0001104659-26-088835
SEC filingQ2 营收下滑 2.1%，毛利率承压，但经营现金流大幅改善，公司暂停分红并聚焦降杠杆。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $1,934.0M | $1,975.9M | -2.1% |
| Gross Profit | $538.4M | $592.3M | -9.1% |
| Gross Margin | 27.8% | 30.0% | -214 bps |
| Operating Income | $91.8M | $130.3M | -29.5% |
| Operating Margin | 4.7% | 6.6% | -190 bps |
| Net Income | $43.7M | $57.5M | -24.0% |
| Diluted EPS | $0.42 | $0.48 | -$0.06 |
| Adjusted EBITDA | $112.1M | $142.2M | -21.2% |
| Operating Cash Flow | $333.2M | -$44.6M | +$377.8M |
| Free Cash Flow | $269.0M | -$94.3M | +$363.3M |
Q2 營收下滑 2.1% 至 $1,934.0M，主要受新車銷量大幅衰退 16.4% 拖累，但平均售價上漲 13.6% 部分抵銷。二手車銷量則增長 5.2%，顯示消費者轉向較低價的二手市場。毛利率下滑 214 bps 至 27.8%，其中新車毛利率 -286 bps、二手車 -397 bps，反映成本上升與產品組合轉變。
盈利質量方面，雖然淨利下滑 24.0%，但經營現金流大幅改善至 $333.2M，主要受惠於庫存去化 $255.6M。Q2 計提 $13.1M 長期資產減值，若剔除該一次性項目，調整後 EPS 為 $0.57，與去年同期持平。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Good Sam Services and Plans | $54.6M | +0.8% | $24.9M | 45.5% | 新出版合作、成本下降 |
| RV and Outdoor Retail | $1,880.9M | -2.3% | $89.8M | 4.8% | 新車銷量下滑、毛利率承壓 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $224.1M | +$9.0M |
| Total Debt | $2,862.5M | -$68.8M |
| Net Debt | $2,638.4M | -$77.8M |
| Inventory | $1,860.3M | -$251.6M |
| Operating Cash Flow | $333.2M | +$377.8M |
| Capex | $64.2M | +$14.5M |
| Free Cash Flow | $269.0M | +$363.3M |