Lazydays Holdings Inc (GORV) 2023 Q4 法說會逐字稿

Greetings, and welcome to the Lazydays Holdings Fourth Quarter 2023 conference call.

您好，歡迎參加 Lazydays Holdings 2023 年第四季電話會議。

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

It's now my pleasure to introduce your host, Kelly Porter Chief Financial Officer.

現在我很高興向您介紹主持人凱利波特財務長。

Thank you.

謝謝。

You may begin.

你可以開始了。

Good morning, everyone, and thank you for joining us.

大家早安，感謝您加入我們。

On the call with me today are John North CYO. and Amber Dillard Vice President Operations.

今天與我通話的是 CYO 約翰諾斯 (John North)。和安柏迪拉德 (Amber Dillard) 營運副總裁。

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存在重大差異，並且風險、不確定性、假設和其他因素等資訊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, so we can make no guarantees about our future performance plan.

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，因此我們無法對我們未來的業績計劃做出任何保證。

We undertake no obligation to update or revise our forward looking statements on this call, we will discuss certain non-GAAP financial measures.

我們不承擔更新或修改本次電話會議前瞻性陳述的義務，我們將討論某些非公認會計準則財務措施。

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.

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.

接下來，我想將電話轉給我們的執行長約翰·諾斯 (John North)。

Thanks, Kelly.

謝謝，凱利。

Good morning, everyone.

大家，早安。

Thanks for calling in today.

感謝您今天打電話來。

I'll make a couple of brief opening remarks, let Amar talk about operations.

我將做一些簡短的開場白，讓阿瑪爾談談營運。

Kelly can take you through our financial results, and then we're happy to have a few questions at the end.

凱利可以向您介紹我們的財務業績，然後我們很高興在最後提出一些問題。

But it's obviously been an eventful few months since we spoke with you in early November, we've had some important developments occurring both in the industry and within our organization.

但自從我們在 11 月初與您交談以來，這顯然是一個多事之秋，我們在行業和我們的組織內部都發生了一些重要的發展。

By now, you've heard from both large dealer groups and several OEM partners.

到目前為止，您已經收到了大型經銷商集團和多家 OEM 合作夥伴的來信。

And we validated their comments against the market data provided by vehicle registration reporting services surrounding the fourth quarter and as of yesterday into January similar to what they reported.

我們根據車輛登記報告服務提供的第四季度以及截至昨天到一月份的市場數據驗證了他們的評論，與他們報告的情況類似。

We saw industry-wide economic pressures in November that resulted in retail sales below our expectations and has seen continued headwinds into December and January as well.

我們在 11 月看到了全行業的經濟壓力，導致零售額低於我們的預期，並且在 12 月和 1 月也持續面臨阻力。

In the fourth quarter.

在第四季。

As a result, we took decisive action to increase our marketing spend and to adjust retail pricing.

因此，我們採取果斷行動，增加行銷支出並調整零售價格。

And as a result, we saw significant improvement in volumes for the months of December, January and February, both sequentially and year over year.

因此，我們看到 12 月、1 月和 2 月的銷量較上月和年比都有顯著改善。

Our current expectation is to report a pretax loss for the first quarter of this year, but we anticipate being profitable and operationally cash flow positive for the full year.

我們目前的預期是今年第一季出現稅前虧損，但我們預計全年將實現盈利且營運現金流為正。

From a liquidity perspective, Kelly, our finance team have been hard at work and they secured a $35 million mortgage facility in December and more recently worked with our lender partners for additional operational flexibility with our covenants over the next few quarters.

從流動性的角度來看，Kelly，我們的財務團隊一直在努力工作，他們在12 月獲得了3500 萬美元的抵押貸款融資，最近與我們的貸方合作夥伴合作，在未來幾個季度根據我們的契約提供了額外的營運彈性。

As we move into the summer peak selling season.

隨著我們進入夏季銷售旺季。

Operationally, Amarin, our store leaders have been working diligently to improve the health of both our new and used inventory through disciplined management around both stocking levels and pricing actions.

在營運方面，阿瑪林，我們的商店領導一直在努力透過庫存水準和定價行為的嚴格管理來改善我們的新庫存和二手庫存的健康狀況。

As well as partnering with our OEMs to obtain assistance from them what wherever possible.

並與我們的原始設備製造商合作，盡可能從他們那裡獲得幫助。

From a cost control standpoint, we've continued to focus on finding areas of unnecessary or redundant spending and have been able to reduce SG&A expense year over year despite increasing our brand for a break over 40% in 2023.

從成本控制的角度來看，我們繼續專注於尋找不必要或多餘支出的領域，儘管我們的品牌在 2023 年突破了 40%，但我們仍能夠逐年減少 SG&A 費用。

In January, we also launched a complete rebranding effort with the new website, font logos and colors and even the new stock symbol, we are no longer using the ticker LAZY. are lazy.

一月份，我們也推出了全面的品牌重塑工作，包括新網站、字體標誌和顏色，甚至是新的股票代碼，我們不再使用股票代碼 LAZY。很懶。

Instead, we have re-branded as G or V. or go RV, which is more action inspired and true to our culture to facilitate helping our customers find the freedom to be outdoors and do the things they love, however, they use their RV.

相反，我們已將品牌重新命名為G 或V. 或go RV，這更具行動靈感，也更符合我們的文化，有助於幫助我們的客戶找到戶外活動的自由並做他們喜歡的事情，但是，他們使用他們的房車。

Importantly, these rebranding efforts will enhance our digital retail experience, particularly on mobile devices, which account for over 80% of our website traffic every day.

重要的是，這些品牌重塑工作將增強我們的數位零售體驗，特別是在行動裝置上，行動裝置每天占我們網站流量的 80% 以上。

In terms of corporate development.

在企業發展方面。

As a reminder, we started 2023 with 16 locations and ended the year with 24 operating dealerships.

謹此提醒，2023 年開始，我們擁有 16 家經銷店，年底擁有 24 家營運經銷商。

Earlier this week, we announced the opening of our last greenfield location that has been development since all the way back in 2021 in Arizona, bringing our current store count to 25.

本週早些時候，我們宣佈在亞利桑那州開設最後一家綠地門店，該門市自 2021 年以來一直在開發，使我們目前的門市數量達到 25 家。

And finally, we remain focused on driving integration with our newly opened or acquired locations and anticipate less acquisition activity in 2024 compared to last year.

最後，我們仍然專注於推動與新開設或收購的地點的整合，並預計 2024 年的收購活動將比去年減少。

But we will still continue to look for attractive opportunities, both on a tuck-in and strategic basis.

但我們仍將繼續尋找有吸引力的機會，無論是在收入上還是在策略上。

Given the depressed macro environment and the significant number of stores we've added over the past year, we understand it's difficult to calibrate the underlying earnings power of our business.

鑑於宏觀環境低迷以及我們在過去一年中新增的大量門市，我們知道很難調整我們業務的潛在獲利能力。

To that end, we want to provide a picture of what we believe the business looks like.

為此，我們希望提供一幅我們認為的業務的圖片。

It normally is as we think about our business in a mid-cycle environment, we're confident in our ability to generate over $1.5 billion in annualized revenue, while delivering a high single digit EBITDA margin was a challenging time for the inventory or for the industry excuse me, we strongly believe we are well positioned for 2024 and beyond with a solid balance sheet, healthy inventory.

通常，當我們在中期環境中考慮我們的業務時，我們對創造超過 15 億美元年化收入的能力充滿信心，而實現高個位數 EBITDA 利潤率對於庫存或公司來說是一個充滿挑戰的時期抱歉，我們堅信，憑藉穩健的資產負債表和健康的庫存，我們已為2024 年及以後做好了充分準備。

Fantastic retail locations, strong operators and an incredible brand.

絕佳的零售地點、強大的營運商和令人難以置信的品牌。

With that, I'll turn the call over to Amber.

這樣，我會將電話轉給 Amber。

Thanks, John, and good morning, everyone. beginning in November for laser focused on improving the health of our inventory as it became clear that we needed to maximize every retail transaction we could from the low level of sales.

謝謝約翰，大家早安。從 11 月開始，laser 專注於改善庫存狀況，因為很明顯，我們需要從低銷售水平中最大化每筆零售交易。

In November, we sold more units in December January and February, both sequentially and year over year.

11 月，我們在 12 月、1 月和 2 月銷售了更多單位，無論是連續還是同比。

Furthermore, our gross profit improved from December to February and current model year units are a greater percentage of our sales mix, meaning we are generating more gross profit dollars overall.

此外，從 12 月到 2 月，我們的毛利有所提高，目前車型年份的銷量在我們的銷售組合中所佔的比例更大，這意味著我們總體上產生了更多的毛利。

As a result, I am pleased with the health of our inventory as of today and feel we are very well positioned as we move into the spring and summer selling season and prepare for the 2025 model year changeover.

因此，我對我們今天的庫存狀況感到滿意，並認為在進入春季和夏季銷售季節並為 2025 年車型年轉換做好準備時，我們處於非常有利的位置。

To put things in perspective, in early November, we had around 100 2022 model year units and over 2,000 2023 model year units in stock.

客觀來看，11 月初，我們有大約 100 輛 2022 年車型和超過 2,000 輛 2023 年車型庫存。

As of yesterday, we were down to 17 2022 units and just over 750 2023 units remaining.

截至昨天，2022 年車型數量已減少至 17 個，2023 年車型數量僅剩 750 多個。

Overall, more than 80% of our inventory is current model year, and we are well positioned to maintain the inventory health.

總體而言，我們超過 80% 的庫存是當前車型，我們有能力維持庫存健康。

We have spent the last four months diligently working on.

在過去的四個月裡，我們一直在努力工作。

We believe we have an incredibly healthy inventory position relative to the industry.

我們相信，相對於產業而言，我們的庫存狀況非常健康。

At the current time, we've received amazing support from many of our OEM partners as they have contributed additional incentive dollars to help us to continue to look to deliver units.

目前，我們得到了許多 OEM 合作夥伴的大力支持，他們貢獻了額外的激勵資金來幫助我們繼續尋求交付產品。

We are stretching to make every retail sale we can and to overcome some of the industry headwinds associated with higher interest rates, negative equity and lower consumer demand.

我們正在盡最大努力實現每一次零售銷售，並克服與利率上升、負資產和消費者需求下降相關的一些行業阻力。

Given the post-COVID sales environment, we have also made a strategic decision to emphasize a faster turn and higher volume by more aggressively adjusting pricing on new units and expanding our lower price point product offerings.

考慮到新冠疫情後的銷售環境，我們也做出了一項策略決策，透過更積極地調整新產品的定價並擴大我們的低價產品供應，強調更快的周轉和更高的銷售量。

We know our OEM partners appreciate the focus to deliver more sales volume and increase velocity, both as it helps to achieve their volume objectives as well as incremental F&I attachment and downstream service work as we increase units and operations in the markets we serve.

我們知道，我們的OEM 合作夥伴重視重點提供更多銷售量和提高速度，因為這有助於實現他們的銷售目標，也有助於隨著我們在所服務的市場中增加單位和運營而增加F&I 附件和下游服務工作。

Thankfully, our OEM partners remain disciplined in terms of production levels and have matched their output to consumer demand, maintaining the right balance of healthy inventory levels at the dealership level, while still keeping plants in production is critical to the partnership we have with our OEMs, and we appreciate that before us.

值得慶幸的是，我們的OEM 合作夥伴在生產水平方面仍然遵守紀律，並將其產量與消費者需求相匹配，在經銷商層面保持健康庫存水平的適當平衡，同時仍然保持工廠的生產，這對於我們與OEM 的合作關係至關重要，我們對此表示讚賞。

Additionally emphasize our used vehicle procurement function to augment the units we receive via a trade-in from customers.

另外強調我們的二手車採購功能，以增加我們透過以舊換新從客戶收到的車輛。

We have an incredible team of buyers that has been able to source high demand units that allow us to provide consumers with a more affordable price point while maintaining healthy gross margins upon sale, we believe there's even more opportunity to increase the volume of units we source in the market and have increased our marketing spend in this area to drive more leads and conversion.

我們擁有一支令人難以置信的買家團隊，他們能夠採購高需求的單位，使我們能夠為消費者提供更實惠的價格，同時保持銷售時的健康毛利率，我們相信有更多機會增加我們採購的單位數量並增加了我們在該領域的行銷支出，以推動更多的銷售線索和轉換。

Over the past 180 days, we've made substantial leadership changes in our store network, both due to new locations as a result of dealer and opening greenfield locations and to address underperforming store leadership, we remain relentless on finding an optimum general manager talent pool and are working to further develop and enhance the caliber and capabilities of our most crucial resource, our people.

在過去的180 天裡，我們對門市網路的領導層進行了重大調整，這既是由於經銷商和開設綠地門市帶來的新地點的影響，也是為了解決表現不佳的門市領導層問題，我們仍然堅持不懈地尋找最佳的總經理人才庫並正在努力進一步發展和提高我們最重要的資源——我們的員工的素質和能力。

We continue our efforts around external recruiting and internal promotions to source world-class operational talent across the country.

我們繼續圍繞外部招聘和內部晉升努力，在全國範圍內尋找世界一流的營運人才。

In closing, I want to thank our team, especially our store personnel.

最後，我要感謝我們的團隊，特別是我們的商店工作人員。

They come to work each day with a singular mission to provide the best sales and news experience in the industry.

他們每天工作的唯一使命是提供業界最佳的銷售和新聞體驗。

Importantly, they have responded to the current industry environment with optimism and determination, and we are making significant progress every day, week and month as we continue to focus on 2024.

重要的是，他們以樂觀和堅定的態度應對當前的行業環境，而我們在繼續關注 2024 年的同時，每天、每週、每月都在取得重大進展。

With that, I'll turn the call over to Kelly.

這樣，我就把電話轉給凱利。

Thank you, Amber.

謝謝你，琥珀。

Please note that unless stated otherwise, the 2023 fourth quarter comparisons are versus the same period in 2022.

請注意，除非另有說明，2023 年第四季的比較是與 2022 年同期的比較。

Total revenue for the quarter was $198 million, a decrease of 18.7%.

該季度總營收為 1.98 億美元，下降 18.7%。

Total revenue for the full year was $1.1 billion, a decrease of 18.4% over the prior year.

全年總收入為11億美元，較上年下降18.4%。

From this point on all metrics will be on a same-store basis, unless otherwise stated.

從此時起，除非另有說明，所有指標都將基於同一家商店。

New unit sales declined 26% in the quarter and gross profit per unit excluding Lifeboat, declined 31.6%.

本季新單位銷售量下降 26%，不包括救生艇的單位毛利下降 31.6%。

Used retail unit sales increased approximately 1% and gross profit per unit decreased 30.2%.

二手零售單位銷售額成長約 1%，單位毛利下降 30.2%。

Finance and insurance revenue declined 31.3% during the quarter, primarily due to a decrease in unit volume combined with higher chargebacks.

本季金融和保險收入下降 31.3%，主要是由於單位數量減少以及退款增加所致。

Our service body and parts revenue decreased 20.1% and our gross profit decreased by 26.3%.

我們的服務車身及零件收入下降20.1%，毛利下降26.3%。

Our gross margin on service body and parts decreased 450 basis points.

我們的服務車身和零件毛利率下降了 450 個基點。

During the quarter, we reduced total adjusted SG&A expense by $1.6 million, despite increasing our network from 16 locations to 24 year over year.

本季度，儘管我們的網路從 16 個地點增加到 24 個，但調整後的 SG&A 費用總額減少了 160 萬美元。

Adjusted net loss was $13.8 million for the quarter compared to net income of $936,000 last year.

該季度調整後淨虧損為 1,380 萬美元，而去年淨利潤為 936,000 美元。

Adjusted fully diluted earnings per share was a loss of $1.09 for the quarter compared to a net loss per diluted share of $0.02 in the prior year.

本季調整後完全稀釋每股收益虧損 1.09 美元，而上一年稀釋後每股淨虧損為 0.02 美元。

Moving on to our liquidity

繼續我們的流動性

[and capital allocation].

[和資本配置]。

As of year end, we had $58 million of cash and we remained operationally cash flow positive during the fourth quarter and for the full year, On December 29th, we closed on a $35 million mortgage facilities secured by approximately $110 million of owned real estate.

截至年底，我們擁有 5,800 萬美元現金，第四季度和全年營運現金流均保持正值。

The facility has a three year term and a structure to allow us to obtain alternative financing on a location by location basis with other lending partners.

該貸款期限為三年，其結構使我們能夠與其他貸款合作夥伴一起逐地點獲得替代融資。

We estimate that we can generate an additional $47.5 million in mortgage loan proceeds by refinancing these properties at a 75% loan to (technical difficulty) similar to other properties we finance during 2023.

我們估計，透過以 75% 的貸款（技術難度）對這些房產進行再融資（與我們在 2023 年融資的其他房產類似），我們可以額外產生 4,750 萬美元的抵押貸款收益。

In addition, we have other unencumbered real estate that we estimate can provide additional liquidity of $18 million.

此外，我們還有其他未支配的房地產，我們估計可以提供 1800 萬美元的額外流動性。

Working with our syndicate of lenders.

與我們的貸方銀團合作。

We received a waiver of our financial covenants for the fourth quarter of 2023 as well as the first two quarters of 2024 with modified thresholds for the third quarter and a return to our standard covenant package as of the end of 2024.

我們獲得了 2023 年第四季和 2024 年前兩個季度財務契約的豁免，第三季的門檻有所修改，並於 2024 年底恢復到我們的標準契約包。

I want to thank our syndicate of lenders, led by M&T Bank for their partnership to allow us the room to navigate the current economic environment and focus on improving operating results throughout 2024.

我要感謝以 M&T 銀行為首的貸款集團的合作，讓我們有空間應對當前的經濟環境，並專注於改善 2024 年的經營業績。

Now I'll turn the call back over to John for some closing comments.

現在我將把電話轉回給約翰，以徵求一些結束語。

Thanks, KP.

謝謝，KP。

So in summary, we feel well positioned for the remainder of the year based on the financial and operational actions we have taken in response to the current environment, I'd like to leave you with four main points.

總而言之，根據我們為應對當前環境而採取的財務和營運行動，我們感覺今年剩餘時間處於有利位置，我想向大家提出四個要點。

First, we have significantly improved the health of our inventory and have more than 80% of our new units in the current model year.

首先，我們大幅改善了庫存狀況，超過 80% 的新車型都是在當前車型年份擁有的。

Second were operationally cash flow positive year to date and expect to be profitable and operationally cash flow positive for the remainder of this year.

其次，今年迄今營運現金流為正，預計今年剩餘時間將實現獲利且營運現金流為正。

Third, as of today, we have liquidity of $45 million, which is actually $13 million higher than where we were at the end of the third quarter of last year.

第三，截至今天，我們的流動資金為 4,500 萬美元，實際上比去年第三季末增加了 1,300 萬美元。

Right.

正確的。

And finally, we sold more units in December, January and February, both sequentially and year over year and anticipate further improvement in March based on early results this month, we've also seen increasing gross margin on the current model year product.

最後，我們在 12 月、1 月和 2 月連續和同比銷售了更多的單位，並根據本月的早期結果預計 3 月份將進一步改善，我們還看到當前車型年份產品的毛利率不斷增加。

These trends increased our conviction that we are well positioned as we move into the seasonally stronger spring and summer selling season.

這些趨勢增強了我們的信念，即在進入季節性強勁的春季和夏季銷售季節時，我們處於有利位置。

With that, we're happy to open up the call and take some questions.

至此，我們很高興打開電話並回答一些問題。

Thank you.

謝謝。

We'll now be conducting a question and answer session.

我們現在將進行問答環節。

If you'd like to be placed in the question queue, please press star one on your telephone keypad.

如果您想加入問題隊列，請按下電話鍵盤上的一號星星。

A confirmation tone will indicate your line is in the question queue, you may press star two.

確認音將表示您的線路已在問題佇列中，您可以按星號二。

If you'd like to remove your question from the queue For participants using speaker equipment may be necessary to pick up your handset before pressing star one One moment please while we poll for questions.

如果您想從佇列中刪除您的問題 對於使用揚聲器裝置的參與者，可能需要在按星號鍵之前拿起聽筒，請稍等片刻，我們將輪詢問題。

First question is coming from Daniel Moore from CJS Securities.

第一個問題來自 CJS 證券的 Daniel Moore。

Your line is now open.

您的線路現已開通。

Good morning, John.

早安，約翰。

Good morning, Kelly, and thanks for taking the questions and all the color.

早上好，凱利，感謝您提出問題並提出所有意見。

Maybe start with just a sequential improvement in on shipments that we saw from December through February and now into March Can you maybe just delineate a little bit between kind of higher end motorized and fifth wheels versus lower priced entry-level travel trailers and whether there was much of a difference in the cadence or the rate of improvement between kind of new and used units as well?

也許從我們從12 月到2 月以及現在到3 月看到的出貨量的連續改善開始，您能否稍微描述一下高端機動和第五輪與價格較低的入門級旅行拖車之間的關係以及是否有新設備和舊設備之間的節奏或改進率也有很大差異嗎？

Yes, nice to hear from you.

是的，很高興收到你的來信。

Thanks for the question.

謝謝你的提問。

I think in general, you know, motorized has been a little bit weaker than towable.

我認為總的來說，機動化比牽引式弱。

And when we look at the market data and compare that to our results, we're certainly probably a more concentrated motorized dealer as a historical kind of reference point than the broader industry.

當我們查看市場數據並將其與我們的結果進行比較時，作為歷史參考點，我們肯定可能是比更廣泛的行業更集中的機動經銷商。

And I would and I would say that our experience has been similar.

我想說我們的經驗很像。

We've seen a more, I would say, a more healthy recovery on the lower end and with the total product than we have on the motorized side.

我想說，與機動化方面相比，我們在低端和總產品方面看到了更健康的復甦。

And within motorized, I would say the Class A. space in particular had been probably where are you seeing additional weakness relative to what the market is now?

在機動化方面，我想說，特別是 A 級空間，相對於現在的市場，您在哪裡看到了額外的弱點？

We're still selling them.

我們仍在出售它們。

There's still definitely customers that are interested in them.

肯定還有客戶對它們感興趣。

But overall, I would say they were in the motorized piece was probably the last sort of rollover at the end of COVID and has been slower to recover as we come out of that.

但總的來說，我想說，它們在機動化方面可能是新冠疫情結束時的最後一種翻車，並且隨著我們走出困境，恢復速度較慢。

And we've seen probably more recovery at the lower end, which I think is consistent with what we heard from other dealers.

我們已經看到低端市場可能出現更多復甦，我認為這與我們從其他經銷商那裡聽到的情況一致。

And we're not really any different, but all of them were better and we saw improvement in all categories sequentially each month, certainly because sorry, certainly consistent with what we're hearing as well.

我們實際上並沒有什麼不同，但所有這些都更好，我們每個月都看到所有類別都在連續改進，當然是因為抱歉，當然也與我們聽到的一致。

That's helpful.

這很有幫助。

And then you touched on it at the end of the prepared remarks, obviously, you're seeing improvements in gross profit per unit.

然後您在準備好的評論末尾談到了這一點，顯然，您看到單位毛利有所改善。

Maybe just talk about your expectations for gross profit per unit, you know, new and used for Q1 sequentially relative to what we just saw in Q4 and how we should think about the cadence throughout the year, embedded in the expectation of being.

也許只是談談你對每單位毛利潤的預期，你知道，相對於我們剛剛在第四季度看到的，第一季度的新產品和已使用產品，以及我們應該如何考慮全年的節奏，嵌入到存在的預期。

And I believe the expectation is to be net income positive for the year.

我相信今年的淨利潤將為正值。

And so just how you see.

所以正如你所看到的。

Yes, sure.

是的，當然。

I mean, I first want to definitely comment on the used piece.

我的意思是，我首先想對二手作品做出明確的評論。

And I think that's a very astute observation for you to bring up Ameris team and the buyers led by Red and his crew has done a phenomenal job.

我認為你提出 Ameris 團隊的觀察非常敏銳，Red 領導的買家和他的團隊做得非常出色。

And I would say over the last five, six months we've seen a pretty marked improvement in our ability to go source used vehicles as a result of our centralized buying efforts.

我想說，在過去的五、六個月裡，由於我們集中購買的努力，我們採購二手車的能力有了相當顯著的提升。

Paired remarks, we've ramped up our marketing spend.

配對的話，我們增加了行銷支出。

That's really aggressively go after that.

那真的是非常積極地追求。

And you've seen, I would say, better margins on the used vehicle side as a result of those efforts.

我想說，由於這些努力，二手車的利潤率有所提升。

And we had some legacy buying decisions that we had to work through at the end of last year and that depressed our used vehicle margins as we move through some of those aged pieces and decisions that had been made so a number of months before we really had to look at some of those things.

我們有一些遺留的購買決定，我們必須在去年年底完成這些決定，當我們處理一些陳舊的部件和決定時，這些決定壓低了我們的二手車利潤，這些決定是在我們真正擁有之前幾個月做出的。

And what I would say more recently is that continues to be a really healthy avenue for us where we can find some of those key pieces for operating profit.

我最近想說的是，這對我們來說仍然是一條真正健康的途徑，我們可以在這裡找到一些關鍵部分來實現營業利潤。

And we're leaning into that pretty heavily on the new vehicle side as we get into the 24's the margins look really good.

當我們進入 24 世紀時，我們非常傾向於新車方面，利潤看起來非常好。

There's not anything that would indicate to me that there is a structural change in the margins that we can realize if our inventory is healthy I think what we've been dealing with is the fact that our inventory, we had some up some pools of it that got a little bit unbalanced and we had to work through those.

沒有任何跡象表明，如果我們的庫存狀況良好，我們可以意識到利潤率發生了結構性變化，我認為我們一直在處理的事實是我們的庫存，我們有一些庫存池這有點不平衡，我們必須解決這些問題。

And we did that through the pricing actions that we needed to take.

我們透過需要採取的定價行動來做到這一點。

And thankfully, we got some really good incentives from some of our OEM partners that helped a ton.

值得慶幸的是，我們從一些 OEM 合作夥伴那裡得到了一些非常好的激勵措施，這給我們帶來了很大幫助。

And I think our inventory looks really good and we were looking at it yesterday and obviously preparing for this call and are very, very pleased with where it is.

我認為我們的庫存看起來非常好，我們昨天查看了它，顯然是在為這次電話會議做準備，並且對它的現狀非常非常滿意。

And I think it's probably among the healthiest that's out there, especially when you look at other larger dealer groups and you can go in there and filter by year as many investors do we do the same thing.

我認為它可能是最健康的，特別是當你看看其他較大的經銷商集團時，你可以進去並按年份進行篩選，因為許多投資者都在做同樣的事情。

And I would say if you go look at ours, we feel really good about where things sit and we're well positioned and as we move into March and then into the second quarter, the mix is going to continue to improve into the more balanced in 2024s.

我想說，如果你看看我們的情況，我們對目前的情況感覺非常好，我們處於有利的位置，隨著我們進入三月，然後進入第二季度，這種組合將繼續改善，變得更加平衡2024 年代。

And then eventually, as we get into the summer in July, we'll see the 2025s really start to hit and be delivered, and we feel like that's positioned well.

最終，當我們進入 7 月的夏季時，我們將看到 2025 年真正開始上市並交付，我們覺得這是一個很好的定位。

So I think that probably the punch line here is that we recognize like many people in the industry do as the expression goes.

所以我認為這裡的妙語可能是我們像業內許多人一樣認識到這句話的意思。

Your first loss is your best one.

你的第一次失敗是你最好的一次。

We had some inventory that we needed to discount into the fourth quarter and into January and February, and we did that.

我們有一些庫存需要在第四季度以及一月和二月打折，我們做到了。

And we saw nice improvement in terms of our February gross profit, even despite the fact that our mix was definitely skewed toward more prior model year than we're going to see in March and then beyond and feel like we're in good shape as we go forward.

我們看到 2 月份的毛利有了很大的改善，儘管事實上我們的組合肯定比我們在 3 月份看到的更偏向於之前的車型年份，然後感覺我們的狀態很好我們繼續前進。

We're operating 25 locations.

我們經營 25 個地點。

Now I'm really happy with the composition of our stores.

現在我對我們商店的組成非常滿意。

We've made a bunch of decisions in terms of capital investment to really position our stores for scale.

我們在資本投資方面做出了一系列決定，以真正實現我們商店的規模定位。

You're not you're not going to see us operate those facilities that are smaller.

你不會看到我們經營那些較小的設施。

We look for bigger revenue opportunities in really key markets.

我們在真正關鍵的市場中尋找更大的收入機會。

And we've got, I think, some operational leaders that we've really tried to think about how to find the optimum balance of those GMs that we can look for.

我認為，我們已經有一些營運領導者，我們確實在努力思考如何在我們可以尋找的總經理之間找到最佳平衡。

That really are going to take us to the better performance that we think is out there, but we're excited for 2024, and we think that we can have a profitable year and certainly operationally cash flow positive year in as our CapEx really starts to drop off.

這確實會讓我們取得我們認為更好的業績，但我們對 2024 年感到興奮，我們認為，隨著我們的資本支出真正開始放下。

And most of those investments are behind us.

大部分投資都已經過去了。

That's going to continue to build our liquidity position and allow us then to pick our head up and look for more acquisition opportunities as we think about the rest of this year.

這將繼續增強我們的流動性狀況，並讓我們在考慮今年剩餘時間時能夠抬起頭來尋找更多收購機會。

And so that's going to be exciting and we can't wait to show that to you guys.

所以這將是令人興奮的，我們迫不及待地想向你們展示這一點。

Great.

偉大的。

Appreciate the color.

欣賞顏色。

Maybe just just one more on that, that line of thought of that string itself, the attachment rates of procuring used units are trade-ins attached to the new and used unit sales, obviously big focus for you it steady, increasing.

也許只是再提一個問題，即該字符串本身的思路，採購二手設備的附加率是與新設備和二手設備銷售相關的折價，顯然您的重點是穩定和增加。

Any color in terms of momentum that you are having on that end as well?

您在這方面也有什麼動力？

Thanks jump back with any follow ups.

感謝您跳回任何後續行動。

Let me follow-up.

讓我跟進一下。

It's interesting, I'm used to automotive E&O.

有趣的是，我已經習慣汽車E&O了。

And in general, you'd probably expect if 75% of the vehicles you sell to have a trade.

一般來說，您可能會期望您銷售的車輛中有 75% 會進行交易。

And that's not the case in our view, it's lower, you know, and I would say what we saw in '23 was that an even lower than normal percentage.

我們認為情況並非如此，它更低，你知道，我想說的是我們在 23 年看到的情況甚至低於正常百分比。

And if normal is rough justice, 40% of the units we sell would have a trade.

如果正常的話，我們銷售的產品中有 40% 會進行交易。

I mean we were seeing low [30%s] in terms of the trade ratio on the new vehicle sale in some of those first time buyers and different reasons.

我的意思是，我們發現一些首次購買者的新車銷售交易比例較低 [30%]，原因各有不同。

But we also really think negative equity was a big issue.

但我們也確實認為負資產是個大問題。

And if anybody by unit in 2020 or 2021, they paid probably full price and financed it at a three handle interest rate and all of a sudden now you're looking at current model year stuff, it's discounted at 10% or 15%.

如果有人在2020 年或2021 年按單位計算，他們可能支付了全價並以三倍的利率進行融資，突然之間你看到的是當前車型年份的東西，它有10% 或15% 的折扣。

And if you're willing to go to a prior model year, you can find stuff at 35%, 40% discounted out there, and that helps in terms of affordability.

如果您願意購買之前的車型，您可以找到 35%、40% 折扣的商品，這對您的負擔能力有所幫助。

But flip side of that as a negative equity because what you're trading in obviously is going to be reduced commensurate because if you can buy a new one for a discount, the used ones are worth less to and that was reflected in what we saw in terms of the EBITDA guide.

但另一方面，它是負資產，因為你所交易的東西顯然會相應減少，因為如果你能以折扣價購買新的，那麼二手的價值就會降低，這反映在我們所看到的情況中就EBITDA 指南而言。

And, you know, the book changes that came out at year end and that sort of thing and we were really careful.

而且，你知道，年底出版的書發生了變化，諸如此類的事情我們非常小心。

And I think in January in particular, we really slowed down our purchasing to trying to anticipate the fact that this was coming and more recently we've been able to take some stuff to auction.

我認為特別是在一月份，我們確實放慢了採購速度，試圖預測這種情況即將到來，最近我們已經能夠將一些東西進行拍賣。

We've seen some some decent pricing in terms of the wholesale market, and I would say demand is coming back.

我們在批發市場上看到了一些不錯的定價，我想說需求正在回升。

And in addition, I would say we're not the only dealer that has been dealing with these situations.

此外，我想說我們並不是唯一處理這些情況的經銷商。

And there's a lot of private guys that aren't buying stuff right now or frankly can't buy stuff right now.

有很多私人人士現在不買東西，或者坦白說現在不能買東西。

And so that gives us an opportunity if we can play in that wholesale market and buy stuff direct from consumer to find some pretty attractive stuff.

因此，如果我們可以在批發市場上發揮作用並直接從消費者那裡購買東西以找到一些非常有吸引力的東西，這給了我們機會。

If we're judicious.

如果我們明智的話。

And so we ramped up February was significantly higher than January, and March is going to be even better.

因此，我們 2 月份的成長率明顯高於 1 月份，而 3 月份的成長率將會更好。

And as I mentioned earlier, amber and red and the team are really leaning into that to augment the trade ratios that we're seeing, which are back up in the 40% range in terms of the new vehicle sales.

正如我之前提到的，琥珀色和紅色以及團隊確實傾向於增加我們所看到的交易比率，就新車銷售而言，交易比率已回升至 40% 的範圍內。

And that's all kind of found opportunity opportunity in terms of retail sales, we can go get and is a big focus for us.

這些都是在零售銷售方面發現的機會，我們可以去獲取，這也是我們的一個重點。

So I think you're going to see hopefully more consistent performance on the used vehicle side, we certainly believe there's a ton of opportunity there and you hit that affordability price point for some consumers that are probably on the sidelines in terms of the new market, we kind of see where interest rates end up and we continue to see OEMs get some some pricing concessions, which hasn't happened in motorized.

因此，我認為您將有望在二手車方面看到更一致的性能，我們當然相信那裡有大量的機會，並且對於一些可能在新市場方面持觀望態度的消費者來說，您達到了可承受的價格點，我們有點看到利率的最終走向，我們繼續看到原始設備製造商獲得一些價格優惠，這在機動化領域還沒有發生。

The biggest cost for motorized is on chassis side, as you noted.

正如您所指出的，機動化的最大成本是在底盤方面。

And the producers of those chassis are taking price increases yet still.

這些底盤的生產商仍在接受價格上漲。

And so that's been one of the things that's been I think on affordability question, and that's for the used market lets us really come in and tried it meet that consumer demand, and we're excited about that.

因此，這是我在負擔能力問題上考慮的事情之一，對於二手市場來說，讓我們真正進入並嘗試滿足消費者的需求，我們對此感到興奮。

Your next question is coming from Mike Swartz from Truist Securities.

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

Your line is now light.

你的線現在很輕。

Good morning.

早安.

Maybe, John, just to start with your commentary around mid-cycle, and I think you had thrown out $1.5 billion in revenue and current store base and high single digit EBITDA margins.

約翰，也許只是從你對週期中期的評論開始，我認為你已經放棄了 15 億美元的收入和當前的商店基礎以及高個位數的 EBITDA 利潤率。

But maybe help us think about how we get there in terms of new used product margins and maybe just your SG&A as a percentage of cost of goods, your how to think about that in a steady-state environment?

但也許可以幫助我們思考如何在新二手產品利潤率方面實現這一目標，也許只是您的銷售及管理費用佔商品成本的百分比，您如何在穩態環境中考慮這一點？

I know the business has changed a little bit in the last couple of years and product mix has been shifting more towards towable, but maybe give us a sense of just the broad kind of building blocks how you get there.

我知道在過去的幾年裡，業務發生了一些變化，產品組合已經更多地轉向可牽引的方向，但也許讓我們了解如何實現這一目標的廣泛構建模組。

Sure.

當然。

Good to hear for you, Mike, thanks for the note this morning.

很高興聽到你的消息，麥克，謝謝你今天早上的來信。

Nice to see you picking up and following us appreciate that very much.

很高興看到您接受並關注我們，非常感謝。

I think we've talked about a couple of pillars, and I'm glad you brought up SG&A.

我想我們已經討論了幾個支柱，我很高興您提到了 SG&A。

I'll talk about that in a moment because it's really important and pretty, I think structurally different than that.

我稍後會討論這個，因為它非常重要且漂亮，我認為在結構上與此不同。

What the team here inherited 6 or 12 months ago.

這裡的團隊在 6 或 12 個月前繼承的東西。

But in general, I want to start with the stores that we operate.

但總的來說，我想從我們經營的商店開始。

What you're not going to see us do is operate some dirt lot.

你不會看到我們做的是經營一些骯髒的土地。

You know, somewhere in rural Florida and you know, tried to tried to sell about two used units or something like that.

你知道，在佛羅裡達州農村的某個地方，你知道，試圖出售大約兩個二手單位或類似的東西。

That just isn't our play.

那不是我們的戲。

That's not what we do and there's nothing wrong with that.

這不是我們所做的，也沒有什麼錯。

That's fine.

沒關係。

You can make a business around it, and there's certainly demand for that.

你可以圍繞它開展業務，而且肯定有這樣的需求。

But what we really believe is that this isn't intended purchase this is something that customers I've saved their entire lives, buying $1 million Class A bus or a $50,000 fifth wheel.

但我們真正相信的是，這不是有意購買的，這是我為客戶挽救了一生的東西，購買了 100 萬美元的 A 級巴士或 50,000 美元的第五輪。

This is a meaningful and important investment that is their hobby their dream, something they're doing for their lifestyle, and we want the experience to reflect that.

這是一項有意義且重要的投資，是他們的愛好、他們的夢想、他們為自己的生活方式所做的事情，我們希望這種體驗能反映這一點。

And so when I look at our 25 locations, I'm really proud of what we have, which is a fantastic brand, a great reputation and a team that really is trying to go above and beyond to deliver an exceptional customer experience.

因此，當我看到我們的 25 家門市時，我真的為我們所擁有的感到自豪，這是一個出色的品牌、良好的聲譽以及一支真正努力超越以提供卓越客戶體驗的團隊。

But what that also does is gives us a minimum revenue size of I'm going to say on average $50 million.

但這也為我們帶來了平均 5000 萬美元的最低收入規模。

So if you just take $50 million of (technical difficulty), if I could get [$1.2 billion] in revenue.

因此，如果你只拿 5,000 萬美元（技術難度），我就能獲得 [12 億美元] 收入。

We obviously have Tampa, which is the big mothership, and that's probably equivalent to four or five dealerships.

顯然我們有坦帕，這是一艘大母艦，可能相當於四、五個經銷商。

And so you can pretty easily triangulate to a [$1.5 billion-plus] in terms of revenue in a normal operating environment.

因此，在正常營運環境下，您可以輕鬆地對收入進行三角測量，得出 [15 億美元以上]。

And we've had a couple of smaller stores.

我們還有幾家較小的商店。

We closed the store late last year in rural, Indiana, a suburb of Gary and only a $20 million roof.

去年年底，我們關閉了印第安納州加里郊區農村地區的商店，屋頂只有 2000 萬美元。

And what we did is consolidated into our Elkhart store and I'll give a shot up at Kimco, our GM and our partner has done a phenomenal job.

我們所做的一切都整合到了我們的 Elkhart 商店中，我會大力推薦 Kimco，我們的總經理和我們的合作夥伴做得非常出色。

I've really improving operations in kind of the Mecca of Arby's, and we look at a store like that.

我確實改善了阿比麥加的運營，我們正在考慮開一家這樣的商店。

It is easily a $45 million, $50 million and in Elkhart, Indiana.

很容易就是 4500 萬美元、5000 萬美元，而且地點是印第安納州埃爾克哈特。

So the first thing for us is we want to operate meaningful stores of size and scale, which we think allows us to have a better customer experience, but also attract higher caliber leaders and better operators because the income opportunities are greater.

因此，對我們來說，第一件事是我們希望經營有意義的、有規模的商店，我們認為這可以讓我們擁有更好的客戶體驗，同時也能吸引更高素質的領導者和更好的經營者，因為收入機會較大。

There's basically more swings at the bat.

基本上擊球時有更多的揮桿動作。

If you think of it that way and you can run more of a volume play and have a great service operation to move both new and used units and then put them in operation and fix them as they need maintenance and repair.

如果您這樣想，您就可以進行更多的批量操作，並擁有出色的服務操作來移動新的和二手的設備，然後將它們投入運行並在需要維護和維修時對其進行修復。

So that's why the top line piece, I don't think we have any secret sauce in terms of gross margin.

這就是為什麼最重要的一點，我認為我們在毛利率方面沒有任何秘密武器。

If you look at a [blended] gross margin of 21%, 22%.

如果你看看[混合]毛利率為 21%、22%。

That's pretty typical.

這很典型。

And I think that's what you're going to see from us.

我認為這就是您將從我們身上看到的。

And if anything has ever talked about, we're going to continue to focus on the volume side of things, both because it's good for our OEM partners and also because it allows us more touches with consumers, more F&I attachment and importantly, more service work downstream.

如果有什麼要討論的話，我們將繼續關注數量方面，不僅因為這對我們的OEM 合作夥伴有利，還因為它使我們能夠與消費者有更多的接觸，更多的F&I 依附，更重要的是，更多的服務下游工作。

So that's probably the rudimentary model we'll think about which is, hey, we're going to run these rules.

這可能是我們要考慮的基本模型，嘿，我們將運行這些規則。

Each one of them is going to be $45 million, $50 million minimum and the gross margin contribution should be 20%, 25%, somewhere in there.

每一項的成本為 4500 萬美元，最低 5000 萬美元，毛利率貢獻應為 20%、25%，等等。

And then, SG&A, which you pointed out, I'm really impressed with our fourth quarter SG&A and I don't want to blow by that.

然後，SG&A，正如您所指出的，我們第四季度的SG&A 給我留下了深刻的印象，我不想對此大吃一驚。

I mean we were actually $1.6 million lower in SG&A with 40% more stores.

我的意思是，我們的銷售管理費用 (SG&A) 實際上減少了​​ 160 萬美元，但門市增加了 40%。

If you let that sink in for a minute that shows you what we've been doing as a team.

如果您花一分鐘時間理解這一點，就會向您展示我們作為一個團隊一直在做什麼。

And it's certainly not me.

這當然不是我。

I mean, across our organization, everybody is doing more with less and working so hard.

我的意思是，在我們的組織中，每個人都在用更少的資源做更多的事情，並且工作非常努力。

And I'm so thankful for what everyone has done because it's been a challenge and we've found tons of opportunity.

我非常感謝每個人所做的事情，因為這是一個挑戰，但我們發現了很多機會。

And regrettably, we had to make some difference visions and we had to downsize in certain circumstances, but we've also been investing in growing the team in other areas to really prepare ourselves for the future.

遺憾的是，我們必須制定一些不同的願景，並且在某些情況下必須縮小規模，但我們也一直在其他領域投資發展團隊，以便真正為未來做好準備。

And it's no different.

這沒什麼不同。

I mean, I look at January results, January, I think we were down 10% in SG&A for the month year over year.

我的意思是，我看看 1 月份的業績，我認為 1 月份我們的 SG&A 同比下降了 10%。

And again, with nine more stores in full than we had in the prior January.

與上一月份相比，我們的門市數量再次增加了 9 家。

And so what we've been able to do is really rationalize and optimize what I would say were, frankly, some investment decisions in the past that I disagree with.

因此，我們能夠做的是真正合理化和優化我想說的，坦白說，過去的一些我不同意的投資決策。

And I think we've seen that play out and we're going to continue to see it play out.

我認為我們已經看到了這種情況的發生，我們將繼續看到這種情況的發生。

And so what that means modeling perspective, as you know, and I appreciate what Marcus said on his call, certainly pay attention have, you know, I think you talked about being in the low 70% range and I don't see any reason why structurally we wouldn't be there or better.

如你所知，這意味著建模視角，我很欣賞馬庫斯在電話中所說的話，當然要注意，你知道，我認為你談到了處於70% 的低範圍內，我看不出有任何理由為什麼從結構上來說我們不會在那裡或更好。

And I go back to my automotive days and remember thinking [sub-70%] SG&A and the dealership model was never going to be possible.

回到我的汽車時代，我記得我認為 [低於 70%] SG&A 和經銷商模式永遠不可能實現。

And if you look at the public auto groups today, they'll do in the low 60%s. So I don't know what's possible we can dare to dream a little bit.

如果你看看今天的巴士集團，你會發現他們的排名在 60% 以下。所以我不知道我們有什麼可能敢於夢想一點。

I don't want to get too far over my skis, let's start with putting together a profitable year and some operational cash flow and continuing to scale our business with meaningful dealerships.

我不想在我的滑雪板上走得太遠，讓我們從實現盈利的一年和一些營運現金流開始，並繼續透過有意義的經銷商擴大我們的業務。

And we'll let the chips fall.

我們會讓籌碼掉下來。

But I don't see any reason that we can't be in the low 70%s to start with and then hopefully we can do better than that over time.

但我認為我們沒有任何理由不能從一開始就處於 70% 的低水平，然後希望隨著時間的推移我們可以做得更好。

Okay.

好的。

That's helpful.

這很有幫助。

And just just a point of clarification on, I guess how first quarters played out?

只是澄清一點，我猜第一季的表現如何？

I mean, is the expectation that comparable units and unit margins would be up year over year just based on what you're seeing today.

我的意思是，根據您今天所看到的情況，預計可比單位和單位利潤率將逐年上升。

Unit volume will be up for sure in absolute terms on a same-store basis, you know, I think the jury's still out we've seen some mixed results there to be frank, the market still down.

在同店基礎上，單位銷售的絕對值肯定會上升，你知道，我認為陪審團還沒有定論，坦白說，我們看到了一些好壞參半的結果，市場仍然下跌。

You saw the stat survey data that came out yesterday.

您看到了昨天公佈的統計調查數據。

I think the market was off 19% from memory.

我記得市場下跌了 19%。

I don't have the numbers right in front of me, but that's that's real-time industry data.

我面前沒有數字，但這就是即時行業數據。

We're not any different.

我們沒有什麼不同。

I wish we had some special sauce that would allow us to do things differently than what the market is.

我希望我們有一些特殊的醬汁，可以讓我們做一些與市場不同的事情。

But that's kind of the environment we're operating in.

但這就是我們營運的環境。

And I think in general, what we've seen is improvement in our volume every month and the operators and Ambrose teams and looking at pricing and volume, and we're getting support from Williams.

我認為總的來說，我們看到的是我們每個月的銷售以及運營商和安布羅斯團隊以及定價和銷售方面的改善，並且我們得到了威廉斯的支持。

And so the trends have been positive.

所以趨勢是正面的。

We're what nine days into March now.

現在已經進入三月第九天了。

So it remains to be seen in terms of where March is going to end up.

因此，三月的結局還有待觀察。

And as you know, the first quarter is hard to predict because March is such an important piece of that January is not the best month and then February short, and then you come into March and you do some shows and the weather changes and things start to pick up.

如你所知，第一季度很難預測，因為三月是如此重要，一月不是最好的月份，然後二月就短了，然後進入三月，你做了一些演出，天氣發生了變化，事情就開始了撿起。

So I think what we are comfortable saying is that we think unit volumes are going to be up.

因此，我認為我們可以放心地說，我們認為單位銷售量將會上升。

We're continuing to work through our inventory and as 24 has become a greater part of the mix, you're going to see margin improve.

我們正在繼續清理我們的庫存，隨著 24 小時已成為產品組合中更重要的一部分，您將看到利潤率提高。

I probably wouldn't get heroic in terms of margin improvement assumptions in the first quarter.

我可能不會對第一季的利潤率改善假設感到英雄主義。

And I think from our perspective, we're going to get through this and we're operationally cash flow positive, which is exciting, and it's going to prepare us for the second quarter and a lot of our stores in the north are going to then wake up and see that spring and summer selling season, and it should really accelerate from there.

我認為從我們的角度來看，我們將渡過難關，我們的營運現金流為正，這令人興奮，這將為我們第二季度做好準備，我們在北部的許多商店都將然後一覺醒來，看到春季和夏季的銷售旺季，它應該會從那裡開始加速。

Okay, great.

好的，太好了。

Thank you so much.

太感謝了。

Griffin Bryan, D.A. Davidson.

格里芬·布萊恩，D.A.戴維森。

Yes, I think like you're doing some real promotional support here in Q1.

是的，我認為你們在第一季做了一些真正的促銷支持。

Can you just talk about the magnitude of those promotions and maybe break that out by towables versus motorized?

您能否談談這些促銷活動的規模，並可能透過牽引車與機動車輛來區分？

Well, good to hear from you.

嗯，很高興收到你的來信。

Thanks for the call breadth, and I think we want to be careful here.

感謝您的廣泛呼籲，我認為我們在這裡要小心。

Obviously, there are different OEM promotions that you can see right in certain circumstances.

顯然，在某些情況下您可以看到不同的 OEM 促銷活動。

You see OEMs that are putting consumer-facing rebates on units, which isn't necessarily typical, but you'll see that advertise on our website from time to time.

您會看到原始設備製造商在設備上提供面向消費者的折扣，這不一定是典型的，但您會不時在我們的網站上看到這種廣告。

And those are things that we can dangle in front of the consumer if they're willing to buy a particular unit on the motorized piece in particular, we've seen some of those we've seen we've seen some promotions from from other OEMs, motorized and towable as well that are consumer-facing and then the flip side of that is the dealer facing rebates and what we would call in the industry as a Q4 mark.

如果消費者願意購買特定的機動部件，我們可以在消費者面前展示這些東西，特別是，我們已經看到了其中的一些，我們已經看到了來自其他公司的一些促銷活動原始設備製造商（機動化和牽引式）也是面向消費者的，而另一方面是經銷商面臨回扣，我們在行業中稱之為第四季度標記。

And some of those are predicated off of a reorder.

其中一些是基於重新訂購而產生的。

So it's like, hey, we're going to sell this 2023.

所以這就像是，嘿，我們要在 2023 年出售這個。

Can you give us some incentives and there like sure we can do that.

你能給我們一些激勵嗎？

If you order a 2024.

如果您訂購 2024 年。

So some of that is predicated off of a reorder, but we've seen we've seen support across the board.

因此，其中一些是基於重新訂購，但我們已經看到我們得到了全面的支持。

It's been on I've over many brands and you know, to be frank with all of our key partners, they've really stepped up.

我已經接觸過很多品牌，坦白說，我們所有的主要合作夥伴都知道，他們確實已經進步了。

And I don't want to name all of them specifically, and I don't want to get into the into the details in terms of dollar value.

我不想具體列出所有這些，也不想深入探討美元價值的細節。

But I would say in general, the industry has done a phenomenal job of two things.

但我想說，總的來說，這個行業在兩件事上做得非常出色。

Number one, they're not overbuilding and they recognize where the demand is for consumers.

第一，他們並沒有過度建設，而且他們認識到消費者的需求在哪裡。

And you've seen this from four from Winnebago from Forest River and they operate.

你已經從來自森林河溫尼貝戈的四個人身上看到了這一點，他們正在運作。

They understand that you can't just build all this stuff and put it on dealer lots.

他們明白，你不能只建造所有這些東西並將其放在經銷商處。

You've seen dealers stocking down, which is good, and then they've been helping financially.

你已經看到經銷商減少庫存，這很好，然後他們一直在提供財務上的幫助。

And you saw some erosion in gross margin from some of the publics that have reported on the OEM side because they have been incentivizing.

你看到一些在 OEM 方面進行報告的公眾的毛利率有所下降，因為他們一直在激勵。

So I'm going to probably leave it there and just say that we're very thankful for the support we get from the OEMs it's been appreciated and those partnerships are paramount to what we do, and we thank every one of them for it.

所以我可能會把它留在那裡，只是說我們非常感謝原始設備製造商為我們提供的支持，我們對此表示讚賞，這些合作夥伴關係對我們所做的工作至關重要，我們感謝他們中的每一個人。

Appreciate that.

感謝。

Thank you.

謝謝。

And then the auto results this week saying that their performances and mix this year.

然後本週的汽車結果表明他們今年的表現和組合。

So I guess my question is, are you seeing anything from a geography standpoint for your dealerships and maybe any regions that might be outperforming or underperforming performing on a year-over-year basis?

所以我想我的問題是，從地理角度來看，您是否看到您的經銷商以及任何可能同比表現優於或表現不佳的地區？

It's a good question.

這是一個好問題。

Just trying to do a quick inventory in my head.

只是想在腦中快速盤點一下。

I think there's obviously the seasonal component for us.

我認為對我們來說顯然有季節性因素。

Our mix is different than probably what you see industry wide because of our concentration in Arizona and Florida, which are markets that have some counter seasonality relative to the broader demand curve.

我們的組合可能與您在整個行業中看到的不同，因為我們集中在亞利桑那州和佛羅裡達州，這兩個市場相對於更廣泛的需求曲線具有一些反季節性。

That's typically going to be April to July.

通常是四月到七月。

And I'd say that's held true this year was definitely stronger.

我想說，今年的情況確實更明顯。

Florida like the rest of the country was weaker year over year.

佛羅裡達州和全國其他地區一樣，逐年疲軟。

And that we do our big Super Show in Tampa, and it was not as strong as last year.

我們在坦帕舉辦了大型超級秀，但沒有去年那麼強勁。

It just wasn't attendance was down, I think marginally at that at that event.

我認為那次活動的出席率並沒有下降，只是略有下降。

And our sales were down as well, which is not inconsistent.

我們的銷售額也下降了，這並不矛盾。

And that's what we heard from others, both OEMs and the dealers that we talk to that are willing to share some of that information and intelligence with us.

這就是我們從其他人那裡聽到的，無論是原始設備製造商還是經銷商都願意與我們分享一些資訊和情報。

So I wouldn't say there's any pockets or highlight that are tremendously different than what you've seen overall the market's been down.

因此，我不會說有任何口袋或亮點與您所看到的整體市場下跌的情況有很大不同。

I would say low double digits, pretty much across the board.

我想說的是低兩位數，幾乎全面。

We had a trade show up in Milwaukee and a shout out to our store up in Wisconsin.

我們在密爾瓦基舉辦了一場貿易展，並對我們在威斯康辛州的商店進行了宣傳。

That was at that trade show and I went and visited the floor last week, I think we saw and again, you know, it declined year over year, you know, call it like low single digit to low double digits, excuse me, but yes, that was kind of in line with the tenants.

那是在那個貿易展上，我上週去了現場，我想我們再次看到，你知道，它逐年下降，你知道，稱之為低個位數到低兩位數，對不起，但是是的，這有點符合租戶的要求。

So I think overall, we haven't seen any particular divergence geographically.

所以我認為總的來說，我們沒有看到任何特別的地理差異。

It's just the market that continues to anniversary these difficult comps.

只是市場仍在慶祝這些困難的比賽。

And I think by the time we get into the second quarter, that's going to be mostly behind us.

我認為，當我們進入第二季度時，這種情況基本上已經過去了。

And then we should start to hopefully see some positive comps year over year.

然後我們應該開始希望逐年看到一些正面的比較。

Finally, which is my whatever 19th month here.

最後，這是我在這裡的第 19 個月了。

And I can't wait for some positive comps to finally come and feel like we've always done and dealt with the declining market as we go through the COVID piece.

我迫不及待地想要一些積極的比較最終到來，感覺我們在處理新冠疫情時一直在應對不斷下滑的市場。

And and I think we're doing everything we can to be well positioned for the summer, and we're optimistic that the market's going to recover.

我認為我們正在盡一切努力為夏季做好準備，我們對市場的復甦持樂觀態度。

And hopefully we get some interest rate relief from the Fed on the back end things and things pick up, which is what RVIA. and a lot of the OEMs that are smarter than me are talking about.

希望隨著後端情況的好轉，我們能從聯準會得到一些利率減免，這就是 RVIA。很多比我聰明的原始設備製造商都在談論。

So we'll see.

所以我們拭目以待。

Got it.

知道了。

And then just lastly, you mentioned that you're seeing continued inflationary pressures from suppliers of chassis.

最後，您提到底盤供應商持續面臨通膨壓力。

So I guess are you just spotting any chance of some relief there as the affordable affordability issues seem to be front and center for consumers and you know, it's still having higher for longer interest rates?

所以我想你是否只是發現了一些緩解的機會，因為負擔得起的負擔能力問題似乎是消費者的首要和中心問題，而且你知道，長期利率仍然較高？

Yes, I think it's some I always think it's dangerous when you say it's different this time.

是的，我認為當你說這次不同時，我總是認為這是危險的。

And if you look at the retail industry in general, there was all this discussion around just-in-time dealer inventory and how lots were not going to be soft the way they were pre-COVID and everybody realized that delivering inventory to consumers.

如果你看一下整個零售業，你會發現所有這些討論都是圍繞及時經銷商庫存以及批次如何不會像新冠疫情之前那樣軟化，每個人都意識到向消費者交付庫存。

You know that match the demand that was there was amazing, but no OEM goes into their Board and says, hey, we're going to seed X percent share to this electric vehicle manufacturer this year.

你知道，滿足需求是令人驚奇的，但沒有 OEM 進入他們的董事會並說，嘿，我們今年將向這家電動車製造商提供 X% 的份額。

So the reality is the capital cycle is much longer than the consumer demand curve can be anticipated.

因此，現實情況是資本週期比消費者需求曲線的預期要長得多。

And as a result, I think you're going to see inventory levels recover, which is what's been happening.

因此，我認為你會看到庫存水準恢復，這就是正在發生的事情。

And if you look at dealers for the most part days, supply is back up and it's continuing to be that way.

如果你觀察經銷商的大部分時間，你會發現供應已經恢復，而且這種情況還會持續下去。

And as the Fed continues to drown inflation here with higher interest rates, I think you're seeing consumer demand start to peter off a bit.

隨著聯準會繼續以更高的利率抑制通膨，我認為消費者需求開始逐漸減弱。

And that means that stocks are improving.

這意味著股市正在改善。

And so by extension, what's going to happen is the OEMs are going to start to prioritize the other distribution channels, be it rental cars or be it chassis that they're giving to RV manufacturers or whatever.

因此，推而廣之，原始設備製造商將開始優先考慮其他分銷管道，無論是租賃汽車還是他們向房車製造商提供的底盤或其他管道。

And I think as that happens, you're going to see press release.

我認為當這種情況發生時，你將會看到新聞稿。

I'm not sure that we're quite there yet.

我不確定我們是否已經到了那裡。

And so I think you've seen some chassis increases that have come.

所以我認為您已經看到了一些底盤的增加。

But my expectation is that as these retail channels that are the highest profitability places that LEM's can put product start to slow down a bit and as those inventories normalize, then you're going to see the natural regression as these OEMs look for places that they can put out.

但我的預期是，由於這些零售通路是利潤最高的地方，LEM 可以讓產品開始放慢一點，並且隨著這些庫存正常化，那麼當這些 OEM 尋找他們的地方時，你會看到自然回歸。可以拿出來。

And I was in Elkhart last week and I can tell you there are plenty of the Vans parts and deals around there.

上週我在埃爾克哈特，我可以告訴你那裡有很多 Vans 零件和優惠。

So I think you're starting to see some of that.

所以我想你已經開始看到其中的一些了。

And my expectation is that will help I don't think we've seen it yet.

我的期望是這會有所幫助，但我認為我們還沒有看到它。

Appreciate.

欣賞。

Thank you.

謝謝。

Thank you.

謝謝。

We reached the end of our question-and-answer session.

我們的問答環節結束了。

I'd like to turn the floor back over for any further or closing comments.

我想重新發言以徵求進一步的意見或結束意見。

Appreciate everybody's interest.

感謝大家的興趣。

Thanks to the team for a phenomenal effort, and we look forward to continuing to update you as we move through 2024.

感謝團隊付出的巨大努力，我們期待在 2024 年繼續為您提供最新資訊。

Thanks.

謝謝。

Thank you.

謝謝。

That does conclude today's teleconference and webcast.

今天的電話會議和網路廣播到此結束。

You may disconnect your line at this time and have a wonderful day.

此時您可以斷開線路並度過美好的一天。

We thank you for your participation today.

我們感謝您今天的參與。