Lazydays Holdings Inc (GORV) 2024 Q1 法說會逐字稿

Greetings, and welcome to the Lazydays Holdings first quarter 2024 conference call.

您好，歡迎參加 Lazydays Holdings 2024 年第一季電話會議。

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 CEO. and Amber Dillard Vice President of Operations.

今天與我通話的是執行長約翰‧諾斯 (John North)。和 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 are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from such forward-looking statements and information.

Before we begin, I would like to remind everyone that we will be discussing forward-looking information, including potential future financial performance, which are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from such forward-looking statements and資訊.

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.

此類風險、不確定性、假設和其他因素已在我們的收益報告和向 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, and 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，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，我們也不承擔任何義務更新或修改我們的前瞻性陳述。

On this call we will discuss certain non-GAAP financial 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。

Please refer to our earnings release, which is available on our website for how we define these measures and reconciliations to the closest comparable GAAP measures.

請參閱我們網站上的收益發布，以了解我們如何定義這些指標以及與最接近的可比較 GAAP 指標的調整。

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)。

I think going from Morning, everybody.

我想大家從早上開始。

Thanks for calling in.

感謝您的來電。

As usual.

照常。

I'll kick things off, I'll let Andrew talk about operations.

我先開始吧，我會讓安德魯談談營運問題。

Kelly can speak to the financial results and then we'll hopefully take a couple of questions.

凱利可以談談財務業績，然後我們希望能回答幾個問題。

We, along with the rest of the industry have been working hard to adapt to the current retail environment, namely sales topline softness, coupled with an industry-wide inventory overhang of aging 22, 2020, 22 and 2023 units.

我們與行業其他公司一起一直在努力適應當前的零售環境，即銷售收入疲軟，以及全行業 22、2020、22 和 2023 單位庫存積壓。

To that end, we have been focused on what we can control first, inventory health, second, increasing used procurement, third, driving finance and insurance performance higher And fourth, controlling costs.

為此，我們一直專注於我們可以控制的事情，首先是庫存健康狀況，其次是增加二手採購，第三是提高金融和保險績效，第四是控製成本。

I'm pleased to report we have made significant progress in all these areas since we spoke to you about 60 days ago, the variable in the equation that has been outside of our control as retail demand.

我很高興地向您報告，自從大約 60 天前與您交談以來，我們在所有這些領域都取得了重大進展，方程式中的變數作為零售需求，一直超出我們的控制範圍。

The increase in sales velocity we expected through March and April did not materialize based on the most recent SSI data nationwide, new unit sales were down in March, over 17% from 2023.

根據全國最新的 SSI 數據，我們預計 3 月和 4 月銷售速度的成長並未實現，3 月新銷量下降，較 2023 年下降超過 17%。

We performed better than the market, but still saw year-over-year declines.

我們的表現優於市場，但仍較去年同期下降。

We attribute this to three factors.

我們將其歸因於三個因素。

First, as lower consumer demand second is negative equity on many units purchased during the pandemic.

首先，由於消費者需求下降，其次是在疫情期間購買的許多單位的負資產。

And third is dealers that we compete against that were slower to respond and discount aging inventory did so and that drove consumer traffic toward their better deals and away from our healthier priced offerings.

第三，我們的競爭對手反應較慢，並對老化庫存進行折扣，這促使消費者轉向更優惠的交易，遠離我們更健康的價格產品。

Fortunately, we have fantastic partners with our OEMs, lenders and investors.

幸運的是，我們與原始設備製造商、貸方和投資者都有出色的合作夥伴。

We have received continued financial support on our units and inventory flexibility on our credit facility again this month and a further injection of liquidity raising $15 million through an expansion of our mortgage financing.

本月我們再次獲得了對我們的單位的持續財務支持和我們信貸安排的庫存靈活性，並透過擴大抵押貸款融資進一步注入流動性，籌集了 1500 萬美元。

Our cash position today is almost unchanged oriented.

今天我們的現金部位幾乎沒有變動。

The first quarter share remains almost 20% higher than where we finished the third quarter of 2023.

第一季的份額仍比 2023 年第三季結束時高出近 20%。

In summary, our inventory is healthy.

總而言之，我們的庫存狀況良好。

We are driving operational improvements and vehicle gross profit per unit continues to improve, but increasing unit volume continues to be elusive given the start to the year and our outlook for the rest of 2024, we are projecting a pretax loss, but anticipate positive EBITDA and adjusted free cash flow.

我們正在推動營運改進，單位車輛毛利潤持續改善，但考慮到今年年初以及我們對 2024 年剩餘時間的展望，單位銷量的增加仍然難以捉摸，我們預計稅前虧損，但預計 EBITDA 為正，調整後的自由現金流。

Finally, the team has engaged working hard together and continues to identify ways to pursue every retail opportunity that is available in the market.

最後，團隊共同努力工作，並繼續尋找方法來抓住市場上的每個零售機會。

I want to thank all of our employees for their hard work.

我要感謝我們所有員工的辛勤工作。

And with that, I'll let Andy take it over.

有了這個，我會讓安迪接手。

Thanks, John, and good morning, everyone.

謝謝約翰，大家早安。

As previously mentioned, we have continued to focus on improving our inventory health.

如前所述，我們繼續致力於改善庫存健康。

To recall the journey we have been on in early November.

回顧一下我們十一月初的旅程。

We had approximately 120,2022 model year units and over 200, 2023 model year units and stock.

我們擁有約 120 輛 2022 年車型和超過 200 輛 2023 年車型及庫存。

As of yesterday, we were down to 5, 2022 units and just under 300, 2023 units remaining.

截至昨天，我們已減少至 5 個 2022 年單位，剩餘 300 個 2023 年單位。

We have also reduced our on-ground new inventory from over 4,700 units in November to under 36 hundred today.

我們還將地面新庫存從 11 月的 4,700 多套減少到今天的 3600 套以下。

As of today, more than 90% of our inventory is 2024 or 2025 model year.

截至目前，我們 90% 以上的庫存都是 2024 或 2025 年車型。

We believe this is among the healthiest in the industry Additionally, our OEM partners are thoughtfully and slowly introducing 2025 model year units, of which we currently have less than 50 in stock.

我們相信這是業內最健康的產品之一。

They are slowing model year change where they can to preserve the pricing power on 2024 units.

他們正在盡可能地減緩車型年份的變化，以保留 2024 年車型的定價能力。

Another area of strength is our approach to our used inventory.

我們的另一個優勢領域是我們對二手庫存的處理方法。

We have made a concerted effort to ramp up our internal purchasing activity and the team has acquired more units sequentially every month this year, given our focus on reducing new inventory at year end, we slowed our used unit acquisition cadence in the fourth quarter, but have increased it significantly over the last 75 days with an incremental effort in May that is delivering more than four times higher lead volume compared to April.

我們齊心協力加強內部採購活動，今年團隊每個月都連續收購了更多單位，鑑於我們專注於年底減少新庫存，我們在第四季度放慢了二手單位收購節奏，但在過去75 天內，該數量顯著增加，5 月的增量努力使潛在客戶數量比4 月高出四倍以上。

Our used unit typically generates five to six times more lead volume than a new unit, which therefore drives more potential customers into our sales funnel with fewer units in stock.

我們的二手設備通常比新設備產生的銷售量多五到六倍，因此可以用更少的庫存設備吸引更多潛在客戶進入我們的銷售管道。

Current gross profit per unit on inventory bought from consumers has been consistent with our pre-pandemic historical results.

目前從消費者購買的庫存的單位毛利與我們大流行前的歷史結果一致。

So we are doing everything we can to generate more leads more purchases from consumers and thereby more traffic and revenue to our stores.

因此，我們正在盡一切努力吸引更多的潛在客戶，增加消費者的購買量，從而為我們的商店帶來更多的流量和收入。

Another focus has been F&I.

另一個重點是金融與保險。

We have been making meaningful improvements in our result due to enhancing our people process and product to provide a couple of examples.

透過增強我們的人員流程和產品，我們一直在對結果進行有意義的改進（舉幾個例子）。

Our F&I per unit on a same-store basis increased $170 per unit year over year, despite average selling prices on units declining by over 13%.

儘管單位平均售價下降了 13% 以上，但我們的同店單位 F&I 同比增長了 170 美元。

Our financing penetration on units increased from 59% in January to 69% in March and is at 75% so far in May without the benefit of having as many aggressively priced units that are easier to finance due to a lower loan to value ratio.

我們對單位的融資滲透率從1 月份的59% 增加到3 月份的69%，5 月份迄今已達到75%，但沒有受益於擁有盡可能多的價格激進的單位，這些單位由於貸款與價值比率較低而更容易融資。

I am proud of our financial services managers for the effort they have shown to increase our gross profit generation in this critical revenue stream.

我為我們的金融服務經理感到自豪，因為他們為增加我們在這一關鍵收入流中的毛利產生而付出了努力。

Finally, regarding cost control, relative to last year, we are within 20 basis points of SG&A as a percentage of revenue in the first quarter, while total revenue declined 8.5%, and we have seven more locations in operation compared to 2023.

最後，關於成本控制，相對於去年，我們第一季的 SG&A 佔收入的百分比在 20 個基點以內，而總收入下降了 8.5%，與 2023 年相比，我們的營運地點增加了 7 個。

The absolute change in SG&A expense is lower by almost $4 million or over 8.5% on an absolute basis.

SG&A 費用的絕對變動降低了近 400 萬美元，即絕對值降低了 8.5% 以上。

Overall, the opportunities for self-help and generating optimum performance for our stores remain substantial and achievable.

總體而言，自助和為我們的商店創造最佳績效的機會仍然是巨大且可實現的。

We look forward to providing incremental updates as the operations team has additional time to drive these improvements.

我們期待提供增量更新，因為營運團隊有更多時間來推動這些改進。

Finally, I'd like to echo John's comments and thank our employees.

最後，我想回應約翰的評論並感謝我們的員工。

We have a mission culture and focus that is second to none in the industry.

我們擁有業界首屈一指的使命文化和專注力。

We are aligned in all pulling together, and I am both humbled and honored to lead our store personnel.

我們齊心協力，能夠領導我們的商店員工，我感到既謙卑又榮幸。

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

這樣，我就把電話轉給凱利。

Thank you Amber, please note that unless stated otherwise, the 2024 first quarter comparisons are versus the same period in 2023.

謝謝 Amber，請注意，除非另有說明，否則 2024 年第一季的比較是與 2023 年同期的比較。

Total revenue for the quarter was $270.6 million, a decrease of 8.5% from this point on all metrics will be on a same-store basis unless otherwise stated, new unit sales declined 11.1% in the quarter, and gross profit per unit excluding LIFO, declined 75.7% as a result of our aggressive discounting of 2022 and 2023 model year units.

本季總營收為 2.706 億美元，較此時下降 8.5%，除非另有說明，所有指標均以同店為基礎，本季新銷量下降 11.1%，每單位毛利（不包括後進先出法），由於我們對2022 和2023 年車型進行大幅折扣，銷量下降了75.7%。

Used retail unit sales decreased 4.6% and gross profit per unit decreased 51.4%.

二手零售單位銷售量下降 4.6%，單位毛利潤下降 51.4%。

Finance and insurance revenue declined 5.6% during the quarter, primarily due to a decrease in unit volume and higher chargebacks As Amber mentioned, F&I per unit increased 3.3% despite lower average selling prices and fewer unit sales.

本季金融和保險收入下降 5.6%，主要是由於單位數量減少和退款增加正如 Amber 所提到的，儘管平均售價較低且單位銷量減少，但每單位 F&I 增長了 3.3%。

Our service body and parts revenue decreased 20.6% and our gross profit decreased by 18.9%.

我們的服務車身及零件收入下降20.6%，毛利下降18.9%。

Our gross margin on service, body and parts increased 120 basis points.

我們的服務、車身和零件毛利率增加了 120 個基點。

Adjusted net loss was $21.4 million for the quarter compared to net income of $1.2 million last year.

該季度調整後淨虧損為 2,140 萬美元，而去年淨利潤為 120 萬美元。

Adjusted fully diluted earnings per share was a loss of $1.63 for the quarter compared to zero in the prior year.

本季調整後完全攤薄每股收益為虧損 1.63 美元，去年同期虧損為零。

Moving on to liquidity and capital allocation.

接下來討論流動性和資本配置。

On May 15, we raised an additional $15 million of capital generated through mortgage financing on owned real estate.

5 月 15 日，我們透過自有房地產抵押融資籌集了 1500 萬美元的額外資金。

The mortgage facility has a current balance of $50 million and includes real estate with a basis of approximately $127 million.

該抵押貸款目前餘額為 5,000 萬美元，其中包括基礎金額約 1.27 億美元的房地產。

We estimate we can generate an additional $45 million in mortgage proceeds by refinancing these locations at a 75% loan-to-value rate.

我們估計，透過以 75% 的貸款價值比對這些地點進行再融資，我們可以額外產生 4,500 萬美元的抵押貸款收益。

Similar to the other properties we financed earlier in 2023.

與我們在 2023 年初融資的其他房產類似。

Working with our syndicated lenders, we received a modification of our financial covenants through the first quarter of 2025.

透過與我們的銀團貸款人合作，我們收到了截至 2025 年第一季財務契約的修改。

I want to thank our bank partners for their partnership to allow us the room to navigate the current economic environment and focus on improving operating results throughout 2024.

我要感謝我們的銀行合作夥伴的合作，讓我們有空間應對當前的經濟環境，並專注於改善 2024 年的經營績效。

With that, we can open the call to questions.

這樣，我們就可以開始提問了。

(Operator Instructions)

（操作員說明）

Steve Dyer, Craig-Hallum.

史蒂夫戴爾，克雷格哈勒姆。

Thanks.

謝謝。

Good morning, Tom, thanks for taking my question.

早安，湯姆，謝謝你提出我的問題。

I'm just kind of a question on new vehicle gross margin at a level that I don't think I've seen or you would imagine probably is that just a function of kind of blowing out old model year or fixed cost absorption or all of the above.

我只是想問一個關於新車毛利率的問題，我認為我沒有見過，或者你想像的可能是，這只是一種淘汰舊車型年份或固定成本吸收或所有的功能上述的。

Hey, Steve, good to hear from you.

嘿，史蒂夫，很高興收到你的來信。

And I think in short, you described it well, probably lower than anybody could imagine.

我認為簡而言之，你描述得很好，可能比任何人想像的都要低。

But yes, that's exactly what happened.

但是，是的，這正是發生的事情。

I mean, we've seen our new vehicle gross margins recover pretty dramatically in April and so far into May.

我的意思是，我們已經看到我們的新車毛利率在四月和五月之前大幅恢復。

I think the big the big change for us in the first part was really needing to get through a lot of that inventory and get healthy.

我認為第一部分對我們來說最大的變化確實需要清理大量庫存並保持健康。

And we saw the writing on the wall and took our pain and move through it.

我們看到了不祥之兆，並承受了痛苦並克服了它。

And that's what happened.

這就是發生的事情。

I think what we were hoping would happen in March and April as we would see seasonality pick up and we sell some more units.

我認為我們希望在三月和四月發生的事情會發生，因為我們會看到季節性回升，我們將出售更多單位。

The grosses are there on the '24 in particular, we're paying a lot of attention to the quantity of inventory.

特別是 24 月份的總收入，我們非常關注庫存數量。

And Amar talked about that are down to 3700 units less than I think as of today, which is which is way like even compared to where we were this time last year with a lot more stores now.

Amar 談到，截至今天，數量比我想像的少了 3700 輛，這與我們去年這個時候的情況相比，現在有更多的商店。

And we did that for a couple of reasons.

我們這樣做有幾個原因。

Number one, we want to make sure we're really careful with the high end and the motorized pieces because those have been even slower to move.

第一，我們要確保我們對高端和機動部件非常小心，因為它們的移動速度甚至更慢。

I think everybody's seen the low end towables are where it's at and where I shared with you this morning over 30% and what we sold this year in travel trailer segment is under 39%, which is which is way different than our mix has been historically.

我認為每個人都看到了低端拖車的現狀，今天早上我與大家分享的情況超過了30%，而我們今年在旅行拖車領域的銷售量低於39%，這與我們歷史上的組合有很大不同。

And we've been focused on that intentionally.

我們一直有意關注這一點。

That's also where the market is to be frank, I mean, I think Colin's been the number one trailer from SSI. three months in a row this year.

坦白說，這也是市場的定位，我的意思是，我認為 Colin 是 SSI 排名第一的預告片。今年連續三個月。

That's like a $12,000 or $15,000 a unit.

相當於每台 12,000 美元或 15,000 美元。

So we've been we've been thoughtful about the high end and heavy product as well, the motorized product, and that doesn't generate the grosses that it has historically because I've been trying to turn it faster with floorplan financing at 8%, funding of $500,000 or $700,000 a unit gets pretty costly every month if you're not turning out.

因此，我們一直在考慮高端和重型產品，即機動產品，但這並沒有產生歷史上那樣的總收入，因為我一直在嘗試通過平面規劃融資來更快地轉變它8%，如果您不參加，每個月50 萬美元或70 萬美元的資金將變得相當昂貴。

So it's a combination of all those things.

所以它是所有這些事情的組合。

You know, I think in short, we feel really good over the inventory is the grosses are there.

你知道，我認為簡而言之，我們對庫存感覺非常好，因為總收入就在那裡。

We're just we're just hoping and trying to everything we can to drive more retail sales and really leaning into use excess where the market is.

我們只是希望並盡一切努力來推動更多的零售銷售，並真正傾向於在市場所在的地方過度使用。

It's really helpful.

這真的很有幫助。

Thanks, John.

謝謝，約翰。

I mean as it relates to mix, it sounds like you have the late model stuff where you want it.

我的意思是，當它與混音相關時，聽起來你有你想要的最新模型的東西。

Do you have the mix to the holdings of the world?

你有世界各地的資產組合嗎？

We're in these to be relative to demand right now yes.

我們現在的處境是與需求相關的，是的。

I mean, you know, fortunately, Amber has run our supply chain for the better part of a decade and has really good relationships with OEMs and is able to get product at the right price points.

我的意思是，幸運的是，Amber 在過去十年的大部分時間裡一直在運營我們的供應鏈，並且與 OEM 廠商有著非常良好的關係，並且能夠以合適的價格獲得產品。

I mean, I call out a couple of things.

我的意思是，我要指出幾件事。

You've got the product, the Catalina stuff that that's done for us, that's a really good price point pretty competitive at that at that entry level, first-time buyer price points.

你已經得到了為我們做的產品，Catalina 的東西，這是一個非常好的價格點，在入門級、首次購買者的價格點上相當有競爭力。

And then even like Grand Design, they're coming out of the low end stuff that's more affordable because they see where the market is and their number one partner in terms of units, I mean, I think 40% of what we sold in '23 with Grand Design.

然後，即使像Grand Design 一樣，他們也推出了更實惠的低端產品，因為他們看到了市場所在，並且在單位方面是他們的第一個合作夥伴，我的意思是，我認為我們在' 中銷售的產品的40% 23 宏偉設計。

So yes, we can get it.

所以是的，我們可以得到它。

That's where the market is.

這就是市場所在。

And you see the margin differences when you look at us versus Camping World.

當您觀察我們與露營世界時，您會發現利潤差異。

So obviously, on a much lower ASP, you can see a margin in the 10s, but there's a balance there because we are also really good partner with an integrated Newmar I tip.

顯然，在 ASP 低得多的情況下，您可以看到 10 多的利潤，但那裡有一個平衡，因為我們也是整合 Newmar I 噴嘴的非常好的合作夥伴。

And that felt that the higher end motorized stuff for has been phenomenal to us.

這感覺高端機動化的東西對我們來說是驚人的。

And so we want to keep everybody happy as best we can.

因此，我們希望盡我們所能讓每個人都高興。

We're trying to buy units and keep their factories moving and be a good partner and also be really careful to protect ourselves because when you get heavy on inventory starts to age, you end up having the last six months that we've had and that that's not very much fun.

我們正在努力購買單位並保持他們的工廠運轉，並成為一個好的合作夥伴，同時也要非常小心地保護自己，因為當你的庫存大量開始老化時，你最終會擁有我們過去六個月的時間，那不是很有趣。

And I think that's where the industry has been.

我認為這就是這個行業的現狀。

I just think a lot of dealers do it in private because they don't but there quarterly results like we do.

我只是認為很多經銷商私下這樣做，因為他們不這樣做，但像我們一樣有季度業績。

Are you happy to get to do the design you know, when you start out just kind of looking at macro and so forth, parts and service was sort of a sort of focus and I don't know to the degree you've been able to do what you want to do, just given you've been triaging and some of these other areas.

你是否樂意做你知道的設計，當你開始時只是專注於宏觀等等，零件和服務是一種焦點，我不知道你能做到什麼程度做你想做的事，只要你一直在分類和其他一些領域。

But can you kind of give a little bit of color kind of what you're working on there and how that's gone relative to expectations?

但是你能透露一下你正在做的事情以及相對於預期的情況嗎？

I'm sure I mean, I think you're right.

我確信我的意思是，我認為你是對的。

We had to focus on the sales side of the organization, and we leaned in pretty heavy starting about, I would say, August of last year.

我們必須把重點放在組織的銷售方面，我想說，從去年八月開始，我們就投入了相當大的精力。

And we're and we're really laser focused on sales.

我們現在非常專注於銷售。

I think obviously, there's always incremental things you're doing on the sales side in our operating part of the business.

我認為顯然，在我們業務的營運部分，銷售方面總是會做一些漸進的事情。

But in particular, like F&I was just such an opportunity for us.

但特別是，像 F&I 對我們來說就是這樣一個機會。

We needed to start there.

我們需要從那裡開始。

I mean, there's thousands of dollars per unit being left on the table if we can continue to drive them.

我的意思是，如果我們能夠繼續推動它們，那麼每輛車還剩下數千美元。

Our Camino performance and improvement there.

我們的卡米諾表現和改進在那裡。

But I think as we got through the end of the year and into January, we've been pivoting our focus now into service.

但我認為，隨著年底和一月的到來，我們現在已經將重點轉向服務。

And you're exactly right, I mean that to me is one of the foundational things that is more consistent in this business.

你是完全正確的，我的意思是對我來說這是這個行業更一致的基本事情之一。

And there's a reason that we call it fixed operations as opposed to help cover your fixed costs.

我們稱之為固定運營，而不是幫助您支付固定成本，這是有原因的。

And if you think about sizing it, I mean, I think from just this, you're at 5.5% of revenue was serviced out of the total is actually 10%-plus.

如果你考慮調整規模，我的意思是，我認為僅從這一點來看，你的收入中有 5.5% 得到了服務，而實際上總收入的 10% 以上。

So that's that's an area where there is tremendous opportunity and capacity.

所以這是一個擁有巨大機會和能力的領域。

And we've done so many things behind the scenes.

我們在幕後做了很多事。

We just brought in new recruiters, technical recruiters were partnering with trade schools to get more technicians.

我們剛剛引進了新的招募人員，技術招募人員正在與貿易學校合作以獲得更多的技術人員。

There's so much low hanging fruit there and opportunity.

那裡有很多唾手可得的成果和機會。

But, you know, anytime you're making people changes at any level, it always takes longer to really see that pay off.

但是，你知道，任何時候你要讓人們在任何層面上做出改變，總是需要更長的時間才能真正看到回報。

And so it's probably not going to be something we're going to turn on in a quarter.

因此，我們可能不會在一個季度內啟用它。

And so is everybody thinking about their model I think be gentle.

每個人都在思考他們的模型，我認為要溫和一點。

But in terms of where the long term for this business could be, I think it easily be 10%-plus and the gross margin is higher than in automotive.

但就該業務的長期發展而言，我認為它很容易達到 10% 以上，而且毛利率高於汽車行業。

I mean, it's typically to see a typical to see a 60% gross margin.

我的意思是，毛利率通常達到 60%。

And in a well-run service department, you can do a 25% to 30% operating margin.

在營運良好的服務部門，您可以實現 25% 到 30% 的營業利潤。

I mean that's a really, really good consistent business.

我的意思是，這是一項非常非常好的、穩定的業務。

And I think for whatever reason where we find ourselves, we just haven't emphasized that the way that we should and that what we what we kind of jokingly, say in the businesses, sales in the first one and service sell the second and third, and if you take care of customers and you make their product usable.

我認為，無論我們發現自己出於什麼原因，我們只是沒有強調我們應該採取的方式以及我們開玩笑說的業務，銷售是第一個，服務是第二個和第三個，如果你照顧客戶並且讓他們的產品可用。

And unfortunately, these are homes on wheels.

不幸的是，這些都是有輪子的家。

They get towed at 75 miles an hour and things go wrong.

他們以每小時 75 英里的速度被拖走，然後出了問題。

If you can, if you can overcome those things you create really good value prop and the OEMs love you.

如果你能做到，如果你能克服這些問題，你就能創造出真正有價值的支撐，原始設備製造商會喜歡你。

The customers are happy.

顧客很高興。

There's really good recurring revenue.

經常性收入確實不錯。

So we're working on it.

所以我們正在努力。

It's just, you know, to your point you've had to triage mode of things, but it's been a it's been a big focus area 30, 45 days for us.

只是，你知道，就你的觀點而言，你必須對事物進行分類，但這對我們來說是 30、45 天的重點領域。

And I can tell you there's there's just as much opportunity there.

我可以告訴你那裡有同樣多的機會。

There's there's there's a lot we can go, get it just going to take time.

我們可以去的地方還有很多，只是需要時間。

So thanks a lot for all the color, and I'll hop back in queue.

非常感謝所有的顏色，我會重新排隊。

Thanks, Steve.

謝謝，史蒂夫。

Dan Moore, CJS Securities.

丹摩爾，CJS 證券。

Hi.

你好。

This is Will on for Dan.

這是丹的威爾。

Has there been any noticeable pickup in demand for used units relative to what you and the industry is experiencing in terms of retail demand for new units

相對於您和產業在新單位的零售需求所經歷的情況，二手單位的需求是否有明顯回升

?

？

100%, I mean that there is so much demand for used units.

100%，我的意思是對二手設備的需求很大。

In particular, if you can find like 2016 to 2021 that's up.

特別是，如果你能找到 2016 年到 2021 年的時間，那就好了。

It's liquid gold, and we're seeing gigantic grosses were really, really quick turns.

它是液態黃金，我們看到巨大的票房收入確實非常非常快地轉變。

I was looking at our sales report last night and the buying team bought a by 2018 Tiffin bus.

昨晚我在看我們的銷售報告，採購團隊購買了一輛 2018 年蒂芬巴士。

I think we made a $30,000 gross profit on it sold in five days.

我認為五天內售出的產品我們獲得了 30,000 美元的毛利。

And that's just on the process side into the financing piece.

這只是融資部分的流程面。

So I mean, when you can buy those units the right way that's what customers want.

所以我的意思是，當你能夠以正確的方式購買這些產品時，這就是客戶想要的。

That's where affordability is much better.

這就是負擔能力更好的地方。

They don't have the price inflation that you saw through the pandemic and through today on the motorized side, in particular, I mean, the chassis manufacturers have dropped their pricing.

他們沒有像你在大流行期間和今天在機動方面看到的價格上漲，特別是，我的意思是，底盤製造商已經降低了定價。

And so yes, total costs are coming down on the new vehicle side that the motorized piece has been a lot tougher nut to crack.

因此，是的，新車方面的總成本正在下降，而機動部件則更難解決。

So yes, in short, without being too long-winded, all the use we can buy that we can buy, right?

所以是的，簡而言之，不用太囉嗦，我們能買到的所有用途都是我們能買到的，對吧？

It snapped up really, really quickly and for healthy gross margin.

它的搶購速度非常非常快，毛利率也很高。

And that's why we're so focused on it.

這就是我們如此關注它的原因。

All right.

好的。

That's very helpful.

這非常有幫助。

Thank you for the color.

謝謝你的顏色。

Then on what are your expectations for gross profit per unit for both new and used for Q2 relative to Q1?

那麼相對於第一季度，您對第二季度新產品和二手產品的每單位毛利的預期是多少？

And then how should we think about, you know, the cadence over the balance of the year?

那我們該如何考慮這一年剩餘時間的節奏？

Well, that's a tough question.

嗯，這是一個很難回答的問題。

I mean, we typically don't provide detailed guidance.

我的意思是，我們通常不提供詳細的指導。

And I would say in this environment, that's an even tougher question to answer because I think the balance that we're trying to figure out here is volume versus price and what happens in the market.

我想說，在這種環境下，這是一個更難回答的問題，因為我認為我們試圖在這裡找到的平衡點是數量與價格以及市場上發生的情況。

I think what we talked about it in April and March, in particular as we started to set pricing back up because inventory got healthy on the new side, demand wasn't where we wanted it to be.

我認為我們在四月和三月談論過這個問題，特別是當我們開始調整定價，因為新方面的庫存變得健康時，需求並沒有達到我們想要的水平。

And I think that's because there's still a lot of dealers that have 2022 and 2023 on the ground and whether they're significantly discounted in many cases, below the dealers cost.

我認為這是因為仍然有很多經銷商有 2022 年和 2023 年的現貨，並且在許多情況下它們是否有大幅折扣，低於經銷商的成本。

And that problem is not getting any better every month.

而且這個問題每個月都沒有好轉。

And so I think the incremental marginal customer that doesn't have a preference for a new unit.

因此，我認為增量邊際客戶對新單位沒有偏好。

That's the current model year.

那是目前的車型年份。

He's going to go take those apartments.

他要去拿走那些公寓。

And so that's been the part we'd have to really balance because as we started to bring grosses up on the new side from what we saw is the volume started to suffer.

因此，這就是我們必須真正平衡的部分，因為當我們開始提高新方面的總收入時，我們看到銷售開始受到影響。

And that's that's kind of a difficult question to answer going forward because I don't know how long that that inventory issue is going to be in the competitors, lost traffic.

這是一個很難回答的問題，因為我不知道庫存問題會在競爭對手中持續多久，造成流量損失。

So I'm going to be careful on that one I think what I said is we saw improvement in April.

所以我會謹慎對待這一點，我認為我所說的是我們在四月看到了進步。

We saw improvement in May.

我們在五月看到了改善。

Our inventory is very healthy.

我們的庫存非常健康。

So I don't think it's going to be anything like what we saw in Q1.

所以我認為這不會像我們在第一季看到的那樣。

I'm not sure it's going to go back to where it was in the second quarter of last year on the used side, that feels a lot a lot more like it's been historically, we had some aged use pieces that we needed to work through in the first quarter, too.

我不確定它是否會回到去年第二季二手車的狀態，這感覺更像是歷史上的情況，我們有一些舊的二手車需要處理。

And so that suppressed our used margin is a little bit as well.

因此，我們的已用保證金也受到了一點抑制。

And I think we're in really good shape there, too.

我認為我們在那裡的狀況也非常好。

And I mean, we took our two of our box.

我的意思是，我們拿走了我們的兩個盒子。

You can see on the wholesale line on the P&L.

你可以在批發線上的損益表上看到。

And we took losses in the first quarter to move through some stuff that we needed to get rid of and we did all that.

我們在第一季遭受了損失，以處理一些我們需要擺脫的東西，我們做到了所有這些。

So it is I would say is going to be more normal as you're thinking about the modeling.

所以我想說，當你考慮建模時，這會變得更加正常。

But I knew it probably worth still being a little bit conservative on just because we've got to continue to work the volume piece, and that's why we're so focused on ethanol.

但我知道可能仍然值得保持一點保守，因為我們必須繼續研究體積部分，這就是我們如此關注乙醇的原因。

Okay, great.

好的，太好了。

Thank you for the color.

謝謝你的顏色。

And then I'm what are your expectations for operating cash flow as well as CapEx for Q2 and the balance of the year?

然後我問您對第二季和今年剩餘時間的營運現金流以及資本支出的預期是什麼？

On CapEx, we've got some pieces that we're working through that were in flight.

在資本支出方面，我們正在研究一些正在實施的部分。

That's tapering off.

那正在逐漸減少。

And I would suspect that you'll see something similar in the second quarter to what you saw in the first and then it should be pretty much done from a cash flow perspective.

我懷疑您在第二季度會看到與第一季類似的情況，然後從現金流的角度來看應該差不多可以完成。

You know, I think our expectation is that we're going to be on a of operating cash flow basis, the adjusted operating cash flow that we take into effect, the floorplan financing and we break out that in our in our earnings release, you can see that calculation, but our expectation is that positive for the year.

你知道，我認為我們的期望是，我們將在經營現金流的基礎上，我們實施的調整後的經營現金流，平面圖融資，我們在收益報告中強調了這一點，你可以看到這個計算結果，但我們對今年的預期是正面的。

I'm not sure that I can give you a quarter by quarter because some of it's timing related with floor plan and AP. and things that can swing and fluctuate just depending on when a month ends or whatever happens.

我不確定能否給您一個季度的報告，因為其中一些時間與平面圖和 AP 相關。以及一些可能會隨著月份結束或發生的事情而波動和波動的事情。

All right.

好的。

Great.

偉大的。

Thank you for taking my questions, sir.

先生，謝謝您回答我的問題。

Mike Swartz from Truist Securities.

來自 Truist 證券公司的 Mike Swartz。

Hey, good morning, guys.

嘿，早上好，夥計們。

And maybe John, just to follow up on on a answer that you had to a prior question, maybe at the strategic level in terms of your new and new product portfolio, I guess, how do you think about the balance between motorized versus towables?

也許約翰，只是為了跟進您之前的問題的答案，也許在您的新產品和新產品組合方面的戰略層面，我想，您如何看待機動車輛與牽引車輛之間的平衡？

I know this is a business that has gone and lean more heavily into towable over the past decade.

我知道在過去的十年裡，這個行業已經更傾向於拖曳式。

Certainly, but just given some of the challenges in motorized that seem maybe a little more structural near term in terms of your cost inflation, affordability on residual values, how do you think about the right way to kind of balance total motorized stock going forward?

當然，但考慮到機動化方面的一些挑戰，在成本通膨、剩餘價值的承受能力方面，短期內似乎更具結構性，您如何看待平衡未來機動化總存量的正確方法？

Well, I think it's I think it depends.

嗯，我認為這取決於情況。

It's a pretty nuanced question.

這是一個非常微妙的問題。

So I mean, I can trying to unpack it a couple of ways.

所以我的意思是，我可以嘗試用幾種方法來解壓縮它。

I think if you take a dealership like our store in Tampa, that's been known for literally decades as one of the places the premier places to buy motorized units.

我認為，如果您選擇像我們在坦帕的商店這樣的經銷店，幾十年來，這裡一直是眾所周知的購買機動車輛的首選地點之一。

I think something like 30% of what Tampa sells as to how to state customers and people will travel and destination shop for this product and come a long way.

我認為坦帕銷售的大約 30% 的產品都涉及如何說明客戶和人們會在旅行和目的地購物時購買該產品，並且會取得很大的進展。

And so I think in a store like that, having a 25% or 30% motorized mix is totally fine.

所以我認為在這樣的商店裡，25% 或 30% 的機動化比例是完全可以的。

I think conversely, if you take our store in Tulsa, Oklahoma.

我認為相反，如果你以我們位於俄克拉荷馬州塔爾薩的商店為例。

I'm not sure that stocking a lot of motorized units there makes as much sense as really leaning into the towables and travel trailers and fifth wheels so I think it depends a little bit on where we are in the country, the brands that we represent and what the store's been known for.

我不確定在那裡儲備大量機動車輛是否與真正傾向於拖車、旅行拖車和第五輪一樣有意義，所以我認為這在一定程度上取決於我們在這個國家的位置以及我們所代表的品牌以及這家商店的出名之處。

So that's I think about it in our kind of business.

這就是我在我們這個行業中的思考。

But as it pertains to like the more industry wide conversation, what I would say is there are still some pockets of motorized that are that are really, really important.

但由於涉及更廣泛的行業對話，我想說的是，仍然有一些機動化的領域非常非常重要。

For example, if you look at like CC.

例如，如果你看像CC。

Class C stuff, which is like a larger unit than a B band, which is kind of unusual to me not being super familiar with the industry, but the C stuff has been really profitable for us a little time.

C 類的東西，就像一個比 B 樂隊更大的單元，這對我來說有點不尋常，因為我不太熟悉這個行業，但 C 類的東西確實為我們帶來了一段時間的利潤。

I would say we've seen a big diesel pushers in particular have been really, really slow this year.

我想說的是，今年我們已經看到大型柴油推車的速度非常非常慢。

Those are really typically very expensive units, and I think we're being very careful there.

這些通常都是非常昂貴的單位，我認為我們對此非常小心。

And then the demands were historically incredibly profitable.

從歷史上看，這些需求是非常有利可圖的。

And there were a couple of OEMs that were early to come out with the Sprinter van that they converted into into a unit, you could campaign.

有幾家原始設備製造商很早就推出了 Sprinter 貨車，他們將其改裝成一個單元，你可以宣傳。

But I would say over the last 24 months has become very saturated and everybody has demand product.

但我想說的是，過去 24 個月變得非常飽和，每個人都有需求產品。

And so I think you've got to be very careful on that in that segment, too.

所以我認為在這方面你也必須非常小心。

But in short, I mean we're pretty committed to motorized.

但簡而言之，我的意思是我們非常致力於機動化。

I think what we're seeing right now is that a lot of people who've been lifestyle are locked out because they have negative equity.

我認為我們現在看到的是，許多一直過著生活方式的人因為負資產而被排除在外。

And so you're seeing a shift to the low end stuff because it's first time buyers that can just come in and whether they want to camp for $5 a day or whenever they advertisement is and that's why they've been taking share.

所以你會看到向低端產品的轉變，因為這是第一次購買者可以進來，無論他們是否想以每天5 美元的價格露營，或者無論何時他們做廣告，這就是他們一直在搶佔份額的原因。

But I don't think that's a structural change in the market.

但我不認為這是市場的結構性變化。

I think motorized and will always be there.

我認為機動化並且將永遠存在。

I just think we have to be really thoughtful in terms of how we pursue it, and we'll see how the market develops.

我只是認為我們必須認真考慮如何追求它，我們將看看市場如何發展。

But I don't think you're going to see us move away from it.

但我認為你不會看到我們放棄它。

I think we just are being careful because there's definitely a slowdown in some of those segments in terms of demand right now, but that's not any different than the high end that we all are really expensive travel trailers to, I mean that stuff all policy to be careful.

我認為我們只是要小心，因為目前其中一些細分市場的需求肯定有所放緩，但這與我們都是非常昂貴的旅行拖車的高端市場沒有任何不同，我的意思是，所有政策都旨在當心。

Okay, thank you.

好的謝謝。

And just maybe to parse some of the commentary I think you made you have another another question previously on the retail environment as we've gone into April, May, I think it sounds like nothing has really changed maybe, but is there a way to think about, you know that the comparable new unit volume was down 11% the first quarter.

也許只是為了解析一些評論，我認為您之前提出了關於零售環境的另一個問題，因為我們已經進入四月、五月，我認為聽起來可能沒有什麼真正改變，但有沒有辦法想想看，第一季的可比新單位銷量下降了11%。

Is there any way to think about how that looks thus far in the second quarter relative to that first quarter number?

有什麼方法可以考慮到目前為止第二季相對於第一季的數字如何？

Well, I think it's too soon to tell.

嗯，我認為現在說還為時過早。

I think it's too soon to tell.

我認為現在說還為時過早。

And to be frank with you, it's not something that I monitor on a daily basis in terms of that percentage change.

坦白說，我並不是每天監控百分比變化。

So I'm not sure I gave them committed to memory.

所以我不確定我是否把它們牢記在心。

What I would say is that we're seeing definitely some improved traffic as we move into the summer ending up seasonally as you get into the spring and May in particular, you do see a pickup and I would say just anecdotally, I would say relative to April, May May feels like it's a little stronger in terms of demand.

我想說的是，隨著我們進入夏季，特別是進入春季和五月時，我們確實會看到交通量有所改善，特別是，你確實會看到交通量有所回升，我想說的是，只是軼事，我會說相對而言到了四月份、五月份感覺需求方面稍微強一點。

But I don't know if that's because there are fewer deals out there for other dealers that we didn't see or if the market is getting better.

但我不知道這是否是因為我們沒有看到的其他經銷商的交易較少，或者市場是否正在好轉。

I mean, we're just we're just one data point here and a pretty rich tapestry.

我的意思是，我們只是這裡的一個數據點和一個相當豐富的掛毯。

So I don't know that I want to call it trend.

所以我不知道我想稱之為趨勢。

We'd obviously like to see see more demand.

我們顯然希望看到更多的需求。

And I think from what I read of these from the OEM side, it seems like they're all in 325 to 350 in terms of retail sales and that those numbers seemed to tick down every time they talk about.

我認為從 OEM 方面讀到的這些數據來看，它們的零售額似乎都在 325 到 350 之間，而且每次談論這些數字時，這些數字似乎都在下降。

They've got a better perspective than we do because they see the whole country.

他們比我們有更好的視角，因為他們看到了整個國家。

But we remain optimistic that we'll continue to see the strength that we've seen so far in May, and we're obviously pushing and pivoting and trying new strategies with marketing and other things that could hopefully differentiate our results relative to the competition as well.

但我們仍然樂觀地認為，我們將繼續看到5 月份迄今為止所看到的實力，而且我們顯然正在推動和調整併嘗試營銷和其他方面的新策略，這些策略有望使我們的結果相對於競爭對手有所不同以及。

So we're going to keep grinding on and I think there's I think there's an opportunity for us to continue to see that momentum improve.

因此，我們將繼續努力，我認為我們有機會繼續看到這種勢頭的改善。

That's our focus.

這是我們的重點。

Thank you.

謝謝。

Brandon Rolle from D.A. Davidson.

布蘭登‧羅爾 (D.A.)戴維森。

Good morning.

早安.

Thank you for taking my questions, first, just on the restocking in this environment, could you talk about your rationale for kind of leaning into taking on more new and used inventory ahead of the model-year '25 rollout?

感謝您回答我的問題，首先，關於在這種環境下重新進貨的問題，您能否談談在 25 年車型推出之前傾向於購買更多新庫存和二手庫存的理由？

I know on the used side, it seems like one of your larger competitors has actually been pulling back on used procurement throughout the first part of the year.

我知道在二手貨方面，您的一個較大競爭對手實際上在今年上半年一直在減少二手貨採購。

But on the new side, it seemed like you guys were I think you had talked about you know, helping the OEMs continue to run their factories.

但在新的方面，我認為你們已經談論過幫助原始設備製造商繼續運作他們的工廠。

Can you just talk about the rationale there on both sides?

能簡單談談雙方的理由嗎？

Thank you.

謝謝。

Sure.

當然。

I would say we're being pretty careful on the new side, I mean, we're at 3,600 units on the ground today, new and compared to November of last year, we were 4700.

我想說，我們在新方面非常謹慎，我的意思是，我們今天有 3,600 個新單位，與去年 11 月相比，我們有 4700 個單位。

So that's a pretty significant change and you don't have it, you can't sell it.

所以這是一個非常重大的變化，你沒有它，你不能賣它。

And so you got it.

所以你明白了。

You got to be thoughtful about that.

你必須深思熟慮這一點。

And a lot of our partnerships with our OEMs at this point stress decades back, and they're doing their best to trying to be thoughtful and cut production where they can and give us incentives.

我們與原始設備製造商的許多合作夥伴關係在這一點上都強調了幾十年前的情況，他們正在盡最大努力考慮周全，盡可能地削減產量，並給予我們激勵。

And we tried to be thoughtful and we can commit to take certain models that we think we can turn on and keep that spirit of partnership alive.

我們試圖深思熟慮，我們可以承諾採用某些我們認為可以開啟的模式，並保持這種夥伴關係的精神。

But I would say in general, we are really careful, our inventory is really healthy.

但我想說，總的來說，我們非常謹慎，我們的庫存非常健康。

And we've been thinking a lot about making sure that when '25 do hit, we've got the capacity to take those on on the used side.

我們一直在思考，確保當 25 年到來時，我們有能力在二手車方面應對這些挑戰。

I'm not sure I understand behind the curtain that our competitors, and that's always a dangerous thing to speculate about what I can tell you, we've experienced it is six times the lead volume on used units that are on our website versus new and customers that are looking for affordable options as long as you can buy things correctly.

我不確定我是否理解我們的競爭對手的幕後情況，推測我可以告訴你的事情總是一件危險的事情，我們已經經歷過，我們網站上的二手設備的銷售量是新設備的六倍以及正在尋找價格實惠的選擇（只要您能正確購買商品）的客戶。

And so I think we're being really targeted around the used inventory we are purchasing, I would say in general, you're not seeing us buy a lot of really late-model used stuff.

因此，我認為我們真正針對的是我們正在購買的二手庫存，我想說的是，總的來說，你不會看到我們購買很多真正最新型號的二手貨。

We're tending to avoid that it has a little bit of a maybe overhang on it in the consumer's mind in terms of quality that was built during the pandemic.

我們傾向於避免在消費者心目中，就大流行期間建立的品質而言，它可能有一點懸念。

But the stuff that's earlier than that is, like I said earlier, I think I used the expression liquid gold.

但比這更早的東西，就像我之前說的，我想我使用了「液體黃金」這個詞。

I mean that stuff goes quick.

我的意思是事情進展得很快。

So that's I would say, a little more nuanced.

這就是我想說的，更細緻一點。

It's not just buy used or don't buy use.

這不僅是購買二手或不購買使用的問題。

And we don't make crazy whipsaw adjustments here.

我們不會在這裡進行瘋狂的洗盤調整。

I mean, this is targeted and I mean, literally Amber approves almost every unit we buy, especially when you get into the higher-end stuff, it's certainly go into her.

我的意思是，這是有針對性的，我的意思是，從字面上看，Amber 批准了我們購買的幾乎所有單位，特別是當你進入高端產品時，它肯定會進入她的手中。

So I mean, this is like a tactical thing that's executed literally piece by piece in our inventory.

所以我的意思是，這就像一個戰術性的事情，在我們的庫存中逐一執行。

That's how much of a laser focus we have.

這就是我們的雷射聚焦程度。

Okay, great.

好的，太好了。

And just on the model year '25 rollout, I know model year '25 bidding processes going on right now or closing of relatively shortly.

就在 25 款車型推出時，我知道 25 款車型的招標流程正在進行中或很快就會結束。

What is what's your best guess on where pricing is going for the new model year based on what you've heard from your OEM partners and given the current retail environment obviously are very price-conscious consumers.

根據您從 OEM 合作夥伴那裡聽到的信息，並考慮到當前的零售環境，顯然消費者對價格非常敏感，您對新車型年度定價的最佳猜測是什麼。

Yes, I think on the towable side, we expect maybe a couple of percent increase, at least from what we heard early on from some of our partners.

是的，我認為在可牽引方面，我們預計可能會增加幾個百分點，至少從我們早期從一些合作夥伴那裡聽到的情況來看是這樣。

So not not as some significant increase, but definitely skewing a little higher.

因此，並不是沒有顯著增加，但肯定會偏高一點。

And then on the on the two on the motorized side, so I'm dying here follow-up.

然後是機動側的兩個，所以我後續要死在這裡了。

On the motorized side, it will be it will be higher than that, just because the chassis prices, you know, the chassis manufacturers, I think are still trying to build to their capacity and they haven't yet restocked their channel.

在機動化方面，它會比這更高，只是因為底盤價格，你知道，底盤製造商，我認為仍在努力建立他們的產能，而且他們還沒有補充他們的管道。

And so those prices haven't come come down, and that's the majority of the cost to that motorized unit.

因此，這些價格並沒有下降，而這是該機動裝置的大部分成本。

So I would expect that I would expect that's going to be higher.

所以我預計這個數字會更高。

And so that's that's why you're seeing some new models come out.

這就是為什麼你會看到一些新型號問世。

And that's why we're really focused on used on the towables side.

這就是為什麼我們真正專注於可牽引方面的使用。

Okay.

好的。

Okay, great.

好的，太好了。

And just finally, you have exposure to Grand Design.

最後，您將接觸到宏偉設計。

Obviously, there's been more publicity about the flex frame issues on kind of just people saying they're a chassis crack or the welding in the frames.

顯然，關於柔性框架問題的宣傳越來越多，人們只是說這是底盤裂紋或框架焊接。

Could you comment on your experience with the flex frame issues, have any, I guess, service or I guess maintenance concerns from it

您能否評論一下您在柔性框架問題上的經歷，我猜有任何服務或我猜維護方面的問題

?

？

No, I don't know if you saw the Grand Design just came out with a five year warranty retroactive for all their customers.

不，我不知道您是否看到 Grand Design 剛剛為所有客戶提供了五年保固追溯。

And I tip my hat to Dan and the whole team there.

我向 Dan 和整個團隊致敬。

I mean, they really stepped up and handle things exactly the way that they should have.

我的意思是，他們確實挺身而出，以應有的方式處理事情。

And I think to whatever extent it's an issue and I'm upset in the service departments see it every day, but I think they took a lot of the concerns off the table because they stood behind their product.

我認為無論在多大程度上這都是一個問題，我對服務部門每天看到的情況感到不安，但我認為他們消除了很多擔憂，因為他們支持他們的產品。

And that's why there is such an important partner to us.

這就是為什麼我們有如此重要的合作夥伴。

And we have a lot of important partners, but Grand Design is near or at the top of the list for us.

我們有很多重要的合作夥伴，但 Grand Design 對我們來說接近或名列前茅。

And that's because they do things like that and they stand behind their product and they make good stuff.

那是因為他們做這樣的事情，他們支持他們的產品，他們製造出好東西。

And so we remain supportive of an advanced Grand Design.

因此，我們仍然支持先進的宏偉設計。

Great.

偉大的。

Thank you.

謝謝。

Thank you.

謝謝。

We've reached the end of our question and answer session.

我們的問答環節已經結束。

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。

Thanks for tuning in, and we'll talk to you guys soon.

感謝您的收聽，我們很快就會與您交談。

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。