Lazydays Holdings Inc (GORV) 2023 Q3 法說會逐字稿

Greetings, and welcome to the Lazydays Holdings' third quarter 2023 conference call. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Kelly Porter, Chief Financial Officer. Thank you. You may begin.

您好，歡迎參加 Lazydays Holdings 2023 年第三季電話會議。提醒一下，本次會議正在錄製中。現在我很高興向您介紹主持人，財務長凱利波特。謝謝。你可以開始了。

Good morning, everyone, and thank you for joining us. On the call with me today are John North, CEO; and Amber Dillard, VP of Supply Chain.

大家早安，感謝您加入我們。今天與我通話的是執行長約翰‧諾斯 (John North)；和 Amber Dillard，供應鏈副總裁。

Before we begin, I would like to remind everyone that we will be discussing forward-looking information, including potential future financial performance, which is subject to risks uncertainties and assumptions that could cause actual results to differ materially from such forward-looking statements and information. Such risks, uncertainties, assumptions, and other factors are identified in our earnings release and other periodic filings with the SEC as well as the Investor Relations section of our website.

在開始之前，我想提醒大家，我們將討論前瞻性信息，包括未來潛在的財務業績，這些信息受到風險不確定性和假設的影響，可能導致實際結果與此類前瞻性陳述和信息存在重大差異。此類風險、不確定性、假設和其他因素已在我們的收益發布和向 SEC 提交的其他定期文件以及我們網站的投資者關係部分中確定。

Accordingly, forward-looking statements should not be relied upon as a prediction of actual results and any or all of our forward-looking statements may prove to be inaccurate. We can make no guarantees about our future performance, and we undertake no obligation to update or revise our forward-looking statements.

因此，前瞻性陳述不應被視為對實際結果的預測，並且我們的任何或所有前瞻性陳述可能被證明是不準確的。我們不能對我們未來的業績做出任何保證，我們也不承擔更新或修改我們的前瞻性陳述的義務。

On this call, we will discuss certain non-GAAP financial measures. Please refer to our earnings press release, which is available on our website for how we define these measures and reconciliations to the closest comparable GAAP measures.

在這次電話會議上，我們將討論某些非公認會計準則財務指標。請參閱我們的收益新聞稿，該新聞稿可在我們的網站上找到，了解我們如何定義這些指標以及與最接近的可比較公認會計原則指標的調節。

With that, I'd like to turn the call over to John North, our Chief Executive Officer.

說到這裡，我想將電話轉給我們的執行長約翰諾斯 (John North)。

Thanks, Kelly. Hello, everyone. I want to thank you first for taking interest in our company and reviewing our call today. I'll make some brief opening remarks. Kelly will take you through our financial results, and then we'll open it up for a few questions.

謝謝，凱利。大家好。我首先要感謝您對我們公司的興趣並審查我們今天的電話會議。我將做一些簡短的開場白。凱利將帶您了解我們的財務業績，然後我們將回答幾個問題。

Obviously, the third quarter was a difficult one and our financial results are disappointing to me and our team. Since I joined the company just over a year ago, we have been working diligently on four main strategic initiatives. First, to be relentless in our execution and efficiencies; second, to aspire to be the partner of choice with our OEMs; third, to act like an owner and allocate capital responsibly and with a long-term mindset; and finally, to grow and leverage our infrastructure to deliver above average metrics and superior return on invested capital. While the ultimate barometer of success lies in our financial performance, I am pleased that we have continued to make considerable progress against all four initiatives.

顯然，第三季度是一個艱難的季度，我們的財務表現令我和我們的團隊感到失望。自從我一年多前加入公司以來，我們一直在努力實施四項主要策略措施。首先，要堅持不懈地提高執行力和效率；第二，立志成為我們的原始設備製造商的首選合作夥伴；第三，以所有者的身份，以負責任的態度和長遠的心態配置資本；最後，發展和利用我們的基礎設施來提供高於平均水平的指標和卓越的投資資本回報。雖然成功的最終晴雨表在於我們的財務業績，但我很高興我們在所有四項舉措方面繼續取得了長足進展。

First, the speak to execution and efficiencies. Our inventory remains healthy, thanks to our team's relentless focus and hard work. We have around [100 in 2022] model units remaining and 47% of our overall inventory is model-year 2024. We have reduced our new unit days' supply from 250 units at the end of last year to 171 this year and have intensified our used inventory procurement efforts more than doubling our previous record in both the months of September and October.

首先，講的是執行力和效率。由於我們團隊的不懈專注和辛勤工作，我們的庫存保持健康。我們還剩下大約[2022 年100] 輛車型，2024 年車型占我們整體庫存的47%。供應9 月和 10 月的庫存採購力道都是先前記錄的兩倍以上。

We have been removing cost from the organization. We have eliminated all unnecessary overhead, pre-negotiated with key vendors and switch to lower cost providers in other situations and made the difficult decisions around reducing headcount and modifying pay plans in our stores.

我們一直在消除組織的成本。我們消除了所有不必要的管理費用，與主要供應商進行預先談判，並在其他情況下轉向成本較低的供應商，並就減少員工人數和修改商店的薪酬計劃做出了艱難的決定。

As a result, our overall SG&A is down over 13% in the third quarter despite the addition of five new locations since the same quarter last year. With that said, we'll still remain vigilant and laser focused on matching our overhead with what the market gives us even if it means further changes.

因此，儘管自去年同季以來增加了 5 個新地點，但第三季我們的整體 SG&A 下降了 13% 以上。話雖如此，我們仍將保持警惕，並專注於將我們的管理費用與市場給我們的費用相匹配，即使這意味著進一步的變化。

As our second objective, we continue to strive to be the partner of choice with our OEMs. We have completed three acquisitions and opened three greenfields year to date and have more growth on the horizon. To that end, last month we announced the rights offering to raise an additional $100 million in equity capital for growth. These rights are issued to our existing shareholders and allow each of you to participate equally to maintain your current ownership percentage. They also allow an oversubscription right where you can contribute more capital, if not every shareholder chooses to participate.

作為我們的第二個目標，我們繼續努力成為 OEM 的首選合作夥伴。迄今為止，我們已完成三項收購並開設了三個綠地，並且即將實現更多成長。為此，上個月我們宣布進行配股，以籌集額外 1 億美元的股本以促進成長。這些權利被授予我們現有的股東，並允許你們每個人平等參與以維持當前的所有權百分比。他們還允許超額認購權，如果不是每個股東都選擇參與，您可以貢獻更多資本。

The upside of the current operating environment is both the quality and quantity of acquisition opportunities available. We see both individual locations and multi-store platforms actively being marketed and believe many other locations may become available over the next few quarters.

目前營運環境的優勢在於可用收購機會的品質和數量。我們看到單一地點和多商店平台都在積極行銷，並相信許多其他地點可能會在未來幾季內推出。

Coming off the windfall COVID profits generated in 2020 and 2021, many independent dealers are reaching the end of their patients or their careers and need a monetization event. To size the opportunity, we believe over $600 million of acquisition revenue could be generated through the capital we will raise and deploy in the near term.

憑藉 2020 年和 2021 年新冠疫情帶來的意外利潤，許多獨立經銷商的患者或職業生涯即將結束，需要進行貨幣化活動。為了抓住這個機會，我們相信透過我們在短期內籌集和部署的資本可以產生超過 6 億美元的收購收入。

As a housekeeping matter, we would encourage you to contact your broker or Broadridge if you need more information as the window to make an election expires on November 14. On behalf of the entire management team, we want to thank you for your trust, and we'll endeavor with maximum effort to deliver a compelling return on the money we are raising.

作為內政事務，如果您需要更多信息，我們建議您聯繫您的經紀人或 Broadridge，因為選舉窗口將於 11 月 14 日到期。努力為我們籌集的資金提供令人信服的回報。

In pursuit of our third objective. We have invested significant capital in our existing facilities to make them fit for purpose and have scale and to ensure they provide our customers and employees a peerless experience. As I've previously discussed, we endeavor to own our relocations and successfully obtained long-term mortgage financing on a number of them over the summer. We believe that an owner's mindset with actions taken for 10 years from now versus 10 weeks from now will create significant value for our shareholders over time.

追求我們的第三個目標。我們對現有設施投入了大量資金，使其符合用途並具有規模，並確保它們為我們的客戶和員工提供無與倫比的體驗。正如我之前所討論的，我們努力擁有我們的搬遷房屋，並在夏季成功為其中一些房屋獲得了長期抵押貸款融資。我們相信，隨著時間的推移，所有者的心態以及從現在起 10 年後而不是 10 週內採取的行動將為我們的股東創造巨大的價值。

And for our fourth and final initiative, we have continued to optimize and grow the organization through the current operating environment and industry dynamics. We have been steadily improving our infrastructure, particularly in our technology and marketing departments. While these are not changes that are immediately apparent externally, we believe they will result in significant improvements to our sales -- scale and abilities.

對於我們的第四個也是最後一個舉措，我們透過當前的營運環境和產業動態不斷優化和發展組織。我們一直在穩步改善我們的基礎設施，特別是我們的技術和行銷部門。雖然這些變化在外部不會立即顯現出來，但我們相信它們將顯著改善我們的銷售規模和能力。

In closing, I again want to thank our team. They come to work each day with a singular mission to provide the best sales and service experience in the industry. Time and again, I'm impressed by their dedication and wherewithal. I sincerely thank all of you, our fantastic employees.

最後，我要再次感謝我們的團隊。他們每天工作的唯一使命是提供業界最佳的銷售和服務體驗。他們的奉獻精神和財力一次又一次地給我留下了深刻的印象。我衷心感謝你們所有人，我們優秀的員工。

With that, I'll turn the call over to Kelly to take you through the financials.

接下來，我會將電話轉給凱利，向您介紹財務狀況。

Thank you, John. Please note that unless stated otherwise the 2023 third quarter comparisons are versus the same period in 2022. Total revenue for the quarter was $280.7 million, a decrease of 15.9%. From this point on, all metrics will be on a same-store basis unless stated otherwise. New unit sales declined 20.7% in the quarter and gross profit per unit, excluding LIFO, declined 36.7%. Compared to the second quarter of 2023, new unit sales declined 8.3% and gross profit per unit decreased 26.8% to $9,323 per unit as the model year 2024 inventory began to roll out.

謝謝你，約翰。請注意，除非另有說明，2023 年第三季的比較是與 2022 年同期的比較。從此時起，除非另有說明，所有指標都將以同店為基礎。本季新銷量下降 20.7%，每單位毛利（不包括後進先出法）下降 36.7%。與 2023 年第二季相比，隨著 2024 年車型庫存開始推出，新銷量下降 8.3%，每台毛利下降 26.8%，至每台 9,323 美元。

Used unit sales, excluding wholesale units, declined 17.6% and gross profit per unit declined 15.6%. Compared to the second quarter of 2023, used unit sales decreased 22.5% and gross profit per unit decreased 3.2% to $13,135 per unit.

二手銷量（不包括批發銷量）下降了 17.6%，單位毛利下降了 15.6%。與 2023 年第二季相比，二手銷售量下降 22.5%，每單位毛利下降 3.2%，至每單位 13,135 美元。

Finance and insurance revenue declined 19.7% during the quarter, primarily due to lower unit volume as F&I per unit was flat year over year at $4,988. Our service, body, and parts revenues decreased 8.8% and our gross profit decreased by 6.9%. Our gross margin on service, body, and parts increased 100 basis points. We continue to evaluate and modify our cost structure to drive performance and adjust with fluctuations in volume and gross profit.

本季金融和保險收入下降 19.7%，主要是由於單位數量減少，單位 F&I 與去年同期持平，為 4,988 美元。我們的服務、車身和零件收入下降了 8.8%，毛利下降了 6.9%。我們的服務、車身和零件毛利率增加了 100 個基點。我們繼續評估和修改我們的成本結構，以推動業績並根據銷售和毛利的波動進行調整。

Total SG&A as a percentage of gross profit in the quarter was 84.5%, excluding the impact of LIFO and adjusted SG&A for the quarter was 82.1%. Adjusted net loss was $2.9 million for the quarter compared to net income of $14.4 million last year. Adjusted fully diluted earnings per share was a loss of $0.29 for the quarter compared to net income per diluted share of $0.54 in the prior year.

本季 SG&A 總額佔毛利的百分比為 84.5%，排除後進先出法的影響，本季調整後的 SG&A 為 82.1%。該季度調整後淨虧損為 290 萬美元，而去年淨利潤為 1,440 萬美元。本季調整後完全稀釋每股收益虧損 0.29 美元，而上一年稀釋後每股淨利為 0.54 美元。

Moving on to liquidity and capital allocation, as of September 30, we had cash and cash equivalents of $32.9 million with $30.2 million of immediate availability on our new and used floorplan line as well as $4.6 million available on our revolving line of credit. We also had approximately $95 million of unfinanced real estate that we estimate could provide $80 million of additional liquidity. At quarter end, we were in compliance with all debt covenants.

接下來是流動性和資本配置，截至9 月30 日，我們擁有3,290 萬美元的現金和現金等價物，其中新的和二手的平面圖額度可立即使用3,020 萬美元，循環信貸額度可立即使用460 萬美元。我們還有大約 9500 萬美元的無融資房地產，我們估計可以提供 8000 萬美元的額外流動性。截至季末，我們遵守了所有債務契約。

As John mentioned, this quarter's results were challenging and as a result, we recorded a net loss for the third quarter and by extension for the year to date. In times like these, the most important metric to pay attention to is operational cash flow to ensure we remain positive.

正如約翰所提到的，本季的業績充滿挑戰，因此，我們在第三季以及今年迄今都錄得淨虧損。在這樣的時期，需要關注的最重要的指標是營運現金流，以確保我們保持積極的態度。

For the third quarter, our operational cash flow was nearly $5 million and year to date it is nearly $7 million. This includes the impact of growing our used inventory more than $35 million this year, but funding only $15 million through floorplan financing. Taking this into account, we have generated more than $20 million of operational cash flow year to date.

第三季度，我們的營運現金流接近 500 萬美元，年初至今接近 700 萬美元。這包括今年我們的二手庫存增加超過 3500 萬美元的影響，但透過平面圖融資僅提供 1500 萬美元的資金。考慮到這一點，我們今年迄今已產生超過 2,000 萬美元的營運現金流。

The reduction in our liquidity and cash position year to date is a function of capital deployed for both acquisitions and for capital expenditures to improve our existing store base and improve the health and size of our core. This is a lever that we can adjust to respond to market conditions, both accelerating our capital allocations as things normalize or making the decision to slow our expenditures if we see further deterioration.

今年迄今為止，我們的流動性和現金頭寸的減少是用於收購和資本支出的資本的函數，以改善我們現有的商店基礎並改善我們核心的健康狀況和規模。這是我們可以根據市場狀況進行調整的槓桿，既可以在情況正常化時加速我們的資本配置，也可以在看到情況進一步惡化時決定減緩我們的支出。

We are continuing to closely monitor our operational performance and will see continued improvement in our cost structure as we made significant changes intra-quarter that will result in additional savings in the fourth quarter.

我們將繼續密切監控我們的營運績效，並將看到我們的成本結構持續改善，因為我們在季度內做出了重大改變，這將在第四季度帶來額外的節省。

Finally, an additional reminder that the subscription period for our previously announced rights offering is currently open and scheduled to expire November 14. Assuming the offering is fully subscribed, we will raise an additional $100 million in equity capital that will fortify our balance sheet until we elect to deploy it for acquisitions as the opportunities and market conditions allow.

最後，額外提醒一下，我們先前宣布的配股發行的認購期目前已開放，併計劃於11 月14 日到期。我們的資產負債表，直到我們認購完畢。

With that, we can open the call to questions. Operator?

這樣，我們就可以開始提問了。操作員？

(Operator Instructions)

（操作員說明）

Daniel Moore, CJS Securities.

丹尼爾·摩爾，CJS 證券。

Thanks, John, Kelly, for taking the questions. Got a couple. I guess first, maybe just talk high level about trends in retail traffic and demand through the quarter then to fiscal Q4. Obviously, we're getting into the seasonal softer periods. So maybe if you can delineate between seasonality and just kind of general second derivative rate of change.

謝謝約翰、凱利提出問題。有一對。我想首先，也許只是高層次地談論本季到第四財季的零售流量和需求趨勢。顯然，我們正進入季節性疲軟時期。因此，也許您可以區分季節性和一般的二階導數變化率。

Sure. Good morning, Dan. Nice to hear from you. The quarter was pretty consistent. We saw pretty similar unit deliveries each month. I think the interesting or maybe differentiated thing about our business is just our concentration in southern locales, in particular, Florida, Arizona, where we've got larger presence. And so as we move into the winter, we typically see a bit of a shoulder season in October and then things tend to start to pick up in November and December, and then particularly into Q1.

當然。早上好，丹。很高興聽到你的消息。該季度的情況相當穩定。我們每個月的單位交付量都非常相似。我認為我們業務的有趣之處或可能是與眾不同之處在於我們集中在南部地區，特別是佛羅裡達州、亞利桑那州，我們在那裡擁有更大的影響力。因此，當我們進入冬季時，我們通常會在 10 月看到一些平季，然後情況往往會在 11 月和 12 月開始好轉，然後尤其是進入第一季。

So it's a little bit different maybe than the broader US because we tend to skew a bit more in the Sunbelt. October traffic was down relative to what we saw in the third quarter, whether that's our execution or a broader trend remains to be seen. But obviously, as we move into November and December, we expect to see that pick back up.

因此，這可能與更廣泛的美國有所不同，因為我們傾向於在陽光地帶傾斜更多。十月的流量相對於第三季有所下降，無論是我們的執行或更廣泛的趨勢仍有待觀察。但顯然，隨著進入 11 月和 12 月，我們預計這種情況會回升。

Very helpful. And I appreciate the color on inventories, destocking. If you can maybe delineate between higher end motorized and fifth wheels and lower-end travel trailers. Are both closer to where you want to be from an inventory perspective at this stage?

很有幫助。我很欣賞庫存和去庫存的色彩。如果您可以在高端機動和第五輪與低端旅行拖車之間進行劃分。從現階段的庫存角度來看，兩者都更接近您想要的目標嗎？

This is Amber. From an inventory perspective, we've continued to work on our destocking to get down the regulated inventory level. Obviously, a lot of that does come on the higher ASPs and the higher end motorized unit. Still certainly a demand for those. But we do believe we're in a healthier inventory position and will continue to head into the next model year, poised to take advantage of them.

這是琥珀。從庫存角度來看，我們持續致力於去庫存，降低監管庫存水準。顯然，其中許多確實出現在更高的平均售價和更高端的機動裝置上。仍然肯定有這些需求。但我們確實相信我們的庫存狀況更加健康，並將繼續進入下一個車型年，準備充分利用它們。

In terms of the relative mix, I think we've been focusing obviously on the lower end as well. So we've got some good relationships and we're putting some entry-level travel trailers into a lot of our stores. We've got a couple of hundred units coming at the low end that we're going to be pushing into the marketplace. I think affordability is a theme that's generally talked about across this segment and particularly with some of our competitors. And I think we agree with that as well.

就相對組合而言，我認為我們顯然也一直關注低階產品。因此，我們已經建立了一些良好的關係，我們正在將一些入門級旅行拖車放入我們的許多商店。我們有幾百個低端產品，我們將推向市場。我認為負擔能力是這個領域普遍討論的主題，特別是我們的一些競爭對手。我想我們也同意這一點。

Ultimately a lot of our buyers are payment buyers. And so if we can find ways to credit -- support that and to bring some entry-level product into the portfolio, I think that's been helpful. We've seen that also with a lot of our OEM partners. So they've been introducing models that are at a lower level and more affordable, introducing some product that might be single axle, $15,000 to $20,000 ASPs. And that's been something we've been trying to lean into.

最終我們的許多買家都是付款買家。因此，如果我們能夠找到方法來支持這一點，並將一些入門級產品納入產品組合中，我認為這會有所幫助。我們在許多 OEM 合作夥伴身上也看到了這一點。因此，他們一直在推出更低等級、更實惠的車型，推出一些可能是單軸、平均售價 15,000 至 20,000 美元的產品。這也是我們一直在努力的方向。

I think the very high-end motorized and towables, the demand's been pretty consistent. And I think those consumers are less affected. I think where we've really seen a bit of an air pocket, if you will, is just around some of the product that's in the middle. Those are the consumers that are still payment buyers and are certainly feeling a bit more pressure. But overall, we're pretty pleased with what we've done with our inventory. And you can see that in our days' supply, which is obviously significantly improved from where we were at year end.

我認為非常高端的機動和牽引車的需求非常穩定。我認為這些消費者受到的影響較小。我認為，如果你願意的話，我們確實看到了一些氣穴，就在中間的一些產品周圍。這些消費者仍然是付款買家，並且肯定感受到了更大的壓力。但總的來說，我們對庫存的處理非常滿意。您可以看到，在我們目前的供應量中，與年底相比，明顯有了顯著改善。

Very helpful. John, and appreciate the color on the TAM and the opportunity from the capital, you would be raising. The $600 million revenue you quoted, I assume that is sort of a steady state figure and just kind of remind us what's your definition of steady-state in terms of shipments or any other metric, you'd want to give.

很有幫助。約翰，感謝 TAM 上的顏色和來自資本的機會，你將籌集資金。您引用的 6 億美元收入，我認為這是一個穩態數字，只是提醒我們您對出貨量或您想要給出的任何其他指標方面的穩態的定義是什麼。

Yeah. I think in general, the way we model our acquisitions for the five-year kind of timeline, we certainly are looking to buy dealerships that we could -- that we can improve. And the three dealerships we bought year to date are all profitable. So I'm very pleased with what we've added to our portfolio in terms of their initial contribution to our organization. But none of them are really performing to where we think they can be. And that is really giving us time to ramp up and build, obviously the consumer base. And then importantly, a lot of our OEM partners are interested in coming along with us as we go into our market.

是的。我認為總的來說，按照我們為五年時間線建模收購的方式，我們當然希望購買我們可以改進的經銷商。我們今年迄今收購的三家經銷商均獲利。因此，我對我們在產品組合中添加的內容以及他們對我們組織的最初貢獻感到非常滿意。但他們都沒有真正達到我們認為可以達到的水平。這確實給了我們時間來擴大和建立消費者基礎。重要的是，我們的許多 OEM 合作夥伴都有興趣與我們一起進入我們的市場。

So as an example, we bought Las Vegas in February and we're able to add Tiffin, which was not part of that dealerships mix prior to us acquiring it. And so that goes back to our second strategic initiative, which is really to be the OEMs partner of choice. And I think what we believe and part of what Lazydays has stood for even prior to me joining, was really to have an amazing relationship with our OEM partners. And so in many cases, we believe that there are acquisitions that will come that we can add brands to or we can add lines to from our OEMs because they want to partner with us. And so in many cases, that allows us to ramp revenue.

舉個例子，我們在二月買下了拉斯維加斯，我們能夠添加蒂芬，在我們收購它之前，蒂芬並不屬於經銷商組合的一部分。這又回到了我們的第二個策略性舉措，即真正成為 OEM 的首選合作夥伴。我認為，在我加入之前，我們的信念和 Lazydays 所代表的部分內容就是與我們的 OEM 合作夥伴建立良好的關係。因此，在許多情況下，我們相信，我們可以在收購中添加品牌，或從我們的原始設備製造商那裡添加產品線，因為他們想與我們合作。因此在很多情況下，這使我們能夠增加收入。

In terms of the $600 million, I mean that's probably a year three view. And obviously, I'm not smart enough to tell you what 2024 is going to look like. Are we going to see an up year, or flat year, or down here? I mean, who knows? We only think about 90 to 120 days out because that's really the inventory that we're managing to.

就 6 億美元而言，我的意思是這可能是三年的觀點。顯然，我還不夠聰明，無法告訴你 2024 年會是什麼樣子。我們會看到上漲的一年、持平的一年還是下跌的一年？我的意思是，誰知道呢？我們只考慮 90 到 120 天，因為這確實是我們正在管理的庫存。

But our assumptions are in a normalized market, if we buy these locations, we think it could be plus $600 million or more. It's not an insignificant revenue number and at a normalized contribution margin, that's a pretty attractive EBITDA or pretax income number relative to $100 million we're raising.

但我們的假設是在正常化的市場中，如果我們購買這些地點，我們認為可能會增加 6 億美元或更多。這並不是一個微不足道的收入數字，而且按照標準化的邊際貢獻，相對於我們籌集的 1 億美元，這是一個相當有吸引力的 EBITDA 或稅前收入數字。

Very helpful. Last question for me. Apologize if it's long-winded, but just focusing on gross margins a little bit, obviously saw some pressure in the quarter, particularly on new unit sales. How much of that was mix and desire to clear out older inventory versus maybe a more strategic decision to focus less on gross margin from new units and more on longer-term opportunities been used in maintenance and repair? Just trying to get a sense for if this was temporary decline or closer to sort of the new norm for at least the near term in terms of margins on new unit sales? Thanks again for the color.

很有幫助。對我來說最後一個問題。如果囉嗦的話請道歉，但只是稍微關註一下毛利率，顯然在該季度看到了一些壓力，特別是在新單位銷售方面。其中有多少是混合和清理舊庫存的願望，而不是一個更具戰略性的決定，減少對新設備毛利率的關注，並更多地關注維護和維修中使用的長期機會？只是想了解一下，這是否是暫時的下降，還是至少在短期內接近新單位銷售利潤率的新常態？再次感謝您的顏色。

It's an astute question. Appreciate it. I think it's both. We certainly are being very attentive to the 2023 model year. And like last year, as you see the model year changeover, which typically happens sort of April to July, you start to see some compression on those margins. And it's a very competitive industry dynamic right now because I think other private dealers have probably been less attentive in terms of 2022 and 2023. And so they're feeling more acute pressure.

這是一個精明的問題。欣賞它。我認為兩者都是。我們當然非常關注 2023 年車款。就像去年一樣，當您看到車型年份轉換（通常發生在四月至七月）時，您開始看到這些利潤受到一些壓縮。目前這是一個競爭非常激烈的行業動態，因為我認為其他私人經銷商在 2022 年和 2023 年可能不太關注。

And if someone's advertising a similar unit with the same floorplan at 40% off, it's hard for us to not match that. And so that's a dynamic, I think, that's happening. In terms of real-time color, in October, our margins actually improved. The health of our inventory is really good. And as you get more of the deliveries in the 2024 model, you're seeing still similar attractive gross margins.

如果有人以 40% 的折扣宣傳具有相同平面圖的類似單元，我們很難不與之匹配。我認為這是一種動態，正在發生。就即時色彩而言，十月我們的利潤率實際上有所提高。我們的庫存狀況非常好。隨著 2024 年車型的交付量增加，您仍然會看到類似的有吸引力的毛利率。

And so I think some of what we saw in the third quarter was transitory. That pressure probably continues and even accelerates, which is what we saw last year. But it's on a smaller percentage of the overall mix and so it's less relevant. And I think that's probably the larger piece of the trend.

因此，我認為我們在第三季看到的一些情況是暫時的。這種壓力可能會持續甚至加速，正如我們去年所看到的那樣。但它在整體組合中所佔的比例較小，因此相關性較低。我認為這可能是這一趨勢的最大部分。

But importantly, and I think you're exactly right, what I observed in the last 25 years in automotive is a secular decline in front end growth. And what that meant was you needed to prioritize F&I service and used taken in trades and trying to accelerate that.

但重要的是，我認為你是完全正確的，我在過去 25 年中觀察到汽車產業前端成長的長期下降。這意味著您需要優先考慮 F&I 服務並在交易中使用並努力加速此過程。

And really thinking about the velocity of capital, and that's been a big message we've talked to our general managers about. I would rather sell something in 60 days for a smaller front end than to try to hold out for the really big gross margin. And then it up with a couple of more units that are age that you have to discount aggressively to get rid of.

真正考慮資本的流通速度，這是我們與總經理討論的重要訊息。我寧願在 60 天內以較小的前端價格出售某樣東西，而不是堅持爭取真正高的毛利率。然後還有一些已經過時的單位，你必須大幅打折才能擺脫。

And so we're very focused on the velocity of capital and the gross margin return on investment that comes from accelerating turns. The flip side of that is we need to then drive F&I performance up, which should be plus or minus 10% of your average selling price. And I think in the quarter, we were at 5%. So the biggest opportunity for us is to really focus on F&I and the used opportunity that comes from the trades as we accelerate the velocity of new. And that's been a pretty consistent message internally. I wouldn't say we hit our stride in the third quarter, but it's a focus area for us.

因此，我們非常關注資本週轉率和加速週轉所帶來的投資毛利率回報。另一方面是我們需要提升 F&I 績效，這應該是平均售價的正負 10%。我認為在本季度，我們的成長率為 5%。因此，對我們來說最大的機會是真正關注 F&I 以及隨著我們加快新的速度而利用交易的機會。這在內部是一個非常一致的訊息。我不會說我們在第三季取得了進步，但這是我們的重點領域。

Okay. Appreciate the color again. Thank you.

好的。再次欣賞顏色。謝謝。

(Operator Instructions)

（操作員說明）

Mike Swartz, Truist Securities.

麥克‧斯沃茨 (Mike Swartz)，Truist 證券公司。

Hey, John, Kelly, good morning. I just hopped on the call a little late, so I apologize if I'm asking a question the second time. But just in terms of the new vehicle margins, can you give us any color maybe how that played out through the quarter? Maybe what the exit rate was coming out of the quarter?

嘿，約翰，凱利，早安。我只是有點晚才接電話，所以如果我第二次問問題，我深表歉意。但就新車利潤率而言，您能給我們透露一下本季的情況嗎？也許本季的退出率是多少？

Sure. Nice to hear from you, Mike. I think as it was intra-quarter, what we saw is the 2023 is really toggled over. So, most of our total product tends to flip in like July, and you start to really see the '24's come online from a industry dynamic. As I mentioned a moment ago, a lot of our competitors have been aggressively discounting 2023's. And if you go online and look, you can see many of them are 35% to 40% off, which is pretty close to cost in many cases.

當然。很高興收到你的來信，麥克。我認為，由於這是季度內的情況，我們看到 2023 年確實發生了逆轉。因此，我們的大部分產品往往會像 7 月那樣發生變化，你開始真正看到 24 世紀從行業動態中上線。正如我剛才提到的，我們的許多競爭對手都在大幅折扣 2023 年的產品。如果你上網查一下，你會發現很多都打了35%到40%的折扣，很多時候這已經非常接近成本價了。

And so what you're really focusing on as you turn those units are, what's the trade opportunity? What's the F&I opportunity? What's your documentation fee? What can you do to try to -- to make a little bit of money and get those turned. And so as we progress through the third quarter, I would say we were very aggressive in terms of discounting those and trying to turn up.

因此，當你轉向這些單位時，你真正關注的是，貿易機會是什麼？ F&I 機會是什麼？您的文件費是多少？你能做些什麼來嘗試——賺一點錢並扭轉局面。因此，當我們在第三季度取得進展時，我想說我們在折扣方面非常積極並試圖出現。

As we mentioned in Kelly's prepared remarks, 47% of our inventory is 2024's. So we're in really good shape. The 2023's that we have are a mix between both towable and motorized. And the motorized, in particular the season and some of those are very scarce and so you're still seeing pretty good margin on those. But I think overall, we've been very focused on maintaining the health of inventory versus maintaining the health of gross. And I'm pleased with where we stood and our days' supply has come down a bunch.

正如我們在凱利準備好的演講中所提到的，我們的庫存中有 47% 是 2024 年的。所以我們的狀態非常好。我們擁有的 2023 年車型是牽引式和機動式的混合體。機動車輛，特別是季節，其中一些非常稀缺，因此您仍然可以看到相當不錯的利潤。但我認為總體而言，我們一直非常注重維持庫存的健康狀況，而不是維持毛利率的健康狀況。我對我們的現狀感到滿意，我們每天的供應量已經減少了很多。

Relative to October, our margins have actually gotten better. They're up, and that's because more of the mix is 2024's now. And it's -- half our inventory is that model year, you're going to see that improve. And we were early to the party last year, for lack of a better term, in terms of discounting 2022's. That was a big focus of what we were working on in Q3, Q4 last year.

相對於十月份，我們的利潤率實際上有所提高。它們已經上升了，那是因為現在更多的組合是 2024 年的。我們的庫存有一半是該車型年份的，你會看到這種情況的改善。去年我們很早就參加了聚會，因為缺乏更好的術語，就 2022 年的折扣而言。這是我們去年第三、第四季工作的重點。

And what you saw, I think in Q1 and Q2 was really healthy margins because we were through the '22's and working on the '23's. And I feel like we're set up in a similar fashion for next year. So my expectation is you'll see a slightly higher margin in Q4. I don't think it's going to be dramatically stronger than where we ended Q3. But I think it will be up. And I think as we fall into next year, you're going to see that continue. And you can see some nice margin for the next couple of quarters because we're in better shape than probably the industry is, generally speaking.

正如你所看到的，我認為第一季和第二季的利潤率非常健康，因為我們已經度過了 22 世紀，並正在努力爭取 23 世紀。我覺得明年我們將以類似的方式來安排。所以我的預期是第四季的利潤率會略高。我認為它不會比第三季末的情況顯著增強。但我認為它會上升。我認為，隨著明年的到來，你會看到這種情況繼續下去。你可以看到接下來幾季的利潤率不錯，因為一般來說，我們的狀況比整個產業好。

Okay. Thanks so much for the color, John. Just a second question on -- I'm just trying to kind of net out the impact from things -- several of the acquisitions you've announced with some of the store closures. I know you've got another greenfield location opening this year. But as I take that all together, what is the -- what do you think the annualized impact is on revenue?

好的。非常感謝你的顏色，約翰。第二個問題是——我只是想消除一些事情的影響——你宣布的幾項收購以及一些商店的關閉。我知道今年你們又新開了一家分店。但當我綜合考慮時，您認為年化對收入的影響是什麼？

Well, I think in terms of the acquisitions we've done, they're probably worth $125 million. So that's three stores. You've got four greenfields opening this year, and that's probably worth another $125 million, I would say. And then we closed two locations. One was taken through eminent domain by the Tennessee Department of Transportation, and one was consolidation into our sister's store, that's about an hour away in Elkhart. We closed a store in Indiana and consolidate those brands. Those were smaller locations. They were probably $50 million to $60 million annualized. And I think our belief is that some percentage of that revenue should shift to other stores in the market?

嗯，我認為就我們所做的收購而言，它們的價值可能是 1.25 億美元。所以這是三個商店。今年有四個綠地開放，我想說，這可能還價值 1.25 億美元。然後我們關閉了兩個地點。其中一件被田納西州交通部徵用，另一件被合併到我們姐姐的商店，距離埃爾克哈特大約一小時路程。我們關閉了印第安納州的一家商店並整合了這些品牌。那些都是較小的地點。年化收入可能為 5,000 萬至 6,000 萬美元。我認為我們的信念是，一定比例的收入應該轉移到市場上的其他商店？

I'm not sure it's dollar for dollar amount. I might give a $0.5 in $1, something like that. So I think, let's call it $250 million of growth and then let's call it $50 million of closure and maybe $25 million of that should still remain in Lazydays' portfolio. So rough justice is $275 million. And then in a year or later into that, plus or minus 15%, 20% decline in just the overall market. And obviously we've lost some share relative to the competition, but we don't dabble in the -- super low end, isn't where we are. And I would say that's where most of the market growth has been happening.

我不確定這是美元對美元的金額。我可能會在 1 美元中給出 0.5 美元，類似的東西。所以我認為，我們稱其為 2.5 億美元的增長，然後稱其為 5000 萬美元的關閉，也許其中 2500 萬美元仍應保留在 Lazydays 的投資組合中。所以粗略的正義是2.75億美元。然後在一年或更晚的時間裡，正負15%、20%的跌幅只是整個市場。顯然，相對於競爭對手，我們已經失去了一些份額，但我們並沒有涉足超低端市場，這不是我們所處的位置。我想說這就是大部分市場成長發生的地方。

Okay. Awesome. To clarify those numbers you were giving were steady state normalized industry demand type numbers; not necessarily what we'll see in '24?

好的。驚人的。澄清一下，您給出的這些數字是穩態標準化行業需求類型數字；不一定是我們在 24 年會看到的？

Yeah. I mean, I'm not that smart. I wish I could tell you what next year's going to look like. You tell me. I think what we're trying to do is say in a normalized 450,000-unit year, what should our stores do, what's our expectation be? And that's how we size it. Where we go in March of 2024 is -- your guess is probably better than mine.

是的。我的意思是，我沒那麼聰明。我希望我能告訴你明年會是什麼樣子。你告訴我。我認為我們想做的是，在標準化的 450,000 件年銷量中，我們的商店應該做什麼，我們的期望是什麼？這就是我們確定其規模的方式。 2024 年 3 月我們的預測是－你的猜測可能比我的更好。

Okay, that's great. Thanks, John.

好的，太好了。謝謝，約翰。

Thank you. We have reached the end of our question-and-answer session. I would now like to turn the floor back over to John North for any closing comments.

謝謝。我們的問答環節已經結束。我現在想把發言權交還給約翰·諾斯，請他發表最後的評論。

Thanks for joining us today. We'll talk to you guys next year.

感謝您今天加入我們。明年我們會和你們談談。

Thank you. This does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.

謝謝。今天的電話會議到此結束。我們感謝您的參與。此時您可以斷開線路。享受你一天剩下的時間。