Financial Data and Key Metrics Changes - The company recorded revenue of $1.4 billion for the first quarter, an increase of 4% year-over-year, primarily driven by a 30% increase in used unit sales [12] - Adjusted EBITDA rose to $31.1 million compared to $8.2 million in the previous year, indicating significant growth in profitability [13] - SG&A expenses were aligned with expectations, with actions taken to reduce approximately $35 million in annualized SG&A through headcount and cost reductions [13][51] Business Line Data and Key Metrics Changes - Used vehicle gross margins improved to 18.6%, reflecting year-over-year growth due to effective inventory management [12] - The company opened nine new dealerships during the quarter, with five Lazydays locations becoming profitable in March, contrasting with previous losses [10][12] - The focus on used unit sales has led to high single-digit growth in new unit sales in April, following a slight decline in the first quarter [9][23] Market Data and Key Metrics Changes - The company achieved a combined market share of over 14% through February, indicating strong performance relative to competitors [9][74] - The used RV supply chain maintained high velocity, with record levels of used inventory procurement in March and expectations for continued strength [9][10] - The company anticipates new model year 2026 pricing to increase in the mid-single digits, with minimal impact from tariffs [6][30] Company Strategy and Development Direction - The company aims to improve SG&A as a percentage of gross profit by 600 to 700 basis points, focusing on cost reduction and efficiency [4][13] - A commitment to enhancing profitability through strategic dealership consolidation and optimizing sales per rooftop is emphasized [4][70] - The management believes in the strength of the business model, particularly in serving the existing RV owner base, which provides a stable foundation for growth [38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the RV industry's resilience against economic headwinds, citing a stable installed base of RV owners [38][39] - The company is proactively managing costs and inventory to mitigate potential impacts from economic slowdowns and tariff uncertainties [29][34] - Future growth is expected to exceed low double digits in used units and low single digits in new units, with a focus on maintaining gross margins within historical ranges [7][11] Other Important Information - The company ended the quarter with approximately $179 million in cash, including $158 million in a floorplan offset account, indicating a strong liquidity position [13][14] - The management is focused on deleveraging the balance sheet while pursuing growth opportunities through strategic acquisitions [34][72] Q&A Session Summary Question: ASP softness and OEM support - Management clarified that ASP softness was not driven by excessive promotions and emphasized strong collaboration with OEM partners to maintain margins [18][19] Question: Acceleration in same-store sales - The increase in same-store sales in April was attributed to easier comparisons and improved weather conditions compared to February [23][24] Question: Tariff impacts and pricing expectations - Management does not anticipate significant fallout from tariffs and expects new model year pricing increases to be in the 3% to 5% range [30][31] Question: Balance sheet durability amid economic slowdown - The company maintains a healthy balance sheet with significant cash reserves and plans to continue paying down debt [33][34] Question: Strength in business despite consumer confidence softness - Management believes the RV lifestyle remains appealing, providing an affordable alternative for family vacations [38][39] Question: Used unit outperformance - The company has successfully sourced used units and improved procurement strategies, leading to record levels of used inventory [43][44] Question: Cost reduction actions and reinvestment - The $35 million in cost reductions is nearly complete, with benefits expected to materialize throughout the year [51] Question: Market consolidation and M&A outlook - Management views recent market consolidations as accretive to the bottom line and remains open to opportunistic acquisitions [67][72]

Group 1 - Camping World reported a quarterly loss of $0.16 per share, better than the Zacks Consensus Estimate of a loss of $0.23, and an improvement from a loss of $0.40 per share a year ago, resulting in an earnings surprise of 30.43% [1] - The company posted revenues of $1.41 billion for the quarter ended March 2025, missing the Zacks Consensus Estimate by 1.47%, but showing an increase from $1.36 billion in the same quarter last year [2] - Camping World shares have declined approximately 34.7% since the beginning of the year, contrasting with the S&P 500's decline of 6% [3] Group 2 - The earnings outlook for Camping World is uncertain, with current consensus EPS estimates at $0.64 for the coming quarter and $0.91 for the current fiscal year, with revenues expected to be $1.94 billion and $6.51 billion respectively [7] - The Zacks Industry Rank places Leisure and Recreation Services in the top 34% of over 250 Zacks industries, indicating that the industry outlook can significantly impact stock performance [8] - The estimate revisions trend for Camping World is currently unfavorable, resulting in a Zacks Rank 4 (Sell), suggesting that the shares are expected to underperform the market in the near future [6]

[First Quarter 2025 Financial Highlights](index=1&type=section&id=First%20Quarter%202025%20Financial%20Highlights) Camping World reported significant Q1 2025 improvements, with revenue up 3.6% to $1.4 billion, Adjusted EBITDA surging 278% to $31.1 million, and net loss narrowing to $24.7 million, driven by strong used vehicle sales and record market share Q1 2025 Key Financial Metrics (Year-over-Year) | Metric | Q1 2025 | Q1 2024 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | $1.4 billion | $1.36 billion | +$49.5 million | +3.6% | | Net Loss | ($24.7 million) | ($50.8 million) | +$26.1 million | +51.4% | | Adjusted EBITDA | $31.1 million | $8.2 million | +$22.9 million | +278.0% | | Diluted Loss Per Share | ($0.21) | ($0.51) | +$0.30 | +58.8% | | Adjusted Loss Per Share | ($0.16) | ($0.40) | +$0.24 | +60.0% | - The company achieved a **record market share** for combined new and used units during the quarter[2](index=2&type=chunk) - Combined new and used vehicle unit sales increased by **11.2% to 30,665 units**, primarily driven by a **30.3% increase in used vehicle sales**[3](index=3&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) Management expressed confidence in the company's performance, highlighting a commitment to increasing unit sales and profitability, with adjusted EBITDA improving nearly fourfold and expected SG&A reductions - CEO Marcus Lemonis stated the commitment is to "sell more units and make more money," reflected in a nearly **4x YoY increase in adjusted EBITDA**[2](index=2&type=chunk) - The company has taken actions to lower headcount and optimize its footprint, expecting **SG&A reductions to improve future profitability**[2](index=2&type=chunk) - President Matthew Wagner confirmed confidence in delivering **low-double-digit growth in used units**, **low-single-digit growth in new units**, and a **600-700 basis point improvement in SG&A as a percentage of gross profit**[2](index=2&type=chunk) - Management noted no discernible impacts on consumer behavior from tariffs, with April-to-date same-store unit sales tracking up **mid-teens for used** and **high-singles for new vehicles**[2](index=2&type=chunk) [Detailed Operational Performance](index=1&type=section&id=Detailed%20Operational%20Performance) The company's Q1 2025 operational performance was characterized by a strategic shift towards used vehicles, driving a 6.8% increase in total gross profit despite slight declines in new vehicle revenue and Good Sam Services margins [Vehicle Sales Performance (New & Used)](index=1&type=section&id=Vehicle%20Sales%20Performance%20%28New%20%26%20Used%29) In Q1 2025, used vehicle sales were the primary growth driver, with units up 30.3% and revenue up 25.1%, while new vehicle sales and average selling prices declined Q1 2025 Vehicle Sales Performance (YoY) | Vehicle Type | Unit Sales | Unit Change | Revenue | Revenue Change | | :--- | :--- | :--- | :--- | :--- | | New Vehicles | 16,726 units | -0.9% | $621.4 million | -5.3% | | Used Vehicles | 13,939 units | +30.3% | $422.4 million | +25.1% | | **Total** | **30,665 units** | **+11.2%** | **$1,043.8 million** | **+5.1%** | Q1 2025 Average Selling Price (ASP) and Same Store Sales (YoY) | Metric | New Vehicles | Used Vehicles | | :--- | :--- | :--- | | Average Selling Price (ASP) | $37,154 (-4.4%) | $30,300 (-4.0%) | | Same Store Unit Sales | -2.0% | +28.5% | [Products, Service, and Other Performance](index=1&type=section&id=Products%2C%20Service%2C%20and%20Other%20Performance) Products, service, and other revenue decreased 7.3% due to divestiture and labor reallocation, but the segment's gross margin significantly improved by 580 basis points to 48.6% - Revenue for Products, service and other was **$165.0 million**, a decrease of **$12.9 million or 7.3% YoY**[3](index=3&type=chunk) - The revenue decline was mainly due to the **divestiture of the RV furniture business** and **reallocation of service labor to recondition used inventory**[3](index=3&type=chunk) - Gross margin for this segment increased by **580 basis points to 48.6%**, a positive outcome of the business divestiture and improved pricing[3](index=3&type=chunk)[19](index=19&type=chunk) [Gross Profit and Margins](index=1&type=section&id=Gross%20Profit%20and%20Margins) Total gross profit for Q1 2025 increased by 6.8% to $429.6 million, primarily fueled by higher used vehicle and Finance and Insurance gross profit, despite a decline in Good Sam Services and Plans gross margin Q1 2025 Gross Margin by Segment (YoY) | Segment | Q1 2025 Margin | Q1 2024 Margin | Basis Point Change | | :--- | :--- | :--- | :--- | | New Vehicles | 13.7% | 13.9% | -19 bps | | Used Vehicles | 18.6% | 17.5% | +104 bps | | Products, service and other | 48.6% | 42.8% | +580 bps | | Good Sam Services and Plans | 61.6% | 66.8% | -511 bps | | **Total Gross Margin** | **30.4%** | **29.5%** | **+89 bps** | - The increase in total gross profit was mainly driven by higher **used vehicle gross profit (+$19.2 million)** and higher **F&I gross profit (+$13.2 million)**[3](index=3&type=chunk)[4](index=4&type=chunk) [Operating Expenses and Profitability](index=3&type=section&id=Operating%20Expenses%20and%20Profitability) In Q1 2025, Selling, General, and Administrative expenses rose 4.3% to $387.4 million, but significant interest expense savings contributed to a substantial 51.4% net loss improvement and 278% Adjusted EBITDA growth Q1 2025 Key Expense and Profitability Metrics (YoY) | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | SG&A | $387.4 million | $371.5 million | +4.3% | | Floor plan interest expense | $18.3 million | $27.9 million | -34.3% | | Other interest expense, net | $30.5 million | $36.1 million | -15.4% | | Net Loss | ($24.7 million) | ($50.8 million) | +51.4% | | Adjusted EBITDA | $31.1 million | $8.2 million | +278.0% | - The increase in SG&A was primarily due to a **$9.6 million rise in employee cash compensation** and **$7.3 million in additional advertising expenses**[7](index=7&type=chunk) [Revisions to Prior Period Financials](index=3&type=section&id=Revisions%20to%20Prior%20Period%20Financials) The company identified and revised immaterial prior period misstatements related to a deferred tax asset, which increased Total Assets and Total Stockholders' Equity by $43.8 million as of March 31, 2024 - Management identified **immaterial misstatements from prior periods** related to a **deferred tax asset** in CWGS Enterprises, LLC[5](index=5&type=chunk) Effect of Revisions on Consolidated Balance Sheet (As of March 31, 2024, in thousands) | Line Item | As Previously Reported | Adjustment | As Revised | | :--- | :--- | :--- | :--- | | Deferred tax assets, net | $153,716 | $43,768 | $197,484 | | Total assets | $5,023,162 | $43,768 | $5,066,930 | | Total stockholders' equity | $152,410 | $43,768 | $196,178 | [Financial Statements](index=7&type=section&id=Financial%20Statements) The Q1 2025 financial statements reflect higher revenue and gross profit but a net loss, increased total inventories, and a significant use of cash in operating activities primarily driven by inventory build-up [Consolidated Statements of Operations](index=7&type=section&id=Consolidated%20Statements%20of%20Operations) For Q1 2025, total revenues increased to $1.41 billion and gross profit rose to $429.6 million, resulting in a net loss of $24.7 million, a significant improvement from the prior-year period Q1 2025 Statement of Operations Summary (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total Revenue | $1,413,524 | $1,364,017 | | Total Gross Profit | $429,628 | $402,397 | | Income from Operations | $20,842 | $4,222 | | Net Loss | $(24,682) | $(50,806) | | Net Loss Attributable to CWH | $(12,280) | $(22,307) | [Consolidated Balance Sheets](index=10&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2025, cash and cash equivalents decreased to $20.9 million, total inventories increased to $2.12 billion, and total assets reached $5.15 billion, with total stockholders' equity at $458.8 million Balance Sheet Summary (in thousands) | Line Item | March 31, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $20,916 | $208,422 | | Inventories | $2,119,169 | $1,821,837 | | Total Assets | $5,147,210 | $4,863,277 | | Notes payable – floor plan, net | $1,320,687 | $1,161,713 | | Total Liabilities | $4,688,399 | $4,378,328 | | Total Stockholders' Equity | $458,811 | $484,949 | [Consolidated Statements of Cash Flows](index=11&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities significantly increased to $232.5 million in Q1 2025, primarily due to inventory build-up, resulting in a net decrease in cash of $187.5 million for the quarter Q1 2025 Statement of Cash Flows Summary (in thousands) | Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(232,479) | $(67,982) | | Net cash used in investing activities | $(145,428) | $(59,498) | | Net cash provided by financing activities | $190,401 | $117,551 | | **Net Decrease in Cash** | **$(187,506)** | **$(9,929)** | [Non-GAAP Financial Measures](index=12&type=section&id=Non-GAAP%20Financial%20Measures) The company provides several non-GAAP measures, including Adjusted EBITDA and Adjusted Loss Per Share, to supplement GAAP financial statements and offer a clearer view of ongoing operational performance by excluding certain non-cash or one-time items - The company uses **non-GAAP measures** like Adjusted EBITDA and Adjusted Loss Per Share to provide useful information about operating results and enhance the understanding of past and future performance[27](index=27&type=chunk) [Adjusted EBITDA Reconciliation](index=13&type=section&id=Adjusted%20EBITDA%20Reconciliation) Adjusted EBITDA for Q1 2025 was $31.1 million, a significant increase from $8.2 million in Q1 2024, reconciled from net loss by adding back interest, depreciation and amortization, and stock-based compensation Q1 2025 Reconciliation of Net Loss to Adjusted EBITDA (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net loss | $(24,682) | $(50,806) | | Other interest expense, net | 30,531 | 36,094 | | Depreciation and amortization | 22,544 | 19,290 | | Income tax benefit | (3,471) | (9,042) | | **Subtotal EBITDA** | **24,922** | **(4,464)** | | Long-lived asset impairment | 620 | 5,827 | | (Gain) loss on sale or disposal of assets, net | (1,823) | 1,585 | | SBC | 7,270 | 5,197 | | Other adjustments | 157 | 94 | | **Adjusted EBITDA** | **$31,146** | **$8,239** | [Adjusted Loss Per Share Reconciliation](index=15&type=section&id=Adjusted%20Loss%20Per%20Share%20Reconciliation) The adjusted diluted loss per share improved to ($0.16) for Q1 2025 from ($0.40) in the prior-year quarter, after accounting for various non-GAAP adjustments Q1 2025 Reconciliation of GAAP to Non-GAAP Loss Per Share | Per Share Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Loss per share — basic | $(0.20) | $(0.50) | | **Adjusted loss per share - basic** | **$(0.15)** | **$(0.38)** | | Loss per share — diluted | $(0.21) | $(0.51) | | **Adjusted loss per share - diluted** | **$(0.16)** | **$(0.40)** | [SG&A Excluding SBC](index=17&type=section&id=SG%26A%20Excluding%20SBC) Total SG&A Excluding SBC was $380.3 million in Q1 2025, improving to 88.5% as a percentage of gross profit from 91.0% in Q1 2024, indicating better cost control relative to gross profit generation Q1 2025 SG&A Excluding SBC (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | SG&A | $387,445 | $371,473 | | SBC - SG&A | (7,145) | (5,105) | | **SG&A Excluding SBC** | **$380,300** | **$366,368** | | As a % of gross profit | 88.5% | 91.0% |

Company Overview - Camping World (CWH) shares increased by 10.4% to close at $13.91, following a significant trading volume compared to typical sessions, despite a 23.9% loss over the past four weeks [1] - The company is expected to report a quarterly loss of $0.23 per share, reflecting a year-over-year change of +42.5%, with revenues projected at $1.44 billion, up 5.4% from the previous year [2] Earnings Estimates and Market Sentiment - The consensus EPS estimate for Camping World has remained unchanged over the last 30 days, indicating that stock price movements may not sustain without trends in earnings estimate revisions [3] - The stock currently holds a Zacks Rank of 3 (Hold), suggesting a neutral outlook [3] Industry Context - Camping World is part of the Zacks Leisure and Recreation Services industry, which includes other companies like Royal Caribbean (RCL), whose shares rose by 16.3% to $209.51, despite a -13% return over the past month [3] - Royal Caribbean's consensus EPS estimate has changed by -0.9% to $2.52, representing a +42.4% increase from the previous year, and it also holds a Zacks Rank of 3 (Hold) [4]

Core Insights - Camping World Holdings (CWH) reported a relatively flat industry environment but achieved record market share in 2024 and aims for 12% market share in 2025 [1][2][3] Group 1: Market Share and Sales Performance - The company ended 2024 with a combined new and used market share of 11.2% and expects to sell over 130,000 units in 2025, an increase from 121,500 units in 2024 [3][6] - Early 2025 results show promising growth, with January used same-store sales increasing in the high teens and new same-store unit sales up low single digits [2][3] Group 2: Financial Improvements and Cost Management - Management outlined financial targets for 2025, focusing on SG&A improvements and gross margin ranges, with specific cost-cutting measures already implemented [3][4] - The company anticipates significant EBITDA growth in Q1 2025, driven by gross margin improvements and SG&A reductions [4][7] Group 3: Balance Sheet Strength and Capital Management - Recent financial transactions include raising $330 million in growth capital and prioritizing debt reduction, with $288 million in cash at the end of Q4 [4][5] - The company emphasizes a strong balance sheet, with significant free and clear assets, and aims to reduce leverage by the end of 2025 [5][6] Group 4: Industry Outlook and Growth Plans - The industry outlook for 2025 projects retail demand to remain flat at around 350,000 units, with wholesale shipments expected to increase by 10,000-15,000 units [6][7] - Camping World has already acquired six dealership rooftops in 2025 and plans to close four to six more by spring [6][7]

Table of Contents Commission file number: 001-37908 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to_____ CAMPING WORLD HOLDINGS, INC. (Exact name of registrant as specified in its charter) Delaware (State or other ...

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Financial Data and Key Metrics Changes - The company recorded revenue of $1.2 billion for Q4 2024, an increase of 9% compared to the previous year, driven by an 8% increase in new unit sales and an 11% increase in used unit sales [20][21] - Adjusted EBITDA loss improved to $2.5 million from a loss of $8.9 million year-over-year, primarily due to accelerated used inventory procurement and new unit market share gains [23] - The company ended the quarter with approximately $288 million in cash, including $80 million in the floor plan offset account, and $339 million in used inventory net of flooring [24] Business Line Data and Key Metrics Changes - New vehicle gross margin was 15.2%, primarily due to lower promotional support compared to the prior year [21] - Used vehicle gross margin improved to 18.7% as fresh used inventory was brought back into the system [21] - Good Sam achieved revenue growth of 1% with nearly $95 million in EBITDA, indicating solid performance in product services and other areas despite pressures from the furniture business sale [22] Market Data and Key Metrics Changes - The company ended 2024 with a record combined new and used market share of 11.2%, with expectations to reach 12% in early 2025 [10][11] - Early 2025 results showed healthy mid-single-digit growth, with expectations for used same-store sales tracking positive double digits in February [15][16] - The company anticipates retail demand to remain relatively flat year-over-year, estimating around 350,000 retail sales for 2025 [98][102] Company Strategy and Development Direction - The company aims for 10% to 15% unit growth in used RVs and low single-digit growth in new RVs, with a focus on improving total gross profit and SG&A by 600 to 700 basis points [10][18] - The strategy includes expanding dealership acquisitions, with plans to close an additional four to six rooftops by the end of spring [17][90] - The company is focused on maintaining its dominance in the RV market while expanding its Good Sam and service metrics [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the health of the broader RV industry, citing good foot traffic and lead volume in stores [42][46] - The company expects explosive EBITDA growth in Q1 2025 compared to the prior year, driven by gross margin improvements and significant SG&A reductions [13][117] - Management noted that the ten-year treasury yield's stabilization could lead to retail finance rate relief for customers, enhancing affordability [11][30] Other Important Information - The company raised $330 million in growth capital in October and amended its RV floor plan facility, adding $300 million of runway [9] - The company is committed to achieving a 600 to 700 basis point improvement in SG&A as a percentage of gross profit, with adjustments to the cost structure already in progress [23][152] Q&A Session Summary Question: On new ASPs, is the improvement due to rate reductions or other factors? - Management indicated that ASPs typically start lower in the year and rise as the season progresses, with rate reductions allowing customers to afford more expensive units [28][31] Question: How much of the SG&A improvement is volume-driven versus cost savings? - Management acknowledged that some improvement comes from increased gross profit, but difficult decisions regarding headcount were also made to achieve the targeted SG&A improvements [32][34] Question: What feedback has been received from the show season regarding retail demand? - Management noted positive feedback from show season, with good foot traffic and lead volume, indicating a healthy demand for RVs [42][46] Question: What is the expected retail demand for 2025? - Management anticipates retail demand to be relatively flat year-over-year, estimating around 350,000 retail sales [98][102] Question: Can you clarify the impact of insurance claims on SG&A? - Management quantified the impact of higher insurance claims at about $6 million for the quarter, which is expected to normalize [151] Question: What is the outlook for used RV opportunities in 2025? - Management expressed confidence in the used RV market, highlighting significant procurement efforts and a strong inventory position [155]

Financial Data and Key Metrics Changes - The company recorded revenue of $1.2 billion for Q4 2024, an increase of 9% compared to the previous year, driven by an 8% increase in new unit sales and an 11% increase in used unit sales [20][21] - Adjusted EBITDA loss improved to $2.5 million from a loss of $8.9 million year-over-year, primarily due to accelerated used inventory procurement and new unit market share gains [23] - The company ended Q4 with approximately $288 million in cash, including $80 million in the floor plan offset account, and $339 million in used inventory net of flooring [24] Business Line Data and Key Metrics Changes - New vehicle gross margin was 15.2%, primarily due to lower promotional support compared to the prior year, while used vehicle gross margin improved to 18.7% as fresh used inventory was brought back into the system [21] - Good Sam achieved revenue growth of 1% with nearly $95 million in EBITDA, indicating solid performance in product services and other core dealer service revenues [22] Market Data and Key Metrics Changes - The company ended 2024 with a record combined new and used market share of 11.2%, with expectations to reach 12% in early 2025, selling over 130,000 units, up from 121,500 in 2024 [10][11] - The company anticipates retail demand for the RV industry to remain relatively flat year-over-year, estimating around 350,000 retail sales, with wholesale shipments slightly higher to support restocking [98][102] Company Strategy and Development Direction - The company aims for 10% to 15% unit growth in used RVs and low single-digit growth in new RVs, with a focus on improving total gross profit and achieving a 600 to 700 basis point improvement in SG&A as a percentage of gross profit [10][23] - The management is focused on judiciously reestablishing the used business while maintaining dominance in the RV market, with plans to close an additional four to six dealership acquisitions by the end of spring [18][90] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the health of the broader RV industry, citing good foot traffic and lead volume, and noted that consumer interest in RVs is returning [42][46] - The company expects explosive EBITDA growth in Q1 2025 compared to the prior year, driven by gross margin improvements and significant SG&A reductions [13][117] Other Important Information - The company raised $330 million in growth capital in October and amended its RV floor plan facility, adding $300 million of runway [9] - Management indicated that the ten-year treasury yield's stabilization could lead to retail finance rate relief for customers, allowing them to afford more units [13][30] Q&A Session Summary Question: What is driving the new ASPs? - Management indicated that ASPs typically start lower at the beginning of the year and rise as the selling season progresses, with a correlation to the ten-year treasury yield affecting retail rates [28][30] Question: How much of the SG&A improvement is from profit growth versus cost savings? - Management noted that some improvement comes from increased gross profit, but significant adjustments to the cost structure were also made to achieve the targeted SG&A improvements [32][34] Question: What feedback has been received from the show season? - Management reported positive feedback from show season, with good foot traffic and lead volume, indicating a healthy demand for RVs [42][46] Question: What is the outlook for retail demand in 2025? - Management anticipates retail demand to be relatively flat year-over-year, estimating around 350,000 retail sales, with wholesale shipments needing to be slightly higher to support restocking [98][102] Question: What are the expectations for new and used gross margins in 2025? - Management expects new gross margins to be in the range of 13.5% to 14% and used gross margins to exceed 19% for the year [85][86] Question: How many dealerships does the company plan to add in 2025? - Management expects to add six to seven dealerships in 2025, focusing on capital allocation and growth opportunities [90][91]

Camping World (CWH) came out with a quarterly loss of $0.47 per share versus the Zacks Consensus Estimate of a loss of $0.55. This compares to loss of $0.47 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 14.55%. A quarter ago, it was expected that this recreational vehicle retailer and services provider would post earnings of $0.07 per share when it actually produced earnings of $0.13, delivering a surprise of 85.71%.Over the ...