Earnings call transcript Q2 2023

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Operator

Greetings, and welcome to the Lazydays Holdings Second Quarter 2023 Conference Call.

As a reminder, this conference is being recorded.

It's now my pleasure to introduce your host, Kelly Porter, Chief Financial Officer. Thank you.

You may begin.

Kelly Porter

thank joining and everyone, morning, you us. for Good

risks, like everyone information, cause that we subject potential begin, will actual remind would of I to Such Investor is statements materially which SEC forward-looking Before results we to that to be website. other financial and performance, and differ periodic our with uncertainties assumptions uncertainties, future could including the other Relations earnings factors from such risks, our and forward-looking are well release the as as section and information. assumptions identified in discussing filings

upon Accordingly, any a no obligation forward-looking performance, statements forward-looking be should not or of no update all to can of be statements and future our relied guarantees results, We we prove forward-looking our statements. to as inaccurate. and actual undertake our revise may prediction or make about

certain and will on is measures. call, measures these for discuss refer this website, comparable closest which our non-GAAP On release, our available measures. GAAP to reconciliations the financial to define earnings we we Please how

like With Chief the our to North, John Officer. Executive turn that, to call over I'd

John North

you, Thank everyone, Good joining thanks Kelly. today. for morning, and

then As answer give you and make Kelly some comments. will usual, financial results, questions. a I'll our few opening we'll

the and current both the initiatives I for second around As the operational I reflect that upon one up would environment characterize will in us growth where every is strategic quarter, make future. facing, progress to significant the retailer as set complexities the notwithstanding success Lazydays continues

vehicles, interest in counteract and central difficult. cost increases now affected to both and a inflationary across demand. chain in and XX-year Supply more to than to are Obviously, inflation price high and efforts have pressure the retail bankers' significant market lines product pressures dynamics The through at of invoice costs financing pandemic forward rates be availability. and pulled continue our resulted led

operational and remains has the environment However, and the been underlying further opportunities. significant challenging credit acquisition wholesale stable more available, Both marketplace, consumer generating has and experienced demand has not retail deterioration. catalyzed

service number significant There Churchill, parts improvements to are business lines. also waste." available our and and go improving optimizing of marketing focusing the on "Never has let of crisis spend, both In and last reducing our the recent preparing for in have of costs, technology overhead mantra both We operational the significant been corporate our body scale our spent and and used efficiency. effectiveness the organization good growth a to months in words and

progress I these the just green in develop with pleased many our that endeavors that analysts our we will that have significant laid am are to beginning and the demonstrated be investors shoots observable While and confident externally, of can quarters. to become coming groundwork

minutes, Kelly cost you few will through have through we the a but details control. expense rigorous SG&A our take improved in

begun in both unlock estate mortgage the healthier a inventory some and age have financing. much our have real tied capital of We to through and quantity up in

We've also earlier been and of on Nevada scale, Vegas, Iowa acquisition Las of and Bluffs, Council including working opening this the diligently the year. growth

X top our the relaunching which of this a by purchase Buddy volume; RVs just the United sales Monticello, of our and Airstream Minnesota completed as should in Gregg acquisition dealer completed Knoxville, Minneapolis, also store be Tennessee. with XXXX segment the in of We States week,

quarter. Surprise, open greenfield to are We remain in and Ft. greenfield quarter on Arizona track Wilmington, and Pierce, fourth Florida this Ohio the

we around an back anticipate Given the cadence robust activity in year. of the in store the acquisitions, active the industry half

initiatives. strengthen In short, gel the team continues and our around to strategic

execution our First, and efficiencies. be relentless in will we

the be choice to aspire with partners. our will dealer we of OEM Secondly,

we a act responsibly Third, like with will owner an and allocate mindset. capital and long-term

return on performance and infrastructure superior to our above-average metrics leverage and grow will we capital. invested Finally, deliver

is to operate high always our each and It an dedication of fantastic difficulty every team. of I has by wherewithal and impressed is sincerely easy The employees. and our work not team. the of hard been this landscape want again, of and to I closing, the thank competitive. environment Time In degree acknowledge I'm the in. one

take I'll And away. let it Kelly with that,

Kelly Porter

Thank you, John.

that second for versus are XXXX million, quarter unless comparisons XX.X%. XXXX. Total decrease was period same in quarter stated otherwise, the note Please of a the revenue $XXX.X the

year-over-year on basis marks we this benefits are otherwise to comparisons, XXXX, the demand. stated. inflection unless From with will of While of continue face closer the point the all quarter difficult metrics to associated a we end of same-store COVID third be which point on, the

XXXX, the the unit profit increased declined unit gross per consistent, unit and New excluding excluding and to sales XX%. XX.X%. quarter gross per X% sales wholesale profit of units new were sales in relatively gross declined unit declined $XX,XXX unit unit. unit first to quarter, XX.X% and XX.X%, declined Compared profit Used per LIFO per

to financing due lower Compared increased volume to unit. $XX,XXX higher unit to interest to per of unit lower primarily the quarter cash. rates sales consumers unit insurance used profit and first and declined penetration revenue gross incentivize in the during XX.X% more XXXX, X.X% increased quarter X.X% per as and pay Finance

quarter, $X,XXX a X%. unit decrease for the of per F&I was

discounting a to we acute what production discounting experiencing approach over be the as year on consumer far The typical XXXX year model quarters. it pricing should more in than more and relates XXXX to taken experienced seasonal have changeover. units the the balanced last because model XXXX As current demand, less are few prior model OEMs of we year

efficiencies Dealers achieve continue pricing Model retail than is manufacturing OEM lower remains below costs partners wholesale modestly in work as sales units year as normalize current their to destock XXXX XXXX our to far volumes. to and flat more operations. production input

manage first quarter a with our vehicle XXXX quarter. of ended the We the year; quarter as over the XX inventory levels, units. a of with to current ending days XXX supply Our the on days used stores model and compared first X% the of supply XX X-day quarter increase than year decrease new inventory less to of continue inventory, days actively inventory,

calculate trailing on As a supply a reminder, we average. days XX-day

X.X%, parts and Our by approximately service body profit increased X.X%. gross decreased our and revenue

body on Our margin XXX rates. to basis gross points parts related increased primarily service increased warranty and

dollar below the control spent line. We maintained optimizing focus and our laser on every cost

meaningful We sequential experience the progress month to quarter. continue make costs as of reduce we improvement each to

Total as for $X.XX was in and last quarter net the the the million first down percentage SG&A from of the year. XXX gross the basis million for was was quarter. Adjusted excluding for quarter, a income XX.X% LIFO, quarter improvement a diluted XX.X%, adjusted was $XX.X impact SG&A earnings profit of Adjusted point $X.X the per $X.XX quarter, from fully down last over year. share

capital and Shifting to liquidity allocation.

million availability on had Floorplan equivalents immediate as our cash XX, revolving available we and with and well used of our new of June line. As cash $XX.X $X.X line credit million $XX.X as million of on

estimate also unfinanced could approximately We of had additional estate liquidity. that provide real of $XX we $XX million approximately million

we end, comfortably compliance quarter At with in all were covenants. debt

$X.X deployed During of of to $XX expenditures capital million and greenfield the quarter, our construction we cash we in primarily locations. generated approximately million, flows adjusted operational related

Since Murfreesboro quarter end, both we of acquired both generating location, in completed recently in the proceeds and of mortgage our our $XX.X Tennessee, store Knoxville financing million.

the With that, open Operator? we to can call questions.

Operator

Capital question Dyer first from today Craig-Hallum Group. Our Instructions] coming from is Steve [Operator

live. is line now Your

Ryan Sigdahl

on for morning, Kelly. Steve. Good It's John, Ryan

John North

Hi. Good morning.

Ryan Sigdahl

into gotten monthly if any and as Curious to then trend in intra-quarter on? July comment we've deviation also there's

John North

Trends in what regard?

Ryan Sigdahl

categories, side, cetera? demand business, Just be et certain used, whether new it overall

John North

sort but always of or pretty thing. end fall seen more Obviously, volume totally hard month unit fluctuation. trend level sure the from one timing at would I new and Yes. weekends. of We've I the noise. maybe with it unit weekends volume isolate to way side that It's there's and mean consistent signal call in month-to-month. on some It's business other. volatility probably some a I'm the - just skewed our the is normal where towards not

can So an calendar month. have in the the effect

read don't that. into I too And much so want to

we've used used, procurement, think I to direct continued terms purchasing try consumers more in of the to In from marketplace. source

improvement I see And maybe to been leaned you And we've the the wholesales, six that's think our of we've can effort months secular where in of year concerted into an results, new. as that. more for first that which we've so to convert reduce made into seen a area trying some

to all much. significant there doesn't really basis unfulfilled there. is we just that an wrenches the where and The given It for bedrock. try There's turn bill is opportunity capacity, demand to more to are Service around fluctuate to on get hours business is specifically consumers. technicians, that us ability

So we have work to do.

say But the we'd would I overall, as have been prepared see. there's would consistent. I to like not fairly robust that trends or as been I as said say wouldn't I one remarks, in way other. It's inflection the big call a out

other. markets, I think on, really it's northern necessarily deviating and wouldn't of including work is that which the run everybody that. of say I of been in that southern But each rate from of it's inverse sort kind seasonality well normal aware

Ryan Sigdahl

or just mainly spots ongoing was seen with know was network challenges any you've if It over break question. some of seen helpful. industry. the That's Yes. you've main any your or We the worse change. expansion. It's dealer any better to the if Switching get

store, shut Buddy how net-net kind for state? standpoint? that guess, the you Greg the And from your then did there much financial presumably So I from a you you get I guess, down. Maryville how did of pay for much or, what's

John North

the to to east has Ron side closed, relocate to the and And is of would the organization, then the highway. more Yes. allow operational yet a and decided original operations trying team, store in to plan of I but talk that Knoxville. our But store is make that when was an which to existing I the Department expanding not the we Transportation joined That as close sense. alternative site store, find on Tennessee

Buddy And Greg. identify were to so we fortunate

were happen. to given able And we make acquisition contacts, Ron's that

So was Marysville it's of store terms insignificant revenue. probably additive. in not The

that and typically, over of not when experience, a move combination. take Buddy to you my two into them XXX% Greg. some think stores I will it's In push one, revenue

the will incremental. would XXX% rate I $XX that run of gave assume Knoxville, say, that net-net wouldn't I of for we million be

of that to exactly I it's is. not - but hard somewhat we're a And that guess. how some erosion, think much there'll just It's for I'm smart. me quantify frankly, be

to tried we've accordingly. hedge think I So

million the will come anticipate full in wouldn't there. I $XX

from the of terms In benefit the

in state, everything relocation, us and around to shut but it's cost move also some fairly we'll give immaterial. assistance things of They incur down. terms

And don't significant there. anticipate a windfall I so

be maintaining important we're keeping have alternatives the importantly, in to of of More they will their just is employment, at Marysville culturally. go. That in that and the intact, terms our to we're location count which are employees us allowing where helpful terms store

Ryan Sigdahl

for any if the support store opportunity know other perception, that different since OEM to locations? an customers, just One et discounts, cetera, there's in me Monticello. on if there's just But store? I early And then just opened. exclusive at very different exclusive there's that Airstream if it's customer allocations, Curious, given more OEM do it's Good. perceptions,

John North

brands. RV I to a I in say are demographics Airstream animal, Airstream In consumers little my yes. at convert Airstream-focused. that different vice necessarily short, the view, would a the very and potential then looking different think, or typically of versa. They're to a relative over and not is down bit brand other

it's I encounter in a than RV So a you traditional more might think bit little base different of dealership. customer a

about, size analyze had dealership lakes, the which away there, Both and on XX way are Ramsey And up proximity. a market, so probably you two downtown given your those of I have as know Ryan, me, guess, But of the better the Minneapolis XX, well. we scale. we we of as minutes both northwest dealerships than in to

out Airstream's being sold of We have product Ramsey. the

And them an decision location. to go to Airstream and the offer so exclusive made strategic we

a There's And them. There's has significant range. Pacific these call Airstream to volume I'll handful And the XXX one XXX in do in in Northwest. Tampa. a of they few superstores, the

And with partner to Airstream. so were we able

that importantly, I a more and bit think customer. allocation increase immersive little we're our for create experience really able a there, to

it. pretty XX consumers. camp actually about Airstream we're with dedicated about XXX the to There's from a so minutes And spots excited ground only store Airstream

we're grow going be think to dealership to represent powerful we Airstream. I frankly, state with have of and Minneapolis so Minnesota. really And And think a to broader stand-alone another to they're and partnership, in excited it's excited really the

be, should X relationship we in appreciate with excited them sales the which and a volume And is store not and support especially we're strong given that, that so about hopefully, the of it top is terms in certainly country, our insignificant.

really positive change. feel about we So that

Ryan Sigdahl

all catching Very good. going Interstate north lake. to it's And in excellent traffic XX yes, an location off that

guys. that's me. So for luck, Kelly. John. it of Best Thanks Thanks

John North

Thanks, Ryan.

Operator

Thank you.

from coming from Daniel CJS Next Moore Securities. question is

now is live. line Your

Daniel Moore

inventory from for same the And destocking taking of Thank start with you. appreciate bit color won't just on much with now quarters? it. for in with XX we've talk thinking that discounting kind gone a your about Kelly. the 'XXs. be I place the Thanks morning, morning, more next to the or two just the questions. through the How Good expect months remaining we necessarily be Good six that little the we about 'XXs, Maybe on confidence John. 'XXs process. should

John North

And be and Good initiation partnership you the I'd and Bob, morning, wouldn't didn't question. and appreciate and - we I I team. Dan, thanks that for the the remiss of acknowledge with recent if coverage whole new CJS,

that. for thanks So

As it of in really inventory experienced the pertains log between delineate a terms of think important of we and are aggressive to model XXXXs and that's orders move But which which what it's you'll discounting I we the year the last year, was at oversupply think year, jam to versus I to introduced, 'XXs. backlog breaking of significant happening as this 'XXs through normal. summer is see the start what is more

at talking discounting terms a more smaller XX RV, least I've here be here been a whether normal, year think You're I of happens but discounting and automotive mix. typically, of Kelly that, talking that up. that or percentage months model year you're few of experience. becomes shy But the for it's the year. aggressive That so And gets whether move the our still right? you're has to the going as have us see should early or been months it going in in changeover And XX every progresses, and you're to that

think last to year. as don't it's certainly I acute going as be

or going, wholesale to I delivery XXX,XXX data compared retail people around that's in triangulating and for so I the a terms where the of a think, are XXX,XXX this delivery year that we're according number calendar released industry at look number. to pundits most

of And XX,XXX units imply so that would destocking.

And the so of at and than point, short, I through we've down think. good we're done XXXXs. mentioned, I it's units, think, in of getting XXX-and-some job a our ahead to less being Kelly X% this of inventory

us. much So that's pretty behind

obviously we a the we're But momentum that of partnering starting the with hundred to and discounting around we're few It's starting prioritize Now And 'XXs. ways see on keep ground. to moving. not number. have significant the a OEMs the some to

to normally. look When balance going going It's more you're happened is the adjust deal, I anticipate that at think dramatically I to pressure on do to see here. back think that all. last year, 'XXs the we per don't should it going I gross fluctuate from the saw I at half and our profit the hold mix of our not as quickly move would what bottom But I help the which expectation in line last help, year And come guess, are grosses than mix or to more consistent. it

So last I different than year think manageable. it's and very

Daniel Moore

helpful. Really

described? But a you we any just have basis or unit. stole held gross additional on I what of this likely per margins direction calendar well. of color more as next gross gross year lot you margin quite per unit on And it question, being I which despite my you profit know think flux actually is of think the either balance of percentage a about think up beyond basis

John North

it's question, an out. nuanced interesting point to and a call It's

department if down become I the sell lot back, effects. than them come trades a more has a obviously. in think selling because units service in making take the them more F&I customers with more importantly, unit all our we're of Every I then But of many opportunity, interested potential of knock-on road. we that gross an and step

there And stuff aren't fix and a many business too retailers down the so is unique them in then sell this retail road. that that

more and hands just and of and of where have a value the maintain significant is And the much you the life effect, the customer the deal. transaction all than where velocity improve that shake flywheel a can the customer, you creates business cycle

would think more see the So as customer used profit. the think don't overall, I on a we as think gross volume change that to opposed relationships means like that more I gross hopefully making to more new prioritizing I our opposed drive I we our has of just to out relationship. side that to in really think and to remiss lot. we're unit would be kind I going if is have give what think I department us. and the more didn't each trying in off of make service customer to market opportunity F&I beyond point improvement And I to per

I there's we're to huge more that back, there's department, that value going used sell to do when in think we opportunity opportunity improve and a profit consumers to downstream. importantly, sell margin than lot little a And newer be try vehicles service step try think a to missing. bit and I don't units to And I ability then But much meaningful our F&I more of to more unit. attach to when trying to more that's to overall maintain hold our to the gross

Daniel Moore

That's helpful. certainly great color. Obviously consistent but

I of color, in just as well. Lastly, appreciate terms liquidity, the Kelly

last a over quarters. the bought amount decent You stock of back few

of capacity plans expansion talk appetite Thanks environment. for and further Just about again. your kind your current current either versus buybacks in given demand the liquidity

Kelly Porter

on like - just where depends goes at and stock. some this Dan, equal, to for the areas. Would liquidity Kelly. on continue different From on acquisition we where to prefer and like that deploy want buybacks of a our towards to a focus where our what back if All goes go estate and again couple depending expansion dropped, allocate hear price acquisitions. I we'd again. and from would being is our to all today. said, would to versus capital to look then real towards happened the question, estate would With things good where Thanks stock standpoint, reiterate through we buybacks market real and allocate first appetite you price again, the for Hi really say stock something to our goes. and stock But acquisitions. looks will of price, kind buy things any at we It market

Daniel Moore

luck Talk Best soon. the of Very color. the good. coming in to Appreciate quarter. you

Kelly Porter

you. Thank

Operator

you. Thank

Next coming question from from is Swartz Mike Securities. Truist

Your live. now line is

Mike Swartz

I More - vehicle Good for or ASPs year-over-year, change and the the housekeeping business, first new quarter. year-over-year calendar of in down the morning, a they at guys. to I start. When material first that's the actually a from up think question look were calendar

So into is kind driving there some playing what's that Is guess, that? nuance? of that? I mix accounting

John North

know you. than you necessarily unit caveat little very intuition to gone gross you a sales but nice it answer, deconstructed with I on specific to is so is My has will the of the question really I understand both concerned a from things. inflation. if appropriately. We're our at more don't a that Mike, Pricing I time really give everything lot revenue. hear and looking Hi and the I as model and revenue, just up spend function wholesale retail side. overall

mean, to in XX% you're say cost at to I compared looking of a the And XX% everything. would XXXX I guess, if probably had increase I to XXXX, most

were in we Because And so we seeing that. not a I probably worked a have in second I through maybe when you others and commensurate seeing our my so which there. what's frankly, And suspicion driving just think of terms of quarter particular. the the in is ahead you're cost, the just, mix the of XXXXs, the grosses percentage become is and inflationary industry - in you're think look margins, 'XXs growth and as greater the at

of think really the a And the it's value 'XXs so of function comprising overall more kind of transaction just I mix. raising as

Mike Swartz

kind you flat I invoice of just you. 'XX And is, the sweet But from down And - pickup OEMs. model do I you're a there to a guess, a the mentioned broader to I then start retail question kind needs you of we model or affordability space? in to where assume think had before in Okay. how spot year is a go about the for net really environment? versus pricing 'XX. talking of pricing guess is Thank pricing think That's RV I kind see you think the great. rebound year about

John North

Yes.

were your in most units the alluding cost you're down it to pertains the was I flat invoice think or of to What cases statement. in we appear correct be to as first 'XX.

that price for through clarifier. correct a I I the couple is the that lenses. guess What's So of right consumer? look a as at

that is People on natural see one And we've my a difficult a where a thinking for shift payment consumer, times more but percent trade is don't the toward in used of first focused effectively down been demand. match are of the here. of I is to The you reasons used payment. because XX-plus affordability purchase a XX-plus they're percentage, suspicion people know when of more a absolute thinking to is percent,

pulled think I that gets there's that So lever first.

other just mind that penetration. is comes The our one to financing

XX% mid-XXs. now kind terms on moves, the that north of the units of in we interest rate is So were Fed sold. in financing And of the penetration pre- number we

pay more so they think line higher-end And inclination of or their in the And money X%, to we're I decide if finance more at account equity someone purchaser in a I certainly, may credit. the in cash. for can seeing leave or their affluent home think consumer, to or retirement their natural portfolio equity

the on eight seeing rates people have going even interest you're handle customer, where credit best have that seven RV that a they pay to elect just for more think Now cash an optionality. I are to quality or

is I And the just probably here, moderating I money there So takes. important. model don't help. for a year And think how is which I the less to getting not know thing used is probably free. longer-term that think being do think affordability long is 'XX I then will them, consumers

isn't back, or just It's X% step financing, it really loan I'm enough bananas. you the X.X% X% for if mean, X.X% But or expensive. last old have you decade, a auto didn't financing I and that if seemed to remember,

they're of XXX sort We lot that $XX,XXX. be to people it for And easier cheap. across be to for a takes it that financed months buyer think RVs I used that socialize know, forget but how the then And I to eventually over base, people even that suspicion of long don't if my accept. is for money or so will XXX will

don't of think So absolute the payment, in it's that I material. just terms

dollars. XXs, the not in talking in the of you're think hundreds, I

that. don't consumers And avoid so think most can't that I

I it's of shock. more just the also sticker think

Mike Swartz

Got you.

final up comment liquidity. you aggressively Maybe your for think one helpful. criteria. a And just acquisition core of acquisition the the more additional That's then kind year. Okay. some maybe just give I you me on opportunities us with in back you're refresher guys out some And that one of seeking freeing of made half the

John North

Yes.

we're think, few a general, is Number on in size. different things. focused I one probably

So terms I revenue you'll on dealership box. opportunities think individual see focusing in us be the of larger or

from I $XX a as it's box think our a revenue to revenue million perspective, $XX as million effort run much box.

But obviously, the earnings potential is than significantly higher the in the latter. former

we dealerships those I to - more the ones, have So a defer say, probably probably quantity those. are or larger. of thresholds. more lots those market coming the there's to that in greater a been country There's of below are been recently And would that

first. that's So

Second is estate real ownership.

where can the Knoxville dirt, the well. good there to did in example the this So of own locations focused is acquisition buy as we're week estate on We we very a real were and we that. able

critical. is which control, site have we So

partners, with I certainly certain relationships. for relationships third relationships good is are expanding we're OEM those very OEM our little trying the look be focused relationships but there to some of The OEM bit because we a have OEMs. and and selective And with consideration think good of all partners and on

think prioritizing so I that. of And we're some

move having in and around But the value effect of more last benefits network easily. about is also support the because geography. of a just probably diversification. the then there's clustered in people share you can can And benefit marketing there's And and personnel, dealerships and thinking

more The have think in stores roofs as to in under particularly just we and nationwide don't we our to Tampa, we prudent brand we market, us as the coast. from network, about I'd our store Florida, coast to but away store construction of to I and for like Florida, because a Fort have diversify not look consumers build Pierce. and love have a Villages with to so elsewhere And create in it's a because reputation

and order, are those that about us going think the as probably it's considerations So for we forward.

Mike Swartz

Thanks. Great. Okay.

Operator

you. Thank

Rollé Next D.A. question from Davidson. coming is from Brandon

now Your live. line is

Brandon Rollé

my taking for you Thank morning. questions. Good

versus talk given on about Could fundamentals? in year inventory. Just half taking for your current inventory the quickly new of retail inventory maybe you on appetite the back more pre-owned

John North

Good you. morning, from hear Brandon. to Nice

of focused I trailer broad a axle. I to $XX,XXX a everything a think stick-and-tin pusher different is bucket. or couple we $XXX,XXX really is we Inventory What towable diesel by with $XXX,XXX from very on a that stock Class A are things. up mean tag

so it's different. I slowdown side I of as it to think on pertains bit seen We've little things. a more the would And certainly say, new, motorized

I think that, and undersupplied around that just issues chassis been than of sort longer had given supply segments fifth thing. the that total and chain wheel getting

I slower And externally. a up, seen we've certainly pertains of saw last say, to I a I as quarters, couple would think I demand, about the think of so the caught was slowdown less channel catch-up say, the But than consumer would which as it we has on towable side.

just moderating. in So we're terms there prudent being I of think

a lower thinking run days trying about supply. to with certainly are We

we of supply. QX terms QX You saw to improved in sequentially days that in

And around with we're in of XXs now the that. a and so the lot XXXXs the to particular, around coming And then, cautious trying thoughtful be corner.

changes in significant either don't I direction. anticipate

business I Show maintain do our event Super is inventory. the is for January. We and us start One-third think up. in of to need gigantic ordering in you'll Tampa, a see us

given to now ordering particular, And so in be in times that, motorized to we that take that. up the for some to need stock stuff product and for required of lead

there. don't So anticipate big I changes

required. We million then it's Florida That a very borrow that's $XX far. thank concerted cash memory, and inventory. call-out tend pay side, to to effort. Kelly, it, you inventory. for a against our to so is I used been used talk allowing - think, And the good us and our we we've don't obviously From grown used of On for all it,

optically didn't on been used And if so we associated our inventory operational than it. it we cash flow the has put been because have been lower would hadn't also building for flooring

effort is of there's to to topics earlier. there healthy more there. And market more a do more demand a the of be underlying about used. made I that there stock because had think think concerted But frankly, we've We affordability we've talked

into And that. that so we've We'll leaned if grows. see

things piece-by-piece today, find we the purchase a to can mean, is sale, for relative What's market-dependent. them it's I really, is literally of where decision. Some which market attractively

unit and buy team operational our wholesale Our actually those leaders by unit.

And or opportunities, take won't. not. so for me not, that's there we'll predict if going If are advantage to hard it's they them. to And build if they're of

But have that in less interesting. used we mean general, It's our XX% inventory inventory in I used of days. XX in than pleased more turns I'm inventory.

that for that. So marketplace focused right pieces, there's really healthy so demand we're find can the on if you the and in

Brandon Rollé

just maybe terms competition of What Great. market. And the procure used just used from are units? seeing in you inventory other used retailers then overall those quickly And maybe to on availability?

John North

competitive Certainly the benefits of retailer the on Lazydays. not we're the focus used lost on opportunities sure. touting and that's That's aware marketplace, to It's trying not in for the of within it. only

working hard find to certainly stuff. everybody's So

I it's interesting time. think an

You that looking now the the subset consumers that sure weren't world of sell. that pandemic probably And the bought traditional are, to product is, RV-ers. in have maybe I I'm "more guess, some them normal", some of

have I think 'XX, the who 'XX, I the might think counterweight lifestyle lifestyle people in have are in to been the that 'XX. upgraded is in and of that many the

the you not you're you were it potentially the or buying probably financing model and that's today. paying And and Xs, probably market certainly 'XX, is MSRP in year to the where is market not particular, today. where that's And if in 'XX, more, were 'XX,

what gone, some they increased ability market, are looking periods dynamic to in rates where similar And to have just is the I seeing trade electing where to used so the because at are. up amount payment, and hold people we're given and think the it pertains relative just given longer they where stay deferring are housing probably future I to in as do there the a think of interest

seen like some that's of the coming We've good of it's change. nonetheless, of opportunities. time in market through been there's I overall, as take in going an the a But uptick in has And see. to used And side, to use well. play a percentage which think bit to And number little so single-digit it's our improving. think trade-ins work But it's that. I in

I manageable. that's and very think So healthy

Brandon Rollé

you. Thank Great.

Operator

for of reached turn any We the back our floor closing or further you. session. Thank comments. end I'll the over question-and-answer

John North

day. great a Have everybody. Thanks,

Operator

and webcast. teleconference today's conclude does That you. Thank

time, We you participation may for your at disconnect line a thank your today. You and have wonderful this day.

Lazydays (GORV) 28 Jul 232023 Q2 Earnings call transcript