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Good morning, and welcome to the Camping World Holdings conference call to discuss financial results for the first quarter ended March 31st, 2026. At this time, all participants are in 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 written authorization from the company. Joining on the call today are Matthew Wagner, Chief Executive Officer and President, Tom Kirn, Chief Financial Officer, Lindsey Christen, Chief Administrative and Legal Officer, Brett Andress, Senior Vice President in Investor Relations. I will now turn the conference call over to Lindsey Christen, Chief Administrative and Legal Officer. Please go ahead.

Thank you, and good morning, everyone. A press release covering the company's first quarter ended March 31st, 2026 financial results was issued yesterday afternoon. 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, macroeconomic and industry trends, customer trends, inventory strategy, future growth of operations and market share, capital allocation, and future financial results and position. Actual results may differ materially from those indicated by these statements as a result of various important factors, including those discussed in the Risk Factors section in our Form 10-K, our Form 10-Qs, 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 2026 first quarter results are made against the 2025 first quarter results, unless otherwise noted. I'll now turn the call over to Matt.

Good morning, everyone, and thank you for joining our first quarter 2026 earnings call. I'm pleased to report that despite a challenging RV industry backdrop, we delivered a first quarter that demonstrates the discipline and operating leverage we discussed on our last call. These results are validation of the steps we believe will grow adjusted EBITDA and generate strong free cash flow for the full year. Market conditions came in softer than expected, the underlying quality of this quarter is what I want you to take away from this call. On a year-over-year basis, we reduced SG&A by more than $29 million or 7.5% and improved our SG&A as a percentage of gross profit by 135 basis points. This is the transformation showing up in the numbers.

On this call, we'll walk through the three priorities I laid out to start the year: growing new and used unit share, driving SG&A efficiency, and accelerating Good Sam. I'll close with our outlook for the year. Our new unit sales outpaced the industry. According to SSI, new unit retail sales through February were tracking down in excess of 15%. We believe we outperformed the broader new RV sales market in every major category, driven largely by our exclusive brand strategy. Within the new fifth wheel segment, we were up nearly 10% year to date, driven by the introduction of private label products that hit compelling price points with unique features. On the used side, SSI data shows that the used RV industry has grown in six of the last eight months through February, reinforcing our strategic focus on this end market.

While we saw positive signs of growth within certain categories, our same-store used sales were down 2.6% in the quarter. We attribute the decline to January and February weather disruptions that limited our ability to aggressively move assets. More importantly, the year-over-year trajectory of our new and used volume improved as we moved through March, with new and used units in April trending to end the month slightly positive year over year. Moving to inventory and SG&A, our message has been simple: disciplined execution drives profitability, and our metrics at the end of April reflect that focus. As of today, our total same-store RV unit inventory is down over 10% year over year, and we have purchased over 20% less units year to date, year over year.

Even on fewer units in inventory, our daily sales velocity for the month of April is positive versus last year. Our new model year 2025 inventory now sits at roughly 8% of total new inventory, down over 50% in units versus the same time last year. On SG&A, I'm very pleased with our progress. The 135 basis point improvement in SG&A to gross profit and the $29 million reduction reflect a fundamentally lower cost basis, not one-time savings. This includes $19 million of compensation reduction in the quarter and the consolidation of 13 store locations over the last year that sharpened the efficiency of our footprint. On top of $29 million SG&A reduction fully realized in the quarter, we also executed about $10 million of additional annualized cost rationalization, bringing our year-to-date total to nearly $35 million of annualized cost savings.

Looking ahead, we see the potential for significant cost takeout opportunities from the AI initiatives we're rolling out across the enterprise, with the bulk of that opportunity sitting within our IT spend. We expect these initiatives to drive material, hard dollar savings and improvements in dealership productivity and the customer experience. Longer term, we believe we are building a leaner, stronger company with greater operating leverage, and we expect that to translate into enhanced earnings and free cash flow. Good Sam also made great progress in the quarter, continuing its top-line growth pace while stabilizing margins to roughly flat year-over-year. We expect to complete our Good Sam ERP overhaul in the second quarter, which will allow us to accelerate entry into adjacent marketplaces.

Using AI, we have developed and deployed a custom in-house CRM solution specifically for our extended service plan business, and it's already showing early signs of productivity, conversion, and revenue uplift. Good Sam remains a cornerstone of our long-term growth, and the early margin stabilization we are seeing reinforces our conviction in the opportunity ahead. Less than four months into this year, we believe the new RV industry is likely tracking towards the lower end of our 2026 retail outlook, calling for 325,000 units-350,000 units. While the used RV industry is likely playing out towards the midpoint of our range, which is between 715,000 units-750,000 units.

We believe that the momentum we have built on new market share, on inventory, on SG&A, and on Good Sam keeps us on track to grow adjusted EBITDA year-over-year. Today, we are reiterating our full year 2026 adjusted EBITDA guidance range of $275 million-$325 million. With that, I will turn the call over to Tom to walk you through our financial results in more detail.

Thanks, Matt. For the first quarter, we recorded revenue of $1.35 billion. New and used unit declines were partially offset by a richer mix, with new vehicle average selling prices up approximately 4% year-over-year. On the new side specifically, we believe our unit volumes outpaced the industry in the quarter. As expected, vehicle growth margins were under pressure in the first quarter as we moved through assets in certain aging buckets. New vehicle growth margin declined 148 basis points to 12.2%, and used vehicle growth margin declined 91 basis points to 17.7%. We expect this growth margin trend to continue through the second quarter, consistent with our commentary on last quarter's call, before beginning to improve in the back half of 2026 as we expect velocity and aging improvements to take hold.

New ASPs should also continue to increase at a similar rate year-over-year as we progress through the second quarter. Within Good Sam, we were pleased by the sequential improvement in gross margin from Q4, which is consistent with our expectations to yield returns on the significant operational investments we've made over the past 18 months. We believe Good Sam margins should show year-over-year improvements through the balance of the year. Our first quarter adjusted EBITDA of $28 million compares to $31.2 million in the first quarter of 2025. The decline in gross profit was largely mitigated by the $29 million SG&A reduction.

We ended the quarter with $200 million of cash on the balance sheet, and our net debt leverage ratio improved to 5.6x compared to 8.1x at the end of the first quarter of 2025. Our cash flows from operating and investing activities improved markedly year-over-year as we remain focused on our inventory turn goals and CapEx restraint. We also paid down $56 million of debt in the quarter. Our capital deployment framework continues to focus on strengthening the balance sheet while retaining growth capital within the business. With that, I will turn it back to Matt.

Thanks, Tom. I'll close with this. This was my first full quarter as CEO since stepping into the role at the top of the year. While we're still in the early innings of the plan we laid out on last quarter's call, I am proud of what our team has accomplished so far. We took share, we pulled down cost, and we strengthened our balance sheet. Operator, we're now ready to take some questions.

Thank you. Ladies and gentlemen, we'll now begin the question and answer session. Should you have a question, please press the star followed by the one on your touchstone phone. You will hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press the star followed by the two. If you are using a speaker phone please lift the hands up by scratching any key. One moment please for your first question. Your first question comes from Bret Jordan from Jefferies. Please go ahead.

Hey, good morning, guys. This is Patrick Buckley on for Bret. Thanks for taking our questions.

Certainly. Good morning.

On the F&I per unit, it looked like a pretty healthy step up. Could you talk a bit more about the dynamics there, and what drove that and maybe the outlook moving forward?

Yeah. It's been a really fascinating dynamic where historically speaking, when our average sale price goes up, that F&I penetration typically goes down a little bit. Oftentimes it's an immaterial amount, maybe, you know, 25 basis points-50 basis points. We have seen some interesting dynamics recently within the F&I segment. Specifically, we've been tracking the amount of down payment that consumers are coming into the finance office with, and therefore, they also are looking to add on a number of different finance products in the back end. More specifically, we've recognized a pattern that those consumers that are buying more expensively priced assets, oftentimes in excess of $50,000 average sale price, are actually coming down with a higher down payment than we've seen historically.

Whereas those consumers that are buying lower priced assets, oftentimes under, say, $25,000, they're actually coming to the finance office with a little bit lower down payment amount. In either cohort, though, we're still seeing a higher product attachment. That is all the Good Sam Affinity products that we offer, be it roadside assistance, extended service plans, tire and wheel protection, et cetera. Largely, our inventory strategy has been derived from these trends that we've been seeing, not only over the last few months, but even leading into this year.

There's clearly this K-shaped economy that's forming here, and those customers that are oftentimes buying those higher average sale price assets do have a willingness, not only with more money that they're coming into the finance office, but also to protect their asset and becoming a part of our whole Good Sam Affinity network.

Got it. That's helpful. Thank you. Then on the recent used value trends, a bit of a decrease in ASPs. I guess, is there anything notable driving that? In a bit of a follow-up there, we have seen some headlines on negative equity value in light vehicles and cars. Are you seeing any trends like that in your customers?

You know, we've spoken extensively over our last few earnings calls about just the negative equity position that a lot of consumers have found themselves in coming out of that pandemic period in particular. We're not seeing that negative equity trend being amplified, similar to what I saw in that same article you probably read within the automotive industry. Rather, we're seeing more of a corrective self-healing environment in this industry, where we've been in this environment for the last going on five years now, where you've seen declining demand on the new RV sales side, which I believe is a high corollary to what that negative equity position has been historically. When I think of just that ASP coming down, it was kind of an immaterial amount, and we're keeping a watchful eye on that.

I wouldn't put too much stock in Q1, which I would oftentimes regard as a very volatile quarter, where we know about, you know, 20% of our volume in terms of new and used unit sales oftentimes comes out of Q1. It's in the meat of the selling season where I think you can more effectively assess what the trends are going to be. We're seeing it in Q2, Q3, that there is a stabilization here compared to what we had projected for the year. We believe that we're still on pace for our used ASPs to land in that $31,500 range, give or take. We believe that there should be stabilization here as we look into out years.

Great. That's all for us. Thanks, guys.

Thank you. Your next question comes from James Hardiman from Citigroup. Please go ahead.

Hey, good morning. Thanks for taking my call and, yeah, congrats on a strong quarter given, you know, a lot of moving pieces, a lot of curveballs thrown at you guys. I guess maybe along those lines, obviously, rough weather to start the year, and then just as the weather seemed to be getting a little bit better, you know, war started in the Middle East. Maybe walk us through some of what you saw over the course of the quarter and beyond to help us discern, you know, the weather impact from the Middle East impact, and how you're thinking about that going forward. Were it not for the Middle East situation, do you think you'd be raising today? Just trying to understand sort of the moving parts there. Thanks.

Morning, James, thanks for the question. You know, this really was quite a textured quarter, and I wish it was a lot smoother and a lot clearer to be able to explain. I can tell you, we entered the year firing on all cylinders. We had a great show season, and actually, our success at show seasons prevailed throughout the entirety of the quarter, which really manifested itself in, I believe, our outperformance on the new RV sales side, regardless of whatever the backdrop was that we were confronted with. You are correct that when we had to shut down in excess of 60 of our stores for at least a day between January and February, that was clearly the biggest disruption that we saw. In our last earnings call, we spoke about, we think that we missed out on about 1,500 unit sales.

Coincidence or not, we were actually off on same store unit sales about 1,700 units. Perhaps that was the biggest driving factor. As we transition into March in particular, that was also kind of a choppy month, where we had a couple-week stretch where we did very well in particular. Then we had a couple-week stretch where we were just kind of scratching our head as to why were we off a little bit. Either way, though, we saw a lot more stabilization as we started to exit March and enter into April, where things started to come into clearer focus and picture as to what we believe we could experience throughout the balance of Q2 in particular. We took a lot of solace in the fact that we ended March strong.

We're now trending throughout April, and obviously, today we're closing a lot of deals, and we're looking to wrap up the month of April. We are trending to be positive on a same-store basis, new and used combined. Used, obviously, you know, trending up, high single digits year-over-year on a same-store basis. New about, you know, flat to slightly down, which we believe is still an outperformance of what we're seeing. More to come here, though, as this year progresses. To start the year, we believe that we weathered a very volatile environment exceedingly well.

That's really helpful. You know, the headline here is obviously that you guys are reiterating the $275 million-$325 million. Obviously, it's never quite that easy that nothing changed. You know, you guys called out new RV from an industry perspective, maybe at the lower end of the previous range used in line. Maybe within the context of a full year EBITDA guidance, any other puts and takes we should be thinking about, whether it's, you know, ASPs or margin within that broader context. Thanks.

You know, I think the numbers that we previously provided for our full year outlook of ASPs and margin in particular really hold true still. Where we did have a bit of an outperformance, even based upon our expectation of some margin on the used side. That's largely attributable to the fact, as I said previously, that Q1 is a volatile quarter, and it's not necessarily going to be the principal driver of the overall annualized results. As we think through the balance of the year, we know that we can control much more of our SG&A structure. That's where you saw, as evidenced by our Q1 results, that we were very focused on ensuring that we were optimizing every component of this business, and we're going to remain focused on all of the SG&A opportunities that still exist out there.

We're providing updates as we complete different objectives as opposed to projecting what we think we will get done. We'll continue to, over the ensuing quarters, ensure that we're hitting our goals in this guidance range with the things that we can control.

Got it. That's really helpful color. Congrats on a strong quarter, and good luck from here.

Thanks, James.

Thank you. Your next question comes from Joe Altobello from Raymond James. Please go ahead.

Thanks. Hey, guys. Good morning. A few questions on the inventory initiatives. You know, you've talked about taking turns on new and used up by roughly, I think, a half a turn or so by the end of this year. Is that still your target? Is the bulk of that going to be done by the end of the second quarter with ahead of the model year changeover? Do you think some of that spills over into the second half? Is the hit on that EBITDA still around $35 million?

Morning, Joe. We believe that you should be looking at those turnover goals on an annualized basis in particular. Because how we calculate that for purposes of just the markets in particular, is looking at a quarterly snapshot of any inventory balances as compared to a trailing 12 months total COGS amount attributable to that inventory. As such, a turnover, annualized turnover number takes a little bit of time to actually percolate throughout the entire system. We will make very good progress, we believe, throughout the balance of Q2 in terms of rationalization of inventory that we'd like to continue to push through. That's going to be age model year, new 2025 units, which by the way, we reduced those 50% from the last time we even spoke with you. Never mind when you look at year-over-year.

We've made really good progress on the new side of de-risking that in particular. On the used side, just as well, we didn't quite sell as much volume as we wanted to in Q1. We know in Q2, this is our greatest opportunity where demand just seasonally adjusts and seasonally becomes a bigger opportunity for us to continue to push assets through the system. We would anticipate that our Q2 and inventory balance on used will actually probably be close to down if we had to project out. As we look through the balance of the year, that's where we're being very diligent about replenishment, as well as ensuring that we have this nice balance of good fresh product coming in with margin augmentation, while continuing to push out some assets that are a little bit aged as of this moment.

When we think of these actual annualized turnover goals, I'd look more so over the total balance of the year as opposed to trying to break it down quarter by quarter.

Okay. It'll be gradual is kind of what you're saying?

Okay.

Okay. The second question on the Costco partnership, curious how that's going and maybe what we could see from an EBITDA contribution, since I believe that's not in your guidance at this point.

It's not. Admittedly, this is a partnership that both parties want to ensure is executed flawlessly. We've started out a little bit slower on that relationship than we would have preferred. We sprung it up really fast, and we've been working diligently with the Costco Auto Program to ensure that we just have the best experience for these Costco consumers. While we were just a little bit unhappy with how certain lead flows were going, the general pricing logic, we actually took a little bit of a pause for a moment, and we've been working with them over the last six weeks now to actually recreate the entire online product listings pages, product detail pages. We came up with a whole new pricing algorithm.

We'll start to see the fruits of that labor, we believe, beginning in May, when that's when we'll have our first Warehouse Roadshow begin. This actually coalesces very nicely with seasonally the opportunities that we see. May oftentimes is going to be the largest unit volume month for the industry and for us as a company. June oftentimes represents the highest revenue month as a company and as an industry. This will be the best opportunity for us to have gone through this exercise, ensure that we are flawlessly executing this, and really more to come here. We're hopeful over the next three months when we speak with you that we'll have really good feedback to provide back.

Great. Thanks, Matt. Good luck.

Thank you.

Thank you. Your next question comes from Tristan Thomas-Martin from BMO Capital Markets. Please go ahead.

Hey, good morning.

Morning.

Early in the year, we were hearing quite a bit about kind of like the pre-COVID cohorts coming back and trading. Curious if you could maybe, is that true? Can you quantify it? Maybe how did that trend over the course of the quarter? Thanks.

In the early stage of this year, Tristan, we've not yet seen a material increase in trade-in percentages yet. We have recognized, though, that those consumers that had bought in that 2018-2021 time period are starting to come back in, and that's just evidenced by us looking at the general average model year of assets that are coming back into inventory right now. We do believe that there has been some self-healing of these consumers that were confronted with negative equity. As we said on the last call, we would anticipate by the end of this year to be in the early innings of what we think will be a trading cycle that'll continue to materialize with greater frequency and really magnitude over the ensuing three-five years.

Where at that point, beginning in 2027, 2028, the industry should start to see the benefit of a double stack effect. What that means is the old consumers that were buying in 2020, 2021, 2022, that have just been sitting on the sidelines here for a little bit longer than we'd had historically had anticipated, but they'll also be augmented by those same consumers that benefited from the deflation that existed in the RV industry in 2024. In other words, you'll have a 2020 and a 2021 cohort as well as a 2024 cohort all coming back into the marketplace all around the same time period. This is now where we believe it's more of a theoretical debate of the industry's never quite seen this before. How big is that order of magnitude?

Don't quite know yet, but we'll continue to provide you more insights as we have them readily available.

Okay, awesome. Then just given all the talk around kind of raw material inflation, how are you thinking about model year 2027 pricing, both like for like and then kind of your mix?

We obviously in 2026 have seen roughly a 5%-7% increase compared to model year 2025. We've been working diligently with our manufacturing partners to ensure that we are focused on affordability. That has been a problem that has plagued this industry off and on over the last five years. We've already started to receive some model year 2027 motorized units, and we're pleased to report as of this moment, we're only seeing about a 1%-2% price increase, which we believe is roughly in line with what consumers can handle based upon inflation. We all know, ideally, these prices would be relatively stabilized as opposed to seeing any sort of inflation or deflation. Towables are starting to, or will be hitting lots over the next, I'd say, one and a half to two months here.

We'll have a clearer view as to what those price increases could or will be. Based upon conversations, they could be anywhere from 1%-3%. We're hopeful that there'll be different opportunities for us to work with our manufacturing partners and supplier partners just to ensure that we are keeping as many consumers in this industry and actually attracting that many more customers back into this industry.

Okay, I'm good. Thank you.

Thank you. Your next question comes from Scott Stember from Roth Capital Partners. Please go ahead.

Good morning, guys, and thanks for taking my questions.

Morning.

Can we talk about the products and parts and service side? I know the narrative, you know, over the last one year, one and a half years has been prioritizing, you know, used reconditioning work over, you know, some of the more like warranty and customer pay work just because of what's available from a service pay perspective. Is there any change to that narrative going forward, particularly as, you know, the wear and tear cycle on these, you know, multiple millions of RVs that have been sold since the pandemic, starts to kick in over the next year?

The narrative still remains relatively the same, given that our focus on used in particular is going to drive a lot of the service needs. As you know, Scott, when we actually recondition that asset, that service revenue gross profit actually moves to that used asset insomuch as you're actually improving the value of that asset. I can tell you in terms of our actual parts component of that segment, we've seen a nice improvement and customers coming back in and looking for those replacement components. What we need to do is do a better job as a company to continue to ensure that those customers are not only buying that part from us, but they're also leveraging our service capacity.

We need to get a little bit better here as we move through the balance of this year, but really with a focus on the back half of this year into next year to ensure that we're growing more external service work more effectively. This entire industry has had a capacity issue and efficient supply chain issue. We believe we've been working on a lot of creative methodologies and tools to ensure that we can do a much better job in the ensuing quarters, but more importantly, years.

Got it. Last question on the balance sheet. Nice improvement on the leverage ratio. It looks like cash flow in the first quarter was up nicely over last year. Can you give us some expectations where you would expect maybe free cash flow to, you know, find its way by the end of the year as well as with the leverage ratio?

Sure, Scott. As we think about, I mean, free cash flow for our company, I mean, if you take our guidance range and you back out our terminal interest and our real estate interest, maybe $10 million-$15 million of cash taxes, our goal this year in terms of net CapEx is to be south of $100 million for the year when you back out sale-leasebacks that we're executing on projects that were previously completed. That's kind of how we're thinking about managing and tightening the CapEx line as we move through the balance of the year.

Got it. All right. That's all I have. Thank you.

Thank you. Your next question comes from Andrew Didora from Bank of America. Please go ahead.

Hey there. Good morning, everyone. Matt, just kind of wanted to dig in maybe a little bit more on SG&A. You clearly got off on the right foot here to start the year. You know, the way we look at it's been running just over $1.5 billion, you know, for each of the past five years or so, I guess, when we exclude stock comp. Do you think you can flex below that, or can you maybe give us a little bit more insight into, you know, how you think about the opportunity within that line item?

I'm not going to give a specific range yet. I'd rather we continue down the path that we're on right now, where we are very focused on implementing a variety of different processes, tools, and rationalization methods to ensure that we maintain this pace that we're on today and continue to provide feedback. I can tell you as a proof point, over the last few months, we've been heavily invested in researching all different opportunities that exist with AI. We've set up a lot of different teams separately to figure out different ways to optimize different SaaS environments or software environments, also to eliminate unnecessary consulting contracts that exist out there. As just one proof point, you heard in my prepared remarks that we spoke about how we created our own bespoke CRM for just one specific business line of just our extended service plan business.

Using that as just one proof point in particular, we had originally budgeted for this year $800,000 to stand up that specific environment. Plus, we're anticipating ongoing maintenance associated with that environment of roughly $400,000-$500,000 a year. If we're to break that down, that would oftentimes be just a normal environment that we'd have a third-party tech company come in, help us out with. Every business can speak about the fact that once you bring in this environment, you'll have ongoing support and maintenance costs associated with it. We were able to stand up that entire environment with three individuals in particular taking the product and technical lead, which is really just sweat equity.

We were able to then turn it over to the rest of our IT organization to ensure that we were fully in compliance, fully safe and secure, and we were able to stand up our infrastructure team to actually execute all of that in 26 days. We believe that on an ongoing basis, it'll require the time of maybe a quarter of the time of one FTE to maintain that environment. Then it just naturally gets enveloped in our overall infrastructure and security environment as well. When you think of just that as one specific proof point that we needed to prove to ourselves that we could start to scale up this environment faster and faster, we see a lot of opportunities specifically within the IT spend.

Got it. That's some helpful color. Maybe just for my second question, you know, I was going to ask the CapEx question this year. I guess, you know, kind of how should we, you know, Tom, how should we think about that, you know, maybe over the next, you know, three years, once you exclude any, you know, SLBs that you do? Then I guess, you know, on that note, you know, how, you know, how can you improve maybe your EBITDA to free cash flow conversion over time? Thanks.

I think as we look forward, I mean, for this year, obviously, I mentioned south of $100 million is the goal for this year. There are some one-time projects in there, or what we believe are one-time projects in there for some new builds and some larger construction items. We haven't typically published a maintenance CapEx range in the past, I think there is room in there to get that closer to the $75 million range from a maintenance perspective. You know, as we continue to grow our footprint or see other opportunities to move facilities or if we have needs on the real estate side to move facilities, that's where you see us historically have to flex and maybe purchase some real estate.

In a subsequent year, sell that real estate to a REIT as we kind of move in and out of facilities. That's where historically you've seen the number move a little bit year to year. That may be the case going forward. I don't want to peg it to an exact number, but that's sort of the range for maintenance and also what we're looking at for this year as a goal.

Okay. Thank you.

Thank you. Your next question comes from Noah Zatzkin from KeyBanc Capital Markets. Please go ahead.

Hi. Thanks for taking my questions. I guess just on the kind of March and April commentary, it would appear that your comments kind of point to meaningful share gains versus, you know, at least what we're hearing from others out there in terms of how the industry kind of trended in March and April. I guess first, is your sense that that's the right way to think about it? If it is, what do you think's kind of led to the share gain acceleration? Thanks.

Noah, as you know, and good morning, by the way, we'll have some more stat survey information over the next week that'll provide us insights into March's retail activity. That's where we largely rely upon that is the independent third party to provide us actual insights other than just speculative behavior within the industry or even us speculating on it. We do believe based upon January and February's results that we have had a significant outperformance. I believe that's attributable to our replenishment and our inventory strategy associated with our exclusive brands. Even as we look at our specific exclusive travel trailer brands in the month of April, we're trending to be up in excess of 20% on just our exclusive travel trailer brands year-over-year, which was a relatively difficult comp for that same lineup of brands.

When I juxtapose that against traditionally OEM brands that exist out there, we're not performing quite as well with those OEM brands. When I think of how creative our team has been of not only continuing to work with manufacturers and suppliers to ensure that we have very creative floor plans, but most importantly, we're hitting the affordability curve of consumers in this industry, and we're attracting greater consumers into the industry. We believe we've been best in class at least our exclusive brand strategy, especially over the last two years-three years.

Thank you. Maybe just one on the industry. Any sense for kind of industry inventory levels right now? Anything in terms of what you're seeing on promo from others? Just kind of a state of what you're seeing out there would be helpful. Thanks.

I wish we had better insights into what the actual rolling stock of inventory was in the entire industry. It's almost impossible for us to calculate. We've tried in a variety of different ways, given the very nature that there are wholesalers that exist in the industry and there's a lot of rental units that are sold, sometimes, FEMA has a contract with different dealers, and those don't necessarily get registered as cleanly. It's been really difficult for us to zero in on what actual rolling stock inventory is.

Based upon just us working with different competitors, knowing different competitors, it does appear that there is quite a promotional environment that exists out there, which is why we try to be pragmatic about our approach to inventory and to pricing for the year and be very realistic about what the margin profile could look like for the balance of the year.

Thank you.

Thank you. Your last question comes from Alice Wycklendt from Baird. Please go ahead.

Good morning, gentlemen. Thanks for taking my questions. Matt, I think you touched on it a little bit in your comments on F&I with kind of the consumer down payments, but maybe wanted to step back big picture and hear maybe what you're seeing in the credit environment more broadly from a consumer financing perspective?

I'll handle portion of the question, then I'll turn it to Brett just as well to speak more intelligently about our relationship with the lenders that we have. As of right now, we've not seen any sort of different behaviors in terms of, like, credit profile or approval rates. We have been working very effectively with our lenders to ensure that we're doing our best to maintain current rates if not driving them down. In terms of the overall credit worthiness of our customers, we feel really good with what we're seeing right now.

Yeah, Alice, I would say from a consumer lending, you know, pricing standpoint, over the last couple of months, we have actually seen rates start to drift down, at a rather increasing rate actually over the last couple of weeks. You know, with all the rate vol out there, I think that's been encouraging to us as we go into season. You know, hopefully, some of that vol starts to, you know, probably ease itself and we can find some additional cuts as we go through the season. It's been more favorable over the last couple weeks from a pricing standpoint.

Great. That's helpful. Maybe just a little bit of housekeeping question. I mean, your locations down 10 year-over-year, but up, I think, three sequentially. How should we think about your plans for the number of locations, you know, over the next three quarters or so?

Actually, last month, we did close on an acquisition, tiny little M&A in Indiana, which fit through the very disciplined framework that we spoke about on the last call, where we're able to acquire this store for a little goodwill. It's in a very favorable market with good brands where we have low market share. We were fortunate in so much of being able to pick this up and just fill out our map. We'll continue to be diligent about looking at different M&A opportunities, but we also wanna be very disciplined about how we're approaching them, as opposed to we could, in many situations, just buy brands off of dealerships that wanna get out of the industry or just wanna unwind whatever they're working on within their localized market.

Just as frequently as we get opportunities to buy a dealership, we're able to turn that back around then and say, "Do we really wanna acquire the fixed cost associated with that dealership, or do we really just want the brands and consolidate the marketplace?" We've taken that latter position in quite a few environments where we were able to work with, I believe, three dealerships now year to date. We're able to acquire either all the brands or some of the brands off their lot. What we're gonna end up with for the year, tough to say. We're gonna be opportunistic and continue to look through the framework of, does it make sense for us from a goodwill perspective? Is it gonna be highly accretive?

Are we able to get in there for a low rent factor if we could acquire the real estate for a reduced amount? Do we have low market share there?

Great. Thank you. That's it for me.

Thank you. There are no further questions at this time. Mr. Matthew Wagner, you may proceed.

Thank you for everyone's time this morning. We're quite pleased with our results in Q1. We still know we have much more work to do. We look forward to speaking with you all again in the next three months.

Ladies and gentlemen, this concludes your conference call for today. We thank you very much for your participation, and you may now disconnect. Have a great day.