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Camping World (CWH) Earnings Call Presentation
2025-06-17 06:53
Sales Performance - Camping World's combined new and used unit registration growth outperformed the US industry, showing a 5% increase compared to the industry's -8%[9] - The company's new unit registration growth significantly exceeded the industry, with a 22% increase versus the industry's -13%[12] - While used unit registrations declined by -11%, this was a strategic move to mitigate pricing risks, compared to the industry's -6%[15] Pricing and Affordability - Camping World focuses on affordability, offering towable RVs and motorized RVs at competitive average sales prices compared to the rest of the US industry[18, 20] - The company's travel trailer monthly payment as a percentage of real disposable personal income is lower than the industry average[23] Strategic Initiatives - Camping World plans to introduce targeted Model Year 2025 private label units, with some at price points not seen in over five years, aiming to capture additional market share[25] - The company expects used vehicle unit volume growth in excess of low-double digits for 2025, capitalizing on the significant white space in the used segment[28] - Camping World has a 20% trailing-twelve-month (TTM) market share in used vehicles compared to 7% in new vehicles, indicating a strategic focus on the used segment[29] M&A and Financial Strategy - The company anticipates a robust dealership M&A environment and expects the recent Lazydays transaction of 7 locations to close on a staggered basis throughout Q1 2025[32] - The company estimates that to gain 1% market share through M&A requires 20 dealerships, an estimated $73 million in total blue sky paid, and $11 million in non-floored inventory paid[33] - The Octane partnership reached a strategic milestone with the first RV & Marine Centric Securitization since early 2000, involving an aggregate principal balance of $1275 million[36]
Camping World (CWH) 2025 Conference Transcript
2025-06-04 17:50
Summary of Camping World Holdings Conference Call Company Overview - **Company**: Camping World Holdings (CWH) - **Industry**: Recreational Vehicle (RV) Retail - **Key Executives**: Marcus Lemonis (Chairman and CEO), Matt Wagner (President), Brett Andress (SVP of Corporate Development and Investor Relations) [1][2] Core Business Segments - **RV Dealership Network**: Over 200 locations selling new and used RVs, financing, parts, and services [3] - **Good Sam Business**: Membership club offering roadside assistance, warranty insurance, generating over $150 million in revenue and $100 million in EBITDA [4] Market Share and Performance - **Market Share**: Approximately 20% of new RV sales; recent increase to about 14% of total RV sales including used [5] - **Sales Performance**: Strong performance during Memorial Day weekend, outperforming industry trends which are down mid to high percentage [7] Consumer Trends and Affordability - **Affordability Focus**: Key to success has been identifying price points to drive demand; average selling prices (ASPs) monitored to attract consumers [8][9] - **Interest Rates Impact**: Interest rates and unit costs are critical; the company has been proactive in managing these factors to maintain affordability [10] Used RV Market Strategy - **Used Market Growth**: Increased market share in the used RV segment from 5% to 9% in recent months; long-term goal to combine new and used market share to 15% [27][28] - **Procurement Efficiency**: Developed a system to efficiently procure used RVs, leveraging data from Good Sam and service business [24][33] Financial Outlook - **2025 Guidance**: Low single-digit growth expected in new units, low to mid single-digit growth in used units; maintaining historical margins [39] - **Cost Management**: Focus on reducing fixed costs and improving operational efficiency to achieve 8% EBITDA margins [44] Customer Demographics - **Core Customer Profile**: Predominantly 50-year-old Republicans with household incomes over $100,000 and credit scores around 700 [45] Industry Dynamics - **Market Resilience**: Historically, the number of RVs in circulation has never decreased; the company believes in the stability of the RV lifestyle [16] - **External Factors**: Monitoring interest rates and potential tax benefits for RV loans; optimistic about the used market's growth potential [51][52] Service and Parts Business - **Service Revenue**: Average of $50 million per month in service and parts; potential for growth in customer pay work [62] Conclusion - **Strategic Focus**: Emphasis on used RV market, service business, and maintaining affordability to navigate macroeconomic challenges; cautious approach to M&A with a focus on internal growth [55][56]
Camping World: The Good Sam Stub As A Hidden Gem
Seeking Alpha· 2025-05-18 14:05
Group 1 - The article expresses a beneficial long position in the shares of CWH, indicating a positive outlook on the company's stock performance [1] - The author emphasizes that the opinions presented are personal and not influenced by any business relationships with companies mentioned [1] - The content is intended for informational purposes only, and no guarantees are made regarding the accuracy or completeness of the information [2] Group 2 - The article clarifies that past performance does not guarantee future results, highlighting the inherent uncertainties in investment [3] - It notes that no specific investment recommendations are provided, leaving the suitability of investments to individual investors [3] - The authors of the analysis may include both professional and individual investors, indicating a diverse range of perspectives [3]
Camping World Holdings(CWH) - 2025 Q1 - Quarterly Report
2025-05-01 21:04
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _______________ Commission file number: 001-37908 CAMPING WORLD HOLDINGS, INC. (Exact name of registrant as specified in its charter) ...
Camping World Holdings(CWH) - 2025 Q1 - Earnings Call Transcript
2025-04-30 13:32
Financial Data and Key Metrics Changes - The company recorded revenue of $1.4 billion for the first quarter, representing a 4% increase year-over-year, primarily driven by a 30% increase in used unit sales [13] - Adjusted EBITDA rose to $31.1 million compared to $8.2 million in the previous year, indicating significant operational improvement [14] - The company ended the quarter with approximately $179 million in cash, including about $158 million in the floorplan offset account [15] Business Line Data and Key Metrics Changes - Used vehicle gross margins improved to 18.6%, reflecting year-over-year growth as fresh inventory was aggressively brought back into the system [13] - The company opened nine new dealerships during the quarter, with five Lazydays locations becoming profitable in March, contrasting with previous cumulative EBITDA losses [11][12] Market Data and Key Metrics Changes - The company achieved a combined new and used unit market share of over 14% through February, indicating strong competitive positioning [10] - Used same-store unit sales were up in the high teens in April, while new unit sales increased in the high single digits [10] 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 operational efficiency [5][14] - The management emphasized a commitment to selling more RVs, improving margins, and reducing costs, with a focus on profitability and market share growth [5][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving growth in excess of low double digits in used units and low single digits in new units, despite some pressure on average selling prices (ASP) [9] - The company does not foresee significant fallout from tariff impacts on the RV industry, maintaining a positive outlook for demand and pricing stability [28][29] Other Important Information - The company has made strategic investments in its roadside assistance business to stabilize margins and drive earnings growth later in 2025 [13] - Management highlighted the importance of understanding consumer affordability and the potential for RV ownership as a cost-effective alternative for family vacations [41] Q&A Session Summary Question: ASP softness and promotional support from OEM partners - Management noted that ASP softness was not driven by excessive promotions and emphasized responsible inventory planning and collaboration with manufacturers [18][19] Question: Acceleration in same-store sales in April - Management attributed the acceleration to improved weather conditions and easier comparisons from the previous year, with confidence in maintaining low single-digit growth for the year [23][24] Question: Impact of tariffs on pricing - Management does not anticipate significant price increases before the model year changeover and believes any increases will benefit the used business [28][29] Question: Durability of balance sheet amid economic slowdown - Management reassured investors of a healthy balance sheet with significant cash reserves and plans to continue paying down debt [34][36] Question: Strength in business despite consumer confidence softness - Management highlighted the stable foundation of the RV market and the appeal of RV ownership as an affordable alternative for families [41] Question: Used business outperformance - Management credited effective sourcing strategies and record procurement efforts for the strong performance in the used segment [46] Question: Cost reduction actions and their impact - Management detailed the $35 million annualized cost reduction plan, emphasizing that most of the cuts have been implemented and will positively impact the bottom line [52][54] Question: Market consolidation and M&A outlook - Management indicated that consolidations are accretive to the bottom line and expressed a willingness to pursue opportunistic acquisitions while focusing on cash generation and deleveraging [72][78]
Camping World Holdings(CWH) - 2025 Q1 - Earnings Call Transcript
2025-04-30 12:30
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]
Camping World (CWH) Reports Q1 Loss, Lags Revenue Estimates
ZACKS· 2025-04-29 23:35
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]
Camping World Holdings(CWH) - 2025 Q1 - Quarterly Results
2025-04-29 20:10
[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% |
Camping World (CWH) Soars 10.4%: Is Further Upside Left in the Stock?
ZACKS· 2025-04-10 14:00
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]
Camping World Eyes 12% Market Share in 2025
The Motley Fool· 2025-03-05 12:38
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]