Lazydays (GORV) 8 Mar 242023 Q4 Earnings call transcript

Greetings, and welcome to the Lazydays Holdings Fourth 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.

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

today North, Operations. CEO; the call Amber John me with President, On and are Dillard, Vice

Before cause information, statements like will we to such risks, performance, would forward-looking everyone assumptions subject to begin, we that differ and that from could which to is be results potential and including remind forward-looking information. uncertainties future actual financial discussing I materially

our filings forward-looking release a to or our with to future all and we assumptions factors identified prediction undertake may and other as other update earnings Investor upon any our periodic forward-looking not can SEC Such prove statements. section and be risks, statements uncertainties, relied actual of of inaccurate. the the or in our about make revise are performance, well statements as no of our results. and be obligation forward-looking We as Relations website. should guarantees no Accordingly,

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

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

results, the Thanks questions everyone. then Thanks, few Kelly. financial today. I'll a I'll we're make of a coming Good morning, happy have at brief Amber about and for you operations, our take through in talk couple to let remarks. opening end. Kelly can

against market and vehicle provided services by the registration our now, spoke validated heard yesterday OEM had you important their quarter several in some both the large and data in obviously both dealer partners, eventful It's of since January. fourth organization. the we've surrounding early in into reporting developments been an comments By We've as and November. months, within with from few occurring groups we industry we

to seen result, continued reported, well. fourth sales what January and our pricing. and headwinds And economic as marketing we have as sequentially we volumes and as pressures the February, and improvement both retail into decisive in saw our In saw January below in to action November a expectations for spend December, took year-over-year. that increase to month resulted and a December industry-wide we significant of they a the Similar in result, quarter, adjust retail

pretax Our current report profitable anticipate expectation being but positive the quarter operationally flow is year. year, cash to of for a this first loss the and full for we

for store and used our of recently facility we finance secured as have peak a and December both through management our liquidity work. and more have and the possible. next around to the our in at hard well From partnering been perspective, worked disciplined selling season. been covenants flexibility million new $XX leaders our team with the Operationally, summer with as improve pricing lender quarters both health our Kelly mortgage They few with from wherever a to partners our them levels into over stocking obtain assistance operational move and diligently additional working as Amber OEMs inventory actions

standpoint, also have new colors over [indiscernible] control a our continued spending in of redundant rebranding a stock to on website, unnecessary In been XX% to even finding we've new and and XXXX. increasing store a with SG&A font, cost a the focus January, From symbol. despite year-over-year reduce effort and complete we expense able areas launched logos

outdoors true however, action they and things the inspired longer which lazy. and is the have ticker to using to GO more are to do use Instead, as We the no facilitate helping we freedom their culture customers love our or GORV our they or rebranded find RV LAZY be RV.

day. every over our efforts enhance XX% which on for mobile account experience rebranding particularly devices, website digital retail these will of traffic Importantly, our

of back corporate terms in operating reminder, way to we Arizona, locations greenfield since all dealerships. our XXXX the as in started this Earlier been XX. and with the bringing count opening current development, but year In last week, a XX store announced with we ended XXXX of our the XX location, development, has

integration Finally, newly on tuck-in acquisition locations we remain opened opportunities, for in we focused less compared on with last acquired activity continue anticipate to year, look but basis. strategic and driving attractive and a our or XXXX still to both will

year. we we and can underlying earnings in depressed want difficult it the to business stores be year. macro normal what calibrate of over picture added significant a provide past environment power the to our To number believe of that the Given of like end, a We we've the the understand business. looks

in we think $X.X confident our As over delivering ability annualized a revenue, single-digit business we're EBITDA billion environment, a to margin. generate in in high mid-cycle about while our

solid this strong balance locations, retail we While me, an sheet, believe incredible fantastic positioned excuse is inventory, for brands. inventory for the a strongly with healthy challenging operators, for beyond are a or industry, the XXXX and time and we well

With that, turn call I'll over Amber. to the

the we and on good every in inventory and to John, health December, both units laser needed November, in Beginning and Thanks, sequentially as maximize morning, we November, sold more retail we of transaction it in low our year-over-year. improving From of became January a the sales could. February, everyone. focus level clear that

are gross mix, from to sales improved our year model February, overall. are percentage we dollars current profit units meaning greater of generating December profit a gross and Furthermore, more

for well changeover. today the feel of move we model inventory As selling and spring as I summer with and the XXXX health pleased into and a are our am very we result, positioned year as of prepare the season

To XXXX X,XXX, had stock. over year model XXX, model early XXXX put around we units and perspective, units in November, things year in in

we on. and working maintain of spent the just are months health more our well year, yesterday, Overall, positioned model down over and XX, units XX% current inventory were to XXXX XXXX remaining. X is inventory to units XXX, we As the of than last we diligently have

many relative partners OEM have the help us as to deliver position to to amazing We inventory healthy industry of at incredibly support our time. current they incentive an have dollars contributed units. we believe continue the We additional to from received

some retail associated with we post-COVID and can of rates, every to equity headwinds overcome sale We negative and sales are the given industry to environment. stretching demand higher interest the consumer lower make

to sales volume operations units and achieve have in as velocity deliver faster volume emphasize downstream the know turn and decision it and well volume also to service adjusting We we We the appreciate to more a expanding on more markets price lower we higher made partners incremental and their our aggressively by F&I product focus strategic units offering. increase pricing our helps as increase the OEM new point as objectives work as and both attachment serve.

balance partners levels in critical to healthy demand. matched have their OEMs, at and our output the and appreciate the while terms partnership still for Thankfully, OEM disciplined we remain them with it. consumer level, our the of right to production Maintaining inventory levels of dealership keeping production we plants is have in

the receive from Additionally, we a continue to customers. emphasize trade-in to our units used function we vehicle via augment procurement

an healthy incredible price that able upon allow maintaining source been team have affordable with has while provide point, source buyers more in to spend to units that more area and of opportunity us increase of We gross leads consumers drive margins We more believe the sale. even in marketing to there we to our a high-demand have the this increased conversion. is market and units volume

enhance both caliber to leadership. dealer substantial working and resource, pool leadership We locations the result a underperforming to further develop finding opening the are made and Manager we've optimum and changes and relentless due in our of store days, crucial people. General remain store on and XXX our most of past new the greenfield to as Over locations talent network, capabilities our address of

external talent to the the service our In thank and singular promotions to store our team, I They to a want the each internal closing, We source day continue our world-class experience efforts in best mission and sales around operational provide industry. personnel. come country. recruiting with work across to especially

they Importantly, as the we week XXXX. months making progress responded every with and to current focus have day, and and continue significant we industry are determination, optimism environment to on

the Kelly. With that, to over turn I'll call

was unless the was that fourth same over a in the of billion, the XX.X%. stated year. XX.X% Total prior versus comparisons are year otherwise, of quarter revenue Thank XXXX $X.X Total million, decrease Please XXXX. you, the decrease $XXX quarter for Amber. period for full revenue note the a

point this be will metrics all on, a From on otherwise stated. same-store unless basis

XX.X% quarter, X% in sales during gross combined unit revenue and per primarily Finance XX.X%. in excluding declined the LIFO, declined insurance volume, XX.X%. gross and Used and with declined approximately XX% unit quarter, unit a due chargebacks. decrease the profit higher per increased New unit, unit sales decreased profit to retail

Our and decreased profit and XX.X% body parts gross revenue by XX.X%. decreased our service

points. body Our and gross parts service basis margin XXX on decreased

the was from $X.XX $X.XX the per $XXX,XXX network SG&A income the last we share of share loss compared by was adjusted prior total quarter quarter During a of net loss earnings XX despite million our year. $XX.X locations net year-over-year. loss compared fully expense Adjusted million quarter, for $X.X for diluted year. of to increasing to a in per reduced to net the Adjusted XX diluted

capital and liquidity to allocation. on Moving

we with the XX, mortgage alternative year-end, term real location-by-location to has of approximately financing On other owned had positive cash, allow and facility we full obtain structured of X-year during is secured facility by $XXX As partners. operationally a $XX to year. million and and The million remained lending a we quarter $XX on December a for closed fourth the of basis cash million flow estate. us on

to XXXX. we in We [indiscernible] loan loan similar at during refinancing mortgage a proceeds other to $XX.X estimate by million generate additional we properties financed XX% that properties can an value these

unencumbered can estate million. of addition, real In other additional that estimate $XX have liquidity we we provide

the XXXX. thank financial results X a XXXX. XXXX XXXX covenant Working as the of M&T to the room operating received of return thresholds with partnership to package focus as navigate waiver fourth we well the us Bank for and for environment by lenders syndicated modified the end of I third lenders, for on quarter want to covenants a allow and of first quarter current to standard our the their economic throughout our improving with of quarters syndicated our as led our

the turn John closing I'll call over some to for comments. Now back

Thanks, KP.

So the current and the have well response environment. we in based on in to year I'd points. summary, of to the for financial remainder you feel leave taken main actions like X operational positioned with we the

and inventory new the our First, have our in year. of more we health improved of model units significantly XX% the than current have

profitable flow cash positive and this of we're expect cash positive Second, operationally remainder operationally year. the to year-to-date flow be for and

today, of units both Third, in current the model increase sequentially which anticipate further sold of product. improvement of season. December, and stronger And move year. is We've as end $XX month. well results in as the we are These have spring more finally, the March last we higher at and based million year-over-year of seen February, were million, and trends and year we third $XX early quarter where on we than, January that summer liquidity positioned this seasonally gross on conviction selling increasing the also our we into actually margin

happy we're take to and that, With up some the open call questions.

Instructions]. [Operator

is question from Daniel coming CJS Securities. from Moore first Our

with lower-priced in units whether just travel and as little versus the of wheels was of improvement from bit now we used through you or a there the cadence into delineate fifth December the of start and higher-end difference much improvement between and motorized March. a just Maybe between trailers kind rate sequential well? in and entry-level February that shipments maybe saw Can of kind new

for from question. hear the to you. Nice Thanks

we weaker bit than I look dealer little for more of to reference and point think has our probably kind in historical motorized than we're the when a at certainly towable. the a broader results, as market general, motorized concentrated that a data And industry. compare been

seen side. motorized, end within is. we seen healthy has We've market to our similar. As, the that in a the particular, I additional say the where the motorized probably And weakness on say, and more say with towable I on have product I been would Class experience lower a the would have would what been more, recovery we've that relative And

month. probably the at -- of definitely still to over interested But the are Now in piece as recovery at still consistent of There's was last customers which that, really other come out And them think we're would end saw we different. them. I from what and to dealers. all roll not were we heard we've recover categories the I has say is any they selling overall, But seen probably improvement more each motorized them. end, all COVID of were been and we're in and slower lower the better, with sequentially we've that

prepared Certainly per QX it -- with profit Obviously, about And But or remarks. consistent unit the for on year. your touched of of in and we're That's the gross should what embedded for we think net I we per as just expectations on just you new talk expectation at sorry, end gross the income and maybe to about the certainly QX the to profit what unit. used the in be how sequentially -- then is the saw improvements in you're believe being throughout helpful. hearing -- relative well. seeing year cadence positive for expectation

how see just you playing So that out?

Sure. want first on I piece. I definitely mean the to comment used

result a So marked our last in X I our Amber's say led ] improvement go phenomenal ability buying X have by that's over team you the I his central would used job. astute a seen efforts. we've as [ for pretty And to source a to to of vehicles and very months, up. think Rad and buyers observation done the crew bring a

our aggressively go to that. ramped marketing remarks, In we've really prepared spend our after up

as been You've made of at as had used and we buying vehicle that some some of before efforts aged say, end margins number a move of margins some those and of would decisions decisions pieces the year, months to vehicle result things. those I that our through legacy last had we really had a seen, the at depressed on better and work that through have we look used those to of we side

profit, pieces we more some we're And or be key leaning operating that healthy find what pretty to us, for avenue a into heavily. continues I really and that would [indiscernible] those say is recently of where can

XXs, the vehicle that There's can in there that we not the get change new margins to look our healthy. indicate a the anything side, is On the as really if realize, into we good. margins structural would that me is inventory

bit we've incentives had that dealing time. that some and our from to we pricing partners And the we good that inventory, with that got unbalanced fact take. it we of we what think did little work got pools through through the we OEM been to needed help is the some of that some And our thankfully, had I a actions really those.

for very looks think probably preparing looking where yesterday and I our at obviously good, this were it very, many you we thing. a by at go other among we in and we think larger that's and with it's And the and investors healthiest out dealer do, really when it do same inventory groups and pleased I there there, call especially look filter and can is the year, are as

good say we're would really well. and really we'll more into hit as XXXXs improve eventually, into look we where go you move and then into And quarter, we I And if at then the positioned ours, get is be see the March second and positioned. to the sit continue summer feel the we mix to going XXXX. into that's balanced in well July, the feel things about as start like And to delivered, and we

think than loss And we discount as nice fourth in we toward goes, that like probably the that. prior do we're the we're and was in fact mix that beyond some best expression and our see shape in model we that February, had is definitely year the and I then a We forward. like to profit, the go one. of recognize even your more saw in into people the inventory despite and many gross February good our March we January skewed is as quarter the terms first industry into feel and improvement So did needed we punchline to your the here going

in scale. of really We've made locations the really decisions happy to of investment XX with composition stores stores. capital of now. our our position I'm bunch a for terms operating We're

really look us out that revenue got, are how You're We bigger operational to we've some we think us optimum performance really opportunities not for leaders the think, we can see is operate tried key take to and we've balance that going that that the there. about facilities think are smaller. really look to of that And for those GMs better going to to I markets. find

excited started think off flow we to continue as of position us. most and That's to and certainly about XXXX, we're our opportunities allow pick year. behind our and of head a year. positive And cash to and us build our investments going up for to drop think [Technical and are more those Difficulty] acquisition liquidity we then the rest look can operationally really profitable year have as this we for that CapEx

And that's show going guys. you be can't wait so that and to exciting, we to to

-- just thought, Any as more Steady you units thought end sales, the that of focus having Great. trade-ins string and attached of momentum procuring Appreciate to color. big well? rates color new of a X on are that attachment that that for increasing. that on terms used unit in obviously, Maybe -- you. line the the of used are that

Thanks. I It's not And trade-in. normal trade. have would in sell to is in was interesting, XX% the and general, 'XX lower would saw units what have case And than used you in to if probably expect that's an lower. normal say of you sell the even vehicles is percentage. rough RV And I'm a of we we a the justice, XX% automotive

low-XXs terms I on the new seeing ratio of trade mean, vehicle were a in sale. we

they you're different all finance a anybody big and And current interest equity some paid it XX% XXXX issue. has year full model X-handle but and at probably really think in negative of sudden, now stuff unit a XXXX, that's And at if we of or a And looking reasons, bought price first-time buyers also was XX%. or rate. discounted

can you of discounted affordability, flip get or is XX%, year to because that find helps model equity negative the prior a to what go that in, be And in of but there. going And you're are you to out year-end of trading came stuff terms was the side obviously, for at we is out willing if too. you're XX% new thing. in reflected buy if discount, that's reduced the NADA ones commensurate because sort that book a terms that a what that in changes used you one of can and worthless guide And the and saw

market. we some were to down is the auction. coming. can't think And say to recently, stuff fact And our that's terms we're right been the buy addition, in take I dealer of anticipate say lot this was wholesale demand coming with that I now to And really particular, more And frankly, guys to or, January, And We've we've dealing in would we there's now. in seen the try purchasing situations, private in careful. some would spent really able back. buying a decent pricing of I right stuff that aren't not stuff only and these slowed

gives find if an buy And us market so [indiscernible]. stuff if we pretty can to that some attractive from direct that in opportunity, and consumer we're judicious stuff, play wholesale

it up into we've are which terms March back the significantly new better. of mentioned is as I are that And And than that and so ratios earlier, [ team ramped the February, higher Amber up really going and XX% to ] leaning Rad in range the even to was sales. and seeing, the vehicle be in trade January we're augment

in of kind us. can all retail opportunity -- of that's go get And and is focus terms for we big a found sales opportunity

And see up of certainly used that consumers on there's concessions, get we terms to we We hasn't going vehicle rates on where point affordability OEMs opportunity of interest more kind and continue happened the some some consistent you end you're see are to the motorized. see [indiscernible] market ton new side. in in sidelines performance believe that which of hit there. the price think pricing for I So hopefully a probably

as increases is of for cost the you producers side, the know, yet on Dan. still. price chassis biggest are those The chassis motorized And taking

really And that. about in an lets the so I meet of that's to and come the been where try that market think, that's and excited that's and one used we're things consumer demand, question, us been, affordability

Our next from Securities. Mike is question Truist Swartz coming from

you think high your single-digit Maybe, billion current your mid-cycle, John, store thrown and I and revenue on around just out to base EBITDA start had $X.X commentary with in margins.

environment. percentage we So that how us how used think new cost SG&A in think in of about there help about maybe goods terms a as just get margins of of steady-state product a and to

product I changed a there? business years mix us couple but been sense of towards towable know blocks broad maybe how just the more give in the little the bit shifting has a get of of has building last of and you kind

Sure. much. the see Thanks Mike. Good this and that picking I to note following from Nice morning. appreciate you, you hear us. very for to up

I inherited ago. we've glad about I'm talk it's couple the X because a and pillars, SG&A. talked different I XX than moment in I'll you what brought think important pretty, really a that team and of structurally about or up here think, months

with But play. dirt I just stores And you're some operate going units is lot bunch nothing start of and used fine. That's that. do. to operate. or not sell It What to in isn't Florida something that. we with our a general, we us that rural want see what like wrong to That's the not do there's try somewhere in

a wheel, is You believe $XX,XXX Class important purchase. million is doing it, really meaningful certainly investment can have $X hobby, for buying intended is customers there's that. business that for is is what saved their dream, something something their lives A make we they're fifth an their this bus But This lifestyle. demand that and that around their a or for this entire a and

that. reflect to experience the want we And

million. also at above trying a of I $XX size of is to revenue minimum is say, really is But I'm exceptional locations, And to us look and great does customer when so XX average, I'm a reputation go a going have, brand, what and to team really a proud that gives we deliver our beyond on which an what experience. fantastic that

probably just equivalent X in X which we So billion Tampa, to of obviously and that's get $XX take have dealerships. [indiscernible] $X.X if to you million is or the revenue, mothership, big

the $XX in terms of was normal Rural a of a billion and late had pretty of smaller a environment. million last easily store roof. in can so a And stores. We like And operating Gary, Indiana, revenue to year plus triangulate closed suburb couple in we've $X.X you it

we a did mecca GM the our consolidated phenomenal of store, out I'll really a of look operations give into chip in roof job a it's in Indiana. our in kind of And store what he's like and RVs. million, shout Elkhart, easily [indiscernible], And to and we is $XX $XX Elkhart a at doing Elkhart, improving million even that

the we thing you So you to if And think put but operators a to bat, and more they units of also great used leaders and can new more way. it and a swings experience, move we to operate volume fix and income repair. meaningful want then both maintenance There's the have of and operation caliber attracts for them is run play are of in service stores because and better first operation allows at think us customer greater. that as a them need size and basically scale, us which better higher have opportunities the

piece. top the I in we probably sauce secret don't that's think of gross So line terms have margin. any

because partners it volume attachment because F&I our of on for us also things, it's touches talked side more I If XX%, typical. anything, with to focus we're the that's continue work margin consumers, and downstream. you OEM see weather that's allows gross And and to what more more of about, if importantly, as good pretty service to from at going both look XX%, And going us. it you're think Amber

one hey, about, SG&A. we're is, which minimum margin these there. to model don't contribution be the our really of blow with pointed probably going that's $XX to the to that. I'm think is by So to routes. want which and them rudimentary million quarter And in going gross to million, impressed And be run $XX SG&A, XX%, I then out, XX%, somewhere fourth Each you

with we lower were $X.X in stores. actually SG&A mean XX% more million I

a that downsize it's in done we've with found If areas minute, decisions certainly and growing we've future. the mean, for doing the and to been in to hard, certain less And been everybody some prepare let challenge. a and as more make it's not so but I had thankful regrettably, other for you to tons is circumstances, different. our investing I'm of organization, been across everyone and it doing so what sink you we've difficult it's what and really opportunity And been we've in has a had team also me. we've working ourselves we've team for and because no shows

look mean, I down January, again, the January for And X had January. prior results. think fold in I at the we month SG&A XX% than we stores were more year-over-year. in in with

rationalize out, to been I to what I frankly, able that we've what we've play do out. past say in optimize so would And really seen decisions disagree And that is and the and investment we're I think we're to play some with. going continue see it

said pay modeling and him. call, I -- a certainly attention on appreciate his from means Marcus I'll perspective what that what so is And to

automotive about never going go XX% in possible. dealership was reason think we I SG&A don't better. be model And thinking low why my I structurally back be wouldn't in remember, I sub-XX% or range. a there days. And being the any And talked he to see to

today, do you low XXs. And at the all auto look if groups they're public the in

I what's We don't possible. skis. know little can to my So dream dare I don't far too a bit. get over want

business start then start operational hopefully, cash a low we in Let's over to together And we with. scale the our the meaningful and we'll with fall. can flow But and continuing XXs year better dealerships, can't that that I chips profitable see and to than reason any do putting be let with don't some time.

up unit played the I Okay. what and I you're guess, first comparable seeing units That's quarter's helpful. margins the And just on out. mean of a clarification that based just how year-over-year expectation on, is would point today? be

there, out. absolute still still will same-store frank. basis, results mixed be think is seen sure jury to up On volume be a market for Unit I We've is terms. the in The some down.

You survey stat saw out the yesterday. data that came

different. market think but of front right real-time the have in industry don't data, that's from XX% not the I memory. off any me, and I was numbers we're

had than but volume, special from we what that's month. getting to environment general, OEMs. And volume allow improvement teams in and we're support pricing the kind sauce our seen and And and we've differently I the us looking some wish in do market that been we're every of I what is, operating things is think in. Amber's the at operators would

so We're X what, And have March. days positive. into trends the been

terms because an predict in is it remains first to March as And So March be piece know, such to to the end is is going quarter seen it. up. where you of of hard important

best come February the to pick then into things short, and changes then March shows January start is and the weather up. is some and you and and month do not you

So what we that We're comfortable has as you're unit to we become saying inventory. greater mix, And to volumes going improve. up. work a of think our continuing part are 'XX I through think the to see be is going are margin

terms season, improvement and we're I positive, through quarter. in is perspective, it's in going probably first there. that which really the to flow North second from lot think us the margin a and to cash are exciting, going of operationally and quarter, And then the heroic our up assumptions I wouldn't get and stores get we're this, and and of accelerate summer from prepare our spring should selling to going it see for in wake

Bryan Griffin coming question is from Next Davidson. D.A. from

and It that like those versus support towables out some talk seems about promotions the OEM motorized? promotional Yes. you just in magnitude break Can by of QX. maybe you're getting here

you. from for hear call, to good Thanks the Griffin. Well,

we you'll there see necessarily we can different here. OEM be want Obviously, that consumer-facing right? units, promotions see, that unit in typical. from motorized piece, rebates In willing think front OEMs particular certain are that isn't But can dangle advertise consumer, you a some if on in we've which they're time the those you And to circumstances, seen things on see that on time. are particular, putting are our the to website of buy of I careful those. to

that and promotions are of a and in as the then flip We've other as rebates call seen from "mark". the And some the consumer facing. is well what industry we motorized that towable side OEMs, dealer-facing would

And reorder. predicated are some of of those off a

and they're like, give this can as you XXXX. "Sure, at So it's us going do incentive" XXXX. we to that "hey, like, sell you Can order some we're

board. we've predicated of seen across of some support that is a over off brands. many But reorder. So been It's the

And into be I don't say, and Winnebago And to they've of and in specifically, they don't to right? of key done demand has And River recognize X a this But I not value. in from you've two them where general, the the would is up. industry overbuilding, I name partners, for all details #X, terms consumers. beyond, our want really the of job want from frank, from dollar phenomenal to get things. all of and seen stepped with Forest they're

build They understand that just dealer all stuff it this you can't and put on lots.

have and seen the that saw OEM is they've publics of stocking been financially, reported erosion they some which some in down, good. been helping You've you And margin then dealers because the have gross on from incentivizing. side

paramount are one appreciated, So those and to I'm OEMs. going just for to thankful that it. for very there thank them say and been we're the do, every we probably from It's partnerships we we of and leave support get what the it

appreciate I mixed has total week And that total this been this then results performance year. saying that.

or question guess on be your is, dealerships? my any standpoint are regions outperforming you geography seeing I a might underperforming year-over-year basis? anything So a from that And maybe for

It's question. good a

quick trying inventory do Just my to in head. a

I seasonal us. think there's for obviously the component

see of that which Florida say that's Florida, curve And and going like to was Our mix because Arizona held some stronger. of our have typically weaker the probably I'd concentration than July. was to the be relative different industry-wide are the broader seasonality country, definitely demand to that's rest is [indiscernible] year-over-year. year this in counter what markets April true you

was well, that not intelligence And what event, both We down, which to big Tampa at last is OEMs share marginally think, wasn't. strong I were show as was as It year. our not that just we some Attendance as and and of dealers are the that and heard with we it super do to in sales talk our down inconsistent. willing others, from that that's and information us.

[indiscernible] say any our in the been last store double would tremendously than visited the So show and We I floor a show Milwaukee down wouldn't trade up what trade different market's Wisconsin. shout you've a that to pretty and That out overall there's say, at digits, seen much low highlight had board. to in pockets was that I are across the week.

year-over-year, kind single to with line excuse we like think me, saw that the again, low-double-digit, low decline was call but of it I a in tenants.

declining to It's seen comps month things through to COVID feel finally finally into is to optimistic to by we're So market recover. we divergence think And whatever RVIA the which start get hopefully back going we we the that's are for is from I relief it's can -- the the think, smarter some piece. like geographically. and mostly be end things done the Fed and hopefully, the OEMs to a are we're anniversary positioned interest particular And the all XXth these and everything any we is summer, wait haven't behind of of up, then me I think and some comps to we we than well my that doing continues about. see year-over-year overall, got just quarter for lot we've positive dealt rate the as get come. I market that us some the which time what be I and I talking that going market can't comps difficult with on second positive the here should pick and

So we'll see.

pressures so seeing chassis. it. you inflationary that suppliers you're Got in just then And lastly, from mentioned continued

for rates. seem center chance spotting and just for as affordability any consumers our the front to higher you are relief guess, still longer I issues, some So be of still then there interest having and

Yes.

inventory the and this lots everybody it is be dangerous discussion that automotive if And I demand pre-COVID you not there general, when they going it's dealer how were look to consumers think this you in was just-in-time different way delivering amazing. say was around all think at it's that time. and stock are ] to the inventory there, it's [ always match industry the that I realized

going is interest is says, back as is the And board into reality most a electric the you which can happening. longer stock And see cycle the we're what's the to be anticipated. vehicle recover, And up consumer OEM no "Hey, that continues the goes and think to result, if and going to is their continuing been you're this inventory for But capital the as with look supply than at here this rates. see demand levels Fed I year." higher part, X% much be So inflation it's curve manufacturer way. dealer day to to share drown

And peter you're off means seeing bit. are stocks think start demand improving. to that consumer a that I

that as we're you're And is prioritize so or relief. to And happens, going by the yet. there I'm channels, distribution RV happen it chassis price see other OEMs I be extension, what's are to giving to whatever. think going or manufacturers to not they're that to quite rental the start cars it going sure be that

And have so that channels increases a profitability I you've the highest slow start as but that that bit. product think my put chassis seen expectation down to that are is OEMs some these retail come, places can

tell was can look in regression put last the plenty Evans, going And OEMs chassis there are to as as normalize, you then see for Elkhart that And natural I they you're in there. around of deals and I week, can parked these those inventories in. places

some that we've think I help. that think I and don't of my see it starting So will yet. to you're seen expectation is

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

effort, as to we Thanks team interest. you forward Thanks. we the a through to continue Appreciate to look everybody's move phenomenal XXXX. and for update

does That webcast. and today's teleconference conclude

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