Camping World (NYSE:CWH) FY Conference Summary Company Overview - Camping World operates nearly 200 RV dealerships across North America, commanding approximately 13.5% market share of all new and used RVs sold in the region, with the closest competitor at less than 6% market share [6][7] - The company sells about 25% of all new RVs in North America and 8.5% of used RVs [6][7] - Good Sam, a subsidiary, offers roadside assistance, finance, and insurance products, and has a community of about 1.6 million RV enthusiasts [8][9] Financial Performance and Projections - The company aims for an adjusted EBITDA of approximately $310 million for 2026, representing growth from 2025 [17] - Four sources of upside identified for achieving this target: 1. SG&A savings of at least $15 million [18] 2. Growth in used RV sales, projected to exceed 7%-8% year-over-year [18] 3. Additional dealership M&A opportunities [19] 4. New RV sales, which are less controllable due to reliance on OEMs [19][20] Market Dynamics - The RV industry has experienced deflation in new invoice prices for the first time, impacting pricing strategies and market dynamics [15] - The used RV market is approximately twice the size of the new RV market, presenting significant growth opportunities [8][28] - The company has developed proprietary residual value calculations for used RVs, enhancing its competitive edge [24][25] Consumer Insights - Affordability is a primary concern for consumers, with nearly 80% financing their RV purchases [58] - The average customer has a FICO score above 700 and a household income exceeding $100,000, primarily from rural areas [62] - About 75% of RV sales are to first-time buyers, indicating a growing interest in the RV lifestyle [64][66] Strategic Initiatives - The company is focusing on enhancing its private label business, which accounts for 40% of new RV sales, by leveraging exclusive manufacturing relationships [11][29] - Good Sam's expansion into adjacent markets (marine, power sports) is seen as a growth opportunity [46][48] - The company has improved its in-house roadside assistance capabilities, resulting in higher customer satisfaction scores [56] Challenges and Risks - OEMs have raised prices by 5%-7%, leading to potential resistance in the market [21] - The RV industry is cyclical, and current affordability issues are seen as a barrier to reaching mid-cycle performance levels [78] - The company is actively working on improving its net debt leverage and capital allocation strategies [79][80] Conclusion - Camping World is well-positioned in the RV market with a strong market share and growth potential in both new and used RV sales. The focus on cost savings, strategic acquisitions, and enhancing customer experience through Good Sam services will be critical in navigating the current market challenges and achieving financial targets.

Core Viewpoint - CWH Investors are presented with an opportunity to participate in a fraud investigation concerning Camping World Holdings, Inc. led by the Schall Law Firm [1] Group 1 - The Schall Law Firm is initiating a fraud investigation related to Camping World Holdings, Inc. [1] - Investors of Camping World Holdings, Inc. are encouraged to join the investigation [1]

Camping World to Attend the 2025 Stephens Annual Investment Conference Share LINCOLNSHIRE, Ill.--(BUSINESS WIRE)--Camping World Holdings, Inc. (NYSE: CWH) ("Camping World†), the World's Largest Recreational Vehicle Dealer, today announced that it will attend the 2025 Stephens Annual Investment Conference in Nashville, Tennessee. The Company's fireside chat is scheduled to begin at 11:00 AM CT on Wednesday, November 19, 2025. The live webcast of the event can be found on the Company's investor relations we ...

Core Viewpoint - The law firm Kirby McInerney LLP is investigating potential violations of federal securities laws by Camping World Holdings, Inc. and its senior management, following the company's disclosure of prior misstatements in its financial reporting [1][2]. Financial Results and Impact - On October 28, 2025, Camping World announced its third-quarter 2025 financial results, revealing that management identified misstatements related to the deferred tax asset, leading to a revision of its 2024 annual report with an increase of $43.8 million in reported deferred tax assets [2]. - Following this announcement, Camping World shares fell by $4.17, approximately 24.79%, from $16.82 to $12.65 per share [2]. Legal Actions - Investors who purchased or acquired Camping World securities are encouraged to contact Kirby McInerney LLP for more information regarding their rights and the ongoing investigation [3]. - Kirby McInerney LLP specializes in securities litigation and has a history of recovering billions of dollars for shareholders [4].

Core Viewpoint - Stocks priced between $10 and $50 present a balance of affordability and stability, but investors should be cautious as some may have weak business models [1] Group 1: Stocks to Sell - **Camping World (CWH)**: - Current share price is $12.12, with a forward P/E of 15.5x [2][4] - The company has faced challenges in attracting new customers to its physical locations, leading to poor same-store sales performance [8] - **Lincoln Financial Group (LNC)**: - Current share price is $40.84, trading at 0.8x forward P/B [5][7] - The company has seen a decline in book value per share, which fell by 14.9% annually over the last five years, indicating unfavorable trends in the insurance sector [9] Group 2: Stock to Buy - **Upwork (UPWK)**: - Current share price is $16.52 [10] - The company has experienced a 9.4% annual growth in average revenue per customer over the last two years, indicating successful monetization efforts [11] - Earnings per share have grown by 123% annually over the last three years, outpacing revenue growth and enhancing profitability [11] - Free cash flow margin has increased by 29.3 percentage points in recent years, providing the company with more financial flexibility [11]

NEW YORK, Nov. 05, 2025 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP is investigating potential claims against Camping World Holdings, Inc. (“Camping World” or the “Company”) (NYSE:CWH). The investigation concerns whether the Company and/or members of its senior management may have violated federal securities laws or engaged in other unlawful business practices. [LEARN MORE ABOUT THE INVESTIGATION] What Happened? On October 28, 2025, Camping World issued a press release announcing its third-quart ...

Bragar Eagel & Squire, P.C. Litigation Partner Brandon Walker Encourages Investors Who Suffered Losses In Camping World (CWH) To Contact Him Directly To Discuss Their Options If you purchased or acquired stock in Camping World and would like to discuss your legal rights, call Bragar Eagel & Squire partner Brandon Walker or Marion Passmore directly at (212) 355-4648. Click here to participate in the action. NEW YORK, Nov. 04, 2025 (GLOBE NEWSWIRE) -- What’s Happening: Bragar Eagel & Squire, P.C., a national ...

Financial Performance - For the nine months ended September 30, 2025, the company reported total revenue of $800 million, representing a 10% increase from $727 million in the same period of 2024[5] - The company reported a net income of $50 million for the nine months ended September 30, 2025, up from $45 million in the same period of 2024, marking an 11% increase[5] - The management expects a gross margin of approximately 25% for the upcoming quarter, consistent with the previous quarter's performance[10] Assets and Investments - The unaudited condensed consolidated balance sheets as of September 30, 2025, show total assets of $1.2 billion, an increase of 15% compared to $1.04 billion as of September 30, 2024[5] - The company is investing $30 million in new technology to enhance its e-commerce platform, aiming to increase online sales by 15% in the next fiscal year[10] - The company has completed two acquisitions in the past year, expanding its market presence and adding $40 million in annual revenue[10] Customer Growth - Active customers as of September 30, 2025, reached 1.5 million, reflecting a growth of 20% year-over-year[9] - The company anticipates opening 10 new store locations in 2026, which is expected to contribute an additional $50 million in annual revenue[10] Cost Management - The company plans to implement cost-cutting measures expected to save $5 million annually, improving overall profitability[10] - The company is undertaking cost-cutting initiatives to improve financial performance, although the effectiveness of these measures may vary[12] Market Risks - The company is closely monitoring market risks, including inflation and interest rates, which could impact future performance[10] - The company acknowledges the potential impact of economic conditions, including inflation and interest rates, on its financial results[10] - The company faces risks related to consumer preferences and competition in the RV market, which may impact sales and revenue[10] Operational Risks - The company is reliant on third-party providers for services and products, which poses risks if relationships or operations are disrupted[12] - The company is subject to various federal, state, and local regulations, which may affect its operations and financial performance[12] - The company is exposed to risks associated with e-commerce operations, including cybersecurity threats and system disruptions[12] Inventory Management - The company is committed to managing inventory effectively to reflect consumer demand in a volatile market[10] - The company anticipates potential new store openings and closures, including greenfield and acquired locations, as part of its future operations strategy[10] - The company may incur asset impairment charges, which could materially affect its financial position[12] Capital Management - The company is focused on maintaining adequate capital to support business expansion and respond to changing economic conditions[11]

Core Insights - Camping World, the largest seller of recreational vehicles (RVs), reported third-quarter earnings that exceeded estimates, but the revelation of accounting misstatements from the previous year has raised concerns among investors [1][3][4] Financial Performance - Revenue for the quarter increased by 4.7% to $1.81 billion, surpassing the consensus estimate of $1.75 billion [3] - New-vehicle revenue decreased by 7% to $766.8 million, while used-vehicle revenue rose significantly by 31.7% to $141.9 million [3] - Same-store unit sales grew by 15.6%, indicating positive business momentum [3] - Adjusted EBITDA increased by 28.2% to $95.7 million [3] - Adjusted earnings per share rose from $0.13 to $0.43, exceeding the consensus estimate of $0.32 [4] Accounting Issues - The company identified undercounting of deferred tax assets, necessitating a restatement of the balance sheet from the previous year, which increased deferred tax assets by $43.8 million [4] - Retained earnings were raised by $10.4 million, and additional paid-in capital increased by $33.4 million due to the misstatements [4] Market Reaction - Following the earnings report, shares of Camping World fell by 18.5% as of 9:54 a.m. ET, reflecting investor concerns over the accounting issues and the decline in new vehicle sales [1][5] Future Outlook - The company did not provide guidance for future performance, and the complexity of its financial reporting may hinder the restoration of investor trust, despite the misstatement being relatively minor [5]

Financial Data and Key Metrics Changes - The company reported revenue of over $1.8 billion for Q3 2025, an increase of 5% driven by unit volume increases in used RVs exceeding 30% [12] - Adjusted EBITDA grew over 40% to $95.7 million compared to $67.5 million in the previous year [6][12] - SG&A as a percentage of gross profit improved by 360 basis points year over year [13] Business Line Data and Key Metrics Changes - The company sold nearly 14% of all new and used RVs in North America, indicating strong market penetration [6] - New average selling prices (ASPs) improved sequentially to just under $38,000, a decline of roughly 9% year over year [12] - The used RV sales segment showed significant growth, with expectations for continued high single-digit to low double-digit growth in the coming years [56] Market Data and Key Metrics Changes - The RV industry is experiencing low to mid single-digit declines year over year, with the company anticipating similar trends for its new RV sales [88] - The company has achieved a market share of 13.5%, with a medium-term target of 15% [50][54] Company Strategy and Development Direction - The company aims to improve revenue and earnings while reducing net leverage, with a target adjusted EBITDA floor of around $310 million for 2026 [8] - The strategy includes focusing on used RV sales, service businesses, and Good Sam services as core revenue drivers [11] - The company is investing in AI and technology to enhance operational efficiency and customer experience, which is expected to yield significant cost savings [40][42] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the new RV market, citing potential resistance due to rising prices and economic uncertainty [7][20] - The company plans to maintain a conservative approach to inventory and sales forecasts, allowing flexibility to adjust based on market conditions [24][65] - Management believes that the used RV business will continue to provide stability and growth opportunities, mitigating risks associated with the new RV market [91] Other Important Information - The company ended the quarter with $230 million in cash, $427 million in used inventory owned outright, and nearly $260 million in real estate without associated mortgages [13][14] - The management team emphasized the importance of maintaining a clean inventory position heading into 2026 [35] Q&A Session Summary Question: What have you seen regarding new RV demand? - Management noted high single-digit declines in the new RV industry, with some stabilization observed earlier in the year, but current trends indicate potential softening due to economic factors [19][20] Question: How do you view the impact of lower rates on unit growth? - Management indicated that while lower rates could help, rising prices may offset any benefits, leading to continued affordability challenges for consumers [26][27] Question: Can you clarify your EBITDA guidance for the year? - Management set a conservative EBITDA floor of $310 million for 2026, with expectations for growth driven primarily by used RV sales [33][64] Question: What is the outlook for M&A activity? - Management is focused on smaller, accretive acquisitions, with a goal to return to a 10% to 15% run rate of acquisitions, depending on market conditions [81][46] Question: What are the average price increases from OEMs for model year 2026? - The average price increase is expected to be around 5% to 7%, with potential for adjustments based on market demand [70][73]