Lazydays Holdings Inc (GORV) 2022 Q2 法說會逐字稿

Good morning. My name is Rob, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Lazydays Holdings, Inc. Second Quarter 2022 Financial Results Conference Call. (Operator Instructions) Thank you. Debbie Harrell, Corporate Controller, you may begin your conference.

早安.我叫羅布，今天我將擔任你們的會議操作員。現在，我歡迎大家參加 Lazydays Holdings, Inc. 2022 年第二季財務業績電話會議。 （操作員說明）謝謝。 Debbie Harrell，公司財務總監，您可以開始會議了。

Thank you, operator. Good morning, and thank you for joining us for our second 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 & 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 年第二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.

今天與我一起參加電話會議的是我們的臨時執行長 Bob DeVincenzi 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 margins, operating expenses, stock-based compensation expense, taxes, product mix shift and geographic expansion. Actual results or trends for future periods could differ materially from the forward-looking statements as a result of many factors. For additional information, please refer to the risk factors discussed in the Form 10-K filed with the SEC on March 11, 2022. 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.

請注意，您今天在我們的討論中聽到的一些資訊可能包含前瞻性陳述，包括但不限於相關單位銷售額、收入、毛利率、營運費用、股票補償費用、稅收、產品結構轉變和地理擴張。由於許多因素，未來時期的實際結果或趨勢可能與前瞻性陳述有重大差異。如需了解更多信息，請參閱 2022 年 3 月 11 日向 SEC 提交的 10-K 表格中討論的風險因素。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。

For the 3 months ended June 30, 2022 and 2021, the financial information presented represents the operating results of Lazydays Holdings, Inc.

截至2022年6月30日及2021年6月30日的三個月，所提供的財務資訊代表Lazydays Holdings, Inc.的經營績效。

Now it is my pleasure to introduce Bob DeVincenzi, who will provide some opening remarks; before Nick Tomashot shares an overview of the 2022 second quarter financials.

現在我很高興介紹鮑勃·德文森齊 (Bob DeVincenzi)，他將發表一些開場白；在 Nick Tomashot 分享 2022 年第二季財務狀況概述之前。

Thank you, Debbie. Let me start by providing a few financial performance highlights. The second quarter of our 2022 financial year again demonstrated remarkable performance. We are pleased with our ability to respond to the industry normalization underway that I referred to in our first quarter conference call. In our preliminary second quarter results, which were released on July 20, 2022, we indicated an expectation of reporting revenue of $373.6 million, adjusted EBITDA of $38.4 million and net income of $31.8 million. Today, we are announcing results that conform identically with our earlier expressed expectations. Nick Tomashot will provide more detail on our second quarter financial results a bit later in the call.

謝謝你，黛比。讓我先提供一些財務業績亮點。我們的 2022 財年第二季再次展現了出色的業績。我們對我們有能力應對我在第一季電話會議中提到的正在進行的行業正常化感到滿意。在 2022 年 7 月 20 日發布的第二季初步業績中，我們預計報告營收為 3.736 億美元，調整後 EBITDA 為 3,840 萬美元，淨利潤為 3,180 萬美元。今天，我們宣布的結果與我們先前表達的預期完全一致。尼克·托馬肖特 (Nick Tomashot) 稍後將在電話會議中提供有關我們第二季度財務業績的更多詳細資訊。

Those that track and predict the performance of our industry are forecasting decelerating wholesale shipments, especially for towable models and the need to moderate OEM production for the remainder of the year. At a retail level, these same experts noted 2022 year-to-date retail sales down in the neighborhood of 23% year-over-year through May, and forecasted full year retail unit sales ending at or around 2019 levels.

那些追蹤和預測我們行業表現的人預測批發出貨量將放緩，尤其是可牽引車型，並且需要在今年剩餘時間內減少 OEM 生產。在零售層面，這些專家指出，截至 5 月份，2022 年迄今的零售額年減了 23% 左右，並預測全年零售單位銷售額將達到或接近 2019 年的水平。

At Lazydays, we have seen towable inventories normalize, while many motorized products remain below desired levels. Although gross margins continue to be strong when compared to the same period a year ago, moving forward, we do expect some reduction in gross profit percentage as increased supply drives increased price competition.

在 Lazydays，我們看到可牽引庫存正常化，而許多機動產品仍低於預期水準。儘管與去年同期相比，毛利率仍然強勁，但展望未來，我們預計，由於供應增加推動價格競爭加劇，毛利率將有所下降。

We are maintaining a cautious outlook for the remainder of 2022, but are pleased with the level of prospect engagement we are seeing. We are focused on assuring that our inventory position is rightsized to fit the expected levels of demand. We are also focused on leaning into the market and further improving our digital engagement with prospects to get them to our dealerships to see firsthand with the RV lifestyle and Lazydays can offer.

我們對 2022 年剩餘時間的前景保持謹慎，但對我們所看到的潛在客戶參與程度感到滿意。我們致力於確保我們的庫存狀況得到合理調整，以滿足預期的需求水準。我們也致力於深入市場並進一步改善與潛在客戶的數位互動，讓他們到我們的經銷商親眼目睹 Lazydays 可以提供的房車生活方式。

As a result of our marketing engagement efforts, demand continued to be solid, although shifting somewhat as new unit volumes were down approximately 12% from the same period a year ago, while preowned units were up approximately 12%. We continue to be pleased with the mix of new and pre-owned unit sales we generated, supported by our strategy to ensure that we can offer choices of both new products and preowned products at our dealerships.

由於我們的行銷參與努力，需求仍然強勁，儘管由於新單位銷量較去年同期下降約 12%，而二手單位數量增長約 12%，需求有所變化。我們繼續對我們產生的新產品和二手產品的銷售組合感到滿意，在我們的策略的支持下，確保我們可以在我們的經銷商處提供新產品和二手產品的選擇。

Average sales price or ASP of new units of approximately $89,000 and approximately $70,000 for new preowned units continued to be strong during the period.

在此期間，新單位的平均銷售價格或平均售價約為 89,000 美元，新二手單位的平均銷售價格約為 70,000 美元。

As I mentioned, our digital and in-person prospect engagement continue to be excellent in Q2. Increases in new unit inventories, coupled with more attractive market-driven pricing, continue to draw both prospective owners and existing owners seeking to trade their units to our website and to our dealerships.

正如我所提到的，我們的數位化和麵對面的潛在客戶參與度在第二季度仍然表現出色。新單位庫存的增加，加上更具吸引力的市場驅動定價，繼續吸引尋求在我們的網站和經銷商處交易其單位的潛在業主和現有業主。

We are very focused on using data and analytics to target audiences more effectively. Our objective is to maintain our digital agility to complement the customer-focused and flexible posture we maintain with our customers in our dealership locations. In both of these environments, we strive to rapidly adjust the demand and market shifts and product preferences as they occur in real time so we can provide the product or service that best suits the customer.

我們非常注重使用數據和分析來更有效地定位受眾。我們的目標是保持我們的數位敏捷性，以補充我們在經銷商地點與客戶保持的以客戶為中心的靈活態度。在這兩種環境中，我們努力快速調整即時發生的需求、市場變化和產品偏好，以便我們能夠提供最適合客戶的產品或服務。

Shifting to our strategic investments and efforts during Q2, we repurchased $38.2 million of Lazydays common stock, consistent with our previously announced share repurchase program. Our share repurchases over the last 12 months now total approximately $50 million.

第二季我們轉向策略性投資和努力，我們回購了 3,820 萬美元的 Lazydays 普通股，這與我們先前宣布的股票回購計畫一致。我們過去 12 個月的股票回購總額約為 5,000 萬美元。

Given our substantial cash resources, we continue to remain focused on growth with all of our previously announced greenfield dealerships continuing to advance. These include new dealership locations planned in Surprise, Arizona, Wilmington, Ohio, Council Bluffs, Iowa and Fort Pierce, Florida. And subsequent to the end and addressed as a subsequent event in our 10-Q, we completed the acquisition of Dave's Claremore RV on July 23. We have welcomed the staff and customers, the Lazydays RV of Tulsa, and look forward to continuing to serve and expand this important market.

鑑於我們擁有大量現金資源，我們將繼續專注於成長，所有先前宣布的綠地經銷商都將繼續發展。其中包括計劃在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設立的新經銷商地點。結束後，作為我們 10-Q 中的後續事件，我們於 7 月 23 日完成了對 Dave 的 Claremore RV 的收購。擴大這一重要市場。

As I said in our last call, we continue to evaluate additional greenfield dealership locations and have identified and advanced our work targeting a set of attractive new markets. We also made progress in Q2 in further advancing our dealership acquisition opportunities. We continue to see promising and actionable opportunities to enter many new markets for Lazydays, and we'll continue to share our plans as they mature.

正如我在上次電話會議中所說，我們將繼續評估更多的新建經銷商地點，並確定並推動我們針對一系列有吸引力的新市場的工作。第二季度，我們在進一步推動經銷商收購機會方面也取得了進展。我們繼續看到有希望且可行的機會來讓 Lazydays 進入許多新市場，隨著這些計劃的成熟，我們將繼續分享我們的計劃。

I would also like to note another subsequent event that I am very pleased to reinforce with all of our stakeholders. As previously released on July 14, 2022, the Board has appointed John North as our next Chief Executive Officer. As Chris Shackleton, our Board Chairman, has said, and I will paraphrase, we could not be more excited with the combination of John's operational strengths, his disciplined growth orientation and a superb judgment in allocated capital through business cycles. The Board sees this combination of skills as highly relevant as we assess a widening range of compelling investment opportunities to drive shareholder value.

我還想指出我很高興與所有利害關係人一起加強的另一項後續活動。正如先前於 2022 年 7 月 14 日發布的消息，董事會已任命 John North 為我們的下一任執行長。正如我們的董事會主席克里斯·沙克爾頓（Chris Shackleton）所說（我將轉述一下），我們對約翰的營運優勢、他嚴格的成長導向以及在整個商業週期的資本分配方面的卓越判斷力的結合感到非常興奮。董事會認為這種技能組合高度相關，因為我們評估了一系列廣泛的引人注目的投資機會，以推動股東價值。

We expect that John will join the company on September 6th of 2022, and at that time, I will end my service as interim Chief Executive Officer and return to my post on the Board of Directors. We look forward to welcoming John to the Lazydays family.

我們預計約翰將於 2022 年 9 月 6 日加入公司，屆時，我將結束臨時執行長的職務，並返回董事會職位。我們期待約翰加入 Lazydays 大家庭。

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

我現在將把電話轉給 Nick Tomashot，他將提供 2022 年第二季財務業績的更完整概述。

Thank you, Bob. Please note that unless stated otherwise, the 2022 second quarter results comparisons are versus the same 3-month period ended June 30, 2021. Total revenues for the second quarter were $373.6 million, up $50.8 million or 15.7% from 2021. Revenue for the quarter from the sale of recreational vehicles, or RVs, was $337.3 million, up $47.1 million or 16.2%. Total RV unit sales, excluding wholesale units, were $4,052, down 156 units or 3.7%. Q2 revenue from the sale of new recreational vehicles was $219.2 million, up $17.6 million or 8.7%. New RV unit sales were 2,455 down 325 units or 11.7%. The average selling price of new RVs for the quarter was $89,300 and up 17,200 or 23.9%.

謝謝你，鮑伯。請注意，除非另有說明，2022 年第二季業績比較是與截至2021 年6 月30 日的同一三個月期間進行的。美元，即15.7%。房車總銷量（不含批發單位）為 4,052 美元，下降 156 輛，即 3.7%。第二季新型休閒車銷售收入為 2.192 億美元，成長 1,760 萬美元，成長 8.7%。新房車銷量為 2,455 輛，減少 325 輛，下跌 11.7%。本季新房車的平均售價為 89,300 美元，上漲 17,200 美元，或 23.9%。

Moving to preowned RV sales, pre-owned revenue for the quarter was $118.1 million, up $29.4 million or 33.1%. Pre-owned RV units sold, excluding wholesale units, were 1,597, up 169 units or 11.8%. The average selling price of pre-owned recreational vehicles was $70,400, up 11,000 or 18.5% versus the second quarter of 2021.

轉向二手房車銷售，本季二手車收入為 1.181 億美元，成長 2,940 萬美元，成長 33.1%。二手房車銷售（不含批發單位）為 1,597 輛，成長 169 輛，增幅 11.8%。二手休閒車的平均售價為 70,400 美元，較 2021 年第二季上漲 11,000 美元，漲幅 18.5%。

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 $36.2 million, up $3.6 million or 11.2% compared to 2021. The increase was driven by an F&I revenue increase of $1.6 million or 8.3% to $21.4 million; plus parts and service revenue increase of $2 million or 16.8% to $14.1 million.

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3,620 萬美元，與2021 年相比增加了360 萬美元，即11.2%。達到2,140 萬美元；加上零件和服務收入增加 200 萬美元，成長 16.8%，達到 1,410 萬美元。

Q2 gross profit, excluding noncash last-in-first-out or LIFO adjustments was $101.2 million, up 14.8 million versus 2021. Gross margin excluding LIFO adjustments increased between the 2 periods to 27.1% compared to 26.8% in 2021, with the change driven by an increase in average selling price for both new and pre-owned units as well as an increase in the number of pre-owned units sold relative to new units.

第二季毛利（不包括非現金後進先出或LIFO 調整）為1.012 億美元，比2021 年增加1,480 萬美元。至27.1%，而2021 年為26.8%新單位和二手單位的平均售價上漲，以及二手單位相對於新單位的銷售數量增加。

Including noncash LIFO adjustments, which had a net unfavorable swing between periods of 1.7 million compared to prior year, gross profit for the quarter was $99.3 million, up 13.1 million or 15.2%.

包括非現金後進先出調整（與上一年相比，各期間之間的淨不利波動為 170 萬美元），本季毛利為 9,930 萬美元，成長 1,310 萬美元，即 15.2%。

Excluding transaction costs, stock-based compensation and depreciation and amortization, SG&A for the quarter was $61.5 million, up 16.7 million compared to prior year. This increase is primarily attributable to overhead associated with the Portland, Oregon, Vancouver, Washington and Milwaukee, Wisconsin dealerships acquired in August 2021. Overhead associated with the Monticello, Minnesota dealership opened in 2022, as well as increased marketing expense, support costs and investments in IT infrastructure and compliance.

不計交易成本、股票薪酬以及折舊和攤銷，本季的銷售及管理費用為 6,150 萬美元，比去年同期增加 1,670 萬美元。這一成長主要歸因於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辛州密爾瓦基經銷店的相關管理費用。以及行銷費用、支援成本和投資的增加在 IT 基礎設施和合規性方面。

SG&A as a percentage of gross profit ex LIFO increased from 51.8% in Q2 2021 to 60.8% in 2022 reflecting the increased overhead from our acquisitions and additional items mentioned above.

SG&A 佔毛利（後進先出）的百分比從 2021 年第二季的 51.8% 增加到 2022 年的 60.8%，反映了我們的收購和上述其他項目帶來的管理費用增加。

Amortization of stock-based compensation increased $0.4 million and depreciation and amortization increased $0.7 million compared to prior year.

與前一年相比，股票薪資攤提增加了 40 萬美元，折舊和攤提增加了 70 萬美元。

Net income for the second quarter was $31.8 million as compared to $25.3 million in 2021.

第二季淨利為 3,180 萬美元，而 2021 年為 2,530 萬美元。

Adjusted EBITDA for the quarter was $38.4 million, down $2.8 million or 6.8%. Adjusted EBITDA margin decreased by 250 basis points to 10.3% from 12.8% 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 3,840 萬美元，下降 280 萬美元，或 6.8%。調整後 EBITDA 利潤率從 2021 年的 12.8% 下降 250 個基點至 10.3%。

Now turning to our June 30 balance sheet and our financial position, we had cash on hand of $105.4 million and net working capital of $121.2 million, with cash $7.2 million higher than December 31, 2021. This increase includes the impact of cash used in operating activities of $31.7 million, and cash paid for the purchases of property and equipment and acquisitions of $12.7 million, offset by cash provided by financing activities of $51.7 million.

現在看看我們6 月30 日的資產負債表和財務狀況，我們手頭現金為1.054 億美元，淨營運資本為1.212 億美元，其中現金比2021 年12 月31 日增加了720 萬美元。包括營運中使用的現金的影響活動費用為 3,170 萬美元，用於購買財產和設備以及收購的現金為 1,270 萬美元，被融資活動提供的現金 5,170 萬美元所抵銷。

Operating cash flow includes the negative impact of a $79.2 million increase in inventory as RV inventory continued to recover from depleted levels. The cash impact of this inventory increase was offset by an $89.5 million more planned 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 7,920 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計劃現金流入增加 8,950 萬美元所抵消。

Cash provided by financing activities also includes cash outflows of $38.2 million for the repurchase of over 2.2 million shares of common stock at an average price of approximately $16.94.

融資活動提供的現金還包括以平均價格約 16.94 美元回購超過 220 萬股普通股的 3,820 萬美元現金流出。

As of June 30, 2022, we had $321.7 million in inventory, consisting of $268 million in new vehicles, $58.5 million in pre-owned vehicles, approximately $8 million in parts inventory and LIFO reserves of $12.8 million.

截至 2022 年 6 月 30 日，我們的庫存為 3.217 億美元，其中包括 2.68 億美元的新車、5850 萬美元的二手車、約 800 萬美元的零件庫存以及 1280 萬美元的後進先出儲備。

As of June 30, 2022, we had no borrowings under our $25 million revolving credit facility, $8.6 million of term loans outstanding and $282.3 million in gross notes payable on our floor plan facility. We also had approximately $1.8 million outstanding on notes payable related to acquisitions and a mortgage on property of approximately $5.5 million.

截至 2022 年 6 月 30 日，我們的 2,500 萬美元循環信貸額度中沒有任何借款，未償還定期貸款為 860 萬美元，平面圖貸款中的應付票據總額為 2.823 億美元。我們還有約 180 萬美元的未償應付票據，涉及收購和約 550 萬美元的財產抵押貸款。

Thank you. I'd now like to turn the call back over to Bob DeVincenzi. Bob?

謝謝。我現在想將電話轉回鮑伯‧德文森齊 (Bob DeVincenzi)。鮑伯？

Thank you, Nick. In closing, I would like to say that the Board and myself continue to be appreciative of the commitment and performance of the executive team and all Lazydays partners. The recent period has called upon us to adapt to changing conditions in our industry and in the macroeconomic environment. I am pleased with the agile and analytic team that we have to both compete in the marketplace and meet the needs of prospective RV owners and customers.

謝謝你，尼克。最後，我想說，董事會和我自己仍然對執行團隊和所有 Lazydays 合作夥伴的承諾和表現表示讚賞。最近一段時期要求我們適應產業和宏觀經濟環境不斷變化的條件。我對敏捷和分析團隊感到滿意，我們必須在市場上競爭並滿足潛在房車所有者和客戶的需求。

Let's open the call up to questions.

讓我們開始提問。

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

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

Question, sort of you talked about inventory in towables normalizing. I'm curious to see what you're or what you're seeing on the trading environment. Specifically, are you seeing an abnormal amount of trade-ins from people who perhaps decided to try RV during COVID and that's been a fun couple of years and now they're going back to getting on planes. Anything abnormal there in the trading environment?

問題是，您談到了可拖車庫存的標準化。我很想知道您在交易環境中的情況或所看到的情況。具體來說，您是否看到人們在新冠疫情期間可能決定嘗試房車的人進行了異常數量的以舊換新，這幾年很有趣，現在他們又開始乘坐飛機了。交易環境有什麼異常嗎？

No, nothing to really note, not even anecdotally.

不，沒有什麼值得注意的，甚至沒有什麼值得注意的。

You had talked, Nick, a little bit about expecting sort of lower gross margins going forward, which clearly, I think it's understandable given everything that's going on. Are you able to sort of, I guess, directionally or quantify that at all for modeling purposes?

尼克，你曾談到預計未來毛利率會下降，顯然，考慮到正在發生的一切，我認為這是可以理解的。我想，您是否能夠出於建模目的對其進行定向或量化？

Yes, but we're actually targeting a trend. We do a lot of sensitivity analysis around this. And '19 -- 2019, especially the second half, was exceptionally low. And so we model normalization to be more around where we were prior to that compression that we took in the middle of 2019.

是的，但我們實際上瞄準的是一種趨勢。我們圍繞著這個做了很多敏感性分析。 19年至2019年，尤其是下半年，水平異常低。因此，我們對標準化進行建模，使其更接近 2019 年中期進行壓縮之前的情況。

So kind of like 21%, 22% area, if I'm looking correctly.

如果我沒看錯的話，大概是 21%、22% 的面積。

Yes.

是的。

And would you expect that to start sort of right away in Q3, or is there some runoff and just some good pricing you're getting still on the motorized?

您是否預計這種情況會在第三季立即開始，或者是否會出現一些徑流並且您仍在機動化方面獲得一些不錯的定價？

Yes, we were up quarter-on-quarter compared to prior year, but we were trending down. I'd call it more normalizing over the course of the second quarter, and we're seeing that continue in July. And it's not across the board, too. I mean we're really being selective about which brands and which product and at which locations we're taking the margins down.

是的，與去年同期相比，我們的季度業績有所成長，但我們的業績呈現下降趨勢。我認為第二季的情況更加正常化，我們預計這種情況將在 7 月繼續下去。而且這也不是一刀切的。我的意思是，我們確實在選擇哪些品牌、哪些產品、哪些地點來降低利潤。

You gave a buyback number of like 2.2 million shares and change. Just so that I'm clear, was that a Q2 number or a first half of the year number?

您回購了大約 220 萬股股票並進行了變更。我想澄清一下，這是第二季的數字還是上半年的數字？

Q2 number.

Q2 號。

I think it's first half of the year number.

我認為這是今年上半年的數字。

I'll check on that.

我會檢查一下。

It looks like first half of the year. I just want to make sure.

看來是上半年了。我只是想確定一下。

Yes, it is first half.

是的，這是上半場。

I guess and then lastly for me, and I'll pass it along. You guys have great balance sheet, and you've still been able to deploy it, quite a bit of it, in the way of greenfield acquisitions and buybacks. I guess going forward with the industry normalizing, is there sort of a level of cash that you feel like you need or want to run the business? And then sort of what's the methodology for the excess in terms of deployment? Is it -- I mean, is there a specific sort of thinking around ROI on buybacks with your stocks at certain levels versus greenfield versus acquisitions, or is there sort of -- particularly with the new CEO, is there sort of more of a tilt towards growing and consolidating? Any color there would be helpful.

我想，最後對我來說，我會把它傳遞出去。你們擁有良好的資產負債表，而且仍然能夠以綠地收購和回購的方式部署它，其中相當一部分。我想隨著行業的正常化，您是否需要或想要一定程度的現金來經營業務？那麼在部署方面過剩的方法是什麼呢？我的意思是，在一定水平上回購股票與綠地與收購的投資回報率方面是否有一種特定的思考，或者是否有某種——特別是新任首席執行官，是否有更多的傾斜走向成長和鞏固？ 任何顏色都會有幫助。

So Steve, I'll take that, this is Bob. I think the way the Board thinks about capital allocation is it's not formulaic specifically because the greenfield returns that we are modeling are fairly constant, and we think our ability to predict them -- predict the performance of the greenfield is very high. Acquisition modeling is a little more variable because acquisition pricing is changing in the marketplace, and that drives a different return profile and a different IRR. And then the share buybacks that we're doing when we're buying in open market conditions, are influenced by the deliberations of the board and defining the price thresholds at which the company will purchase. So I wouldn't -- I can't tell you this formulaic. It's fairly dynamic and it relates to how each of those 3 investment choices are changing on a periodic basis.

史蒂夫，我接受，這是鮑伯。我認為董事會對資本配置的看法並不是公式化的，因為我們正在建模的綠地回報相當穩定，而且我們認為我們預測它們的能力 - 預測綠地的績效非常高。收購模型的變動性更大，因為收購定價在市場上不斷變化，這會導致不同的回報率和不同的 IRR。然後，當我們在公開市場條件下購買股票時，我們正在進行的股票回購受到董事會審議和確定公司購買價格門檻的影響。所以我不會——我不能告訴你這個公式。它是相當動態的，並且與這 3 種投資選擇中的每一種如何定期變化有關。

Your next question comes from the line of Mike Swartz from Truist Securities.

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

Just a quick question. I'm looking at the segment margins here, new news product that you held up fairly well in the quarter. But I would assume some of that sequentially was greater heavier mix of use. So can you maybe talk about the new unit margins during the quarter? Maybe what the exit rate looked at just as we think about modeling that going forward?

只是一個簡單的問題。我在這裡關注的是部門利潤率，新的新聞產品在本季保持得相當好。但我認為其中一些順序是更重的使用組合。那麼您能否談談本季的新單位利潤率？也許當我們思考未來的建模時，退出率會是什麼樣子？

We really don't break those margins out. I will say, though, that the quarter-on-quarter, I mean, compared to prior year, our new margins were up. And we were for the quarter, down less than 100 basis points sequentially versus Q1, but our exit rate was definitely lower than that. And I'll just reiterate what I mentioned to Steve, is that we're still well above what we would call normal margins and have been trying to be very purposeful about managing the trade-off between margins and moving volumes of where we want our inventory to be. But I can't get specific.

我們確實不會打破這些利潤。不過，我要說的是，與去年相比，我們的季度利潤率上升。我們本季的業績比第一季下降了不到 100 個基點，但我們的退出率肯定低於這個數字。我只想重申我向史蒂夫提到的，我們仍然遠高於我們所謂的正常利潤率，並且一直在努力有目的地管理利潤率和我們想要的移動量之間的權衡。但我無法具體說明。

And I think we've all heard from others in the RV space that retail demand improved as the quarter progressed, and it sounds like it gets better into July as well. So maybe just talk about it, is that something that you saw and maybe discuss what you're seeing from your core consumer just in terms of their appetite to buy RVs?

我想我們都從房車領域的其他人那裡聽說，隨著本季度的進展，零售需求有所改善，而且聽起來進入 7 月份情況也有所好轉。所以也許只是談談它，這是您所看到的，也許可以討論您從核心消費者那裡看到的只是他們購買房車的胃口？

Yes. I would just say we did see a strengthening in lead generation and order activity going into July. I think one of the factors is you're starting to see more promotion, not just by us but by other dealers. There's a really nice Baird survey that kind of shows the trends on dealers that are saying they're offering promotional activity. And so you'll just see across the industry, manufacturing that are allowing us to advertise met pricing. So this promotion activity, I believe, is driving interest. And we've actually seen a correlation with brands we were targeting for promotion and a bump in lead generation.

是的。我想說的是，進入 7 月份，我們確實看到了潛在客戶開發和訂單活動的加強。我認為因素之一是您開始看到更多的促銷活動，不僅是我們，還有其他經銷商。貝爾德有一項非常好的調查，顯示了表示正在提供促銷活動的經銷商的趨勢。因此，您將看到整個行業的製造業允許我們宣傳符合定價。所以我相信這次促銷活動正在激發人們的興趣。事實上，我們已經看到了與我們目標促銷的品牌之間的相關性以及潛在客戶生成的增加。

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

您的下一個問題來自沃爾夫研究中心的 Fred Wightman。

Maybe just to follow up on that. It seems like prime are driving demand for new. But if you think about the shift that you're seeing to used, I mean, that unit number was meaning higher for used relative to new. What is the consumer feedback that you're getting? Is it just price sensitivity? Is it the increased availability for some of these motorized units on the used side? What do you think is sort of driving that?

也許只是為了跟進。似乎 Prime 正在推動新產品的需求。但如果你考慮一下你所看到的使用情況的變化，我的意思是，相對於新的而言，舊的單位數量意味著更高。您收到的消費者回饋是什麼？僅僅是價格敏感度嗎？是使用方某些機動裝置的可用性增加了嗎？您認為是什麼推動了這種情況？

I think probably the price differential between the new and the used is the cost of being stepped up, and we're passing those through. But we love the preowned business. And in fact, I don't even call it used. I call it preowned. And in fact, we were very thoughtful about loading up on used as much as we could to augment the lack of being able to find new product. And in fact, we're rebalancing a little bit between the new and the used as we get our stock levels where we want on the newer product.

我認為新的和舊的之間的價格差異可能是增加的成本，我們正在傳遞這些成本。但我們喜歡二手業務。事實上，我甚至不稱其為二手。我稱之為二手貨。事實上，我們非常仔細地考慮了盡可能裝載舊產品，以彌補無法找到新產品的不足。事實上，當新產品的庫存水準達到我們想要的水準時，我們正在新產品和舊產品之間進行一些重新平衡。

On sort of a go-forward basis, right? So the used inventory? Okay. And then I guess just lastly, overall thoughts on sort of what you're hearing or seeing in terms of shipment levels from the manufacturers. Do you feel like they're being prudent? Do you feel like they've sort of cut production more quickly than they had in sort of '18 and '19? What is sort of your wholesale feedback or commentary?

在某種前進的基礎上，對嗎？那麼二手庫存呢？好的。然後我想最後，關於您從製造商那裡聽到或看到的發貨水平的總體想法。你覺得他們很謹慎嗎？你是否覺得他們的減產速度比 18 年和 19 年更快？您的整體回饋或評論是什麼？

Yes. I'll just -- I'll echo what Camping World shared yesterday. Our backlog of orders that we're waiting on is lower than it would typically be at this time of the year. And we're working on really rebalancing our inventory, getting the assortment where we want. And as Camping World had mentioned, see us taking down inventories a bit between now and the next few months. And then just remember, we're -- our cycle is a little different because of the large camp operation. We will be seeing some stocking up at the end of the calendar year as we move into Super Show, which is in January.

是的。我只是——我會回應露營世界昨天分享的內容。我們正在等待的訂單積壓量低於每年這個時候的通常水平。我們正在努力真正重新平衡我們的庫存，以獲得我們想要的品種。正如露營世界所提到的，從現在到接下來的幾個月，我們會稍微減少庫存。然後請記住，由於大型營地的運作，我們的週期有點不同。當我們進入一月份的超級秀時，我們將在年底看到一些庫存。

And then just lastly, I know that it's not a big piece of the business, but anything that you're seeing on the campground demand that you guys own and operate? Uptick in cancellations or demand relative to the past few years on the booking front. Anything you could share?

最後，我知道這不是一個很大的業務，但是你們在露營地看到的任何東西都需要你們擁有和經營嗎？與過去幾年相比，預訂方面的取消或需求增加。有什麼可以分享的嗎？

Nothing unusual sequentially that we've seen in terms of activity. But I will point you to some of the KOA statistics that were shared. And you're still seeing people are being active in using their RVs based on the bookings information we've seen from KOA. And what we've seen internally is much different.

我們在活動方面沒有看到任何異常的情況。但我會向您指出一些共享的 KOA 統計數據。根據我們從 KOA 看到的預訂訊息，您仍然可以看到人們積極使用他們的房車。我們在內部看到的情況有很大不同。

There are no further questions at this time. Mr. Bob DeVincenzi, I turn the call back over to you for some closing remarks.

目前沒有其他問題。鮑伯‧德文森齊 (Bob DeVincenzi) 先生，我將電話轉回給您，請您發表一些結束語。

Thank you very much. The only thing I'd like to add to conclude the call is to thank everyone for participating in our second quarter 2022 conference call. We look forward to speaking to you at our next opportunity. Thank you all very much.

非常感謝。在結束這次電話會議時，我唯一想補充的是感謝大家參加我們的 2022 年第二季電話會議。我們期待下次有機會與您交談。非常感謝大家。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。