Industry Overview - The recreational vehicle (RV) industry experienced a strong demand during the pandemic due to social distancing and remote work, but has faced challenges in recent years due to higher interest rates affecting consumer borrowing costs [1][2] - A potential series of interest rate cuts could make RV stocks more attractive to investors [2] Company Analysis: Thor Industries - Thor Industries has demonstrated resilience with positive sales and earnings growth despite a weak retail environment, aided by flex pricing power and reduced reliance on discounting [4][5] - The company has reduced its debt by nearly $200 million and is positioned for volume recovery as borrowing costs ease [5] - Current stock price is $105.97 with a 12-month forecast of $100.00, indicating a downside of 5.63% [4] Company Analysis: Winnebago Industries - Winnebago reported lower year-over-year revenue and earnings, impacted by tariffs, and expects modest price increases to offset these effects [9][10] - The stock is currently priced at $33.65 with a 12-month forecast of $43.22, suggesting a potential upside of 28.44% [8][9] - The company is undergoing a strategic redesign to expand into Class C motorhomes and the marine segment [10] Company Analysis: Camping World - Camping World reported a strong earnings quarter with a 9.4% revenue increase to $1.98 billion and a 50% increase in EPS year-over-year [11][12] - The stock is currently priced at $16.19 with a 12-month forecast of $21.78, indicating a potential upside of 34.48% [11][13] - Despite recent stock declines, sentiment is shifting positively, with a consensus Moderate Buy rating among analysts [13]

Core Viewpoint - SpartanNash Co, Camping World Holdings Inc, and Sonic Automotive, Inc. are set to trade ex-dividend on September 15, 2025, with respective upcoming dividends announced [1]. Dividend Announcements - SpartanNash Co will pay a quarterly dividend of $0.22 on September 30, 2025 [1]. - Camping World Holdings Inc will pay a quarterly dividend of $0.125 on September 29, 2025 [1]. - Sonic Automotive, Inc. will pay a quarterly dividend of $0.38 on October 15, 2025 [1]. Expected Price Adjustments - Based on the recent stock price of $26.58 for SpartanNash Co, the dividend represents approximately 0.83%, indicating shares may open 0.83% lower on September 15, 2025 [1]. - Camping World Holdings Inc is expected to open 0.74% lower, while Sonic Automotive, Inc. is anticipated to open 0.47% lower, all else being equal [1]. Historical Dividend Stability - Historical dividend data can provide insights into the stability of future dividends, which is crucial for assessing annual yield expectations [7]. - Current estimated annualized yields are 3.31% for SpartanNash Co, 2.97% for Camping World Holdings Inc, and 1.87% for Sonic Automotive, Inc. [7]. Recent Trading Performance - In recent trading, SpartanNash Co shares are down about 0.5%, Camping World Holdings Inc shares are down about 5.5%, and Sonic Automotive, Inc. shares are down about 2.5% [8].

Summary of Camping World (CWH) 2025 Conference Call Company Overview - **Company**: Camping World (CWH) - **Event**: 2025 JPMorgan Automotive Conference - **Date**: August 12, 2025 Key Industry Insights - **Market Share Gains**: Camping World reported over 20% year-over-year growth in both new and used RV units, despite the overall new RV market being down by double digits [3][4][13] - **Sales Strategy**: The company attributes its performance to a contract manufacturing strategy and a focus on entry-level products, rather than heavy discounting [4][5][6] - **Consumer Behavior**: The company is targeting first-time buyers and existing RV owners, emphasizing the importance of monthly payments in consumer decision-making [6][9][10] Financial Performance - **Average Selling Price (ASP)**: The ASP for new RVs was down 10.4% in Q2, but there are signs of recovery with expectations of high single-digit declines for the full year [19][23][34] - **SG&A Improvement**: The company aims for a 600 to 700 basis point improvement in SG&A as a percentage of gross profit, with current expectations adjusted to 300 to 400 basis points due to lower ASPs [23][24][25] - **Headcount Reduction**: The company has reduced its workforce by about 1,000 employees and consolidated 16 locations to improve productivity [25][28][29] Market Outlook - **2026 Projections**: The company anticipates a flat industry performance in 2026, with expectations to continue gaining market share, particularly in the used RV segment [34][35] - **New RV Pricing**: Expected price increases for new RVs in the range of 3% to 6% for model year 2026, influenced by tariffs and market conditions [36][39] - **Interest Rates Impact**: Interest rates are a significant factor affecting consumer purchasing decisions, with RV loans typically having longer durations than light vehicle loans [44][47][49] Competitive Landscape - **Competitor Health**: Competitors are described as "frozen" or "paralyzed" in terms of inventory procurement, which Camping World views as an opportunity to capitalize on market share [66][67][70] - **Acquisition Strategy**: The company has a history of acquiring distressed assets and is looking to continue this strategy while ensuring existing stores perform better [72][79] Capital Allocation - **Debt Management**: The company aims to reduce leverage to 3.9 or below within the next 24 months, focusing on cash generation and debt paydown [74][78] - **Growth Strategy**: Future growth is expected to come from used RV sales, ASP growth, and innovations in the Good Sam business [83][84] Additional Insights - **Good Sam Business**: This segment is crucial for the company's earnings, providing a stable revenue stream through services like roadside assistance and warranties [55][58] - **Market Dynamics**: The installed base of RVs is growing, and the company believes that the trade cycle for RVs has lengthened, which could lead to increased demand as consumers begin to trade in older units [10][41][42] This summary encapsulates the key points discussed during the Camping World conference call, highlighting the company's strategies, market conditions, and financial outlook.

Core Insights - Camping World reported Q2 2025 GAAP revenue of $2.0 billion, exceeding estimates of $1.88 billion, with a year-over-year increase of 9.4% [1][2] - Adjusted diluted EPS was $0.57, missing the expected $0.60, despite a 50% increase from $0.38 in Q2 2024 [1][2] - Vehicle unit sales reached a record 45,602, up 20.7% year-over-year, with significant growth in both new and used RV categories [5][6] Financial Performance - Revenue breakdown: Used vehicle revenue rose 19.0%, while new vehicle sales saw a unit growth of 20.9% but a 10.6% drop in average selling price [5][6] - Adjusted EBITDA was $142.2 million, a 34.7% increase from $105.6 million in Q2 2024 [2] - Total gross margin decreased to 30.0% from 30.3% year-over-year, while SG&A expenses rose by 3.5% to $429.1 million [2][9] Operational Developments - The company reduced its workforce by over 900 employees and closed 16 underperforming stores, leading to a 24.5% decrease in interest expense on floorplan financing [9][10] - New vehicle inventory decreased by 9.9% to $1.33 billion, while used inventory increased by 53.4% to $537 million [11][12] - The divestiture of the RV furniture business contributed to margin improvements in the Products, Service, and Other segment, despite a 5.5% revenue decline in that area [7][12] Strategic Focus - Camping World aims to expand its national dealership network and maximize profits in high-margin services [3][4] - The company targets a high-single digit percentage growth in new unit volumes for FY2025, with average selling prices for new vehicles expected to remain 10-12% below last year [13][14] - Management is focused on improving SG&A as a percentage of gross profit and aims for $500 million or more in adjusted EBITDA [13][14]

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) This section presents unaudited condensed consolidated financial statements, including balance sheets, statements of operations, equity, cash flows, and notes on significant accounting policies, revenue, inventory, debt, equity, and segment information [Unaudited Condensed Consolidated Balance Sheets](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) **Key Balance Sheet Data (in thousands):** | Metric | June 30, 2025 | Dec 31, 2024 | June 30, 2024 | | :-------------------------- | :------------ | :----------- | :------------ | | Cash and cash equivalents | $118,084 | $208,422 | $23,743 | | Total assets | $5,191,847 | $4,863,277 | $5,005,876 | | Total liabilities | $4,675,268 | $4,378,328 | $4,795,471 | | Total stockholders' equity | $516,579 | $484,949 | $210,405 | [Unaudited Condensed Consolidated Statements of Operations](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) **Three Months Ended June 30 (in thousands):** | Metric | 2025 | 2024 | Change ($) | Change (%) | | :--------------------------------- | :--------- | :--------- | :--------- | :--------- | | Total revenue | $1,975,948 | $1,806,505 | $169,443 | 9.4% | | Income from operations | $130,269 | $95,382 | $34,887 | 36.6% | | Net income | $57,523 | $23,414 | $34,109 | 145.7% | | Net income attributable to CWH | $30,216 | $9,771 | $20,445 | 209.2% | | Basic EPS | $0.48 | $0.22 | $0.26 | 118.2% | | Diluted EPS | $0.48 | $0.22 | $0.26 | 118.2% | **Six Months Ended June 30 (in thousands):** | Metric | 2025 | 2024 | Change ($) | Change (%) | | :--------------------------------- | :--------- | :--------- | :--------- | :--------- | | Total revenue | $3,389,472 | $3,170,522 | $218,950 | 6.9% | | Income from operations | $151,111 | $99,604 | $51,507 | 51.7% | | Net income (loss) | $32,841 | $(27,392) | $60,233 | n/m | | Net income (loss) attributable to CWH | $17,936 | $(12,536) | $30,472 | n/m | | Basic EPS | $0.29 | $(0.28) | $0.57 | n/m | | Diluted EPS | $0.28 | $(0.28) | $0.56 | n/m | [Unaudited Condensed Consolidated Statements of Stockholders' Equity](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Stockholders%27%20Equity) - Total stockholders' equity increased from **$484,949 thousand** at January 1, 2025, to **$516,579 thousand** at June 30, 2025[21](index=21&type=chunk) - Dividends declared per share of Class A common stock were **$0.125** for both the three months ended March 31, 2025, and June 30, 2025[21](index=21&type=chunk) - Net income attributable to Camping World Holdings, Inc. for the three months ended June 30, 2025, was **$30,216 thousand**, compared to **$9,771 thousand** in the prior year[21](index=21&type=chunk) [Unaudited Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) **Six Months Ended June 30 (in thousands):** | Activity | 2025 | 2024 | Change ($) | | :---------------------------------- | :--------- | :--------- | :--------- | | Net cash (used in) provided by operating activities | $(44,595) | $84,341 | $(128,936) | | Net cash used in investing activities | $(180,078) | $(54,931) | $(125,147) | | Net cash provided by (used in) financing activities | $134,335 | $(45,314) | $179,649 | | Decrease in cash and cash equivalents | $(90,338) | $(15,904) | $(74,434) | | Cash and cash equivalents at end of period | $118,084 | $23,743 | $94,341 | [Notes to Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) [1. Summary of Significant Accounting Policies](index=14&type=section&id=1.%20Summary%20of%20Significant%20Accounting%20Policies) This note outlines the principles of consolidation, basis of presentation, revisions to prior period financial statements, the impact of seasonality on the business, and recently adopted and issued accounting pronouncements - CWH's ownership in CWGS, LLC increased to **61.1%** as of June 30, 2025, up from **53.0%** at June 30, 2024, leading to consolidation of CWGS, LLC's financial results[29](index=29&type=chunk) **Revisions to June 30, 2024 Balance Sheet (in thousands):** | Metric | As Previously Reported | Adjustment | As Revised | | :-------------------------- | :--------------------- | :--------- | :--------- | | Deferred tax assets, net | $150,105 | $43,768 | $193,873 | | Total assets | $4,962,108 | $43,768 | $5,005,876 | | Additional paid-in capital | $100,076 | $33,385 | $133,461 | | Retained earnings | $161,434 | $10,383 | $171,817 | | Total stockholders' equity | $166,637 | $43,768 | $210,405 | - The company's business is seasonal, with higher revenue and profits typically in the second and third fiscal quarters (spring and summer months) due to RV usage patterns, while SG&A expenses as a percentage of gross profit tend to be higher in the first and fourth quarters[33](index=33&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk) [2. Revenue](index=17&type=section&id=2.%20Revenue) This note details contract assets and deferred revenues, including the total unsatisfied performance obligations and the periods over which these revenues are expected to be recognized - Contract assets related to RV service revenues were **$9.9 million** at June 30, 2025, a slight decrease from **$10.0 million** at December 31, 2024, and **$13.0 million** at June 30, 2024[39](index=39&type=chunk) **Unsatisfied Performance Obligations (in thousands) as of June 30, 2025:** | Year | Amount | | :--- | :------- | | 2025 | $57,670 | | 2026 | $54,704 | | 2027 | $23,311 | | 2028 | $11,520 | | 2029 | $6,200 | | Thereafter | $3,973 | | **Total** | **$157,378** | [3. Inventories and Floor Plan Payables](index=18&type=section&id=3.%20Inventories%20and%20Floor%20Plan%20Payables) This note provides a breakdown of inventory composition and details the Floor Plan Facility, including its increased commitment, extended maturity, and changes in interest rates and borrowing capacity **Inventories (in thousands):** | Category | June 30, 2025 | Dec 31, 2024 | June 30, 2024 | | :------------------------------ | :------------ | :----------- | :------------ | | New RVs | $1,330,965 | $1,241,533 | $1,477,510 | | Used RVs | $536,665 | $413,546 | $349,843 | | Products, parts, accessories & other | $193,232 | $166,495 | $186,758 | | **Total Inventories** | **$2,061,160** | **$1,821,837** | **$2,014,444** | - The Floor Plan Facility commitment increased

Financial Data and Key Metrics Changes - The company reported revenue of $2 billion for Q2 2025, an increase of over 9% driven by unit volume increases in both new and used RVs exceeding 20% [28] - Adjusted EBITDA for the quarter was $142.2 million compared to $105.6 million in the previous year [29] - SG&A as a percentage of gross profit improved by 276 basis points year over year [29] Business Line Data and Key Metrics Changes - The company set a record selling 45,000 RV units in the quarter, with finance and insurance revenue reaching $200 million, the highest ever [6][28] - Gross margins exceeded 30%, indicating growth was not driven by heavy discounting [11] - The company achieved over 14% market share of all new and used RVs registered in North America year to date [26] Market Data and Key Metrics Changes - Same store unit growth trends showed high teens growth in used RV sales and high single digits in new RV sales year over year as of July [25] - The company expects a small bump in the new RV market in 2026, projecting an increase of 15,000 to 20,000 units [13] Company Strategy and Development Direction - The company is focused on building a customer ecosystem through various services, including finance, insurance, and service offerings [7][12] - There is a commitment to continue selling affordable units to build customer lifetime value and increase transaction frequency [12] - The company is exploring acquisitions and investments to grow its Good Sam business, which reported record revenue [21] Management's Comments on Operating Environment and Future Outlook - The management expressed confidence in navigating a challenging macro environment, stating that 2025 is expected to be tougher than 2024 due to tariffs and interest rates [24] - The company anticipates double-digit growth in used RV sales moving forward [15] - Management is optimistic about the scalability of their used RV supply chain and expects continued growth in this segment [27] Other Important Information - The company ended the quarter with approximately $118 million in cash and has paid down $75 million of long-term debt since October [30] - The balance sheet is described as the strongest ever, with significant inventory and real estate holdings [20] Q&A Session Summary Question: ASPs and Competitor Pricing - Management views ASP weakness as an opportunity to grow the customer base rather than a problem, focusing on profitability rather than competitor pricing [33][34] Question: Used Gross Profit Margin Sustainability - Management expects used gross profit margins to remain in the range of 19% to 19.5% for the back half of the year [39] Question: Changes in Pricing Expectations - Management anticipates a continued decline in new RV pricing year over year, but expects seasonal improvements in ASPs [58][60] Question: Trade-in Cycle and Customer Retention - The company emphasizes multiple customer touchpoints post-purchase to enhance retention and upsell opportunities [94][96] Question: M&A Activity - Management clarified that they are not on pause for M&A but are being more thoughtful about capital allocation while looking for opportunities [73] Question: Impact of Tariffs on Pricing - Management indicated that any increase in new pricing could lead to margin expansion due to their contract manufacturing advantages [81]

Core Insights - Camping World (CWH) reported revenue of $1.98 billion for the quarter ended June 2025, reflecting a year-over-year increase of 9.4% [1] - The company's EPS was $0.57, up from $0.38 in the same quarter last year, although it fell short of the consensus estimate of $0.58 by 1.72% [1] - The revenue exceeded the Zacks Consensus Estimate of $1.88 billion by 5.04% [1] Financial Performance Metrics - New vehicle unit sales reached 26,696, surpassing the average estimate of 22,432 [4] - Used vehicle unit sales were 18,906, exceeding the average estimate of 18,170 [4] - Average gross profit per unit for used vehicles was $6,190, higher than the average estimate of $5,851.75 [4] - Average selling price for used vehicles was $30,269, compared to the average estimate of $30,005.27 [4] - Average gross profit per unit for new vehicles was $4,729, below the average estimate of $5,320.90 [4] Revenue Breakdown - Revenue from RV and Outdoor Retail products, services, and other was $222.89 million, below the average estimate of $241.07 million, representing a year-over-year decline of 5.5% [4] - Revenue from RV and Outdoor Retail finance and insurance was $201.2 million, exceeding the average estimate of $185.26 million, with a year-over-year increase of 12.4% [4] - Revenue from RV and Outdoor Retail used vehicles was $572.27 million, surpassing the average estimate of $539.28 million, reflecting a year-over-year increase of 19% [4] - Revenue from RV and Outdoor Retail new vehicles was $915.11 million, exceeding the average estimate of $854.12 million, with a year-over-year increase of 8% [4] - Total revenue from RV and Outdoor Retail was $1.92 billion, above the average estimate of $1.82 billion, representing a year-over-year increase of 9.6% [4] - Revenue from the Good Sam Club was $10.27 million, below the average estimate of $11.32 million, indicating a year-over-year decline of 7.6% [4] - Revenue from Good Sam Services and Plans was $54.21 million, slightly below the average estimate of $55.21 million, reflecting a year-over-year increase of 3.2% [4] Stock Performance - Shares of Camping World have returned +4.1% over the past month, outperforming the Zacks S&P 500 composite's +3.6% change [3] - The stock currently holds a Zacks Rank 4 (Sell), suggesting potential underperformance relative to the broader market in the near term [3]

Core Insights - Camping World (CWH) reported quarterly earnings of $0.57 per share, missing the Zacks Consensus Estimate of $0.58 per share, but showing an increase from $0.38 per share a year ago, resulting in an earnings surprise of -1.72% [1] - The company posted revenues of $1.98 billion for the quarter ended June 2025, exceeding the Zacks Consensus Estimate by 5.04%, compared to $1.81 billion in the same quarter last year [2] - Camping World shares have declined approximately 15.1% year-to-date, contrasting with the S&P 500's gain of 8.6% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.42 on revenues of $1.79 billion, while for the current fiscal year, the estimate is $0.73 on revenues of $6.31 billion [7] - The estimate revisions trend for Camping World was unfavorable prior to the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] Industry Context - The Automotive - Original Equipment industry, to which Camping World belongs, is currently in the top 30% of over 250 Zacks industries, suggesting a favorable industry outlook [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

[Executive Summary & Business Outlook](index=1&type=section&id=Executive%20Summary%20%26%20Business%20Outlook) Camping World Holdings, Inc. reported strong Q2 2025 financial performance, driven by record unit sales and cost controls, with a positive full-year outlook [Q2 2025 Performance Highlights](index=1&type=section&id=Q2%202025%20Performance%20Highlights) Camping World Holdings, Inc. reported strong Q2 2025 results, with net income and Adjusted EBITDA up over 30% on record unit volumes - Net Income and Adjusted EBITDA grew by more than **30% in Q2 2025**, attributed to strong cost execution and record quarterly volume[1](index=1&type=chunk) Q2 2025 Performance Highlights | Metric | Q2 2025 | Q2 2024 | Change | % Change | | :-------------------------------- | :------ | :------ | :----- | :------- | | Revenue | $2.0 billion | $1.8 billion | $169.4 million | 9.4% | | New vehicle unit sales | 26,696 | 22,084 | 4,612 | 20.9% | | Used vehicle unit sales | 18,906 | 15,700 | 3,206 | 20.4% | | Combined new and used vehicle unit sales | 45,602 | 37,784 | 7,818 | 20.7% | | Net income | $57.5 million | $23.4 million | $34.1 million | 145.7% | | Adjusted EBITDA | $142.2 million | $105.6 million | $36.6 million | 34.7% | | Diluted EPS | $0.48 | $0.22 | $0.26 | 118.2% | | Adjusted diluted EPS | $0.57 | $0.38 | $0.19 | 50.0% | [Management Commentary & Strategic Initiatives](index=1&type=section&id=Management%20Commentary%20%26%20Strategic%20Initiatives) Management highlighted successful inventory management, aggressive cost controls, and fixed cost reductions, prioritizing debt paydown and leveraging tax savings - The company surgically manages inventory for volume and gross profit opportunities, leveraging new and used supply chains, contract manufacturing, data analytics, and balance sheet strength[2](index=2&type=chunk) - Structural changes to fixed costs include reducing headcount by over **900** and consolidating **16 locations**, leading to improved per-rooftop productivity[2](index=2&type=chunk) - Expected annual cash tax savings of **$15 to $20 million in 2025** from the 'One Big Beautiful Bill Act' will be prioritized for debt paydown and deleveraging[2](index=2&type=chunk) [Full Year Outlook & Goals](index=2&type=section&id=Full%20Year%20Outlook%20%26%20Goals) The company maintains its full-year guideposts, with an upward revision in new unit volume expectations and anticipated SG&A efficiency improvements - New unit volume is now expected to grow in excess of **high-singles** compared to the prior year[2](index=2&type=chunk) - New vehicle Average Selling Price (ASP) is expected to improve seasonally in Q3 and Q4 but could be lower by **10-12%** for the full year compared to the prior year[2](index=2&type=chunk) - Expects **300-400 basis points** of improvement in SG&A as a percentage of gross profit for the full year[2](index=2&type=chunk) - Mid-cycle earnings power scenario of over **$500 million of adjusted EBITDA** based on today's store count, with a medium-term goal of **20%+ combined new and used market share** and an internal mandate to accelerate gross margin by **100 basis points**[2](index=2&type=chunk) [Second Quarter Operating Highlights](index=1&type=section&id=Second%20Quarter%20Operating%20Highlights) This section details Camping World Holdings, Inc.'s Q2 2025 revenue, unit sales, pricing, gross margin, operating expenses, and inventory performance [Revenue and Unit Sales Performance](index=1&type=section&id=Revenue%20and%20Unit%20Sales%20Performance) Camping World Holdings, Inc. reported a **9.4% increase in total revenue** to **$2.0 billion** for Q2 2025, driven by strong unit sales across both new and used vehicles Q2 2025 Revenue Performance | Category | Q2 2025 Revenue (in millions) | Q2 2024 Revenue (in millions) | Change (in millions) | % Change | | :------------------------ | :-------------- | :-------------- | :----- | :------- | | Total Revenue | $1,975.9 | $1,806.5 | $169.4 | 9.4% | | New vehicles | $915.1 | $847.1 | $68.0 | 8.0% | | Used vehicles | $572.3 | $480.8 | $91.5 | 19.0% | | Products, service and other | $222.9 | $235.9 | ($13.1) | (5.5%) | | Finance and insurance, net | $201.2 | $179.0 | $22.2 | 12.4% | Q2 2025 Unit Sales Performance | Category | Q2 2025 Units | Q2 2024 Units | Change | % Change | | :------------------------ | :------------ | :------------ | :----- | :------- | | New vehicles | 26,696 | 22,084 | 4,612 | 20.9% | | Used vehicles | 18,906 | 15,700 | 3,206 | 20.4% | | Combined new and used | 45,602 | 37,784 | 7,818 | 20.7% | | Same store new vehicles | 24,360 | 19,936 | 4,424 | 22.2% | | Same store used vehicles | 17,528 | 14,509 | 3,019 | 20.8% | | Combined same store | 41,888 | 34,445 | 7,443 | 21.6% | [Pricing and Gross Margin Trends](index=3&type=section&id=Pricing%20and%20Gross%20Margin%20Trends) Average selling prices for both new and used vehicles decreased in Q2 2025, while used vehicle and products/service gross margins improved significantly Q2 2025 Average Selling Price (ASP) | Category | Q2 2025 ASP | Q2 2024 ASP | Change | % Change | | :---------------- | :---------- | :---------- | :----- | :------- | | New vehicles | $34,279 | $38,358 | ($4,079) | (10.6%) | | Used vehicles | $30,269 | $30,623 | ($354) | (1.2%) | Q2 2025 Gross Margin by Category | Category | Q2 2025 Gross Margin (%) | Q2 2024 Gross Margin (%) | Change (bps) | | :-------------------------- | :------------------- | :------------------- | :----------- | | New vehicles | 13.8% | 15.3% | (149) | | Used vehicles | 20.5% | 19.0% | 149 | | Products, service and other | 47.8% | 43.7% | 411 | | Good Sam Services and Plans | 59.5% | 67.3% | (777) | | Finance and insurance, net | 100.0% | 100.0% | unch | | Good Sam Club | 88.1% | 86.8% | 133 | | Total gross margin | 30.0% | 30.3% | (34) | - Total gross profit increased by **$44.6 million (8.1%)** to **$592.3 million**, primarily driven by higher used vehicle gross profit and increased finance and insurance (F&I) gross profit[6](index=6&type=chunk) [Operating Expenses and Profitability](index=3&type=section&id=Operating%20Expenses%20and%20Profitability) SG&A expenses increased by **4.2%**, but reduced interest expenses contributed to a substantial improvement in net income and Adjusted EBITDA Q2 2025 Operating Expenses and Profitability | Metric | Q2 2025 (in millions) | Q2 2024 (in millions) | Change (in millions) | % Change | | :-------------------------------- | :------ | :------ | :----- | :------- | | SG&A | $437.5 | $419.7 | $17.8 | 4.2% | | SG&A Excluding SBC | $429.1 | $414.4 | $14.8 | 3.6% | | Floor plan interest expense | $21.0 | $27.8 | ($6.8) | (24.5%) | | Other interest expense, net | $30.8 | $36.2 | ($5.3) | (14.7%) | | Net income | $57.5 | $23.4 | $34.1 | 145.7% | | Adjusted EBITDA | $142.2 | $105.6 | $36.6 | 34.7% | | Diluted EPS | $0.48 | $0.22 | $0.26 | 118.2% | | Adjusted diluted EPS | $0.57 | $0.38 | $0.19 | 50.0% | - The increase in SG&A was primarily driven by a **$7.5 million increase in employee cash compensation**, a **$3.0 million increase in employee stock-based compensation**, and **$2.9 million in additional advertising expenses**[6](index=6&type=chunk) [Store Locations and Inventory](index=3&type=section&id=Store%20Locations%20and%20Inventory) Total store locations decreased by **6.5%** due to consolidation, while total RV and Outdoor Retail inventories increased slightly with a significant shift towards used vehicle inventory Q2 2025 Store Locations and Inventory | Metric | June 30, 2025 | June 30, 2024 | Change | % Change | | :-------------------------------- | :------------ | :------------ | :----- | :------- | | Total store locations | 201 | 215 | (14) | (6.5%) | | New vehicle inventory | $1,330.9 million | $1,477.5 million | ($146.5 million) | (9.9%) | | Used vehicle inventory | $536.7 million | $349.8 million | $186.8 million | 53.4% | | Total RV and Outdoor Retail inventories | $2,060.9 million | $2,014.1 million | $46.8 million | 2.3% | | New vehicle inventory turnover | 1.9 | 1.6 | 0.2 | 14.5% | | Used vehicle inventory turnover | 3.3 | 3.3 | (0.0) | (0.3%) | - The net decrease of **14 store locations** included the consolidation of **16 store locations** to improve overall cost efficiency[6](index=6&type=chunk) [Customer and Membership Data](index=9&type=section&id=Customer%20and%20Membership%20Data) Active customers and Good Sam Club members both decreased by over **11%**, while service bays experienced a slight reduction Q2 2025 Customer and Membership Data | Metric | June 30, 2025 | June 30, 2024 | Change | % Change | | :---------------------- | :------------ | :------------ | :----- | :------- | | Active Customers | 4,221,642 | 4,762,376 | (540,734) | (11.4%) | | Good Sam Club members | 1,662,653 | 1,880,126 | (217,473) | (11.6%) | | Service bays | 2,809 | 2,877 | (68) | (2.4%) | [Financial Statements](index=8&type=section&id=Financial%20Statements) This section presents the consolidated statements of operations, balance sheets, and cash flows for Camping World Holdings, Inc [Consolidated Statements of Operations](index=8&type=section&id=Consolidated%20Statements%20of%20Operations) For Q2 2025, total revenue increased by **9.4%** to **$1.976 billion**, with net income attributable to Camping World Holdings, Inc. surging by **209.2%** Consolidated Statements of Operations (Q2 2025 vs Q2 2024) | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | Change (in thousands) | % Change | | :------------------------------------------ | :--------------------- | :--------------------- | :-------------------- | :------- | | Total revenue | $1,975,948 | $1,806,505 | $169,443 | 9.4% | | Total costs applicable to revenue | $1,383,693 | $1,258,846 | $124,847 | 9.9% | | Total gross profit | $592,255 | $547,659 | $44,596 | 8.1% | | Total operating expenses | $461,986 | $452,277 | $9,709 | 2.1% | | Income from operations | $130,269 | $95,382 | $34,887 | 36.6% | | Total other expense | ($54,425) | ($64,033) | $9,608 | (15.0%) | | Net income | $57,523 | $23,414 | $34,109 | 145.7% | | Net income attributable to Camping World Holdings, Inc. | $30,216 | $9,771 | $20,445 | 209.2% | [Consolidated Balance Sheets](index=11&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets increased to **$5.192 billion**, driven by higher inventories and cash, while total liabilities also rose due to increased floor plan notes and accounts payable Consolidated Balance Sheet Highlights (June 30, 2025 vs Dec 31, 2024) | Metric | June 30, 2025 (in thousands) | Dec 31, 2024 (in thousands) | Change (in thousands) | | :------------------------------------------ | :--------------------------- | :-------------------------- | :-------------------- | | Total assets | $5,191,847 | $4,863,277 | $328,570 | | Inventories | $2,061,160 | $1,821,837 | $239,323 | | Cash and cash equivalents | $118,084 | $208,422 | ($90,338) | | Total liabilities | $4,675,268 | $4,378,328 | $296,940 | | Notes payable – floor plan, net | $1,280,102 | $1,161,713 | $118,389 | | Accounts payable | $283,450 | $145,346 | $138,104 | | Total stockholders' equity attributable to CWH | $340,538 | $326,562 | $13,976 | [Summary of Consolidated Statements of Cash Flows](index=12&type=section&id=Summary%20of%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash used in operating activities was **$44.6 million**, a significant shift from cash provided in the prior year, while financing activities provided **$134.3 million** Summary of Consolidated Statements of Cash Flows (Six Months Ended June 30) | Activity | 2025 (in thousands) | 2024 (in thousands) | Change (in thousands) | | :------------------------------------ | :-------------------- | :-------------------- | :-------------------- | | Net cash (used in) provided by operating activities | ($44,595) | $84,341 | ($128,936) | | Net cash used in investing activities | ($180,078) | ($54,931) | ($125,147) | | Net cash provided by (used in) financing activities | $134,335 | ($45,314) | $179,649 | | Decrease in cash and cash equivalents | ($90,338) | ($15,904) | ($74,434) | | Cash and cash equivalents at end of the period | $118,084 | $23,743 | $94,341 | [Earnings Per Share](index=13&type=section&id=Earnings%20Per%20Share) This section details the basic and diluted earnings per share, along with the reconciliation of the EPS calculations [Basic and Diluted EPS](index=13&type=section&id=Basic%20and%20Diluted%20EPS) For Q2 2025, basic and diluted earnings per share of Class A common stock significantly improved to **$0.48** from **$0.22** in Q2 2024 Earnings Per Share (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change | | :------------------------------------------ | :------ | :------ | :----- | | Basic EPS of Class A common stock | $0.48 | $0.22 | $0.26 | | Diluted EPS of Class A common stock | $0.48 | $0.22 | $0.26 | | Weighted-average shares outstanding (basic) | 62,610 | 45,093 | 17,517 | | Weighted-average shares outstanding (diluted) | 62,747 | 45,244 | 17,503 | [Reconciliation of EPS](index=13&type=section&id=Reconciliation%20of%20EPS) This section provides the numerators and denominators for basic and diluted EPS calculations, including adjustments for non-controlling interests and dilutive securities - Net income attributable to Camping World Holdings, Inc. for diluted EPS was **$30,243 thousand in Q2 2025**, adjusted for reallocation of net income attributable to non-controlling interests from dilutive stock options and RSUs[28](index=28&type=chunk) - Dilutive restricted stock units contributed **137 thousand shares** to the diluted weighted-average shares outstanding in Q2 2025[28](index=28&type=chunk) [Non-GAAP Financial Measures](index=13&type=section&id=Non-GAAP%20Financial%20Measures) This section provides reconciliations and definitions for non-GAAP financial measures, including EBITDA, Adjusted EBITDA, Adjusted Net Income, and Adjusted EPS [EBITDA and Adjusted EBITDA](index=13&type=section&id=EBITDA%20and%20Adjusted%20EBITDA) The company uses EBITDA and Adjusted EBITDA to provide insights into operating results, with Adjusted EBITDA for Q2 2025 increasing by **34.7%** to **$142.2 million** - EBITDA is defined as net income (loss) before other interest expense, net (excluding floor plan interest expense), provision for income tax expense (benefit), and depreciation and amortization[33](index=33&type=chunk) - Adjusted EBITDA further adjusts EBITDA for noncash and other items such as long-lived asset impairment, gains/losses on asset disposal, stock-based compensation, and lease termination costs[33](index=33&type=chunk) EBITDA and Adjusted EBITDA (Q2 2025 vs Q2 2024) | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | Change (in thousands) | | :-------------------- | :--------------------- | :--------------------- | :-------------------- | | Net income (loss) | $57,523 | $23,414 | $34,109 | | Subtotal EBITDA | $130,099 | $87,534 | $42,565 | | Adjusted EBITDA | $142,221 | $105,581 | $36,640 | | Adjusted EBITDA margin | 7.2% | 5.8% | 1.4% | | Net income (loss) margin | 2.9% | 1.3% | 1.6% | [Adjusted Net Income and Adjusted EPS](index=17&type=section&id=Adjusted%20Net%20Income%20and%20Adjusted%20EPS) Adjusted Net Income and Adjusted EPS are non-GAAP measures providing a clearer view of ongoing operating performance by excluding certain noncash and unusual items - Adjusted Net Income (Loss) Attributable to Camping World Holdings, Inc. – Basic adjusts GAAP net income for items like long-lived asset impairment, asset disposal gains/losses, SBC, equity investment losses, lease termination costs, and their tax and non-controlling interest effects[37](index=37&type=chunk) - Adjusted Earnings (Loss) Per Share – Diluted considers the assumed redemption of all outstanding common units in CWGS, LLC for Class A common stock, if dilutive, and the dilutive effect of stock options and restricted stock units[39](index=39&type=chunk) Adjusted Net Income and Adjusted EPS (Q2 2025 vs Q2 2024) | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | Change (in thousands) | | :------------------------------------------ | :--------------------- | :--------------------- | :-------------------- | | Net income (loss) attributable to CWH | $30,216 | $9,771 | $20,445 | | Adjusted net income (loss) attributable to CWH – basic | $35,768 | $16,940 | $18,828 | | Adjusted net income (loss) attributable to CWH – diluted | $35,800 | $16,970 | $18,830 | | Adjusted earnings (loss) per share - basic | $0.57 | $0.38 | $0.19 | | Adjusted earnings (loss) per share - diluted | $0.57 | $0.38 | $0.19 | [SG&A Excluding SBC](index=20&type=section&id=SG%26A%20Excluding%20SBC) SG&A Excluding SBC is a non-GAAP measure used to evaluate core operating performance, showing **72.5% of gross profit** for Q2 2025, an improvement from **75.7%** in Q2 2024 - SG&A Excluding SBC is defined as SG&A before stock-based compensation relating to SG&A[43](index=43&type=chunk) SG&A Excluding SBC (Q2 2025 vs Q2 2024) | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | Change (in thousands) | | :-------------------- | :--------------------- | :--------------------- | :-------------------- | | SG&A | $437,489 | $419,676 | $17,813 | | SBC - SG&A | ($8,344) | ($5,308) | ($3,036) | | SG&A Excluding SBC | $429,145 | $414,368 | $14,777 | | As a percentage of gross profit | 72.5% | 75.7% | (3.2%) | [Revisions to Prior Period Financial Statements](index=4&type=section&id=Revisions%20to%20Prior%20Period%20Financial%20Statements) This section addresses immaterial prior period misstatements and their adjustments to the consolidated balance sheet [Immaterial Misstatements and Adjustments](index=4&type=section&id=Immaterial%20Misstatements%20and%20Adjustments) The company identified immaterial prior period misstatements related to deferred tax assets, impacting balance sheet items as of June 30, 2024 - Prior period misstatements were identified concerning the measurement of the realizable portion of the deferred tax asset in CWGS Enterprises, LLC, including the associated valuation allowance[7](index=7&type=chunk) - The revisions impacted deferred tax assets, net, additional paid-in capital, and retained earnings as of and for the years ended December 31, 2023 and 2022, and the beginning balances as of June 30, 2024[7](index=7&type=chunk) Effect of Immaterial Misstatements on Consolidated Balance Sheet (As of June 30, 2024) | Metric | As Previously Reported (in thousands) | Adjustment (in thousands) | As Revised (in thousands) | | :------------------------------------------ | :-------------------------- | :------------------------ | :------------------------ | | Deferred tax assets, net | $150,105 | $43,768 | $193,873 | | Total assets | $4,962,108 | $43,768 | $5,005,876 | | Additional paid-in capital | $100,076 | $33,385 | $133,461 | | Retained earnings | $161,434 | $10,383 | $171,817 | | Total stockholders' equity attributable to CWH | $105,894 | $43,768 | $149,662 | | Total stockholders' equity | $166,637 | $43,768 | $210,405 | | Total liabilities and stockholders' equity | $4,962,108 | $43,768 | $5,005,876 | [Company Information & Disclosures](index=4&type=section&id=Company%20Information%20%26%20Disclosures) This section provides an overview of Camping World Holdings, Inc., its forward-looking statements, dividend policy, and investor communication channels [About Camping World Holdings, Inc.](index=4&type=section&id=About%20Camping%20World%20Holdings%2C%20Inc.) Camping World Holdings, Inc. is the world's largest retailer of RVs and related products and services, aiming to make outdoor adventures fun and easy - Camping World Holdings, Inc. is the **World's Largest Recreational Vehicle Dealer**, headquartered in Lincolnshire, IL[1](index=1&type=chunk)[11](index=11&type=chunk) - The company's vision is to build a business that makes RVing and other outdoor adventures fun and easy, offering a unique and comprehensive assortment of RV products and services[11](index=11&type=chunk) - Good Sam organization provides specialized services and plans, including roadside assistance, protection plans, and insurance, connecting with customers as stewards of an outdoor lifestyle[12](index=12&type=chunk) [Forward-Looking Statements](index=5&type=section&id=Forward-Looking%20Statements) The press release contains forward-looking statements regarding future expectations, which involve known and unknown risks and uncertainties that could cause actual results to differ materially - Forward-looking statements cover topics such as macroeconomic and industry trends, inventory strategy, SG&A reductions, profitability improvement, gross margin improvement, and market share goals[13](index=13&type=chunk) - These statements are neither promises nor guarantees and involve known and unknown risks, uncertainties, and other important factors that may cause actual results to be materially different[14](index=14&type=chunk) - Key risk factors include general economic conditions, financing availability, fuel prices, consumer preferences, competition, and regulatory risks, as detailed in the company's Annual Report on Form 10-K[14](index=14&type=chunk)[15](index=15&type=chunk) [Dividend Policy](index=5&type=section&id=Dividend%20Policy) Future declarations of quarterly dividends are subject to the determination and discretion of the Company's Board of Directors, based on various financial and operational factors - Future dividend declarations are at the discretion of the Board of Directors, considering factors like results of operations, financial condition, indebtedness, capital requirements, and contractual restrictions[16](index=16&type=chunk) [Investor Relations & Social Media](index=5&type=section&id=Investor%20Relations%20%26%20Social%20Media) The company uses its official social media accounts and investor relations website as distribution channels for material information to comply with Regulation FD - Official Facebook, X (formerly Twitter), and Instagram accounts (@CampingWorld), along with the investor page of the website (investor.campingworld.com), are used as distribution channels for material information[17](index=17&type=chunk) - Information posted on these social media channels and the investor webpage may be deemed material, and investors should subscribe to these accounts and investor alerts[17](index=17&type=chunk)[18](index=18&type=chunk) [Presentation & Corporate Structure](index=4&type=section&id=Presentation%20%26%20Corporate%20Structure) Financial results are presented in accordance with GAAP, supplemented by non-GAAP measures, reflecting the company's 'Up-C' corporate structure and consolidated financials - Financial results are presented in accordance with GAAP, with non-GAAP financial measures used to supplement[10](index=10&type=chunk) - The company operates with an 'Up-C' corporate structure, owning **61.1% of CWGS, LLC** as of June 30, 2025, and consolidates CWGS, LLC's financial results, reporting a non-controlling interest[10](index=10&type=chunk)

Company Overview - Camping World (CWH) is expected to report a year-over-year increase in earnings, with a projected EPS of $0.58, reflecting a +52.6% change, and revenues of $1.89 billion, up 4.5% from the previous year [3]. Earnings Expectations - The earnings report is anticipated to be released on July 29, and the actual results will significantly influence the stock price, depending on whether they meet or exceed expectations [2]. - The consensus EPS estimate has remained unchanged over the last 30 days, indicating a stable outlook from covering analysts [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that Camping World has a negative Earnings ESP of -4.63%, suggesting a bearish sentiment among analysts regarding the company's earnings prospects [12]. - The stock currently holds a Zacks Rank of 4, which complicates the prediction of an earnings beat [12]. Historical Performance - In the last reported quarter, Camping World was expected to post a loss of $0.23 per share but actually reported a loss of -$0.16, resulting in a positive surprise of +30.43% [13]. - Over the past four quarters, the company has beaten consensus EPS estimates three times [14]. Industry Comparison - Visteon (VC), another player in the automotive industry, is expected to report an EPS of $1.95 for the same quarter, indicating a year-over-year decline of -23.2%, with revenues projected at $935.54 million, down 7.7% [18]. - Visteon has a positive Earnings ESP of +12.89% and a Zacks Rank of 1, suggesting a strong likelihood of beating the consensus EPS estimate [19][20].