Total Revenue

+3.6% (from $1,364,017K in Q1 2024 to $1,413,524K in Q1 2025)

Revenue grew moderately driven by solid performance in the core RV and Outdoor Retail segment, which continued to dominate, even though Good Sam Services and Plans remained flat. This reflects a stable but slow organic recovery compared to the previous period. " "

RV and Outdoor Retail Revenue

Dominant contribution at $1,367,316K

The RV and Outdoor Retail segment continues to generate the bulk of revenue, indicating its sustained importance. The continuity in this segment suggests that earlier struggles may have stabilized, supporting overall revenue growth in Q1 2025. " "

Operating Income

Increased from $4,222K to $20,842K

Operating income jumped nearly 5x, reflecting strong operational improvements, margin expansion and better cost control relative to Q1 2024. This suggests that the company might have benefited from efficiencies and improved sales mix compared to prior periods. " "

Net Loss Attributable to CWH

Narrows from $(22,307)K to $(12,280)K

The net loss was reduced by almost 45%, primarily due to the improved operating performance and increased operating income, despite operating in a challenging overall environment. This turnaround contrasts with previous quarters’ deeper losses. " "

Basic EPS

Improved from a loss of $(0.50) to $(0.20)

Basic EPS improved as the loss per share narrowed, driven by reduced net losses and better operational execution. However, the improvement may be partially offset by an increased share count, indicating a mix of positive operational and dilution pressures compared to before. " "

Operating Cash Flow

Deteriorated from –$67,982K to –$232,479K

Operating cash flow worsened significantly (over a 240% drop in negativity), implying that despite operational income improvements, adverse working capital changes and higher cash outflows (e.g., from increased operating expenses or inventory-related outflows) have emerged. " "

Cash and Cash Equivalents

Dropped from $208,422K to $20,916K

A dramatic decline in liquidity suggests significant cash outflows possibly due to large financing or investing payments in Q1 2025 compared to Q4 2024, highlighting challenges in managing working capital despite revenue and income improvements. " "

Total Assets

Increased modestly from $5,023,162K to $5,147,210K

A moderate rise in total assets reflects reinvestment and capital expenditures that increased the asset base, even as liquidity diminished. This indicates a strategic allocation towards long-term assets that contrasts with the sharper falls in cash reserves. " "

SG&A as a % of Gross Profit

FY 2025

600 to 700 basis points improvement " "

600 to 700 basis points improvement " "

no change

Used Unit Sales Growth

FY 2025

no prior guidance

growth to exceed low double digits "

no prior guidance

New Unit Sales Growth

FY 2025

no prior guidance

growth in low single digits "

no prior guidance

New Vehicle Gross Margins

FY 2025

13.5% to 14% "

approximately 13% to 14% "

lowered

Used Vehicle Gross Margins

FY 2025

average north of 19% "

20%+ "

raised

Adjusted EBITDA

FY 2025

no prior guidance

$31.1 million for Q1 2025 "

no prior guidance

Cost Reductions

FY 2025

no prior guidance

$35 million in annualized SG&A reductions "

no prior guidance

Pricing Impact from Tariffs

FY 2025

no prior guidance

mid-single-digit price increases (≈3% to 5%) for new RVs " "

no prior guidance

Inventory Strategy

FY 2025

no prior guidance

maintaining adequate used inventory supply with record procurement "

no prior guidance

Affordability Trends

FY 2025

no prior guidance

observing a shift toward entry-level single axle units "

no prior guidance

Interest Rate and ASP Dynamics

FY 2025

no prior guidance

expects rate mitigation (RVs financed over 180–240 months) "

no prior guidance

Good Sam Business

FY 2025

no prior guidance

investments expected to stabilize margins and drive earnings growth "

no prior guidance

Market Share

FY 2025

aiming for 12% in 2025 "

record levels exceeding 14% through February 2025 "

raised

Cost Reduction and Margin Improvement

Previous quarters (Q2–Q4 2024) repeatedly highlighted efforts to improve SG&A efficiency, implement headcount cuts, consolidate locations, and target margin improvements (e.g., achieving a 600–700 basis point reduction in SG&A, setting margin targets, and leveraging past playbooks). " " " " "

In Q1 2025 the company reinforced these actions with aggressive SG&A cost reductions (including $35 million in annualized cuts through headcount and marketing cuts), consolidation in six markets, and nearly 4x EBITDA growth—all underscoring an unwavering commitment to operational efficiency. " " "

Consistent and strengthened focus on cost efficiency and margin improvement measures as the company deepens its operational discipline and cost‐management practices.

Used Vehicle Business Performance and Margin Volatility

Across Q2–Q4 2024, the company discussed used unit sales growth, margin targets in the high- to low-teens percentage range (with margins gradually recovering from prior softness), and strategies including careful procurement and increased consignment usage. " " " "

Q1 2025 emphasized record used unit sales growth (a 30% increase) coupled with improved gross margins (18.6%), driven by agile inventory procurement and enhanced reconditioning efforts, reinforcing the positive trajectory for the used segment. " "

Improved performance and better margin management in the used segment with a continued focus on inventory efficiency and consignment strategies.

Dealership Network Optimization and M&A Strategy

Q2–Q4 2024 discussions showed a focus on optimizing the dealer portfolio—through converting underperforming locations, disciplined acquisitions, and leveraging a multi-location expansion strategy (with targets around 200+ locations and incremental store additions). " " "

In Q1 2025, the strategy evolved with active consolidation (stores in six markets), the opening of new profitable dealerships (including profitable Lazydays locations), and a cautious but opportunistic M&A pipeline targeting accretive acquisitions. " " "

Ongoing expansion and network optimization with enhanced consolidation and a balanced, opportunistic acquisition strategy.

Unit Sales Growth and Market Share Expansion

Q2–Q4 2024 earnings calls focused on robust new unit sales (with some quarters reporting 8–31% growth) and modest used unit performance improvements, leading to record market share levels (from 11.2% with ambitions toward 12% or higher) driven by entry‐level pricing and targeted ASP strategies. " " " "

Q1 2025 reported continued momentum with used same-store unit sales rising by high teens, new unit sales increasing moderately, and a combined market share reaching over 14% (along with a strategic emphasis on entry-level pricing to boost the customer base). " " "

Steady upward momentum in both unit sales and market share, underpinned by strategic entry-level pricing and a clear focus on volume growth.

Financial Health and Leverage Management

Previous periods showcased a focus on maintaining a strong balance sheet (with robust cash balances, significant real estate assets, and proactive deleveraging efforts) while managing the impact of interest rate pressures, with clear metrics and targets (e.g., leverage ratios, cash reserves). " " "

In Q1 2025, the company reiterated its strong balance sheet—with $179 million in cash (plus healthy inventory and real estate positions) and a continued commitment to reducing leverage towards a target ratio of 3.0–3.5 through active debt reduction and asset optimization. " "

Consistent financial discipline and proactive leverage reduction—continuing efforts to strengthen the balance sheet and manage debt prudently.

Pricing Pressure, ASP Decline, and Margin Compression Risk

Q2–Q4 2024 discussions delved into the challenges of lower ASPs (partly due to entry-level mix), pricing pressures from competitive and macro factors, and risks of margin compression—with measures in place (such as cost cuts and operational adjustments) to mitigate these issues. " " " "

In Q1 2025, the company acknowledged ongoing ASP softness (potentially $2,000 lower annually) and pricing pressure; however, proactive cost reductions and store consolidations, combined with expectations of seasonal ASP acceleration, demonstrate a clear strategy to offset margin compression risks. " "

Ongoing risk management in pricing with proactive operational measures to combat margin compression, while anticipating gradual ASP recovery later in the year.

Tariff and Cost Uncertainty

Tariff concerns were discussed in Q4 2024, focusing on potential cost impacts from tariffs on steel, aluminum, and imported parts—with uncertainty over OEM responses and some potential for price increases; meanwhile, earlier calls (Q2/Q3) had minimal or no discussion on tariffs. " "

In Q1 2025, the company reiterated that the direct impact of tariffs on the RV industry appears immaterial, with expectations that new model year pricing may see modest mid-single digit increases; they also view current cost uncertainties as manageable given their proactive cost reduction measures. " "

Emerging focus on tariff issues—while some uncertainty remains, the company demonstrates that its strategic positioning and cost-management measures help mitigate these risks.

Sensitivity to Financing Rates and Macroeconomic Conditions

Throughout Q2–Q4 2024, discussions highlighted the impact of high interest rates on consumer affordability, with companies noting that rate increases squeezed the market, decreased margins via floor plan costs, and made financing a critical component of demand. " " " "

In Q1 2025, the focus continued on the critical nature of financing rates, with management emphasizing that even modest rate cuts (0.25 point) can improve affordability substantially, and that consumers remain sensitive to economic conditions such as inflation and energy prices. " "

Steady vigilance over financing and macro conditions—with continued emphasis on managing affordability through rate mitigation and responsive pricing strategies.

Weak Parts and Service Revenue Performance

Q2 2024 reported weaker service revenue due to reduced RV usage and economic pressures, while Q3 2024 highlighted positive service trends (including rising customer pay revenue and expansion in collision work) and Q4 2024 again noted weaker customer pay outcomes due to seasonal factors. " " "

Q1 2025 did not specifically detail parts and service performance, suggesting that while it remains a concern periodically, it was less emphasized this period; prior signals suggest management hopes for recovery as customer usage increases. "

Mixed performance with ongoing challenges—parts and service revenues have shown variability with occasional seasonal weakness, though improvement strategies remain in place.