. And I wouldn't say anywhere outpaced -- any location outpaced others in a significant way. There's always modest differences. One of the things I do think we're noticing in -- currently is some of the northern dealerships experienced a little stronger demand than they normally would. So their seasonality is actually benefiting from the strong demand.

是的。我認為有幾件事。我們——你的第一個問題，史蒂夫，各地的需求都很強勁。我不會說任何地方都超過了——任何地方都在很大程度上超過了其他地方。總是存在細微的差異。我認為我們確實注意到的一件事是，目前一些北方經銷商的需求比平常更強。所以他們的季節性其實受益於強勁的需求。

And I think given the additions we've made to our network, I think over time, and this year included, you're going to see our future quarters be more similar or stronger than they have been in the past relative to the first quarter. I can't say that they're going to be as strong as our Q1, but they're going to continue to get stronger because a lot of the dealerships we've added have been in more summer-related markets. And so I think you're going to see a much more balance, and that's part of our strategy to have a much more balanced revenue stream throughout the year and not as heavily focused on Q1.

我認為，考慮到我們對網路所做的補充，我認為隨著時間的推移，包括今年在內，您將看到我們未來的季度相對於第一季比過去更加相似或更強。我不能說他們會像我們第一季一樣強大，但他們會繼續變得更強大，因為我們添加的許多經銷商都位於更多與夏季相關的市場。因此，我認為您會看到更加平衡，這是我們全年收入流更加平衡的策略的一部分，而不是過度關注第一季。

Yes. Got it. And then a couple of questions around M&A. You've done a decent amount, I think, this last year. Would you anticipate the pace to be similar, faster or slower, et cetera, in 2021? And are the multiples that you're seeing on these, are they fairly similar to what you're used to? Or is the boom kind of, I guess, dragging multiples up as well?

是的。知道了。然後是關於併購的幾個問題。我認為去年你已經做了相當多的事情。您預計 2021 年的步伐會類似、更快還是更慢等等？您在這些上看到的倍數是否與您習慣的非常相似？或者我猜，繁榮也拉動了本益比的上升？

Yes. I think -- yes, I think the pace should be similar to what we've been experiencing more recently. That's certainly our plan, and the pipeline feels like that should be the case. Multiples aren't really in line with what we've been paying historically, but earnings have improved. So we're -- and so anyway, I think we're paying a little higher only because the bottom line has improved. So we're paying a similar multiple on a higher earnings stream, if that makes sense.

是的。我認為——是的，我認為步伐應該與我們最近經歷的類似。這當然是我們的計劃，而且管道感覺應該如此。市盈率與我們歷史上支付的價格並不相符，但盈利有所改善。所以無論如何，我認為我們支付的費用更高一點只是因為利潤有所改善。因此，如果有意義的話，我們會為更高的收入流支付類似的倍數。

Yes. And then last one for me, and I'll turn it over. Your dedicated parts and service locations, I guess, what are you seeing there? I know it's still early, but are you seeing business there sort of commensurate with the boom and interest and so forth? And is that a concept you'd think about doing again in different locations?

是的。最後一張給我，我會把它翻過來。我想，您的專用零件和服務地點在那裡看到了什麼？我知道現在還為時過早，但是您是否看到那裡的業務與繁榮和興趣等相稱？您是否會考慮在不同的地點再次採用這個概念？

Yes. We'll definitely consider doing that in other locations. The challenge we've had at our current location in Texas. We've had 2 challenges, 1 very recent is the revenue generation and adding capacity in line with the revenue generation. It's taken us a little more work to generate revenue to bring customers in. Customers typically will go back to the dealership where they bought the product. So we've got to break that cycle. And we're -- since this is our first, we're figuring out how to break that cycle and it's working. It's just taking us probably a little longer than we thought to do that. Certainly, the storms that hit Texas -- because we are in Houston -- the storms that hit Texas this winter did not help that effort at all. It shut down not only the state but us for a while. But we're very pleased with their progress. This should be a great year for them in terms of making progress. And yes, service centers are an important part of our future strategy.

是的。我們肯定會考慮在其他地方這樣做。我們在德克薩斯州目前的位置所面臨的挑戰。我們面臨兩個挑戰，其中一個最近的挑戰是創造收入以及根據創收增加產能。我們需要做更多的工作來創造收入以吸引客戶。所以我們必須打破這個循環。由於這是我們的第一次，我們正在研究如何打破這個循環，而且它正在發揮作用。只是我們花的時間可能比我們想像的還要長。當然，襲擊德克薩斯州的風暴——因為我們在休斯頓——今年冬天襲擊德克薩斯州的風暴對這項工作沒有任何幫助。它不僅關閉了國家，還關閉了我們一段時間。但我們對他們的進步感到非常滿意。就取得進步而言，今年對他們來說應該是偉大的一年。是的，服務中心是我們未來策略的重要組成部分。

Your next question comes from Fred Wightman with Wolfe.

你的下一個問題來自弗雷德·懷特曼和沃爾夫。

I was hoping we could dig into the inventory commentary in the release. If we just look at what you guys had posted in that mid-January pre-announcement, you talked about shipments were exceeding customer demand and inventory levels were growing, but the language in the release today looked a little bit different. So can you talk about, is that change in language do more to a pickup in retail? Are you seeing some of the deliveries slow? What are sort of the puts and takes there?

我希望我們能夠深入研究新聞稿中的庫存評論。如果我們看看你們在一月中旬的預告中發布的內容，你們談到發貨量超過了客戶需求並且庫存水平在增長，但今天發布的語言看起來有點不同。那麼您能談談語言的變化對零售業的回升有更多影響嗎？您是否發現某些交貨緩慢？那裡有哪些看跌期權和賣出期權？

I would say the -- they continue to fight different issues on the delivery side, Fred, and we thought most of those were behind them. They aren't all behind them. They're still -- I mean, every day in the paper, you read about different -- in different industries, supply chain difficulties. And we thought we'd be past that by now, we aren't. But on the other side of the equation, demand is quite strong. Our sales are quite strong. And as I noted in my remarks, we aren't able to recognize a lot of those sales yet because the product isn't on the lot, but our pending sales continues to grow. So that's part of the equation as well. And we're just -- we're -- it's 2 months later, and we're a little smarter than we were back then on the last couple of quarters. It's a combination of both sides of that equation.

我想說的是——弗雷德，他們繼續在交付方面解決不同的問題，我們認為其中大部分問題都在他們身後。他們並不全都在他們身後。我的意思是，你每天都會在報紙上讀到不同產業的供應鏈困難。我們以為現在已經過去了，但事實並非如此。但另一方面，需求卻相當強勁。我們的銷售相當強勁。正如我在發言中指出的那樣，我們還無法確認其中的大部分銷售額，因為該產品尚未上市，但我們的待售銷售額仍在繼續增長。這也是等式的一部分。兩個月後，我們比過去幾季的時候聰明了一些。它是該等式兩邊的組合。

Great. Super helpful. And just a final one. I mean, Bill, at a high level, could you talk about how you think the cadence for this year will look for you guys? I mean if we look at the releases from last year, retail really picked up in mid-April, you guys are lapping. I think it's 55% unit growth in May. I mean big, big numbers. And what is sort of the internal house view for what would constitute a successful anniversary for some of those big numbers?

偉大的。超有幫助。這只是最後一個。我的意思是，比爾，您能從高水平上談談您認為今年的節奏對你們來說會如何嗎？我的意思是，如果我們看看去年的發布，零售業在四月中旬確實有所回升，你們正在歡呼。我認為 5 月的銷量成長了 55%。我的意思是很大很大的數字。對於其中一些大數字來說，什麼是成功的周年紀念日，公司內部有何看法？

Yes. We -- our goal internally is to add the resources to continue to grow off of those numbers. That's -- and I know we don't disclose same-store sales, but we would like to grow same stores off of last year. Obviously, we're going to get growth out of the new dealerships we're adding. But we're adding resources, both on the sales side and on the service side to be able to grow throughout our network over the next year. And we're -- I think we've proven we can generate the leads. We can find the customers. We've got to be able to process them from a sales and service perspective, is probably going to be the bigger challenge in 2021.

是的。我們的內部目標是增加資源，以繼續在這些數字的基礎上實現成長。我知道我們不會透露同店銷售額，但我們希望在去年的基礎上增加同店銷售額。顯然，我們將從我們增加的新經銷商中獲得成長。但我們正在增加銷售方面和服務方面的資源，以便能夠在明年實現整個網路的成長。我認為我們已經證明我們可以產生潛在客戶。我們可以找到客戶。我們必須能夠從銷售和服務的角度處理它們，這可能是 2021 年更大的挑戰。

Our next question comes from [David Cannon] with Cannon Wealth Management.

我們的下一個問題來自 Cannon Wealth Management 的 [David Cannon]。

Congratulations. Nice quarter. So first question in regards to mapping difficult comps from last year, and the previous caller helped me to get a little bit of perspective on it. So you're basically saying that you think that you can execute on growth year-over-year. With the favorable margin backdrop, I recall, once things kind of opened up in May and June, you were doing about $7 million to $8 million a month in EBITDA. Do you think that you will be able to grow the bottom line year-over-year if the sales are up? Or has something changed within your cost structure? Would you get leverage on that incremental growth?

恭喜。不錯的季度。所以第一個問題是關於映射去年的困難比賽，之前的來電者幫助我對此有了一些看法。所以你基本上是說你認為你可以實現逐年成長。我記得，在有利的利潤率背景下，一旦 5 月和 6 月情況有所好轉，您每月的 EBITDA 約為 700 萬至 800 萬美元。您認為如果銷售額上升，您的利潤能夠逐年成長嗎？或者您的成本結構發生了什麼變化？您能利用這種增量成長嗎？

Yes. I think nothing has changed in our cost structure, Dave. In fact, we're getting more leverage out of our cost structures. We add dealerships. And I think Nick gave some commentary on that. In terms of -- we can't give specifics, but you heard me say that we think the strong margin environment will remain through the end of this year. And if we can add, and this is the challenge, if we can add sales and service resources to the organization, which we're trying aggressively to add now, we think we have plenty of leads to be able to grow same stores off of last year's numbers. And obviously, the new stores would provide additional growth. That's our goal, but there are some challenges that come with that goal.

是的。我認為我們的成本結構沒有任何變化，戴夫。事實上，我們正​​在從成本結構中獲得更多的槓桿作用。我們新增經銷商。我認為尼克對此發表了一些評論。就我們而言，我們無法提供具體細節，但你聽到我說，我們認為強勁的利潤環境將持續到今年年底。如果我們可以添加，這就是挑戰，如果我們可以為組織添加銷售和服務資源（我們現在正在積極嘗試添加），我們認為我們有足夠的潛在客戶能夠發展相同的商店去年的數字。顯然，新店將帶來額外的成長。這是我們的目標，但這個目標也帶來了一些挑戰。

Okay. Understood. And then on the subject of M&A, could you quantify for us in terms of -- on M&A already done in 2020 and 2021, what is the annual run rate in terms of revenue on those new locations? And then there was a very large transaction that was consummated by your competitor RV retailers. I believe it was 12 dealerships based out in North Carolina. Could you give a little color on that? And did you participate? Or did you not? And kind of how you looked at that? Because it was a fairly large one that would have moved the needle. I like to just get your view on it.

好的。明白了。然後，關於併購主題，您能否為我們量化一下 2020 年和 2021 年已經完成的併購，這些新地點的年收入運行率是多少？然後，您的競爭對手房車零售商完成了一筆非常大的交易。我相信有 12 家經銷商位於北卡羅來納州。你能給點顏色嗎？而你參加了嗎？或者你沒有？你是如何看待這一點的？因為它是一個相當大的指針，足以移動指針。我想聽聽你的看法。

Yes. So we don't disclose any run rates or break out, individual dealership state. So I can't really comment on that. And we don't comment on acquisitions or negotiations. All I can say is we're very disciplined in our approach to acquisitions in terms of the types of dealerships, locations of dealerships and the price that we're willing to pay. We're not going to overpay just to get dealerships. We can enter -- there's a lot of different ways to enter markets, and it doesn't make sense for us to overpay for a dealership.

是的。因此，我們不會透露任何運行率或具體的經銷商狀態。所以我不能對此發表評論。我們不對收購或談判發表評論。我只能說，我們在收購經銷商的類型、經銷商的位置以及我們願意支付的價格方面非常嚴格。我們不會僅僅為了獲得經銷商而支付過高的費用。我們可以進入——進入市場有很多不同的方式，我們為經銷商支付過高的費用是沒有意義的。

Okay. So I take that as an implication that they were asking too much in your opinion?

好的。所以我認為這意味著你認為他們要求太多了？

We're not making any comment on any particular negotiation. We're just commenting on our approach to do M&A.

我們不會對任何特定談判發表任何評論。我們只是評論我們的併購方法。

(Operator Instructions) Your next question comes from Joseph Altobello with Raymond James.

（操作員說明）您的下一個問題來自 Joseph Altobello 和 Raymond James。

Just a couple of quick ones for me. I guess, first, could you talk about inventory between new and used? I'm curious if your used inventory is even tighter than what you're seeing on the new side at this point?

對我來說只有幾個快速的。我想，首先，您能談談新貨和二手貨之間的庫存嗎？我很好奇您的二手庫存是否比您目前在新方面看到的更緊張？

Yes. I think -- do you want to comment on that?

是的。我想——你想對此發表評論嗎？

Yes. I think we would always like to have more used inventory. And you can see that our growth rate in used relative to new has been a little bit less. But we're actively working to source product. And in fact, we've seen our used inventory levels relative to year ago comparisons are actually more favorable than what we're seeing on the new side in terms of the decline. Both are down, but new inventories are down more than used.

是的。我認為我們總是希望有更多的二手庫存。你可以看到我們的二手成長率相對於新成長率較低。但我們正在積極尋找產品來源。事實上，我們已經看到，與去年同期相比，我們的二手庫存水準實際上比我們在新方面看到的下降幅度更有利。兩者皆下降，但新庫存下降幅度大於使用庫存下降幅度。

Yes. We've -- a couple of additional comments. On the used side, we've seen our trade ratio come up a little bit, which is always beneficial towards used inventory. And we -- our buyers are doing a great job of finding used inventory out there. So we're -- there -- it's a little bit better situation on the used side. We still don't have enough. We'd love to have a lot more used, but it's a little better situation than on the new side, at least over the last couple of months.

是的。我們還有一些補充意見。在二手方面，我們看到我們的貿易比率上升，這對二手庫存總是有利的。我們的買家在尋找二手庫存方面做得非常出色。所以我們——那裡——使用過的一方的情況要好一些。我們還不夠。我們希望有更多的二手車，但情況比新的好一點，至少在過去幾個月是如此。

Is it older product on the used side? Or is it later models?

使用過的產品是否較舊？還是後來的型號？

It's probably more later models. We only will buy stuff that's 10 years old or younger. I would say the mix is similar to what we've historically seen.

應該是後期型號比較多吧我們只會買 10 年或更早的東西。我想說這種組合與我們歷史上看到的類似。

And we're still holding our standards as to what we do keep on our lot, and the wholesale units that are traded just aren't suitable for being sold through Lazydays.

我們仍然堅持我們的標準，即我們保留的東西，並且交易的批發單位不適合透過 Lazydays 出售。

Got it. Okay. And then secondly, in terms of the potential changes that are being discussed on tax policy, could that spur more dealers to look to sell? Is that coming up at all in your conversations when you talked about acquisitions?

知道了。好的。其次，就正在討論的稅收政策的潛在變化而言，這是否會刺激更多經銷商尋求出售？當您談論收購時，這是否會出現在您的談話中？

It's hard to tell what's going on in the back of their minds, Joe, but there -- yes, I don't -- I honestly don't know. It is in front and center in terms of driving decision-making. But it's -- perhaps it's in the back of the mind, but we really don't know.

喬，很難說清他們內心深處在想什麼，但──是的，我不知道──我真的不知道。它在推動決策方面處於前沿和中心。但它——也許它就在我們的內心深處，但我們真的不知道。

And there are no further questions queued up at this time. I'll turn the call back over to Bill Murnane for closing remarks.

目前沒有其他問題在排隊。我會將電話轉回比爾·默南 (Bill Murnane) 作結束語。

Great. Well, thanks, everyone, for joining us this quarter. We appreciate all your support, and we look forward to speaking with you again next quarter. Have a great week. Thanks, everyone.

偉大的。好的，謝謝大家本季加入我們。我們感謝您的所有支持，並期待下季再次與您交談。祝你有個愉快的一周。 謝謝大家。

Thanks.

謝謝。

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。