$CWH

Camping World Holdings, Inc.

CIK:0001669779|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Total revenue	$ 1,934,039	$ 1,975,948	$ 3,288,644	$ 3,389,472
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue	1,395,661	1,383,693	2,346,927	2,367,589
Operating expenses:
Selling, general, and administrative	410,860	437,489	769,164	824,934
Depreciation and amortization	24,634	23,419	47,352	45,963
Long-lived asset impairment	13,099	0	13,099	620
(Gain) loss on lease termination and/or remeasurement	(8)	(107)	56	(107)
(Gain) loss on sale or disposal of assets	(2,055)	1,185	(1,887)	(638)
Total operating expenses	446,530	461,986	827,784	870,772
Income from operations	91,848	130,269	113,933	151,111
Other expense:
Floor plan interest expense	(19,852)	(20,989)	(41,671)	(39,295)
Other interest expense, net	(26,912)	(30,836)	(53,761)	(61,367)
Other expense, net		(2,600)	(162)	(2,758)
Total other expense	(46,764)	(54,425)	(95,594)	(103,420)
Income before income taxes	45,084	75,844	18,339	47,691
Income tax expense	(1,371)	(18,321)	(1,287)	(14,850)
Net income	43,713	57,523	17,052	32,841
Less: net income attributable to non-controlling interests	(16,853)	(27,307)	(6,594)	(14,905)
Net income attributable to Camping World Holdings, Inc.	$ 26,860	$ 30,216	$ 10,458	$ 17,936
Class A Common Stock
Earnings per share of Class A common stock:
Basic	$ 0.42	$ 0.48	$ 0.16	$ 0.29
Diluted	$ 0.42	$ 0.48	$ 0.16	$ 0.28
Weighted average shares of Class A common stock outstanding:
Basic	63,668	62,610	63,573	62,571
Diluted	64,175	62,747	64,166	102,661
Good Sam Services and Plans
Revenue:
Total revenue	$ 54,629	$ 54,213	$ 103,087	$ 100,421
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue	20,886	21,947	39,795	39,668
RV and Outdoor Retail
Revenue:
Total revenue	1,879,410	1,921,735	3,185,557	3,289,051
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue	1,374,775	1,361,746	2,307,132	2,327,921
RV and Outdoor Retail \| New vehicles
Revenue:
Total revenue	869,047	915,106	1,456,741	1,536,538
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue	773,986	788,873	1,289,899	1,325,232
RV and Outdoor Retail \| Used vehicles
Revenue:
Total revenue	580,322	572,271	984,102	994,622
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue	484,681	455,239	817,179	799,200
RV and Outdoor Retail \| Products, service and other
Revenue:
Total revenue	217,563	222,890	375,983	387,882
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue	114,707	116,412	197,480	201,151
RV and Outdoor Retail \| Finance and insurance, net
Revenue:
Total revenue	201,677	201,198	347,777	349,865
RV and Outdoor Retail \| Good Sam Club
Revenue:
Total revenue	10,801	10,270	20,954	20,144
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Total costs applicable to revenue	$ 1,401	$ 1,222	$ 2,574	$ 2,338

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net income	$ 17,052	$ 32,841
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	47,352	45,963
Stock-based compensation	9,158	15,714
Loss (gain) on lease termination and/or remeasurement	2	(107)
Long-lived asset impairment	13,099	620
Gain on sale or disposal of assets	(1,887)	(638)
Provision for credit losses	1,140	1,117
Noncash lease expense	30,634	29,661
Accretion of original debt issuance discount	1,370	1,271
Noncash interest	1,785	2,106
Deferred income taxes	0	3,705
Change in assets and liabilities, net of acquisitions:
Receivables and contracts in transit	(123,445)	(124,242)
Inventories	255,602	(171,390)
Prepaid expenses and other assets	(1,722)	(827)
Accounts payable and other accrued expenses	118,438	156,840
Payment pursuant to Tax Receivable Agreement	(1,416)	0
Deferred revenues	(8,188)	1,612
Operating lease liabilities	(32,224)	(31,437)
Other, net	6,435	(7,404)
Net cash provided by (used in) operating activities	333,185	(44,595)
Investing activities
Purchases of property and equipment	(64,211)	(49,696)
Proceeds from sale or disposal of property and equipment	255	2,966
Purchases of real property	(1,386)	(72,386)
Proceeds from the sale or disposal of real property	67,565	9,843
Purchases of businesses, net of cash acquired	(7,054)	(81,154)
Proceeds from divestiture of business	0	10,349
Net cash used in investing activities	(4,831)	(180,078)
Financing activities
Payments on long-term debt	(68,799)	(12,537)
Net (payments) proceeds on notes payable - floor plan, net	(245,225)	168,108
Payments on finance leases	(3,745)	(3,637)
Payments on sale-leaseback arrangement	(104)	(102)
Payments of stock offering costs	0	(572)
Dividends on Class A common stock	0	(15,652)
RSU shares withheld for tax	(632)	(1,175)
Stock award shares withheld for tax	(885)	0
Contributions from (distributions to) holders of LLC common units	62	(98)
Net cash (used in) provided by financing activities	(319,328)	134,335
Increase (decrease) in cash and cash equivalents	9,026	(90,338)
Cash and cash equivalents at beginning of the period	215,043	208,422
Cash and cash equivalents at end of the period	$ 224,069	$ 118,084

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Current assets:
Cash and cash equivalents	$ 224,069	$ 215,043	$ 118,084
Contracts in transit	138,901	53,327	163,767
Accounts receivable, net	161,979	170,498	137,822
Inventories	1,860,298	2,111,900	2,061,160
Prepaid expenses and other assets	68,441	67,338	57,974
Assets held for sale	175	175	15,202
Total current assets	2,453,863	2,618,281	2,554,009
Property and equipment, net	818,734	832,062	910,052
Operating lease assets	786,101	790,974	716,020
Deferred tax assets, net	1,426	1,426	211,435
Intangible assets, net	14,065	15,824	17,602
Goodwill	751,661	749,321	748,561
Other assets	32,943	36,446	34,168
Total assets	4,858,793	5,044,334	5,191,847
Current liabilities:
Accounts payable	253,501	147,707	283,450
Accrued liabilities	159,683	128,399	182,581
Deferred revenues	88,259	90,456	94,041
Current portion of operating lease liabilities	64,629	65,365	65,488
Current portion of finance lease liabilities	8,920	8,820	19,514
Current portion of Tax Receivable Agreement liability	0	1,416	1,700
Current portion of long-term debt	27,792	57,939	23,023
Notes payable - floor plan, net	1,324,184	1,603,645	1,280,102
Other current liabilities	82,064	79,391	79,167
Total current liabilities	2,009,032	2,183,138	2,029,066
Operating lease liabilities, net of current portion	810,047	804,167	734,083
Finance lease liabilities, net of current portion	124,119	125,384	128,598
Tax Receivable Agreement liability, net of current portion	0	0	148,672
Long-term debt, net of current portion	1,377,503	1,413,618	1,483,470
Deferred revenues	50,782	56,773	63,337
Other long-term liabilities	88,506	89,455	88,042
Total liabilities	4,459,989	4,672,535	4,675,268
Commitments and contingencies
Stockholders' equity:
Preferred stock, par value $0.01 per share - 20,000 shares authorized; none issued and outstanding	0	0	0
Additional paid-in capital	223,593	216,944	205,383
Retained earnings	21,466	11,008	134,525
Total stockholders' equity attributable to Camping World Holdings, Inc.	245,701	228,590	340,538
Non-controlling interests	153,103	143,209	176,041
Total stockholders' equity	398,804	371,799	516,579
Total liabilities and stockholders' equity	4,858,793	5,044,334	5,191,847
Class A Common Stock
Stockholders' equity:
Common stock	638	634	626
Class B Common Stock
Stockholders' equity:
Common stock	4	4	4
Class C Common Stock
Stockholders' equity:
Common stock	$ 0	$ 0	$ 0