Camping World Holdings(CWH)2024-10-28 20:10Revenue Performance - Revenue for the third quarter was 4.6 million, or 0.3% year-over-year[2] - New vehicle revenue increased to 145.7 million, or 21.5%, with new vehicle unit sales rising to 19,943 units, an increase of 4,738 units, or 31.2%[3] - Used vehicle revenue decreased to 143.0 million, or 24.2%, with used vehicle unit sales falling to 14,065 units, a decrease of 3,060 units, or 17.9%[3] - Same store new vehicle unit sales increased by 28.8%, while same store used vehicle unit sales decreased by 20.5%[3] - Total revenue for the three months ended September 30, 2024, was 1,729,613 in the same period last year, representing a decline of 0.5%[13] - New vehicle sales reached 824,916 units, up from 679,207 units year-over-year, indicating a growth of 21.5%[13] - Same store revenue for new vehicles increased by 19.2% to 399,525[14] - Total unit sales rose by 5.2% to 34,008 units, up from 32,330 units[14] Profitability Metrics - Gross profit was 24.6 million, or 4.7%, with total gross margin at 28.9%, down 134 basis points[3] - Gross profit for the three months was 523,086, reflecting a decrease of 4.7%[13] - New vehicle gross margin for Q3 2024 was 13.5%, an increase from 12.0% in Q3 2019, while used vehicle gross margin fell to 18.2% from 21.1% in Q3 2019[21] - Total gross margin declined to 28.9% from 30.2% year-over-year[14] Net Income and Earnings Per Share - Net income for the third quarter was 22.8 million, or 73.9%[4] - Diluted earnings per share decreased to 0.23, or 71.9%[4] - Net income attributable to Camping World Holdings, Inc. was 15,961 in the prior year, representing a decline of 65.5%[13] - Basic earnings per share decreased to 0.36, a decline of 66.7% year-over-year[13] - Net income attributable to Camping World Holdings, Inc. for the three months ended September 30, 2024, was 15,961,000 for the same period in 2023, representing a decrease of 65.5%[39] - Adjusted earnings per share - diluted for the three months ended September 30, 2024, was 0.39 in the same period of 2023, a decrease of 66.7%[39] Operational Metrics - The total number of store locations was 207, a net decrease of two locations from the previous year, or 1.0%[4] - Active customers decreased by 9.7% to 4,615,443 from 5,111,478[14] - New vehicle inventory per dealer location increased by 5.7% to 5,520[14] - Total RV and Outdoor Retail inventories decreased by 4.7% to 1,868,516[14] Cash Flow and Assets - Net cash provided by operating activities for the nine months ended September 30, 2024, was 543,273 thousand for the same period in 2023, a decrease of about 24.8%[18] - Cash and cash equivalents at the end of the period were 39,647 thousand at the beginning of the period, reflecting a decrease of 28.2%[18] - Total current assets decreased to 2,349,112 thousand in December 2023, representing a decline of approximately 10.3%[16] - Total liabilities decreased to 4,631,477 thousand in December 2023, a reduction of approximately 3.4%[16] - Total stockholders' equity attributable to Camping World Holdings, Inc. decreased to 124,584 thousand in December 2023, a decline of approximately 13.4%[16] Future Outlook - The company anticipates a meaningful recovery in used unit volume next year, exceeding low double digits growth[1] - The company continues to focus on market expansion and new product development as part of its strategic initiatives[34] Adjusted Metrics - Adjusted EBITDA for the three months ended September 30, 2024, was 94,998 for the same period in 2023, reflecting a decrease of 29.0%[31] - Adjusted EBITDA margin for the three months ended September 30, 2024, was 3.9%, down from 5.5% in the same period last year[32] - Adjusted Net Income Attributable to Camping World Holdings, Inc. is defined as net income adjusted for non-cash and other items, providing a clearer view of ongoing operating performance[35] - Adjusted net income attributable to Camping World Holdings, Inc. – diluted for the three months ended September 30, 2024, was 33,096,000 in the same period of 2023, a decline of 65.5%[39]