LINCOLNSHIRE, Ill.–(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, 2024.
Marcus Lemonis, Chairman and Chief Executive Officer of Camping World Holdings, Inc. stated, “Our intentional efforts to drive down invoice pricing and widen the consumer affordability funnel resulted in our new unit sales meaningfully outpacing broader RV industry trends. We drove record new unit market share for January and February. Our same store new vehicle unit volume increased double-digits in the quarter, with momentum continuing through April.”
Matt Wagner, Chief Operating Officer of Camping World Holdings, Inc. commented, “We have been successful in rebalancing our used inventory position and now that market pricing has stabilized, we intend to reinvest in building our stocking levels in a disciplined manner over the coming months. We continue to expect our used business to improve as we move through the balance of the year.”
Mr. Lemonis concluded, “With significant new unit volume momentum and a dominant inventory position, we believe we have laid the groundwork for improving fundamentals going forward. Our team remains laser focused on achieving our unit volume, market share, and earnings growth goals for 2024, while continuing our march to 320 locations by 2028.”
First Quarter-over-Quarter Operating Highlights
- The total number of our store locations was 215 as of March 31, 2024, an increase of 20 store locations from March 31, 2023, or 10.3%, with a net 13 store locations opened during the first quarter.
- Revenue was $1.4 billion for the first quarter, a decrease of $122.9 million, or 8.3%.
- New vehicle revenue was $656.1 million for the first quarter, an increase of $9.3 million, or 1.4%, and new vehicle unit sales were 16,882 units, an increase of 2,970 units, or 21.3%.
- Used vehicle revenue was $337.7 million for the first quarter, a decrease of $107.1 million, or 24.1%, and used vehicle unit sales were 10,694 units, a decrease of 1,738 units, or 14.0%.
- Average selling price of new vehicles declined 16.4% during the first quarter driven primarily by lower cost of 2024 model year travel trailers, discounting of pre-2024 model year new vehicles, and a mix shift towards more affordable travel trailers.
- Average selling price of used vehicles declined 11.7% during the first quarter due to discounting of used vehicles in response to declines in new vehicle prices to maintain used vehicles as a lower cost alternative to new vehicles.
- Same store new vehicle unit sales increased 15.5% for the first quarter and same store used vehicle unit sales decreased 17.3%.
- Products, services and other revenue was $177.9 million, a decline of $29.8 million, or 14.3%, driven largely by a reduction in sales activity resulting from our Active Sports Restructuring and fewer used vehicles sold led to a decline in retail product attachment to vehicle sales.
- Gross profit was $402.4 million, a decrease of $38.6 million, or 8.8%. Total gross margin was 29.5%, a decrease of 16 basis points. These decreases were driven by lower average cost and average selling price of model year 2024 new vehicles, which impacted used vehicles by (i) requiring the reduction in the used vehicle average selling price and (ii) lower used inventory levels from slowed procurement of used vehicles to allow RV owner pricing expectations to adjust as a result of model year 2024 pricing declines.
- Selling, general and administrative expenses were $371.5 million, an increase of $5.7 million, or 1.6%, primarily as a result of additional advertising expenses and professional fees and services, partially offset by reduced employee compensation costs, which was accomplished despite the 10.3% increase in store locations noted above.
- Floor plan interest expense was $27.9 million, an increase of $7.1 million, or 34.0%, and other interest expense, net was $36.1 million, an increase of $5.0 million, or 16.0%. These increases were primarily as a result of the rise in interest rates and higher principal balances.
- Net loss was $50.8 million for the first quarter of 2024, a change of $55.7 million from net income of $4.9 million for the first quarter of 2023.
- Diluted loss per share of Class A common stock was $(0.51) for the first quarter of 2024 versus diluted earnings per share of Class A common stock of $0.05 for the first quarter of 2023. Adjusted loss per share – diluted(1) of Class A common stock was $(0.40) for the first quarter of 2024 versus adjusted earnings per share – diluted(1) of Class A common stock of $0.14 for the first quarter of 2023.
- Adjusted EBITDA(1) was $8.2 million, a decrease of $52.6 million, or 86.5%, primarily due to $38.6 million decrease in gross profit, the $7.1 million increase in floor plan interest and the $5.7 million increase in selling, general and administrative expenses(2).
| (1) |
Adjusted (loss) 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. |
|
| (2) |
The $5.7 million increase in selling, general, and administrative expenses is inclusive of a $1.1 million decrease in equity-based compensation. Equity-based compensation is excluded from the calculation of Adjusted EBITDA (see the “Non-GAAP Financial Measures” section later in this press release). |
Earnings Conference Call and Webcast Information
A conference call to discuss the Company’s first quarter 2024 financial results is scheduled for May 2, 2024, at 7:30 am Central Time. Investors and analysts can participate on the conference call by dialing 1-877-407-9039 (international callers please dial 1-201-689-8470) and using conference ID# 13745507. 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, 2024, the Company owned 53.0% 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, 2024 to our financial results from the first quarter ended March 31, 2023.
About Camping World Holdings, Inc.
Camping World Holdings, Inc., headquartered in Lincolnshire, IL, (together with its subsidiaries) is the world’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. 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 employees 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 enable us to connect with our customers as stewards of the RV enthusiast community and the RV lifestyle. With RV sales and service locations in 43 states, Camping World has grown to become the prime destination for everything RV. For more information, visit 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 expectations regarding new and used vehicle unit volume trends, our ability to deliver unit volume, our ability to deliver increased market share, our intention to reinvest in building our stocking levels, our expectations regarding improvements in our business, macroeconomic and industry trends, business plans and goals, including our goal to have 320 locations by 2028, and future financial results, including our ability to achieve earnings growth, in each case on any specific timeline or at all. 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: general economic conditions, including inflation and interest rates; the availability of financing to us and our customers; fuel shortages, high prices for fuel or changes in energy sources; the success of our manufacturers; changes in consumer preferences; risks related to our strategic review of our Good Sam business; competition in our industry; risks related to acquisitions, new store openings 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; risks related to COVID-19; our ability to execute and achieve the expected benefits of our cost cutting or restructuring initiatives; our reliance on our fulfillment and distribution centers; natural disasters, including epidemic outbreaks; our dependence on our relationships with third party suppliers and lending institutions; risks associated with selling goods manufactured abroad; our ability to retain senior executives and attract and retain other qualified employees; risks associated with leasing substantial amounts of space; risks associated with our private brand offerings; we may incur asset impairment charges for goodwill, intangible assets or other long-lived assets; tax risks; our private brand offerings exposing us to various risks; 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; risks related to climate change and other environmental, social and governance matters; 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 for the year ended December 31, 2023 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.
Future declarations of quarterly dividends, if any, 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 the Company’s Board of Directors may deem relevant.
We intend to use our official Facebook, X (formerly known as Twitter), and Instagram accounts, each at the handle @CampingWorld, as well as the investor page of our website, investor.campingworld.com, 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 and on our investor webpage may be deemed material. Accordingly, investors should subscribe to these accounts and our investor alerts, 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, |
||||||
|
|
|
2024 |
|
2023 |
||||
|
Revenue: |
|
|
|
|
|
|
||
|
Good Sam Services and Plans |
|
$ |
45,681 |
|
|
$ |
46,367 |
|
|
RV and Outdoor Retail |
|
|
|
|
|
|
||
|
New vehicles |
|
|
656,086 |
|
|
|
646,752 |
|
|
Used vehicles |
|
|
337,685 |
|
|
|
444,746 |
|
|
Products, service and other |
|
|
177,894 |
|
|
|
207,661 |
|
|
Finance and insurance, net |
|
|
135,454 |
|
|
|
129,772 |
|
|
Good Sam Club |
|
|
11,217 |
|
|
|
11,582 |
|
|
Subtotal |
|
|
1,318,336 |
|
|
|
1,440,513 |
|
|
Total revenue |
|
|
1,364,017 |
|
|
|
1,486,880 |
|
|
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below): |
|
|
|
|
|
|
||
|
Good Sam Services and Plans |
|
|
15,183 |
|
|
|
16,152 |
|
|
RV and Outdoor Retail |
|
|
|
|
|
|
||
|
New vehicles |
|
|
565,039 |
|
|
|
557,542 |
|
|
Used vehicles |
|
|
278,533 |
|
|
|
341,947 |
|
|
Products, service and other |
|
|
101,675 |
|
|
|
129,018 |
|
|
Good Sam Club |
|
|
1,190 |
|
|
|
1,201 |
|
|
Subtotal |
|
|
946,437 |
|
|
|
1,029,708 |
|
|
Total costs applicable to revenue |
|
|
961,620 |
|
|
|
1,045,860 |
|
|
|
|
|
|
|
|
|
||
|
Gross profit (exclusive of depreciation and amortization shown separately below): |
|
|
|
|
|
|
||
|
Good Sam Services and Plans |
|
|
30,498 |
|
|
|
30,215 |
|
|
RV and Outdoor Retail |
|
|
|
|
|
|
||
|
New vehicles |
|
|
91,047 |
|
|
|
89,210 |
|
|
Used vehicles |
|
|
59,152 |
|
|
|
102,799 |
|
|
Products, service and other |
|
|
76,219 |
|
|
|
78,643 |
|
|
Finance and insurance, net |
|
|
135,454 |
|
|
|
129,772 |
|
|
Good Sam Club |
|
|
10,027 |
|
|
|
10,381 |
|
|
Subtotal |
|
|
371,899 |
|
|
|
410,805 |
|
|
Total gross profit |
|
|
402,397 |
|
|
|
441,020 |
|
|
|
|
|
|
|
|
|
||
|
Operating expenses: |
|
|
|
|
|
|
||
|
Selling, general, and administrative |
|
|
371,473 |
|
|
|
365,726 |
|
|
Depreciation and amortization |
|
|
19,290 |
|
|
|
14,637 |
|
|
Long-lived asset impairment |
|
|
5,827 |
|
|
|
7,045 |
|
|
Loss (gain) on sale or disposal of assets |
|
|
1,585 |
|
|
|
(4,987 |
) |
|
Total operating expenses |
|
|
398,175 |
|
|
|
382,421 |
|
|
Income from operations |
|
|
4,222 |
|
|
|
58,599 |
|
|
Other expense |
|
|
|
|
|
|
||
|
Floor plan interest expense |
|
|
(27,882 |
) |
|
|
(20,810 |
) |
|
Other interest expense, net |
|
|
(36,094 |
) |
|
|
(31,113 |
) |
|
Other expense, net |
|
|
(94 |
) |
|
|
(1,500 |
) |
|
Total other expense |
|
|
(64,070 |
) |
|
|
(53,423 |
) |
|
(Loss) income before income taxes |
|
|
(59,848 |
) |
|
|
5,176 |
|
|
Income tax benefit (expense) |
|
|
9,042 |
|
|
|
(273 |
) |
|
Net (loss) income |
|
|
(50,806 |
) |
|
|
4,903 |
|
|
Less: net (loss) income attributable to non-controlling interests |
|
|
28,499 |
|
|
|
(1,734 |
) |
|
Net (loss) income attributable to Camping World Holdings, Inc. |
|
$ |
(22,307 |
) |
|
$ |
3,169 |
|
|
|
|
|
|
|
|
|
||
|
(Loss) earnings per share of Class A common stock: |
|
|
|
|
|
|
||
|
Basic |
|
$ |
(0.50 |
) |
|
$ |
0.07 |
|
|
Diluted |
|
$ |
(0.51 |
) |
|
$ |
0.05 |
|
|
Weighted average shares of Class A common stock outstanding: |
|
|
|
|
|
|
||
|
Basic |
|
|
45,047 |
|
|
|
44,455 |
|
|
Diluted |
|
|
85,092 |
|
|
|
84,717 |
|
|
Camping World Holdings, Inc. and Subsidiaries |
|||||||||||||||||
|
Supplemental Data (unaudited) |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
Three Months Ended March 31, |
|
Increase |
|
|
Percent |
||||||||||
|
|
|
2024 |
|
2023 |
|
(decrease) |
|
|
Change |
||||||||
|
Unit sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
New vehicles |
|
|
16,882 |
|
|
|
13,912 |
|
|
|
2,970 |
|
|
|
|
21.3 |
% |
|
Used vehicles |
|
|
10,694 |
|
|
|
12,432 |
|
|
|
(1,738 |
) |
|
|
|
(14.0 |
%) |
|
Total |
|
|
27,576 |
|
|
|
26,344 |
|
|
|
1,232 |
|
|
|
|
4.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Average selling price |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
New vehicles |
|
$ |
38,863 |
|
|
$ |
46,489 |
|
|
$ |
(7,626 |
) |
|
|
|
(16.4 |
%) |
|
Used vehicles |
|
|
31,577 |
|
|
|
35,774 |
|
|
|
(4,197 |
) |
|
|
|
(11.7 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Same store unit sales(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
New vehicles |
|
|
15,623 |
|
|
|
13,526 |
|
|
|
2,097 |
|
|
|
|
15.5 |
% |
|
Used vehicles |
|
|
10,030 |
|
|
|
12,126 |
|
|
|
(2,096 |
) |
|
|
|
(17.3 |
%) |
|
Total |
|
|
25,653 |
|
|
|
25,652 |
|
|
|
1 |
|
|
|
|
0.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Same store revenue(1) ($ in 000s) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
New vehicles |
|
$ |
606,808 |
|
|
$ |
630,290 |
|
|
$ |
(23,482 |
) |
|
|
|
(3.7 |
%) |
|
Used vehicles |
|
|
312,410 |
|
|
|
434,471 |
|
|
|
(122,061 |
) |
|
|
|
(28.1 |
%) |
|
Products, service and other |
|
|
144,382 |
|
|
|
158,467 |
|
|
|
(14,085 |
) |
|
|
|
(8.9 |
%) |
|
Finance and insurance, net |
|
|
127,064 |
|
|
|
126,830 |
|
|
|
234 |
|
|
|
|
0.2 |
% |
|
Total |
|
$ |
1,190,664 |
|
|
$ |
1,350,058 |
|
|
$ |
(159,394 |
) |
|
|
|
(11.8 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Average gross profit per unit |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
New vehicles |
|
$ |
5,393 |
|
|
$ |
6,412 |
|
|
$ |
(1,019 |
) |
|
|
|
(15.9 |
%) |
|
Used vehicles |
|
|
5,531 |
|
|
|
8,269 |
|
|
|
(2,738 |
) |
|
|
|
(33.1 |
%) |
|
Finance and insurance, net per vehicle unit |
|
|
4,912 |
|
|
|
4,926 |
|
|
|
(14 |
) |
|
|
|
(0.3 |
%) |
|
Total vehicle front-end yield(2) |
|
|
10,359 |
|
|
|
12,215 |
|
|
|
(1,856 |
) |
|
|
|
(15.2 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Gross margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Good Sam Services and Plans |
|
|
66.8 |
% |
|
|
65.2 |
% |
|
|
161 |
|
bps |
|
|
|
|
|
New vehicles |
|
|
13.9 |
% |
|
|
13.8 |
% |
|
|
8 |
|
bps |
|
|
|
|
|
Used vehicles |
|
|
17.5 |
% |
|
|
23.1 |
% |
|
|
(560 |
) |
bps |
|
|
|
|
|
Products, service and other |
|
|
42.8 |
% |
|
|
37.9 |
% |
|
|
498 |
|
bps |
|
|
|
|
|
Finance and insurance, net |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
unch. |
|
|
|
|
||
|
Good Sam Club |
|
|
89.4 |
% |
|
|
89.6 |
% |
|
|
(24 |
) |
bps |
|
|
|
|
|
Subtotal RV and Outdoor Retail |
|
|
28.2 |
% |
|
|
28.5 |
% |
|
|
(31 |
) |
bps |
|
|
|
|
|
Total gross margin |
|
|
29.5 |
% |
|
|
29.7 |
% |
|
|
(16 |
) |
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
RV and Outdoor Retail inventories ($ in 000s) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
New vehicles |
|
$ |
1,469,193 |
|
|
$ |
1,219,889 |
|
|
$ |
249,304 |
|
|
|
|
20.4 |
% |
|
Used vehicles |
|
|
389,810 |
|
|
|
510,689 |
|
|
|
(120,879 |
) |
|
|
|
(23.7 |
%) |
|
Products, parts, accessories and misc. |
|
|
218,197 |
|
|
|
248,998 |
|
|
|
(30,801 |
) |
|
|
|
(12.4 |
%) |
|
Total RV and Outdoor Retail inventories |
|
$ |
2,077,200 |
|
|
$ |
1,979,576 |
|
|
$ |
97,624 |
|
|
|
|
4.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Vehicle inventory per location ($ in 000s) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
New vehicle inventory per dealer location |
|
$ |
6,963 |
|
|
$ |
6,489 |
|
|
$ |
474 |
|
|
|
|
7.3 |
% |
|
Used vehicle inventory per dealer location |
|
|
1,847 |
|
|
|
2,716 |
|
|
|
(869 |
) |
|
|
|
(32.0 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Vehicle inventory turnover(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
New vehicle inventory turnover |
|
|
1.7 |
|
|
|
1.9 |
|
|
|
(0.3 |
) |
|
|
|
(13.1 |
%) |
|
Used vehicle inventory turnover |
|
|
3.0 |
|
|
|
3.3 |
|
|
|
(0.4 |
) |
|
|
|
(10.6 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Retail locations |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
RV dealerships |
|
|
211 |
|
|
|
188 |
|
|
|
23 |
|
|
|
|
12.2 |
% |
|
RV service & retail centers |
|
|
4 |
|
|
|
6 |
|
|
|
(2 |
) |
|
|
|
(33.3 |
%) |
|
Subtotal |
|
|
215 |
|
|
|
194 |
|
|
|
21 |
|
|
|
|
10.8 |
% |
|
Other retail stores |
|
|
— |
|
|
|
1 |
|
|
|
(1 |
) |
|
|
|
(100.0 |
%) |
|
Total |
|
|
215 |
|
|
|
195 |
|
|
|
20 |
|
|
|
|
10.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Other data |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Active Customers(4) |
|
|
4,827,623 |
|
|
|
5,291,750 |
|
|
|
(464,127 |
) |
|
|
|
(8.8 |
%) |
|
Good Sam Club members (5) |
|
|
1,961,112 |
|
|
|
2,025,438 |
|
|
|
(64,326 |
) |
|
|
|
(3.2 |
%) |
|
Service bays (6) |
|
|
2,857 |
|
|
|
2,682 |
|
|
|
175 |
|
|
|
|
6.5 |
% |
|
Finance and insurance gross profit as a % of total vehicle revenue |
|
|
13.6 |
% |
|
|
11.9 |
% |
|
|
174 |
|
bps |
|
|
n/a |
|
|
Same store locations |
|
|
182 |
|
|
|
n/a |
|
|
|
n/a |
|
|
|
|
n/a |
|
| unch – unchanged | ||
| bps – basis points | ||
| n/a – not applicable | ||
|
|
||
| (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 unit sales. |
|
| (3) |
Inventory turnover is 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) |
Excludes Good Sam Club members under the free basic plan, which was introduced in November 2023 and provides for limited participation in the loyalty point program without access to the remaining member benefits. |
|
| (6) |
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, |
|
March 31, |
||||||
|
|
|
2024 |
|
2023 |
|
2023 |
||||||
|
Assets |
|
|
|
|
|
|
|
|
|
|||
|
Current assets: |
|
|
|
|
|
|
|
|
|
|||
|
Cash and cash equivalents |
|
$ |
29,718 |
|
|
$ |
39,647 |
|
|
$ |
72,828 |
|
|
Contracts in transit |
|
|
154,231 |
|
|
|
60,229 |
|
|
|
104,148 |
|
|
Accounts receivable, net |
|
|
100,246 |
|
|
|
128,070 |
|
|
|
109,105 |
|
|
Inventories |
|
|
2,077,592 |
|
|
|
2,042,949 |
|
|
|
1,980,106 |
|
|
Prepaid expenses and other assets |
|
|
68,833 |
|
|
|
48,353 |
|
|
|
58,761 |
|
|
Assets held for sale |
|
|
6,276 |
|
|
|
29,864 |
|
|
|
13,971 |
|
|
Total current assets |
|
|
2,436,896 |
|
|
|
2,349,112 |
|
|
|
2,338,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Property and equipment, net |
|
|
878,956 |
|
|
|
834,426 |
|
|
|
751,287 |
|
|
Operating lease assets |
|
|
768,903 |
|
|
|
740,052 |
|
|
|
729,958 |
|
|
Deferred tax assets, net |
|
|
153,716 |
|
|
|
157,326 |
|
|
|
145,413 |
|
|
Intangible assets, net |
|
|
12,998 |
|
|
|
13,717 |
|
|
|
15,381 |
|
|
Goodwill |
|
|
735,680 |
|
|
|
711,222 |
|
|
|
622,545 |
|
|
Other assets |
|
|
36,013 |
|
|
|
39,829 |
|
|
|
27,010 |
|
|
Total assets |
|
$ |
5,023,162 |
|
|
$ |
4,845,684 |
|
|
$ |
4,630,513 |
|
|
Liabilities and stockholders’ equity |
|
|
|
|
|
|
|
|
|
|||
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|||
|
Accounts payable |
|
$ |
205,006 |
|
|
$ |
133,516 |
|
|
$ |
185,652 |
|
|
Accrued liabilities |
|
|
148,674 |
|
|
|
149,096 |
|
|
|
172,428 |
|
|
Deferred revenues |
|
|
95,854 |
|
|
|
92,366 |
|
|
|
94,166 |
|
|
Current portion of operating lease liabilities |
|
|
60,663 |
|
|
|
63,695 |
|
|
|
61,421 |
|
|
Current portion of finance lease liabilities |
|
|
19,014 |
|
|
|
17,133 |
|
|
|
5,590 |
|
|
Current portion of Tax Receivable Agreement liability |
|
|
12,943 |
|
|
|
12,943 |
|
|
|
10,935 |
|
|
Current portion of long-term debt |
|
|
25,651 |
|
|
|
22,121 |
|
|
|
26,969 |
|
|
Notes payable – floor plan, net |
|
|
1,414,696 |
|
|
|
1,371,145 |
|
|
|
1,042,099 |
|
|
Other current liabilities |
|
|
72,783 |
|
|
|
68,536 |
|
|
|
77,924 |
|
|
Liabilities related to assets held for sale |
|
|
— |
|
|
|
17,288 |
|
|
|
7,650 |
|
|
Total current liabilities |
|
|
2,055,284 |
|
|
|
1,947,839 |
|
|
|
1,684,834 |
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Operating lease liabilities, net of current portion |
|
|
796,770 |
|
|
|
763,958 |
|
|
|
753,451 |
|
|
Finance lease liabilities, net of current portion |
|
|
136,284 |
|
|
|
97,751 |
|
|
|
100,701 |
|
|
Tax Receivable Agreement liability, net of current portion |
|
|
149,866 |
|
|
|
149,866 |
|
|
|
165,054 |
|
|
Revolving line of credit |
|
|
31,885 |
|
|
|
20,885 |
|
|
|
20,885 |
|
|
Long-term debt, net of current portion |
|
|
1,545,165 |
|
|
|
1,498,958 |
|
|
|
1,525,304 |
|
|
Deferred revenues |
|
|
65,970 |
|
|
|
66,780 |
|
|
|
68,690 |
|
|
Other long-term liabilities |
|
|
89,528 |
|
|
|
85,440 |
|
|
|
85,841 |
|
|
Total liabilities |
|
|
4,870,752 |
|
|
|
4,631,477 |
|
|
|
4,404,760 |
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|||
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
|
|||
|
Preferred stock, par value $0.01 per share – 20,000 shares authorized; none issued and outstanding |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Class A common stock, par value $0.01 per share – 250,000 shares authorized; 49,571, 49,571 and 49,571 shares issued, respectively; 45,072, 45,020 and 44,467 shares outstanding, respectively |
|
|
496 |
|
|
|
496 |
|
|
|
496 |
|
|
Class B common stock, par value $0.0001 per share – 75,000 shares authorized; 39,466, 39,466 and 39,466 shares issued, respectively; 39,466, 39,466 and 39,466 shares outstanding, respectively |
|
|
4 |
|
|
|
4 |
|
|
|
4 |
|
|
Class C common stock, par value $0.0001 per share – 0.001 share authorized, issued and outstanding |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Additional paid-in capital |
|
|
98,828 |
|
|
|
98,280 |
|
|
|
114,017 |
|
|
Treasury stock, at cost; 4,499, 4,551, and 5,104 shares, respectively |
|
|
(157,631 |
) |
|
|
(159,440 |
) |
|
|
(178,832 |
) |
|
Retained earnings |
|
|
157,303 |
|
|
|
185,244 |
|
|
|
196,409 |
|
|
Total stockholders’ equity attributable to Camping World Holdings, Inc. |
|
|
99,000 |
|
|
|
124,584 |
|
|
|
132,094 |
|
|
Non-controlling interests |
|
|
53,410 |
|
|
|
89,623 |
|
|
|
93,659 |
|
|
Total stockholders’ equity |
|
|
152,410 |
|
|
|
214,207 |
|
|
|
225,753 |
|
|
Total liabilities and stockholders’ equity |
|
$ |
5,023,162 |
$ |
4,845,684 |
|
|
$ |
4,630,513 |
|||
Contacts
Investors:
Brett Andress
InvestorRelations@campingworld.com
Media Outlets:
PR-CWGS@CampingWorld.com
