MarineMax Q3 2023 Earnings Call Transcript

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Provided by Quartr
July 27, 2023

There are 13 speakers on the call.

Operator

Good morning, and welcome to the MarineMax, Inc. Fiscal 2023 Third Quarter Conference Call. Today's call is being recorded. At this time, I would like to turn the call over to Mr. Scott Solomon of the company's Investor Relations firm, Sharon Merrill.

Operator

Please go ahead, sir.

Speaker 1

Thank you, and good morning, everyone. Thank you for joining us. Hosting today's call are Brett McGill, Chief Executive and President of MarineMax and Mike McLamb, the company's Chief Financial Officer. Brett will discuss the company's operating highlights. Mike will take you through the financial results, Brett will make some concluding comments and then management will be happy to take your questions.

Speaker 1

By now, you should have received a copy of the earnings release that was issued today. If not, please e mail our IR team at hz0investorrelations .com and a copy will be emailed to you. With that, I'll turn the call over to Mike.

Speaker 2

Thank you, Scott. Good morning, everyone, and thank you for joining this call. I'd like to start by reminding you that certain of our comments are Forward looking statements as defined by the Private Securities Litigation Reform Act of 1995. Any forward looking statements speak only as of today. These statements involve risks and uncertainties that could cause actual results to differ materially from expectations.

Speaker 2

These risks include, but are not limited to, the impact of seasonality and weather, global economic conditions and the level of consumer spending, the company's ability to capitalize on opportunities or grow its market share and numerous other factors identified in our Form 10 ks and other filings with Also on today's call, we will make comments referring to non GAAP financial measures. We believe that the inclusion of these financial measures help investors gain a meaningful understanding of the changes in the company's core operating results. These metrics can also help investors who wish to make comparisons between MarineMax and other companies on both a GAAP and a non GAAP basis. A reconciliation of non GAAP financial measures to the most directly comparable GAAP measures is available in today's earnings release. With that, let me turn the call over to Brett.

Speaker 2

Brett?

Speaker 3

Thank you, Mike, and good morning, everyone, and thank you for joining us. As always, I'd like to begin by thanking our teams around the world, whose great efforts contributed to a strong third quarter, driven by revenue of more than $720,000,000 a new quarterly record for MarineMax. Across all our locations, including our 59 marinas around the world, the MarineMax team consistently embodies our mission of delivering the world's best pleasure boating The secret to our success is staying close to our customers. The relationships and customer service reputation that we built over While I am proud of our financial accomplishments, I am most proud of our team's ability to continually raise the bar in keeping our customers happy, as evidenced by our outstanding Net Promoter Score. This morning, I'd like to begin with 3 key takeaways from our Q3 performance.

Speaker 3

First, we are delivering on our strategy to structurally enhance MarineMax's margin profile through acquisitions and expansion into higher margin businesses. 2nd, in the short time we've owned IGY Marinas, it has already begun to demonstrate its potential as a growth platform and is well positioned to drive growth. And 3rd, while factors such as seasonality and economic conditions may affect our results from Quarter to quarter, we are operating MarineMax with a long term lens. And from that perspective, we are highly confident both in our strong market position and the global trends that are fueling the world's passion for the boating lifestyle. Turning to the specifics of the quarter, Through strategic moves in marketing and other customer centric activities, we began to drive higher sales in May June.

Speaker 3

These were not only the 2 biggest revenue months of the quarter, but the strongest in our company's history. It is becoming clear that the industry is Turning to seasonality, as we suggested on prior calls. But in a trend that is favorable to our brand strategy, The premium end of the industry continues to outperform other segments. Even with the modest margin declines we had anticipated, It's gratifying to see that we were able to achieve further market share gains, top line growth, while sustaining strong consolidated margins. To that point, Q3 marked the 11th consecutive quarter of gross margins 30% or higher.

Speaker 3

While IGY has unquestionably contributed to our solid margin performance this year, so have other areas of our lines of business, including Superyacht Services, marinas, manufacturing and service, all of which reduce cyclicality of our business and diversify our revenue stream. Our other revenue categories outside of boat sales continue to grow as a percentage of our business. During the Q3, we acquired CNC Boat Works, a generational boat dealer in Minnesota's important Whitefish chain of lakes. CNC is a great example of the type of boat dealerships we seek to acquire. It's a great family run business that understood well the importance of Defying into storage, which is undoubtedly a big reason they were in business for over 60 years.

Speaker 3

CNC annually stores more than 600 boats in addition to their Marina capabilities. This certainly helps drive higher margins and cash flows. The industry M and A pipeline is active and we continue to be opportunistic in identifying businesses that have the With the size and number of superyachts around the world steadily increasing, our superyacht services organizations continue to be very active. Additionally, those organizations and IGY are working to produce stronger synergies and benefits for our superyacht clientele. We are just beginning to scratch the surface of those exciting opportunities.

Speaker 3

Igy is not simply a collection of some of the world's best marinas, but a growth platform. To that point, in June, IGY announced a partnership with NEOM, a global waterfront development taking shape in the Red Sea. IGY has been engaged to help develop and operate a prestigious new superyacht marina at Sindala, which will be this Giga project's luxury island destination. This marina will become an iconic destination for the world's yachting community and will be the closest ultra prime superyacht marina in Europe and the Mediterranean, further expanding our network of superyacht marinas and adding another destination for our customers. We are excited about this new alliance as we capitalize on IGY's unique expertise to help Sandala and NEOM sets the benchmark for a premium customer experience.

Speaker 3

We are also very pleased with the progress of Cruisers Yachts and Intrepid Powerboats, which are Their new flagship model will be a 60 foot Intrepid, the largest model ever. It's something the Intrepid nation has been waiting for, for a long time and the announcement has been greeted with tremendous enthusiasm. Exciting times ahead for both companies. And with that update, I'll ask Mike to provide more detailed comments on the quarter. Mike?

Speaker 2

Thank you, Brett. I also want to thank our team for producing another record quarter with over $720,000,000 in revenue. To put things in perspective, it was not that long ago when our annual revenue was around $1,000,000,000 The demand for the boating lifestyle is clearly alive and well. While the quarter opened with a down April as we noted on our March quarter earnings call, The strategic moves Brett mentioned helped accelerate business in May June, which ended up being the 2 strongest revenue months in our history. Revenue in the quarter grew about 5%, primarily reflecting the addition of IGY, growth in both Cruisers Yachts and Intrepid Powerboats, as well as a modest increase in same store sales and other recent acquisitions.

Speaker 2

Geographically markets like the Midwest performed well, which supports the seasonal commentary. Not surprisingly, Florida was a bright spot, a trend we expect to continue for the foreseeable future. Our unit volume was down low double digits given the softness in April and continued industry sluggishness in pontoon and towboat sales. But in May June, many of our premium brands showed growth. Given our premium focus, our average unit selling price continues to rise.

Speaker 2

Gross profit increased to $244,000,000 on the strength of strong revenue combined with a healthy gross margin of 33.8%. As we indicated on our last call, we anticipated and planned for a modest decline in boat margins, partially offset by the addition of IGY. SG and A expenses increased over $169,000,000 primarily due to the addition of IGY as well as other businesses we have acquired combined with the inflationary environment. Like other companies, we continue to look for ways to be more efficient and reduce costs where possible while not impacting our ability to provide outstanding service and experiences for our customers. Interest expense increased by $13,800,000 reflecting higher interest rates, the increase of long term debt related to IGY and higher inventory.

Speaker 2

In the quarter, we had floor point interest cost of more than $7,000,000 compared to basically 0 last year. On the bottom line, we generated GAAP net income of over $44,000,000 or $1.98 per diluted share compared to net income of 70,000,000 or $3.17 per diluted share last year. On an adjusted basis, net income for the quarter was 46,000,000 or $2.07 per diluted share compared with $71,000,000 or $3.23 per diluted share last year. Adjusted EBITDA for the quarter was $83,000,000 compared with $105,000,000 last year, primarily due to lower net income as well as higher floorplan interest On a year to date basis, adjusted EBITDA was $194,000,000 compared with $241,000,000 last year with floorplan interest making up about $17,000,000 of the difference. Moving on to the balance sheet, We ended the quarter with cash of more than $226,000,000 Inventories at quarter end increased to $739,000,000 This was up 4% from March, which is a bit more modest than we expected.

Speaker 2

On a same store basis, Unit inventories are in the neighborhood of 35% down compared with June of 2019 levels. While we'd like it to be lower than 2019, for some models and brands, we could use more inventory today. Looking at liabilities, our short term borrowings rose largely due to increased inventories and the timing of payments. Customer deposits continue to be historically very high at $98,000,000 showing the strength of demand for the boating lifestyle. We expect deposits to gradually decline over time as inventory modestly builds allowing us to more quickly meet customer demand.

Speaker 2

Our liquidity position remains strong. At quarter end, debt to EBITDA net of cash was less than 1 And we have additional liquidity in the form of unlevered inventory plus available lines of credit that totaled 200,000,000 Additionally, earlier this month, we announced we increased our floorplan facility by $200,000,000 as part of the according feature of our credit agreement. This increase is consistent with our historical practice of adding floorplan capacity as needed for growth. Our ability to smoothly and easily increase Despite a more challenging debt market is a reflection of the strength of our balance sheet, our strong underlying fundamentals and the relationships we have built with our lending partners. Turning to guidance, based on our year to date results, we are adjusting our As noted on prior calls, this has been a challenging year to forecast given the industry's return to seasonality combined with the Fed driven macroeconomic uncertainty.

Speaker 2

For our fiscal year, despite the recent uptick in retail strength for the industry, We still believe the industry units will be down around double digits. Keep in mind, our fiscal year includes the December quarter last year, which saw significant unit declines as did the industry this year through April. This resulted in our expectation that our fiscal year 2023 same We expect margins to be consistent with our past guidance, which was a modest decline from fiscal 2022 due to product margin moderation partially offset by IGY and other higher margin business, but still in the mid-30s. We are also assuming interest expense is elevated due to higher year over year inventories as well as rates. As we have moved through the year and have a better idea for the annual sources of pre tax earnings, we believe our 2023 tax rate will approach 27%.

Speaker 2

Accordingly, we are raising the low end of our guidance range and leaving the top end the same. We now expect our fiscal year 2023 adjusted earnings per share guidance to be in the range of $5.10 to $5.50 This assumes a share count of 22,400,000 shares. In addition, we are forecasting 2023 adjusted EBITDA to be in the range of $225,000,000 to $245,000,000 Looking at current trends, July is forecasted to finish with positive same as boaters are looking to enjoy the rest of the summer. Having said that, we have much work ahead through the rest of the quarter. With that, I'll turn the call back over to Brett for closing comments.

Speaker 2

Brett?

Speaker 3

Thanks, Mike. We entered the final quarter of fiscal 2023 with positive momentum. Despite the more pronounced seasonality across the recreational marine industry, The fundamentals of our business remain strong. At more than $230,000,000,000 the annual economic impact of the recreational boating The enjoyment and freedom of being out on the water is booming. Our higher margin businesses provide a diversified income stream that over time reduces exposure to the industry seasonality.

Speaker 3

Just as important, assets like IGY put us on a competitive global footing to generate sustained long term growth. And with that, operator, please open up the line for questions.

Operator

Thank you. We will now be conducting a question and answer session. Thank you. Our first question is from James Hartman from Citi. Please proceed.

Speaker 4

Good morning. Thanks for taking my call. Could you just give us a specific same store sales number? I think you said it was us modest Okay. Can you be a little bit more specific there and then maybe break out AUP versus unit number?

Speaker 4

That'd be really helpful.

Speaker 2

Yes. Thanks, James. Yes, it's up, but it doesn't even round to 1%. So it's above 0. So it's nice to have a little bit of growth, especially with April being down like it was.

Speaker 2

And we did say, our units were down in the low double digits. So that positive same store sales, you're going to have an AUP growth of double digits, if you will, to offset that. So hopefully some clarity. Yes, and the units, I think we said were pontoons and some other ones, which were sluggish in the quarter.

Speaker 4

Okay. That's helpful. I wasn't sure if that low double digits was the quarter, just April. It sounds like it was the full quarter. Okay.

Speaker 4

And then as you think about same store sales, I think you guys We're previously assuming down high single digits. And I think what you said is it's now a mid single digit number, Even though industry assumption is still the same, how should I take that? Is that Sort of a commentary on better ASPs sort of driving the revised guidance, What's the bridge there?

Speaker 2

It's really how we performed for the 1st 9 months of the year now with the June quarter being Modestly stronger, stronger than we had anticipated. When you look at the rest of the year and bake in the industry assumptions, you Get to a down mid single digit range versus high. So it's just fine tuning the comment that we had made at the end of the March quarter.

Speaker 4

Okay. And so if I think about that mid single digit decline, Units are expected to be down something still meaningfully more than that. I think you're saying you still expect ASP to be up Pretty meaningfully for the year obviously and that's obviously been the case in the 1st 3 quarters.

Speaker 2

Yes, ASP will continue to be up and the units that We probably confuse people a little bit because we always talk about what the industry is supposed to do. And the industry in our fiscal year

Speaker 3

is

Speaker 2

going to be down In the double digit units we believe that our same store sales growth for the year is going to be mid single digit. So We won't be down quite as far as the industry from a unit perspective. We will continue to have growth in our average unit selling price because of our premium focus and the migration to larger product.

Speaker 4

Got it. And then lastly, to the July commentary, sounds like you expected to be up on a same sales basis, can we say the same? Were units actually up into July or was that primarily a pricing benefit?

Speaker 2

You know what, the month is not over, so I can't really comment specifically on units or AUP, but just right now it is forecasted to be up over the prior year.

Speaker 4

Got it. Appreciate it guys and good luck, Chris and Dwight. Thank you, James.

Operator

Thank you. Our next question is from Drew Crum with Stifel. Please proceed.

Speaker 5

Okay, thanks. Hey, guys. Good morning. Good morning. Mike, can you comment on how you're looking at the Tory build across your stores over the next few quarters and if there's any deviation from the historical trend line.

Speaker 5

And then maybe Brett, you mentioned the partnership between IGY and Neom. Beyond plans for a destination at Sendala, What does the pipeline for new marinas look like? Just trying to get a sense as to what the opportunity set is here for the longer term. Thanks guys.

Speaker 2

Yes. I can thank you, Dhruv. On the inventory question, it's a good one, especially because the industry is kind of trying to find the right level of inventory. And From a unit perspective, on the premium end, there's still, I think I said we're 35% down year over year. So probably the one quarter that had an unusual trend would be the quarter we just Finished where inventories grew modestly in the June quarter.

Speaker 2

Typically they fall the June quarter if we're back to if you go back to a couple of years ago, but inventories traditionally Either fall a little bit or maybe are flat at the end of September. I actually think inventories will modestly build at the end of September, Again, given where we are from a unit perspective, when you get to December, assuming more seasonality in the industry, inventories always build And they build all the way into the end of March. And it all depends on the strength of the March quarter as to how much they build because sometimes the March quarter can be pretty Significant from a retailing perspective and inventories actually begin to taper off, then they drop a lot in the June quarter. So If we assume more seasonal patterns next year, I would assume inventories will build from now through December maybe through March and then fall quite a bit in the June quarter.

Speaker 3

Yes. And Drew, I'll comment. Thanks for the question about IGY and the growth there. Yes, we view it as a growth platform. That's part of why we did it.

Speaker 3

We also Looked at it with the network effect of like you've recognized there adding Sindala as a marina in the future here, Another destination point for our superyacht, it's pretty exciting. But as it relates to the growth platform, a lot of opportunities out there. It's an active pipeline of Varying destinations and marinas, clearly the cost of capital right now and the things that are going on in the world have an effect on that, but we're trying to be opportunistic and continue to look.

Speaker 4

Got it. Thanks guys.

Speaker 2

Thank you, Drew.

Operator

Thank you. Our next question is from Joe Altobello with Raymond James. Please proceed.

Speaker 6

Thanks. Hey, guys. Good morning.

Speaker 3

Good morning.

Speaker 6

I guess sort of a big picture question, maybe a little bit more color on what's driving The improved retail trends over the past couple of months, both for yourselves and the industry, it doesn't seem like the macro backdrop has gotten much better. Is this just more normal seasonality or is there something else that's helping to drive that?

Speaker 3

Yes, Joe. I think clear I think when you really go back to After Q1, I think we said things like, there's some seasonality and some softness. We can't tell how much of each. We just this past quarter, we struggled kind of getting retail going to March quarter that is. We applied a lot more programs, worked with our manufacturers, some more discounting, Etcetera, promotional activity and we moved the needle.

Speaker 3

Not all of it was natural, meaning the demand is Good out there, but it's requiring more promotional activity. So it was exciting to see that our team put the plans together And really worked on it along with seasonality, right? It's the boating season in the northern markets and so on. So But you're right, there's still headwinds out there, interest rates, the cost to get a boat loan is putting pressure. And that's it's not just in the small boats as we reported a year ago.

Speaker 3

So it's required a little more effort to get the sales to come across the For a lot more effort to get the sales come across the board.

Speaker 6

Got it. Okay. And then I guess on that point in terms of pricing, There's been a lot of discussion about affordability in this industry and others as well. How do we think about pricing for model year 2024? I guess on a gross basis and maybe net of promotions?

Speaker 2

When you say pricing, do you mean Like the inflation based pricing for manufacturers? Correct. Yes. I'd say it's the industry is Very close to what it historically saw from an inflationary based environment for model year 2024 low single digit increases with very few exceptions is what we're hearing from most manufacturers, Which is nice relative to the last couple of years.

Speaker 3

Yes. We're definitely working with all our manufacturers to try to find a way to kind of Slow down the growth of the inflation on the newer models. They're doing what they can, but it's clearly a concern for the industry that we're working on.

Speaker 6

Okay, great. Thank you, guys.

Speaker 2

Thanks, Joe.

Operator

Thank you. Our next question is from Eric Wold with B. Riley Securities. Please proceed. Thanks.

Speaker 4

Good morning, guys. Good morning.

Speaker 7

Two questions. I guess one, We talked about the weakness you saw in the quarter recently around specific boating categories you called out You know, pontoons and towboats, is that mainly driven by the price point of those categories and kind of the income demographic A target or is there something else you can going on within those segments?

Speaker 3

Yes. I think As far as the categories go, I think a year ago across all categories, the more, I'll call it entry level, the Lower price boats started feeling pressure quicker because of payments, insurance, things like that had a quicker effect on that buyer. But when you look at some of the other segments that are down, it's not just that lower end product. When you say pontoons, heck, a lot of the product sell $100,000 pontoon boat, so it's an expensive pontoon. So it's somewhat segment related versus just Entry level or lower priced boat.

Speaker 4

All right. And then It does.

Speaker 7

It does. Thanks, Matt. And then on the margin, I know you talked a little bit about it recently.

Speaker 8

Can you

Speaker 7

just give us a better sense of the Gross margin delta this quarter versus last year's quarter for just the new and used boat sales. And I know you kind of talked about doing some new things with marketing and promotions to try to drive sales and kind of the seasonal stronger period. Are we at a point where whatever margins right now for those new news votes, where you think it's sustainable, the kind of incorporated everything you're seeing is having a more normalized I mean, where you think there's room for those to decline further from here?

Speaker 2

Yes. I can comment. I mean, new and used margins are historically still high. They are down as we expected from A year ago period, but they're still pretty strong. On our consolidated margins, obviously, we have IGY coming in there this year, which is if You do the math on IGY, you'll see it's contributing something north of 100 basis points of the change year over year.

Speaker 2

But you also have last year where you had A quarter where you had negative same store sales growth, which meant all the other higher margin businesses grew as a percentage. And this year, we were not negative, sales have grown, which The higher margin businesses shrink just a little bit, but the as to the pricing and the margins going all the way through 2024, We haven't really sat down and developed our guidance for 2024. I would expect probably some level of product margin moderation going through 2024 as inventories continue to build. Brett, what's your Yes.

Speaker 3

No, I think also trying to Get back to this thinking through seasonality, right? Right now we applied promotions during a hot seasonal market, No pun on the heat out there, but and we move the needle. But as we go into call it the off season, What is it going to do to drive some sales? What do we need to do there on some new product? We'll just have to see how that plays out here this fall.

Speaker 4

Got it. Thank you both. Helpful.

Speaker 2

Thanks, Eric.

Operator

Thank you. Our next question is from Fred Reichman with Wolfe Research. Please proceed.

Speaker 9

Hey, guys. Thanks for the question. Just on the implied 4th quarter guidance, it seems like a pretty big range. Wondering why you feel like such a wide range is appropriate and maybe what the biggest swing factors would be to get to the high end versus the low end?

Speaker 3

I'll just start real quick. I mean, some of it would just come off a few years of having massive backlogs, which Never were the case in the industry. So every quarter you're kind of creating new business. So some of it there. Mike, go ahead.

Speaker 2

I just was obviously have had 2 quarters where we've adjusted down guidance and there's still a lot of uncertainty out there and We think the range is prudent given that uncertainty, given the what makes it difficult is how much of it's a return to seasonality, how much of it's Macroeconomic events. So we just felt it was prudent to leave the range wide like that for Q4, Fred.

Speaker 9

Okay. That's fair. And if you think about some of the promo activity that you've touched on a few different times, are you seeing competitors and other dealers across the industry sort of match Mirror that. And then when you look at just the level of channel inventory from peers in the overall industry, are you worried about that just Sort of where we are in the season or do you think everybody is sort of picking up promos and we'll clear through the inventory as we move into the off season?

Speaker 3

Well, I think worried isn't the right word, concern, watching, keeping an eye on things, making sure we Stay on our game as the competitors do. Inventories will probably continue to build through the industry, which could You'll create some pressure there. It depends on how the manufacturers that each other deal with. But we're watching the competitive pressures because that will have an effect for sure.

Speaker 9

Makes sense.

Speaker 6

Thanks a lot.

Speaker 2

Thanks, Fred.

Operator

Thank you. Our next question is from Michael Swartz with Truist Securities. Please proceed.

Speaker 10

Hey, guys. Good morning. This is Lucas on for Mike. I was just wondering if you could talk about your plans To market and invest in boat shows in the year ahead, anything changing from previous years? Thank you.

Speaker 3

Yes, good question. It's been a wild ride with boat shows, right? Pre pandemic, and then you go into the pandemic with almost no shows in some cases, And then for reasons that you couldn't attend and then when shows started coming back, we've been very careful which ones we've attended. We're going to still take a disciplined approach, but with inventories and competitive pressures, there's probably going to be More shows, which will require additional attendance cost, etcetera. So it just we're Measuring it and being careful, but I would say we're going to return to probably more shows than even last year, but carefully, maybe not back to historical levels, but We'll see how that plays out.

Speaker 10

Thank you.

Operator

Thanks, Lucas. Thank you. Our next question is from Brandon Rowley with D. A. Davidson, please proceed.

Speaker 11

Good morning and congratulations on a strong quarter.

Speaker 2

Thanks, Brian.

Speaker 7

Hey. So I just had

Speaker 12

a quick question on the used market right now. Could you talk about what you're seeing in terms of Used inventory availability and pricing within the market? And then I had a quick follow-up as well.

Speaker 2

Our real visibility used is obviously the trades we take and late model trades continue to be highly sought after pricing on them and Our margins, Autumn, are pretty darn good. Our view of the industry overall is kind of similar that There doesn't seem to be any real big issues out there on used product. It's Late models are always highly sought after really from an industry perspective. And keep in mind, ours are just the trades we're taking.

Speaker 12

Okay. Okay, great. And then just on the promotional activity, could you talk about what you're seeing in terms of OEM promotional support versus Maybe incremental promotional support you're providing to maybe help retail?

Speaker 4

Yes.

Speaker 6

How

Speaker 3

that progress in the quarter? Yes, great question, Brandon. I think that was kind of the magic in the quarter for us is got with all of our manufacturers market by market, what's needed, How can they help? How can we help partnering together to a tee with every manufacturer and saying what do we need to do to selectively market, Promote and maybe discount, discount obviously the right models to move through. So that was a good partnership, Shared costs, so to speak, and that seemed to work.

Speaker 12

Great. Thank you.

Operator

Thank you. Our next question is from John Healy with Northcoast Research. Please proceed.

Speaker 8

Thank you and I appreciate you guys taking my question. Just kind of wanted to ask kind of a question outside of the operations of the business. I think there it was in late May, there was a 13 filed. And I know there hasn't been a Ton of disclosure on the topic, but, to the degree you can, and I understand there's probably elements of confidentiality you have to think of, but like Can you help us think about kind of maybe the dialogue there, openness to either reviewing kind of Capital structure or M and A strategy or maybe what some of the topics might be there that you guys are kind of thinking through and how we might kind of think about getting

Speaker 2

Yes. I mean, I'll make a comment. The Obviously, you can read the 13D filing. Our conversations and discussions with That investor are really cordial and no different than conversations and discussions we have with any other investors. Other than the filing, there's really no difference in the interaction with them and their questions than what we have with everybody else is about all I can really say.

Speaker 8

Okay. I appreciate that. And just wanted to ask just any way you could give us some color on just in terms of the magnitude, how difficult April And maybe the magnitude of the bounce back in May June.

Speaker 2

Yes, I did comment on Call in April that April was going to be down, which it was. And I don't have in front of me right now or recall exactly how far down it was, but it was Negative. And keep in mind last year our same store sales for the quarter were negative and I don't remember year over year, but just Assume we were negative on top of the negative or something like that. So that kind of tell you the magnitude. And then obviously now we're flat for the quarter.

Speaker 2

So May June were Pretty good months. You can see the industry data, which I think generally reflects an improving industry during that time period also.

Speaker 8

Great. Thank you, guys.

Operator

Thank you. Thank you. Thank you. As there are no further questions at this time, I would like to turn the floor back over to Mr. Brett McGill for closing comments.

Speaker 3

Well, great. Thank you for everybody for joining us today and all the great questions. Have a great day and we'll

Operator

This concludes today's teleconference. Thank you for your participation. You may now disconnect your lines.

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