Lazydays Holdings Inc (GORV) 2022 Q1 法說會逐字稿

Hello. My name is Stephanie. I'll be your conference operator today. At this time, I would like to welcome everyone to the Lazyday Holdings, Inc. First Quarter 2020 Results. (Operator Instructions)

你好。我叫史蒂芬妮。今天我將擔任你們的會議操作員。現在，我謹歡迎大家閱讀 Lazyday Holdings, Inc. 2020 年第一季業績。 （操作員說明）

Debbie Harrell, you may begin your conference.

黛比·哈勒爾，你可以開始你的會議了。

Thank you, operator. Good morning, and thank you for joining us for our first quarter 2022 financial results conference call. I'm Debbie Harrell, Corporate Controller at Lazydays. We issued the company's earnings press release this morning. A copy of the earnings release is available under the Events and Presentations section of the Investor Relations page of our website and has been furnished as an exhibit to our current report on Form 8-K with the SEC.

謝謝你，接線生。早安，感謝您參加我們的 2022 年第一季財務業績電話會議。我是黛比·哈雷爾 (Debbie Harrell)，Lazydays 的公司財務總監。我們今天早上發布了該公司的收益新聞稿。收益發布的副本可在我們網站投資者關係頁面的活動和演示部分獲取，並已作為我們向 SEC 提交的 8-K 表格當前報告的附件提供。

With me on the call today are: Mr. Bob DeVincenzi, our Interim 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, stock-based compensation expense, taxes, product mix shift and geographic expansion. Actual results or trends for future periods could differ materially from the forward-looking statements as a result of many factors.

今天與我一起參加電話會議的有： 我們的臨時執行長 Bob DeVincenzi 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、股票補償費用的陳述、稅收、產品結構轉變和地域擴張。由於許多因素，未來時期的實際結果或趨勢可能與前瞻性陳述有重大差異。

For additional information, please refer to the risk factors discussed in the Form 8-K filed with the SEC on May 5, 2022. We also will discuss non-GAAP measures of financial performance that we believe are useful for understanding the company's results, including EBITDA and adjusted EBITDA.

如需了解更多信息，請參閱 2022 年 5 月 5 日向 SEC 提交的 8-K 表格中討論的風險因素。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. For the 3 months ended March 31, 2022, and 2021, the financial information presented represents the operating results of Lazydays Holdings, Inc. Now, it is my pleasure to introduce Bob DeVincenzi, who will provide some opening remarks before Nick Tomashot shares an overview of the 2022 first quarter financials.

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。截至2022 年3 月31 日和2021 年3 月31 日的三個月，所提供的財務資訊代表Lazydays Holdings, Inc. 的經營業績。之前發表一些開場白2022 年第一季財務數據。

Thank you, Debbie. Before we start our commentary relating to our first quarter 2022 results, let me note a press release we issued yesterday. We announced our most recent letter of intent, which supports our planned acquisition of Dave's Claremore RV, located in beautiful Claremore, right outside of Tulsa, Oklahoma. Dave's is a substantial dealer for Forest River, Thor and East to West products. We expect to finalize the acquisition within 90 days.

謝謝你，黛比。在我們開始評論 2022 年第一季業績之前，請容許我先介紹我們昨天發布的新聞稿。我們宣布了最新的意向書，支持我們計劃收購戴夫的克萊爾莫爾房車，該房車位於俄克拉荷馬州塔爾薩郊外美麗的克萊爾莫爾。 Dave's 是 Forest River、Thor 和 East to West 產品的重要經銷商。我們預計將在 90 天內完成收購。

Dave's is named for Dave Pierce, who along with his wife, Gloria, started the business 35 years ago. Stephanie Pierce, Dave and Gloria's daughter is now the majority owner and president of the dealership, and we are pleased to be entrusted to extend the legacy of this multigenerational dealership into the future.

Dave's 以 Dave Pierce 的名字命名，他與妻子 Gloria 於 35 年前創辦了這家公司。戴夫(Dave) 和格洛麗亞(Gloria) 的女兒斯蒂芬妮·皮爾斯(Stephanie Pierce) 現在是該經銷店的大股東兼總裁，我們很高興受託將這家多代經銷店的遺產延續到未來。

This acquisition will take our dealer and service footprint to 18 locations and with the 4 greenfield dealership sites that we have announced and are in development, our dealership footprint will expand to 22. We look forward to welcoming Dave's Claremore RV and their customers in Oklahoma, Arkansas, Missouri and Kansas to the Lazydays' family.

此次收購將使我們的經銷商和服務覆蓋範圍擴大到18 個地點，加上我們已經宣布和正在開發的4 個新建經銷商站點，我們的經銷商覆蓋範圍將擴大到22 個。在俄克拉荷馬州歡迎Dave's Claremore RV 及其客戶，阿肯色州、密蘇裡州和堪薩斯州屬於 Lazydays 家族。

Now as it relates to our quarter 1 2022 period, let me start by providing a few financial performance highlights. The first quarter of our 2022 financial year again demonstrated remarkable performance and provided an excellent start to the new year. In our preliminary first quarter results, which we released on April 20, 2022, we indicated an expectation of reporting revenue of $376 million, adjusted EBITDA of $44.8 million and net income of $27.5 million. Today, we are announcing revenue of $376.2 million, adjusted EBITDA of $44.8 million and net income of $28.3 million, each in line with our earlier expressed expectations. Nick Tomashot will provide more detail on our first quarter results a bit later in the call.

現在，由於它與我們 2022 年第一季有關，因此讓我先提供一些財務業績亮點。我們的 2022 財年第一季再次展現了出色的業績，為新的一年提供了一個良好的開端。在我們於 2022 年 4 月 20 日發布的第一季初步業績中，我們預計報告營收為 3.76 億美元，調整後 EBITDA 為 4,480 萬美元，淨利潤為 2,750 萬美元。今天，我們宣布收入為 3.762 億美元，調整後 EBITDA 為 4480 萬美元，淨利潤為 2830 萬美元，兩者都符合我們先前表達的預期。尼克·托馬肖特 (Nick Tomashot) 稍後將在電話會議中提供有關我們第一季業績的更多詳細資訊。

During the first quarter period, we were pleased with the performance of the business, with most of our dealerships delivering retail unit, service and parts revenue and gross profit levels exceeding the same period a year ago. Demand continued to be robust, and our retail units sold were up over the same period a year ago. We were pleased with the mix of new and pre-owned unit sales we generated supported by our strategy to assure that we can offer both new products and pre-owned products purchased on the open market or accepted in trade associated with a new unit sale.

第一季度，我們對業務表現感到滿意，我們的大多數經銷商提供的零售單位、服務和零件收入以及毛利水準都超過了去年同期。需求持續強勁，我們的零售銷售量較去年同期成長。我們對在我們的策略支援下產生的新產品和二手產品的組合感到滿意，以確保我們可以提供在公開市場上購買或在與新產品銷售相關的貿易中接受的新產品和二手產品。

Average unit sales price or ASP of approximately $89,000 continue to be strong in the period as customers confirmed their willingness to pay for the value associated with the RV lifestyle. Our prospect engagement continued to be excellent in Q1. We are pleased with our ability and meet our future customers online through our innovative use of data and analytics via the phone or in-person with a greeting and a handshake in one of our dealerships.

由於客戶確認願意為與房車生活方式相關的價值付費，平均單位銷售價格或 ASP 約 89,000 美元在此期間繼續保持強勁。第一季我們的潛在客戶參與度持續保持出色。我們對我們的能力感到滿意，並透過我們創新地使用數據和分析透過電話或親自在我們的經銷商之一問候和握手來在線滿足我們未來的客戶。

During the Q1 period, we saw improvement in our inventory position as we, along with our OEM partners, worked to get our lots stocked for the spring selling season. Although the industry continues to work to restore motorized inventory levels, our towable product inventory has made great progress towards full recovery.

在第一季度，我們的庫存狀況有所改善，因為我們與 OEM 合作夥伴一起努力為春季銷售季節儲備庫存。儘管該行業繼續努力恢復機動庫存水平，但我們的牽引式產品庫存已在全面恢復方面取得了巨大進展。

As we all read in the various industry outlets, the industry is working through a process of normalization, normalization of inventory and scarcity and normalization of demand as other forms of recreational travel recover. The industry has also talked quite a bit about pricing and margins as the market normalizes.

正如我們在各個行業媒體中讀到的那樣，隨著其他形式的休閒旅遊的復甦，該行業正在經歷一個正常化的過程，庫存和稀缺性以及需求正常化。隨著市場正常化，業界也對定價和利潤率進行了許多討論。

With regard to inventory and scarcity, we are focused on prudently managing our new and preowned inventory levels. As for pricing and margins, we are fortunate to offer through our OEM relationships, both high-value and premium brands, models and floor plans, which we believe result in superior consumer preference and willingness to pay.

關於庫存和稀缺性，我們致力於謹慎管理新的和二手的庫存水準。至於定價和利潤，我們很幸運能夠透過我們的 OEM 關係提供高價值和優質品牌、型號和平面圖，我們相信這會帶來卓越的消費者偏好和支付意願。

We are also responding to the normalization of the industry by making adjustments in our marketing efforts in terms of when and how we engage with prospective RV owners and help them along with our RV community to see the opportunities associated with the lifestyle. We are very focused on opportunistically improving Lazydays share of voice and fully utilizing our data and analytics to drive our digital engagement strategy to more effectively target markets and market segments.

我們還透過在與潛在房車車主互動的時間和方式方面調整我們的行銷工作來應對行業的正常化，並幫助他們和我們的房車社群看到與生活方式相關的機會。我們非常注重機會性地提高 Lazydays 的話語權份額，並充分利用我們的數據和分析來推動我們的數位參與策略，更有效地瞄準市場和細分市場。

Shifting to our strategic investments and efforts during Q1, we did repurchase $19.2 million of Lazydays' common stock, consistent with our previously announced share repurchase program. Our share repurchases over the last 12 months totaled $31.2 million.

在第一季度，我們轉向策略性投資和努力，我們確實回購了價值 1,920 萬美元的 Lazydays 普通股，這與我們先前宣布的股票回購計劃一致。過去 12 個月我們的股票回購總額為 3,120 萬美元。

We also continue to focus on growth. With the aforementioned greenfield dealership developments in Surprise, Arizona, Wilmington, Ohio, Council Bluffs, Iowa and Fort Pierce, Florida. And subsequent to the close of Q1, the acquisition of Dave's Claremore RV.

我們也持續關注成長。上述綠地經銷商開發案位於亞利桑那州瑟普賴斯、俄亥俄州威爾明頓、愛荷華州康瑟爾布拉夫斯和佛羅裡達州皮爾斯堡。第一季結束後，收購了 Dave 的 Claremore RV。

We continue to evaluate new greenfield dealership locations and acquisition opportunities. We see promising and actionable opportunities to enter new markets, and we will continue to share our plans as they mature. As previously disclosed, on March 9, 2022, the company received a nonbinding unsolicited proposal from B. Riley to acquire the company for $25 per share. The company evaluated the offer and ultimately rejected it on March 14, 2022. I can assure all shareholders that the company was professionally advised as to its governance obligations, its disclosure obligations and in the process of its evaluation of the offer. The ultimate response to the offer was unanimous with all directors voting to reject the overture.

我們繼續評估新的綠地經銷商地點和收購機會。我們看到了進入新市場的有前途且可行的機會，並且隨著它們的成熟，我們將繼續分享我們的計劃。如先前披露的，2022 年 3 月 9 日，該公司收到了 B. Riley 提出的不具約束力的主動提議，擬以每股 25 美元的價格收購該公司。該公司評估了該要約，並最終於 2022 年 3 月 14 日拒絕了該要約。對這項要約的最終回應是所有董事一致投票拒絕該提議。

I would like to offer an update on the CEO search that is ongoing under the direction of the Board. The search continues with the assistance of a leading search firm. The Board has evaluated numerous well-qualified executives and has had advanced interactions with a promising subset of candidates. These interactions continue, although at the present time, we have no announcements to make. The Board and myself personally are appreciative of the commitment and performance of the executive team and all Lazydays' partners as we work together every day to move the business forward and make new customers for life.

我想提供有關在董事會指導下正在進行的執行長搜尋的最新情況。搜尋工作在一家領先獵人頭公司的協助下繼續進行。董事會評估了眾多合格的高階主管，並與一群有前途的候選人進行了深入的互動。這些互動仍在繼續，儘管目前我們尚未發布任何公告。董事會和我個人對執行團隊和所有 Lazydays 合作夥伴的承諾和表現表示讚賞，因為我們每天都在共同努力，推動業務向前發展並結識新客戶。

I will now turn the call over to Nick Tomashot, who will provide a more complete overview of the first quarter of 2022 financial results.

我現在將把電話轉給 Nick Tomashot，他將提供 2022 年第一季財務業績的更完整概述。

Thank you, Bob. Please note that unless stated otherwise, the 2022 first quarter results comparisons are versus the same 3-month period ended March 31, 2021. Revenues for the first quarter were $376.2 million, up $105.2 million or 38.8% from 2021. Revenue for the quarter from the sale of recreational vehicles, or RVs, was $340.5 million, up $95.6 million or 39%. Total RV unit sales, excluding wholesale units, were 3,748 up 551 units or 17.2%.

謝謝你，鮑伯。請注意，除非另有說明，否則2022 年第一季業績比較是與截至2021 年3 月31 日的同一三個月期間進行的。億美元，即38.8%。房車總銷量（不含批發單位）為 3,748 輛，成長 551 輛，即 17.2%。

Q1 revenue from the sale of new recreational vehicles was $217.4 million, up $50 million or 29.9%. New RV unit sales were 2,270, up 145 units or 6.8%. The average selling price of new RVs for the quarter was $95,600 up $17,200 or 21.9%. Q1 revenue from the sale of pre-owned RV was $123 million, up $45.5 million or 58.8%. Preowned RV units sold, excluding wholesale units, were 1,478, up 406 units or 37.9%. The average selling price of pre-owned recreational vehicles was $78,800, up $11,000 or 16.2% versus the first quarter of 2021.

第一季新休閒車銷售收入為 2.174 億美元，成長 5,000 萬美元，成長 29.9%。新房車銷量為 2,270 輛，成長 145 輛，增幅 6.8%。本季新房車的平均售價為 95,600 美元，上漲 17,200 美元，或 21.9%。第一季二手房車銷售收入為 1.23 億美元，成長 4,550 萬美元，成長 58.8%。二手房車銷售（不含批發單位）為 1,478 輛，成長 406 輛，即 37.9%。二手休閒車的平均售價為 78,800 美元，比 2021 年第一季上漲 11,000 美元，漲幅 16.2%。

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 revenues.

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。

In total, revenue from these other lines of business was $35.7 million, up $9.6 million or 36.7% compared to 2021. The increase was driven by an F&I revenue increase of $7 million or 48.1% to $21.6 million and a parts and service revenue increase of $2.4 million or 23.4%, $12.7 million.

整體而言，這些其他業務線的收入為3,570 萬美元，比2021 年增加960 萬美元，即36.7%。以及零件和服務收入增加240 萬美元，或 23.4%，即 1,270 萬美元。

Q1 gross profit, excluding noncash, last in, first out or LIFO adjustments, was $101.6 million, up $35.6 million versus 2021. Gross margin, excluding LIFO adjustments, increased to the 2 periods to 27% compared to 24.4% in 2021, with the change driven by increases in units sold and average selling price, including noncash LIFO adjustments, which had a net unfavorable swing between periods of $0.6 million compared to prior year.

第一季的毛利（不包括非現金、後進先出或LIFO 調整）為1.016 億美元，比2021 年增加3,560 萬美元。期的27%，變化是由銷售數量和平均銷售價格的增加所推動的，包括非現金後進先出調整，與前一年相比，各時期之間的淨不利波動為 60 萬美元。

Gross profit for the quarter was $99.2 million, up $35.1 million or 54.7%. Excluding transaction costs, stock-based compensation and depreciation and amortization, SG&A for the quarter was $55.9 million, up $18.2 million compared to prior year. This increase is attributable to overhead associated with the Maryville, Tennessee dealership acquired in March 2021, overhead associated with the Portland, Oregon, Vancouver, Washington and Milwaukee, Wisconsin dealerships acquired in August 2021, an overhead associated with the Monticello, Minnesota dealership, which we opened in March 2022.

該季度毛利為 9,920 萬美元，成長 3,510 萬美元，增幅 54.7%。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 5,590 萬美元，比去年同期增加 1,820 萬美元。這一增長歸因於與2021 年3 月收購的田納西州瑪麗維爾經銷店相關的管理費用、與2021 年8 月收購的俄勒岡州波特蘭、華盛頓州溫哥華和威斯康星州密爾沃基經銷店相關的管理費用、與明尼蘇達州蒙蒂塞洛經銷店相關的管理費用。

SG&A as a percentage of gross profit at LIFO decreased from 58.8% in Q1 2021 to 56.4% in 2022, reflecting improved gross profit and margins, partially offset by increased overhead from the acquisitions we mentioned above. The amortization of stock-based compensation increased $0.2 million, and depreciation and amortization increased $0.9 million compared to prior year.

SG&A 佔後進先出毛利的百分比從2021 年第一季的58.8% 下降到2022 年的56.4%，反映出毛利和利潤率的改善，部分被我們上面提到的收購產生的間接費用增加所抵消。與前一年相比，股票薪資攤提增加了 20 萬美元，折舊和攤提增加了 90 萬美元。

Net income for the first quarter was $28.3 million as compared to $8.8 million in 2021. This was driven by improved RV sales and gross profit relative to overhead expenses previously discussed.

第一季的淨利潤為 2830 萬美元，而 2021 年為 880 萬美元。

Adjusted EBITDA for the quarter was $44.8 million, up $16.9 million or 60.9%. This was record quarterly EBITDA performance by Lazydays. Adjusted EBITDA margin increased by 150 basis points to 11.9% from 10.3% in 2021. 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 4,480 萬美元，成長 1,690 萬美元，成長 60.9%。這是 Lazydays 創紀錄的季度 EBITDA 業績。調整後 EBITDA 利潤率從 2021 年的 10.3% 增加了 150 個基點至 11.9%。

Now turning to the March 31 balance sheet and our financial position. We had cash on hand of $89.6 million and net working capital of $112.4 million with cash $8.6 million lower than December 31, 2021.

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 8,960 萬美元，淨營運資本為 1.124 億美元，其中現金比 2021 年 12 月 31 日減少 860 萬美元。

This decrease includes the impact of cash used in operating activities of $17.4 million and cash paid for purchases of property and equipment and acquisitions of $7.5 million, offset by cash provided by financing activities of $16.8 million.

這項減少包括營運活動所用現金 1,740 萬美元以及購買財產和設備以及收購所支付現金 750 萬美元的影響，但被融資活動提供的現金 1,680 萬美元所抵銷。

Operating cash flow includes a negative impact of a $41.4 million increase in inventory as RV inventory continues to recover from depleted levels. The cash impact of this inventory increase is offset by a $38.1 million floorplan cash inflow reflected in cash provided by financing activities.

營運現金流包括隨著房車庫存繼續從耗盡水準恢復而導致庫存增加 4,140 萬美元的負面影響。庫存增加的現金影響被融資活動提供的現金所反映的 3,810 萬美元平面圖現金流入所抵銷。

Cash provided by financing activities also include cash outflows of $19.2 million for the repurchase of 1,086,797 shares of common stock at an average price of approximately $17.64. As of March 31, 2022, we had $284 million in inventory, consisting of $217.3 million in new vehicles, $69.2 million in pre-owned vehicles, approximately $8.4 million in parts inventory and LIFO reserves of $10.9 million. As of March 31, 2022, we had no borrowings under our $25 million revolving credit facility, $9.4 million of term loans outstanding and $230.9 million in gross notes payable on our floorplan facility. We also had approximately $0.8 million outstanding on those payable related to acquisitions, $0.2 million of PPP loans outstanding and a mortgage on property of approximately $5.6 million.

融資活動提供的現金還包括以平均價格約 17.64 美元回購 1,086,797 股普通股的 1,920 萬美元現金流出。截至 2022 年 3 月 31 日，我們的庫存為 2.84 億美元，其中包括 2.173 億美元的新車、6,920 萬美元的二手車、約 840 萬美元的零件庫存以及 1,090 萬美元的後進先出儲備。截至 2022 年 3 月 31 日，我們的平面圖貸款中沒有 2,500 萬美元循環信貸額度下的借款、940 萬美元的未償還定期貸款和 2.309 億美元的應付票據總額。我們還有約 80 萬美元的未償收購相關應付款項、20 萬美元的未償 PPP 貸款以及約 560 萬美元的財產抵押貸款。

Thank you. Now I'd like to turn the call over to Bob DeVincenzi.

謝謝。現在我想把電話轉給鮑伯‧德文森齊 (Bob DeVincenzi)。

Thanks, Nick. As we look ahead into our second quarter and beyond, we believe that we are well positioned to address the opportunities and challenges that the external environment may present. We enjoy excellent dealership locations, a strong brand identity, superior service capabilities and relationships with premier OEMs to provide outstanding products to increasingly well-educated consumers.

謝謝，尼克。展望第二季及以後，我們相信我們已做好充分準備來應對外部環境可能帶來的機會和挑戰。我們擁有優越的經銷地點、強大的品牌形象、卓越的服務能力以及與一流原始設備製造商的關係，為日益受過良好教育的消費者提供卓越的產品。

We also have built the business with an agile operating model in mind and an innovative approach to using data and analytics to maximize our connection with prospective customers.

我們也以敏捷的營運模式和創新的方法來建立業務，利用數據和分析來最大限度地提高我們與潛在客戶的聯繫。

In closing, as I said when we ended the Q4 2021 and year-end conference call, we will continue to allocate capital to various investments that support the long-term growth of Lazydays' shareholder value. During the Q1 period and subsequently, we have delivered on that objective with greenfield announcements and an additional acquisition, while at the same time, executing on our share buyback program. We will continue to balance investments in our core business to generate future cash flow growth with opportunities to invest through share buybacks. This balance will continue to be the focus of the leadership team and the Board. We will now open up the call for questions.

最後，正如我在結束 2021 年第四季和年終電話會議時所說，我們將繼續向各種投資配置資本，以支持 Lazydays 股東價值的長期成長。在第一季及隨後的時期，我們透過綠地公告和額外收購實現了這一目標，同時執行了我們的股票回購計劃。我們將繼續平衡對核心業務的投資，以產生未來的現金流量成長和透過股票回購進行投資的機會。這種平衡將繼續成為領導團隊和董事會的重點。我們現在將開放提問。

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

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

Just -- I know you don't kind of give a lot in the way of guidance. But looking forward, I guess, directionally, could you kind of help us think through how you're thinking about sort of both same-store sales year-over-year as well as maybe the pace of acquisitions we've seen vis-a-vis recent years, I guess just really trying to get some sense as to what you see the core business of stores doing on a go-forward basis.

只是——我知道你並沒有提供太多指導。但展望未來，我想，您能否幫助我們思考一下您如何考慮同店銷售額的同比情況以及我們所看到的收購速度？基礎上所做的事情。

Sure, Steve. Thanks very much for the question. Nick, do you want to handle the question and then I'll make a couple of comments on Steve's question about acquisitions going forward.

當然，史蒂夫。非常感謝您的提問。尼克，你想回答這個問題嗎？ 然後我將對史蒂夫關於未來收購的問題發表一些評論。

Yes. The -- as Bob mentioned, we're still seeing strong inbound interest in RVs. I would say, sequentially, it's leveling off the tapering, in particular on the towable side where we're getting closer to normal levels of inventory. Motorized side, though, there's still some scarcity there. So year-on-year, we're still seeing nice margins, improved margins sequentially starting to taper a little bit. But it's hard to tell because the first quarter margins are typically a little bit lower than they are in the fourth quarter. With regards to acquisitions, Bob had mentioned earlier in his comments that we're evaluating what that right pace is for us. And I'll let him add some color around what we're working on.

是的。正如鮑伯所提到的，我們仍然看到人們對房車的濃厚興趣。我想說的是，它正在逐漸趨於平穩，特別是在可牽引方面，我們正在接近正常的庫存水準。然而，機動化方面仍然存在一些短缺。因此，與去年同期相比，我們仍然看到不錯的利潤率，改善後的利潤率開始逐漸減少。但這很難說，因為第一季的利潤率通常略低於第四季。關於收購，鮑勃早些時候在評論中提到，我們正在評估適合我們的正確步伐。我會讓他為我們正在做的事情增添一些色彩。

So Steve, I think it's important to note the focus that we have on growth. And of course, we have 2 primary mechanisms to grow the business in addition to our organic kind of store growth. One of those is greenfields and of course, the second is acquisitions. Greenfields, as you know, we exclusively control subject to the availability of real estate, appropriate markets for us to injure and the availability of brands. So we have pretty good visibility on our greenfield growth plan, although I'm not prepared to share more detail beyond what we have commented on in this call, at this time, at least.

所以史蒂夫，我認為重要的是要注意我們對成長的關注。當然，除了商店的有機成長之外，我們還有兩種主要機制來發展業務。其中之一是綠地，當然，第二個是收購。如您所知，綠地的控制權取決於房地產的可用性、我們可以破壞的適當市場以及品牌的可用性。因此，我們對我們的綠地增長計劃有相當好的了解，儘管我不准備分享超出我們在這次電話會議中評論的更多細節，至少在這個時候。

With respect to our acquisition plans, those are less controllable, less controllable than greenfield, of course, because there are counterparties to deal with. And we're actively engaged in evaluating a set of alternatives. But I really don't have the ability to confidently express to you a number and a pacing expectation that I would be comfortable and confident in delivering against. So I hope you can appreciate the imprecision of that element of our growth plan.

就我們的收購計劃而言，這些是不太可控的，當然比綠地更不可控，因為有交易對手要打交道。我們正在積極評估一系列替代方案。但我真的沒有能力自信地向你們表達一個數字和一個節奏的期望，讓我能夠輕鬆並有信心地實現這一目標。因此，我希望您能夠理解我們成長計畫中這項要素的不精確性。

Yes. That makes sense, helpful. You've talked a little bit about inventory. I mean, should we sort of read into it that it's pretty much back to where you wanted. It sounds like certainly on the towable side, but just understanding kind of trying to manage the supply and demand aspect. I mean, would you say you're sort of relatively fully inventoried for what you see from a demand perspective?

是的。說得很有道理，很有幫助。您已經談到了一些關於庫存的問題。我的意思是，我們是否應該深入了解一下，它幾乎回到了你想要的地方。聽起來肯定是在可拖曳方面，但只是理解嘗試管理供應和需求方面。我的意思是，您是否認為從需求角度來看，您的庫存相對充足？

Yes. Thanks. Nick, do you want to pick that pick that up?

是的。謝謝。尼克，你想選那個嗎？

Yes. So we don't target an absolute inventory level. We target turns or sell-through. And on the towable side, particularly on the lower price points or where we want to be in terms of inventory. There are some of the higher and higher price point towables that we would like to have a bit more of. And then on the motorized, where we definitely could take additional stock.

是的。因此，我們的目標不是絕對庫存水準。我們的目標是周轉率或銷售量。在可牽引方面，特別是在較低的價格點或我們想要的庫存方面。我們希望擁有一些價格越來越高的拖車。然後是機動車輛，我們絕對可以增加庫存。

Historically, we said that we're 60-40 roughly between towable and motorized. As we've been adding locations, that's getting closer to around 2/3, 1/3. And as you know, the industry is around 90-10. So we do skew towards motorized the pros and the cons of it are, we would prefer more product. But while there is scarcity, we believe we'll continue to see if the same kinds of margins we've been seeing.

從歷史上看，我們說我們大約介於牽引式和機動式之間 60-40 之間。隨著我們不斷添加地點，這個數字越來越接近 2/3、1/3 左右。如您所知，該行業的比例約為 90-10。所以我們確實傾向於機動化，它的優點和缺點是，我們更喜歡更多的產品。但是，儘管存在稀缺，但我們相信我們將繼續看到我們所看到的相同的利潤率。

Your next question comes from Mike Swartz with Truist Securities.

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

Just maybe a question, maybe more clarification for Nick. Just in terms of the vehicle margins, during the quarter, I understand there's seasonality that can be impacted by mix. But can you just talk about maybe the exit rate on those margins relative to what you reported in the quarter right around, I think, 20%?

也許只是一個問題，也許需要尼克進一步澄清。就本季的車輛利潤率而言，我了解季節性可能會受到混合的影響。但您能否談談相對於您在本季度報告的情況而言，這些利潤的退出率，我認為是 20% 左右？

Yes. I would say -- yes, I think we were pretty consistent across the quarter. I've been kind of watching them, especially with the ASPs going up so much and the -- with the cost increases, but looking at per vehicle grosses and they were relatively flat over the course of the quarter.

是的。我想說的是——是的，我認為我們整個季度的表現非常穩定。我一直在關注它們，特別是隨著平均售價上漲如此之多以及成本的增加，但從每輛車的總收入來看，它們在本季度相對持平。

Okay. That's helpful. And then just I guess from the standpoint of acquisitions and new store additions, I understand that you can't really give us a timing or kind of scope, scale of that. But can you maybe just talk about what we should think about? Or how should we think about just, I guess, your ability to acquire from a bandwidth standpoint, whether that's financial, whether that's just the management integration of these? Is it 4 to 6 a year? Or is it 2 to 3? I'm just trying to get a sense of general scale scope where you are today?

好的。這很有幫助。然後我想從收購和新店增加的角度來看，我明白你不能真正給我們一個時間或範圍、規模。但你能不能談談我們該思考什麼？或者，我想，我們應該如何考慮您從頻寬角度獲取頻寬的能力，無論是財務方面的，還是只是這些方面的管理整合？一年4到6個嗎？還是2比3？我只是想了解一下您今天所處的整體規模範圍？

Yes, Mike, I wouldn't want to offer any more guidance on that than we have offered previously. Although I will say that the company has the cash capacity to execute the growth plan that we are internally planning and implementing. Of course, as you know, where we're securing greenfield locations, we tend to secure that real estate and build the improvement and then ultimately implement a lease buyback structure with the financial partner, which puts us in a position of needing to finance that process during the construction period of ultimately bringing the cashback into the business.

是的，麥克，我不想提供比我們之前提供的更多的指導。儘管我會說公司有現金能力來執行我們內部規劃和實施的成長計畫。當然，如您所知，在我們獲得綠地地點的情況下，我們傾向於獲得該房地產並進行改進，然後最終與金融合作夥伴實施租賃回購結構，這使我們需要為該項目提供融資建設期間最終將現金返還到業務中的流程。

We feel like we have an appropriate level of internal resource allocated to doing both greenfield valuation, greenfield implementation and acquisition evaluation and acquisition implementation. So beyond that, I really wouldn't have any other comment to offer beyond what we've guided previously.

我們認為我們分配了適當水準的內部資源來進行綠地評估、綠地實施以及收購評估和收購實施。因此除此之外，除了我們之前的指導之外，我真的不會提出任何其他評論。

Your next question comes from Craig Kennison with Baird.

您的下一個問題來自貝爾德的克雷格·肯尼森。

So I'm curious, we're in a rising rate environment. Clearly, fed policy is now aimed at kind of moderating demand so that we can meet supply at a lower price, I guess. I'm curious, your business is sort of on the front lines of that. Have you seen any change in your consumer behavior as rates rise?

所以我很好奇，我們正處於利率上升的環境。顯然，我認為聯準會政策現在的目標是緩解需求，以便我們能夠以較低的價格滿足供應。我很好奇，您的業務在某種程度上處於前線。隨著利率上升，您的消費者行為有什麼改變嗎？

Great question. Greg, Nick, would you like to address that one?

很好的問題。格雷格、尼克，你們想談談這個嗎？

Yes. In fact, one of the analysts on this call, I think, I can't recall who it was, had done a survey and us as well as other dealers that were surveyed, still haven't seen interest rates or gas prices having an impact on demand yet. I'm not saying that won't continue. But so far, we haven't really seen it have an impact. There is some data out there that the amount of miles that an RV is actually driven aren't really substantial amount relative to the total cost of ownership that gas prices can be a pitch. And a lot of consumers, it's really how big the payment is. That's really a factor rather than the sticker price for the units or the interest rates on their loan. But so far, we haven't seen any impact.

是的。事實上，我想，這次電話會議的一位分析師，我不記得是誰，做了一項調查，我們以及接受調查的其他經銷商，仍然沒有看到利率或汽油價格有對需求的影響還沒有。我並不是說這種情況不會持續下去。但到目前為止，我們還沒有真正看到它產生影響。有一些數據表明，房車實際行駛的里程數相對於汽油價格可能影響的總擁有成本來說並不是很大。而很多消費者，真正看重的就是支付的金額有多大。這確實是一個因素，而不是單位的標價或貸款利率。但到目前為止，我們還沒有看到任何影響。

It's a very helpful comment. I've been curious about that point you make about the monthly payment because I would think a like-for-like unit is significantly more expensive today. So the monthly payment has gone up because your ASP has gone up on a unit -- a typical unit. So to the extent you could see inflation maybe drop and you don't see so much pressure on ASP, do you think your consumer can absorb some of these higher rates because it's better than actually higher prices?

這是一個非常有幫助的評論。我一直對您提出的關於每月付款的觀點感到好奇，因為我認為今天的同類設備要貴得多。因此，每月付款增加了，因為您的平均售價上漲了一個單位——一個典型的單位。因此，在某種程度上，您可能會看到通貨膨脹可能會下降，並且您不會看到平均售價有那麼大的壓力，您是否認為您的消費者可以接受其中一些較高的利率，因為它比實際更高的價格更好？

Yes. Well, I think we mentioned in our comments that we're seeing our average selling price is going up. But the other thing I'd point out is we have a whole array of products at various price points. And so it -- you almost have to evaluate each person that walks into the door in terms of what they would have bought in the previous pricing environment versus today.

是的。嗯，我想我們在評論中提到我們的平均售價正在上漲。但我要指出的另一件事是，我們擁有各種價位的全系列產品。因此，您幾乎必須根據每個走進店門的人在以前的定價環境與今天的定價環境下會購買什麼來評估他們。

But we can put anybody in a unit from anything from $10,000, $20,000 up to hundreds of thousands of dollars. So it's hard to tell whether people are being selective, whether they're going up or down because of differences in the relative prices of products.

但我們可以將任何人安置在一個單元中，價格從 10,000 美元、20,000 美元到數十萬美元不等。因此，很難判斷人們是否有選擇性，是否因為產品相對價格的差異而上漲或下跌。

There are no further questions at this time. Mr. DeVincenzi, I turn the call over to you.

目前沒有其他問題。 DeVincenzi 先生，我將電話轉給您。

Great. Thank you, Stephanie. I'd like to thank everybody for participating in our conference call, and we certainly look forward to updating you further on our next call when we report our second quarter results. Thank you all for joining us.

偉大的。謝謝你，斯蒂芬妮。我要感謝大家參加我們的電話會議，我們當然期待在下次電話會議上報告第二季度業績時向您提供進一步的最新信息。感謝大家加入我們。

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

謝謝。今天的電話會議到此結束。您現在可以斷開連線。