Summary of Camping World (CWH) 2025 Conference Call Company Overview - **Company**: Camping World (CWH) - **Event**: 2025 JPMorgan Automotive Conference - **Date**: August 12, 2025 Key Industry Insights - **Market Share Gains**: Camping World reported over 20% year-over-year growth in both new and used RV units, despite the overall new RV market being down by double digits [3][4][13] - **Sales Strategy**: The company attributes its performance to a contract manufacturing strategy and a focus on entry-level products, rather than heavy discounting [4][5][6] - **Consumer Behavior**: The company is targeting first-time buyers and existing RV owners, emphasizing the importance of monthly payments in consumer decision-making [6][9][10] Financial Performance - **Average Selling Price (ASP)**: The ASP for new RVs was down 10.4% in Q2, but there are signs of recovery with expectations of high single-digit declines for the full year [19][23][34] - **SG&A Improvement**: The company aims for a 600 to 700 basis point improvement in SG&A as a percentage of gross profit, with current expectations adjusted to 300 to 400 basis points due to lower ASPs [23][24][25] - **Headcount Reduction**: The company has reduced its workforce by about 1,000 employees and consolidated 16 locations to improve productivity [25][28][29] Market Outlook - **2026 Projections**: The company anticipates a flat industry performance in 2026, with expectations to continue gaining market share, particularly in the used RV segment [34][35] - **New RV Pricing**: Expected price increases for new RVs in the range of 3% to 6% for model year 2026, influenced by tariffs and market conditions [36][39] - **Interest Rates Impact**: Interest rates are a significant factor affecting consumer purchasing decisions, with RV loans typically having longer durations than light vehicle loans [44][47][49] Competitive Landscape - **Competitor Health**: Competitors are described as "frozen" or "paralyzed" in terms of inventory procurement, which Camping World views as an opportunity to capitalize on market share [66][67][70] - **Acquisition Strategy**: The company has a history of acquiring distressed assets and is looking to continue this strategy while ensuring existing stores perform better [72][79] Capital Allocation - **Debt Management**: The company aims to reduce leverage to 3.9 or below within the next 24 months, focusing on cash generation and debt paydown [74][78] - **Growth Strategy**: Future growth is expected to come from used RV sales, ASP growth, and innovations in the Good Sam business [83][84] Additional Insights - **Good Sam Business**: This segment is crucial for the company's earnings, providing a stable revenue stream through services like roadside assistance and warranties [55][58] - **Market Dynamics**: The installed base of RVs is growing, and the company believes that the trade cycle for RVs has lengthened, which could lead to increased demand as consumers begin to trade in older units [10][41][42] This summary encapsulates the key points discussed during the Camping World conference call, highlighting the company's strategies, market conditions, and financial outlook.

Industry Overview - RVs promise a certain quality of life for many Americans [1] Product Quality - The quality of the vehicle can be another matter [1]

Core Viewpoint - Lazydays Holdings, Inc. has entered into a definitive agreement to sell its Tulsa, Oklahoma location to Ron Hoover RV & Marine, which is expected to enhance Lazydays' operational efficiency and improve its financial position by increasing cash reserves and enabling debt repayment [1][2]. Company Overview - Lazydays has been a significant player in the RV industry since 1976, known for exceptional RV sales, service, and ownership experiences, fostering long-term relationships with customers [3]. - The company offers a wide selection of RV brands, state-of-the-art service facilities, and a comprehensive range of accessories, positioning itself as a leading destination for RV enthusiasts [4]. - Lazydays is publicly traded on the Nasdaq stock exchange under the ticker "GORV" [5]. Ron Hoover RV & Marine Overview - Ron Hoover RV & Marine has been serving customers since 1987 and is recognized as Texas's leading provider of RVs, boats, and outdoor equipment, emphasizing integrity and exceptional customer service [5]. - The company operates multiple locations across Texas and Oklahoma, offering a wide selection of top brands and expert service [5].

Core Insights - THOR Industries, Inc. has retired its previous share repurchase authorization and approved a new $400 million plan to buy back shares, aiming to leverage its strong cash position amid low stock prices [6][10] - The company and its industry peers have experienced declines in stock performance year-to-date, with THOR down 9.2%, while Patrick Industries has seen a rise of 9.7% [1] Financial Performance - THOR's forward 12-month price-to-sales (P/S) ratio is 0.47, indicating it is undervalued compared to the industry average of 0.67 [5] - The company expects its consolidated gross profit margin for fiscal 2025 to be between 13.8% and 14.5%, down from 14.5% in fiscal 2024 [11] - SG&A expenses are projected to rise to approximately 9.5% of net sales for fiscal 2025, up from 8.9% in fiscal 2024, due to investments in automation and innovation [13] Market Position and Strategy - Strategic acquisitions, including EHG and TiffinHomes, have strengthened THOR's market position and expanded its product portfolio, making it the largest RV manufacturer globally [7] - The company is diversifying its revenue streams through initiatives like RV Partfinder, which aims to enhance customer and dealer experiences [8] - THOR has implemented sourcing strategies to mitigate tariff impacts by sourcing a significant portion of raw materials domestically [9] Challenges - The company faces margin pressures from weak demand and higher operating costs, particularly in the North American Motorized and European segments [11][15] - A decline in order backlog has been noted, with reductions of 14.4% in North American Towable, 4.5% in North American Motorized, and 30.6% in European units year-over-year as of April 30, 2025 [12][15] Conclusion - While THOR's new share repurchase authorization reflects a strong financial position, the current market conditions suggest a cautious approach for new investors [14][16]

Company Overview - REV Group's revenue for the trailing twelve months (TTM) ended April 30, 2024, was $2.6 billion[15] - As of April 30, 2024, REV Group had $38.2 million in cash and net debt of $181.8 million[15] - The market capitalization of REV Group as of June 6, 2024, was $1,428 million[15] - As of May 29, 2024, the shares outstanding were 51.9 million, with a closing price of $27.51 on June 6, 2024[15] Strategic Actions - REV Group sold Collins Bus for $303 million in an all-cash transaction[17] - The company expects net cash proceeds of over $250 million from strategic actions[17] - REV Group returned approximately $311 million to shareholders year-to-date, including ~$179 million in special cash dividends, ~$126 million in share repurchases, and ~$6 million in regular quarterly dividends[19] Financial Performance - The company's leverage ratio is 1.1x net debt to trailing twelve-month Adjusted EBITDA[44] - REV Group anticipates $67 million in adjusted free cash flow for FY24E[50] - From FY20 to FY23, REV Group generated $333 million of free cash flow, compared to an outflow of ($90 million) in FY17-FY19[50] Specialty Vehicles Segment - The Specialty Vehicles segment has an installed base of over 70,000 units[27] - The backlog for Specialty Vehicles is $4.064 billion as of 2Q24[27]

Company Overview - Lazydays Holdings, Inc. has been a significant player in the RV industry since its inception in 1976, known for exceptional RV sales, service, and ownership experiences [3] - The company is publicly listed on the Nasdaq stock exchange under the ticker "GORV" [5] Recent Developments - Lazydays has completed the asset and real estate sale of its Ft. Pierce, Florida location to General R.V. Center, Inc., with plans to finalize the remaining divestiture in Longmont, Colorado soon [1][2] - The sale of the Ft. Pierce location is part of Lazydays' strategy to streamline operations, reduce dealership footprint, pay off significant debt, and enhance cash flow [2] General RV Center - General RV has nearly doubled its number of Supercenters nationwide in the past three years, currently operating over 20 locations across nine states [2] - The acquisition of the Ft. Pierce location is expected to improve service capabilities for General RV's customers [2]

Summary of Camping World Holdings Conference Call Company Overview - **Company**: Camping World Holdings (CWH) - **Industry**: Recreational Vehicle (RV) Retail - **Key Executives**: Marcus Lemonis (Chairman and CEO), Matt Wagner (President), Brett Andress (SVP of Corporate Development and Investor Relations) [1][2] Core Business Segments - **RV Dealership Network**: Over 200 locations selling new and used RVs, financing, parts, and services [3] - **Good Sam Business**: Membership club offering roadside assistance, warranty insurance, generating over $150 million in revenue and $100 million in EBITDA [4] Market Share and Performance - **Market Share**: Approximately 20% of new RV sales; recent increase to about 14% of total RV sales including used [5] - **Sales Performance**: Strong performance during Memorial Day weekend, outperforming industry trends which are down mid to high percentage [7] Consumer Trends and Affordability - **Affordability Focus**: Key to success has been identifying price points to drive demand; average selling prices (ASPs) monitored to attract consumers [8][9] - **Interest Rates Impact**: Interest rates and unit costs are critical; the company has been proactive in managing these factors to maintain affordability [10] Used RV Market Strategy - **Used Market Growth**: Increased market share in the used RV segment from 5% to 9% in recent months; long-term goal to combine new and used market share to 15% [27][28] - **Procurement Efficiency**: Developed a system to efficiently procure used RVs, leveraging data from Good Sam and service business [24][33] Financial Outlook - **2025 Guidance**: Low single-digit growth expected in new units, low to mid single-digit growth in used units; maintaining historical margins [39] - **Cost Management**: Focus on reducing fixed costs and improving operational efficiency to achieve 8% EBITDA margins [44] Customer Demographics - **Core Customer Profile**: Predominantly 50-year-old Republicans with household incomes over $100,000 and credit scores around 700 [45] Industry Dynamics - **Market Resilience**: Historically, the number of RVs in circulation has never decreased; the company believes in the stability of the RV lifestyle [16] - **External Factors**: Monitoring interest rates and potential tax benefits for RV loans; optimistic about the used market's growth potential [51][52] Service and Parts Business - **Service Revenue**: Average of $50 million per month in service and parts; potential for growth in customer pay work [62] Conclusion - **Strategic Focus**: Emphasis on used RV market, service business, and maintaining affordability to navigate macroeconomic challenges; cautious approach to M&A with a focus on internal growth [55][56]

Core Viewpoint - Lazydays Holdings, Inc. has successfully completed the asset sale of its Mesa, Arizona location to General R.V. Center, Inc., with plans to finalize two additional divestitures in Longmont, Colorado and Fort Pierce, Florida shortly [1][2]. Group 1: Company Overview - Lazydays has been a significant player in the RV industry since 1976, known for exceptional RV sales, service, and ownership experiences [3]. - The company offers a wide selection of RV brands, state-of-the-art service facilities, and a comprehensive range of accessories, positioning itself as a go-to destination for RV enthusiasts [4]. Group 2: General RV Overview - General RV, founded in 1962, is the nation's premier RV dealer, operating over 20 full-service dealerships across multiple states, including its first location in Arizona [5]. - The company has nearly doubled its number of Supercenters nationwide in the past three years, providing a vast selection of RVs and services [2].

Financial Data and Key Metrics Changes - The company recorded revenue of $1.4 billion for the first quarter, representing a 4% increase year-over-year, primarily driven by a 30% increase in used unit sales [13] - Adjusted EBITDA rose to $31.1 million compared to $8.2 million in the previous year, indicating significant operational improvement [14] - The company ended the quarter with approximately $179 million in cash, including about $158 million in the floorplan offset account [15] Business Line Data and Key Metrics Changes - Used vehicle gross margins improved to 18.6%, reflecting year-over-year growth as fresh inventory was aggressively brought back into the system [13] - The company opened nine new dealerships during the quarter, with five Lazydays locations becoming profitable in March, contrasting with previous cumulative EBITDA losses [11][12] Market Data and Key Metrics Changes - The company achieved a combined new and used unit market share of over 14% through February, indicating strong competitive positioning [10] - Used same-store unit sales were up in the high teens in April, while new unit sales increased in the high single digits [10] Company Strategy and Development Direction - The company aims to improve SG&A as a percentage of gross profit by 600 to 700 basis points, focusing on cost reduction and operational efficiency [5][14] - The management emphasized a commitment to selling more RVs, improving margins, and reducing costs, with a focus on profitability and market share growth [5][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving growth in excess of low double digits in used units and low single digits in new units, despite some pressure on average selling prices (ASP) [9] - The company does not foresee significant fallout from tariff impacts on the RV industry, maintaining a positive outlook for demand and pricing stability [28][29] Other Important Information - The company has made strategic investments in its roadside assistance business to stabilize margins and drive earnings growth later in 2025 [13] - Management highlighted the importance of understanding consumer affordability and the potential for RV ownership as a cost-effective alternative for family vacations [41] Q&A Session Summary Question: ASP softness and promotional support from OEM partners - Management noted that ASP softness was not driven by excessive promotions and emphasized responsible inventory planning and collaboration with manufacturers [18][19] Question: Acceleration in same-store sales in April - Management attributed the acceleration to improved weather conditions and easier comparisons from the previous year, with confidence in maintaining low single-digit growth for the year [23][24] Question: Impact of tariffs on pricing - Management does not anticipate significant price increases before the model year changeover and believes any increases will benefit the used business [28][29] Question: Durability of balance sheet amid economic slowdown - Management reassured investors of a healthy balance sheet with significant cash reserves and plans to continue paying down debt [34][36] Question: Strength in business despite consumer confidence softness - Management highlighted the stable foundation of the RV market and the appeal of RV ownership as an affordable alternative for families [41] Question: Used business outperformance - Management credited effective sourcing strategies and record procurement efforts for the strong performance in the used segment [46] Question: Cost reduction actions and their impact - Management detailed the $35 million annualized cost reduction plan, emphasizing that most of the cuts have been implemented and will positively impact the bottom line [52][54] Question: Market consolidation and M&A outlook - Management indicated that consolidations are accretive to the bottom line and expressed a willingness to pursue opportunistic acquisitions while focusing on cash generation and deleveraging [72][78]

Financial Data and Key Metrics Changes - The company recorded revenue of $1.4 billion for the first quarter, an increase of 4% year-over-year, primarily driven by a 30% increase in used unit sales [12] - Adjusted EBITDA rose to $31.1 million compared to $8.2 million in the previous year, indicating significant growth in profitability [13] - SG&A expenses were aligned with expectations, with actions taken to reduce approximately $35 million in annualized SG&A through headcount and cost reductions [13][51] Business Line Data and Key Metrics Changes - Used vehicle gross margins improved to 18.6%, reflecting year-over-year growth due to effective inventory management [12] - The company opened nine new dealerships during the quarter, with five Lazydays locations becoming profitable in March, contrasting with previous losses [10][12] - The focus on used unit sales has led to high single-digit growth in new unit sales in April, following a slight decline in the first quarter [9][23] Market Data and Key Metrics Changes - The company achieved a combined market share of over 14% through February, indicating strong performance relative to competitors [9][74] - The used RV supply chain maintained high velocity, with record levels of used inventory procurement in March and expectations for continued strength [9][10] - The company anticipates new model year 2026 pricing to increase in the mid-single digits, with minimal impact from tariffs [6][30] Company Strategy and Development Direction - The company aims to improve SG&A as a percentage of gross profit by 600 to 700 basis points, focusing on cost reduction and efficiency [4][13] - A commitment to enhancing profitability through strategic dealership consolidation and optimizing sales per rooftop is emphasized [4][70] - The management believes in the strength of the business model, particularly in serving the existing RV owner base, which provides a stable foundation for growth [38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the RV industry's resilience against economic headwinds, citing a stable installed base of RV owners [38][39] - The company is proactively managing costs and inventory to mitigate potential impacts from economic slowdowns and tariff uncertainties [29][34] - Future growth is expected to exceed low double digits in used units and low single digits in new units, with a focus on maintaining gross margins within historical ranges [7][11] Other Important Information - The company ended the quarter with approximately $179 million in cash, including $158 million in a floorplan offset account, indicating a strong liquidity position [13][14] - The management is focused on deleveraging the balance sheet while pursuing growth opportunities through strategic acquisitions [34][72] Q&A Session Summary Question: ASP softness and OEM support - Management clarified that ASP softness was not driven by excessive promotions and emphasized strong collaboration with OEM partners to maintain margins [18][19] Question: Acceleration in same-store sales - The increase in same-store sales in April was attributed to easier comparisons and improved weather conditions compared to February [23][24] Question: Tariff impacts and pricing expectations - Management does not anticipate significant fallout from tariffs and expects new model year pricing increases to be in the 3% to 5% range [30][31] Question: Balance sheet durability amid economic slowdown - The company maintains a healthy balance sheet with significant cash reserves and plans to continue paying down debt [33][34] Question: Strength in business despite consumer confidence softness - Management believes the RV lifestyle remains appealing, providing an affordable alternative for family vacations [38][39] Question: Used unit outperformance - The company has successfully sourced used units and improved procurement strategies, leading to record levels of used inventory [43][44] Question: Cost reduction actions and reinvestment - The $35 million in cost reductions is nearly complete, with benefits expected to materialize throughout the year [51] Question: Market consolidation and M&A outlook - Management views recent market consolidations as accretive to the bottom line and remains open to opportunistic acquisitions [67][72]