Lazydays Holdings Inc (GORV) 2025 Q1 法說會逐字稿

Greetings and welcome to the lazy Days RV Holdings first quarter 2025 conference call. At this time, all participants are on a listen-only mode. (Operator instruction). As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mr. Jeff Needles, Chief Financial Officer.

大家好，歡迎參加懶惰日子 RV 控股公司 2025 年第一季電話會議。目前，所有與會者均處於「只聽」模式。 （操作員指示）。提醒一下，本次會議正在錄音。現在我很高興向大家介紹你們的主人，先生。傑夫‧尼德爾斯 (Jeff Needles)，財務長。

Thank you. Please go ahead.

謝謝。請繼續。

Thank you, operator, and welcome everyone. Thank you for joining us today as we discuss Lazy Day's first quarter performance for 2025. As a reminder, today's call is being webcast live and will also be archived on our website for future listening.

謝謝接線員，歡迎大家！感謝您今天加入我們，共同探討Lazy Day 2025年第一季的表現。提醒一下，今天的電話會議將進行網路直播，並將存檔在我們的網站上，以便日後收聽。

With me on this morning's call is Ron Fleming, and interm Chief Executive Officer, and Amber Dillard, Chief Operating Officer. We will begin with some opening remarks from Ron, followed by an overview of our operational performance for the first quarter from Amber. And I will then discuss our financial performance.

今天早上與我一起參加電話會議的還有代理執行長 Ron Fleming 和營運長安珀·迪拉德 (Amber Dillard)。首先，羅恩將致開幕詞，然後安珀將概述我們第一季的營運表現。之後，我將討論我們的財務表現。

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.

在開始之前，我想提醒大家，我們將討論前瞻性訊息，包括潛在的未來財務表現，這些資訊受風險、不確定性和假設的影響，可能導致實際結果與此類前瞻性陳述和資訊有重大差異。

Such risks, uncertainties, assumptions, and other factors are identified in our earnings release and other periodic filings with the SEC as well as on our investor relations section of our website. Accordingly, forward-looking statements should not be relied upon as prediction of actual results, and any or all of our forward-looking statements may prove to be inaccurate.

此類風險、不確定性、假設及其他因素已在我們的收益報告、定期提交給美國證券交易委員會 (SEC) 的其他文件以及我們網站的投資者關係版塊中列明。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均可能被證明不準確。

We can make no guarantee about future performance, and we undertake no obligation to update or revise our forward-looking statements. On this call we will discuss certain non-gap financial measures. Please refer to our earnings press release, which is available on our website for how we define these measures and reconciliations to the closest comparable GAAP measures.

我們無法保證未來業績，亦不承擔更新或修訂前瞻性陳述的義務。在本次電話會議中，我們將討論某些非缺口財務指標。請參閱我們網站上的收益新聞稿，了解我們如何定義這些指標以及與最接近的可比較 GAAP 指標的對帳。

Before we begin, please note that we will not be fielding questions following the conclusion of prepared remarks. We encourage you to refer to our earnings release and SEC filings for further information.

在我們開始之前，請注意，在準備好的演講結束後，我們將不再回答您的問題。我們建議您參考我們的收益報告和美國證券交易委員會 (SEC) 文件，以獲取更多資訊。

With that I'll turn the call over to Ron.

說完這些，我就把電話轉給羅恩。

Thank you, Jeff. Good morning, everyone and thank you for joining us today. Last quarter, we outlined a clear two-part strategy aimed at building a more resilient and adaptable business, one that aligns with our commitment to driving long term shareholder value.

謝謝你，傑夫。大家早安，感謝大家今天加入我們。上個季度，我們制定了清晰的兩步驟策略，旨在打造更具韌性和適應力的業務，這與我們致力於推動長期股東價值的承諾相一致。

This strategy focuses on optimizing our dealership footprint, maximizing the operational performance of the stores within that footprint. As I look back on the first quarter of 2025, I am pleased to report encouraging progress on both fronts. With respect to our dealership footprint, as previously announced, we completed the sale of five dealerships to Camping World in February and March.

此策略的重點是優化我們的經銷商網絡，最大限度地提高該網絡內商店的營運績效。回顧 2025 年第一季度，我很高興地報告兩個方面都取得了令人鼓舞的進展。關於我們的經銷店佈局，如前所述，我們在二月和三月完成了向 Camping World 出售五家經銷店的交易。

This transaction allowed us to significantly deliver our balance sheet by repaying approximately $145 million in debt, a substantial portion of which was funded from the dealership sales. The Camping World transaction also drove a $10 million dollars year over year reduction in SGNA expenses due to reduced overhead personnel and marketing cost.

這項交易使我們能夠償還約 1.45 億美元的債務，從而顯著改善我們的資產負債表，其中很大一部分資金來自經銷商的銷售。由於人員管理和行銷成本的減少，Camping World 交易也使 SGNA 的支出較去年同期減少了 1,000 萬美元。

For further advancing our strategic footprint optimization, we entered into a letter of intent with General RV Center in March to divest three additional stores, our locations in Fort Pierce, Florida, Longmont, Colorado, and Mesa, Arizona. This strategic decision was driven by our recognition of geographic redundancy and our confidence in our ability to continue to serve these markets from our other nearby stores.

為了進一步推進我們的戰略佈局優化，我們於 3 月與 General RV Center 簽署了一份意向書，將剝離另外三家門市，位於佛羅裡達州皮爾斯堡、科羅拉多州朗蒙特和亞利桑那州梅薩的門市。這個策略決策是基於我們對地理冗餘的認識以及我們對從其他附近商店繼續服務這些市場的能力的信心。

Similar to our to our transaction with Camping World, we expect this transaction upon completion to add cash to our balance sheet, reduce our debtedness, and drive continued improvement in overhead and SGNA expenses.

與我們與 Camping World 的交易類似，我們預計此交易完成後將為我們的資產負債表增加現金，減少我們的債務，並推動管理費用和 SGNA 費用的持續改善。

Looking ahead, we remain committed to evaluating opportunities that allow us to refine our footprint and reinforce our financial position. As always, our decisions will be guided by the best interests of all our stakeholders, including our employees, customers, OEM partners, and shareholders.

展望未來，我們將繼續致力於評估能夠讓我們改善業務範圍並鞏固財務狀況的機會。與往常一樣，我們的決策將以所有利害關係人的最大利益為指導，包括我們的員工、客戶、 OEM 合作夥伴和股東。

Turning to our operational performance, we are pleased with our results for the first quarter of 2025, which were much improved as compared to our results from the 4th quarter and the first quarter of 2024. Gross profit margins were up across all product lines, leading to a notable increase in gross profit, despite a lower volume of sales.

談到我們的營運業績，我們對 2025 年第一季的業績感到滿意，與第四季和 2024 年第一季的業績相比有了很大的改善。所有產品線的毛利率均上升，儘管銷售量下降，但毛利卻顯著增加。

Moreover, our lower sales volume can be attributed to a deliberate reduction of prior model year inventory as well as our lower store count following our right sizing actions. We are confident in our ability to drive profitability with the stores and inventory we have in place.

此外，我們的銷售量較低可以歸因於我們刻意減少前幾年車型的庫存，以及我們採取適當規模行動後門市數量的減少。我們有信心利用現有的商店和庫存來提高獲利能力。

Lastly, I would like to take a moment to comment on the macro environment and particularly the potential impact of tariffs on our business and our industry. We are closely monitoring any potential price change for new RV units, and we are working with our OEM partners and suppliers to understand what impact that might present.

最後，我想花點時間談談宏觀環境，特別是關稅對我們業務和產業的潛在影響。我們正在密切關注新房車價格的任何潛在變化，並正在與我們的原始設備製造商合作夥伴和供應商合作，以了解這可能帶來的影響。

While we are seeing some data suggesting decreased customer demand as a result of tariffs, we are optimistic that those concerns will diminish as we continue to see positive trends with respect to tariff relief.

雖然我們看到一些數據顯示由於關稅導致客戶需求下降，但我們樂觀地認為，隨著我們繼續看到關稅減免方面的積極趨勢，這些擔憂將會減少。

We're comforted by the fact that the RV lifestyle is an affordable one, and we believe American consumers will continue to be attracted to the joys of RV ownership, be that through the purchase of a new unit or used unit at their local Lazy Day store.

令我們感到欣慰的是，房車生活方式是一種負擔得起的生活方式，我們相信美國消費者將繼續被擁有房車的樂趣所吸引，無論是透過在當地的 Lazy Day 商店購買新房車還是二手房車。

With that, I'll turn the call over to Amber to discuss our operational performance in more detail.

說完這些，我將把電話轉給 Amber，讓她更詳細地討論我們的營運表現。

Thanks Ron and good morning everyone. In discussing our operational performance, I believe it is informative to compare our 2025 1st quarter results to the fourth quarter of 2024, as these comparisons demonstrate the progress we have made in the execution of the operational turnaround plan we articulated last quarter.

謝謝羅恩，大家早安。在討論我們的營運表現時，我認為將 2025 年第一季的業績與 2024 年第四季的業績進行比較是有益的，因為這些比較表明了我們在執行上個季度闡明的營運扭虧為盈計畫方面取得的進展。

Excluding the store divestitures completed in Q1, we saw an increase in both new and used unit volume relative to the 4th quarter of 2024. Our new unit sales were up 18% in the first quarter versus the 4th quarter, driven by a healthier inventory mix and seasonal favorability.

不計第一季完成的門市剝離，我們發現新舊單位銷售量與 2024 年第四季相比均有所增加。受更健康的庫存組合和季節性有利因素的推動，我們第一季的新單位銷售量較第四季度增長了 18%。

Meanwhile, our used unit sales were up 19% in the first quarter versus the 4th quarter, driven by improved market conditions, better customer engagement, and the robust consignment inventory program we announced last quarter. Consignment units drive increased lead activity and allow us to capture more consumer price points and bring more customers into the Lazy Days family, all while generating healthy margins with no carrying costs on the inventory.

同時，受市場狀況改善、客戶參與度提高以及我們上個季度宣布的強勁寄售庫存計劃的推動，我們的二手車銷量在第一季較第四季度增長了 19%。寄售單位推動了主要活動的增加，使我們能夠獲得更多的消費者價格點並為 Lazy Days 家族帶來更多客戶，同時產生健康的利潤率，而無需承擔庫存成本。

Of note, our unit sales improved sequentially month over month in the 1st quarter. Gross profit per unit sold increased 39% in the first quarter, a significant improvement from the fourth quarter. This is reflective of the continued actions we are taking to optimize our inventory mix and brand offerings.

值得注意的是，我們第一季的單位銷售額較上季成長。第一季每單位銷售毛利潤成長了39%，較第四季有顯著改善。這反映了我們為優化庫存組合和品牌產品所採取的持續行動。

Our total gross profit margin was 26% in the first quarter compared to 19% in the fourth quarter. Additionally, our SGNA expenses significantly decreased from the fourth quarter, despite our selling and servicing more RVs.

我們第一季的總毛利率為 26%，而第四季為 19%。此外，儘管我們銷售和維修了更多的房車，但我們的 SGNA 費用比第四季度相比大幅下降。

We continue to see significant opportunity in finance and insurance where our FNI revenue was over 5,000 per unit, a slight decrease from the 4th quarter. Notably, our finance penetration in the first quarter remains strong at approximately 70%, reflecting our ability to partner with our lenders to offer a range of financing options that meet the needs of all of our customers.

我們繼續看到金融和保險領域的巨大機遇，其中我們的 FNI 收入每單位超過 5,000 美元，較第四季略有下降。值得注意的是，我們第一季的融資滲透率仍保持在約 70% 的強勁水平，這反映了我們與貸方合作提供一系列滿足所有客戶需求的融資選擇的能力。

As mentioned, we continue to focus on maintaining a healthy inventory position and balance while refining our consignment inventory program in the 1st quarter. Our trade-ins on vehicle sales came in over 8% higher in the first quarter of 2025 versus the same time period in 2024.

如上所述，我們將繼續致力於保持健康的庫存狀況和平衡，同時在第一季完善我們的寄售庫存計劃。 2025 年第一季度，我們的汽車以舊換新銷售額較 2024 年同期成長了 8% 以上。

We believe this is reflective of increasing consumer confidence and pent up demand to trade, as COVID buyers are starting to see an intersection of the amortization and depreciation curve, allowing them the ability to trade vehicles and overcome negative equity.

我們認為，這反映了消費者信心的增強和被壓抑的交易需求，因為 COVID 買家開始看到攤銷和折舊曲線的交點，這使他們能夠交易車輛並克服負資產。

That said, we are actively monitoring consumer demand as tariffs, supply chain shortages, and other macroeconomic trends remain uncertain. As of today, our new inventory is comprised of 82% model year 2025 and 2026 units and 18% prior model year units up significantly from last quarter.

儘管如此，由於關稅、供應鏈短缺和其他宏觀經濟趨勢仍存在不確定性，我們正在積極監控消費者需求。截至今日，我們新庫存中82%為2025和2026款車型，18%為上一車型，較上一季大幅成長。

Of note, while we have seen a shift towards single axle tillables and first time buyers, our motorized inventory sales improved 11% in the first quarter versus the 4th quarter, reflecting continued demand from buyers in the motorized space.

值得注意的是，雖然我們看到了向單軸耕耘機和首次購買者的轉變，但我們第一季的機動庫存銷售額較第四季度增長了 11%，這反映了機動領域買家的持續需求。

We could continue to partner with strategic OEMs who maintain a balance in production and retail demand, build a quality product consumers can rely on, and allow us to maximize inventory turns and reduce our aging costs.

我們可以繼續與維持生產和零售需求平衡的策略性原始設備製造商合作，打造消費者可以信賴的優質產品，並讓我們最大限度地提高庫存週轉率並降低老化成本。

We remain focused on offering a large selection of inventory in all segments to allow our customers the ability to stay within the lazy Days family no matter what unit their adventure calls for.

我們始終致力於在各個領域提供大量的庫存選擇，以使我們的客戶能夠留在懶惰的日子系列中，無論他們的冒險需要什麼單位。

In summary, we continue to see a tremendous opportunity to improve the operational performance of the stores within our footprint. Moreover, we believe we can take actions to achieve improved performance without relying solely on market stabilization as demonstrated by our first quarter results.

總而言之，我們繼續看到了改善我們業務範圍內商店營運績效的巨大機會。此外，我們相信，我們可以採取行動來提高業績，而不必只依靠市場穩定，正如我們第一季的業績所證明的那樣。

We are committed to serving as a true partner to our customers, OEMs and lenders across the full RV ownership value chain, and we look forward to providing additional updates on our progress in future quarters. With that, I'll turn the call over to Jeff.

我們致力於成為整個 RV 所有權價值鏈中客戶、原始設備製造商和貸款人的真正合作夥伴，我們期待在未來幾季提供有關我們進展的更多更新。說完這些，我會把電話轉給傑夫。

Thanks Amber. As we turn to our first quarter results, please note that unless stated otherwise, the 2025 1st quarter comparisons are versus the same period in 2024. And our overall financial results reflect expenses incurred as a result of previously discussed transactions and planned divestigers.

謝謝 Amber。當我們轉向第一季業績時，請注意，除非另有說明，2025 年第一季的比較是與 2024 年同期進行的。我們的整體財務表現反映了先前討論的交易和計劃中的資產剝離所產生的費用。

The unit sales were down 36% or 912 units in the quarter driven by previously announced divestitures. Average selling price for new units was 15% better for the quarter, a result of improved channel health and stronger, higher price unit sales at the January super show.

由於先前宣布的資產剝離，本季單位銷售量下降36%，即912台。由於通路狀況改善以及一月份超級車展上單位銷售強勁且價格上漲，本季新車平均售價上漲15%。

Pre-owned retail unit sales were down 48% or 655 units during the quarter, also reflective of divestitures and partially driven by a decision in the prior years to move units by discounting sales prices. Offsetting lower unit sales, gross margins were much improved. New vehicle gross margins were 11% for the quarter or 7% higher compared to the prior year period. Used vehicle gross margins were 21% for the quarter or 10% higher compared to the prior year period. Focusing on the top line, net sales for the quarter were $166 million. A decrease of $104 million or 39% compared to the prior year period.

本季二手車零售單位銷售量下降48%，即655輛，也反映了資產剝離的影響，部分原因是公司前幾年透過降價出售車輛的決策。毛利率大幅提升，抵銷了單位銷售的下降。本季新車毛利率為 11%，較去年同期成長 7%。本季二手車毛利率為21%，較去年同期成長10%。本季淨銷售額為1.66億美元。與去年同期相比減少 1.04 億美元，即 39%。

As mentioned, this decrease was in line with our deliberate reduction of inventory and lower store count for the company. For the quarter we achieved a gross margin of 24%. Excluding LIFO adjustments representing a 10% increase compared to the prior year. Gross profit for the quarter was $44 million an increase of $6 million compared to the prior year period.

如上所述，這一下降與我們刻意減少庫存和門市數量的舉措相符。本季，我們的毛利率達到24%。扣除後進先出法調整後，較上年同期成長10%。本季毛利為4400萬美元，較上年同期增加600萬美元。

SGAGNA expenses improved to $39 million for the quarter compared to $49 million in the prior year period, primarily driven by reduced overhead personnel and marketing expenses resulting from operating 7 fewer stores, including the divestiture of 5 locations to Camping world.

SGAGNA 本季的支出從去年同期的 4,900 萬美元改善至 3,900 萬美元，主要原因是由於減少了 7 家門市（包括將 5 家門市出售給 Camping world），從而減少了人員管理費用和行銷費用。

We expect overhead and SGNA expenses will continue to decline as we continue to make adjustments to our cost structure and complete our divestitures of 3 additional stores to General RV Center during the 2nd quarter of 2025.

我們預計，隨著我們繼續調整成本結構並在 2025 年第二季完成將另外 3 家商店剝離給 General RV Center，管理費用和 SGNA 費用將繼續下降。

Our increased gross profit and decreased SGNA expenses contributed to improved operating results. We had a loss from operations of $2.3 million for the quarter, which included non-cash impairment charges of $2.9 million relating to indefinite lived intangible assets. Excluding impairment charges, our results for the quarter would have been income from operations of $600,000 compared to a loss from operations of $16.6 million in the prior period.

毛利成長和SGNA費用下降推動了營運績效的改善。本季我們的營運虧損為230萬美元，其中包括與無限期使用壽命無形資產相關的290萬美元非現金減損費用。不計減損費用，本季我們的業績為營業收入 60 萬美元，而上一季的營業虧損為 1,660 萬美元。

For the quarter, we had an adjusted I loss of $4 million, and improvement compared to our loss of $18 million in the prior year period. During the quarter, we reduced debt by $145 million comprising of $95 million in floor plan debt, $47 million in mortgage debt, and $2.5 million on our revolving line of credit.

本季度，我們的調整後虧損為400萬美元，較去年同期1,800萬美元的虧損有所改善。本季度，我們減少了1.45億美元的債務，其中包括9,500萬美元的房屋平面圖債務、4,700萬美元的抵押貸款債務以及250萬美元的循環信貸額度。

All contributing to meaningful leveraging of the business. We continue through the year our focus remains on strengthening our balance sheet to support long term growth and stability and to continuing our positive trend of improved operational performance.

所有這些都有助於顯著提升業務槓桿。今年，我們將繼續專注於強化資產負債表，以支持長期成長和穩定，並延續營運績效改善的正面趨勢。

I'll turn the call back to Ron for his closing remarks.

我將把電話轉回給羅恩，請他作最後發言。

Thanks Jeff. In closing, we've made meaningful progress against our stated priorities and the early results are promising. We are committed to continuing to execute our turnaround plan and to unlocking value for our shareholders. Thank you to everyone for joining us on today's call.

謝謝傑夫。最後，我們在既定的優先事項上取得了有意義的進展，早期成果令人鼓舞。我們致力於繼續執行重振計劃，為股東創造價值。感謝各位參加今天的電話會議。

Ladies and gentlemen, this concludes today's conference. You may disconnect your lines at this time and enjoy the rest of your day.

女士們、先生們，今天的會議到此結束。現在您可以斷開線路並享受剩餘的一天。