Thank you, Debbie.
On further, Given our follow. release, we'll agenda call, call our discuss be three the won't in we areas. we'll described typically this circumstances which cover what would press
First, SPAC accounting I'll warrant restatement. and an provide the update on
our the our finally, first of business for how And first comments results our on key will Second, a and in Bill second trending is summary I'll provide quarter. quarter. quarter provide
questions. up open then will for We
is April where analysis issued SPAC May XXth warrant The advisers subject SPAC on pertains release provided This shared LLP, the Marcum restatement to with in for in guidance the the impacts SEC. technical accounting, press to third by restatements and auditors audit company's our filing. regarding we and press by the related warrants. company analysis Monday, a classes consultation to release XX-K described restatement the are the independent warrant by two a First, based party XXXX the we on expected of XXth,
class convertible warrants. approximately refer as X.X occurred PIPE first PIPE million to that investment to impacted equity conjunction common SPAC private warrants or were stock transaction issued are shares These will merger transaction. we of in The with the with the public in that
will issued were warrants SPAC million are public as XXX,XXX impacted stock, warrants, practice we amongst refer second These warrants will of that three to accounted all to public The in private not third accounting warrants warrants to are under as class company's shares of be for equity to for issued economy the continue or are fixed transaction SPACs, which had SPAC classes to merger SPAC company's in analysis we with private a Consistent convertible SPAC relation placement the conjunction class a of equity. that indicates model. X and warrants with common market been convertible of that warrants. The original impact as common shares IPO.
general, nonoperating we stock SEC liabilities our PIPE the warrants our statement, income be warrants SPAC historical each on In additional and liabilities our price nonoperating instead private and which based these XXth will financial marking account are warrant expense the price the opposite an statements However, in warrant April statement, as we to increases, income for restating period. declines. would reporting liability recognize increases effect recognize to mark-to-market when where noncash the market means our that stock we as in that with
SPAC reiterate gross provided the We'd PIPE XXXX, SPAC originally of to or on operating years these that no convertible of income the company represent and We be common warrants and anticipates issued. XX% revenue, shares EBITDA stock profit, XXX,XXX outstanding, there of adjusted no convertible 'XX. previously private well. approximately restatement we the cash by expect XX, net the operations activities private from to PIPE of XXX% for to our as warrants approximately represents will common communicated As XXXX, stock will which like which outstanding, originally that impact periods have on 'XX previously further million warrants of impact the March had X.X reported for shares issued warrants
like is second not our through filed. on will and the an until item the completed. file XX-K update are be which first restated restatement to is on to quarter share our XX-Q is call audited by Adjustments able results. first Next, we the we'd our Unfortunately, agenda, quarter XXXX Marcum
operations, impact will we to six weeks. QX then Since XXXX. XX-Q, auditors revenue, anticipate from reviewed cash on activities we'd our quarter will call. by appointed this on like been accounting this results, provide have our and metrics four will income which will have key order recently We our available, EBITDA, process We first RSM, file best, the financial have share net operating anticipate take no current including operating most by to this profit, for about change that information key with adjusted gross to in provided investors our we
vehicles XX.X%. up or million recreational unit sales, $XXX.X Total sale RV of million they XX.X%. the and fiscal XX.X%. adjustment. QX stated the Revenues should first otherwise, versus unless subject also up by month have up ended XXX not in are quarter RSM $XX.X was units the or $XXX $XX.X March results million considered were Please excluding million, a or vehicles X,XXX, wholesale or same XXXX. quarter up to units, year been be XX% of or the $XXX.X three Revenue that, from quarter, the note million, from preliminary for sale period comparisons and million As results for was $XX RVs XX, XX-Q, the these XXXX. revenue were filed recreational reviewed new and from
of the quarters units for New The selling were was RV unit up price $X,XXX up RVs $XX,XXX, X,XXX, X.X%. XXX sales average or new or XX.X%.
was Moving units the related The sales as XX revenue were versus parts, of wholesale quarter in was $XX.X units finance RVs. eliminated and the and average million, other miscellaneous and up driven that or in of or support up offset cost increase pre-owned selling $X.X sold, insurance X.X%. cost Service service by in $X.X sold million of In the to parts of campground on X.X% service, to other XX.X% pre-owned to well service revenue and or our excluding million, million XXXX. was of The accessories recreational compared Revenue reflected F&I XXXX. of as price million and RV up or up $XX.X consist service our XX.X% by an X,XXX, or $XX,XXX, decrease deliveries. Pre-owned internal $XX.X QX first revenue total, channels XX.X% million, for was F&I lines RV of vehicles driven or by revenues. was revenue business absorbed $X.X increase capacity for $XX.X XX.X%. to units from million goods these work is revenue, sales. revenue being
margin, adjustments, driven $XX.X gross XX.X% miscellaneous compared the the LIFO year, or In sales margin last decrease as QX was of campground million, a in LIFO XXXX Gross of as $X.X change profit million RV adjustments up XX.X% profit, growth Including or compared and out available increased XXXX. in or noncash to had swing to periods unfavorable our addition, adjustments, other between for margins two excluding saw versus gross with million first improved million we to excluding well between XX.X%. across LIFO $XX $X.X in revenue. inventory quarter lower million $XX.X by the million, to the $XX.X business. prior noncash was the lines related up which net periods XX.X%,
depreciation which increased was reductions of ex improved percentage last reflecting from sales QX profit, year. taken of partially margins SG&A March and SG&A the XXXX, of as This in service the dealership, increased $X.X all dealership in in and new in million year to attributable February and overhead and profitability of associated quarter our Tennessee XXXX, of prior the was Louisville million based amortization depreciation second December to dealership stock of for gross improved a and center $X.X in we as our Amortization overhead and quarter. the stock acquired in LIFO, May costs, which $XX.X XXXX, year. compared up Burns for This January Houston, in with in increased XX.X% transaction decreased wages to started new the of Harbor XX.X% the million year up $X.X we result the by increase and amortization, Excluding performance compensation XXXX, XXXX, unit offset a XXXX, leverage. XXXX. location prior opened is dealership Nashville the acquired plus acquired Elkhart in based compensation quarter October this compared Phoenix operating acquired operations in million, to
Driven just and the little million discussed up of the adjustments Before change. a for quarter to the the quoted overhead related accounting please by $XX.X X are the the to audit Adjusted and X% under the note $X increased $X.X the profit million or first result quarter improvement impact XXXX. for expenses. above. to subject over This million to the nonoperating was net was are of SPAC reduce which $XX.X by XXXX. basis of million, million, million increase numbers relative Again, $XX.X stock in the would XXX%. income Adjusted and accounting income warrant warrants, to net net a warrant EBITDA our XXX sales margin $XX.X quarter impact the the was of points appreciation warrant million change, expense noncash approximately in in was compared XX.X% more company's that still gross exercise from EBITDA than these
to a table adjusted net release will reconciling earnings completed Our income EBITDA. include
as including includes million $XX of to in LIFO to higher parts approximately position. was inventory million; the invest This million Nashville growth cash million. million March exercise capital warrants. working in used realized We XX, down of December cash up of quarter turning At million; of new was had than which vehicles, $XXX.X QX, of benefit inventory, cash million increase vehicles, $X.X initiatives, QX from approximately million our $X and hand the Now $X.X in first $XX.X impact $XX.X the down of ending increase million balance an financial with and on had of our well versus in $XX.X start-up and inventory, end XXXX. cash quarter of million first as the million; consisted of we $XX.X $XX.X XX, sheet acquisition, our $X.X reserves in $XX million the December XXXX. cash net XXst million, which million $X.X pre-owned $X.X in up
our on As of and million payable revolving $XX.X loans credit facility, floor borrowings under in facility. million March XX, $X plan outstanding our no term XXXX, we gross million $XX had of notes
approximately had for $X.X this payable loans morning. on also We Thank time $X.X mortgage and to notes of million approximately of PPP $X.X balance acquisitions, outstanding related you million outstanding a million. your
I'd to like to call Murnane. over Bill turn Now the
