Lazydays Holdings Inc (GORV) 2021 Q3 法說會逐字稿

Good morning. My name is Emma, and I will be your conference operator today. At this time, I would like to welcome everyone to the Lazydays, Inc., Third Quarter 2021 Financial Results Conference Call. (Operator Instructions) Debbie Harrell, you may begin your conference.

早安.我叫艾瑪，今天我將擔任你們的會議操作員。現在，我歡迎大家參加 Lazydays, Inc. 2021 年第三季財務業績電話會議。 （操作員指示）Debbie Harrell，您可以開始會議了。

Thank you, Emma. Good morning, and thank you for joining us for our third quarter 2021 financial results conference call. I'm Debbie Harrell, Corporate Controller at Lazydays.

謝謝你，艾瑪。早安，感謝您參加我們的 2021 年第三季財務業績電話會議。我是黛比·哈雷爾 (Debbie Harrell)，Lazydays 的公司財務總監。

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. 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 shift -- product mix shift and geographical expansion.

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。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。 、產品轉移－產品結構轉移與地理擴張。

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 March 18, 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 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 2021 third quarter finance.

現在我很高興介紹 Nick Tomashot，他將概述我們 2021 年第三季的財務狀況。

Thanks, Debbie. First of all, I've had a cold. I can't shake for the last couple of weeks, so I apologize in advance if I start coughing. Please also note that unless stated otherwise, the third quarter results comparisons are versus the same 3-month period ended September 30, 2020.

謝謝，黛比。首先，我感冒了。過去幾週我都無法顫抖，所以如果我開始咳嗽，我會提前道歉。另請注意，除非另有說明，第三季業績比較是與截至 2020 年 9 月 30 日的同一三個月期間進行的。

Revenues for the third quarter were $318.7 million, up $103 million or 48% from 2020. Revenue from the sale of recreational vehicles, or RVs, was $285.8 million for the quarter, up $91.2 million or 47%. Total RV unit sales, excluding wholesale units, were 3,609, up 1,014 units or 39%.

第三季營收為 3.187 億美元，比 2020 年成長 1.03 億美元，成長 48%。房車總銷量（不含批發單位）為 3,609 輛，成長 1,014 輛，即 39%。

Q3 revenue from the sale of new RVs was $181.4 million, up $51.1 million or 39%. New unit sales were 2,192, up 547 units or 33%. The average selling price of new RVs for the quarter was $82,800, up $5,900 or 8%. Q3 revenue from the sale of preowned RVs was $104.4 million, up $40.2 million or 63%. Preowned RV units sold, excluding wholesale units, were 1,417 up 467 units or 49%. The average selling price of preowned recreational vehicles was $70,900, up 13% versus the third quarter of 2020.

第三季新房車銷售收入為 1.814 億美元，成長 5,110 萬美元，成長 39%。新銷量為 2,192 輛，成長 547 輛，成長 33%。本季新房車的平均售價為 82,800 美元，上漲 5,900 美元，即 8%。第三季二手房車銷售收入為 1.044 億美元，成長 4,020 萬美元，成長 63%。二手房車銷售（不含批發單位）為 1,417 輛，成長 467 輛，即 49%。二手休閒車的平均售價為 70,900 美元，比 2020 年第三季上漲 13%。

Revenues 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. In total, revenue from these other lines of business was $32.9 million, up $11.8 million or 56% compared to 2020. The increase was driven by an F&I revenue increase of $9.1 million or 82% to $20.1 million and a 29% or $2.8 million increase in parts and service revenue that was driven by increased retail and warranty external service work.

我們其他管道的收入包括零件、配件及相關服務的銷售、金融和保險或F&I收入以及露營地和雜項收入。總的來說，這些其他業務線的收入為3,290 萬美元，與2020 年相比增加了1,180 萬美元，即56%。美元）以及成長29%（即280 萬美元）推動的。

These numbers exclude internal service work associated with the delivery of RVs sold. Internal revenue has been eliminated when we consolidate our results with the internal cost of deliveries reflected in the cost of goods sold of our RV sales. Q3 gross profit, excluding noncash last-in first-out or LIFO adjustments was $89.6 million, up $41.7 million or 87% versus 2020.

這些數字不包括與所售房車交付相關的內部服務工作。當我們將業績與房車銷售的銷售成本中反映的內部交付成本合併時，內部收入已被消除。不包括非現金後進先出或 LIFO 調整的第三季毛利為 8,960 萬美元，比 2020 年增加 4,170 萬美元，即 87%。

Gross margin, excluding LIFO adjustments, increased between the 2 periods to 28.1% compared to 22.2% in 2020 with the change driven by increased RV sales margins in a market with high consumer demand and constrained inventory. Including noncash LIFO adjustments, which had a net swing between periods of $0.8 million compared to prior year, gross profit for the quarter was $90.3 million, up $40.9 million or 83%.

不包括後進先出調整的毛利率在兩個時期之間增加至28.1%，而2020 年為22.2%，這一變化是由於消費者需求高且庫存有限的市場中房車銷售利潤率的提高所致。包括非現金後進先出調整（與上一年相比，各期之間的淨波動為 80 萬美元），本季毛利為 9,030 萬美元，成長 4,090 萬美元，即 83%。

Excluding transaction costs, stock-based compensation and depreciation and amortization, SG&A for the quarter was $47.6 million, up $19 million compared to prior year. This increase is attributable to overhead associated with the Elkhart dealership acquired in October 2020; the Burns Harbor dealership acquired in December 2020; the Louisville, Tennessee dealership acquired in March 2021 and the Portland, Oregon; Vancouver, Washington and Milwaukee, Wisconsin dealerships acquired in August 2021 as well as increased performance wages as a result of the increased unit sales and margins for the quarter.

不包括交易成本、股票薪酬以及折舊和攤銷，本季的銷售及管理費用為 4,760 萬美元，比去年同期增加 1,900 萬美元。這一增長歸因於 2020 年 10 月收購的埃爾克哈特經銷店的相關管理費用； 2020 年 12 月收購的伯恩斯港經銷店； 2021 年 3 月收購的田納西州路易斯維爾經銷店和俄勒岡州波特蘭經銷店； 2021 年 8 月收購了華盛頓州溫哥華和威斯康辛州密爾瓦基的經銷商，由於本季度單位銷量和利潤率的增加，績效工資也有所提高。

SG&A as a percentage of gross profit improved from 58% in Q3 2020 to 53% in Q3 2021. Amortization of stock-based compensation decreased $0.09 million, and depreciation and amortization increased $1 million compared to prior year. Before the impact of the SPAC warrant accounting change, net income for the third quarter was $28.8 million as compared to $11.6 million in 2020.

SG&A 佔毛利的百分比從2020 年第三季的58% 提高到2021 年第三季的53%。萬美元。在SPAC認股權證會計變更影響之前，第三季淨利為2,880萬美元，而2020年為1,160萬美元。

This $17.2 million improvement was the net result of the just discussed increase in sales and gross profit relative to overhead expenses. Driven by depreciation of the company's stock over the quarter, there was a $2.2 million noncash, nonoperating benefit to net income related to warrant accounting, which increases the $28.8 million net income I just quoted for the quarter to $31 million.

這 1,720 萬美元的改善是剛才討論的銷售額和毛利潤相對於管理費用的增長的淨結果。由於本季度公司股票貶值，與認股權證會計相關的淨利潤出現了 220 萬美元的非現金、非經營性收益，這使得我剛剛引用的本季度淨利潤 2880 萬美元增加到了 3100 萬美元。

Adjusted EBITDA for the quarter was an all-time record for Lazydays at $41.5 million, up $22.4 million or 118%. Adjusted EBITDA margin increased by 420 basis points to 13% from 8.8% in 2020. 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 Lazydays 的歷史最高記錄，達到 4,150 萬美元，成長 2,240 萬美元，成長 118%。調整後 EBITDA 利潤率從 2020 年的 8.8% 增加了 420 個基點，達到 13%。

Recapping September year-to-date results at a high level, total unit sales were 11,014, up 3,053 or 38%. New units were 7,097 year-to-date, up 2,204 or 46%, and preowned units were 3,917, up 813 or 26%. Total revenue was $913 million for the first 3 quarters of the year, up $292 million or 47%. Gross profit, including LIFO was $241 million, up $106 million or 79%.

回顧今年 9 月迄今的高水準業績，總銷量為 11,014 輛，成長 3,053 輛，增幅 38%。今年迄今，新房數為 7,097 套，增加 2,204 套，即 46%；二手房為 3,917 套，增加 813 套，即 26%。今年前三季總營收為 9.13 億美元，成長 2.92 億美元，成長 47%。包括後進先出法在內的毛利為 2.41 億美元，增加了 1.06 億美元，即 79%。

Excluding noncash, nonoperating SPAC warrant accounting impact, net income was $76.2 million, up $53.6 million or 236%. Including the SPAC warrant accounting impact, net income was $65.1 million, up $52.7 million or 424%. Year-to-date adjusted EBITDA was $110.6 million, up $67.1 million or 155%.

不包括非現金、非經營性 SPAC 認股權證會計影響，淨利潤為 7,620 萬美元，成長 5,360 萬美元，即 236%。包括 SPAC 認股權證會計影響在內，淨利潤為 6,510 萬美元，成長 5,270 萬美元，即 424%。年初至今，調整後 EBITDA 為 1.106 億美元，成長 6,710 萬美元，成長 155%。

Now turning to the September 30 balance sheet and our financial position. We had cash on hand of $67 million and net working capital of $72.2 million, with cash up $3.5 million versus December 31, 2020. This increase in cash includes the impacts of cash used to invest in growth initiatives, including our acquisition of 4 locations in Tennessee, Oregon, Washington and Wisconsin as well as cash inflows realized of approximately $11.5 million from the first quarter cash exercise of warrants and $8.3 million from the third quarter exercise of options.

現在轉向 9 月 30 日的資產負債表和我們的財務狀況。我們手頭現金為6700 萬美元，淨營運資本為7220 萬美元，與2020 年12 月31 日相比，現金增加了350 萬美元。 4 個地點。

At the end of Q3, we had $140.7 million in inventory, up $24.5 million versus December 31, 2020. Q3 ending inventory consisted of $83.4 million in new vehicles, down $9 million; $54.9 million of preowned vehicles, up $31.9 million; approximately $7.5 million in parts inventory, up $3 million; and LIFO reserves of $5 million, an increase of $1.4 million.

截至第三季末，我們的庫存為 1.407 億美元，比 2020 年 12 月 31 日增加了 2,450 萬美元。二手車價值 5,490 萬美元，增加 3,190 萬美元；零件庫存約 750 萬美元，增加了 300 萬美元； LIFO 儲備金為 500 萬美元，增加了 140 萬美元。

As of September 30, 2021, we had no borrowings under our $25 million revolving credit facility, $10.8 million of term loans outstanding and $94.7 million in gross notes payable on our $327 million floor plan facility. We also had approximately $2.9 million outstanding on notes payable related to acquisitions, $1.4 million of PPP loans outstanding and a mortgage balance of approximately $5.8 million.

截至 2021 年 9 月 30 日，我們的 2,500 萬美元循環信貸額度下沒有借款，未償還定期貸款為 1,080 萬美元，3.27 億美元的平面圖額度上的應付票據總額為 9,470 萬美元。我們還有約 290 萬美元的未償收購相關應付票據、140 萬美元的未償 PPP 貸款以及約 580 萬美元的抵押貸款餘額。

Thank you. I'm glad I made it through without coughing. And now I'll turn the call over to Bill Murnane.

謝謝。我很高興我沒有咳嗽就完成了任務。現在我將把電話轉給比爾·默南。

Thanks, Nick, and nice job. Hopefully, I won't cough either. Good morning, everyone. We are very proud to have set another quarterly revenue and EBITDA record in the third quarter, and I want to thank all the Lazydays' employees for their hard work and dedication they put into accomplishing these results. We have a remarkable team here at Lazydays, and our back-to-back record quarters are a tribute to their exceptional effort and performance.

謝謝，尼克，幹得好。希望我也不會咳嗽。大家早安。我們非常自豪第三季再創季度收入和 EBITDA 記錄，我要感謝 Lazydays 的所有員工為實現這些成果而付出的辛勤工作和奉獻精神。 Lazydays 擁有一支出色的團隊，我們連續兩個季度創紀錄的成績就是對他們非凡努力和表現的致敬。

In addition to -- in addition to setting another company record, we gained meaningful market share during the quarter by significantly outgrowing the market and our competitors. In a quarter where year-over-year national RV unit sales declined substantially, we managed to grow unit sales by almost 40%. These extraordinary results reflect our team's commitment, focus and discipline around executing on our strategic alternatives -- our strategic initiatives.

除了創造另一項公司記錄之外，我們在本季度還透過顯著超過市場和競爭對手的成長獲得了可觀的市場份額。在全國房車銷量較去年同期大幅下降的季度，我們的銷量實現了近 40% 的成長。這些非凡的成果反映了我們團隊在執行我們的策略替代方案（我們的策略舉措）方面的承諾、專注和紀律。

The fourth quarter is off to a great start as demand and margins remained strong in October. Our year-over-year unit revenue and EBITDA growth in October was very similar to our third quarter growth rates for these categories. Gross margins were also very strong in October. We expect strong demand and margins to continue into the foreseeable future. Our inventories increased in the third quarter, and our towable inventories increased faster than our motorized inventories.

由於 10 月份的需求和利潤率依然強勁，第四季度取得了良好的開局。我們 10 月的年比單位營收和 EBITDA 成長與這些類別的第三季成長率非常相似。十月份的毛利率也非常強勁。我們預計在可預見的未來，強勁的需求和利潤將持續下去。第三季我們的庫存增加，可牽引庫存的成長速度快於機動車輛庫存的成長速度。

Our dealership inventories continue to be well below historical and desired levels, and we don't expect our inventory levels to normalize until sometime in the second half of 2022. We believe the supply-demand imbalance will continue for the next year, which should allow us to maintain elevated margins throughout the balance of 2021 and well into calendar 2022.

我們的經銷商庫存繼續遠低於歷史水平和預期水平，我們預計我們的庫存水平要到 2022 年下半年的某個時候才會正常化。我們將在2021 年餘下時間和2022 年保持較高的利潤率。

Our growth pipeline remains very healthy and active. During the quarter, we acquired Burlington RV and its dealership in the Milwaukee, Wisconsin market. We also acquired B. Young RV and its dealerships in the Portland, Oregon, and Vancouver, Washington markets. These are all exceptionally strong dealerships that fit perfectly with our strategy to acquire the best dealerships with the best teams and the best brands in the top markets -- in the top national markets.

我們的成長管道仍然非常健康和活躍。本季度，我們收購了伯靈頓房車及其在威斯康辛州密爾瓦基市場的經銷商。我們也收購了 B. Young RV 及其在俄勒岡州波特蘭和華盛頓州溫哥華市場的經銷商。這些都是非常強大的經銷商，完全符合我們的策略，即在頂級市場（頂級國家市場）中收購擁有最佳團隊和最佳品牌的最佳經銷商。

We also recently announced new greenfield projects in the Omaha, Nebraska, and Fort Pierce, Florida markets. We were able to acquire great properties and great brands for these dealerships, and we are excited about their growth potential. We expect these new dealerships to commence operations in the fourth quarter of 2022.

我們最近也宣佈在內布拉斯加州奧馬哈和佛羅裡達州皮爾斯堡市場推出新的綠地計畫。我們能夠為這些經銷商收購優質的資產和優質的品牌，我們對它們的成長潛力感到興奮。我們預計這些新經銷商將於 2022 年第四季開始營運。

We are working on additional greenfield projects, and we hope to announce them soon. For the foreseeable future, we will likely be more focused on greenfield projects rather than acquisitions. As you know, we are very selective about the dealerships we acquire. Given the current market environment, we are finding price expectations to be above what we deem reasonable.

我們正在進行其他綠地項目，希望盡快公佈。在可預見的未來，我們可能會更加關注綠地專案而不是收購。如您所知，我們對收購的經銷商非常挑剔。鑑於當前的市場環境，我們發現價格預期高於我們認為合理的水平。

In addition, we are finding that most of the dealerships that are currently for sale don't meet the high-quality standards that are required to become a Lazydays dealership. This doesn't mean we won't make -- this doesn't mean we won't continue to make acquisitions. When we find high-quality dealerships like Burlington and B. Young for sale at reasonable prices, we will make our best effort to bring them into the Lazydays family. It is imperative that all our dealerships meet the standards that are representative of our strong brand and meet our customer expectations. As I've often said, we don't have to be the biggest, but we must be the best.

此外，我們發現目前出售的大多數經銷商都不符合成為 Lazydays 經銷商所需的高品質標準。這並不意味著我們不會繼續進行收購。當我們發現像 Burlington 和 B. Young 這樣的優質經銷商以合理的價格出售時，我們將盡最大努力將他們納入 Lazydays 大家庭。我們所有的經銷商都必須符合代表我們強大品牌並滿足客戶期望的標準。正如我常說的，我們不必是最大的，但我們必須是最好的。

I've discussed in the past that our greenfield dealerships typically generate a higher return on investment than acquired dealerships. Given that we will likely have more greenfield projects, I would like to revisit the greenfield dealership economics. Keep in mind that when we greenfield the dealership, we always build exactly the facility we want that represents Lazydays high-quality standards, and we can locate the dealership in an optimal location.

我過去曾討論過，我們的新建經銷商通常比收購的經銷商產生更高的投資回報。鑑於我們可能會有更多的綠地項目，我想重新審視綠地經銷商經濟學。請記住，當我們新建經銷店時，我們始終會建造符合 Lazydays 高品質標準的我們想要的設施，並且我們可以將經銷店定位在最佳位置。

This is not always the case with acquired dealerships. Our Nashville dealership was a greenfield dealership. So I will use it as an example to demonstrate the powerful economics behind a greenfield project. We commenced operations in Nashville in January of this year or just 10 months ago. One of our REIT partners funded 100% of the land development for the Nashville dealership in return for Lazydays signing a long-term lease on the property.

對於收購的經銷商而言，情況並非總是如此。我們的納許維爾經銷店是一家新建經銷店。因此，我將以它為例來展示綠地計畫背後的強大經濟效益。我們於今年 1 月（即 10 個月前）開始在納許維爾開展業務。我們的房地產投資信託基金合作夥伴之一為納許維爾經銷店的土地開發提供了 100% 的資金，以換取 Lazydays 簽署該房產的長期租賃合約。

So we did not have to use any of our cash to develop the Nashville dealership property. We use REIT partners with acquired or greenfield dealership properties because the return we can get on new or acquired dealership operations is far superior to the returns we get on real estate. The returns we get on new or acquired dealership operations are well north of 50%, and real estate returns are in the low to mid-teens, depending on leverage. So we prefer to allocate our capital towards new dealership operations.

因此，我們不必使用任何現金來開發納許維爾經銷地產。我們使用房地產投資信託基金合作夥伴收購或新建經銷商物業，因為我們從新的或收購的經銷商業務中獲得的回報遠高於我們從房地產上獲得的回報。我們從新的或收購的經銷業務中獲得的回報遠高於 50%，而房地產回報則在十幾歲到十幾歲之間，具體取決於槓桿率。因此，我們更願意將資金分配給新的經銷業務。

Our floor plan lenders fund most of our inventory investment in new dealerships, so procuring inventory doesn't require much of our cash either. Our only real cash outlay for greenfield is some small start-up costs related to working capital, adviser fees and 1 month or 2 of negative operating cash flow. We conservatively estimate our startup cash investment to be $500,000, although Nashville was much lower than this amount.

我們的平面圖貸方為我們在新經銷商中的大部分庫存投資提供了資金，因此採購庫存也不需要我們太多現金。我們對綠地的唯一實際現金支出是與營運資金、顧問費用和 1 個月或 2 個月負營運現金流相關的一些小額啟動成本。我們保守估計我們的啟動現金投資為 50 萬美元，儘管納許維爾遠低於這個數字。

In Nashville, we were profitable in January, our very first month of operation. So there wasn't much negative operating cash flow in Nashville. Nashville today, 10 months later, has annualized revenue well above $50 million and has a market share above 20%. We believe Nashville will ultimately be a $100 million dealership. In addition, annualized EBITDA in Nashville is currently well north of $5 million. So you can see that the cash-on-cash payback in Nashville is measured in weeks or maybe a month. And the ROI on Nashville is far above 50%.

在納許維爾，我們在一月份即營運的第一個月就實現了盈利。因此納許維爾的營運現金流並沒有太多負值。 10 個月後的今天，納許維爾的年收入遠高於 5,000 萬美元，市佔率超過 20%。我們相信納許維爾最終將成為價值 1 億美元的經銷商。此外，納許維爾的年化 EBITDA 目前遠遠超過 500 萬美元。所以你可以看到納許維爾的現金回報是以幾週甚至一個月來衡量的。納許維爾的投資回報率遠高於 50%。

We believe we can get returns similar to Nashville on all greenfield dealership projects. Our goal is to add 5 to 10 dealerships per year to our network, and that goal won't change for a very long time. We will continue to add both acquired and greenfield dealerships, although we expect to be adding more greenfield dealerships given the current market conditions.

我們相信，我們可以在所有綠地經銷項目上獲得與納許維爾類似的回報。我們的目標是每年在我們的網路中增加 5 到 10 個經銷商，而這個目標在很長一段時間內不會改變。我們將繼續增加收購的和新建的經銷商，儘管考慮到當前的市場狀況，我們預計會增加更多的新建經銷商。

As I've said in the past, we have numerous ways we can grow. We can grow by improving market share at our existing dealerships, we can grow by acquiring new dealerships, and we can grow by greenfield in new dealerships. Regardless of the growth path we take, we believe we can generate above-market growth in both good and bad economic environments while consistently outperforming our competitors, as we did in the third quarter.

正如我過去所說，我們有多種成長方式。我們可以透過提高現有經銷店的市場份額來實現成長，我們可以透過收購新的經銷店來實現成長，我們可以透過新建經銷店來實現成長。無論我們採取何種成長路徑，我們相信無論經濟環境好壞，我們都可以實現高於市場的成長，同時始終優於競爭對手，就像我們在第三季所做的那樣。

As we grow, we never lose focus on improving our ability to provide a best-in-class customer experience and service excellence. A best-in-class customer experience and service excellence are at the core of everything we do. We 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 purchase and service experience in the country.

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。一流的客戶體驗和卓越的服務是我們所做一切的核心。我們制定了多項以客戶、員工和服務為中心的計劃，並在人員、流程和技術方面投入了大量的人力和財力資源，這將幫助我們提供全國最好的房車購買和服務體驗。

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

這就是我們準備好的發言的全部內容。艾瑪，請打開提問線。

(Operator Instructions) Your first question comes from the line of Steve Dyer with Craig-Hallum Group.

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

Ryan on for Steve. Given the acceleration on the greenfield development, I want to start there. Challenging inventory and labor markets today, albeit those hopefully will normalize at some point. But how do you think about sourcing inventory stock in these lots, hiring people that there's more investment needed there relative to acquiring existing operations?

瑞恩替補史蒂夫。鑑於綠地開發的加速，我想從這裡開始。今天的庫存和勞動力市場面臨挑戰，儘管這些市場預計將在某個時候恢復正常。但是，您如何看待在這些地段採購庫存、僱用相對於收購現有業務需要更多投資的人員？

Yes. When you say there's more investment, what do you mean?

是的。當你說有更多的投資時，你的意思是什麼？

Well, you just have to start from 0 on the inventory and the people side versus acquiring an existing dealership with RVs, not a lot of people working there.

好吧，你只需要從庫存和人員方面從 0 開始，而不是收購現有的房車經銷店，那裡沒有很多人工作。

We have very strong relationships with the OEMs, and 2 things, I think, one, we believe that probably by the time we start to open our 2 most recent greenfield operations, Omaha and Fort Pierce, inventory is going to be back in balance. We don't expect any issue getting inventory.

我們與原始設備製造商有著非常牢固的關係，我認為有兩件事，第一，我們相信，當我們開始開設最近的兩個綠地業務（奧馬哈和皮爾斯堡）時，庫存將恢復平衡。我們預計庫存不會有任何問題。

Please keep in mind that Nashville opened in the middle of the pandemic. we certainly didn't have any trouble getting the inventory for that operation. So we don't think inventory is going to be an issue at all as we expand. And the tight inventory situation is not going to last forever. And by the time we really get cranking on these greenfields there'll be plenty of inventory to put on, on the lots, at least, we believe.

請記住，納什維爾是在大流行期間開放的。我們在獲取該操作的庫存方面當然沒有遇到任何困難。因此，我們認為隨著我們的擴張，庫存根本不會成為問題。庫存緊張的情況不會永遠持續下去。我們相信，當我們真正開始開發這些綠地時，至少在地段上將會有大量庫存可供存放。

We also have not had trouble attracting people. We have a huge database of people who would love to work for Lazydays. We just don't have positions for them today. And regardless of the position in the organization, we're a preferred employer. We have -- we don't have issues attracting people typically, especially when we enter a new market. And we don't think we'll have issues there either, Ryan.

我們在吸引人們方面也沒有遇到困難。我們有一個龐大的資料庫，裡面有願意為 Lazydays 工作的人。我們今天沒有為他們提供職位。無論在組織中的職位為何，我們都是首選雇主。我們通常不會遇到吸引人們的問題，特別是當我們進入新市場時。我們認為我們也不會有問題，瑞安。

Great. And then just on the development pipeline within the greenfield, can you talk to the pipeline of how many locations, sites, et cetera, that you guys have identified? And then how all of that licensing and what goes into that process?

偉大的。然後，就綠地內的開發管道而言，您能談談您已經確定了多少地點、地點等的管道嗎？那麼所有這些許可是如何進行的以及該過程涉及哪些內容？

Yes. The process is pretty straightforward. We start by looking at the largest 50, 60 markets in the country, and we're only in a handful of them. And then we start looking for properties in those areas, and we find properties that are optimal for us. And then we will -- we are always having conversations with the OEMs, and we're always able to get good product in most markets, and we're continuing to expand.

是的。這個過程非常簡單。我們首先考察全國最大的 50、60 個市場，而我們只參與其中的少數市場。然後我們開始在這些地區尋找房產，並找到最適合我們的房產。然後我們會——我們一直在與原始設備製造商進行對話，我們總是能夠在大多數市場上獲得優質的產品，並且我們正在繼續擴張。

As we get bigger, we get very good treatment from the OEMs in terms of procuring product. But it's -- it really will come down to where we find the best properties available. We're not going to settle on a suboptimal property. And if we're looking at 50 or 60 markets, we'll just go to the market where we find the best situation.

隨著我們規模的擴大，我們在採購產品方面從原始設備製造商那裡得到了很好的處理。但這確實取決於我們在哪裡找到最好的可用房產。我們不會選擇次優的房產。如果我們關注 50 或 60 個市場，我們就會去發現情況最好的市場。

We, quite frankly, think we're going to have a lot backed up, and we'll have a very strong pipeline of greenfield to go after. But it's going to come down to where the best properties are in the biggest 60 markets.

坦白說，我們認為我們將獲得很多支持，我們將擁有非常強大的綠地管道可供追求。但歸根究底還是要看 60 個最大市場中最好的房產在哪裡。

Great. Moving on to your largest competitors, should they expect profitability or EBITDA to be higher next year year-over-year? Does that seem reasonable for your business even if we assume some normalization of pricing margins, et cetera, and maybe even in the back half of next year?

偉大的。轉向您最大的競爭對手，他們是否應該預期明年的盈利能力或 EBITDA 會比去年同期更高？即使我們假設定價利潤率等會正常化，甚至可能在明年下半年，這對您的業務來說是否合理？

Yes. I mean, given our growth trajectory, it certainly seems reasonable.

是的。我的意思是，考慮到我們的成長軌跡，這看起來當然是合理的。

Good. Last question for me and then I'll turn it over to the others. But your new-to-used ratio was closer to 1:1 several years ago. Now it's closer to 2:1, new versus used. How do you think about that ratio longer term? And then how much opportunity do you think there is, I guess, from a focus standpoint on new versus used?

好的。這是我的最後一個問題，然後我會將其轉交給其他人。但幾年前，新舊比例接近 1:1。現在新與舊的比例接近 2:1。從長遠來看，您如何看待這個比率？然後，我想，從專注於新產品和二手產品的角度來看，你認為有多少機會？

Yes. Our -- we've been -- I mean, used has been a focus area for us forever. It's not anything new or different. We've always gotten some of our best margins on used, and we've always put a lot of energy into procuring used. Now the trade-in ratios have definitely dropped, especially as a lot of new entrants have entered the market. So there isn't as big a trade-in opportunity. But we've -- as you can see, we expanded use, what we do about 50% this quarter, Nick, our used sales.

是的。我們的——我們一直——我的意思是，二手一直是我們的重點領域。這不是什麼新鮮事或不同之處。我們總是在二手貨方面獲得最好的利潤，我們總是投入大量精力來採購二手貨。現在，以舊換新的比率肯定下降了，特別是隨著許多新進入者進入市場。所以沒有那麼大的以舊換新的機會。但是，正如您所看到的，我們擴大了使用範圍，本季我們所做的工作大約為 50%，尼克，我們的二手銷售。

Yes. 49%.

是的。 49%。

49%. So we have a pretty robust, we think, a little bit proprietary procurement process for used, and I think our growth in used demonstrates that. So with the tough market for getting new, we certainly have been able to procure our fair share of used, and we have probably put a little more effort into that given the shortage of new product, but...

49%。因此，我們認為，我們有一個相當強大的二手採購流程，我認為我們二手的成長證明了這一點。因此，在新產品市場嚴峻的情況下，我們當然能夠獲得公平份額的二手產品，而且考慮到新產品的短缺，我們可能會付出更多的努力，但是...

Yes, our used inventory is up compared to where we finished 2020, and we haven't gotten any less selective about what we put on our line.

是的，與 2020 年結束時相比，我們的二手庫存有所增加，而且我們對生產線上的產品的選擇性也沒有減少。

Yes. Where we continue to generate versus -- so used has been something we've been focused on for a long time. We haven't changed that focus, and we won't change that focus. But it is helping currently with the -- given the shortage of new product out there.

是的。我們繼續生成與使用的地方是我們長期以來一直關注的事情。我們沒有改變這個焦點，我們也不會改變這個焦點。但鑑於新產品的短缺，它目前正在幫助解決這個問題。

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

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

Maybe just to follow up on that last comment about inventory. That was up sequentially and year-over-year, granted off a very low base, and there's probably some acquisition impact. But could you just dig into where you're sort of seeing the biggest improvement? I know that you gave some numbers about used inventory stepping up, but are you seeing any change in sort of the trade-in ratios? Are you having more success on the third-party side? How are you sort of seeing that trend?

也許只是為了跟進最後關於庫存的評論。由於基數非常低，這一數字連續逐年上升，並且可能存在一些收購影響。但是您能深入研究一下您看到最大改進的地方嗎？我知道您提供了一些有關二手庫存增加的數字，但您是否看到以舊換新比率有任何變化？您在第三方方面是否取得了更大的成功？您如何看待這種趨勢？

Yes. The trade ratios are down, right? So we're forced to go out to the market and buy the wholesale products directly, and we're having great success doing that. So -- but trade ratios are down just because there's so many new entrants into the market. You just -- you're not getting as many products traded-in. But where the majority of our growth is coming from third-party purchases.

是的。貿易比率下降了，對嗎？所以我們被迫去市場直接購買批發產品，我們在這方面取得了巨大的成功。所以——但貿易比率下降只是因為有太多新進者進入市場。你只是——你沒有得到那麼多的產品以舊換新。但我們的大部分成長來自第三方購買。

Okay. Has that trade ratio, I guess -- understanding that it's down from where it was normally, has that changed at all really this year or is still sort of super lot?

好的。我想，貿易比率是否比正常情況下降，今年是否真的發生了變化，還是仍然很大？

It's gotten a little better in the last quarter.

上個季度情況有所改善。

It's improved a little in the last quarter, the trade ratio. So we're seeing some improvement there.

上季貿易比率略有改善。所以我們看到了一些改進。

Okay. Helpful. And then maybe just 1 final 1 on the gross margin side. You guys were up almost 600 basis points. You sort of touched on the impact of demand and the tight supply and sort of the pricing environment. But how do you guys see that going forward? What sort of a sustainable rate -- how should we be thinking about that?

好的。有幫助。然後，毛利率方面可能只有 1 最後 1。你們上漲了近 600 個基點。您談到了需求和供應緊張以及定價環境的影響。但你們如何看待未來的發展？什麼樣的可持續利率—我們該如何考慮？

Our crystal ball, like I said, we see it sustaining for the foreseeable future. We don't see anything in the -- on the horizon right now that's going to change that.

正如我所說，我們的水晶球在可預見的未來將持續存在。我們目前看不到任何能夠改變這種狀況的事情。

There are no further questions at this time. Bill Murnane, I turn the call back over to you.

目前沒有其他問題。 Bill Murnane，我把電話轉回給你。

All right. Well, thank you, everyone, for joining us this morning, and we'll continue to keep our heads down and keep driving and growing the business. But we appreciate all your support. Have a great day. Thank you.

好的。好吧，謝謝大家今天早上加入我們，我們將繼續埋頭苦幹，繼續推動和發展業務。但我們感謝您的所有支持。祝你有美好的一天。謝謝。

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。