CWH - Earnings call transcript Q4 2020 | Camping World Holdings, Inc.

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Operator

Good afternoon, and welcome to Camping World Holdings conference call to discuss financial results for the fourth quarter and fiscal year of 2020. [Operator Instructions]. Please be advised that this call is being recorded and the reproduction of the call in whole or in part is not permitted without written authorization from the company. Participating in the call today are Marcus Lemonis, Chairman and Chief Executive Officer; Brent Moody, President; Karin Bell, Chief Financial Officer; and Matthew Wagner, Executive Vice President. I will now turn the call over to Mr. started. us get to Moody

Brent Moody

the impact our copy financial shift; and strategic call Thank you, the XX, the goals, Investor of customer press this condition; regarding the XXXX. plans, Litigation Act results covenants; of contain in performance. Private covering and XX-Q the comparable Please discussed also everyone. such in the and represent may our with measures and remarks the financial our other to indicated company's of business measures performance. XXXX our financial These to we financial EBITDA turn Risk be of release our adjusted a increases good section All fourth noted. those on call of website. over from as statements Management's COVID-XX quarter in financial afternoon, within results as obligation these that on and measures non-GAAP those fourth update we in with are business, quarter including fourth a to our may strategic directly shift, our of materially long-term related results earnings industry included trends; morning, the company's include Form section of and results this Form Marcus. operating SEC. Securities December plans our was our Relations XX-K, A these believe to important made that note the be and release anticipated only to otherwise important press I'll abilities adjusted today, them. investors results Actual can be no share statements release EBITDA, views call earnings GAAP our issued are by assess now certain found forward-looking referring as on per in and undertake which will XXXX today's various borrowings; XXXX remarks our on opportunities; of non-GAAP and against quarter to year XXXX, result diluted, comparisons our Factors file the Any statements our of liquidity Reconciliations financial website. regarding reports financial on unless our may and and meaning may the statements future the statements, forward-looking and and costs including ended differ factors, to Reform most compliance financial we

Marcus Lemonis

thanks and us everybody, afternoon, joining for Good today. Brent. Thanks,

Tamara call broken be call additional soon-to-be-posted those with joining XXXX. Chief have our share earning available We XX-K and on into sections: I'm today's XXXX, from summary, to a release primary and results. X Officer, high-level Ward, Operating us today. financial pleased first, the is information both going had Today's also very We in as supporting a well good to our

service facilities, The XX-state expanding second tapping of continuing products regulatory and a meaningful full for our around XX, the quarter sales our section process year for million, far sale over the including $XX goal both will leverage XXXX. XXXX, Adjusted strong ended first at in was including EBITDA remained licensing infrastructure, million. into store. QX least positive the those XXXX march, advantage the has December Adjusted distribution for and on go online the $XXX of into with of and national of so into our EBITDA initiatives recreational was our our initiatives, trends around updates and and improvement Business QX February. some

the and quarter in billion Continued year. of strong $X.X demand $X.X for resulted revenue the for billion

equivalents between continue account. we and $XXX with an cash, We with $XXX cash $XXX million liquidity the quarter ended remains strong, be up of of offset and plan cash our sheet in floor pleased our and additional balance broken Our to million million position. of

Our working $XXX is up year, at million the is from which of $XXX XXXX. the end the end very at of healthy capital million at

the of X.XX:X end XXXX. Our net debt was leverage at

think we all with and make grow updates, proprietary continue about to to our digital not and growth. new to online efficient. our and in our continued experience initiatives Website more investments we profitable more As technologies tools activity and initiatives company our significant and only enhance across but brands

finished see transaction with to XX is and ended with million an that online paperless For technology would other sessions it for grew of allow be development with financing, million, RV along delivery, of continue of auto exclusive improvement to XXXX, completed, XX, user the online sessions. will platform consumer process December home year similar an that to XXX you an The what the online retailers. over

difference totally we be have would states, XX have to sell today, ability announce Our in-person RVs buy would out with our RV in America online simply of and a few campingworld.com our cars online that to new tested with anywhere beta to soft for the other visit clicks. entirely required. both units Proud that within and used we an ability by goods totally simple the check the with successfully at their adding consumer along no

and customers, that We up test, bolster of live beta we our listing when including we're tap beta X we days X focus our April, into and in only we active million-plus Sam fall. May, and receive to RV measure Camping group natural transaction. of to our reside not It to members that late early Good before are renters summer World or the launch for Rentals as million-plus search we and XX in also this testing while We'll be but peer-to-peer tap of inventory for launch. RV final go network doing in branded the strong look brand stages late value a in recognition rentees launching will procure that we'll into worldwide our testing the early security the will to

testing we're pleased beta our our progress. of The the of mobile phase is service framework May and launching in be will underway, app with We and XXXX.

center acquisitions the we're would footprint our both transactions. to launch how all in That's a dealership XXXX, the improve investments map the years. of We'll supply OEM consistent the for to that with support and late called road and continue aftermarket and chain also country concept be of new the of to sale online We recreation. provide our in which electrification existing things to we summer World We're well Electric into prepared those acquisitions margin and as using service addition providers our and the platform both have flow. call to as making across

-- that most the the our associates. footprint, database database of we asset was for our years, our believe customer As we leverage national our important of outside always company

about from level the point only of own and At e-commerce, important a we're the service last Over the XX buy realized, pick owned well land purchase and we online dealership, either qualification. that has well, decades, The very end to already need of development land with been the RV to the prospects our of states trend short to through the XXXX, this a like X this in ship to the change collision we the XX as RV-ers or us installed have as up and that did both and business and that want contract online today, the months, stores of buy that. continue location in growing for acquisition growing of in I'd in all to launch It of states of say those for robust by closing, year, stores in march the we footprint. In year. that is excited our prove I'm growing states.

third EBITDA actually those expected year to We going for than to raise call, the million estimates. to adjusted now a $XXX side earnings be low be quarter the expect on We're indicated million that X% to the XXXX adjusted to like we over roughly side the operator During XXXX. for our greater for call we the $XXX XXXX. EBITDA full high of turn Q&A. between to I'd

Operator

first the from Rick question Stephens. And with is Instructions]. Nelson [Operator

Nels Nelson

you for XXXX achieving and see seeing what and early thanks those that the guideposts Marcus, XXXX. in you're levels. drivers EBITDA color in you the the here during quarter maybe and discuss you what the that, Congrats, on big saw trends around to if as some could XXXX

Marcus Lemonis

half very Thanksgiving the is bell in and of of and stable December, obviously, pretty we throughout our and growth normally QX after of at into the that bulk normally sustainable period, headed the the year. Yes. that December. happen November didn't adjustments curve drop-off November as But see We there back we the saw and we annual see are seasonal what extreme

in to record driven while of mean And those not people by down weathers, shows. 'XX, a and consumer Texas. January a shows, flurry in of with not in experienced first financial paradigm will knew slowdown the I our As our ever go And think that to customer saw tours on we part the our home about shows able do shut risk we That days, technology lost a to driving have there though of to any are safe because made number associates we business. continued before we year and is I beginning of that we for seen focus the using that solely decided used shows, virtual online. by employees that we before extreme other get headed stores a a days we drive to trend us even be singularly those and decision saw as company having for of we shift to that hadn't to in irresponsible we plan was and keep to into holding literally 'XX. and started we And a X to like we with transact slight to us consumer did home digital markets any expose the have of that appointments stay a we people biggest not February.

a continue our segment still and to aren't strong February seeing expect we one that into any in very, see spike very Oddly see March. we any of business. enough, to So

continue centers calls. call receive to Our record-breaking

to centers service Our continue appointments. see record-breaking

are idea we a and tailwinds 'XX. and industry and very driven continued in the outdoor ever popular And well, the strong has buyers it's bit Yes, March that But for market time, out and first growing being XXXX first-time of pretty that little April. RV that 'XX it assist ever been so the and a this degree, while has we to are and obviously, into saw started slowdown for solely our coming may around absent years. good a stable ever believe

others, there same growth. 'XX Yes, As some have easy series in you that even when any achievable see and we than years, into at growth and little take one million reason year, a SG&A April, expect side our over made that in made you but and of comping we number an we years, add be back bit the level know the $XXX and our to years, guidance margin over become digits, we to base. $XXX to of to to years between why always look decade, study we on had don't million. but to that it strategic a have improvement, that we're X the wouldn't if are the in experience easy those easily March strong continual to company moves a XX head very When strong starts double which next average we've number is putting that difficult are of of an a we why we're we will continue softer the you an and the go acquisitions more make continue

across in to too we for to first we'll in that do that, need provide the we get the end the first based quarter As first if a board. us but seeing quarter, But strength we're the it's results little to update on number of that. quarter, feel the early the

Nels Nelson

hearing We're inventory not when today? it extent it per could about see the do normalizing comment demand supply is hear. you challenges. if outstripping there. supply with store. We you your to Good inventory that to And or inventory Maybe see

Marcus Lemonis

that supply the our and manufacturers as high soon, compromising doing we not to If margins the plan All retailers an bolsters back be manufacturers supply, for see we honest. to inventory to what quality. a and excellent that to can for class the not not are as know managing to annualized that basis around And don't, We're decision does anytime totally the year. the making we out and is estimation, both demand, the that demand they're who we consciously overbuy. the decision we economic doing the enhancing are consciously far on for the in who and make job our an exceeds quality of products the speak a both of is we company school circled exceeding But what demand us supply for overproduce of them. balance make the go

I have buy north As existing ended look we expect terms to be we're of we that today, -- when today, several the here in And same-store the stores that. we're not year the order, here growth acquiring think but of we building contract that than under to, have a and could in continue to process of acquisitions, we sit need we XX,XXX on sit only sales that stores. more we'll have add a and with to that our that XXX. inventory of land for bit stores we as from we Today number units stores the the only the couple announced add those, we not around also and little to reasons, at we

may and isn't I the share markets doing the shot, closings facilities of acquisitions to to of the exist. we store, at and technology I and fully we is of is know the we're But by year able have our it or thoughtfully RVs lastly XX it of about XXX% building, control Camping we service we're sure the revenue we've those, that that platforms mistake both it sell the RVs that We be we World of don't process and in we're that summer licensing that will we that it ability acquisitions. we think complete state it's just there's that when every gives online everybody business We the fully to, we reason. locations locations land in in XXX the in complete year. license. for fast-growing for to online renovations and touch the locations add state, us have could under we in that building which have the want market year, that means square our mile remind process profitably opportunities while finish signed an demand by see sure that and our goal our and we where on this to importantly, wide-open to DMV purchased internal that every the have most end city, the every are to the vetted have where add and states we adding where online that and utmost and smart of complete consumers a we scale after side every no opportunistic transportation make our locations is with on, single it, selling our outside make want goal of LOI

We but having process label, no of or states, this XX because that borders. believe finance the We online lies pick that in is to and this is bought customer receive us selling selling will And have in always our territory, execute. including the Walmart business Amazon be to a app more more online, and That future retailers ship of big our mission lane in so still what the paperless, service buys will private up and being shortly buy supporting have company fully from with in our differentiator have all and comply of of XX% wait from package manufacturers ship with we terms we're doesn't a a -- launching lane presence that than a that mobile us. to day northern require is other that able or the receive us. southern and that kind we'll their consumer fully being store store the able who from big-box X point, from in right may live needs so now. That a cannot, to RV-er the be may at that service that that

when the to ends that's don't and XXX-degree RV-ers they service, is to RV bring full service with provide more So Sam other world-class nobody experience, that our the company with has retail the table solution and compare XXXX by evidenced we mobile starts that that complemented what as and do the services that roll-up dealers, you center Good margins we with that to importantly, products suite world-class call can the and the brings the We of. that gross by all think EBITDA margins. table for

Operator

with Instructions]. next JPMorgan. is [Operator from question Ryan Brinkman The

Ryan Brinkman

in starting the on versus Congrats just another trend new sales. Maybe RV with quarter. strong used

I think was that but increasingly the XXXX, also big while of the a year of Obviously, in sales progressed. stronger typically used market as used sales And less sort reversal in new trended are softer. your XXXX, cyclical.

the love driving tighter Does gross sure. how your that strategy would stores? trend, is thoughts is What your imagine And I happens thoughts business, to of love margins I'm on to long the lower quarter. primarily source what conditions competitor used those even volume on continue. not at presumably, up the of you I function if used And of might that I'd incredible really profit on RVs these or industry next? happen just your in margins the so, maybe come do and were scenario? to vehicles. and get dollars a So as down? think ASPs normalize in that supply vehicles, used the supply ASPs And what I to overall go then gross would supply and the used supply RV the what the tighter is Is think side fourth used

Marcus Lemonis

But we into the are we're for what we're selling our made thousands consumer get led will by make where this a a also way. and we not early to our in turns and our shoving not a is turns And just hurt XXXX did things. of hurt on that to was our by used -- we years what values. agnostic what's maximizing used inventory. customer margins. that mean our sure in place capital auctions, we by We're the the a people out be strategic to associates like philosophy, moment best in that chasing launch do situation not at about and on or Matt our them deploying gives used said second, been to we've the for That where by Matt summer, we're is awesome, ourselves because And want purchases. our curb capital. us Ryan. lot, want in since very Wagner's margins have margins a of that it. chase and going We any to Wow, on where a fall great going I've are. we was And alternative not I'm algorithm that going the conscious like to I public the decision, to or other and And what don't values speak that the return in I new we

a when have may lead, the If get seen to used have speak we an Matt conversions. our bit we a out we customer our So chased little uptick have gone we hadn't, and our going closings on more But the a used. in trends. comes store, I'm into and

Matt Wagner

Yes.

while unit point dollar a down inventory supplementary our used same-store what that think regardless it's I basis. we were, up, reported So that basis in a on down a was on commensurate amount important actually out unit same-store sales, information used of that on were to we we

at is pricing we market for So to that each words, we as enough unit, where play, proprietary well units the have value trade-in quarter, inexpensive assign that in Marcus upon tools lean our what and as are points as at we we just other in have fourth to. dynamics reinvesting alluded different place real we in for more

more year, versus this new new from into a our roll Sam have we're where on what of procuring members more we that and as our acknowledge I pursuit units basis. a they our where Marcus agnostic used. see that so loyalty in we're the used much to same-store reward quite But be an being to advantage we as innate Good part we little we're consumers ultimately same-store should unit been that's the that providing also ecosystem. to using ensure that over as a we're able to our all be and on also we And to paying just not dive up what not make So pricing. said, upcoming yet as want selling, basis, that competitors, would to on proprietary overpaying sure appetite to our a we've of bit have aggressive much of regard units continue pay used to fair but technology our set actually we're market into rather data inventory that

Ryan Brinkman

states to potential acquisition store just that certain you then industry And growth? for are geographies higher. they're XX the multiples you you I about imagine for about of I that remind just know versus case thinking the states. of how areas you the vehicle decision more there in Are being for Okay. How certain growth is, And versus talk Maybe not inorganic how organic the you inorganic current are can about store on discussed matrix environment? strong you like organic count trending new grow talk count in or us just evaluating the I there. seriously lastly organic there me. then think Maybe store heard you're organically for type Given the about that about have to can generally. must be the count -- then And the retailers. goes same obstacles

Marcus Lemonis

conditioning acquire looks what we store white and the and make The building do we analysis cases, on offering are, or members we're seeing, us there, dominance chain inventory decision the Pizza the on not put has some And quite is yet side, procurement obvious led all of or ability of or the number part into RV or are and supply like dealership what historically. things with in lead in what every front announced that is the see air So than think to to a multiples that space our frankly, less the things. us based of market a open other our that like, the the deep Good things on to very either Land that trends seen to what our similar an OEMs. what acquire an overall investments exist Sam at I where we've line been give ourselves furniture like, the looks have even data the space to of also

So I'll have really with their procure January suppressed. dealers in reached inventory December as number start those A that. have of to struggled us to being out and business. are sell and Obviously, an multiples opportunity to

true that today cases within will up been of feel side we're amount open we as XX will than finding standard. Additionally, signed we I either de have novo real the that or be added months. traditionally the It or X profitable where and traditionally docket locations footprint well, an estate XXXX, be to abnormal can we X on new where We're land in doing in an XX closed we the is have. we have on like commercial We're land own our XX on stores. building has locations XX. in that have, That our to those LOI only suppressed or abnormal, think, markets to we to

as is it number and scoop we really will amount. been cash human are a exceed as our to take today good pretty to side, And because by the in we has capital up more our We will acquisitions that infrastructure as made flow is new normalized and continue the over because prepared those find XX things. last months, significant we we've on investments significant

check the Islands, the Virginias, Montanas. terms looking markets, In Vermonts, on is the boxes have the Maines, answer at so the the states, first of the Rhode the West to XX I

expect by But that that like could look more we think double a we Michigan. will in have at in us down the opportunity markets to when us, You in for state states every we other there continue the ground markets, end to is of stake the year.

-- Pennsylvania, do we XX continue states, the believe format that. states New see that, we're be it's small doing us format, In Michigan, registration with to like bays look Delaware we'll be when large-format because that. in Okay? space, could where a cases, top vary. in stores like And X,XXX-square-foot those so a other there's X or The could dictates cases XX,XXX-square-foot like In and there's bays you and some XX a store. York, the white where it may it an of at market to store RV X XX we where dictates

we'll continue within to act acquire, as receiving particularly to come centers continue is, store locations accomplish our that are customer to so is we ship including buy added additional costs. want about, peer-to-peer, because not the mini-distribution all X costs, where attention from store. from ship don't lot And improve come They and online, that but talked our with continue I including experience will everybody and to pay market really with footprint share they of being to shipping to that our fixed the the sell and day. package RVs we'll a online, buy lower these the grow that when other to grow grow, money, shareholders' it use leverage to to only we things more

Operator

is next Jefferies. from The question with Bret Jordan

Mark Jordan

Bret. on This for Mark is Jordan

about thinking strategy. throughout the company's progress Just about the there made talk you collision Can progress how the and year? been might that maybe that's

Marcus Lemonis

Matt talk will about Wagner that.

Matt Wagner

I other our infrastructure, in a year, up. have end negotiations, a to we an -- in a improvements comes dealer from investigate larger opportunities know later been to will find have tremendous conversations, existing from made anticipate engaged where of were to And another additional we'll to of But further overall different of hired fall and network, collision this service recently which X and within overall if I Yes. collision the forthcoming. centers a able of of number leader set company X background We've within the new amount business, industry. be be before More entire the actively wouldn't proceeding we've a surprised our year. the we the we we're X

And position. that forward. very confident So moving our will the be business, to a about collision we're continue accretive for proposition business think, I continuing improve overall very to

Marcus Lemonis

and business and is XX,XXX-square-foot our to the ahead our every Unfortunately, centers. we're we still are just the competitors not have adding investing know service are. justification up locations additionally the single that and service it bays new and builds That installed we're go collision Because on of we rate XX,XXX-, continues states. XX%-plus capital going get smaller margin dealers when community and to And RV facility, adding that. add we facilities for industry that those XX and bigger service the day, that that made builds, to at as builds know a locations, some in facilities take don't in XX,XXX-, lead is build collision we

RV have While sell that. to our a may provide opportunity in every service in not is America, at do for least and RV to a America, you goal we to every have footprint

Mark Jordan

I And is Great. question. guess this a bigger-picture Okay.

Electric how strategy evolve So thinking about mentioned And does time? in today, and strategy World the you announcement RV with this do the the Lordstown powertrains electrified of the over how future see space?

Marcus Lemonis

and is never because One local on we've ability get been mentioned asset a to gas the things just secure moat DMV prepared of And really my station. in that's this that it of license I but remarks, sitting we it bit a as at can't I as looked one, DMV at realized, license. your that a you our a is

be be that customer receive to clear got locations in as powered. that in World experience to that will meet at will look the in requirements be and to have the electric limited at may other electric and to is is that, be got to expect to Electric online growing, We to existing several a next that apparatuses launch the you sell bikes. I XXX-some-odd that would nature. license. everything have all and you able all years shop-in-shop and to go We selling that we recreational selling World I the want electric recreational hope we be electrified, about Today, pontoons. Electric to as facilities electric You that everything not RVs. and are over our place got instruments place a proper

but trucks, at us we to future point that we company, for sell and that the travel because be may sell car pulled. electric an not are need some have in We the trailers fits electric to opportunity

working a incorporates not frame, a just pack. to RV fully also that are electric create the battery We adding

would up of things. of launch that us as you coming to you're expect, out come late the in assortment to collectors But July the with there. with in pioneers everything and our that's are first I other when We a process of XXXX, full the see going

Tesla we are, ACV, pontoon those whatever are is has that between their moped a every a Chevrolet movement an ability that's has or to is branded electric the truck the whether of seen with Audi that isn't that to special an a a RV regulators team the provide a One or or in and registration a and things And special it. in in manufacturer come of or those the bike a We've can because company putting things OEM special full states and that with it overhead. the fixed will platform with or no today a full challenges a our are additional licensed experience, with our training, center all requires that are already experience opinion, that body, battle only a difficult. overhead distribute like or anything dealer of America inside call we with America, in to that dealer the service or sell

will see could visit. location to So of late July in expect to which We'll you able announcing XXXX. be or locations be that you

supercharging platform. to national are that, addition we In with a partnering

months XX can the may as vehicle trucks, XX cars, locations electric market. RVs as in other over for have we that at any to is goal possibly to come bear to and Our many the next superchargers

that part strategy more have. company is of really this we responsible a of All

XXXX. sand, that, certain so into certain drawn documents. we a and require the paper, eliminate company paperless it as of things and by financial social and in of goal titling to But contribution part goal full and part digital green be to a line our paperless the have marketing to only that XX% And of to tag are is move there by like by and XXXX. And do our or be end have paper and is our that 'XX

Mark Jordan

guess last Okay. I question me. Great. And for

ask quarter, on a try what it's you ask of have every something do to we but first-time read might think buyers? I be mix the or

Marcus Lemonis

uptick an see summer. in see today. volume finally We a Do our we point to you to number, Matt? starting the low in as We're did trade sit give want here that

Matt Wagner

time actually bottomed confident, and the see back a improvement entry into around or of be, That sequentially, therefore, which in we continue trading which We future quite sale nice and consumers lower improve at trade-in the and then, level rate, we a segments, rate. can trade-in yes. for year-over-year inventory which you'll moving in where these XX% not to Certainly, was that quite forward, uplifting yield many hope price used to seen out July. we'll And least is at since year, about means average next respects, higher about greater month-to-month. June, frame that of up, in see, lifestyle by then, too. prospects I'm the We're a going we've trading

Marcus Lemonis

that of I point, not just on product as this our high It internal the the do I'm rate. is our The then we stand go we the certain debate RV know we the language want going history, our e-commerce with we to and that that. remind lower and growing we're that. our money same of average the charge of they on this we They're executing manufacturers, prospects of buyer week people If believe perceived we want It And and lead number in that need white up that want X.X only want product first-time the side did people rest means store our down space next of partnership company. to the that to in that the drive intimidated new things double we're down enters greatest while average the XX the that and have take development good to as to spend starts internally is we to that our a be buyer full we on long-term do by that to high, to to may we're like do announced a on too our attracting that things, to we staring part really million-plus really on that initiatives first-time company, every industry, and Canada, us, example going make to development, age language, buyer And space. to And of the we're continue both at through put and at year a our electrification own age and years not of RVs populated still in look Spanish. in a And front it's country. is ago. all means year. single in border, this And year, also, at initiative want. and industry a to XXX the million as experience important through looking opportunity. this thing And than in latter in

And them, see some want buyers. we and North scope maybe we American to frankly, in saw months. RV-ing just country and of we're of of to have So our we reaction. for different them And been People COVID yes, happy not that here. continent the XX more as next to to first-time diversities and, give is the it goal years. more find mine is quite And everybody RV areas a to XX to of different XX them. the we're see try happy

Operator

next BMO question Johnson from Markets. the And we'll Gerrick the Capital with line take of

Gerrick Johnson

trade-in to wanted July. I do on see I think in have ask, Then follow-up June, now? I the you number used. XX% said is a you what Great.

Marcus Lemonis

Matt?

Matt Wagner

pretty It around the that into year. was right year, end heading XX% number. it's And been to consistent this

Gerrick Johnson

then LIFO you how Is for account And or Great. your FIFO? do inventory? Okay. used it

Marcus Lemonis

for account we used do How inventory?

Karin Bell

It's FIFO. It is a specific identification FIFO.

Operator

Andress line is Brett question the next And of KeyBanc. with your from

Brett Andress

you but state-by-state states think today? what and too but alluded not familiar many sale margin then I'm traditional online-only between can in actually a earlier, to And this regulations, So differential sell the I is online-only how with you sale?

Marcus Lemonis

state, If that a permitted to that unit possess a customer's into not Department you title tag, Vehicle or state. you not of sell license respective Motor residing in are do

putting every and requirements title pack a it and And gum a shipping state. box. not in like it so tag it's single There are of buying or in online

sure in is, our up that put we put big so -- a barrier that And up not us. trying opinion, front of to we're in make

Brett Andress

then margin And differential? the

Marcus Lemonis

The same. at lower could just be even but that. it quite And not higher, leave than. it I'll frankly,

with Because may be doing to in confines to we experience digital They a the one-on-one I have have store model not a perfecting to it. there expectations, would driveway. inspection, easy it's of one making that it have delivery way. your and level. to home doing not historic think the preferred to And think months than paperwork whole we technology of the at some having do actually walk-through, as them. own lower delivered delivery, you're about They the -- and to as because little that we've not And the paperless buy prefer shipped consumer get accelerated their a the lines XX what by for So prefer thus, appointment, crossing what doing experience we and in the now. state process. better way, the buy cases is for that would an realized side is and COVID on been And the bit the people, that

experience we're to different. so who on And online, doubling that be RVs any everything they And down realizing people and that to shouldn't want learn buy online. everything

Operator

We'll take question the next of with from the Craig Kennison line Baird.

Craig Kennison

gross One that? the side. drove those really that And in is on the new unit How the was sustainable metrics really figures? out and of amazing stood the profit really the what per side quarter used

Marcus Lemonis

future. the investments and things of in for do the perspective side. of that a popularity to stay deterioration foreseeable but in are And demand used that has are I overproduction a units continues up where range Well, nature, we'll types to they're on from asking everybody foreseeable We that and the manufacturer manufacturers these of constrained, to making But within RV-ing the not the what 'XX, and can realize factories 'XX, exponentially we which is buildings that these to ramp supply of nor units. new and margins disciplined numbers. the future. future any and that don't the we point, on the on amount with margins has if available don't of chunk not it the beyond and good both side market see in know ultimately, of manufacturers our the we used the in to sustainable, supply be the that think particularly think making could lead then manufacture anticipate the is us side an for forecasting to I our lead the When of margin to ability and and near starting for, think are grown what in the

Craig Kennison

to should our Is mid-single-digit and just EBITDA XXXX for million thought respect already XXXX? reset And grow the at growth? How exceeds you Super outlook. And then for we XXXX. should from million it what, that we XXXX $XXX an for XXXX. there? guidance the base you've provided to And we XXXX could think, provided with helpful your do in you I EBITDA still reset in expectations expectation $XXX

Marcus Lemonis

able -- to a and where think ever we're we're -- the ever don't living industry, we we're world know, very we living spot is. cyclical know think I predict we you obviously in Craig, this, soft a in and not

pretty average, leverage X And tend the what years now did look very, there's comfortable average I a last we flow the last nicely every XX-year peaks valleys. in been right that very of X- And left knowing on think free XX look And able with. we've chunks. grow tremendous amount to single a how And on so line it to and we're and we the how like bottom and with on is we're calculation cash year. on at over do did that over do at internally years, we we or average

little look grow pretty we the selling over bit, looks and what market of the long EBITDA company down in to then telling we be haul. start the a and of our company company. you into a buying at give a offering digital we base, grew base always growing down customers the will continue these there's are long the the be and Street a we're and how us us out go of distribution aftermarket, from The for there's base our manufacturers while That's to grow how if now our that product XXXX, of installed and supply of of and on XXXX And acquire growth better market we we if efficiency to a and bit, And to size enter using year. continue actually invest back in things the customers term the slows from chain you over to look our -- the we to we today. guidance north EBITDA and at had guide it continue will we the efficiency that to for we're as efficiency get the and think label of it, average, private that grow swaths the as come We believe and we for build at significantly. and new the and flow to business. of when little out expand made softness But of base our cash If margins big then free continue a you dip side the can

Operator

questions time. further this at No

Marcus Lemonis

Okay. we QX you care. and look reporting to forward Thank Take much, very our May. results in

Operator

This concludes Thank for you your today's call. participation.

disconnect. now may You

Camping World (CWH) 26 Feb 212020 Q4 Earnings call transcript