Lazydays Holdings Inc (GORV) 2021 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Lazydays Holdings, Inc. First Quarter 2021 Business Update. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

美好的一天，感謝您的支持。歡迎閱讀 Lazydays Holdings, Inc. 2021 年第一季業務更新。 （操作員指示）請注意，今天的會議正在錄製中。 （操作員說明）

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

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

Thank you. Good morning, and thank you for joining us for our business update conference call. I'm Debbie Harrell, Corporate Controller at Lazydays.

謝謝。早安，感謝您參加我們的業務更新電話會議。我是黛比·哈雷爾 (Debbie Harrell)，Lazydays 的公司財務總監。

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, financial estimates, stock-based compensation expense, taxes, product mix shifts 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 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，包括但不限於有關單位銷售額、收入、毛利率、營運費用、財務估計、庫存的陳述。 、產品組合轉變和地理擴張。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 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。

Now it is my pleasure to introduce Nick Tomashot, who will provide an overview of our response to the recent SEC statement on accounting for warrants and our key results for the first quarter.

現在我很高興介紹 Nick Tomashot，他將概述我們對最近 SEC 關於認股權證會計聲明的回應以及我們第一季的主要業績。

Thank you, Debbie. Given the circumstances described in our press release, which we'll discuss further, our call agenda won't be what we would typically follow. On this call, we'll cover 3 areas. First, I'll provide an update on the SPAC warrant accounting and restatement. Second, I'll provide a summary of key results for our first quarter. And finally, Bill will provide comments on our first quarter and how our business is trending in the second quarter. We will then open up for questions.

謝謝你，黛比。鑑於我們的新聞稿中描述的情況（我們將進一步討論），我們的電話會議議程將不會是我們通常遵循的。在這次電話會議中，我們將討論 3 個領域。首先，我將提供有關 SPAC 認股權證會計和重述的最新資訊。其次，我將提供第一季主要結果的摘要。最後，比爾將對我們的第一季以及第二季的業務趨勢發表評論。然後我們將開放提問。

First, regarding the SPAC warrant accounting, we issued a press release on Monday, May 24, where we shared our analysis and expected restatement impacts related to the April 12 SPAC warrant guidance provided by the SEC. The restatements described in the press release are based on a technical analysis by the company in consultation with third-party advisers and is subject to audit by Marcum LLP, the company's independent auditors for the 2020 10-K filing.

首先，關於 SPAC 認股權證會計，我們在 5 月 24 日星期一發布了一份新聞稿，其中我們分享了與 SEC 提供的 4 月 12 日 SPAC 認股權證指南相關的分析和預期重述影響。新聞稿中所述的重述是基於公司與第三方顧問協商後的技術分析，並接受本公司 2020 年 10-K 備案的獨立審計師 Marcum LLP 的審計。

This restatement pertains to 2 classes of warrants. The first impacted class we will refer to as PIPE warrants. These are warrants convertible to approximately 2.5 million shares of common stock that were issued in conjunction with the private investment in public equity, or PIPE transaction, that occurred with the SPAC merger transaction.

本重述涉及兩類認股權證。我們將第一個受影響的類別稱為 PIPE 認股權證。這些認股權證可轉換為約 250 萬股普通股，與 SPAC 合併交易中發生的公共股權私人投資或 PIPE 交易一起發行。

The second class impact that we will refer to as private SPAC warrants. These are warrants convertible to 155,000 shares of common that were private placement warrants issued in conjunction with the original SPAC IPO.

我們將第二類影響稱為私人 SPAC 認股權證。這些認股權證可轉換為 155,000 股普通股，是與最初的 SPAC IPO 一起發行的私募認股權證。

The company's analysis indicates that a third class of warrants convertible to 2 million shares of common stock, which are public warrants issued in relation to the company's SPAC merger transaction or public SPAC warrants, are not impacted and will continue to be accounted for as equity.

該公司的分析表明，可轉換為200萬股普通股的第三類認股權證，即與該公司的SPAC合併交易相關的公開認股權證或公開SPAC認股權證，不受影響，並將繼續作為股權核算。

Consistent with market practice amongst SPACs, we had been accounting for all 3 classes of warrants as equity under a fixed economy model. However, based on April 12 SEC statement, we will be restating our historical financial statements to instead account for the PIPE warrants and the private SPAC warrants and liabilities that are mark-to-market each reporting period. In general, making these warrant liabilities -- marking these warrant liabilities to market means that, as our stock price increases, the warrant liability increases. And we recognize an additional noncash nonoperating expense in our income statement, with the opposite effect where we would recognize nonoperating income when our stock price declines.

與 SPAC 的市場慣例一致，我們一直將所有 3 類認股權證視為固定經濟模型下的股權。然而，根據 4 月 12 日 SEC 聲明，我們將重述我們的歷史財務報表，以考慮每個報告期間按市值計價的 PIPE 認股權證和私人 SPAC 認股權證和負債。一般來說，製作這些認股權證負債——將這些認股權證負債標記為市場意味著，隨著我們的股價上漲，認股權證負債也會增加。我們在損益表中確認了額外的非現金營業外支出，與我們在股價下跌時確認營業外收入的效果相反。

As of March 31, 2021, we had PIPE warrants convertible to approximately 1.5 million shares of common stock outstanding, which represent approximately 58% of the PIPE warrants originally issued and private SPAC warrants convertible to 155,000 shares of common stock outstanding, which represents 100% of the private SPAC warrants originally issued.

截至2021 年3 月31 日，我們的PIPE 認股權證可轉換為約150 萬股已發行普通股，約佔最初發行的PIPE 認股權證的58%，私人SPAC 認股權證可轉換為155,000 股已發行普通股，約佔100%最初發行的私人SPAC認股權證的數量。

We'd like to reiterate that the company anticipates the restatement will have no impact on our previously reported revenue, gross profit, income from operations and net cash provided by operating activities for the years 2018, '19 or '20. We further expect that there will be no impact on previously communicated adjusted EBITDA for these periods as well.

我們想重申，公司預計重述不會對我們先前報告的 2018 年、'19 或 '20 年度的收入、毛利、經營收入和經營活動提供的淨現金沒有影響。我們進一步預計，先前公佈的這些期間的調整後 EBITDA 也不會受到影響。

Next, we'd like to share our -- the second item on our call agenda, which is an update on our first quarter results. Unfortunately, we will not be able to file our first quarter 10-Q until the restatement through 2020 is completed, adjustments are audited by Marcum and the restated 10-K is filed. We will then file our first quarter 10-Q, which we will have -- which will have been reviewed by RSM, our recently appointed auditors for 2021. We anticipate this process will take about 4 to 6 weeks.

接下來，我們想分享我們電話會議議程上的第二項，這是我們第一季業績的最新情況。遺憾的是，在 2020 年重述完成、Marcum 審核調整並提交重述的 10-K 之前，我們將無法提交第一季 10-Q。然後，我們將提交第一季 10-Q 報告，並由我們最近任命的 2021 年審計師 RSM 進行審核。

Since we anticipate that this accounting change will have no impact on our key operating results, including revenue, gross profit, income from operations, net cash provided by operating activities and adjusted EBITDA, in order to provide investors with the best, most current information we have available, we'd like to share our Q1 key financial metrics on this call. As these results have not been reviewed by RSM and filed in a 10-Q, they should be considered preliminary and subject to adjustment. Please also note that, unless stated otherwise, the quarter and fiscal year results comparisons are versus the same 3-month period ended March 31, 2020.

由於我們預期這項會計變更不會對我們的主要經營業績產生影響，包括收入、毛利潤、經營收入、經營活動提供的淨現金和調整後的EBITDA，為了向投資者提供最好、最新的信息，我們我們希望在這次電話會議上分享我們第一季的關鍵財務指標。由於這些結果尚未經過 RSM 審核並在 10-Q 中提交，因此應被視為初步結果並可能進行調整。另請注意，除非另有說明，季度和財年業績比較是與截至 2020 年 3 月 31 日的同一三個月期間進行的。

Revenues for the first quarter were $271 million, up $80.1 million or 42% from 2020. Revenue from the sale of recreational vehicles, or RVs, was $244.9 million for the quarter, up $77.7 million or 46.5%. Total RV unit sales, excluding wholesale units were 3,197, up 781 units or 32.3%. Q1 revenue from the sale of new recreational vehicles was $167.4 million, up $65 million or 63.4%. New RV unit sales were 2,125, up 758 units or 55.4%. The average selling price of new RVs for the quarters was $78,400, up $4,000 or 5.4%.

第一季營收為 2.71 億美元，比 2020 年成長 8,010 萬美元，成長 42%。房車總銷量（不含批發單位）為 3,197 輛，成長 781 輛，成長 32.3%。第一季新休閒車銷售收入為 1.674 億美元，成長 6,500 萬美元，成長 63.4%。新房車銷量為 2,125 輛，成長 758 輛，成長 55.4%。本季新房車的平均售價為 78,400 美元，上漲 4,000 美元，或 5.4%。

Moving on to pre-owned RVs. Q1 revenue was $77.5 million, up $12.8 million or 19.7%. Pre-owned units sold, excluding wholesale units, were 1,072, up 23 units or 2.2%. The average selling price of pre-owned recreational vehicles was $67,800, up 14.9% versus the first quarter of 2020.

轉向二手房車。第一季營收為 7,750 萬美元，成長 1,280 萬美元，成長 19.7%。二手房銷售（不含批發房）為 1,072 套，成長 23 套，即 2.2%。二手休閒車的平均售價為 67,800 美元，較 2020 年第一季上漲 14.9%。

Revenue in our other channels consist of sales of parts, accessories and related service, finance and insurance, or F&I, revenue as well as campground and miscellaneous revenue. In total, revenue from these other lines of business was $26.1 million, up $2.4 million or 10.3% compared to 2020. The increase was driven by an F&I revenue increase of $3.3 million or 29.6% to $14.6 million, offset by a 4.7% or $0.5 million decrease in parts and service revenue that was driven by service capacity being absorbed to support RV deliveries. Service revenue for internal service work is eliminated and the cost reflected in the cost of goods sold for our RV sales. In addition, we saw a $0.4 million decrease in campground and miscellaneous revenue.

我們其他管道的收入包括零件、配件和相關服務的銷售、金融和保險（或 F&I）收入以及露營地和雜項收入。總的來說，這些其他業務線的收入為2,610 萬美元，比2020 年增加240 萬美元，即10.3% 這一增長是由F&I 收入增長330 萬美元，即29.6% 至1,460 萬美元推動的，但被4.7% 或0.5 美元的成長所抵消零件和服務收入減少了 100 萬美元，這是由於服務能力被吸收以支持房車交付所致。內部服務工作的服務收入被消除，成本反映在我們的房車銷售的商品成本。此外，露營地和雜項收入減少了 40 萬美元。

Q1 gross profit, excluding noncash last-in-first-out, or LIFO, adjustments, was $66 million, up $24.3 million or 58.4% versus 2020. Gross margin, excluding LIFO adjustments, increased between the 2 periods to 24.4%, compared to 21.7% in 2020, with the change driven by RV sales margin growth related to lower available inventory as well as improved margins across our other lines of business.

第一季的毛利（不包括非現金後進先出（LIFO）調整）為6,600 萬美元，比2020 年增加2,430 萬美元，即58.4%。成長至24.4%，而2020 年將成長 21.7%，這項變更是由房車銷售利潤率成長推動的，這與可用庫存減少以及我們其他業務線的利潤率提高有關。

Including the noncash LIFO adjustments, which had a net unfavorable swing between the periods of $1.7 million compared to prior year, gross profit for the quarter was $64.1 million, up $22.6 million or 54.6%.

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 170 萬美元），本季毛利為 6,410 萬美元，成長 2,260 萬美元，即 54.6%。

Excluding transaction costs, stock-based compensation and depreciation and amortization, SG&A for the quarter was $37.7 million, up $6.6 million compared to prior year. This increase is attributable to overhead associated with our new service center in Houston, which opened in February of 2020, the Phoenix dealership acquired in May 2020, the Elkhart dealership acquired in October 2020, the Burns Harbor dealership we acquired in December 2020, our new Nashville location with started up operations in January of this year and the Louisville Tennessee dealership, which we acquired in March 2021, plus increased performance wages as a result of the increased unit sales and profitability for the quarter. This was all partially offset by overhead reductions taken in the second quarter of 2020.

不包括交易成本、股票薪酬以及折舊和攤銷，本季的銷售、一般管理費用為 3,770 萬美元，比去年同期增加 660 萬美元。這一增長歸因於與我們於2020 年2 月開業的休士頓新服務中心、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、我們於2020 年12 月收購的伯恩斯港經銷店、我們的新經銷商相關的管理費用。獲利能力的增加，績效工資也有所提高。這全部被 2020 年第二季管理費用削減所部分抵銷。

SG&A as a percentage of gross profit, ex LIFO, improved from 74.7% in Q1 of last year to 57.2% in 2021, reflecting improved margins and operating leverage.

SG&A 佔毛利的百分比（除後進先出法）從去年第一季的 74.7% 提高到 2021 年的 57.2%，反映了利潤率和營運槓桿的改善。

Amortization of stock-based compensation decreased $0.3 million and depreciation and amortization increased $0.6 million compared to prior year. Before the impact of the SPAC warrant accounting change, net income for the first quarter was $15.6 million compared to $3 million in 2020. This $12.6 million improvement was a net result of the just discussed increase in sales and gross profit relative to our overhead expenses.

與前一年相比，股票薪資攤提減少了 30 萬美元，折舊和攤提增加了 60 萬美元。在SPAC 認股權證會計變更影響之前，第一季淨利潤為1560 萬美元，而2020 年為300 萬美元。的淨結果。

Driven by the appreciation of the company's stock over the quarter and the exercise of a little more than 1 million warrants, the noncash nonoperating expense impact related to warrant accounting was approximately $6.5 million, which would reduce the net income quoted above. Again, please note that the warrant adjustments are still under audit and these numbers are subject to change.

由於本季度公司股票升值以及略多於 100 萬份認股權證的行使，與認股權證會計相關的非現金非營運費用影響約為 650 萬美元，這將減少上述淨利潤。再次請注意，認股權證調整仍在審核中，這些數字可能會發生變化。

Adjusted EBITDA for the quarter was $27.8 million, up $18.3 million or 192%. Adjusted EBITDA margin increased by 520 basis points to 10.2% from 5% in 2020. Our completed earnings release will include a table reconciling net income to adjusted EBITDA.

本季調整後 EBITDA 為 2,780 萬美元，增加 1,830 萬美元，即 192%。調整後 EBITDA 利潤率從 2020 年的 5% 增加了 520 個基點至 10.2%。

Now turning to the March 31 balance sheet and our financial position. We had cash on hand of $79.5 million and net working capital of $54.6 million, with cash $16 million higher than December 31, 2020. This increase in cash includes the impact of cash used to invest in growth initiatives, including our first quarter acquisition, our Nashville start-up as well as the first quarter benefit of approximately $11.5 million realized from the cash exercise of warrants.

現在轉向 3 月 31 日的資產負債表和我們的財務狀況。我們手頭現金為7,950 萬美元，淨營運資本為5,460 萬美元，其中現金比2020 年12 月31 日增加1,600 萬美元。 、我們的納許維爾新創公司以及第一季從認股權證行使現金中實現了約 1,150 萬美元的收益。

At the end of Q1, we had $112.5 million in inventory, down $3.7 million versus December 31, 2020. Q1 inventory -- ending inventory consisted of: $82.4 million in new vehicles, which was down $10 million; $30.1 million in pre-owned vehicles, which was up $7.2 million; approximately $5.5 million in parts inventory, up $1 million; and LIFO reserves of $5.5 million, an increase of $1.9 million.

截至第一季末，我們的庫存為 1.125 億美元，比 2020 年 12 月 31 日減少了 370 萬美元。二手車價值 3,010 萬美元，增加 720 萬美元；零件庫存約 550 萬美元，增加 100 萬美元； LIFO 儲備金為 550 萬美元，增加了 190 萬美元。

As of March 31, 2021, we had no borrowings under our $5 million revolving credit facility, $12 million of term loans outstanding and $92.9 million in gross notes payable on our Floorplan facility. We also had approximately $4.4 million outstanding on notes payable related to acquisitions, $8.2 million of PPP loans outstanding and a mortgage balance of approximately $5.9 million.

截至 2021 年 3 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 1,200 萬美元，Floorplan 額度的應付票據總額為 9,290 萬美元。我們還有約 440 萬美元的未償收購相關應付票據、820 萬美元的未償 PPP 貸款以及約 590 萬美元的抵押貸款餘額。

Thank you for your time this morning. Now I'd like to turn the call over to Bill Murnane.

感謝您今天早上抽出時間。現在我想把電話轉給比爾·默南。

Thank you, Nick. Good morning, everyone. We continue to experience very strong demand for RVs, and 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.

謝謝你，尼克。大家早安。我們對房車的需求仍然非常強勁，庫存仍然緊張。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。

April was one of the strongest months in our history, and May is shaping up to be equally strong. And we expect this strong demand to continue in the foreseeable future. Our inventory declined modestly in Q1, and inventory has continued to decline this quarter to date. Our dealership inventory is well below historical and desired levels. OEM production levels are recovering from the impact of the pandemic, and we expect OEM production to improve throughout calendar year 2021, but we don't expect our inventory levels to improve much, if at all, until later this year after the summer season begins to wind down.

四月是我們歷史上最強勁的月份之一，五月也將同樣強勁。我們預計這種強勁需求在可預見的未來將持續下去。我們的庫存在第一季小幅下降，本季迄今庫存持續下降。我們的經銷商庫存遠低於歷史水準和期望水準。 OEM 生產水準正在從大流行的影響中恢復，我們預計OEM 生產將在2021 年全年有所改善，但我們預計我們的庫存水準不會有太大改善（如果有的話），要到今年晚些時候夏季開始後放鬆一下。

We believe that dealer inventories will not normalize until the second half of 2022 at the earliest. 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.

我們認為經銷商庫存最快要到2022年下半年才能恢復正常。我們相信，嚴重的供需失衡現象將在明年繼續存在，這將使我們能夠在 2021 年甚至 2022 年保持較高的利潤率。

The unprecedented demand for RVs, combined with the tight inventory conditions, are keeping our pending sale backlog at a historical high. As a reminder, pending sales are contracts for units that are sold but have not been delivered to the dealership by the OEM.

對房車前所未有的需求，加上庫存緊張，使我們的待售積壓保持在歷史高點。請注意，待售銷售是指已售出但尚未由 OEM 交付給經銷商的單位的合約。

Our growth pipeline remains very healthy and active. We recently announced our letter of intent to acquire B. Young RV dealerships in Portland, Oregon and Vancouver, Washington markets. B. Young fits perfectly with our strategy to acquire the strongest RV dealerships with the best teams and outstanding brands in the top national markets. We are very excited to welcome the B. Young team into the Lazydays family of dealerships, and we look forward to helping them grow market share in the very strong Pacific Northwest RV market.

我們的成長管道仍然非常健康和活躍。我們最近宣布了收購俄勒岡州波特蘭和華盛頓州溫哥華市場的 B. Young 房車經銷商的意向書。 B. Young 完全符合我們的策略，即在頂級國家市場收購擁有最佳團隊和傑出品牌的最強房車經銷商。我們非常高興地歡迎 B.Young 團隊加入 Lazydays 經銷商大家庭，我們期待幫助他們在非常強勁的太平洋西北房車市場中擴大市場份額。

In addition, we are working on adding many new RV dealerships to our network over the next 12 to 18 months. These dealerships will be both acquired and greenfield dealerships. Currently, we have line of sight to having at least 20 fully operational dealerships by the end of 2022. Today, we are operating 12 dealerships and 1 dedicated service center. It is a very busy and exciting time to be part of Lazydays. We look forward to giving you more details on our new dealerships as our plans continue to develop.

此外，我們正致力於在未來 12 至 18 個月內向我們的網路中添加許多新的房車經銷商。這些經銷商將是被收購的和新建的經銷商。目前，我們的目標是到 2022 年底擁有至少 20 家全面營運的經銷商。作為 Lazydays 的一員，這是一個非常忙碌和令人興奮的時刻。隨著我們計劃的不斷發展，我們期待為您提供有關我們新經銷商的更多詳細資訊。

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 purchase -- 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。我們制定了多項新舉措，並在人員、流程和技術方面投入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。

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

這就是我們準備好的發言的全部內容。接線員，請開通提問線。

(Operator Instructions) And our first question comes from Steven Dyer with Excite.

（操作員說明）我們的第一個問題來自 Excite 的 Steven Dyer。

I don't know who Excite is. Couple of question for you. So we've seen some of the, I guess, perceived COVID beneficiaries, let's say, kind of start to normalize in terms of demand, but RVs kind of keep going. Curious sort of how you characterize, I mean, is this people who got involved last year who are trading up? Or sort of what does the average customer look like these days?

我不知道興奮是誰。有幾個問題想問你。因此，我想，我們已經看到一些被認為是新冠疫情受益者的需求開始正常化，但房車仍在繼續發展。我很好奇你是如何描述去年參與交易的人的？或是現在的普通顧客是什麼樣的？

Yes. I think, similar with the past, Steve, the average customer has certainly demographically gone down in age just because we're getting a lot of new entrants into the market. So a lot of people kind of 40 and under. That doesn't mean the 65 and over, the baby boomers, aren't still buying heavily. They have been -- and remember, they're entering their retirement years. And that's always been a very, very strong demographic for us and maybe it's been accelerated a little bit as a result of the pandemic. But on average, we're just seeing more new entrants into the -- from younger people into the market and -- but it's strong across the demographic spectrum.

是的。我認為，與過去類似，史蒂夫，普通客戶的年齡肯定會下降，因為我們有很多新進入者進入市場。所以很多人都在 40 歲及以下。這並不意味著 65 歲及以上的嬰兒潮世代不再大量購買。他們已經——並且記住，他們正在進入退休年齡。對我們來說，這一直是一個非常非常強大的人口群體，也許由於疫情的影響，這一人口增長速度有所加快。但平均而言，我們只是看到更多的新進入者——從年輕人進入市場——但它在整個人口譜系中都很強大。

Got it. And then you talked about sort of line of sight to close to 2x the dealerships by the end of next year combination. Can you help sort of talk about how many of those you'd anticipate being greenfield, how many are acquired and maybe, I guess, anecdotally, sort of similar acquisitions to the ones you've done? Are you looking bigger? Any color there would be helpful.

知道了。然後您談到了到明年年底將經銷商數量增加到近兩倍的情況。您能幫忙談談您預計其中有多少是未開發的項目、有多少是被收購的項目，以及我猜想，也許有一些與您已經完成的類似的收購？你看起來更大嗎？任何顏色都會有幫助。

Yes. I think the -- they're about 50-50 between acquired dealerships and greenfield dealerships. Keep in mind, we typically are working greenfield dealerships for a fairly long period of time before we announce them because we have to get our plans approved by the local communities before we fully commit to that. Otherwise, they have a lot of leverage on forcing us to do expensive things on a dealership site. So we are pretty far down the path on a number of greenfield dealerships that we have not announced yet, but we're extremely confident will become dealerships sometime next year.

是的。我認為收購經銷商和新建經銷商之間的比例大約是 50-50。請記住，在宣布這些計劃之前，我們通常會與新建經銷商合作相當長的時間，因為我們必須先獲得當地社區的批准，然後才能完全承諾。否則，他們有很大的影響力迫使我們在經銷商網站上做昂貴的事情。因此，我們在許多尚未宣布的綠地經銷店上已經走得很遠，但我們非常有信心明年某個時候將成為經銷店。

And yes, I think our sweet spot seems to be in $40 million to $100 million range for dealership is where we like to be. We don't know we start there, but that's where we like to get to. So that's -- I think these will all fit into kind of that category, somewhere between $30 million, $40 million to $100 million in revenues, with trying to push it up more towards the $75 million, $100 million ranges as time goes on.

是的，我認為我們的最佳點似乎是在 4000 萬至 1 億美元的經銷商範圍內，這就是我們想要的。我們不知道我們從那裡開始，但那是我們想要到達的地方。所以，我認為這些都屬於這個類別，收入在 3,000 萬美元、4,000 萬美元到 1 億美元之間，隨著時間的推移，試圖將其推向 7,500 萬美元、1 億美元的範圍。

Sure. Okay. And then, I guess, lastly for me, speaking of greenfield, we're coming up on 1.5 years into the Houston stand-alone service center. What are sort of the early returns there? What are you seeing sort of versus your hopes or expectations? And would you anticipate there being an opportunity to do more of those in the future?

當然。好的。然後，我想，最後對我來說，說到綠地，我們即將進入休士頓獨立服務中心 1.5 年。那裡的早期回報是什麼樣的？您所看到的與您的希望或期望有何不同？您預計未來有機會做更多這樣的事嗎？

Yes. On Houston, we had a lot of good learning that came out of it. I think we probably were not as proactive as we needed to be. I think we mentioned this in past calls on the promotion to try and get customers into that dealership. I think the natural tendency for RV customers is to go back to the dealership where you bought the RV, and we saw that in Houston. And we probably -- we -- it took us some time to figure out how to market that dealership to generate more of a backlog. We're pretty confident we've got that formula now, but it took us a while to get that traction. And we have a very strong backlog there now. And once you get -- create the awareness, then that business tends to return because we provide a very good experience. But yes, we would anticipate -- we think it's going to be a very successful service center. It's only been around a little while now. And we would anticipate going forward you'll see more of those, although we've got -- still got some time to prove out that this is a very robust strategy.

是的。在休士頓，我們從中學到了很多很好的東西。我認為我們可能沒有像我們需要的那樣積極主動。我想我們在過去的促銷活動中提到過這一點，試圖讓客戶進入該經銷店。我認為房車客戶的自然傾向是回到購買房車的經銷商處，我們在休士頓看到了這一點。我們可能——我們——花了一些時間來弄清楚如何推銷該經銷商以產生更多的積壓訂單。我們非常有信心現在已經掌握了這個公式，但我們花了一段時間才獲得這種牽引力。我們現在那裡有大量的積壓訂單。一旦你建立了意識，那麼業務就會回歸，因為我們提供了非常好的體驗。但是，是的，我們預計——我們認為這將是一個非常成功的服務中心。它才出現了一段時間。我們預計未來您會看到更多這樣的策略，儘管我們仍然有一些時間來證明這是一個非常穩健的策略。

(Operator Instructions) Our next question comes from Fred Wightman with Wolfe.

（操作員說明）我們的下一個問題來自 Fred Wightman 和 Wolfe。

Bill, on the fourth quarter call, you had mentioned that you guys were targeting same-store sales growth even as you face some tougher compares that started in May. I'm wondering if you could put some of the qualitative commentary that you made about the April strength and the continued May strength into context with those targets and maybe just talk about if you still think you can grow same-store sales for the balance of this year.

比爾，在第四季度的電話會議上，您提到你們的目標是同店銷售成長，儘管你們面臨著從 5 月開始的一些更艱難的比較。我想知道您是否可以將您對 4 月份的強勁勢頭和 5 月份的持續強勁勢頭所做的一些定性評論與這些目標結合起來，也許只是談談您是否仍然認為可以增加同店銷售額以平衡今年。

Yes. That's certainly our goal. And it's -- remember, it's -- Fred, it's dealer-specific. So certain markets, we have larger market shares than others, and it's harder to grow market share where you already have a large market share. But it's certainly our goal in every dealership to continue to grow market share.

是的。這當然是我們的目標。這是——記住，這是——弗雷德，這是針對經銷商的。因此，在某些市場上，我們比其他市場擁有更大的市場份額，在已經擁有大量市場份額的情況下，增加市場份額變得更加困難。但繼續擴大市場份額無疑是我們每個經銷商的目標。

Maybe just said differently, I mean, based on sort of the 4Q call to now, do you think that those targets are more achievable, less achievable, similarly achievable based on the demand that you're seeing in the market?

也許只是換句話說，我的意思是，根據目前的第四季電話會議，您認為根據您在市場上看到的需求，這些目標更容易實現、不太容易實現、同樣可以實現嗎？

I would say same.

我也這麼說。

Same. Okay. And I guess just to put the -- you guys usually give some color around the pace of OEM shipments relative to consumer demand that you're seeing, I think, on the fourth quarter call, it was sort of equal to slightly below consumer demand. Where does the sort of inflow and outflow of products stand today?

相同的。好的。我想，你們通常會對 OEM 出貨量相對於消費者需求的速度進行一些描述，我認為，在第四季的電話會議上，這有點等於略低於消費者需求。目前產品的流入和流出情況如何？

Yes. Well, I think I made the comment that we've seen inventory decrease in the last couple of months. And in Q1, it decreased over Q4, and it's decreased in the last couple of months. So that would indicate that demand is stronger than shipments in right now.

是的。嗯，我想我說過我們在過去幾個月看到庫存減少了。在第一季度，它比第四季度有所下降，並且在過去幾個月中有所下降。因此，這表明需求強於目前的發貨量。

And with our backlog, quite a bit of the inbound product already has an order associated with it.

在我們的積壓訂單中，相當多的入庫產品已經有與之關聯的訂單。

But we're not seeing our pending really come down at this point. So we're just -- we're selling it as fast as they can ship it in, and it appears we're selling it a little faster than they can get it.

但目前我們還沒有看到待處理的問題真正下降。所以我們只是——我們的銷售速度與他們發貨的速度一樣快，而且我們的銷售速度似乎比他們的銷售速度要快一些。

Perfect. And just to follow up on that backlog comment, I mean, have you seen any change in terms of conversions as far as sales leads or any signs of cancellations or people who put down money or sort of indicate interest are still showing up and taking delivery of the product as well?

完美的。為了跟進積壓的評論，我的意思是，您是否看到銷售線索或任何取消跡像或放下錢或表示興趣的人仍在出現並提貨方面的轉化方面有任何變化產品的也是如此？

No. We haven't seen any discernible change there.

沒有。

There are no further questions in queue at this time. I'll turn the call over to Bill Murnane for closing comments.

目前隊列中沒有其他問題。我會將電話轉給 Bill Murnane 以徵求結束意見。

Yes. Thanks, everyone. Thanks for your time today. We apologize for this -- the issues we're dealing with on the warrants, although it's really out of our control and more of an SEC thing at this point in time. But we're committed to getting through it as quickly as possible. And I just want to reiterate something Nick said that it has no impact on our operational performance. It's strictly a balance sheet issue. So from a performance standpoint and a cash generation standpoint, it has zero impact on Lazydays. So we're just going to keep marching forward. We'll do what the SEC tells us to do, and we'll get through it as fast as possible. Thank you. Have a great month, everyone.

是的。謝謝大家。感謝您今天抽出時間。我們對此表示歉意——我們正在處理有關認股權證的問題，儘管這確實超出了我們的控制範圍，而且目前更多的是 SEC 的事情。但我們致力於盡快解決這個問題。我只是想重申尼克所說的話，這對我們的營運績效沒有影響。這嚴格來說是資產負債表問題。因此，從績效和現金產生的角度來看，它對 Lazydays 的影響為零。所以我們將繼續前進。我們將按照 SEC 的指示去做，並且我們會盡快完成任務。謝謝。祝大家有個愉快的一個月。

Thanks.

謝謝。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。