Lazydays Holdings Inc (GORV) 2021 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Lazydays Holdings, Inc. Second Quarter 2021 Financial Results Conference Call.

女士們、先生們，感謝大家的耐心等待，歡迎參加 Lazydays Holdings, Inc. 2021 年第二季財務業績電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, today's call is being recorded. I will now hand today's call over to Debbie Harrell. Please go ahead.

提醒一下，今天的通話正在錄音。我現在將今天的電話會議轉交給黛比·哈勒爾。請繼續。

Thank you, operator. Good morning, and thank you for joining us for our second quarter 2021 financial results conference call. I'm Debbie Harrell, Corporate Controller [hosting] today. 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.

謝謝你，接線生。早安，感謝您參加我們的 2021 年第二季財務業績電話會議。我是今天的公司財務總監黛比·哈雷爾（Debbie Harrell）[主持]。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 you will hear today during our discussion may consist of forward-looking statements, including, without limitation, statements regarding unit sales, revenue, gross margin, operating expenses, financial estimates, stock-based compensation expense, taxes, product mix shift and geographic expansion.

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、基於股票的陳述。 、產品組合轉變和地理擴張。

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 August 5, 2021.

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 8 月 5 日向 SEC 提交的 8-K 表中討論的風險因素。

We also will discuss non-GAAP financial measures of financial performance that we believe are useful for understanding the company's results, including EBITDA and adjusted EBITDA.

我們也將討論非公認會計準則財務績效衡量標準，我們認為這些衡量標準有助於了解公司的業績，包括 EBITDA 和調整後的 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 2021 second quarter financials.

現在，我很高興向您介紹 Nick Tomashot，他將概述我們 2021 年第二季的財務狀況。

Thank you, Debbie. Please note that unless stated otherwise, the second quarter results comparisons are versus the same 3-month period ended June 30, 2020. Revenues for the second quarter were $322.8 million, up $108.8 million or 50.9% from 2020.

謝謝你，黛比。請注意，除非另有說明，第二季業績比較是與截至2020 年6 月30 日的三個月期間進行的比較。 50.9%。

This is a record quarterly revenue for Lazydays, surpassing our previous record of $271 million in sales just last quarter. Revenue from the sale of recreational vehicles, or RVs, was $290.2 million for the quarter, up $98.7 million or 51.5%.

這是 Lazydays 創紀錄的季度收入，超過了我們上個季度 2.71 億美元的銷售額記錄。本季休閒車 (RV) 銷售收入為 2.902 億美元，成長 9,870 萬美元，成長 51.5%。

Total RV unit sales, excluding wholesale units, were 4,208 up 1,258 units or 42.3%. Q2 revenue from the sale of new recreational vehicles was $201.6 million, up $72.2 million or 55.8%. New RV unit sales were 2,780, up 935 units or 50.7%.

房車總銷量（不含批發單位）為 4,208 輛，成長 1,258 輛，即 42.3%。第二季新休閒車銷售收入為 2.016 億美元，成長 7,220 萬美元，成長 55.8%。新房車銷量為 2,780 輛，成長 935 輛，增幅 50.7%。

The average selling price for new RVs for the quarter was $72,100 up $2,600 or 3.7%. Q2 revenue from the sale of pre-owned RVs was $88.7 million, up $26.6 million or 42.7%. Preowned RV units sold, excluding wholesale units, were 1,428, up 323 units or 29.2%.

本季新房車的平均售價為 72,100 美元，上漲 2,600 美元，或 3.7%。第二季二手房車銷售收入為 8,870 萬美元，成長 2,660 萬美元，成長 42.7%。二手房車銷售（不含批發單位）為 1,428 輛，成長 323 輛，即 29.2%。

The average selling price of pre-owned recreational vehicles was $59,400, up 12.7% versus the second quarter of 2020. Revenue in our other channels consisted of sales of parts, accessories and related service, finance and insurance or F&I revenue as well as campground and miscellaneous revenue.

二手休閒車的平均售價為 59,400 美元，較 2020 年第二季上漲 12.7%。

In total, revenue from these other lines of business was $32.6 million, up $10.1 million or 45% compared to 2020. The increase was driven by an F&I revenue increase of $7 million or 54.7% to $19.7 million, a 31.8% or $2.9 million increase in parts and service revenue and a $0.2 million increase in campground miscellaneous revenue. Q2 gross profit, excluding noncash last-in-first-out, or LIFO adjustments, was $86.4 million, up $42.7 million or 97.6% versus 2020.

總的來說，這些其他業務線的收入為3,260 萬美元，與2020 年相比增加了1,010 萬美元，即45%。的，增加了31.8% 或290 萬美元零件和服務收入增加 20 萬美元，露營地雜項收入增加 20 萬美元。第二季毛利（不包括非現金後進先出或 LIFO 調整）為 8,640 萬美元，比 2020 年增加 4,270 萬美元，即 97.6%。

Gross margin, excluding LIFO adjustments, increased 640 basis points between the 2 periods to 26.8% compared to 20.4% in 2020, with the change driven by increased RV sales margins in a market with strong consumer demand and constrained inventory.

不包括後進先出調整的毛利率在兩個時期之間增加了640 個基點，達到26.8%，而2020 年為20.4%，這一變化是由於消費者需求強勁且庫存有限的市場中房車銷售利潤率的提高所推動的。

Including the noncash LIFO adjustments, which had a net unfavorable swing between the periods of $0.4 million compared to prior year, gross profit for the quarter was $86.2 million, up $42.2 million or 96.2%. Excluding transaction costs, stock-based compensation and depreciation and amortization, SG&A for the quarter was $44.8 million, up $16.5 million compared to prior year. This increase is attributable to overhead associated with the Phoenix dealership acquired in May 2020; the Elkhart dealership acquired in October; the Burns Harbor dealership acquired in December; our greenfield Nashville location which started operations in January 2021; the Louisville, Tennessee dealership acquired in March 2021 and plus increased performance wages as a result of increased RV sales and margins for the quarter.

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 40 萬美元），本季毛利為 8,620 萬美元，成長 4,220 萬美元，即 96.2%。不包括交易成本、股票薪酬以及折舊和攤銷，本季的銷售及管理費用為 4,480 萬美元，比去年同期增加 1,650 萬美元。這一增長歸因於 2020 年 5 月收購的 Phoenix 經銷店的相關管理費用； 10 月收購了埃爾克哈特 (Elkhart) 經銷店； 12 月收購了伯恩斯港經銷店；我們的納許維爾新建工廠於 2021 年 1 月開始運作；田納西州路易斯維爾經銷店於 2021 年 3 月收購，加上因本季房車銷售和利潤增加而提高的績效工資。

SG&A as a percentage of gross profit decreased from 64.3% in Q2 2020 to 52% in Q2 2021. Depreciation and amortization increased $0.7 million compared to prior year. This brings operating income to $37.3 million for the quarter, nearly 3x Q2 2020's operating income of $12.6 million.

SG&A 佔毛利的百分比從 2020 年第二季的 64.3% 下降到 2021 年第二季的 52%。這使得該季度的營業收入達到 3,730 萬美元，幾乎是 2020 年第二季營業收入 1,260 萬美元的三倍。

Pretax income for the quarter includes the impact of noncash on operating expense associated with the change in fair value of warrant liabilities of $6.8 million and $2.8 million in Q2 2021 and 2020, respectively, as well as the Q2 2021 $6.1 million pretax benefit associated with the forgiveness of a portion of the company's PPP loans.

本季的稅前收入包括與2021 年第二季及2020 年第二季認股權證負債公允價值變動相關的非現金對營運費用的影響，分別為680 萬美元及280 萬美元，以及與2021 年第二季相關的610 萬美元稅前盈餘免除該公司的部分 PPP 貸款。

Net income for the second quarter was $25.3 million or $1.21 per share diluted, almost 5x Q2 2020's net income of $5.3 million or $0.25 per share. Adjusted EBITDA for the quarter was $41.3 million, which is an all-time quarterly record for Lazydays and a $26.4 million or 177% increase versus prior year.

第二季淨利為 2,530 萬美元，攤薄後每股收益 1.21 美元，幾乎是 2020 年第二季淨利 530 萬美元或每股 0.25 美元的 5 倍。該季度調整後 EBITDA 為 4,130 萬美元，創下了 Lazydays 的歷史季度記錄，與去年同期相比增加了 2,640 萬美元，即 177%。

Adjusted EBITDA margin improved by 580 basis points to 12.8% from 7% in 2020. Please refer to our earnings release for a table, which includes a reconciliation of net income to adjusted EBITDA. Now turning to the June 30 balance sheet and our financial position. We had cash on hand of $104.3 million and net working capital of $82.6 million, with cash up $40.8 million versus December 31, 2020.

調整後 EBITDA 利潤率從 2020 年的 7% 提高了 580 個基點，達到 12.8%。現在轉向 6 月 30 日的資產負債表和我們的財務狀況。我們手頭現金為 1.043 億美元，淨營運資本為 8,260 萬美元，與 2020 年 12 月 31 日相比，現金增加了 4,080 萬美元。

This increase in cash includes the impacts of cash used to invest in growth initiatives, including our first quarter acquisition, as well as the first quarter benefit of approximately $11.5 million realized from the cash exercise of the warrants.

現金的增加包括用於投資成長計畫的現金的影響，包括我們第一季的收購，以及透過認股權證現金行使實現的第一季約 1,150 萬美元的收益。

At the end of Q2, we had $87.3 million in inventory, down $20 million versus December 31, 2020. Q2 ending inventory consisted of $55.9 million in new vehicles, down $36.5 million; $31.5 million in pre-owned vehicles, up $8.5 million; approximately $5.6 million in parts inventory, up $1.1 million; and LIFO reserves of $5.7 million, an increase of $2.1 million.

截至第二季末，我們的庫存為 8,730 萬美元，比 2020 年 12 月 31 日減少了 2,000 萬美元。二手車價值 3,150 萬美元，增加 850 萬美元；零件庫存約 560 萬美元，增加 110 萬美元； LIFO 儲備金為 570 萬美元，增加了 210 萬美元。

As of June 30, 2021, we had no borrowings under our recently expanded $25 million revolving credit facility, $11.3 million in term loans outstanding and $64 million in gross notes payable on our floor plan facility. We also had approximately $3.6 million outstanding on notes payable related to acquisitions, $2 million of PPP loans outstanding a mortgage balance of approximately $5.9 million. Thank you for your time. And now I'd like to turn the call over to Bill Murnane.

截至 2021 年 6 月 30 日，我們最近擴大的 2,500 萬美元循環信貸額度中沒有借款，未償還定期貸款為 1,130 萬美元，平面圖貸款中的應付票據總額為 6,400 萬美元。我們還有約 360 萬美元的未償收購相關應付票據、200 萬美元的未償 PPP 貸款以及約 590 萬美元的抵押貸款餘額。感謝您抽出時間。現在我想把電話轉給比爾·默南。

Thank you, Nick. Good morning, everyone. Thanks for joining us here today. We are very proud to have set another quarterly revenue and EBITDA record in Q2. In addition, our growth continues to outpace the market and our competitors. I want to thank all the Lazydays employees for the hard work and dedication they put forth to achieve these records and achievements.

謝謝你，尼克。大家早安。感謝您今天加入我們。我們非常自豪在第二季再創季度營收和 EBITDA 記錄。此外，我們的成長持續超過市場和競爭對手。我要感謝所有 Lazydays 員工為實現這些記錄和成就而付出的辛勤工作和奉獻精神。

We have a remarkable team here at Lazydays. We continue to experience very strong demand for RVs and inventory continues to be tight. The combination of robust demand and lean inventory has had and continues to have a very positive impact on our margins. Demand continued to be strong in July, and we expect this strong demand to continue into the foreseeable future.

Lazydays 擁有一支出色的團隊。我們對房車的需求仍然非常強勁，而且庫存仍然緊張。強勁的需求和精益庫存的結合已經並將繼續對我們的利潤產生非常積極的影響。 7 月需求持續強勁，我們預計這種強勁需求將持續到可預見的未來。

Our inventory declined in Q2 but inventory has improved modestly in July. Our dealership inventories continue to be well below historical and desired levels. We don't expect our inventory levels to improve significantly until later this year after the summer season ends. We do not believe dealer inventories will normalize until the second half of 2022.

我們的庫存在第二季度有所下降，但 7 月的庫存略有改善。我們的經銷商庫存繼續遠低於歷史和預期水準。我們預計，直到今年稍後夏季結束後，我們的庫存水準才會顯著改善。我們認為經銷商庫存要到 2022 年下半年才會恢復正常。

The significant supply/demand imbalance will likely continue for the next year, which should allow us to maintain elevated margins throughout calendar year '21 and well into calendar year 2022.

嚴重的供需失衡可能會持續到明年，這將使我們能夠在整個 21 日曆年和 2022 日曆年保持較高的利潤率。

Our growth pipeline remains very healthy and active. Yesterday, we announced that we closed on the acquisition of the B. Young RV dealerships in Portland, Oregon, and Vancouver, Washington -- in the Portland, Oregon, and the Vancouver, Washington markets.

我們的成長管道仍然非常健康和活躍。昨天，我們宣布完成對俄勒岡州波特蘭和華盛頓州溫哥華市 B. Young 房車經銷商的收購——俄勒岡州波特蘭和華盛頓州溫哥華市場。

These new dealerships have been branded Lazydays RV of Portland and Lazydays RV of Vancouver. These dealerships fit perfectly with our strategy to acquire the best dealerships with the best management teams and the best brand in the top national markets. We are very selective about the dealerships we acquire, and we are very excited to welcome Lazydays RV of Portland and Lazydays RV of Vancouver into the Lazydays family of dealerships. We look forward to helping these dealerships grow market share in the very strong Pacific Northwest RV market.

這些新經銷商被命名為“波特蘭 Lazydays RV”和“溫哥華 Lazydays RV”。這些經銷商完全符合我們的策略，即在頂級國家市場上收購擁有最佳管理團隊和最佳品牌的最佳經銷商。我們對收購的經銷商非常挑剔，我們非常高興地歡迎波特蘭的 Lazydays RV 和溫哥華的 Lazydays RV 加入 Lazydays 經銷商大家庭。我們期待幫助這些經銷商在非常強勁的太平洋西北房車市場中擴大市場份額。

While we are on the topic of new dealerships and growth, I would like to spend a few minutes discussing Lazydays' growth opportunities because I want to make sure our investors fully understand the numerous ways Lazydays can grow. We have multiple paths for growth, and we believe we can generate above-market growth in both good and bad economic environments while consistently outperforming our competitors.

當我們討論新經銷商和成長的話題時，我想花幾分鐘討論 Lazydays 的成長機會，因為我想確保我們的投資者充分了解 Lazydays 成長的多種方式。我們有多種成長路徑，我們相信無論經濟環境好壞，我們都能實現高於市場的成長，同時始終超越競爭對手。

First, we can generate substantial growth by expanding geographically through acquisition or building out new or greenfield dealerships. Currently, we have 15 distribution points in our network. By the end of this year, we will have at least 17 distribution points. By the end of 2022, we should have at least 22 distribution points and could easily have more. Keep in mind that some of our competitors have well over 150 distribution points.

首先，我們可以透過收購或建立新的或新建的經銷商來擴大地域範圍，從而實現大幅成長。目前，我們的網路中有 15 個分銷點。到今年年底，我們將擁有至少17個配送點。到 2022 年底，我們應該至少有 22 個分發點，並且很容易擁有更多。請記住，我們的一些競爭對手擁有超過 150 個分銷點。

We have just 15 today. The geographic white space for us to expand into is massive. We should be able to add 5 to 10 dealerships per year to our network for the next 10 years or more. Keep in mind that the ROI we get on acquired and greenfield dealerships is double or triple our cost of capital. So there is considerable value being created with each new dealership.

今天我們只有 15 個。我們可以拓展的地理空白空間是巨大的。在接下來的 10 年或更長時間裡，我們每年應該能夠在我們的網路中增加 5 到 10 個經銷商。請記住，我們從收購和新建經銷商獲得的投資報酬率是我們資本成本的兩倍或三倍。因此，每個新經銷商都創造了相當大的價值。

We could expand faster than this, but it is important to us that each new dealership provide the same great customer experience our customers expect from Lazydays. To implement and train to the Lazydays processes and procedures takes time, and it is very important to us that we do this properly so we can provide a great customer experience.

我們可以比這更快地擴張，但對我們來說重要的是，每個新經銷商都能提供客戶期望從 Lazydays 獲得的同樣出色的客戶體驗。實施和培訓 Lazydays 流程和程序需要時間，對我們來說，正確執行此操作非常重要，這樣我們才能提供出色的客戶體驗。

As a result, we are very methodical and disciplined in our approach to growth. We can also expand geographically in good times and bad. And given the strength of our balance sheet, we believe our opportunity to expand geographically will likely accelerate in a more challenging economic environment.

因此，我們的成長方式非常有條理、有紀律。無論順境或逆境，我們都可以進行地域擴張。鑑於我們資產負債表的實力，我們相信，在更具挑戰性的經濟環境中，我們的地域擴張機會可能會加速。

Next, we can grow by improving our market share at many of our existing dealerships, especially acquired or greenfield dealerships. It is common for us to be able to double or triple the market share of a newly acquired dealership during the first few years of ownership. The growth of greenfield dealerships can be even more dramatic.

接下來，我們可以透過提高許多現有經銷商的市佔率來實現成長，特別是收購或新建經銷商。在擁有新收購的經銷商的最初幾年內，我們能夠將市場份額增加一倍或三倍，這對我們來說是很常見的。新建經銷商的成長可能更加引人注目。

As an example, our Nashville dealership that opened just a few months ago, this past January, has quickly become one of the largest RV dealerships in the Nashville market. We improved market share by using our proprietary systems to generate more leads, and convert these leads at high conversion rates.

例如，我們的納許維爾經銷店幾個月前（今年一月）開業，現已迅速成為納許維爾市場最大的房車經銷店之一。我們透過使用我們的專有系統產生更多潛在客戶並以高轉換率轉換這些潛在客戶，從而提高了市場份額。

We also believe we can increase market share in good times and bad times, and we believe our effectiveness at increasing market share will be even greater when inventory normalizes. We can grow by expanding our preowned vehicle inventory and sales. We have proprietary systems for pursuing preowned inventory, and these systems have allowed us to double our year-over-year preowned inventory purchases in a very competitive preowned inventory market.

我們也相信，無論順境或逆境，我們都可以增加市場份額，而且我們相信，當庫存正常化時，我們增加市場份額的效率將會更大。我們可以透過擴大二手車庫存和銷售來實現成長。我們擁有用於採購二手庫存的專有系統，這些系統使我們能夠在競爭非常激烈的二手庫存市場中將二手庫存採購量逐年翻倍。

Our pre-owned inventory sales growth has outpaced the market, and we expect this strong performance on preowned sales to continue into the foreseeable future. In addition to revenue growth from geographic expansion, market share gains and preowned sales, we can generate added earnings growth by improving margins considerably at many of our existing dealerships.

我們的二手庫存銷售成長超過了市場，我們預計二手銷售的強勁表現將在可預見的未來持續下去。除了地理擴張、市場份額成長和二手車銷售帶來的收入成長之外，我們還可以透過大幅提高許多現有經銷商的利潤率來實現額外的獲利成長。

We improved margins by attaining higher F&I penetration and attachment rates by increasing service capacity and productivity and by improving our product mix. It is common for us to double F&I contribution rates in an acquired dealership within the first 2 years of ownership.

我們透過提高服務能力和生產力以及改善我們的產品組合，實現更高的 F&I 滲透率和附著率，從而提高了利潤率。我們通常會在收購經銷商的頭兩年內將 F&I 貢獻率翻倍。

Like market share, we can improve margins in good and bad economic environments. As we grow, we never lose our focus on improving our ability to provide a best-in-class customer experience and service excellence.

與市場佔有率一樣，無論經濟環境好壞，我們都可以提高利潤。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。

We continue to have several customer, employee and service-focused 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.

我們繼續實施多項以客戶、員工和服務為中心的舉措，並在人員、流程和技術方面投入大量人力和財力資源，這將幫助我們在全國提供最佳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) We do have a question from the line of Joe Altobello with Raymond James.

（操作員說明）我們確實收到了來自 Joe Altobello 和 Raymond James 的問題。

This is actually Adam on for Joe. I was curious -- I appreciate the color you gave on kind of your outlook for 5 to 10 per year looking at future dealerships. And obviously, you guys have been quite active mentioning beyond most recently. I was just curious, I would assume this may be the case, but I wanted to confirm with you guys in terms of -- is inbound call volume from dealers looking to sell increasing for you guys? And what trends are you seeing in terms of multiples that you might be being asked to pay versus maybe historical levels?

這其實是亞當替喬做的。我很好奇——我很欣賞你對每年 5 到 10 家未來經銷商的展望。顯然，你們最近一直非常積極地提及其他事情。我只是很好奇，我想可能是這種情況，但我想向你們確認一下——希望出售的經銷商的來電數量是否在增加？就您可能被要求支付的倍數與歷史水平相比，您看到什麼趨勢？

Yes. Good question, Adam, and thank you. We have seen the inbound volume. It's definitely active out there. We've seen that increase. Multiples have come up some, and dealers are asking for more. And in addition, earnings in this environment are up. Given that, we are being very, very selective in what we choose to pursue and what we choose to transact on. We will aggressively pursue an outstanding dealership like B. Young in Portland, like Burlington in the Milwaukee market, like all the dealerships purchased, we believe are outstanding and leaders in their market, and we will certainly be aggressive in pursuing them.

是的。好問題，亞當，謝謝你。我們已經看到了入境量。那裡肯定很活躍。我們已經看到這種增長。倍數已經出現了一些，而經銷商則要求更多。此外，在這種環境下，收益也有所增加。有鑑於此，我們在選擇追求的目標和交易的對象時非常非常有選擇性。我們將積極尋求像波特蘭的B. Young 那樣的傑出經銷商，像密爾瓦基市場的伯靈頓一樣，像所有購買的經銷商一樣，我們相信他們是其市場中的傑出和領導者，我們當然會積極地追求他們。

But we're very disciplined. We're not going to -- we probably turn down 10 opportunities for every 1 we transact on we're not going to just chase dealers to chase dealers. We want to be the best. Being the biggest isn't that important to us. Being the best is very important for us.

但我們非常有紀律。我們不會——我們可能每交易 1 個機會就會拒絕 10 個機會，我們不會只是追逐經銷商來追逐經銷商。我們想成為最好的。成為最大的公司對我們來說並不那麼重要。成為最好的對我們來說非常重要。

Your next question is from the line of Michael Swartz with Truist Securities.

您的下一個問題來自 Truist Securities 的 Michael Swartz。

A couple of questions for me. Just with regards to the top line during the quarter, can you maybe give us a sense of how much acquired revenue was in that line? I'm just trying to back into comparable store sales metric possible.

有幾個問題問我。就本季的收入而言，您能否讓我們了解該行所獲得的收入有多少？我只是想回到可能的可比較商店銷售指標。

Yes. Michael, we don't disclose that at this point in time. Maybe we will sometime in the future. We just have a couple of dealerships that are quite large and just for competitive reasons, we don't disclose same-store sales.

是的。邁克爾，我們目前不透露這一點。也許我們會在未來的某個時候。我們只有幾家規模相當大的經銷商，出於競爭原因，我們不透露同店銷售額。

Okay. And just on the new inventory front then, I think you said inventories in general down in the 30% range. Could you maybe give us a sense of what your new inventory or stocking levels look like if you were to look at it on a per door basis? I'm just trying to understand what that looks like kind of apples-to-apples.

好的。就新庫存而言，我想您說過庫存總體下降了 30%。如果您按門查看的話，您能否讓我們了解您的新庫存或庫存水準？我只是想了解一下這是什麼樣子的。

Say that again. Could you...

再說一次。您可以...嗎...

How much are same-store inventories down, which we don't break out as well.

同店庫存下降了多少，我們也沒有具體公佈。

Yes. We haven't been breaking that out as well. I think we did give you some color on what inventory did this quarter and what it did in July. It is up in July a little bit. So -- but we don't expect much change in inventory until the fall at the earliest.

是的。我們也沒有打破這一點。我認為我們確實為您提供了有關本季度和 7 月份庫存情況的一些資訊。 7月就漲了一點點。所以，但我們預計最早在秋季之前庫存不會發生太大變化。

Okay. And then final question for me, just on vehicle margins. Looks like you did about 21% in the quarter, if I'm doing the math correctly. Could you maybe give us a sense of how much of the year-over-year improvement is being driven by what's called product mix versus pricing versus just the supply -- the demand-supply dynamic out there in the market today?

好的。最後一個問題是關於車輛利潤率的。如果我計算正確的話，看起來您在本季的表現約為 21%。您能否讓我們了解一下，年比改善在多大程度上是由所謂的產品組合與定價與供應（當今市場上的供需動態）所推動的？

It's hard to -- it's really hard to break that out. I mean, we're not -- the short supply is very beneficial to margins. There's very little discounting going on out there that we don't need it -- to do that. And that's a big driver of the increased margins in this environment. So that's probably the best answer I can give you.

很難——真的很難打破這個局面。我的意思是，我們不是——供應短缺對利潤率非常有利。市場上幾乎沒有什麼折扣是我們不需要的——來做這件事。這是在這種環境下利潤增加的一個重要推動因素。所以這可能是我能給你的最好答案。

It's really hard in this environment to understand what things are having an impact. We are making great progress on things like F&I penetration and improving our attachment rates on F&I. So we know that they're having a great impact, but it's really hard to break out which components are having the biggest impact on margins.

在這種環境下，很難理解哪些事情正在產生影響。我們在 F&I 滲透率和提高 F&I 附著率等方面取得了巨大進展。所以我們知道它們產生了巨大的影響，但很難區分哪些組件對利潤率影響最大。

And I just will say, in a market when you have short lead times, if you know you can replenish a unit and restock, and you may give a little on margins if you can sell some F&I around that. There's no incentive to do that in the current market when you're not only having to wait on units, but your book of your orders that are pending is -- you've already got units presold before they even hit the lot in a lot of cases.

我只想說，在一個交貨時間很短的市場中，如果你知道你可以補充一個單位並重新進貨，並且如果你可以圍繞它出售一些 F&I，你可能會給予一點利潤。在當前市場上，你不僅要等待單位，而且你的待處理訂單簿上也有這樣的情況，你就沒有動力這樣做——在單位大量上市之前，你就已經預售了單位。

The next question is from the line of Steve Dyer with Craig-Hallum Capital.

下一個問題來自 Craig-Hallum Capital 的 Steve Dyer。

Ryan on for Steve. Curious -- helpful kind of laying out the opportunity to expand the distribution points. Any way to break that out? Or I guess any thoughts on stand-alone service centers like you've recently put up relative to kind of the full service, buy-sell service?

瑞恩替補史蒂夫。好奇－有助於佈局擴大分發點的機會。有什麼辦法可以打破這個局面嗎？或者我想您對像您最近提出的相對於全方位服務、買賣服務的獨立服務中心有什麼想法嗎？

Yes. So we have in the 17 and the 22 that we referenced for '21 and '22. Ryan, just one, our Houston service center is service-only. As we get beyond '22, we certainly think there will be more service only distribution points, but those are all full dealerships that have sales and service, except for the one, Houston one.

是的。因此，我們在 17 和 22 中引用了“21”和“22”。瑞安，僅一，我們的休士頓服務中心僅提供服務。當我們進入 22 世紀之後，我們當然認為將會有更多僅提供服務的經銷點，但這些都是提供銷售和服務的完整經銷商，除了休斯頓那家。

And then within those 17 and 22, how many of those are greenfield versus M&A?

那麼，在這 17 個和 22 個專案中，有多少是新建專案還是併購專案？

Well, I think we have 1 M&A deal coming up here in the next month or 2 with Burlington that we've announced. So the other one will be a greenfield. And that will be -- I think that one is in the Minnesota dealership that we've added. And then the majority of the 22 additions will be greenfields. We haven't disclosed them because we -- before we disclose them, we like to have our plans fully approved by the municipalities.

嗯，我認為我們將在下個月或 2 個月內與我們宣布的伯靈頓達成 1 筆併購交易。所以另一處將是一片綠地。那將是 - 我認為其中一個位於我們添加的明尼蘇達州經銷店。然後新增的 22 個項目中的大部分將是新建項目。我們尚未披露它們，因為在披露它們之前，我們希望我們的計劃得到市政府的完全批准。

But the majority of those are greenfield. So there's a good chance we could add a lot more acquisitions in there as well. We'll have to see how that goes.

但大部分都是綠地。因此，我們很有可能在那裡增加更多的收購。我們得看看事情進展如何。

Your next question is from the line of Fred Wightman with Wolfe Research.

您的下一個問題來自 Wolfe Research 的 Fred Wightman。

I was wondering if you could just sort of touch on the price increase environment that you're seeing from OEMs as we think about shifting from model year '21 to '22? And then what, if any, feedback you're seeing at the customer level from this?

我想知道當我們考慮從 '21 車型年轉向 '22 車型年時，您是否可以談談您從 OEM 看到的價格上漲環境？那麼您在客戶層面看到的回饋是什麼（如果有的話）？

Yes. We are seeing increases come through. The last couple of months, we definitely see a fair amount of price increases I don't have a good -- it's best not to comment on, I guess, the percentage, but they're, I would call them significant some of them. We have not had any pushback from customers at this point. We are protecting ourselves. So if we get a price increase on a presold unit, we will -- we are protected with the customer.

是的。我們看到成長正在實現。在過去的幾個月裡，我們確實看到了相當多的價格上漲，我認為最好不要評論百分比，但我認為其中一些是重要的。目前我們還沒有收到客戶的任何反對。我們正在保護自己。因此，如果我們預售單位的價格上漲，我們將受到客戶的保護。

And we have not had any significant pushback from customers at all on that. So again, it's a very tight supply market. So if that changes somewhere down the road, I think we'll probably get more pushback. Right now, it's -- Right now, we're not.

我們在這方面沒有受到客戶的任何重大阻力。再說一次，這是一個供應非常緊張的市場。因此，如果這種情況在未來某個地方發生變化，我認為我們可能會受到更多阻力。現在，現在，我們不是。

Great. And if we think about that pickup that you touched on from the July shipment rates, is that mostly the end of the '21 model year? Or are you guys starting to see some '22 product come through as well?

偉大的。如果我們考慮您提到的 7 月份出貨量的增長，這主要是 21 車型年的年底嗎？或者你們也開始看到一些 22 年的產品出現了？

We've got the paramount of '22 product coming through.

我們已經完成了 22 年最重要的產品。

Yes. Just started to come.

是的。剛開始來。

Yes. So the '22 is coming in. I don't have a good feel for what the breakout of that is.

是的。所以'22 即將到來。

No, qualitatively, that's super helpful. Just one final one. You guys have sort of touched on posting positive comps on a same-store sales basis, even as you start to lap some of the tougher compares. And I know you guys don't guide. And I know you don't like to touch on same-store sales too much, but qualitatively, any change in sort of that thinking? Or are you more or less confident sitting here today than you were when you sort of introduced those targets at the start of the year?

不，從品質上來說，這非常有幫助。只剩最後一張了你們已經談到了在同店銷售的基礎上發布積極的比較，即使你們開始進行一些更艱難的比較。我知道你們不會指導。我知道您不喜歡太多地談論同店銷售，但從品質上來說，這種想法有什麼變化嗎？或者，與您在年初介紹這些目標時相比，您今天坐在這裡是否更有信心或更有信心？

What targets are we discussing? I'm not sure I understand the question.

我們正在討論什麼目標？我不確定我是否理解這個問題。

You guys had touched on sort of posting positive comps [season] as you started to lap tougher compares in the May, June and July time frame. I'm just wondering if you're still confident posting positive sales in the back half of the year?

當你們開始在五月、六月和七月的時間範圍內進行更艱難的比較時，你們已經談到了發布積極的比較[賽季]。我只是想知道您是否還有信心在下半年實現正銷售？

Do you want to?

你想要_____嗎？

Yes. We're -- we track our comps. We actually look at both compared to growth versus 2019 and 2020 on a same-store basis. And even with the ramp, we're comparing favorably.

是的。我們正在追蹤我們的比較。實際上，我們比較了 2019 年和 2020 年同店成長情況。即使有坡道，我們的比較也很有利。

Your next question is from the line of David Kanen with Kanen Wealth Management.

您的下一個問題來自 Kanen Wealth Management 的 David Kanen。

So in the auto industry now, there seems to be a trend amongst dealers to -- because of the supply because of the supply-demand dynamic to add what they're calling a market adjustment to the invoice, which is essentially 100% profit for the dealership. Are we seeing that anywhere in the industry because we have a similar dynamic of such high demand and limited supply? And is this something that you would consider?

因此，現在在汽車行業，經銷商之間似乎有一種趨勢——由於供應，由於供需動態，在發票中添加他們所謂的市場調整，這基本上是 100% 的利潤經銷商。我們是否在行業的任何地方都看到了這種情況，因為我們有類似的高需求和有限的供應？這是您會考慮的事情嗎？

We are not seeing that in the industry, and we're -- I think, David, we're still not where dealers are charging full MSRP. So I think until we get to a point, whereas in the auto industry, I think most people are paying full MSRP for product today and in fact, some places, I think they're paying more. I think until we reach the point where we're getting full MSRP, I don't think that would be taking place in our industry. And quite frankly, I don't know if we'll ever get to a point. Our margins are very healthy right now, but we're -- we still got some room to get the MSRP pricing

我們在行業中沒有看到這種情況，而且我們 - 我認為，大衛，我們仍然沒有達到經銷商收取全額建議零售價的水平。所以我認為，直到我們達到一個點，而在汽車行業，我認為大多數人今天都在為產品支付全額建議零售價，事實上，在某些地方，我認為他們支付更多。我認為，在我們達到完全建議零售價之前，我認為我們的行業不會發生這種情況。坦白說，我不知道我們是否能達到某個目標。目前我們的利潤率非常健康，但我們仍然有一些空間來獲得建議零售價

Okay. And then second question in regards to capital allocation. Balance sheet is very strong. And typically, you've paid according to your deck like 3 to 4x -- sort of 2 to 4x EBITDA for acquisitions. If I take the liberty of using $125 million of EBITDA for this year, which seems attainable, and I used 22 million fully diluted shares, I come up with an adjusted enterprise value of $287 million.

好的。第二個問題是關於資本配置的。資產負債表非常強勁。通常情況下，你會根據自己的套牌支付 3 到 4 倍的費用，相當於 2 到 4 倍 EBITDA 的收購費用。如果我冒昧地使用今年 1.25 億美元的 EBITDA（這似乎是可以實現的），並且我使用了 2200 萬股完全稀釋的股票，那麼我得出的調整後企業價值為 2.87 億美元。

So I'm assuming full conversion of the warrants, you get $53 million in cash. So on a pro forma basis, I have about a $287 million enterprise value and stock trading 2.3x EBITDA, which is really below your target level for deploying capital in acquisitions. Given that -- given those numbers and stats, is a stock buyback or tender a more serious consideration to you and to the rest of the board at this juncture?

所以我假設認股權證全部轉換，你將獲得 5300 萬美元的現金。因此，在預期的基礎上，我的企業價值約為 2.87 億美元，股票交易 EBITDA 為 2.3 倍，這確實低於在收購中部署資本的目標水準。考慮到這些數字和統計數據，此時此刻，股票回購或投標對您和董事會其他成員來說是更認真的考慮嗎？

Yes. I think we -- as you know, David, we are constantly evaluating the best use of our capital and how to best allocate it. Right now, we have -- we find that the best use and allocation is to grow. And you're going to see that some of the dealerships we buy are larger and more expensive. And I think you're going to see that with the one we just transacted on in B. Young. It's quite a large dealership and quite a strong dealership.

是的。我認為我們——正如你所知，大衛，我們不斷評估我們資本的最佳利用以及如何最好地分配它。現在，我們發現最好的利用和分配就是成長。你會看到我們購買的一些經銷商規模更大、價格更高。我想你會在我們剛剛交易的 B. Young 交易中看到這一點。這是一家相當大的經銷店，也是一家相當有實力的經銷店。

So we're spending capital on that at a very high ROI, I might add, but it is a big use of capital for us relatively. It depends on what the future brings. If we find that we can't deploy capital in high ROI investments, then we will certainly consider other uses for that capital. But right now, certainly, in this market, it appears like we have plenty of opportunity to deploy that capital.

因此，我可能會補充說，我們以非常高的投資回報率在這方面投入資金，但這對我們來說相對來說是一個很大的資本使用。這取決於未來會發生什麼。如果我們發現無法將資金用於高投資報酬率投資，那麼我們肯定會考慮該資金的其他用途。但現在，當然，在這個市場上，我們似乎有很多機會部署這些資本。

So if I understand correctly, if you can do acquisitions at a very high ROI, let's say, 3x, 3.5x EBITDA, even though mathematically, that's a higher multiple than your stock, you'll still do that? You'll ignore buying back your stock at a lower multiple and a higher ROI just because you can deploy at good levels on acquisitions? Is that what you're saying?

所以，如果我理解正確的話，如果你能以非常高的投資回報率進行收購，比如說3 倍、3.5 倍EBITDA，即使從數學上講，這比你的股票要高，你仍然會這樣做嗎？您會僅僅因為可以在收購中進行良好的部署而忽略以較低的倍數和較高的投資回報率回購股票嗎？你是這麼說的嗎？

No, that's not what I'm saying. What I'm saying is the Board is very disciplined in how we allocate capital. and we evaluate our use of capital in a way that we are deploying it towards our highest to get the highest return on that capital. That's what I'm saying. And we talk about that regularly with the Board. We're very focused on that.

不，我不是這個意思。我想說的是，董事會在分配資本方面非常嚴格。我們評估資本的使用方式，將其部署到最高水平，以獲得最高的資本回報。這就是我所說的。我們定期與董事會討論此一問題。我們非常關注這一點。

Okay. I mean I just wasn't aware that you were able to deploy capital at 2, 2.3x EBITDA and acquisitions. My understanding was it a higher multiple. So it just seems like you're doing you're not going to buy back stock. You just want to do acquisitions even if it's more costly. And just a follow-up on that. One of your competitors is trading at a much higher multiple than you guys have run through the same math. They are probably 5, 5.2x, their pro forma EBITDA run rate and they're taking a balanced approach and buying back stock and investors seem to like that. So I just want to put that out there.

好的。我的意思是，我只是不知道您能夠以 2、2.3 倍的 EBITDA 和收購來部署資本。我的理解是它的倍數更高。所以看起來你不會回購股票。你只想進行收購，即使成本更高。這只是後續行動。你的一位競爭對手的交易倍數比你們透過相同的數學計算得出的倍數高得多。他們的預期 EBITDA 運行率可能是 5 倍、5.2 倍，他們正在採取平衡的方法併回購股票，投資者似乎喜歡這樣。所以我只想把它放在那裡。

Unfortunately, we are trading at almost a ridiculous multiple. And I think that, that may be one of the components that investors are contemplating and ultimately having a reluctance to buy our stock and pay up for it. So that's pretty much all I have, guys. Good luck, and hope you close the year strong.

不幸的是，我們的交易價格幾乎是荒謬的。我認為，這可能是投資者正在考慮並最終不願購買我們的股票並支付費用的因素之一。這就是我所擁有的一切，夥計們。祝你好運，並希望你能堅強地結束這一年。

Your next question is from the line of Craig Raymond (sic) [Craig Kennison] with Baird.

您的下一個問題來自 Craig Raymond（原文如此）[Craig Kennison] 和 Baird 的線路。

This is Craig Kennison. It's been a helpful call. I'm curious about the sourcing capabilities that you have on the used side? I know it's very difficult to procure used inventory today, at least as difficult as it is to buy new. Are there any investments you can make, given your scale and kind of emerging national footprint to really enhance what you do on the sourcing side and maybe even develop online sourcing tools that position you better to acquire that inventory?

這是克雷格·肯尼森。這是一個很有幫助的電話。我很好奇你們在二手方面有採購能力嗎？我知道現在採購二手庫存非常困難，至少和購買新庫存一樣困難。考慮到您的規模和新興的國家足跡，您是否可以進行任何投資，以真正增強您在採購方面的工作，甚至開發線上採購工具，使您能夠更好地獲取庫存？

Yes. I think, Craig, we believe we are positioned. We have lots of tools and we are not disclosing them because we believe they are proprietary. But we have some -- we think, state-of-the-art tools and industry-leading tools that are allowing us to really expand our used inventory procurement.

是的。我想，克雷格，我們相信我們已經定位好了。我們有很多工具，但我們沒有公開它們，因為我們相信它們是專有的。但我們認為，我們擁有一些最先進的工具和領先業界的工具，使我們能夠真正擴大我們的二手庫存採購。

So -- and we don't see an end to the continued growth of that. We'll continue to add resources as necessary. At some point, there needs to be a human being interacting with the seller. But we're pretty confident, and I think our performance in the last year has demonstrated that we have a very strong used procurement process, and it's very effective. And we don't see any end to our ability to continue to grow our procured -- our pre-owned inventory.

因此，我們認為這種持續成長不會結束。我們將根據需要繼續添加資源。在某些時候，需要有人與賣家互動。但我們非常有信心，我認為我們去年的表現已經證明我們擁有非常強大的二手採購流程，而且非常有效。我們認為我們繼續增加採購——我們的二手庫存的能力不會有任何結束。

(Operator Instructions) At this time, there are no further questions. I'll hand the call back over to the presenters for any closing remarks.

（操作員說明） 此時，沒有進一步的問題。我會將電話轉回給主持人以供結束語。

No closing remarks. Just thank you, everyone, for joining us today, and we look forward to speaking with you again next quarter. Have a great day, everyone. Thank you.

沒有結束語。感謝大家今天加入我們，我們期待下個季度再次與您交談。祝大家有美好的一天。謝謝。

Thanks.

謝謝。

This does conclude the Lazydays Holdings, Inc. Second Quarter 2021 Financial Results Conference Call. Thank you for joining. You may now disconnect.

Lazydays Holdings, Inc. 2021 年第二季財務業績電話會議到此結束。感謝您的加入。您現在可以斷開連線。