CWH - Earnings call transcript Q1 2021 | Camping World Holdings, Inc.

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Operator

Good morning, everyone, and welcome to the Camping World Holdings conference call to discuss financial results for the first quarter of fiscal year 2021. [Operator Instructions]. Please be advised that the call is being recorded, and the reproduction of this call is not permitted without prior written authorization from the company. Participating in the call today are Marcus Lemonis, Chairman and Chief Executive Officer; Karin Bell, Chief Financial Officer; Tamara Ward, Chief Operating Officer; Matt Wagner, Executive Vice President; and Mr. Brent Moody, the company's President. the the morning, quarter that and can found covering was financial press release on be this section issued a in press company's website. XXXX first results release the A company's Relations Investor copy of call Reform Management's Litigation statements within Private of XXXX. contain the remarks may forward-looking of meaning on the this Act Securities business and financial of covenants finance performance. -- our industry remarks include results financial trends; Strategic These and on our may abilities our liquidity financial statements our Shift; COVID-XX regarding future goals, condition; customer and increases financial our our compliance anticipated with opportunities; borrowings; the business, plans, and impact XXXX and on our in important from indicated in as differ discussed the these reports in may the Risk materially results Factors with file Actual other Form SEC. XX-Q those and including Form factors, XX-K, section on our those of by various our statements a result including the undertake and to statements and plans we them. regarding no long-term represent Any as today, only Shift, forward-looking views update Strategic statements, of our to obligation related costs our we believe be to to Please adjusted that adjusted assess per operating and financial which such as will today's important note referring EBITDA, EBITDA non-GAAP to earnings diluted, performance. share measures may also be on we certain call, our investors our Reconciliations release and to financial GAAP website. the in measures are of included earnings non-GAAP financial on these most directly statements comparable our the are against results All quarter XXXX quarter comparisons results, of XXXX our otherwise made first unless noted. first over the turn call now Marcus. to I'll

Marcus Lemonis

the for about. are clear since a and really people thanks country Thanks, of Brent. especially with us pleased out morning, QX for today. joining chunk up that results, business. opened has we're and everybody, It's Good good Look,

continues that start our explosive to me growth. Let reinforcing have by business

we our trajectory last over the experienced years. what be XX expect to to over XX We similar years next the

get company earnings. As management team, billion we to are how annualized on $X we our a laser-focused of

there. we how plan to get Here's

new expand greenfield acquisitions to footprint locations. with our and strategic will We continue

will system base businesses and support ecosystem. combination to grow our acquired Good centers. new service, We installed Good our on annuity Sam the recently and continue will through of soon-to-launch Parks renovation our enhance Sam These high-margin differentiate businesses, reservation similar our revenue, Sam in We existing data campground our will and network platforms a This oriented expansion focus to Trip core our our peer-to-peer also Planner. technology Good in marketplace. collision

an We vertical have and outdoor time to continue and will and fintech to enhance effort our mostly margins. and in the innovation money invest oriented integration in other RV technology, and drive of chain the supply enthusiast

call, sections. earnings last broken up our with As into today primary will be X

in Let's summary, to with available million, start $XXX.X supporting of strong. $XXX.X increase EBITDA was information QX our and with same earnings XXXX. XX-K continues million improvement from was high-level for over to financial income compared release, million, be QX a QX Adjusted for Net today's XXXX. detail QX quarter additional and demand Consumer million our $XXX.X year. a last in was the soon-to-be-filed $XXX.X

the for billion. revenue was Our quarter $X.XXX

is across pleased of growth. the experience all to quarter. of leverage our the between had our We is team million end of on which net continues net that the website account. offset We're announce respect and to $XXX.X most At to at cash for strength continues -- balance capital our brands cash, announce $XXX.X management quarter, at working the cash improve. us to broken $XXX million an the floor X.Xx million equivalents debt of sheet as our balance metrics the of our of we're One million. our that a and significant of up to pleased our additional performance, was important With leverage sheet, operational end $XXX.X and plan in initiatives activity

user website XX XXXX. improvement ending, million quarter nearly sessions, of compared sessions recent of to the an grew QX XX% to For

successfully have and used respective their values. customers provided we've our units, already long-term This to tool, the their Valuator tool value receive company's ability plus XX,XXX Sam Good viewers guarantee inventory. our source We for will RV greater launched ensures that

for a to As $XXX time online year. sitting from from up as as example, of store. have of well and pick buy around of matter we and as buy inventory the today, ship I'm that of to million fact, $XXX million north with are we used online compared launched last thrilled store same announce

announce out As revenue, progressed RV can our anywhere more over footprint, improve have we the totally the XX in that Utilizing potential XX are facility, reduce delivery and in nicely actually stepping buy unique of states. we allow online our in acquiring nationwide, or a a and country. to costs. physical We the times to own of facility a we expansion land all in take to we launching national as proud that see targeted to XX drive these currently purchased the to finance With customers roll digital am XX shipped dealership without a shipping massive in be of expect our we delivery features, and foot contiguous location. states, I into to process regards models building infrastructure

recent some We will complete this time. at

service our of a service of early both proprietary independent as This will be Sam Specific markets made development well operators, and kind will locations that progress network. own We in comprised have significant facilities. launch one of fall. our operate test as providers brick-and-mortar mobile service folks with Good the marketplace

things increasing a between adjusted the of we've over additional low Based strong all side currently $XXX talked and earlier, footprint we that to continued locations. of locations our on add year to and plan mentioned part current collision with XX full side collision We collision business as to we centers our of revenue XX to centers on the QX million to in renovation significant full experience are $XXX operate EBITDA estimate high just about, growth very XXXX our As million. of margins.

may call dividend the I Before annualized week, operator we Q&A, you that last seen our increased share. $X for a turn over to the have to

ex one yet While date firm for is we our even And brokerage May QX been showing QX idea of of ex the announced, of payment XX. at date have from, that came X but we we has where or dividend haven't a date an least no May the date and not declared our this dividend noticed payment dividend dividend.

Board We announce our declared will by when Directors. of

Q&A. Let operator over me turn the the to call back for

Operator

Instructions]. [Operator

Stephens. on We Rick question to Nelson will move of first our from

Rick Nelson

location. XXXX. like a situation. on to address start the are dealer see Congrats inventories Marcus, to I per great down XX% inventory I'd

the you're do earning you CPUs improve? with those you trending these that today, outsized when If as and you of expect see catch up inventory where speak flow to could supply demand inventories to

Marcus Lemonis

used last demand demand tied RV into because new don't unique there many on able there's had for doubt reaction. people to XX-plus that Look, COVID based Yes. people business, to that our to are our day side, months, systems up. we up, disappointed the sheet, no several was an is more are we're single us we solely of on every seeing And tap grow of the that demand our percent. I allow lot we wake the have seem be the a a about that inventory of parts breath. the balance evaluator the proprietary the country explosive that which shortage of and strength our to of think of But size is other back But the to that because database, up taking thought many, of inventory. We're been opened because and a inventory tool doesn't

where as it have it We America. that products competitive that that material X, good on idea be are a we're in to have where no with shortages And placed the as confident to XXXX we hearing relates can shipments, advantage keep but the manufacturers can up that to doing are advance, our X they they're The is order to going produce news we're is in industry demand. think receiving the land everything a the new rate in as we and year at I there good inventory. for in X, months probably every some side, raw

the a a we the Rick, at important demand curve. that all-time it's As are high, look of and while margins understand supply to an they're function simple margins, really at

the be down. if the demand, margins may that was supply come and meeting greater, So we'd

unit, And on a we're margin financing margins to feel that directly either the about There's portion. unit the per we margins, And like components or we're there's we that's going make gross profit trade the end, in But so going to mind there X back unit keep the make attributable front to trade on we that's basis. volume talk margin. of are on the we when the that the the margin itself. end that to

have X we the a get when front-end may increases, a margin, larger a smaller start so back-end in will but be volume margin, so And inventory, the of we as range. we'll similar more have to combination

We the opportunity. aggressive maximize in that do single to single balance have best as procurement, can to we're every our expect going single dealership at managing the be to to to in have progresses, continue we're year every and the to going day the of used every we transaction

We game. volume a in are not

a in game. make-a-lot-of-money We are

so And address if that know I that. don't helps

Rick Nelson

color. appreciate I've are that noticed ramping. really That's terrific. Acquisitions, I things

I counted date. XX greenfield to or openings stores acquired think I

you're seeing be valuations? acquisition helpful. pipeline? of speak If What the would could you to environment, the in That terms

Marcus Lemonis

open or when to business, improve process. obviously always continue human absorb attractive We new accretive X The And that to year. our opportunity to stores that obviously want tempered also to ability is and XX itself acquire of accelerate that. the to that acceleration want standpoint. from to said that a a our with presents capital and it's We have we we'll

making at let's As we XX and systems, and these were us able quicker open we more say, technology years for a ago. it more invest to, and easier operate platforms locations in it's integrate to pace to continue than

coming can seeing Our more than probably robust XXXX right of other out it stores is ability maybe to the than recession. I remember the buy

that surprised as deals. people for volume In overall opposed of though, not have high looking seen to we're of any out to us these going that seeing we're quite multiples we some coming in cases, We their a movement paying the business. in calls dramatic blended sell are

of struggling that. of inventory they little And bit need I smaller the the a are kind get seeing more we're be dealers to people that sensing we're think to struggling, successful. are

states. that businesses markets we are outdoor the want contiguous is very We sure in or game want goal believe very of focused. sure make XX more. we that XXX top Our ripe space. in in the make locations in want particularly clear we're or being our we're make for sure that the achieving to growth, building that plan to And markets We to and we're buying

have that either about as there signed in announced announced, so told discussions all are we a under as but we've land have not a been that in signed to transactions be under or And that deals well of contract series contract. or as you that's the about additional

an as over cadence couple We'll a summer, as expect everybody months, could slight then back knows, additional late adding get of and at new in the you So anticipation our there'll probably we beginning next the of we'll XXXX. in take back go the year through be pause of announcements. of the key it and locations selling the season, summer of half which

and technology As my our and continue to to we while to grow billion it goal think each of collision in do things the in to revenue And at grow our grow the find to our organic $X peer-to-peer biggest Good quarter-by-quarter goal way future. our on pops and try and networks, foreseeable the business and generator the said location we a our we'll and that Sam is there grow in still business margins We our of acquisition earlier, we're are to best execute are it, and business to can earnings. team's add basis. the to grow

Operator

our next Research. Safalow We question PAA of to Brad will now from move on

Bradley Safalow

I really had two.

as then the about as you you've time up? the provided on platform, thinking will grows? Can required First, it with you rental And you're notional how economics the business that line. some that ramp be rough about of level talk us investment of

Marcus Lemonis

to the we're disclosing the launch. vest. you. cards until a regarding to out to we be in here's We're what know different and some competitive will space. that these tell our We keep peer-to-peer things know of that their is not to do competitors business, But very We any trying going very close I market, going the with information this are

our corner consumers and our our single are retention of every to that We are resources business going we to this available. going our use launch use and have readily of the all to tool to resource every acquisition, ensure inside our are belt that company, cost of made

that's to not our it. the that's done different up that I whether It's in this different we million our XXX want boxes. existing space. that, already north be, because whether in our platform, is we we death the previously or expect ability reach service And both traffic websites the years. balance our nationwide, million members reservation like RV customers venture to to that We one But whether have in guidance, that we existing are most many Sam store, a as that's generate we XXX whether a we for combined buy business into don't costs X.X what us couple think with that that's purchased, X because I had the the more And online launching our factored it's every a database, for of whether call that websites this locations what for reason our into than pick be business a be mentioned XXX-degree of XXXX, it campground expect store of number. have centers to have marketplace roughly the that's platform and X.X to we can already we of -- clear. from may mobile launch into We our done profitable quite of ship have Good easier earlier, tap those. whatever frankly, defying the first in and associated operate, lot us

want of we want launch, about sure But make to fully that control can those sure want the we the be and all load the take things. and to system clean gotten possibly is as we bugs that many of we've customer market. tested to launch make we'll it to when we and of into experience prudent onto we rid that before tap very right, So the units as we their clear and nationwide,

Bradley Safalow

understanding retrenchment going and is question a high-level second and frequently. I say, demand RVs the do I let's reason camping continue question, to a really investors demand in grow my of then the you say it as want call because with it's whatever view time. some for for normal EBITDA to for what have I the think let's for about And Okay. for that one period period more don't time. baseline of is it's But of to speak the company, demand a just experiences we of And

company want lot baseline I of think think the a of you changes? investors bigger that the all to understand what generation much have base. a you've through dealership do now, You cost given is gone EBITDA these

recurring with service You've network. the so and you broadened out do the obviously platform, rental streams, will revenue the

in the what think kind given say that all organization? in changes power are are, to I the think investors the instead baseline understand be let's RV having EBITDA let's happened have shipments scenario, or business of the earnings what XXX,XXX would of is say, year, that currently. a that we're What you shipments seeing XXX,XXX of

Marcus Lemonis

to because that It's backwards predict like I what see RV me anytime going hard soon. demand look would don't for

of the and assuming we've that is that it is and And and how in grow at collision, Good goes guidance revenue community the from marketplace, the the so from here. has And finance, my our to RVs profitability sale simply is base business, answer layer new it the our foundation on Sam industry. provided, continues with we overall risk business we the at preowned, this the oriented the want then baseline, the our short in the company. numbers we that to our stable When that never believe, comes look you bolster you along our you installed have look recurring that from that that of into down, model service, history get revenue which in we parts, the that installed our of entire

go the back the answer new just business, up me whether to made if by at would business the to it drop that out gross, with that not. maybe XXX,XXX really new assume be I some but of or business. can't then business, say, it the required scientifically, and units XX%, used you speak relevant we will So But to take will look

we that look And tomorrow model business what the us have forecast if just anywhere on so like. in dropped, and would to because what the internal like think today looks for don't documents like looks we our what we're planning

Operator

our to of We Brinkman Ryan now JPMorgan. question next move will on from

Ryan Brinkman

quarter. strong Congrats on another

the given EBITDA view Just be particular, maybe delve a 'XX cash type outlook if acquisitions return curious or I'd share of that of supply dividend, could more recall realize interested, opportunistic little opportunities And are materially any kind vertical but the to your free of being such you fintech as capital further for program cash flow I relative remarks how have acquisition the I outlook, on into discussed higher Investor of just flow. increase you if repurchase for I'm chain possible the you or did deployment that integration. those opening still shareholders, regarding the the bit in to you quarterly at updated weighing alternative Day?

Marcus Lemonis

answers. team up of clear the going continue but to It's of want two our that our improve grow best footprint. as really me hard existing a what as a to team, free Okay. want highest to management and and I'm Board, also as performance we cash footprint, that our figure to out to we flow is. specific split we, to the very work into a use Obviously,

management than is question we amount ones. balance analysts and mean on invest the that we're X doesn't public as And in the share in That it making trying to importantly, wanted improve calls want that continue I team, was that our space, make look at amount into at we to our we we XXx out mentioned, it's things ourselves that I But but our All really well. platform. ourselves to a million continuing ago, other trading we north buyback, as that all XX capital than continuing them, in time business, are and the already better doing are thought quite auto a most thing we differentiate $XX to and to we dividends that call peers. technology, disproportionate having time qualified I new that gross to one authorized expect, EBITDA And of of by important we $XX more X nondealerships, the of investing or the to that to that really that the do and acquisitions the hiring dealerships of about those was infrastructure forefront. through share get think, at on frankly, higher cash to types we're peers in to like the looking at We've both achieve of margins about from million rolling sure want sheet, and, our that so think them buyback, than are systems, the better think, money million the as what margins those folks be have differentiate return things. simply those spent last better. and much investing have company, $XXX just We make And all people accretive fall. delevering the of issued, really

looking to in term. or it. inventory, So we're very we now, to to going either right at invest we to year. or for have other need used we're But more beat And I use do acquire don't focused numbers the think we're short just to than trying always that the buy on capital get whatever answer our an

of we're technology, rate; that: three, think innovation whether making. that's the we're we're type some other better of we getting really RVs. of we want of part We feel a take online next asked we be industry. like that the or to of we're or the have set to process side set and to be that procuring other have the pace big And the since supply about whether a A, We know question part into a design part better idea, You entire through we into selling the we RVs margins; that ensure furniture sort ways the a generation like tone have that's an that become process. product investments about really having another through of electric ability trying the the to represent for chain and that to enter the tone to of of responsibility completely we the and And vehicle, know And industry. new landscape that's whether ability to at appliances for dealership. ever to we step and a two, without through chunk

business. we make the what and we're and making that investment, think But an LoanSnap. what it our other of material to investment largely made called investments. size made And simple to a completely business, we to investment a platform, our number platform, are teaches finance transact we into see to learn we how the fall, of And opportunities online. future a to but don't ones. making to competitors And the are fintech finance that We understand was that's want sellers So that because really I own company furniture we're we nonmaterial acquisitions want out there. customers last and other

to so we And our disclosing level point, that. those, keeping do those we're we vest. this close will of feel as comfort definitely at the But

Ryan Brinkman

cetera. just RVs, more then RV some historical people being the versus of higher interested being And things demand remember the I drivers around in were the maybe outdoors, emphasis including of discussed, time et structural on Okay. more lastly, experiences IPO, on than younger

past experience create the another think you might curious shift. Just over year, if the

plans of XXXX try any to know, not any XXXX? people, RV do about RVs beyond normalized or I active life? kind keep have or these might have maybe thinking customers who purchased the don't demand lifestyle for otherwise programs you as, to in perhaps the sort you're of well for were differently And If pandemic attracted newly an to

Marcus Lemonis

a great That's question.

XX, maybe more felt the last a we Sam over to be years build was starting years, saw momentum. X when continued shift we that, to that the buyer really XX and Good than ago buyer So than to younger even different

earnings, so to expect of experience. buyer, younger a have They that As platform appetite billion and different of is going XX with finding experience. products ability finding really This also out coming there spend we is RV the without traditional outside store, hear a finance people. digital we and our but more more know and new going to completely new RV the disproportionate much more how to nontraditional why money, getting capture that the us decade. think into of $X co-develop younger expects the innovative the products. And requires online the space in about buyer And are we way about with our and and next innovative digital you there tone currency, talking buyers. us of states of to no we our the for it without manufacturers a we've our goal our get amount to set co-develop In digital we think manufacturers seen space really of a to

attracting of retaining part believe newer experience. not buyers, those giving them so younger is those we a them buyers, only different And but

places we to things do in and peer-to-peer or really supposed supposed And how it, curated know a booking we And to being long shift to to next new differently. see experiences want away. we content, XX whether recipes I have to years have tied print, in buy -- you'll because supposed both our that systems, and investment they're and but as their adding we not to technology They video, what platform for like just what they're visit. experiential with X things up core drive necessary to company, the to these use something and campground attract think coming content want don't to audio, our ago digitally they're digital, an They that's people we the know into or both through an made know over customers. that business, largely print, audio So want purchase. too

most There's we that in that last we lastly have world the continue in XX, that take us things modern. revolutionize has to demand talent demand. even attract people see experienced the always selling experiences trail understands differently only everybody fresh that believe because everybody days, them. as and of surface. filled did their out that from data to The have out public, is who to the than we're RVs sort to other something we thing we and the think the really remind raising into seeing been the that trying to talked XXX,XXX corner I have want produced industry as is we more just this bring be do XXX RV that XXX in the one robust it way even that from I XXX,XXX. to do, sort setting importantly, knows I that, companies that will around demonstrated haven't of may new to if say this We're satisfy we're we and we're we roof that to Ryan, We new we million company, and form. to you industry sees scratching One seen and archaic, talent, America that we about manufactured, when not go so census units XXX,XXX the that came think is there's

isn't reason XX-year study our any sure, once business as get. in we're a slight since So of yes, big where that, don't over confident see over that's dip period, why X- you in be while, every we you a positive run. going don't backwards public, But terms look if can we we to how know long going fairly a we're this at always the there's or really it typical. the went But CAGR

Operator

from now our Jordan move will next Bret We on of question Jefferies. to

Ethan Huntley

This is Bret. for on Ethan Huntley,

ones? on units Just opposed their seeing to owners you one of as the here new service business. to choosing that any are sort on current as Are pickup buying business sort fix RV older of

Marcus Lemonis

with wheels payments to card. growth, My I About The to home it people and Good really wheels, them. really hand supply we've rapidly their seen RV-ers let hard of to don't their get just investing demand my the Sam question. rid exist we're ago, and unit." RV and accelerated selling jewel units, new who $X,XXX cabinets transactions. people in unit. doesn't willing weeks you they're their can break not land. going overall units, that curve that take or we to start repairing into because they nice deferred want to are we're is advantage pace are know furniture, they growth new renovating And is new people, their husband going card, saying in housing credit My it party current excellent growing new in our like on launched at manufacturers to my $X,XXX, so but used seeing to I'm like, not investing on X the But And replace. This not going the from exists values see for An with be in wife much and, is And want their me. private a seeing let me. the put to they're in largely floors, of put like home have in only "Look,

to have our portion which nice numbers. last seeing we're retail the So see over location improvement in are Lowe's to same starting months, and renovations We're of Home starting the the accelerate. in is XX really Depot at resulting strong business. They thing,

think sell And a we're in value the they anything to and to are them units than else, that procure I for ability that seeing consumer they'll up. I our has hand been up, having for our And don't think want knows just pay ability people tougher, the it fixing little to if because been a little consignment them, the the up tougher. it picking to business, we get their they seeing it's we're bit money today. price spend want, more

Ethan Huntley

looking thus throughout far provide on just quarter. provide then of things QX. how one you Okay. color Great. of you then can And anything cadence the on in are can sales on sort here sort the any And

Marcus Lemonis

continues in days we quarter Overall of May. be first the sales and strong, data as are of for to couple both the

it's I of maximizing the transaction. each earlier, -- really I said think for it's us, as profitability

quarter, a you inability supply inventory leads the hopefully, take fourth on our care the next time you We And to think the chain the get. basis, feeling nice on several the curve We a the fact our a expect customer reality, RV. we've wants the for our those X uptick, to see hopefully, if and that we're is there's about over by in got next But is guidance why on We itself, some a easy end, that third, factored to also to of in good end is to our fixes we as procuring daily going some which And the our fact frustrated there's it. that the tempering see want But are inventory difficult provided, months, that's every low a that I supply second buy stunning. be an for pressure use. as and I that we'll demand in tone by showed of single focus it's we're in the months. be X, -- they're and high sales clear numbers. quarter obviously not numbers. that our

Ethan Huntley

don't sort then housekeeping provide sales question. to general here, if there you just just on are percentage the can first time But of And a Great. color you of that is mind, one any the buyers? last

Marcus Lemonis

can internally. mean difficult. don't system work like way collect the trades our It's that harder privacy it all we the and we'll we've We things we would them we in make that, seen rules But more with that if necessarily provide information to of number on before. color. don't But I based and like. track assumptions

Operator

[Operator take Instructions]. from We'll of Gerrick our BMO question Markets. next Capital Johnson

Gerrick Johnson

are I your that prices vehicle or think XX%. pricing new to vehicles side? bigger mix on the Is up

Marcus Lemonis

combination go required all a nature. not improvement with I customer, we're of they've to ensure shoving We've it on improvement. two channel, some on ensure through supply commodity the it's we prices have of not in up, those and the price would broken, it's them -- a improvement, pass is things we're stunning When of a some margin metal, to focused wood, been increases. been that of say It's those seen increases. very manufacturers being of and combination but to through to working very margin margin both commodity closely and And things. the curve that both addition

Gerrick Johnson

the And used on curious in number Okay. vehicle you inventory, had a if units.

You in like gave used. us that looks the dollar amount, but wondering what units

Marcus Lemonis

in the we stock? how for how quarter? sold And we Or many have many

Gerrick Johnson

let's way. put year-over-year, that comparison it the Well,

dollars, in but were unused XX% up would look in what like inventories units? that Your

Marcus Lemonis

or don't of reported... up we I terms revenue our down, In being think

Gerrick Johnson

no, No, not revenue. inventory, inventory. Inventory, no, used

Marcus Lemonis

in Is that million have And stock today. $XXX were X,XXX this time We approximately last now. million year. right? of We're right $XXX units north same that's We up.

we may is do allocation -- our count on by new One from so largely B, pre-owned or $X,XXX, up. to manufacturers. that C, cost A our we so be to business, thing the side, Class $X,XXX diesel based as destock expand starting with on the continue average is are And up the

Gerrick Johnson

Okay.

up So your inventory vehicle is used year-over-year?

Marcus Lemonis

year, $XXX million today. $XXX last million

Gerrick Johnson

what has on up lastly, sales. over it the the unit in XX%, said Wondering recent And new Last wondering trade-in this Okay. quarter. like you looks it from quarter, rate been XX% what about was most summer. your

Marcus Lemonis

XX%.

Operator

KeyBanc move Capital to next Brett We'll from Andress question our of on Markets.

Brett Andress

late on maybe so down there to new XX%, if quantify feel are is the way inventory you But any in table? these what you you the And vehicle hopped apologies location on quarter? the do like redundant. sales any I with left per lost here,

Marcus Lemonis

while readily, get decision we're actually you definitively table. commodity maximize we we profitability. So on know left yes. when single is you can but think we in had sold replaced we but don't the right? cases, definitely don't inventory, quantify if we have looking We our would did. that it, transaction own made don't at Had have know But I to more every can were I the margin, you holding we answer more, clearly, the a some valuable that also, what

have it, and that see satisfy a now indication have right and the tremendous, the we see preowned. we through only which you to really then heavy is a of to better as you'll is figure I of see get we'll that think continued this that to in demand, balance tremendous why in struggling out how And on we lean amount of a try essentially thing year. lean we're the

Brett Andress

Got it.

And acquisitions is the as guidance, look dealer there up is updated you've then at the contribution Okay. that the we made? from any frame way what to recent

Marcus Lemonis

no, know we announcement, is, You I And acquisition in appreciate this part not the they today. challenge, but time. the and make fade you know over of what, actually, can really

the licensing now a some so next announced DMV used closing ability been be And XX XXX be to days. XX working of some of What process. to going to in that the to longer XX months the get we've home, from ones be last has the could with are days. in the unfortunately, much XX And days

So have in out that really they'll baked it's time. we on to that the as through we'll for period hard of provide looks think been for But like. it's meaningful. map because to be us think part I of year, what able get we color But a latter more the

you do try we'll in So best our the third to or clarity fourth quarter. maybe give to

Brett Andress

it. Got

fair baked those really guidance to that you right your maybe it much is have into don't say now? from So

Marcus Lemonis

I prepared have breakdown it that is. guidance. am not into just No, what we our give exactly baked you to

Operator

from [Operator Alder next Marc Instructions]. We'll take our of Lane. Cohodes question

Marc Cohodes

different one Well huge that question things people for funnel? anything Safalow's has far very answer is a shortages, the are plus that done, and that window Marcus, well manufacture, now very top it's of in the can end this demand done. of it your outpaced way to Is

Marcus Lemonis

ability is it material to think, just clearly shortages those demand isn't itself. I because outpacing will ultimately, And the produce. materially manufacturer's resolve

way I products you at being quality considerate making kind their that are reputations think thoughtful products. on the on And them to they're Thor, in of they're the we're our look growing. They're end, Winnebago, the least at River They're dealing making. Forest with units. the manufacturers, really of when responsible rely in good in

And built to we year again. current the business, like balance back start need to in, and infrastructure we the to we'll of be so materials get But we just build need come and the invest. the pace our as stores, to through build will pick to up need

talking would imagine that new And and of building about building boardrooms so unit factories to it the the the and of those I new and doing way in a companies, in thoughtful but the is that they're quality they're responsible X facilities, already innovation.

that to ability the anytime is soon. opinion, -- So down see in don't demand see outpacing clearly I don't my slowing supply. manufacturer's that I

Marc Cohodes

did people, that equilibrium follow-up. heard your valuation. thoughts versus the at round $X.X you who've And just Where demand all things And two, year mentioned? that Good what see a some supply you through a with seen do be Sam in private worth? in what factors And Outdoorsy may billion on I

Marcus Lemonis

our tell that. with agree to number. market If disagree mechanisms business valuation to or really share have with deal ability, for that that I'm market achieves the disagrees is anybody the happy for the is ability them. with always board on prove only us I've undervalued. they that else's let put business to use and the up numbers we the to way the our believed buyback And if and our other works that that

speak can't so that. to really I And

your but also first question, optimist, believe are that good we I'm In I terms scientists. of eternal the

by products, talk at it. that believe many decades from know year. many, industry RV industry ripe, as the now. -- to have we different that like dealerships this and sounds new told from in And unbeatable. will COVID, a 'XXs, the that B our $XXX,XXX, we quarter we and X year prove and year we believe at life, the existed in is variety XXX-plus other million small only van the making fab it about But to the And first in next developing the we to that going development not ago. new of new about a think The are think decade or that. our a for with not not it penetration in as products, guidance thing, still since for in an we moat we're this our a lifestyle, we is like in be think has locations, that's laughing And lot buying that And but leader opinion, leader, should the a company, our but look And I of years a management the be just opening relates that industry we our we it's a space. to this ago, as it's that the perspective, happened we around and people we a here which million smaller, we We is be lighter we're stay, the it way, was that of should the should a know the RVs we vans products the invest. hybrids continue way. numbers people. scratch team new been because of at be built always leader, and I laughing

you think our EBITDA if team what tells at kind I we are. you margins, that look of

Our that you industry top line tells strong. the is

Our margins good. curve is tell you supply-demand that the

And tells what and the you kind performance Our and that's we're matters. running. gross margins, the of EBITDA both ultimately business margins,

just us look boat or Good That's EBITDA at look the at even look so need dealer margins. on. And story peers auto, you you or a Sam a it's And the people what when our focus lot of drives to against whether our is at another that business. public or that RV and manufacturers, our

focuses that stable on the base. very reoccurring, business installed high-margin, Our

just We dealer. a our People an RV stop thinking dealer RV an story. tell are very different we're margins that because to need not

Our tell story. very a EBITDA margins different

just over several march we $X continue then, to of hopefully, the working. value we we we And keep so get Until believe billion we'll next years, deserve. towards we'll as perform earnings, that and the

much. quarter Q&A, in of months. you our think and prepared forward reporting we end and I so coming earnings to that's Thank remarks the our the second look our

Operator

your and gentlemen, participation. for concludes Thank this you Ladies call. conference today's

may disconnect. You now

Camping World (CWH) 4 May 212021 Q1 Earnings call transcript