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].

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]

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]

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]

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) ...

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]

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]