CWH Camping World

Marcus Lemonis Chairman and CEO
Brent Moody President
Karin Bell CFO
Tamara Ward COO
Matthew Wagner EVP
Brett Andress KeyBanc
Ryan Brinkman JPMorgan
Joseph Altobello Raymond James
Rick Nelson Stephens
Gerrick Johnson BMO Capital Markets
Ethan Huntley Jefferies
Call transcript
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Good afternoon, and welcome to Camping World Holdings Conference Call to discuss Financial Results for the Second Quarter of Fiscal Year 2021. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will follow at that time. Please be advised that this call is being recorded and that 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; Tamara Ward, Chief Operating Officer; and Matthew Wagner, Executive Vice President. call Mr. the turn will over to I Moody us started. to get sir. Please ahead, go

Brent Moody

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

Marcus Lemonis

morning, for Good day. and a what everybody, very us joining thanks exciting for is

insatiable to best have travel, most Camping others, this Good with XXth by astounded World the that quarter in resulted we connection its be we in our As company's and desire for Sam's Americans of a community continue history. country celebrate in desire experiential importantly and year business, that of exploration

of the growth decades and to that testament business proof incredible enduring built. a the that over is XXX-degree and success we have Our our demand

believe offerings our life. customer As ever evolutions, the in how transformational strengthen ourselves and we single strengthen industry in protection our leader. changing and we we Good the the necessary high to enter our separate technological we of our extended we the Sam roadside relationship such few, and create clear for our transact, continue We two differentiators Good and service how and a To to customers. of all as service, with other disrupter heavily greatest, leader process will our meet a begun resources long-term name assistance, a we communicate have how this along with people as membership to customer, customers, to further the our XXth product invest year clear as service Sam margin, industry, retention the

the and the types Sam as of New Campground and marketplace platforms two are peer-to-peer, Good Sam RV of customers. to needs that broken reservation Sam such Good will new Today's Valuator, also call Rentals, offerings known existing meet RV be dynamic into as allow systems, us the service primary Sam the Good Good sections.

of and to strong or demand date, $X.X overview to an In Demand our QX performance, very or the Adjusted yielding record-breaking progress. of $XXX.X revenue we XX.X%. of First, elevated on an year EBITDA operational a of high-level improvement additional for financial available summary financial regards information in $XXX.X continued billion see to ago. highlights our was demand second, the QX with a quarter, XX% remained compared have a with to results. XX-Q, was million $XXX and increase million million, for QX strong

maturing it million repurchased October strongest net is $XX.X end $XXX secured to in stock June, XXXX, In the our we million. senior of second the a successfully A authorized the our our QX, term refinanced June facility Board of repurchase loan EBITDA. XXXX. adjusted Directors In for the of At program new common stock. was a Our team X.XX repurchase balance has times ever In our term into quarter, of up been. sheet leverage of debt Class our

quarter of We ended equivalents of that and availability. with cash have the million in cash, cash million and million plan $XXX consisting account. our about cash left of $XXX in offset We of $XX floor $XXX million

our growth. of a annual our was a XX% specialized a team million year, nearly a Year-to-date, shift area more of a made card. without compared increase we of $XXX We to RV in an XX% lastly, And used of with to million brought working up to floor this half, opportunity grown Additionally, credit inventory million operational on With members compared financing. has million of made our X.X mortgage June of of Sam of holders, year. results, last without than into $XXX focus June business. represents with Heading This we there and estate our big goal a north account active to Good had related we knew set related June to file-size of XXXX. a ended respect XXX,XXX Good quarter nearly have We plan over real huge we additional Sam this capital members. of financing. with

what inventory RV million believe competitive mainstream. locations remain than more our Our inventory, Good footprint. excited nine used is quarter, we the of our a operate I future. We of Today, Valuator added second RV XXX provides double become the used We more in growth to in In viewing June in last Sam tool our nearly huge ended we QX the way fuels with new and year. be advantage. will about our we future, XXX foreseeable anticipate locations. demand couldn't has more as RV strong

innovation Sam operational adjusted of the our attract the the to execute generation years. and over to reach goal in $X industry billion EBITDA. will drive team of next the generating internal plan Expand Our Good annual

As towards continue to work we goal. that

$XXX XXXX XX, Our adjusted EBITDA trailing XX-month million. of as annual June was

We adjusted estimates back operator over between to are Q&A. call EBITDA the and full-year our now million million. $XXX to the turn $XXX for I'd to increasing like


Instructions] [Operator you. Thank

Marcus Lemonis




one Just sir, excuse moment me.


So, we our first Brett from KeyBanc. question from take Andress will now

Brett Andress

The I'm focus here trying is okay are question this just to maximizing pricing, selling profitability. point MSRP a But now, on no? put you above just

Marcus Lemonis

No we're and not question it. and we’ve asking been asked for thank that you

transaction. to ever and that doing opportunity, We that. more double. But are job be single maximize very, is our we down the is maximizing profitability making our almost per competitors We some used each every do never like And we something individual is that. on on pricing while GPU may not understand our focused will which above were became XX%, it inventory than sure is we the why location was very whether MSRP

Brett Andress

just OEMs' to is guess just XX% price passing maybe how that how of to just trying increase context so, you, though, vehicle prices. And some that much follow-up that much around of mix? I get on I'm the in is new that? to

Marcus Lemonis

really the seen increases manufacturer. think that honest don't pricing from look at way it be I to we we in as haven't significant that

it both of River conscious very more on holding really as used. obviously absorb in been inflict particular can and not both fact to the Forest In Thor, is they function a transaction, margin new try to to us as each has much Winnebago customer,

Brett Andress

than it Is help your you seems that way SG&A, had in around models. any some us there is dollar but that? remarks from what's on, that our can with amount And put prepared $XXX investments most in Okay. think then going larger number, million heavy any of to us there I that

Marcus Lemonis

actually SG&A, met and up our a on percentage memory. our expectations also it in recent think better But If on we a beat business we were bigger and it's my the I performed probably raw side internal it's SG&A basis commissions because gross. is well. significantly Actually dollar our very increases had than bigger felt in it's because of of and as the growth

Brett Andress

some of it's how made? you that this I And - recent the moving that willing on of acquisitions the it. a just one frame-up But then coming target quick is is contribution from Got much in updated guidance, are one, past. to you your think

Marcus Lemonis

say way, of inside our for that report a lot will closed the don't but have We quarter. that it particular of acquisitions year I this

so, able in as And of we on applications. processing saw wanted delay to licensing unfortunately, were enjoy COVID as state-by-state not to. securing the We slowdown significant a we based much

had all time of to. at unfortunately weren't close we the so, those guidance And to the we previously, provided acquisitions that able wanted we

there significant a So delay. was pretty


Brinkman Ryan ahead. go question next Our JPMorgan. Please from from comes

Ryan Brinkman

RVs addition to make that has update inventory very to environment early might in or any companies? at used in And in have in what paring or RVs channel I there brand inventory that And of network an of are have you placing that potential own attractive that thinking network et onto your Good network? RV Sam place on does then with interest suggested roster think and can about maybe of of your how the can leverage in consumers any the through reservations provide other recently present own the available you you given less for the low from originally been Is customers, us As thought may peer-to-peer their market the making available longer-term And been currently? business? interest, your rental on the segment there cetera? of tell the the or terms terms share launched

Marcus Lemonis

first sales to as we've a of that margins turns double used grown have And see of on material inventory we've those. from grown, break and answer a the our questions one we to I'll way. at our the as ago, inventory continue that and that inventory happened the either grow out in And just Unfortunately, hasn't we year get unfortunately, grown. used look that until the used on used. will of we

to when any it's leaving coming its So, because put we that on don't in pretty quickly. to platform, have available inventory

And of with previous live the particular at is this to control we behind are putting this, funds marketing As job we Sam really job their that early for we have very comparison. warranty us, how enjoying the to Because, for mentioned want is us business to haven't or Good we're million or and lifestyle, we members, make taken investment and and time. was have that long space. they while RV, educate competitive fall. for it. I'll their launch, owning RV the pluses not very a a remind them a The very But reasons, rental And time the breaking in roadside experience. we Good our platform. call, they model, indications but investment peer-to-peer fully whether our company necessary site be particularly everybody are maximize buying Sam our on of the only every it's we to an up launch in who X.X the plan single business early as put in that our stayed pleased. not good, unit this doing it's the about And members with actually on will monetizing disclosing we're user in

seeing value competitor that seeing they're a marketplace. are in units sites the to know to ability cost the lower in that. than We our the that We add has doing any

that fees, our aren't that like high somebody that all could our also a and our like warranties monetization competitors a anticipation basis, go buy that necessity and products in also soft roadside based with their trip. model. business rental, singularly fee-based assistance goods of on the for our necessary services know business, We daily on platform to ancillary because the isn’t of that is along charge selling It

and some disrupt we is company in So competitors. think win our in by this very really very expect space about a for and a to aggressive the we it as believe return fee structure what of holistic the short-term we

Ryan Brinkman

ever and to how might debt, in given terms different given back against one be or quarter now trends you I that million purchased be a then pay any environment those the currently shares I times multiples given you potential organic And best the the see also think increase are dealership the you And which the business? referenced. you that, you? both to to of asked talk of that be little RV nine or the of seeing of you that less Could pay? a during bit of is What have XX the you about weighing in at EBITDA appears buy locations available buyback are present M&A initiatives multiples, opportunity you before being that - to the down various priority the other in

Marcus Lemonis

and return country we're to dealerships. way more ever than been. don't about We newer and it look of dealerships, implementation we learned brokers, the dealership implementing for learn practices. the selling time XX we the dramatic was a over over key, to frankly It's have important premiums, our you smaller seeing The that RV not with roadside, the that are and art service Sam warranties. entire it and ability we've same make free we including, but quite how hear acquisition. the what public really of And our historical most to trailing pricing whether us Valuator, plentiful those competitors is the that structure over earnings since S&I the our years things higher don't Good don't best to cash that understanding the memberships, that acquisition to our private. like, pay across inception the XX or actually in enter to model really for dialog. our process, we And acquisition is I the We is the the installing being acquisitions, And implementing process, had. making will dealerships the buying at selling just flow years, our isn't takes and that part modification like in the integration on the think into selling deal not And return the buy company, buy limited monetize the it's - when operate asked science acquiring

return our typical do as can dealer We than to we a much overall to And But do not know-how overpay that RV how the the ever, want, means as or is we we So we model. auto how think it, buy create we environment consolidator. much dealer have higher have it's is, appropriate. to it business are opportunistic that buyers. don't is and our know when what we we cash that

and we deck, we and the to to human acquired at And best While the bought at we and for potentially on our we we a bought. ability look that want ton ones also could those want practices sustainable make and is to and we businesses what that have sure capital digest look as we and long-term. clear be train integrate that our easy setup the

better a never always dealership, same been. in the time a is it's it's to pricing as summary, the but been So buy

Ryan Brinkman

lastly, in just pickup that of then December might likelihood Or they to last there of terms any have with RV trucks any might whether was discussed separately timing the Lordstown And servicing opportunity is to the you or thanks. Motors, generally? that helpful, market? on space thoughts electrified electric That's the that any update bring

Marcus Lemonis

have Lake our XX. on Investor will So, Salt evening City the as have noted Conference we previously, of September we in

offering product all-in-one that will morning place. a recreational the of XX, space unveil the never September seen have before and we On outdoor

variety to market these Now popped we electric a products. and know that ideas But show want a of it's a road real, with lot with are there of is and is companies ideas the that up long and concepts. very we these have

linked not in are electrification. the We

we're money is the any recreation to on value It space side consumer. company the company. and and Our locations linked platforms, not company through distribute the in for since one requests disruption our make shareholders. our customer be be the going we've inbound the of that single add is it's one and states company, the with and we've Electric for us national We is not ability to record. electrification one to that our the more us platform. and their World, to know that distributor, and our for And services products to for of odd the our some idea our dealer the only and their what e-commerce through XX of noticed to had But the of XXX leadership launch affinity our our electrification

Ryan Brinkman

Looking you. forward to Thank it.


Please ahead. Our go next Joe question James. Raymond Altobello comes from from

Joseph Altobello

now, looks any lack Despite demand But So, what reflection of units first seen sales. question it were year-over-year, the unit restarting look generally lead break? down strong July with OEMs the in inventory. right summer on like obviously new likely times have of do very after like improvement a you

Marcus Lemonis

So, can't we've in before which anytime see continue we that activity to don't a unrelated a supply honest, and record-breaking hey COVID, there thing from the behind, because shutdown way don't see a filling as We the saying, criticism, this people and think website I shelves suppliers soon. will to never record-breaking We soon created there anytime an the was that again, mainstream. the RV a is more quite lead see are and be July, to And actually volume the a be now fact we be to think I to continue encouraging chain gap. that real of repaired demand piece. in as thing related like seen don't slowing our down as have demand

-- that and sure because a believe of if stay ever as unit that exclusively and market, as manufacturers they a a have And realized talked our both the dealers dependence to frankly we same-store Valuator the we for bodes really we the don't needed location previously, basis our on manufacturers to end healthy year, inventory But the what And it demand. about RV XX%. to last that customers' healthy years us we should they while could margins meeting experience quite customer make what we Now we will on was down the new like mentioned manufacturers, be. and for for at our the where relieve well come. allows margins

we and overall because additional to for the at million the And our sheet, deployed an be and times our so the the it that margins unit continue we balance of quarter invest given will frankly one look from quite turn we could you when best look used you the investments. at year, of if $XXX cash a in achieve that number unit return, we on

And so how continue XX look please that country. about checks the to proprietary note RV as given grow years we clear think at cash, we the and we advantage. our data using a our are going we of do the units competitive you Valuator And us tool, that to developed around has technology dealer

used You'll inventory, is of probably people can't lot of a hear and get us. and that that find because

don't vehicle totally do in honest relationship, supplies. short-term Sam a Remember you. itself new our and unit a and value we not leader sure to in be inventory continue value, want that marketplace we'll to the continue providing to us will and we fixes the see see we to appropriate XXXX We with that to be members us, relationship. expected that it gives the long-term that. is from to ensure the a customer so the make so are sure aggressive I'm but even in only But fair training they their not as customer, Good

Joseph Altobello

I guess of kind could I springboard that. off if of

given what But directionally, improvement this best is lead the not EBITDA it? given about the growing and keep high giving to ASP you ask are 'XX from inventory, you've I how the you way obviously would a next year guess on today. level, thinking you've next You're year year seen guidance at

Marcus Lemonis

of handled our But that finding those Unfortunately, have of window headwinds let clear supply there a as whole very we we're about kinds issues. be the outside of the are manufacturers those industry whether proud labor And We be very or a experiencing the things how control. very, cannot that's on challenges, something. me subject side. to receiving but the understand is

than what adding more country. across day looking and the And if doing doubling up service We importantly and continue looking retail we moving for back. itself, so differentiates direction course demand we we're base margins in we're is the growth because a we're Good But If this should cut guidance and deliver our not we well any ways enjoying invest high-margin ways we going real on moving on excited our the we're process, can right business. as prepared up. believe don't we budget through things supply need of we're better our develop to the if We costs, most will revenue all down by our at by love to slowing and loudly of that anticipate even But start to time the used, we're way recurring to have believe to business business still lot. clearly, you substantive us don't doesn't, the see our Sam are to we double-digit down we're continue more. that it We're and we're today for fixes and the a forward other running and see results.


next comes The go Stephens. ahead. from from Nelson Please question Rick

Rick Nelson

discuss Are the here getting more up quarter to inventory, and you early challenging if you where supply quarter. things in Thanks, during Like quarter? on how could or Terrific to Marcus demand? third track more good getting see fact, are inventories them morning. follow you meet

Marcus Lemonis

as for quarter quarter and you challenge. even continue You start to some And a industry. the it we know stop point winter that [indiscernible] and believe unfortunately, a continue we will that we see year, fall early for to in believe even falling be the winter do a and to going to start in inventory orders late explosive into does. we early is drop, demand to early fall, the the the like continue and it's to it the normally out continues as later But challenge take be next new

the industry significant from within control continue the that manufacturers. new know some fair we Camping the as our challenges deploy World, capital get and the we as a that same getting as frankly to exist believe exist are quite returns for they a whatever to the to But share are long as is reallocation bring they be showing us like the and on the continue also used good side on side on good them range our return not little team, high to to please that then management in now, the down. We we're will as acceptable margins materially we'd actually capital

valuator continue million our invest and challenges long We ability dip and and will what into and don't has And believe competitive into QX we're to that million means don't percentage resulted database, is improvement used in hopeful basis deliver $XXX our is hedge what in a our a have. to about beyond. we against terms investing compress, that we we our an will, margins ability manufacturers in our that talked QX or advantage $XXX last we type year can quarter basis as that's results record our additional tool to is from similar any use as the

Rick Nelson

know Okay. winter that looks season? as the Thanks if selling fall on you the to to hang move color. we and result to for margins could into like Also

Marcus Lemonis

much be to supply just graph in as deal It's and to continues as the it honest, a constrained be supply manufacturers. and that very is demand. auto a it's natural And it's like long

stock margin to cash improve and for to volume to cash been And pay and buy leverage, it's focus make quarter. how our We acquisitions, golden debt that back, our think profitability way the or every continue buy ticket to improve inventory our and we've maximizing that's our that. either us a down had that's more given, maximizing is more We we give obligation margin. will our could But more, the maximize to seize transaction. excess more single used about have

expect continue to do. We and


The Johnson Please comes from from Markets. go Capital BMO next Gerrick question ahead.

Gerrick Johnson

inventory, you it used coming to And seeing RV? last trade XX seeing through your that months uptick call that, the you next of buys the first to timers your from an into is On related or up more in are coming trade-ins? outright

Marcus Lemonis

go We're through we country, our only seeing out the pretty goal consistent walking on a but money Campground, and It's not room to scours knocking technology not through doors, team in dedicated the through they rates. have web, our marketplace up being through and the provided. have only to with stable tool, trade-in paid through the themselves through proprietary technology that auctions, ability who the dedicated make to a sound acquire one by wakes one inventory for large a goal morning through very using team been with only, into

to fair is I most technology, about element human the work competitive advantage. equation. it, drive evaluator the the it leads our think the of customer ability that we thing takes our value the our to that to is guess automate out tool were process, to RV the the with pressure of And put ability on to use competitors give the

of thing to And have strength important not tool to the our that unit RV work they the and we the most our at sure is have to that the other stand can while it's and the dealers competitive. that sure tall make sheet. bank that appetite know of account to auction, evaluator go we also proud allows balance home size buy, we're we believe were We may with the we if And we be that that be we it. hands able the buy, an want,

Gerrick Johnson

question. to wanted one ask more I And

in But going or not did and same-store holistically. terms industry you you share but new? itself, it's this gain look I'm - your sales did or in at lose unit to to probably share things of like know I about ask in question, new lose the You're position gain and going you

Marcus Lemonis

our frankly And really you question We at don't at that on the don't down look were all. and at in mind is sales Well. same-store side. look that question if new very business way We obvious the I quite queue. that

up. our inventory down were margins less down and than was we So, were our

a was to art there there is demand because new unit risk managed we how pricing and by up We to our to may drive or get us in and daily it. when And we elected going national drive minute side cost signs model. more So about the pricing to profitability up can on know move that go we're don't up profitability. the replacement we the and drive

speak with. used know. find and the and rely dealer share do to be particularly the you know would in can't people check what around I On not. side, I But We that we know what are I if are do market struggling stats necessarily to I that don't but deals, country, comfortable here's on

actually XX%. Our business up was used

is always said are so or believe but we're concerned inventory new want grow demand growing want of not our we forward to That inventory is to used. we we we've And the new but happens, that, bother we that slow at our going we're as agnostic down used, all. know to transaction new that when we because us doesn't the question and grow whether there our


very the currently Internet is my Excuse operator. is me, again. this I'm down moment. just Because for sorry once sorry one I'm the very inconvenience.

Marcus Lemonis

next is Jefferies. from our think Ethan question I Huntley from


sorry. very I'm

Just one moment, sorry.

Marcus Lemonis

And that has just we've wider. that during an investments June, than While and this as the happening, which in historically. a the Happier We really you created way the very continues or has investment innovations look addressable know back. to technology to get expanded we have the in at at look that's called market made important that been market are different quarter connection made you technology. or operator is Camper, trying It's we business that dramatically adaptive get to

seen again. the out into entrants and is installed lot demand we've seen from fashion see we marketplace. trade well to marketplace, attract historical find such haven't start because particularly is pickup to the use next the the to over The the second new that have ways revenue, And year alive continue optimism base trade A and amount old going that to first or that there And ever. to to is the of new historical we the of we're installed we'll that's the base is impaired. rate quarter. to ways healthier cycle, As the we grow customers marketplace, and new same at new gives look where buyer historical two, in generate what the hopefully about us than inventory good

believe to once little consumer Operator, there call which be also unfortunately, now trade-up will installed will a starts well. have need demand, satisfied our ready wrap allow will more if you barely pent-up trade-in, first-time for to as to connection we're also us going used get we the a be situation, don't the grow So to really that even inventory buyer up.


very at sorry. the But for don't don't operator sorry. myself, I'm I'm extremely have There But currently Oh another moment on may I the have be connections. I connection way.

Marcus Lemonis

take that hour. during unable Ethan one our For one-on-one are the to next that's the we'll anybody in is the queue was that in call obviously answer question, half coming that now Huntley only


the I more be Excuse may interruption. back, one moment. just

Marcus Lemonis

Okay Ethan Huntley.


Ethan Huntley ahead. from Jefferies, please go

Ethan Huntley

questions. Huntley thanks This my for Jordan, is for taking Ethan on Bret

on the rate conversion you customers stores Good Just Good a Sam can acquired membership, of one of to the with here sort us provide platform? Sam

Marcus Lemonis

sure I not I I’m the question, understand apologize.

Ethan Huntley

of Yes, on from of are what stores so acquired just, platform? I you percentage Sam into your sort guess converting Good members customers

Marcus Lemonis

sell much when that retail implement have comparison we to We POS consistent year-over-year in for acquire the our and our location quarter members really do a the the Good products for of crew we stores. number installed doesn't But Sam Camping training and the variety and new the impact conversion has. we acquisitions. install pretty that a from World the store the experienced So and

conversion offering And the sometimes something even to better marketplace. we're because new

membership, and we're in store to analysis, some we of or our return store overall a consider our go any margins card, to and scratch, from all which is a been and increased public EBITDA of forma we either assistance, auto other when not calculate of public so, a see and our always retailer we're acquire open thesis look little, any That has secret doing why back lot. the our napkin the by in roadside sort insurance increased pro going sauce products. in by a definitely And what as increased manufacturer the outperform warranty, increased RV increased with credit information,

two when and segments so, And location you report. how standalone our performance at at you look our look

if and products or earnings and segment at segment revenue for have any please part, in our Good it the all. Sam services our doesn't most retail segment, know Our that much retail

So are to of business. pretty those EBITDA pure performance much the that margins

our added gets the But its a through an only gets a the are business also online, of stores, ability Sam on the and through it profitability campgrounds. acquisition job. call time nice of the outside the function its little Good makes both benefit file not market penetrate if and through size Our it’s of every to company center, growth,

So business. our goal retail units year Sam it’s in our XX supercharging growing locations business and much as supercharging our a Good eight to on average dealership the as is

Ethan Huntley

side unit sort that you of provide, sort to a up and helpful, people color constraints you on sort are you. you're pickup the then business, there that that's can And used the supply a of the any business new thank of experiencing? of service of refurbish is seeing sort Okay, given in

Marcus Lemonis

alive that business technicians Our robust number basis. why. the exists long of on number for to dwarfs continues a RVs of very Unfortunately, and as and be in service I'm ratio service of circulation here's number and as will continue the base the

over that to we RV that home developing developing continue We next work is discussed, to service have for more the is the of it building calls invest and add made for the later training, us. a decision is attractiveness and out enhanced we're depot business. One what more significantly to not nugget in to base, the internally that increasing years in technicians will will have become several

up we example, picking it continue that or appliances we If space. do floor the go for their apparel they margin, are investing on. matter to and that as several from cabinetry, the what those of floor return that. we they money And years will products no going high that churn, and short low in things from the next implement reinvest look margin at retail high to spent XX% Over and want margins, demand lighting, to footprint, has furniture, in high and we’re kind floor, our our extract continue extract with can on our that shareholders we low will the XX% give margin it's being churn of products a all are,

our the unbelievable us approximately launched RV giant And products we talking things. in retail to you'll that specific four, profitability have improve transformation We low investment those five allow you're do and these see their solution. seven extract seen see thus growth far, our the those churning locations of us location, younger that of kinds and and of they we with we low and and cabinets, when chairs, the vintage specific margin, to that their to related as the to about We be years, things and think about and go of of all that love integrated how sinks What's to over that know lighting, couches, the it. counters, a finding all flooring, how making think we're customers companies toilets, niche, on for be mattresses, everything buyer vertically the they next it consumers a with expect more younger the business single margin things. source even I in DIY, renovate buyer. love lot it themselves The prompted is love to have

directly the supply and can either new their scouring or or investing Ford’s our create is We make or is kidding scouring locations of made in an side, on we in in the how the the for furniture, every our have technology used hot vans. can whether or make investment blocks we that, used that And buying entire that et that marketplace one flooring believe a adaptive shell we unit, the find. existing be to cabinetry, will we adaptive to limited investment while or chassis now we Nisan’s the significant we through renovate inventory marketplace, cetera. Sprinter’s, to of technology through that heavily delivered are then over the started consumer Because time of market do side, counterbalance the raw, business on pre-owned B the to Dodge’s

margin will our renovation think move make our and collision exist repair we plus business, those same margins on in as we already XX% we centers While forward.

see the more and looks home renovating wheels, different. just at renovating in home. It's us sure we're that licensing invest at will Americans their influencers, like no making on our looking You home own

Marcus Lemonis

joining Thank for everybody you quarter so to our call. much second

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concludes your today's may Thank And participation. call. for you now This disconnect. you