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     113  0 Kommentare Camping World Holdings, Inc. Reports Fourth Quarter 2023 Results, Returns to Positive New Vehicle Unit Volume Growth, Continues Acquisition Pace, Committed to Delivering Unit Volume, Market Share, and Strong Earnings Growth in 2024

    Camping World Holdings, Inc. (NYSE: CWH) (the “Company” or “CWH”), America’s Recreation Dealer, today reported results for the year and fourth quarter ended December 31, 2023.

    Marcus Lemonis, Chairman and Chief Executive Officer of Camping World Holdings, Inc. stated, “Beginning in December, our new vehicle same store unit growth turned positive, with January and February to date trending up from mid-single to low-double digits. We achieved our goal of significantly improving our new unit inventory position, with less than 7,500 new model year 2023’s remaining as of today. We believe we are outpacing the industry with close to 80% in 2024 models currently. We believe that successful negotiations in year-over-year pricing reductions on like-for-like new units has sparked early demand and new gross margin stabilization.”

    Matt Wagner, Chief Operating Officer of Camping World Holdings, Inc. commented, “Any reduction of new model pricing causes us to reset used vehicle values and slow down the purchases of used RV inventory while market values correct themselves. We expect this short-term maneuver to allow used vehicle volumes to improve over time, with gross margin improvement beginning in the second quarter and continuing through the balance of the year.”

    Mr. Wagner concluded, “Positive demand trends, inventory discipline, strength in our Good Sam segment and the service and parts portion of our business, acquisitions, and cost reductions, give us confidence in delivering unit volume and strong earnings growth in 2024 while continuing our march to 320 locations by 2028.”

    Full Year-over-Year Operating Highlights

    • Revenue was $6.2 billion, a decrease of $740.5 million, or 10.6%.
    • Used vehicle revenue was a record $2.0 billion, an increase of $102.0 million, or 5.4%, and used vehicle unit sales were a record 56,823 units, an increase of 5,498 units, or 10.7%.
    • New vehicle revenue was $2.6 billion, a decline of $651.8 million, or 20.2%, and new vehicle unit sales were 58,731 units, a decrease of 11,698 units, or 16.6%.
    • Average selling price of new and used vehicles declined 4.3% and 4.8%, respectively.
    • Same store used vehicle unit sales increased 5.0%, and same store new vehicle unit sales decreased 22.1%.
    • Products, services and other revenue was $870.0 million, a decline of $129.2 million, or 12.9%, driven largely by lower demand and lower stocking levels of lifestyle and activities, and design and home products, as well as decreases in our direct to manufacturer RV furniture revenues due to RV manufacturer production slowdowns and discounting and discontinuation of certain product categories related to our Active Sports Restructuring.
    • Gross profit was $1.9 billion, a decrease of $383.6 million, or 17.0%. Total gross margin was 30.2%, a decrease of 230 basis points. The decrease in gross profit and gross margin was driven largely by the decrease in average selling price of new and used vehicles and gross profit was further impacted by the decrease in combined RV unit sales and the related decrease in finance and insurance, net. This decrease was partially offset by the $14.3 million increase in gross profit and 682 basis point increase in gross margin of the Good Sam Services and Plans segment.
    • Selling, general and administrative expenses were $1.5 billion, a decrease of $68.0 million, or 4.2%, primarily due to approximately $49.2 million of reduced advertising expenses and $35.1 million of reduced variable compensation costs, partially offset by incremental costs related to the net six additional store locations added during the year ended December 31, 2023.
    • Floor plan interest expense was $83.1 million, an increase of $41.0 million, or 97.7%, and other interest expense, net was $135.3 million, an increase of $59.5 million, or 78.6%. These increases were primarily as a result of the rise in interest rates.
    • Net income was $50.6 million, a decrease of $300.4 million, or 85.6%.
    • Diluted earnings per share of Class A common stock was $0.55 in 2023 versus diluted earnings per share of Class A common stock of $3.22 in 2022. Adjusted earnings per share - diluted(1) of Class A common stock was $0.81 in 2023 versus adjusted earnings per share – diluted(1) of Class A common stock of $4.17 in 2022.
    • Adjusted EBITDA(1) was $286.2 million, a decrease of $367.2 million, or 56.2%.
    • New and used vehicle inventories were $1.8 billion, a decrease of $32.1 million.
    • The Company paid an annualized cash dividend of $1.50 per share of Class A common stock, a decrease of $1.00 per share of Class A common stock.

    Fourth Quarter-over-Quarter Operating Highlights

    • Revenue was $1.1 billion for the fourth quarter, a decrease of $171.0 million, or 13.4%.
    • Used vehicle revenue was $321.7 million for the fourth quarter, a decrease of $70.9 million, or 18.1%, and used vehicle unit sales were 9,492 units, a decrease of 842 units, or 8.1%.
    • New vehicle revenue was $449.4 million for the fourth quarter, a decline of $32.3 million, or 6.7%, and new vehicle unit sales were 10,717 units, an increase of 328 units, or 3.2%.
    • Average selling price of new and used vehicles declined 9.6% and 10.8%, respectively, during the fourth quarter. As the procurement prices of model year 2024 new vehicles declined compared to model years 2022 and 2023, the Company actively discounted certain used vehicles and certain pre-2024 model year new vehicles during the fourth quarter to reduce inventory levels of aged vehicles.
    • Same store used vehicle unit sales decreased 11.2% for the fourth quarter, and same store new vehicle unit sales decreased 2.2%.
    • Products, services and other revenue was $179.0 million, a decline of $58.3 million, or 24.6%, driven largely by lower demand and lower stocking levels of lifestyle and activities, and design and home products, as well as discounting and discontinuation of certain product categories related to our Active Sports Restructuring.
    • Gross profit was $343.4 million, a decrease of $48.2 million, or 12.3%. Total gross margin was 31.0%, an increase of 37 basis points. The decrease in gross profit was driven largely by the new and used vehicle discounting as discussed above.
    • Selling, general and administrative expenses were $337.1 million, a decrease of $24.4 million, or 6.7%, primarily as a result of our efforts to reduce expenses.
    • Floor plan interest expense was $21.8 million, an increase of $4.2 million, or 24.1%, and other interest expense, net was $35.4 million, an increase of $9.4 million, or 36.2%. These increases were primarily as a result of the rise in interest rates.
    • Net loss was $49.9 million, a decrease of $7.3 million, or 12.7%.
    • Diluted loss per share of Class A common stock was $0.49 in 2023 versus diluted loss per share of Class A common stock of $0.79 in 2022. Adjusted loss per share - diluted(1) of Class A common stock was $0.47 in 2023 versus adjusted loss per share – diluted(1) of Class A common stock of $0.20 in 2022.
    • Adjusted EBITDA(1) was a negative $8.9 million, a decrease of $29.1 million, or 144.1%.

    ________________

    (1)

    Adjusted earnings (loss) 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.

    Earnings Conference Call and Webcast Information

    A conference call to discuss the Company’s fourth quarter and fiscal year 2023 financial results and 2024 outlook is scheduled for February 22, 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# 13743788. 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 December 31, 2023, the Company owned 52.9% of CWGS, LLC. Accordingly, the Company consolidates the financial results of CWGS, LLC and reports a non-controlling interest in its consolidated financial statements.

    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 and increased market share, macroeconomic and industry trends, dividend payments and capital allocation, our business plans and goals, the Company’s acquisition pipeline and plans, and future financial results, including anticipated earnings growth and gross margin outlook for 2024. 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; 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, 2022, as updated by our Annual Report on Form 10-K for the year ended December 31, 2023 following the date hereof, 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 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

     

    Year Ended

     

     

    December 31,

     

    December 31,

     

     

    2023

     

    2022

     

    2023

     

    2022

    Revenue:

     

     

     

     

     

     

     

     

     

     

     

     

    Good Sam Services and Plans

     

    $

    46,533

     

     

    $

    47,624

     

     

    $

    193,827

     

     

    $

    192,128

     

    RV and Outdoor Retail

     

     

     

     

     

     

     

     

     

     

     

     

    New vehicles

     

     

    449,416

     

     

     

    481,754

     

     

     

    2,576,278

     

     

     

    3,228,077

     

    Used vehicles

     

     

    321,697

     

     

     

    392,623

     

     

     

    1,979,632

     

     

     

    1,877,601

     

    Products, service and other

     

     

    179,008

     

     

     

    237,300

     

     

     

    870,038

     

     

     

    999,214

     

    Finance and insurance, net

     

     

    101,920

     

     

     

    109,535

     

     

     

    562,256

     

     

     

    623,456

     

    Good Sam Club

     

     

    10,759

     

     

     

    11,467

     

     

     

    44,516

     

     

     

    46,537

     

    Subtotal

     

     

    1,062,800

     

     

     

    1,232,679

     

     

     

    6,032,720

     

     

     

    6,774,885

     

    Total revenue

     

     

    1,109,333

     

     

     

    1,280,303

     

     

     

    6,226,547

     

     

     

    6,967,013

     

    Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):

     

     

     

     

     

     

     

     

     

     

     

     

    Good Sam Services and Plans

     

     

    15,547

     

     

     

    17,434

     

     

     

    59,391

     

     

     

    71,966

     

    RV and Outdoor Retail

     

     

     

     

     

     

     

     

     

     

     

     

    New vehicles

     

     

    364,421

     

     

     

    404,616

     

     

     

    2,175,819

     

     

     

    2,576,276

     

    Used vehicles

     

     

    273,277

     

     

     

    302,177

     

     

     

    1,574,238

     

     

     

    1,418,053

     

    Products, service and other

     

     

    111,588

     

     

     

    163,330

     

     

     

    533,625

     

     

     

    631,010

     

    Good Sam Club

     

     

    1,059

     

     

     

    1,145

     

     

     

    4,825

     

     

     

    7,424

     

    Subtotal

     

     

    750,345

     

     

     

    871,268

     

     

     

    4,288,507

     

     

     

    4,632,763

     

    Total costs applicable to revenue

     

     

    765,892

     

     

     

    888,702

     

     

     

    4,347,898

     

     

     

    4,704,729

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Gross profit (exclusive of depreciation and amortization shown separately below):

     

     

     

     

     

     

     

     

     

     

     

     

    Good Sam Services and Plans

     

     

    30,986

     

     

     

    30,190

     

     

     

    134,436

     

     

     

    120,162

     

    RV and Outdoor Retail:

     

     

     

     

     

     

     

     

     

     

     

     

    New vehicles

     

     

    84,995

     

     

     

    77,138

     

     

     

    400,459

     

     

     

    651,801

     

    Used vehicles

     

     

    48,420

     

     

     

    90,446

     

     

     

    405,394

     

     

     

    459,548

     

    Products, service and other

     

     

    67,420

     

     

     

    73,970

     

     

     

    336,413

     

     

     

    368,204

     

    Finance and insurance, net

     

     

    101,920

     

     

     

    109,535

     

     

     

    562,256

     

     

     

    623,456

     

    Good Sam Club

     

     

    9,700

     

     

     

    10,322

     

     

     

    39,691

     

     

     

    39,113

     

    Subtotal

     

     

    312,455

     

     

     

    361,411

     

     

     

    1,744,213

     

     

     

    2,142,122

     

    Total gross profit

     

     

    343,441

     

     

     

    391,601

     

     

     

    1,878,649

     

     

     

    2,262,284

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Operating expenses:

     

     

     

     

     

     

     

     

     

     

     

     

    Selling, general, and administrative

     

     

    337,087

     

     

     

    361,444

     

     

     

    1,538,988

     

     

     

    1,606,984

     

    Depreciation and amortization

     

     

    19,181

     

     

     

    18,935

     

     

     

    68,643

     

     

     

    80,304

     

    Long-lived asset impairment

     

     

     

     

     

    726

     

     

     

    9,269

     

     

     

    4,231

     

    Lease termination

     

     

    (478

    )

     

     

    492

     

     

     

    (103

    )

     

     

    1,614

     

    (Gain) loss on sale or disposal of assets

     

     

    (221

    )

     

     

    232

     

     

     

    (5,222

    )

     

     

    622

     

    Total operating expenses

     

     

    355,569

     

     

     

    381,829

     

     

     

    1,611,575

     

     

     

    1,693,755

     

    (Loss) income from operations

     

     

    (12,128

    )

     

     

    9,772

     

     

     

    267,074

     

     

     

    568,529

     

    Other expense:

     

     

     

     

     

     

     

     

     

     

     

     

    Floor plan interest expense

     

     

    (21,777

    )

     

     

    (17,548

    )

     

     

    (83,075

    )

     

     

    (42,031

    )

    Other interest expense, net

     

     

    (35,397

    )

     

     

    (25,983

    )

     

     

    (135,270

    )

     

     

    (75,745

    )

    Tax Receivable Agreement liability adjustment

     

     

    762

     

     

     

    114

     

     

     

    2,442

     

     

     

    114

     

    Other expense, net

     

     

    (110

    )

     

     

    (280

    )

     

     

    (1,769

    )

     

     

    (752

    )

    Total other expense

     

     

    (56,522

    )

     

     

    (43,697

    )

     

     

    (217,672

    )

     

     

    (118,414

    )

    (Loss) income before income taxes

     

     

    (68,650

    )

     

     

    (33,925

    )

     

     

    49,402

     

     

     

    450,115

     

    Income tax benefit (expense)

     

     

    18,732

     

     

     

    (23,276

    )

     

     

    1,199

     

     

     

    (99,084

    )

    Net (loss) income

     

     

    (49,918

    )

     

     

    (57,201

    )

     

     

    50,601

     

     

     

    351,031

     

    Less: net (loss) income attributable to non-controlling interests

     

     

    33,129

     

     

     

    23,981

     

     

     

    (19,557

    )

     

     

    (214,084

    )

    Net (loss) income attributable to Camping World Holdings, Inc.

     

    $

    (16,789

    )

     

    $

    (33,220

    )

     

    $

    31,044

     

     

    $

    136,947

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (Loss) earnings per share of Class A common stock:

     

     

     

     

     

     

     

     

     

     

     

     

    Basic

     

    $

    (0.37

    )

     

    $

    (0.79

    )

     

    $

    0.70

     

     

    $

    3.23

     

    Diluted

     

    $

    (0.49

    )

     

    $

    (0.79

    )

     

    $

    0.55

     

     

    $

    3.22

     

    Weighted average shares of Class A common stock outstanding:

     

     

     

     

     

     

     

     

     

     

     

     

    Basic

     

     

    44,889

     

     

     

    42,287

     

     

     

    44,626

     

     

     

    42,386

     

    Diluted

     

     

    84,934

     

     

     

    42,287

     

     

     

    84,972

     

     

     

    42,854

     

     

    Camping World Holdings, Inc. and Subsidiaries

    Supplemental Data

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended December 31,

     

    Increase

     

     

    Percent

     

     

    2023

     

    2022

     

    (decrease)

     

     

    Change

    Unit sales

     

     

     

     

     

     

     

     

     

     

     

     

     

    New vehicles

     

     

    10,717

     

     

     

    10,389

     

     

     

    328

     

     

     

     

    3.2

    %

    Used vehicles

     

     

    9,492

     

     

     

    10,334

     

     

     

    (842

    )

     

     

     

    (8.1

    %)

    Total

     

     

    20,209

     

     

     

    20,723

     

     

     

    (514

    )

     

     

     

    (2.5

    %)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Average selling price

     

     

     

     

     

     

     

     

     

     

     

     

     

    New vehicles

     

    $

    41,935

     

     

    $

    46,372

     

     

    $

    (4,437

    )

     

     

     

    (9.6

    %)

    Used vehicles

     

     

    33,891

     

     

     

    37,993

     

     

     

    (4,102

    )

     

     

     

    (10.8

    %)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Same store unit sales(1)

     

     

     

     

     

     

     

     

     

     

     

     

     

    New vehicles

     

     

    9,324

     

     

     

    9,535

     

     

     

    (211

    )

     

     

     

    (2.2

    %)

    Used vehicles

     

     

    8,504

     

     

     

    9,580

     

     

     

    (1,076

    )

     

     

     

    (11.2

    %)

    Total

     

     

    17,828

     

     

     

    19,115

     

     

     

    (1,287

    )

     

     

     

    (6.7

    %)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Same store revenue(1) ($ in 000s)

     

     

     

     

     

     

     

     

     

     

     

     

     

    New vehicles

     

    $

    385,325

     

     

    $

    441,531

     

     

    $

    (56,206

    )

     

     

     

    (12.7

    %)

    Used vehicles

     

     

    284,861

     

     

     

    364,404

     

     

     

    (79,543

    )

     

     

     

    (21.8

    %)

    Products, service and other

     

     

    163,138

     

     

     

    174,176

     

     

     

    (11,038

    )

     

     

     

    (6.3

    %)

    Finance and insurance, net

     

     

    88,681

     

     

     

    101,245

     

     

     

    (12,564

    )

     

     

     

    (12.4

    %)

    Total

     

    $

    922,005

     

     

    $

    1,081,356

     

     

    $

    (159,351

    )

     

     

     

    (14.7

    %)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Average gross profit per unit

     

     

     

     

     

     

     

     

     

     

     

     

     

    New vehicles

     

    $

    7,931

     

     

    $

    7,425

     

     

    $

    506

     

     

     

     

    6.8

    %

    Used vehicles

     

     

    5,101

     

     

     

    8,752

     

     

     

    (3,651

    )

     

     

     

    (41.7

    %)

    Finance and insurance, net per vehicle unit

     

     

    5,043

     

     

     

    5,286

     

     

     

    (242

    )

     

     

     

    (4.6

    %)

    Total vehicle front-end yield(2)

     

     

    11,645

     

     

     

    13,373

     

     

     

    (1,728

    )

     

     

     

    (12.9

    %)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Gross margin

     

     

     

     

     

     

     

     

     

     

     

     

     

    Good Sam Services and Plans

     

     

    66.6

    %

     

     

    63.4

    %

     

     

    320

     

    bps

     

     

     

    New vehicles

     

     

    18.9

    %

     

     

    16.0

    %

     

     

    290

     

    bps

     

     

     

    Used vehicles

     

     

    15.1

    %

     

     

    23.0

    %

     

     

    (798

    )

    bps

     

     

     

    Products, service and other

     

     

    37.7

    %

     

     

    31.2

    %

     

     

    649

     

    bps

     

     

     

    Finance and insurance, net

     

     

    100.0

    %

     

     

    100.0

    %

     

     

    unch.

    bps

     

     

     

    Good Sam Club

     

     

    90.2

    %

     

     

    90.0

    %

     

     

    14

     

    bps

     

     

     

    Subtotal RV and Outdoor Retail

     

     

    29.4

    %

     

     

    29.3

    %

     

     

    8

     

    bps

     

     

     

    Total gross margin

     

     

    31.0

    %

     

     

    30.6

    %

     

     

    37

     

    bps

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    RV and Outdoor Retail inventories ($ in 000s)

     

     

     

     

     

     

     

     

     

     

     

     

     

    New vehicles

     

    $

    1,378,403

     

     

    $

    1,411,016

     

     

    $

    (32,613

    )

     

     

     

    (2.3

    %)

    Used vehicles

     

     

    464,833

     

     

     

    464,311

     

     

     

    522

     

     

     

     

    0.1

    %

    Products, parts, accessories and misc.

     

     

    199,261

     

     

     

    247,906

     

     

     

    (48,645

    )

     

     

     

    (19.6

    %)

    Total RV and Outdoor Retail inventories

     

    $

    2,042,497

     

     

    $

    2,123,233

     

     

    $

    (80,736

    )

     

     

     

    (3.8

    %)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Vehicle inventory per location ($ in 000s)

     

     

     

     

     

     

     

     

     

     

     

     

     

    New vehicle inventory per dealer location

     

    $

    6,962

     

     

    $

    7,466

     

     

    $

    (504

    )

     

     

     

    (6.8

    %)

    Used vehicle inventory per dealer location

     

     

    2,348

     

     

     

    2,457

     

     

     

    (109

    )

     

     

     

    (4.4

    %)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Vehicle inventory turnover(3)

     

     

     

     

     

     

     

     

     

     

     

     

     

    New vehicle inventory turnover

     

     

    1.8

     

     

     

    1.9

     

     

     

    (0.2

    )

     

     

     

    (8.6

    %)

    Used vehicle inventory turnover

     

     

    2.9

     

     

     

    3.4

     

     

     

    (0.5

    )

     

     

     

    (14.1

    %)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Retail locations

     

     

     

     

     

     

     

     

     

     

     

     

     

    RV dealerships

     

     

    198

     

     

     

    189

     

     

     

    9

     

     

     

     

    4.8

    %

    RV service & retail centers

     

     

    4

     

     

     

    7

     

     

     

    (3

    )

     

     

     

    (42.9

    %)

    Subtotal

     

     

    202

     

     

     

    196

     

     

     

    6

     

     

     

     

    3.1

    %

    Other retail stores

     

     

     

     

     

    1

     

     

     

    (1

    )

     

     

     

    (100.0

    %)

    Total

     

     

    202

     

     

     

    197

     

     

     

    5

     

     

     

     

    2.5

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Other data

     

     

     

     

     

     

     

     

     

     

     

     

     

    Active Customers(4)

     

     

    4,959,723

     

     

     

    5,265,939

     

     

     

    (306,216

    )

     

     

     

    (5.8

    %)

    Good Sam Club members

     

     

    2,027,353

     

     

     

    2,026,215

     

     

     

    1,138

     

     

     

     

    0.1

    %

    Service bays (5)

     

     

    2,757

     

     

     

    2,693

     

     

     

    64

     

     

     

     

    2.4

    %

    Finance and insurance gross profit as a % of total vehicle revenue

     

     

    13.2

    %

     

     

    12.5

    %

     

     

    69

     

    bps

     

     

    n/a

     

    Same store locations

     

     

    166

     

     

     

    n/a

     

     

     

    n/a

     

     

     

     

    n/a

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Year Ended December 31,

     

    Increase

     

     

    Percent

     

     

    2023

     

    2022

     

    (decrease)

     

     

    Change

    Unit sales

     

     

     

     

     

     

     

     

     

     

     

     

     

    New vehicles

     

     

    58,731

     

     

     

    70,429

     

     

     

    (11,698

    )

     

     

     

    (16.6

    %)

    Used vehicles

     

     

    56,823

     

     

     

    51,325

     

     

     

    5,498

     

     

     

     

    10.7

    %

    Total

     

     

    115,554

     

     

     

    121,754

     

     

     

    (6,200

    )

     

     

     

    (5.1

    %)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Average selling price

     

     

     

     

     

     

     

     

     

     

     

     

     

    New vehicles

     

    $

    43,866

     

     

    $

    45,834

     

     

    $

    (1,969

    )

     

     

     

    (4.3

    %)

    Used vehicles

     

     

    34,839

     

     

     

    36,583

     

     

     

    (1,744

    )

     

     

     

    (4.8

    %)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Same store unit sales(1)

     

     

     

     

     

     

     

     

     

     

     

     

     

    New vehicles

     

     

    51,858

     

     

     

    66,610

     

     

     

    (14,752

    )

     

     

     

    (22.1

    %)

    Used vehicles

     

     

    51,072

     

     

     

    48,648

     

     

     

    2,424

     

     

     

     

    5.0

    %

    Total

     

     

    102,930

     

     

     

    115,258

     

     

     

    (12,328

    )

     

     

     

    (10.7

    %)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Same store revenue(1) ($ in 000s)

     

     

     

     

     

     

     

     

     

     

     

     

     

    New vehicles

     

    $

    2,296,811

     

     

    $

    3,090,711

     

     

    $

    (793,900

    )

     

     

     

    (25.7

    %)

    Used vehicles

     

     

    1,791,352

     

     

     

    1,803,943

     

     

     

    (12,591

    )

     

     

     

    (0.7

    %)

    Products, service and other

     

     

    635,670

     

     

     

    691,044

     

     

     

    (55,374

    )

     

     

     

    (8.0

    %)

    Finance and insurance, net

     

     

    504,315

     

     

     

    599,435

     

     

     

    (95,120

    )

     

     

     

    (15.9

    %)

    Total

     

    $

    5,228,148

     

     

    $

    6,185,133

     

     

    $

    (956,985

    )

     

     

     

    (15.5

    %)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Average gross profit per unit

     

     

     

     

     

     

     

     

     

     

     

     

     

    New vehicles

     

    $

    6,819

     

     

    $

    9,255

     

     

    $

    (2,436

    )

     

     

     

    (26.3

    %)

    Used vehicles

     

     

    7,134

     

     

     

    8,954

     

     

     

    (1,819

    )

     

     

     

    (20.3

    %)

    Finance and insurance, net per vehicle unit

     

     

    4,866

     

     

     

    5,121

     

     

     

    (255

    )

     

     

     

    (5.0

    %)

    Total vehicle front-end yield(2)

     

     

    11,840

     

     

     

    14,248

     

     

     

    (2,409

    )

     

     

     

    (16.9

    %)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Gross margin

     

     

     

     

     

     

     

     

     

     

     

     

     

    Good Sam Services and Plans

     

     

    69.4

    %

     

     

    62.5

    %

     

     

    682

     

    bps

     

     

     

    New vehicles

     

     

    15.5

    %

     

     

    20.2

    %

     

     

    (465

    )

    bps

     

     

     

    Used vehicles

     

     

    20.5

    %

     

     

    24.5

    %

     

     

    (400

    )

    bps

     

     

     

    Products, service and other

     

     

    38.7

    %

     

     

    36.8

    %

     

     

    182

     

    bps

     

     

     

    Finance and insurance, net

     

     

    100.0

    %

     

     

    100.0

    %

     

     

    unch.

    bps

     

     

     

    Good Sam Club

     

     

    89.2

    %

     

     

    84.0

    %

     

     

    511

     

    bps

     

     

     

    Subtotal RV and Outdoor Retail

     

     

    28.9

    %

     

     

    31.6

    %

     

     

    (271

    )

    bps

     

     

     

    Total gross margin

     

     

    30.2

    %

     

     

    32.5

    %

     

     

    (230

    )

    bps

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Other data

     

     

     

     

     

     

     

     

     

     

     

     

     

    Finance and insurance gross profit as a % of total vehicle revenue

     

     

    12.3

    %

     

     

    12.2

    %

     

     

    13

     

    bps

     

     

    n/a

     

    Same store locations

     

     

    166

     

     

     

    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 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)

    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)

     

     

     

     

     

     

     

     

     

    December 31,

     

    December 31,

     

     

    2023

     

    2022

    Assets

     

     

     

     

     

     

    Current assets:

     

     

     

     

     

     

    Cash and cash equivalents

     

    $

    39,647

     

     

    $

    130,131

     

    Contracts in transit

     

     

    60,229

     

     

     

    50,349

     

    Accounts receivable, net

     

     

    128,070

     

     

     

    112,411

     

    Inventories

     

     

    2,042,949

     

     

     

    2,123,858

     

    Prepaid expenses and other assets

     

     

    48,353

     

     

     

    66,913

     

    Assets held for sale

     

     

    29,864

     

     

     

     

    Total current assets

     

     

    2,349,112

     

     

     

    2,483,662

     

     

     

     

     

     

     

     

    Property and equipment, net

     

     

    834,426

     

     

     

    758,281

     

    Operating lease assets

     

     

    740,052

     

     

     

    742,306

     

    Deferred tax assets, net

     

     

    157,326

     

     

     

    143,226

     

    Intangible assets, net

     

     

    13,717

     

     

     

    20,945

     

    Goodwill

     

     

    711,222

     

     

     

    622,423

     

    Other assets

     

     

    39,829

     

     

     

    29,304

     

    Total assets

     

    $

    4,845,684

     

     

    $

    4,800,147

     

    Liabilities and stockholders' equity

     

     

     

     

     

     

    Current liabilities:

     

     

     

     

     

     

    Accounts payable

     

    $

    133,516

     

     

    $

    127,691

     

    Accrued liabilities

     

     

    149,096

     

     

     

    147,833

     

    Deferred revenues

     

     

    92,366

     

     

     

    95,695

     

    Current portion of operating lease liabilities

     

     

    63,695

     

     

     

    61,745

     

    Current portion of finance lease liabilities

     

     

    17,133

     

     

     

    10,244

     

    Current portion of Tax Receivable Agreement liability

     

     

    12,943

     

     

     

    10,873

     

    Current portion of long-term debt

     

     

    22,121

     

     

     

    25,229

     

    Notes payable – floor plan, net

     

     

    1,371,145

     

     

     

    1,319,941

     

    Other current liabilities

     

     

    68,536

     

     

     

    73,076

     

    Liabilities related to assets held for sale

     

     

    17,288

     

     

     

     

    Total current liabilities

     

     

    1,947,839

     

     

     

    1,872,327

     

     

     

     

     

     

     

     

    Operating lease liabilities, net of current portion

     

     

    763,958

     

     

     

    764,835

     

    Finance lease liabilities, net of current portion

     

     

    97,751

     

     

     

    94,216

     

    Tax Receivable Agreement liability, net of current portion

     

     

    149,866

     

     

     

    159,743

     

    Revolving line of credit

     

     

    20,885

     

     

     

    20,885

     

    Long-term debt, net of current portion

     

     

    1,498,958

     

     

     

    1,484,416

     

    Deferred revenues

     

     

    66,780

     

     

     

    70,247

     

    Other long-term liabilities

     

     

    85,440

     

     

     

    85,792

     

    Total liabilities

     

     

    4,631,477

     

     

     

    4,552,461

     

    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 and 47,571 shares issued, respectively; 45,020 and 42,441 shares outstanding, respectively

     

     

    496

     

     

     

    476

     

    Class B common stock, par value $0.0001 per share – 75,000 shares authorized; 39,466 and 41,466 shares issued, respectively; 39,466 and 41,466 shares outstanding, respectively

     

     

    4

     

     

     

    4

     

    Class C common stock, par value $0.0001 per share – 0.001 share authorized, issued and outstanding

     

     

     

     

     

     

    Additional paid-in capital

     

     

    98,280

     

     

     

    106,051

     

    Treasury stock, at cost; 4,551 and 5,130 shares, respectively

     

     

    (159,440

    )

     

     

    (179,732

    )

    Retained earnings

     

     

    185,244

     

     

     

    221,031

     

    Total stockholders' equity attributable to Camping World Holdings, Inc.

     

     

    124,584

     

     

     

    147,830

     

    Non-controlling interests

     

     

    89,623

     

     

     

    99,856

     

    Total stockholders' equity

     

     

    214,207

     

     

     

    247,686

     

    Total liabilities and stockholders' equity

     

    $

    4,845,684

     

     

    $

    4,800,147

     

     

    Camping World Holdings, Inc. and Subsidiaries

    Summary of Consolidated Statements of Cash Flows (unaudited)

    (In Thousands)

     

     

     

     

     

     

     

     

     

    Year Ended December 31,

     

     

    2023

     

    2022

     

     

     

     

     

     

     

    Net cash provided by operating activities

     

    $

    310,807

     

     

    $

    189,783

     

     

     

     

     

     

     

     

    Investing activities

     

     

     

     

     

     

    Purchases of property and equipment

     

     

    (131,080

    )

     

     

    (154,926

    )

    Proceeds from sale of property and equipment

     

     

    3,204

     

     

     

    1,623

     

    Purchases of real property

     

     

    (67,194

    )

     

     

    (55,666

    )

    Proceeds from the sale of real property

     

     

    40,785

     

     

     

    7,352

     

    Purchases of businesses, net of cash acquired

     

     

    (209,459

    )

     

     

    (217,034

    )

    Purchases of and loans to other investments

     

     

    (3,444

    )

     

     

    (3,000

    )

    Purchases of intangible assets

     

     

    (2,218

    )

     

     

    (884

    )

    Net cash used in investing activities

     

     

    (369,406

    )

     

     

    (422,535

    )

     

     

     

     

     

     

     

    Financing activities

     

     

     

     

     

     

    Proceeds from long-term debt

     

     

    59,227

     

     

     

    127,759

     

    Payments on long-term debt

     

     

    (38,958

    )

     

     

    (12,322

    )

    Net proceeds on notes payable – floor plan, net

     

     

    59,280

     

     

     

    314,061

     

    Proceeds from landlord funded construction on finance leases

     

     

     

     

     

    6,028

     

    Payments on finance leases

     

     

    (5,497

    )

     

     

    (5,977

    )

    Proceeds from sale-leaseback arrangement

     

     

     

     

     

    27,951

     

    Payments on sale-leaseback arrangement

     

     

    (187

    )

     

     

    (132

    )

    Payment of debt issuance costs

     

     

    (937

    )

     

     

    (3,181

    )

    Dividends on Class A common stock

     

     

    (66,831

    )

     

     

    (105,387

    )

    Proceeds from exercise of stock options

     

     

    389

     

     

     

    541

     

    RSU shares withheld for tax

     

     

    (6,861

    )

     

     

    (11,128

    )

    Repurchases of Class A common stock to treasury stock

     

     

     

     

     

    (79,757

    )

    Disgorgement of short-swing profits by Section 16 officer

     

     

     

     

     

    58

     

    Distributions to holders of LLC common units

     

     

    (31,510

    )

     

     

    (162,963

    )

    Net cash (used in) provided by financing activities

     

     

    (31,885

    )

     

     

    95,551

     

     

     

     

     

     

     

     

    Decrease in cash and cash equivalents

     

     

    (90,484

    )

     

     

    (137,201

    )

    Cash and cash equivalents at beginning of the period

     

     

    130,131

     

     

     

    267,332

     

    Cash and cash equivalents at end of the period

     

    $

    39,647

    $

    130,131

    Comparison of Certain Trends to Pre-COVID-19 Pandemic Periods

    During the year and three months ended December 31, 2023, we experienced a decrease in gross margin for new and used vehicles compared to the same periods in 2022. However, 2023 new vehicle gross margins were higher than the pre-COVID-19 pandemic comparative periods of 2016 to 2019, which we believe are more typical demand environments than during the COVID-19 pandemic. During 2023, as the procurement prices of model year 2024 new vehicles declined compared to model years 2022 and 2023, we actively discounted certain used vehicles to reduce inventory levels of aged used vehicles. This discounting had a negative impact on used vehicle gross margins during 2023 and is expected to continue into the first quarter of 2024, compared to the pre-COVID pandemic comparative periods.

    Additionally, the percentage of total unit sales relating to used vehicles was significantly higher in 2023 compared to the pre-COVID-19 pandemic periods of 2016 to 2019. We are continuing to execute on our used vehicle strategy, which differentiates us from the competition with proprietary tools, such as the RV Valuator, a focus on the development and retention of our service technician team, and investment in our service bay infrastructure.

    The following table presents vehicle gross margin and unit sales mix for the three months ended December 31, 2023 and pre-COVID-19 pandemic periods for the three months ended December 31, 2019, 2018, 2017, and 2016 (unaudited):

     

     

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended December 31,

     

     

    2023

     

    2019(1)

     

    2018(1)

     

    2017(1)

     

    2016(1)

    Gross margin:

     

     

     

     

     

     

     

     

     

     

    New vehicles

     

    18.9

    %

     

    13.1

    %

     

    11.8

    %

     

    14.1

    %

     

    13.4

    %

    Used vehicles

     

    15.1

    %

     

    19.8

    %

     

    21.4

    %

     

    22.0

    %

     

    21.6

    %

     

     

     

     

     

     

     

     

     

     

     

    Unit sales mix:

     

     

     

     

     

     

     

     

     

     

    New vehicles

     

    53.0

    %

     

    57.3

    %

     

    63.4

    %

     

    66.3

    %

     

    60.0

    %

    Used vehicles

     

    47.0

    %

     

    42.7

    %

     

    36.6

    %

     

    33.7

    %

     

    40.0

    %

    The following table presents vehicle gross margin and unit sales mix for the year ended December 31, 2023 and pre-COVID-19 pandemic periods for the year ended December 31, 2019, 2018, 2017, and 2016 (unaudited):

     

     

     

     

     

     

     

     

     

     

     

     

     

    Year Ended December 31,

     

     

    2023

     

    2019(1)

     

    2018(1)

     

    2017(1)

     

    2016(1)

    Gross margin:

     

     

     

     

     

     

     

     

     

     

    New vehicles

     

    15.5

    %

     

    12.5

    %

     

    12.9

    %

     

    14.4

    %

     

    14.2

    %

    Used vehicles

     

    20.5

    %

     

    20.9

    %

     

    22.4

    %

     

    24.3

    %

     

    20.8

    %

     

     

     

     

     

     

     

     

     

     

     

    Unit sales mix:

     

     

     

     

     

     

     

     

     

     

    New vehicles

     

    50.8

    %

     

    64.6

    %

     

    68.6

    %

     

    68.8

    %

     

    60.9

    %

    Used vehicles

     

    49.2

    %

     

    35.4

    %

     

    31.4

    %

     

    31.2

    %

     

    39.1

    %

     

    (1) These periods were prior to the COVID-19 pandemic.

    (Loss) Earnings Per Share

    Basic (loss) earnings per share of Class A common stock is computed by dividing net (loss) income attributable to Camping World Holdings, Inc. by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted (loss) earnings per share of Class A common stock is computed by dividing net (loss) 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 (loss) earnings per share of Class A common stock (unaudited):

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended December 31,

     

    Year Ended December 31,

    (In thousands except per share amounts)

     

    2023

     

    2022

     

    2023

     

    2022

    Numerator:

     

     

     

     

     

     

     

     

     

     

     

     

    Net (loss) income

     

    $

    (49,918

    )

     

    $

    (57,201

    )

     

    $

    50,601

     

     

    $

    351,031

     

    Less: net (loss) income attributable to non-controlling interests

     

     

    33,129

     

     

     

    23,981

     

     

     

    (19,557

    )

     

     

    (214,084

    )

    Net (loss) income attributable to Camping World Holdings, Inc. — basic

     

    $

    (16,789

    )

     

    $

    (33,220

    )

     

     

    31,044

     

     

     

    136,947

     

    Add: reallocation of net income attributable to non-controlling interests from the assumed dilutive effect of stock options and RSUs

     

     

     

     

     

     

     

     

     

     

     

    938

     

    Add: reallocation of net income attributable to non-controlling interests from the assumed redemption of common units of CWGS, LLC for Class A common stock

     

     

    (24,645

    )

     

     

     

     

     

    15,392

     

     

     

     

    Net (loss) income attributable to Camping World Holdings, Inc. — diluted

     

    $

    (41,434

    )

     

    $

    (33,220

    )

     

    $

    46,436

     

     

    $

    137,885

     

    Denominator:

     

     

     

     

     

     

     

     

     

     

     

     

    Weighted-average shares of Class A common stock outstanding — basic

     

     

    44,889

     

     

     

    42,287

     

     

     

    44,626

     

     

     

    42,386

     

    Dilutive options to purchase Class A common stock

     

     

     

     

     

     

     

     

    20

     

     

     

    56

     

    Dilutive restricted stock units

     

     

     

     

     

     

     

     

    281

     

     

     

    412

     

    Dilutive common units of CWGS, LLC that are convertible into Class A common stock

     

     

    40,045

     

     

     

     

     

     

    40,045

     

     

     

     

    Weighted-average shares of Class A common stock outstanding — diluted

     

     

    84,934

     

     

     

    42,287

     

     

     

    84,972

     

     

     

    42,854

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (Loss) earnings per share of Class A common stock — basic

     

    $

    (0.37

    )

     

    $

    (0.79

    )

     

    $

    0.70

     

     

    $

    3.23

     

    (Loss) earnings per share of Class A common stock — diluted

     

    $

    (0.49

    )

     

    $

    (0.79

    )

     

    $

    0.55

     

     

    $

    3.22

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Weighted-average anti-dilutive securities excluded from the computation of diluted earnings per share of Class A common stock:

     

     

     

     

     

     

     

     

     

     

     

     

    Stock options to purchase Class A common stock

     

     

    199

     

     

     

    244

     

     

     

    50

     

     

     

     

    Restricted stock units

     

     

    2,074

     

     

     

    2,822

     

     

     

    1,364

     

     

     

    2,146

     

    Common units of CWGS, LLC that are convertible into Class A common stock

     

     

     

     

     

    42,045

     

     

     

     

     

     

    42,045

     

    Non-GAAP Financial Measures

    To supplement our 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 (Loss) Income Attributable to Camping World Holdings, Inc. – Basic, Adjusted Net (Loss) Income Attributable to Camping World Holdings, Inc. – Diluted, Adjusted (Loss) Earnings Per Share – Basic, and Adjusted (Loss) 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. These Non-GAAP Financial Measures are also frequently used by analysts, investors and other interested parties to evaluate companies in the Company’s industry and are used by management to evaluate our operating performance, to evaluate the effectiveness of strategic initiatives and for planning purposes. By providing these Non-GAAP Financial Measures, together with reconciliations, we believe we are enhancing investors’ understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives. In addition, our Senior Secured Credit Facilities use Adjusted EBITDA, as calculated for our subsidiary CWGS Group, LLC, to measure our compliance with covenants such as the consolidated leverage ratio. The Non-GAAP Financial Measures have limitations as analytical tools, and the presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. They should not be construed as an inference that the Company’s future results will be unaffected by any items adjusted for in these Non-GAAP Financial Measures. In evaluating these Non-GAAP Financial Measures, it is reasonable to expect that certain of these items will occur in future periods. However, we believe these adjustments are appropriate because the amounts recognized can vary significantly from period to period, do not directly relate to the ongoing operations of our business and complicate comparisons of our internal operating results and operating results of other companies over time. Each of the normal recurring adjustments and other adjustments described in this section and in the reconciliation tables below help management with a measure of our core operating performance over time by removing items that are not related to day-to-day operations.

    For periods beginning after December 31, 2022, we are no longer including the other associated costs category of expenses relating to the 2019 Strategic Shift as restructuring costs for purposes of our Non-GAAP Financial Measures, since these costs are not expected to be significant in future periods.

    Our earnings call on February 22, 2024 may present guidance that includes Adjusted EBITDA. A full reconciliation of the forecasted Adjusted EBITDA to its most-directly comparable GAAP metric cannot be provided without unreasonable efforts due to the inherent difficulty in forecasting and quantifying with reasonable accuracy significant items required for the reconciliations.

    The Non-GAAP Financial Measures that we use are not necessarily comparable to similarly titled measures used by other companies due to different methods of calculation.

    EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin

    We define “EBITDA” as net (loss) income before other interest expense, net (excluding floor plan interest expense), provision for income tax benefit (expense) and depreciation and amortization. We define “Adjusted EBITDA” as EBITDA further adjusted for the impact of certain noncash and other items that we do not consider in our evaluation of ongoing operating performance. These items include, among other things, long-lived asset impairment, lease termination costs, gains and losses on sale or disposal of assets, net, equity-based compensation, Tax Receivable Agreement liability adjustment, restructuring costs related to the Active Sports Restructuring and the 2019 Strategic Shift, (gain) loss and impairment on investments in equity securities, and other unusual or one-time items. We define “Adjusted EBITDA Margin” as Adjusted EBITDA as a percentage of total revenue. We caution investors that amounts presented in accordance with our definitions of EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin may not be comparable to similar measures disclosed by our competitors, because not all companies and analysts calculate EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin in the same manner. We present EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin because we consider them to be important supplemental measures of our performance and believe they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. Management believes that investors’ understanding of our performance is enhanced by including these Non-GAAP Financial Measures as a reasonable basis for comparing our ongoing results of operations.

    The following table reconciles EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin to the most directly comparable GAAP financial performance measures (unaudited):

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended December 31,

     

    Year Ended December 31,

    ($ in thousands)

     

    2023

     

    2022

     

    2023

     

    2022

    EBITDA and Adjusted EBITDA:

     

     

     

     

     

     

     

     

     

     

     

     

    Net (loss) income

     

    $

    (49,918

    )

     

    $

    (57,201

    )

     

    $

    50,601

     

     

    $

    351,031

     

    Other interest expense, net

     

     

    35,397

     

     

     

    25,983

     

     

     

    135,270

     

     

     

    75,745

     

    Depreciation and amortization

     

     

    19,181

     

     

     

    18,935

     

     

     

    68,643

     

     

     

    80,304

     

    Income tax (benefit) expense

     

     

    (18,732

    )

     

     

    23,276

     

     

     

    (1,199

    )

     

     

    99,084

     

    Subtotal EBITDA

     

     

    (14,072

    )

     

     

    10,993

     

     

     

    253,315

     

     

     

    606,164

     

    Long-lived asset impairment (a)

     

     

     

     

     

    726

     

     

     

    9,269

     

     

     

    4,231

     

    Lease termination (b)

     

     

    (478

    )

     

     

    492

     

     

     

    (103

    )

     

     

    1,614

     

    (Gain) loss on sale or disposal of assets, net (c)

     

     

    (221

    )

     

     

    232

     

     

     

    (5,222

    )

     

     

    622

     

    Equity-based compensation (d)

     

     

    5,770

     

     

     

    6,413

     

     

     

    24,086

     

     

     

    33,847

     

    Tax Receivable Agreement liability adjustment (e)

     

     

    (762

    )

     

     

    (114

    )

     

     

    (2,442

    )

     

     

    (114

    )

    Restructuring costs (f)

     

     

    732

     

     

     

    1,478

     

     

     

    5,540

     

     

     

    7,026

     

    Loss and impairment on investments in equity securities (g)

     

     

    110

     

     

     

     

     

     

    1,770

     

     

     

     

    Adjusted EBITDA

     

    $

    (8,921

    )

     

    $

    20,220

     

     

    $

    286,213

     

     

    $

    653,390

     

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended December 31,

     

    Year Ended December 31,

    (as percentage of total revenue)

     

    2023

     

    2022

     

    2023

     

    2022

    Adjusted EBITDA margin:

     

     

     

     

     

     

     

     

    Net (loss) income margin

     

    (4.5

    %)

     

    (4.5

    %)

     

    0.8

    %

     

    5.0

    %

    Other interest expense, net

     

    3.2

    %

     

    2.0

    %

     

    2.2

    %

     

    1.1

    %

    Depreciation and amortization

     

    1.7

    %

     

    1.5

    %

     

    1.1

    %

     

    1.2

    %

    Income tax (benefit) expense

     

    (1.7

    %)

     

    1.8

    %

     

    (0.0

    %)

     

    1.4

    %

    Subtotal EBITDA margin

     

    (1.3

    %)

     

    0.9

    %

     

    4.1

    %

     

    8.7

    %

    Long-lived asset impairment (a)

     

     

     

    0.1

    %

     

    0.1

    %

     

    0.1

    %

    Lease termination (b)

     

    (0.0

    %)

     

    0.0

    %

     

    (0.0

    %)

     

    0.0

    %

    (Gain) loss on sale or disposal of assets, net (c)

     

    (0.0

    %)

     

    0.0

    %

     

    (0.1

    %)

     

    0.0

    %

    Equity-based compensation (d)

     

    0.5

    %

     

    0.5

    %

     

    0.4

    %

     

    0.5

    %

    Tax Receivable Agreement liability adjustment (e)

     

    (0.1

    %)

     

    (0.0

    %)

     

    (0.0

    %)

     

    (0.0

    %)

    Restructuring costs (f)

     

    0.1

    %

     

    0.1

    %

     

    0.1

    %

     

    0.1

    %

    Loss and impairment on investments in equity securities (g)

     

    0.0

    %

     

     

     

    0.0

    %

     

     

    Adjusted EBITDA margin

     

    (0.8

    %)

     

    1.6

    %

     

    4.6

    %

     

    9.4

    %

    (a)

    Represents long-lived asset impairment charges related to the RV and Outdoor Retail segment.

    (b)

    Represents the loss on the termination of operating leases resulting from lease termination fees and the derecognition of the operating lease assets and liabilities.

    (c)

    Represents an adjustment to eliminate the gains and losses on disposals and sales of various assets.

    (d)

    Represents non-cash equity-based compensation expense relating to employees, directors, and consultants of the Company.

    (e)

    Represents an adjustment to eliminate the gains on remeasurement of the Tax Receivable Agreement primarily due to changes in the Company’s blended statutory income tax rate.

    (f)

    Represents restructuring costs relating to the Active Sports Restructuring during the three months and the year ended December 31, 2023, and the 2019 Strategic Shift for periods ended on or before December 31, 2022. These restructuring costs include one-time termination benefits, incremental inventory reserve charges, and other associated costs. These costs exclude lease termination costs, which are presented separately above.

    (g)

    Represents gain and loss and impairment on investments in equity securities and interest income relating to any notes receivables with those investments for periods beginning after December 31, 2022. Amounts relating to periods prior to 2023 were not significant. These amounts are included in other expense, net in the consolidated statements of operations. During the year ended December 31, 2023, this amount included a $1.3 million impairment on an equity method investment.

    Adjusted Net (Loss) Income Attributable to Camping World Holdings, Inc. and Adjusted (Loss) Earnings Per Share

    We define “Adjusted Net Income (Loss) Attributable to Camping World Holdings, Inc. – Basic” as net income (loss) attributable to Camping World Holdings, Inc. adjusted for the impact of certain non-cash and other items that we do not consider in our evaluation of ongoing operating performance. These items include, among other things, long-lived asset impairment, lease termination costs, gains and losses on sale or disposal of assets, net, equity-based compensation, Tax Receivable Agreement liability adjustment, restructuring costs related to the Active Sports Restructuring and the 2019 Strategic Shift, loss and impairment on investments in equity securities, other unusual or one-time items, the income tax benefit (expense) effect of these adjustments, and the effect of net (loss) income attributable to non-controlling interests from these adjustments.

    We define “Adjusted Net (Loss) Income Attributable to Camping World Holdings, Inc. – Diluted” as Adjusted Net (Loss) Income Attributable to Camping World Holdings, Inc. – Basic adjusted for the reallocation of net (loss) income attributable to non-controlling interests from stock options and restricted stock units, if dilutive, or the assumed redemption, if dilutive, of all outstanding common units in CWGS, LLC for shares of newly-issued Class A common stock of Camping World Holdings, Inc.

    We define “Adjusted (Loss) Earnings Per Share – Basic” as Adjusted Net (Loss) Income Attributable to Camping World Holdings, Inc. - Basic divided by the weighted-average shares of Class A common stock outstanding. We define “Adjusted (Loss) Earnings Per Share – Diluted” as Adjusted Net (Loss) Income Attributable to Camping World Holdings, Inc. – Diluted divided by the weighted-average shares of Class A common stock outstanding, assuming (i) the redemption of all outstanding common units in CWGS, LLC for newly-issued shares of Class A common stock of Camping World Holdings, Inc., if dilutive, and (ii) the dilutive effect of stock options and restricted stock units, if any. We present Adjusted Net (Loss) Income Attributable to Camping World Holdings, Inc. – Basic, Adjusted Net (Loss) Income Attributable to Camping World Holdings, Inc. – Diluted, Adjusted (Loss) Earnings Per Share – Basic, and Adjusted (Loss) Earnings Per Share – Diluted because we consider them to be important supplemental measures of our performance and we believe that investors’ understanding of our performance is enhanced by including these Non-GAAP financial measures as a reasonable basis for comparing our ongoing results of operations.

    The following table reconciles Adjusted Net (Loss) Income Attributable to Camping World Holdings, Inc. – Basic, Adjusted Net (Loss) Income Attributable to Camping World Holdings, Inc. – Diluted, Adjusted (Loss) Earnings Per Share – Basic, and Adjusted (Loss) Earnings Per Share – Diluted to the most directly comparable GAAP financial performance measure:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended

     

    Year Ended

     

     

    December 31,

     

    December 31,

    (In thousands except per share amounts)

     

    2023

     

    2022

     

    2023

     

    2022

    Numerator:

     

     

     

     

     

     

     

     

     

     

     

     

    Net (loss) income attributable to Camping World Holdings, Inc.

     

    $

    (16,789

    )

     

    $

    (33,220

    )

     

    $

    31,044

     

     

    $

    136,947

     

    Adjustments related to basic calculation:

     

     

     

     

     

     

     

     

     

     

     

     

    Long-lived asset impairment (a):

     

     

     

     

     

     

     

     

     

     

     

     

    Gross adjustment

     

     

     

     

     

    726

     

     

     

    9,269

     

     

     

    4,231

     

    Income tax expense for above adjustment (b)

     

     

     

     

     

     

     

     

    (1,233

    )

     

     

    (99

    )

    Lease termination (c):

     

     

     

     

     

     

     

     

     

     

     

     

    Gross adjustment

     

     

    (478

    )

     

     

    492

     

     

     

    (103

    )

     

     

    1,614

     

    Income tax benefit for above adjustment (b)

     

     

    63

     

     

     

     

     

     

    13

     

     

     

     

    (Gain) loss on sale or disposal of assets (d):

     

     

     

     

     

     

     

     

     

     

     

     

    Gross adjustment

     

     

    (221

    )

     

     

    232

     

     

     

    (5,222

    )

     

     

    622

     

    Income tax benefit (expense) for above adjustment (b)

     

     

    23

     

     

     

    (31

    )

     

     

    690

     

     

     

    (46

    )

    Equity-based compensation (e):

     

     

     

     

     

     

     

     

     

     

     

     

    Gross adjustment

     

     

    5,770

     

     

     

    6,413

     

     

     

    24,086

     

     

     

    33,847

     

    Income tax expense for above adjustment (b)

     

     

    (769

    )

     

     

    (730

    )

     

     

    (3,228

    )

     

     

    (3,810

    )

    Tax Receivable Agreement liability adjustment (f):

     

     

     

     

     

     

     

     

     

     

     

     

    Gross adjustment

     

     

    (762

    )

     

     

    (114

    )

     

     

    (2,442

    )

     

     

    (114

    )

    Income tax benefit for above adjustment (b)

     

     

    191

     

     

     

    29

     

     

     

    613

     

     

     

    29

     

    Restructuring costs (g):

     

     

     

     

     

     

     

     

     

     

     

     

    Gross adjustment

     

     

    732

     

     

     

    1,478

     

     

     

    5,540

     

     

     

    7,026

     

    Income tax expense for above adjustment (b)

     

     

    (97

    )

     

     

     

     

     

    (736

    )

     

     

     

    Loss and impairment on investments in equity securities (h):

     

     

     

     

     

     

     

     

     

     

     

     

    Gross adjustment

     

     

    110

     

     

     

     

     

     

    1,770

     

     

     

     

    Income tax expense for above adjustment (b)

     

     

    (15

    )

     

     

     

     

     

    (237

    )

     

     

     

    Income tax (benefit) expense impact from LLC conversion (i):

     

     

    (2,008

    )

     

     

    28,402

     

     

     

    (2,008

    )

     

     

    28,402

     

    Adjustment to net (loss) income attributable to non-controlling interests resulting from the above adjustments (j)

     

     

    (2,776

    )

     

     

    (12,199

    )

     

     

    (16,683

    )

     

     

    (31,065

    )

    Adjusted net (loss) income attributable to Camping World Holdings, Inc. – basic

     

     

    (17,026

    )

     

     

    (8,522

    )

     

     

    41,133

     

     

     

    177,584

     

    Adjustments related to diluted calculation:

     

     

     

     

     

     

     

     

     

     

     

     

    Reallocation of net (loss) income attributable to non-controlling interests from the dilutive effect of stock options and restricted stock units (k)

     

     

     

     

     

     

     

     

     

     

     

    1,479

     

    Income tax on reallocation of net (loss) income attributable to non-controlling interests from the dilutive effect of stock options and restricted stock units (l)

     

     

     

     

     

     

     

     

     

     

     

    (405

    )

    Reallocation of net (loss) income attributable to non-controlling interests from the dilutive redemption of common units in CWGS, LLC (k)

     

     

    (30,353

    )

     

     

     

     

     

    36,240

     

     

     

     

    Income tax on reallocation of net (loss) income attributable to non-controlling interests from the dilutive redemption of common units in CWGS, LLC (l)

     

     

    7,799

     

     

     

     

     

     

    (8,341

    )

     

     

     

    Adjusted net (loss) income attributable to Camping World Holdings, Inc. – diluted

     

    $

    (39,580

    )

     

    $

    (8,522

    )

     

    $

    69,032

     

     

    $

    178,658

     

    Denominator:

     

     

     

     

     

     

     

     

     

     

     

     

    Weighted-average Class A common shares outstanding – basic

     

     

    44,889

     

     

     

    42,287

     

     

     

    44,626

     

     

     

    42,386

     

    Adjustments related to diluted calculation:

     

     

     

     

     

     

     

     

     

     

     

     

    Dilutive redemption of common units in CWGS, LLC for shares of Class A common stock (n)

     

     

    40,045

     

     

     

     

     

     

    40,045

     

     

     

     

    Dilutive options to purchase Class A common stock (n)

     

     

     

     

     

     

     

     

    20

     

     

     

    56

     

    Dilutive restricted stock units (n)

     

     

     

     

     

     

     

     

    281

     

     

     

    412

     

    Adjusted weighted average Class A common shares outstanding – diluted

     

     

    84,934

     

     

     

    42,287

     

     

     

    84,972

     

     

     

    42,854

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Adjusted (loss) earnings per share - basic

     

    $

    (0.38

    )

     

    $

    (0.20

    )

     

    $

    0.92

     

     

    $

    4.19

     

    Adjusted (loss) earnings per share - diluted

     

    $

    (0.47

    )

     

    $

    (0.20

    )

     

    $

    0.81

     

     

    $

    4.17

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Anti-dilutive amounts (o):

     

     

     

     

     

     

     

     

     

     

     

     

    Numerator:

     

     

     

     

     

     

     

     

     

     

     

     

    Reallocation of net (loss) income attributable to non-controlling interests from the anti-dilutive redemption of common units in CWGS, LLC (k)

     

    $

     

     

    $

    (11,782

    )

     

    $

     

     

    $

    243,670

     

    Income tax on reallocation of net (loss) income attributable to non-controlling interests from the anti-dilutive redemption of common units in CWGS, LLC (l)

     

    $

     

     

    $

    (362

    )

     

    $

     

     

    $

    (67,150

    )

    Assumed income tax benefit of combining C-corporations with full or partial valuation allowances with the income of other consolidated entities after the anti-dilutive redemption of common units in CWGS, LLC (m)

     

    $

     

     

    $

    5,816

     

     

    $

     

     

    $

    12,280

     

    Denominator:

     

     

     

     

     

     

     

     

     

     

     

     

    Anti-dilutive redemption of common units in CWGS, LLC for shares of Class A common stock (n)

     

     

     

     

     

    42,045

     

     

     

     

     

     

    42,045

     

    Anti-dilutive options to purchase Class A common stock (n)

     

     

     

     

     

    38

     

     

     

     

     

     

     

    Anti-dilutive restricted stock units (n)

     

     

    202

     

     

     

    251

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Reconciliation of per share amounts:

     

     

     

     

     

     

     

     

     

     

     

     

    (Loss) earnings per share of Class A common stock — basic

     

    $

    (0.37

    )

     

    $

    (0.79

    )

     

    $

    0.70

     

     

    $

    3.23

     

    Non-GAAP Adjustments (p)

     

     

    (0.01

    )

     

     

    0.59

     

     

     

    0.22

     

     

     

    0.96

     

    Adjusted (loss) earnings per share - basic

     

    $

    (0.38

    )

     

    $

    (0.20

    )

     

    $

    0.92

     

     

    $

    4.19

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (Loss) earnings per share of Class A common stock — diluted

     

    $

    (0.49

    )

     

    $

    (0.79

    )

     

    $

    0.55

     

     

    $

    3.22

     

    Non-GAAP Adjustments (p)

     

     

    (0.01

    )

     

     

    0.59

     

     

     

    0.22

     

     

     

    0.96

     

    Dilutive redemption of common units in CWGS, LLC for shares of Class A common stock (q)

     

     

    0.03

     

     

     

     

     

     

    0.04

     

     

     

     

    Dilutive options to purchase Class A common stock and/or restricted stock units (q)

     

     

     

     

     

     

     

     

     

     

     

    (0.01

    )

    Adjusted (loss) earnings per share - diluted

     

    $

    (0.47

    )

     

    $

    (0.20

    )

     

    $

    0.81

     

     

    $

    4.17

     

    (a)

    Represents long-lived asset impairment charges related to the RV and Outdoor Retail segment.

    (b)

    Represents the current and deferred income tax expense or benefit effect of the above adjustments. For periods that ended on or before December 31, 2022, many of these adjustments were related to entities with full valuation allowances for which no tax benefit could be recognized. This assumption uses effective tax rates between 25.0% and 25.4% for the adjustments for the 2023 and 2022 periods, which represent the estimated tax rates that would apply had the above adjustments been included in the determination of our non-GAAP metric.

    (c)

    Represents the loss on termination of operating leases resulting from the lease termination fees and the derecognition of the operating lease assets and liabilities.

    (d)

    Represents an adjustment to eliminate the gains and losses on disposals and sales of various assets.

    (e)

    Represents non-cash equity-based compensation expense relating to employees, directors, and consultants of the Company.

    (f)

    Represents an adjustment to eliminate the gain on remeasurement of the Tax Receivable Agreement primarily due to changes in the Company’s blended statutory income tax rate.

    (g)

    Represents restructuring costs relating to the Active Sports Restructuring during the three months and the year ended December 31, 2023 and the 2019 Strategic Shift for periods that ended on or before December 31, 2022. These restructuring costs include one-time termination benefits, incremental inventory reserve charges, and other associated costs. These costs exclude lease termination costs, which are presented separately above.

    (h)

    Represents loss and impairment on investments in equity securities and interest income relating to any notes receivables with those investments for periods beginning after December 31, 2022. Amounts relating to periods prior to 2023 were not significant. These amounts are included in other expense, net in the consolidated statements of operations. During the year ended December 31, 2023, this amount included a $1.3 million impairment on an equity method investment.

    (i)

    Represents income tax (benefit) expense relating to the LLC Conversion, which was primarily from adjustments for certain deferred tax assets that were written off or had changes in their valuation allowance.

    (j)

    Represents the adjustment to net (loss) income attributable to non-controlling interests resulting from the above adjustments that impact the net (loss) income of CWGS, LLC. This adjustment uses the non-controlling interest’s weighted average ownership of CWGS, LLC of 47.1% and 49.9% for the three months ended December 31, 2023 and 2022, respectively, and 47.3% and 49.8% for the year ended December 31, 2023 and 2022, respectively.

    (k)

    Represents the reallocation of net (loss) income attributable to non-controlling interests from the impact of the assumed change in ownership of CWGS, LLC from stock options, restricted stock units, and/or common units of CWGS, LLC.

    (l)

    Represents the (loss) income tax expense effect of the above adjustment for reallocation of net (loss) income attributable to non-controlling interests. This assumption uses effective tax rates between 25.0% and 25.4% for the adjustments for 2023 and 2022 periods.

    (m)

    As a result of the LLC Conversion, this adjustment only relates to periods ended on or before December 31, 2022. Typically represents adjustments to reflect the income tax benefit of losses of consolidated C-corporations that under the Company’s previous equity structure, prior to the LLC Conversion, could not be used against the income of other consolidated subsidiaries of CWGS, LLC. Subsequent to the redemption of all common units in CWGS, LLC and prior to the LLC Conversion, the Company believes certain actions could have been taken such that the C-corporations’ losses could offset income of other consolidated subsidiaries. The adjustment reflects the income tax benefit assuming effective tax rate of 25.4% during 2022 for the losses experienced by the consolidated C-corporations for which valuation allowances had been recorded. No assumed release of valuation allowance established for previous periods were included in these amounts. Beginning in 2023, these C-corporation losses offset income of other consolidated subsidiaries as a result of LLC Conversion at or around December 31, 2022.

    (n)

    Represents the impact to the denominator for stock options, restricted stock units, and/or common units of CWGS, LLC.

    (o)

    The below amounts have not been considered in our adjusted (loss) earnings per share – diluted amounts as the effect of these items are anti-dilutive.

    (p)

    Represents the per share impact of the Non-GAAP adjustments to net (loss) income detailed above (see (a) through (k) above).

    (q)

    Represents the per share impact of stock options, restricted stock units, and/or common units of CWGS, LLC from the difference in their dilutive impact between the GAAP and Non-GAAP (loss) earnings per share calculations.

    Our “Up-C” corporate structure may make it difficult to compare our results with those of companies with a more traditional corporate structure. There can be a significant fluctuation in the numerator and denominator for the calculation of our adjusted (loss) earnings per share – diluted depending on if the common units in CWGS, LLC are considered dilutive or anti-dilutive for a given period. To improve comparability of our financial results, users of our financial statements may find it useful to review our (loss) earnings per share assuming the full redemption of common units in CWGS, LLC for all periods, even when those common units would be anti-dilutive. The relevant numerator and denominator adjustments have been provided under “Anti-dilutive amounts” in the table above (see (o) above).


    The Camping World Holdings Registered (A) Stock at the time of publication of the news with a fall of -4,79 % to 22,85EUR on Lang & Schwarz stock exchange (21. Februar 2024, 22:14 Uhr).


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    Camping World Holdings, Inc. Reports Fourth Quarter 2023 Results, Returns to Positive New Vehicle Unit Volume Growth, Continues Acquisition Pace, Committed to Delivering Unit Volume, Market Share, and Strong Earnings Growth in 2024 Camping World Holdings, Inc. (NYSE: CWH) (the “Company” or “CWH”), America’s Recreation Dealer, today reported results for the year and fourth quarter ended December 31, 2023. Marcus Lemonis, Chairman and Chief Executive Officer of Camping World …