Camping World (NYSE:CWH) FY Conference Summary Company Overview - Camping World operates nearly 200 RV dealerships across North America, commanding approximately 13.5% market share of all new and used RVs sold in the region, with the closest competitor at less than 6% market share [6][7] - The company sells about 25% of all new RVs in North America and 8.5% of used RVs [6][7] - Good Sam, a subsidiary, offers roadside assistance, finance, and insurance products, and has a community of about 1.6 million RV enthusiasts [8][9] Financial Performance and Projections - The company aims for an adjusted EBITDA of approximately $310 million for 2026, representing growth from 2025 [17] - Four sources of upside identified for achieving this target: 1. SG&A savings of at least $15 million [18] 2. Growth in used RV sales, projected to exceed 7%-8% year-over-year [18] 3. Additional dealership M&A opportunities [19] 4. New RV sales, which are less controllable due to reliance on OEMs [19][20] Market Dynamics - The RV industry has experienced deflation in new invoice prices for the first time, impacting pricing strategies and market dynamics [15] - The used RV market is approximately twice the size of the new RV market, presenting significant growth opportunities [8][28] - The company has developed proprietary residual value calculations for used RVs, enhancing its competitive edge [24][25] Consumer Insights - Affordability is a primary concern for consumers, with nearly 80% financing their RV purchases [58] - The average customer has a FICO score above 700 and a household income exceeding $100,000, primarily from rural areas [62] - About 75% of RV sales are to first-time buyers, indicating a growing interest in the RV lifestyle [64][66] Strategic Initiatives - The company is focusing on enhancing its private label business, which accounts for 40% of new RV sales, by leveraging exclusive manufacturing relationships [11][29] - Good Sam's expansion into adjacent markets (marine, power sports) is seen as a growth opportunity [46][48] - The company has improved its in-house roadside assistance capabilities, resulting in higher customer satisfaction scores [56] Challenges and Risks - OEMs have raised prices by 5%-7%, leading to potential resistance in the market [21] - The RV industry is cyclical, and current affordability issues are seen as a barrier to reaching mid-cycle performance levels [78] - The company is actively working on improving its net debt leverage and capital allocation strategies [79][80] Conclusion - Camping World is well-positioned in the RV market with a strong market share and growth potential in both new and used RV sales. The focus on cost savings, strategic acquisitions, and enhancing customer experience through Good Sam services will be critical in navigating the current market challenges and achieving financial targets.

Investment Strategy - Creo Capital focuses on partnering with family-owned businesses that demonstrate proven success and unique competitive advantages, not limited to the Hispanic food sector [1][6] - The firm is interested in platform roll-up strategies, particularly in the logistics and B2B non-asset-based logistics sectors, indicating a long-term commitment to these categories [2][10] Market Trends - There is a notable increase in the consumption of Hispanic food in the U.S., with consumers eating Mexican food multiple times a week, leading retailers to expand their Hispanic offerings [3][4] - The growing Hispanic population in the U.S. presents significant market opportunities for companies like Insignia, which aims to be a one-stop-shop for Hispanic food products [3][4] Portfolio and Acquisitions - Creo Capital's portfolio includes Insignia International, which houses several Hispanic food brands acquired in recent years, such as Yucatan Foods and Tortilla King [5][6] - The firm is actively seeking to expand its Hispanic foods and private-label portfolio, targeting companies with revenues between $25 million and $1 billion [7][14] Investment Focus - The company is open to investing in various food categories, including foodservice, private label, and retail, emphasizing the quality of the business and management team over size [8][15] - Creo Capital is particularly interested in businesses with unique go-to-market strategies, which may include innovative manufacturing or distribution methods [20][21] Consumer Trends - The better-for-you food category is expected to continue growing, with consumers increasingly focused on the quality of their food [22][23] - There is a rising demand for high-protein and low-carb products, such as zero-net-carb tortillas, reflecting changing consumer preferences [23][24] ESG Considerations - While ESG awareness has diminished in the food industry, Creo Capital still considers it an important factor when evaluating potential investments, looking for businesses that offer quality products with ESG benefits [25][27]