2024-05-02 11:37:09 ET
Camping World Holdings, Inc. (CWH)
Q1 2024 Earnings Conference Call
May 02, 2024, 08:30 AM ET
Company Participants
Lindsey Christen - Chief Administrative and Legal Officer, Secretary
Marcus Lemonis - Chairman and CEO
Matthew Wagner - COO
Tom Curran - Chief Accounting Officer
Conference Call Participants
Joseph Altobello - Raymond James
James Hardiman - Citi
Scott Stember - ROTH MKM
Noah Zatzkin - KeyBanc Capital Markets
Michael Swartz - Truist Securities
Bret Jordan - Jefferies
Brandon Rolle - D.A. Davidson
Tristan Thomas-Martin - BMO Capital Markets
Alice Wycklendt - Baird
Presentation
Operator
Ladies and gentlemen, good morning, and welcome to Camping World Holdings Conference Call to discuss Financial Results for the First Quarter of Fiscal Year 2024.
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 the reproduction of the call in whole, or in part is not permitted without a written authorization from the company.
Joining on the call today are Marcus Lemonis, Chairman and Chief Executive Officer; Brent Moody, President; Karin Bell, Chief Financial Officer; Matthew Wagner, Chief Operating Officer; Lindsey Christen, Chief Administrative and Legal Officer; Tom Curran, Chief Accounting Officer and Brett Andress, Senior Vice President, Investor Relations.
I will turn the call over to Ms. Christen to get us started. Please go ahead.
Lindsey Christen
Thank you, and good morning, everyone. A press release covering the company's first quarter 2024 financial results was issued yesterday afternoon and a copy of that press release can be found in the Investor Relations section on the company's website.
Management's remarks on this call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These remarks may include statements regarding our business plans and goals, industry and customer trends, inventory expectations, the expected impact of inflation, interest rates and market conditions, acquisition pipeline and plan, future dividend payments, and capital allocation, and anticipated financial performance. Actual results may differ materially from those indicated by these remarks as a result of various important factors, including those discussed in the Risk Factor section in our Form 10-K, our Form 10-Q, and other reports on file with the SEC. Any forward-looking statements represent our views only as of today, and we undertake no obligation to update them.
Please also note that we will be referring to certain non-GAAP financial measures on today's call, such as EBITDA, adjusted EBITDA, and adjusted earnings per share diluted, which we believe may be important to investors to assess our operating performance. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial statements are included in our earnings release and on our website. All comparisons of our 2024 first quarter results are made against the 2023 first quarter unless otherwise noted.
I'll now turn the call over to Marcus.
Marcus Lemonis
Thanks Lindsey and good morning, and welcome to our 2024 first quarter call. On today's call, the team will cover both the operational and financial highlights of the quarter, while providing comments on the exciting future ahead. As we entered the quarter, we had very specific targets to execute on, gaining market share on new, while improving year-over-year margins, the recalibration of our used inventory levels, driven by the unparalleled reduction of new pricing, open up 14 new locations and eliminate non-performing assets.
The double digit same-store sales momentum and market share growth during both the first quarter and the second quarter to date, proves our thesis around demand and its interdependency on lower priced units, essentially affordability. We continue to feel strongly about driving our efforts towards the intersection of strong demand and affordability. We expect the average selling price of new units in our company to be at or below $38,000 and could see flexibility up slightly once interest rates retreat in 2025....
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Camping World Holdings, Inc. (CWH) Q1 2024 Earnings Call Transcript