LINCOLNSHIRE, IL–(BUSINESS WIRE)–Camping World Holdings, Inc. (NYSE: CWH) (the “Company” or “CWH”), America’s Recreation Dealer, today reported results for the first quarter ended March 31, 2022.
Marcus Lemonis, Chairman and CEO of Camping World Holdings, Inc. stated, “I am pleased with how the year has started, particularly in light of general macroeconomic conditions. We know how to navigate when things change up or down. I’ve been reminded of the value of our nimbleness and I am very pleased with how our team pivots and adjusts to maximize profitability.”
First Quarter Operating Highlights
- Revenue was a record $1.7 billion, an increase of $104.6 million, or 6.7%.
- Gross profit was $560.2 million, an increase of $39.7 million, or 7.6%, and gross margin was 33.7%, an increase of 29 basis points.
- Net income of $107.3 million included $8.8 million of pre-tax accelerated intangible asset amortization related to brand transitions and an increase of $5.6 million in pre-tax equity-based compensation expense in 2022 due in part to certain management separations. Additionally, $19.0 million of deferred income tax benefits in 2021 contributed to the net income decrease of $40.1 million, or 27.2%.
- Diluted earnings per share of Class A common stock was $1.02 in 2022 versus $1.40 in 2021, in large part due to the accelerated amortization, equity-based compensation, and 2021 income tax benefits described above. Adjusted earnings per share – diluted (1) of Class A common stock was $1.15 in 2022 versus $1.40 in 2021.
- Adjusted EBITDA(1) was $182.1 million, a decrease of $7.2 million, or 3.8%.
- New and used vehicle inventories were $1.8 billion, an increase of $ 938.3 million. This increase was driven by strategic growth of our used vehicle business, an additional 14 locations, and the easing of new vehicle supply chain constraints in our core categories experienced in much of the prior year.
- On March 29, 2022, the Company paid our regular quarterly dividend of $0.625 per share of Class A common stock, or $2.50 per share on an annualized basis.
|
________________________ |
|
(1) Adjusted earnings per share – diluted and adjusted EBITDA are non-GAAP measures. For a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures, see the “Non-GAAP Financial Measures” section later in this press release. |
Stock Repurchase Program
During the three months ended March 31, 2022, the Company repurchased 2,592,524 shares of Class A common stock under its stock repurchase program for approximately $79.8 million, including commissions paid, at a weighted average price per share of $30.76, which is recorded as treasury stock on the consolidated balance sheets. As of March 31, 2022, the remaining approved amount for repurchases of Class A common stock under the stock repurchase program was approximately $120.2 million and the program expires on December 31, 2025. Between March 31, 2021 and March 31, 2022, total common units in CWGS, LLC, including those held by CWH and the non-controlling interest, decreased 5.4 million to 83.7 million.
Earnings Conference Call and Webcast Information
A conference call to discuss the Company’s first quarter 2022 financial results is scheduled for May 4, 2022, at 7:30 am Central Time. Investors and analysts can participate on the conference call by dialing 1-877-425-9470 (international callers please dial 1-201-389-0878) and using conference ID# 13729203. Interested parties can also listen to a live webcast or replay of the conference call by logging on to the Investor Relations section on the Company’s website at http://investor.campingworld.com. The replay of the conference call webcast will be available on the investor relations website for approximately 90 days.
Presentation
This press release presents historical results for the periods presented for the Company and its subsidiaries, which are presented in accordance with accounting principles generally accepted in the United States (“GAAP”), unless noted as a non-GAAP financial measure. The Company’s initial public offering (“IPO”) and related reorganization transactions (“Reorganization Transactions”) that occurred on October 6, 2016 resulted in the Company as the sole managing member of CWGS Enterprises, LLC (“CWGS, LLC”), with sole voting power in and control of the management of CWGS, LLC. The Company’s position as sole managing member of CWGS, LLC includes periods where the Company has held a minority economic interest in CWGS, LLC. As of March 31, 2022 and December 31, 2021, the Company owned 49.8% and 51.2%, respectively, of CWGS, LLC. Accordingly, the Company consolidates the financial results of CWGS, LLC and reports a non-controlling interest in its consolidated financial statements. Unless otherwise indicated, all financial comparisons in this press release compare our financial results for the first quarter ended March 31, 2022 to our financial results from the first quarter ended March 31, 2021.
About Camping World Holdings, Inc.
Camping World Holdings, Inc., headquartered in Lincolnshire, IL, (together with its subsidiaries) is America’s largest retailer of RVs and related products and services. Our vision is to build a long-term legacy business that makes RVing fun and easy, and our Camping World and Good Sam brands have been serving RV consumers since 1966. We strive to build long-term value for our customers, employees, and shareholders by combining a unique and comprehensive assortment of RV products and services with a national network of RV dealerships, service centers and customer support centers along with the industry’s most extensive online presence and a highly-trained and knowledgeable team of associates serving our customers, the RV lifestyle, and the communities in which we operate. We also believe that our Good Sam organization and family of programs and services uniquely enables us to connect with our customers as stewards of the RV enthusiast community and the RV lifestyle. With over 185 locations in 42 states, Camping World has grown to become prime destinations for everything RV.
For more information, please visit http://www.CampingWorld.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements about macroeconomic trends and our business plans and goals, including statements regarding the strength of our business, our long-term plan, potential stock repurchases, future dividend payments and our future financial results. These forward-looking statements are based on management’s current expectations.
These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: the COVID-19 pandemic, which has had, and could have in the future, certain negative impacts on our business; risks related to the cybersecurity incident announced in February 2022; our ability to execute and achieve the expected benefits of our 2019 Strategic Shift; the availability of financing to us and our customers; fuel shortages or high prices for fuel; the success of our manufacturers; general economic conditions in our markets; changes in consumer preferences; competition in our industry; risks related to acquisitions and expansion into new markets; our failure to maintain the strength and value of our brands; our ability to manage our inventory; fluctuations in our same store sales; the cyclical and seasonal nature of our business; our dependence on the availability of adequate capital and risks related to our debt; our reliance on six fulfillment and distribution centers; natural disasters, including epidemic outbreaks; risks associated with selling goods manufactured abroad; our dependence on our relationships with third party suppliers and lending institutions; our ability to retain senior executives and attract and retain other qualified employees; risks associated with leasing substantial amounts of space; regulatory risks; data privacy and cybersecurity risks; risks related to our intellectual property; the impact of ongoing or future lawsuits against us and certain of our officers and directors; and risks related to our organizational structure.
These and other important factors discussed under the caption “Risk Factors” in our Annual Report on Form 10-K filed for the year ended December 31, 2021 and our other reports filed with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change, except as required under applicable law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
In addition, this press release references projected annualized dividend payments. Future declarations of quarterly dividends are subject to the determination and discretion of the Company’s Board of Directors based on its consideration of various factors, including the Company’s results of operations, financial condition, level of indebtedness, anticipated capital requirements, contractual restrictions, restrictions in its debt agreements, restrictions under applicable law, receipt of excess tax distributions from CWGS Enterprises, LLC, its business prospects and other factors that Camping World’s Board of Directors may deem relevant.
We intend to use our official Facebook, Twitter, and Instagram accounts, each at the handle @CampingWorld, as a distribution channel of material information about the Company and for complying with our disclosure obligations under Regulation FD. The information we post through these social media channels may be deemed material. Accordingly, investors should subscribe to these accounts, in addition to following our press releases, SEC filings, public conference calls and webcasts. These social media channels may be updated from time to time.
|
Camping World Holdings, Inc. and Subsidiaries |
|||||||
|
Consolidated Statements of Operations (unaudited) |
|||||||
|
(In Thousands Except Per Share Amounts) |
|||||||
|
|
Three Months Ended |
||||||
|
|
March 31, |
||||||
|
|
|
2022 |
|
|
|
2021 |
|
|
Revenue: |
|
|
|
||||
|
Good Sam Services and Plans |
$ |
44,559 |
|
|
$ |
40,871 |
|
|
RV and Outdoor Retail |
|
|
|
||||
|
New vehicles |
|
834,959 |
|
|
|
821,976 |
|
|
Used vehicles |
|
403,032 |
|
|
|
294,257 |
|
|
Products, service and other |
|
214,973 |
|
|
|
251,270 |
|
|
Finance and insurance, net |
|
153,378 |
|
|
|
138,254 |
|
|
Good Sam Club |
|
11,495 |
|
|
|
11,153 |
|
|
Subtotal |
|
1,617,837 |
|
|
|
1,516,910 |
|
|
Total revenue |
|
1,662,396 |
|
|
|
1,557,781 |
|
|
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below): |
|
|
|
||||
|
Good Sam Services and Plans |
|
16,703 |
|
|
|
14,424 |
|
|
RV and Outdoor Retail |
|
|
|
||||
|
New vehicles |
|
644,370 |
|
|
|
643,680 |
|
|
Used vehicles |
|
302,825 |
|
|
|
223,193 |
|
|
Products, service and other |
|
136,160 |
|
|
|
154,146 |
|
|
Good Sam Club |
|
2,136 |
|
|
|
1,844 |
|
|
Subtotal |
|
1,085,491 |
|
|
|
1,022,863 |
|
|
Total costs applicable to revenue |
|
1,102,194 |
|
|
|
1,037,287 |
|
|
|
|
|
|
||||
|
Gross profit: |
|
|
|
||||
|
Good Sam Services and Plans |
|
27,856 |
|
|
|
26,447 |
|
|
RV and Outdoor Retail |
|
|
|
||||
|
New vehicles |
|
190,589 |
|
|
|
178,296 |
|
|
Used vehicles |
|
100,207 |
|
|
|
71,064 |
|
|
Products, service and other |
|
78,813 |
|
|
|
97,124 |
|
|
Finance and insurance, net |
|
153,378 |
|
|
|
138,254 |
|
|
Good Sam Club |
|
9,359 |
|
|
|
9,309 |
|
|
Subtotal |
|
532,346 |
|
|
|
494,047 |
|
|
Total gross profit |
|
560,202 |
|
|
|
520,494 |
|
|
|
|
|
|
||||
|
Operating expenses: |
|
|
|
||||
|
Selling, general, and administrative |
|
385,315 |
|
|
|
337,034 |
|
|
Depreciation and amortization |
|
25,535 |
|
|
|
12,701 |
|
|
Long-lived asset impairment |
|
— |
|
|
|
546 |
|
|
Lease termination |
|
178 |
|
|
|
1,756 |
|
|
Loss (gain) on sale or disposal of assets |
|
49 |
|
|
|
(99 |
) |
|
Total operating expenses |
|
411,077 |
|
|
|
351,938 |
|
|
Income from operations |
|
149,125 |
|
|
|
168,556 |
|
|
Other expense: |
|
|
|
||||
|
Floor plan interest expense |
|
(6,266 |
) |
|
|
(3,390 |
) |
|
Other interest expense, net |
|
(14,301 |
) |
|
|
(12,223 |
) |
|
Tax Receivable Agreement liability adjustment |
|
— |
|
|
|
(3,520 |
) |
|
Other (expense) income, net |
|
(223 |
) |
|
|
45 |
|
|
Total other expense |
|
(20,790 |
) |
|
|
(19,088 |
) |
|
Income before income taxes |
|
128,335 |
|
|
|
149,468 |
|
|
Income tax expense |
|
(21,036 |
) |
|
|
(2,043 |
) |
|
Net income |
|
107,299 |
|
|
|
147,425 |
|
|
Less: net income attributable to non-controlling interests |
|
(62,569 |
) |
|
|
(85,103 |
) |
|
Net income attributable to Camping World Holdings, Inc. |
$ |
44,730 |
|
|
$ |
62,322 |
|
|
|
|
|
|
||||
|
Earnings per share of Class A common stock: |
|
|
|
||||
|
Basic |
$ |
1.03 |
|
|
$ |
1.43 |
|
|
Diluted |
$ |
1.02 |
|
|
$ |
1.40 |
|
|
Weighted average shares of Class A common stock outstanding: |
|
|
|
||||
|
Basic |
|
43,553 |
|
|
|
43,584 |
|
|
Diluted |
|
44,215 |
|
|
|
90,238 |
|
|
Camping World Holdings, Inc. |
||||||||||||||||
|
Supplemental Data |
||||||||||||||||
|
|
|
Three Months Ended March 31, |
|
Increase |
|
|
Percent |
|||||||||
|
|
|
|
2022 |
|
|
|
2021 |
|
|
(decrease) |
|
|
Change |
|||
|
Unit sales |
|
|
|
|
|
|
|
|
|
|||||||
|
New vehicles |
|
|
19,020 |
|
|
|
21,433 |
|
|
|
(2,413 |
) |
|
|
(11.3 |
%) |
|
Used vehicles |
|
|
10,976 |
|
|
|
10,319 |
|
|
|
657 |
|
|
|
6.4 |
% |
|
Total |
|
|
29,996 |
|
|
|
31,752 |
|
|
|
(1,756 |
) |
|
|
(5.5 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Average selling price |
|
|
|
|
|
|
|
|
|
|||||||
|
New vehicles |
|
$ |
43,899 |
|
|
$ |
38,351 |
|
|
$ |
5,548 |
|
|
|
14.5 |
% |
|
Used vehicles |
|
$ |
36,719 |
|
|
$ |
28,516 |
|
|
$ |
8,203 |
|
|
|
28.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Same store unit sales(1) |
|
|
|
|
|
|
|
|
|
|||||||
|
New vehicles |
|
|
17,623 |
|
|
|
21,143 |
|
|
|
(3,520 |
) |
|
|
(16.6 |
%) |
|
Used vehicles |
|
|
10,249 |
|
|
|
10,233 |
|
|
|
16 |
|
|
|
0.2 |
% |
|
Total |
|
|
27,872 |
|
|
|
31,376 |
|
|
|
(3,504 |
) |
|
|
(11.2 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Same store revenue(1) ($ in 000’s) |
|
|
|
|
|
|
|
|
|
|||||||
|
New vehicles |
|
$ |
777,362 |
|
|
$ |
812,450 |
|
|
$ |
(35,088 |
) |
|
|
(4.3 |
%) |
|
Used vehicles |
|
|
380,149 |
|
|
|
292,458 |
|
|
|
87,691 |
|
|
|
30.0 |
% |
|
Products, service and other |
|
|
146,523 |
|
|
|
181,790 |
|
|
|
(35,267 |
) |
|
|
(19.4 |
%) |
|
Finance and insurance, net |
|
|
143,258 |
|
|
|
136,713 |
|
|
|
6,545 |
|
|
|
4.8 |
% |
|
Total |
|
$ |
1,447,292 |
|
|
$ |
1,423,411 |
|
|
$ |
23,881 |
|
|
|
1.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Average gross profit per unit |
|
|
|
|
|
|
|
|
|
|||||||
|
New vehicles |
|
$ |
10,020 |
|
|
$ |
8,319 |
|
|
$ |
1,702 |
|
|
|
20.5 |
% |
|
Used vehicles |
|
$ |
9,130 |
|
|
|
6,887 |
|
|
$ |
2,243 |
|
|
|
32.6 |
% |
|
Finance and insurance, net per vehicle unit |
|
$ |
5,113 |
|
|
|
4,354 |
|
|
$ |
759 |
|
|
|
17.4 |
% |
|
Total vehicle front-end yield(2) |
|
$ |
14,808 |
|
|
|
12,208 |
|
|
$ |
2,600 |
|
|
|
21.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Gross margin |
|
|
|
|
|
|
|
|
|
|||||||
|
Good Sam Services and Plans |
|
|
62.5 |
% |
|
|
64.7 |
% |
|
|
(219 |
) |
bps |
|
|
|
|
New vehicles |
|
|
22.8 |
% |
|
|
21.7 |
% |
|
|
114 |
|
bps |
|
|
|
|
Used vehicles |
|
|
24.9 |
% |
|
|
24.2 |
% |
|
|
71 |
|
bps |
|
|
|
|
Products, service and other |
|
|
36.7 |
% |
|
|
38.7 |
% |
|
|
(199 |
) |
bps |
|
|
|
|
Finance and insurance, net |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
unch. |
bps |
|
|
|||
|
Good Sam Club |
|
|
81.4 |
% |
|
|
83.5 |
% |
|
|
(205 |
) |
bps |
|
|
|
|
Subtotal RV and Outdoor Retail |
|
|
32.9 |
% |
|
|
32.6 |
% |
|
|
34 |
|
bps |
|
|
|
|
Total gross margin |
|
|
33.7 |
% |
|
|
33.4 |
% |
|
|
29 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Inventories ($ in 000’s) |
|
|
|
|
|
|
|
|
|
|||||||
|
New vehicles |
|
$ |
1,420,136 |
|
|
$ |
715,085 |
|
|
$ |
705,051 |
|
|
|
98.6 |
% |
|
Used vehicles |
|
|
423,409 |
|
|
|
190,176 |
|
|
|
233,233 |
|
|
|
122.6 |
% |
|
Products, parts, accessories and misc. |
|
|
308,855 |
|
|
|
284,203 |
|
|
|
24,652 |
|
|
|
8.7 |
% |
|
Total RV and Outdoor Retail inventories |
|
$ |
2,152,400 |
|
|
$ |
1,189,464 |
|
|
$ |
962,936 |
|
|
|
81.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Vehicle inventory per location ($ in 000’s) |
|
|
|
|
|
|
|
|
|
|||||||
|
New vehicle inventory per dealer location |
|
$ |
7,934 |
|
|
$ |
4,334 |
|
|
$ |
3,600 |
|
|
|
83.1 |
% |
|
Used vehicle inventory per dealer location |
|
$ |
2,365 |
|
|
|
1,153 |
|
|
$ |
1,213 |
|
|
|
105.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Vehicle inventory turnover(3) |
|
|
|
|
|
|
|
|
|
|||||||
|
New vehicle inventory turnover |
|
|
2.5 |
|
|
|
3.8 |
|
|
|
(1.3 |
) |
|
|
(33.6 |
%) |
|
Used vehicle inventory turnover |
|
|
3.4 |
|
|
|
5.2 |
|
|
|
(1.8 |
) |
|
|
(35.3 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Retail locations |
|
|
|
|
|
|
|
|
|
|||||||
|
RV dealerships |
|
|
179 |
|
|
|
165 |
|
|
|
14 |
|
|
|
8.5 |
% |
|
RV service & retail centers |
|
|
10 |
|
|
|
10 |
|
|
|
— |
|
|
|
0.0 |
% |
|
Subtotal |
|
|
189 |
|
|
|
175 |
|
|
|
14 |
|
|
|
8.0 |
% |
|
Other retail stores |
|
|
1 |
|
|
|
1 |
|
|
|
— |
|
|
|
0.0 |
% |
|
Total |
|
|
190 |
|
|
|
176 |
|
|
|
14 |
|
|
|
8.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Other data |
|
|
|
|
|
|
|
|
|
|||||||
|
Active Customers(4) |
|
|
5,464,510 |
|
|
|
5,488,280 |
|
|
|
(23,770 |
) |
|
|
(0.4 |
%) |
|
Good Sam Club members |
|
|
2,101,399 |
|
|
|
2,120,143 |
|
|
|
(18,744 |
) |
|
|
(0.9 |
%) |
|
Service bays (5) |
|
|
2,538 |
|
|
|
2,463 |
|
|
|
75 |
|
|
|
3.0 |
% |
|
Finance and insurance gross profit as a % of total vehicle revenue |
|
|
12.4 |
% |
|
|
12.4 |
% |
|
|
0 |
|
bps |
|
n/a |
|
|
Same store locations |
|
|
170 |
|
|
|
n/a |
|
|
|
n/a |
|
|
|
n/a |
|
|
(1) Our same store revenue and units calculations for a given period include only those stores that were open both at the end of the corresponding period and at the beginning of the preceding fiscal year. |
|
(2) Front end yield is calculated as gross profit from new vehicles, used vehicles and finance and insurance (net), divided by combined new and used vehicle revenue. |
|
(3) Inventory turnover calculated as vehicle costs applicable to revenue over the last twelve months divided by the average quarterly ending vehicle inventory over the last twelve months. |
|
(4) An Active Customer is a customer who has transacted with us in any of the eight most recently completed fiscal quarters prior to the date of measurement. |
|
(5) A service bay is a fully constructed bay dedicated to service, installation, and collision offerings. |
|
Camping World Holdings, Inc. and Subsidiaries |
||||||||
|
Consolidated Balance Sheets (unaudited) |
||||||||
|
($ in Thousands Except Per Share Amounts) |
||||||||
|
|
|
March 31, |
|
December 31, |
||||
|
|
|
|
2022 |
|
|
|
2021 |
|
|
Assets |
|
|
|
|
||||
|
Current assets: |
|
|
|
|
||||
|
Cash and cash equivalents |
|
$ |
139,480 |
|
|
$ |
267,332 |
|
|
Contracts in transit |
|
|
135,513 |
|
|
|
57,741 |
|
|
Accounts receivable, net |
|
|
116,593 |
|
|
|
101,644 |
|
|
Inventories |
|
|
2,152,400 |
|
|
|
1,792,865 |
|
|
Prepaid expenses and other assets |
|
|
57,763 |
|
|
|
64,295 |
|
|
Total current assets |
|
|
2,601,749 |
|
|
|
2,283,877 |
|
|
Property and equipment, net |
|
|
636,500 |
|
|
|
599,324 |
|
|
Operating lease assets |
|
|
748,893 |
|
|
|
750,876 |
|
|
Deferred tax assets, net |
|
|
185,616 |
|
|
|
199,321 |
|
|
Intangible assets, net |
|
|
21,450 |
|
|
|
30,970 |
|
|
Goodwill |
|
|
506,954 |
|
|
|
483,634 |
|
|
Other assets |
|
|
26,373 |
|
|
|
24,927 |
|
|
Total assets |
|
$ |
4,727,535 |
|
|
$ |
4,372,929 |
|
|
Liabilities and stockholders’ equity |
|
|
|
|
||||
|
Current liabilities: |
|
|
|
|
||||
|
Accounts payable |
|
$ |
221,990 |
|
|
$ |
136,757 |
|
|
Accrued liabilities |
|
|
224,995 |
|
|
|
189,595 |
|
|
Deferred revenues |
|
|
92,747 |
|
|
|
95,467 |
|
|
Current portion of operating lease liabilities |
|
|
63,490 |
|
|
|
62,217 |
|
|
Current portion of finance lease liabilities |
|
|
10,393 |
|
|
|
4,964 |
|
|
Current portion of Tax Receivable Agreement liability |
|
|
11,322 |
|
|
|
11,322 |
|
|
Current portion of long-term debt |
|
|
15,825 |
|
|
|
15,822 |
|
|
Notes payable – floor plan, net |
|
|
1,237,208 |
|
|
|
1,011,345 |
|
|
Other current liabilities |
|
|
78,369 |
|
|
|
70,834 |
|
|
Total current liabilities |
|
|
1,956,339 |
|
|
|
1,598,323 |
|
|
Operating lease liabilities, net of current portion |
|
|
770,778 |
|
|
|
774,889 |
|
|
Finance lease liabilities, net of current portion |
|
|
72,192 |
|
|
|
74,752 |
|
|
Tax Receivable Agreement liability, net of current portion |
|
|
171,476 |
|
|
|
171,073 |
|
|
Revolving line of credit |
|
|
20,885 |
|
|
|
20,885 |
|
|
Long-term debt, net of current portion |
|
|
1,374,592 |
|
|
|
1,377,751 |
|
|
Deferred revenues |
|
|
69,902 |
|
|
|
69,024 |
|
|
Other long-term liabilities |
|
|
81,201 |
|
|
|
52,338 |
|
|
Total liabilities |
|
|
4,517,365 |
|
|
|
4,139,035 |
|
|
Commitments and contingencies |
|
|
|
|
||||
|
Stockholders’ equity: |
|
|
|
|
||||
|
Preferred stock, par value $0.01 per share – 20,000,000 shares authorized; none issued and outstanding as of March 31, 2022 and December 31, 2021 |
|
|
— |
|
|
|
— |
|
|
Class A common stock, par value $0.01 per share – 250,000,000 shares authorized; 47,855,259 issued and 41,688,339 outstanding as of March 31, 2022 and 47,805,259 issued and 44,130,956 outstanding as of December 31, 2021 |
|
|
476 |
|
|
|
475 |
|
|
Class B common stock, par value $0.0001 per share – 75,000,000 shares authorized; 69,066,445 issued as of March 31, 2022 and December 31, 2021; and 41,466,964 outstanding as of March 31, 2022 and December 31, 2021 |
|
|
4 |
|
|
|
4 |
|
|
Class C common stock, par value $0.0001 per share – one share authorized, issued and outstanding as of March 31, 2022 and December 31, 2021 |
|
|
— |
|
|
|
— |
|
|
Additional paid-in capital |
|
|
126,071 |
|
|
|
98,113 |
|
|
Treasury stock, at cost; 5,882,748 and 3,390,131 shares as of March 31, 2022 and December 31, 2021, respectively |
|
|
(206,098 |
) |
|
|
(130,006 |
) |
|
Retained earnings |
|
|
207,774 |
|
|
|
189,471 |
|
|
Total stockholders’ equity attributable to Camping World Holdings, Inc. |
|
|
128,227 |
|
|
|
158,057 |
|
|
Non-controlling interests |
|
|
81,943 |
|
|
|
75,837 |
|
|
Total stockholders’ equity |
|
|
210,170 |
|
|
|
233,894 |
|
|
Total liabilities and stockholders’ equity |
|
$ |
4,727,535 |
|
|
$ |
4,372,929 |
|
Earnings Per Share
Basic earnings per share of Class A common stock is computed by dividing net income attributable to Camping World Holdings, Inc. by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted earnings per share of Class A common stock is computed by dividing net income attributable to Camping World Holdings, Inc. by the weighted-average number of shares of Class A common stock outstanding adjusted to give effect to potentially dilutive securities.
The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings per share of Class A common stock (unaudited):
|
|
|
Three Months Ended March 31, |
||||||
|
(In thousands except per share amounts) |
|
|
2022 |
|
|
|
2021 |
|
|
Numerator: |
|
|
|
|
||||
|
Net income |
|
$ |
107,299 |
|
|
$ |
147,425 |
|
|
Less: net income attributable to non-controlling interests |
|
|
(62,569 |
) |
|
|
(85,103 |
) |
|
Net income attributable to Camping World Holdings, Inc. — basic |
|
$ |
44,730 |
|
|
$ |
62,322 |
|
|
Add: reallocation of net income attributable to non-controlling interests from the assumed dilutive effect of stock options and RSUs |
|
|
332 |
|
|
|
— |
|
|
Add: reallocation of net income attributable to non-controlling interests from the assumed exchange of common units of CWGS, LLC for Class A common stock |
|
|
— |
|
|
|
63,980 |
|
|
Net income attributable to Camping World Holdings, Inc. — diluted |
|
$ |
45,062 |
|
|
$ |
126,302 |
|
|
Denominator: |
|
|
|
|
||||
|
Weighted-average shares of Class A common stock outstanding — basic |
|
|
43,553 |
|
|
|
43,584 |
|
|
Dilutive options to purchase Class A common stock |
|
|
88 |
|
|
|
165 |
|
|
Dilutive restricted stock units |
|
|
574 |
|
|
|
955 |
|
|
Dilutive common units of CWGS, LLC that are convertible into Class A common stock |
|
|
— |
|
|
|
45,534 |
|
|
Weighted-average shares of Class A common stock outstanding — diluted |
|
|
44,215 |
|
|
|
90,238 |
|
|
|
|
|
|
|
||||
|
Earnings per share of Class A common stock — basic |
|
$ |
1.03 |
|
|
$ |
1.43 |
|
|
Earnings per share of Class A common stock — diluted |
|
$ |
1.02 |
|
|
$ |
1.40 |
|
|
|
|
|
|
|
||||
|
Weighted-average anti-dilutive securities excluded from the computation of diluted earnings per share of Class A common stock: |
|
|
|
|
||||
|
Restricted stock units |
|
|
1,632 |
|
|
|
1 |
|
|
Common units of CWGS, LLC that are convertible into Class A common stock |
|
|
42,045 |
|
|
|
— |
|
Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with accounting principles generally accepted in the United States (“GAAP”), we use the following non-GAAP financial measures: EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Trailing Twelve-Month (“TTM”) Adjusted EBITDA, Adjusted Net Income Attributable to Camping World Holdings, Inc. – Basic, Adjusted Net Income Attributable to Camping World Holdings, Inc. – Diluted, Adjusted Earnings Per Share – Basic, and Adjusted Earnings Per Share – Diluted (collectively the “Non-GAAP Financial Measures”). We believe that these Non-GAAP Financial Measures, when used in conjunction with GAAP financial measures, provide useful information about operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to the key metrics we use in our financial and operational decision making.
Contacts
Investors:
InvestorRelations@campingworld.com
(866) 895-5330
Media Outlets:
Karen Porter
PR-CWGS@CampingWorld.com
