Company Quick10K Filing
Camping World Holdings
Price8.44 EPS-1
Shares37 P/E-11
MCap315 P/FCF1
Net Debt-130 EBIT10
TEV185 TEV/EBIT19
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-11-12
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-03-15
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-03-13
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-10
10-Q 2017-03-31 Filed 2017-05-04
10-K 2016-12-31 Filed 2017-03-13
10-Q 2016-09-30 Filed 2016-11-10
8-K 2020-06-17
8-K 2020-05-27
8-K 2020-05-15
8-K 2020-05-12
8-K 2020-05-07
8-K 2020-04-14
8-K 2020-03-25
8-K 2020-02-27
8-K 2020-01-26
8-K 2019-12-19
8-K 2019-11-07
8-K 2019-10-08
8-K 2019-09-03
8-K 2019-08-07
8-K 2019-06-27
8-K 2019-05-15
8-K 2019-05-08
8-K 2019-03-07
8-K 2019-01-01
8-K 2018-12-21
8-K 2018-12-04
8-K 2018-11-06
8-K 2018-09-27
8-K 2018-09-27
8-K 2018-08-07
8-K 2018-05-18
8-K 2018-05-16
8-K 2018-05-08
8-K 2018-03-28
8-K 2018-03-14
8-K 2018-03-10
8-K 2018-02-27

CWH 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 cwh-20200331xex31d1.htm
EX-31.2 cwh-20200331xex31d2.htm
EX-32.1 cwh-20200331xex32d1.htm
EX-32.2 cwh-20200331xex32d2.htm

Camping World Holdings Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
3.72.92.11.20.4-0.42015201620182020
Assets, Equity
1.51.20.90.50.2-0.12015201620182020
Rev, G Profit, Net Income
0.40.30.1-0.0-0.2-0.32015201620182020
Ops, Inv, Fin

0000110000000000110001669779--12-312020Q1false00P9MP1YP1YP1YP1Y00081600001939500037534000371950000001669779us-gaap:CommonClassBMember2020-01-012020-03-310001669779us-gaap:RetainedEarningsMember2020-03-310001669779us-gaap:NoncontrollingInterestMember2020-03-310001669779us-gaap:AdditionalPaidInCapitalMember2020-03-310001669779us-gaap:RetainedEarningsMember2019-12-310001669779us-gaap:NoncontrollingInterestMember2019-12-310001669779us-gaap:AdditionalPaidInCapitalMember2019-12-310001669779us-gaap:AdditionalPaidInCapitalMember2019-03-310001669779us-gaap:RetainedEarningsMember2018-12-310001669779us-gaap:NoncontrollingInterestMember2018-12-310001669779us-gaap:AdditionalPaidInCapitalMember2018-12-310001669779us-gaap:EmployeeStockOptionMember2019-12-310001669779us-gaap:EmployeeStockOptionMember2020-01-012020-03-310001669779us-gaap:EmployeeStockOptionMember2020-03-310001669779us-gaap:RestrictedStockUnitsRSUMember2020-03-310001669779us-gaap:RestrictedStockUnitsRSUMember2019-12-310001669779cwh:AssetsOrStockOfMultipleDealershipLocationsAcquiredMember2020-01-012020-03-310001669779cwh:FloorPlanFacilityMember2020-01-012020-03-3100016697792025-01-012020-03-3100016697792024-01-012020-03-3100016697792023-01-012020-03-3100016697792022-01-012020-03-3100016697792021-01-012020-03-3100016697792020-04-012020-03-310001669779us-gaap:OperatingSegmentsMembercwh:UsedVehiclesMembercwh:RvAndOutdoorRetailMember2020-01-012020-03-310001669779us-gaap:OperatingSegmentsMembercwh:ProductsServiceAndOtherMembercwh:RvAndOutdoorRetailMember2020-01-012020-03-310001669779us-gaap:OperatingSegmentsMembercwh:NewVehiclesMembercwh:RvAndOutdoorRetailMember2020-01-012020-03-310001669779us-gaap:OperatingSegmentsMembercwh:GoodSamServicesAndPlansMembercwh:GoodSamServicesAndPlansMember2020-01-012020-03-310001669779us-gaap:OperatingSegmentsMembercwh:GoodSamClubMembercwh:RvAndOutdoorRetailMember2020-01-012020-03-310001669779us-gaap:OperatingSegmentsMembercwh:FinanceAndInsuranceNetMembercwh:RvAndOutdoorRetailMember2020-01-012020-03-310001669779us-gaap:IntersegmentEliminationMembercwh:UsedVehiclesMember2020-01-012020-03-310001669779us-gaap:IntersegmentEliminationMembercwh:ProductsServiceAndOtherMember2020-01-012020-03-310001669779us-gaap:IntersegmentEliminationMembercwh:NewVehiclesMember2020-01-012020-03-310001669779us-gaap:IntersegmentEliminationMembercwh:GoodSamServicesAndPlansMember2020-01-012020-03-310001669779us-gaap:IntersegmentEliminationMembercwh:FinanceAndInsuranceNetMember2020-01-012020-03-310001669779cwh:FinanceAndInsuranceNetMembercwh:RvAndOutdoorRetailMember2020-01-012020-03-310001669779us-gaap:IntersegmentEliminationMember2020-01-012020-03-310001669779cwh:UsedVehiclesMember2020-01-012020-03-310001669779cwh:ProductsServiceAndOtherMember2020-01-012020-03-310001669779cwh:NewVehiclesMember2020-01-012020-03-310001669779cwh:GoodSamServicesAndPlansMember2020-01-012020-03-310001669779cwh:GoodSamClubMember2020-01-012020-03-310001669779cwh:FinanceAndInsuranceNetMember2020-01-012020-03-310001669779us-gaap:OperatingSegmentsMembercwh:UsedVehiclesMembercwh:RvAndOutdoorRetailMember2019-01-012019-03-310001669779us-gaap:OperatingSegmentsMembercwh:ProductsServiceAndOtherMembercwh:RvAndOutdoorRetailMember2019-01-012019-03-310001669779us-gaap:OperatingSegmentsMembercwh:NewVehiclesMembercwh:RvAndOutdoorRetailMember2019-01-012019-03-310001669779us-gaap:OperatingSegmentsMembercwh:GoodSamServicesAndPlansMembercwh:GoodSamServicesAndPlansMember2019-01-012019-03-310001669779us-gaap:OperatingSegmentsMembercwh:GoodSamClubMembercwh:RvAndOutdoorRetailMember2019-01-012019-03-310001669779us-gaap:OperatingSegmentsMembercwh:FinanceAndInsuranceNetMembercwh:RvAndOutdoorRetailMember2019-01-012019-03-310001669779us-gaap:IntersegmentEliminationMembercwh:UsedVehiclesMember2019-01-012019-03-310001669779us-gaap:IntersegmentEliminationMembercwh:ProductsServiceAndOtherMember2019-01-012019-03-310001669779us-gaap:IntersegmentEliminationMembercwh:NewVehiclesMember2019-01-012019-03-310001669779us-gaap:IntersegmentEliminationMembercwh:GoodSamServicesAndPlansMember2019-01-012019-03-310001669779us-gaap:IntersegmentEliminationMembercwh:FinanceAndInsuranceNetMember2019-01-012019-03-310001669779cwh:FinanceAndInsuranceNetMembercwh:RvAndOutdoorRetailMember2019-01-012019-03-310001669779us-gaap:IntersegmentEliminationMember2019-01-012019-03-310001669779cwh:UsedVehiclesMember2019-01-012019-03-310001669779cwh:ProductsServiceAndOtherMember2019-01-012019-03-310001669779cwh:NewVehiclesMember2019-01-012019-03-310001669779cwh:GoodSamServicesAndPlansMember2019-01-012019-03-310001669779cwh:GoodSamClubMember2019-01-012019-03-310001669779cwh:FinanceAndInsuranceNetMember2019-01-012019-03-310001669779us-gaap:OneTimeTerminationBenefitsMembercwh:StrategicShift2019Member2020-03-310001669779cwh:RestructuringCostsExcludingIncrementalInventoryReserveChargesMembercwh:StrategicShift2019Member2020-03-310001669779us-gaap:OtherRestructuringMembercwh:StrategicShift2019Member2019-12-310001669779us-gaap:OneTimeTerminationBenefitsMembercwh:StrategicShift2019Member2019-12-310001669779cwh:RestructuringCostsExcludingIncrementalInventoryReserveChargesMembercwh:StrategicShift2019Member2019-12-310001669779us-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:OneTimeTerminationBenefitsMembercwh:StrategicShift2019Member2020-01-012020-03-310001669779us-gaap:CostOfSalesMembercwh:IncrementalInventoryReserveChargesMembercwh:StrategicShift2019Member2020-01-012020-03-310001669779cwh:LeaseTerminationCostsMembercwh:StrategicShift2019Member2020-01-012020-03-310001669779us-gaap:OtherRestructuringMembercwh:StrategicShift2019Member2019-09-032020-03-310001669779us-gaap:OneTimeTerminationBenefitsMembercwh:StrategicShift2019Member2019-09-032020-03-310001669779cwh:LeaseTerminationCostsMembercwh:StrategicShift2019Member2019-09-032020-03-310001669779cwh:NonRvRetailStoresMembercwh:IncrementalInventoryReserveChargesMembercwh:StrategicShift2019Member2019-01-012019-12-310001669779srt:MinimumMembercwh:StrategicShift2019Member2020-03-310001669779srt:MaximumMembercwh:StrategicShift2019Member2020-03-310001669779srt:MinimumMemberus-gaap:OtherRestructuringMembercwh:StrategicShift2019Member2019-09-030001669779srt:MinimumMemberus-gaap:OneTimeTerminationBenefitsMembercwh:StrategicShift2019Member2019-09-030001669779srt:MinimumMembercwh:LeaseTerminationCostsMembercwh:StrategicShift2019Member2019-09-030001669779srt:MaximumMemberus-gaap:OtherRestructuringMembercwh:StrategicShift2019Member2019-09-030001669779srt:MaximumMemberus-gaap:OneTimeTerminationBenefitsMembercwh:StrategicShift2019Member2019-09-030001669779srt:MaximumMembercwh:LeaseTerminationCostsMembercwh:StrategicShift2019Member2019-09-030001669779cwh:IncrementalInventoryReserveChargesMembercwh:StrategicShift2019Member2019-09-030001669779us-gaap:OtherRestructuringMembercwh:StrategicShift2019Member2020-03-310001669779cwh:IncrementalInventoryReserveChargesMembercwh:StrategicShift2019Member2020-03-310001669779us-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:OtherRestructuringMembercwh:StrategicShift2019Member2019-03-310001669779us-gaap:CostOfSalesMemberus-gaap:OtherRestructuringMembercwh:StrategicShift2019Member2019-03-310001669779srt:DirectorMember2020-01-012020-03-310001669779srt:DirectorMember2019-01-012019-03-310001669779cwh:FreedomroadsMembercwh:RelatedPartyLeaseAgreementMembercwh:ManagersAndOfficersMember2020-01-012020-03-310001669779cwh:RelatedPartyAgreementMembercwh:PreciseGraphixMember2020-01-012020-03-310001669779cwh:FreedomroadsMembercwh:RelatedPartyLeaseAgreementMembercwh:ManagersAndOfficersMember2019-01-012019-03-310001669779cwh:RelatedPartyAgreementMembercwh:PreciseGraphixMember2019-01-012019-03-310001669779cwh:PreciseGraphixMembercwh:RelatedPartyAgreementMember2019-01-012019-03-310001669779cwh:RvServicesAndRetailCentersMember2020-03-310001669779cwh:RvDealershipsMember2020-03-310001669779cwh:OtherRetailStoresMember2020-03-310001669779cwh:RvServicesAndRetailCentersMember2019-03-310001669779cwh:RvDealershipsMember2019-03-310001669779cwh:OtherRetailStoresMember2019-03-310001669779cwh:StephenAdamsMembercwh:AdamsRadioMembersrt:DirectorMember2020-03-310001669779us-gaap:RevolvingCreditFacilityMembercwh:NewSeniorSecuredCreditFacilityRevolvingCreditFacilityMemberus-gaap:SecuredDebtMember2020-03-310001669779cwh:FloorPlanFacilityMemberus-gaap:LetterOfCreditMember2020-03-310001669779us-gaap:RevolvingCreditFacilityMembercwh:NewSeniorSecuredCreditFacilityRevolvingCreditFacilityMemberus-gaap:SecuredDebtMember2019-12-310001669779us-gaap:LineOfCreditMembercwh:RealEstateFacilityMemberus-gaap:SecuredDebtMember2019-12-310001669779us-gaap:LineOfCreditMembercwh:RealEstateFacilityMemberus-gaap:SecuredDebtMember2020-01-012020-03-310001669779cwh:CwAndItsSubsidiariesMember2020-03-310001669779cwh:CwAndItsSubsidiariesMember2019-12-310001669779cwh:CampingWorldHoldingIncMembercwh:CwAndItsSubsidiariesMember2020-01-012020-03-310001669779cwh:CampingWorldHoldingIncMembercwh:CwAndItsSubsidiariesMember2019-01-012019-12-310001669779cwh:CampingWorldHoldingIncMembercwh:CwAndItsSubsidiariesMember2019-01-012019-03-310001669779us-gaap:LetterOfCreditMembercwh:FloorPlanFacilityMember2020-03-310001669779cwh:NewSeniorSecuredCreditFacilityRevolvingCreditFacilityMemberus-gaap:SecuredDebtMember2020-03-310001669779us-gaap:LetterOfCreditMembercwh:FloorPlanFacilityMember2019-12-310001669779cwh:NewSeniorSecuredCreditFacilityRevolvingCreditFacilityMemberus-gaap:SecuredDebtMember2019-12-310001669779cwh:UsedRecreationalVehiclesMember2020-03-310001669779cwh:ProductsServiceAndOtherMember2020-03-310001669779cwh:NewRecreationalVehiclesMember2020-03-310001669779cwh:GoodSamClubServicesAndPlansMember2020-03-310001669779cwh:UsedRecreationalVehiclesMember2019-12-310001669779cwh:ProductsServiceAndOtherMember2019-12-310001669779cwh:NewRecreationalVehiclesMember2019-12-310001669779cwh:GoodSamClubServicesAndPlansMember2019-12-310001669779us-gaap:LeaseholdImprovementsMember2020-01-012020-03-310001669779us-gaap:FurnitureAndFixturesMember2020-01-012020-03-310001669779cwh:OperatingLeaseRightOfUseAssetsMember2020-01-012020-03-3100016697792019-07-012019-09-300001669779cwh:RvAndOutdoorRetailMember2018-12-310001669779cwh:GoodSamServicesAndPlansMember2018-12-310001669779cwh:RvAndOutdoorRetailMember2020-03-310001669779cwh:GoodSamServicesAndPlansMember2020-03-310001669779cwh:RvAndOutdoorRetailMember2019-12-310001669779cwh:GoodSamServicesAndPlansMember2019-12-310001669779us-gaap:TrademarksAndTradeNamesMembercwh:RvAndOutdoorRetailMember2020-03-310001669779us-gaap:MarketingRelatedIntangibleAssetsMembercwh:RvAndOutdoorRetailMember2020-03-310001669779cwh:MembershipAndCustomerListsMembercwh:GoodSamClubServicesAndPlansMember2020-03-310001669779cwh:CustomerListsAndDomainNamesMembercwh:RvAndOutdoorRetailMember2020-03-310001669779us-gaap:TrademarksAndTradeNamesMembercwh:RvAndOutdoorRetailMember2019-12-310001669779us-gaap:MarketingRelatedIntangibleAssetsMembercwh:RvAndOutdoorRetailMember2019-12-310001669779cwh:MembershipAndCustomerListsMembercwh:GoodSamClubServicesAndPlansMember2019-12-310001669779cwh:CustomerListsAndDomainNamesMembercwh:RvAndOutdoorRetailMember2019-12-3100016697792019-01-012019-12-310001669779us-gaap:RetainedEarningsMember2020-01-012020-03-310001669779us-gaap:RetainedEarningsMember2019-01-012019-03-310001669779us-gaap:OperatingSegmentsMembercwh:GoodSamServicesAndPlansMember2020-01-012020-03-310001669779us-gaap:OperatingSegmentsMembercwh:GoodSamServicesAndPlansMember2019-01-012019-03-310001669779cwh:RealEstateFacilityMember2020-03-310001669779cwh:RealEstateFacilityMember2019-12-310001669779us-gaap:LineOfCreditMembercwh:FloorPlanFacilityMember2020-03-310001669779us-gaap:LineOfCreditMembercwh:FloorPlanFacilityMember2019-12-310001669779cwh:NewSeniorSecuredCreditFacilityTermLoanFacilityMember2019-12-310001669779us-gaap:LineOfCreditMembercwh:RealEstateFacilityMemberus-gaap:SecuredDebtMember2020-03-310001669779cwh:NewSeniorSecuredCreditFacilityTermLoanFacilityMember2020-03-310001669779us-gaap:LineOfCreditMembercwh:NewSeniorSecuredCreditFacilityTermLoanFacilityMemberus-gaap:SecuredDebtMember2020-01-012020-03-310001669779us-gaap:LineOfCreditMembercwh:NewSeniorSecuredCreditFacilityTermLoanFacilityMemberus-gaap:SecuredDebtMember2019-01-012019-12-310001669779cwh:TermLoanFacilityMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-03-310001669779cwh:TermLoanFacilityMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2020-03-310001669779cwh:RealEstateFacilityMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-03-310001669779cwh:RealEstateFacilityMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2020-03-310001669779cwh:FloorPlanFacilityMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-03-310001669779cwh:FloorPlanFacilityMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2020-03-310001669779cwh:TermLoanFacilityMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2019-12-310001669779cwh:TermLoanFacilityMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2019-12-310001669779cwh:RealEstateFacilityMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2019-12-310001669779cwh:RealEstateFacilityMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2019-12-310001669779cwh:FloorPlanFacilityMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2019-12-310001669779cwh:FloorPlanFacilityMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2019-12-310001669779cwh:NewSeniorSecuredCreditFacilityTermLoanFacilityMemberus-gaap:SecuredDebtMember2020-03-310001669779cwh:NewSeniorSecuredCreditFacilityTermLoanFacilityMemberus-gaap:SecuredDebtMember2019-12-310001669779srt:MinimumMemberus-gaap:LineOfCreditMembercwh:FloorPlanFacilityFloorPlanNotesMemberus-gaap:NotesPayableToBanksMemberus-gaap:LondonInterbankOfferedRateLIBORMember2020-01-012020-03-310001669779srt:MinimumMemberus-gaap:LineOfCreditMembercwh:FloorPlanFacilityFloorPlanNotesMemberus-gaap:NotesPayableToBanksMemberus-gaap:BaseRateMember2020-01-012020-03-310001669779srt:MaximumMemberus-gaap:LineOfCreditMembercwh:FloorPlanFacilityFloorPlanNotesMemberus-gaap:NotesPayableToBanksMemberus-gaap:LondonInterbankOfferedRateLIBORMember2020-01-012020-03-310001669779srt:MaximumMemberus-gaap:LineOfCreditMembercwh:FloorPlanFacilityFloorPlanNotesMemberus-gaap:NotesPayableToBanksMemberus-gaap:BaseRateMember2020-01-012020-03-310001669779us-gaap:LineOfCreditMembercwh:FloorPlanFacilityFloorPlanNotesMemberus-gaap:NotesPayableToBanksMemberus-gaap:LondonInterbankOfferedRateLIBORMember2020-01-012020-03-310001669779srt:MinimumMemberus-gaap:LineOfCreditMembercwh:FloorPlanFacilityFloorPlanNotesMemberus-gaap:NotesPayableToBanksMemberus-gaap:LondonInterbankOfferedRateLIBORMember2019-01-012019-12-310001669779srt:MinimumMemberus-gaap:LineOfCreditMembercwh:FloorPlanFacilityFloorPlanNotesMemberus-gaap:NotesPayableToBanksMemberus-gaap:BaseRateMember2019-01-012019-12-310001669779srt:MaximumMemberus-gaap:LineOfCreditMembercwh:FloorPlanFacilityFloorPlanNotesMemberus-gaap:NotesPayableToBanksMemberus-gaap:LondonInterbankOfferedRateLIBORMember2019-01-012019-12-310001669779srt:MaximumMemberus-gaap:LineOfCreditMembercwh:FloorPlanFacilityFloorPlanNotesMemberus-gaap:NotesPayableToBanksMemberus-gaap:BaseRateMember2019-01-012019-12-310001669779us-gaap:RetainedEarningsMember2019-03-310001669779us-gaap:NoncontrollingInterestMember2019-03-310001669779cwh:UsedVehiclesMembercwh:RvAndOutdoorRetailMember2020-01-012020-03-310001669779cwh:ProductsServiceAndOtherMembercwh:RvAndOutdoorRetailMember2020-01-012020-03-310001669779cwh:NewVehiclesMembercwh:RvAndOutdoorRetailMember2020-01-012020-03-310001669779cwh:GoodSamClubMembercwh:RvAndOutdoorRetailMember2020-01-012020-03-310001669779cwh:RvAndOutdoorRetailMember2020-01-012020-03-310001669779cwh:GoodSamClubServicesAndPlansMember2020-01-012020-03-310001669779cwh:UsedVehiclesMembercwh:RvAndOutdoorRetailMember2019-01-012019-03-310001669779cwh:ProductsServiceAndOtherMembercwh:RvAndOutdoorRetailMember2019-01-012019-03-310001669779cwh:NewVehiclesMembercwh:RvAndOutdoorRetailMember2019-01-012019-03-310001669779cwh:GoodSamClubMembercwh:RvAndOutdoorRetailMember2019-01-012019-03-310001669779cwh:RvAndOutdoorRetailMember2019-01-012019-03-310001669779cwh:GoodSamClubServicesAndPlansMember2019-01-012019-03-310001669779cwh:RvServiceMemberus-gaap:AccountsReceivableMember2020-03-310001669779cwh:RvServiceMemberus-gaap:AccountsReceivableMember2019-12-310001669779cwh:CampingWorldHoldingIncMembercwh:CwAndItsSubsidiariesMember2020-03-310001669779cwh:CampingWorldHoldingIncMembercwh:CwAndItsSubsidiariesMember2019-12-310001669779us-gaap:CommonClassBMember2019-03-310001669779us-gaap:CommonClassAMember2019-03-310001669779us-gaap:CommonClassBMember2018-12-310001669779us-gaap:CommonClassAMember2018-12-310001669779us-gaap:CommonClassCMember2020-03-310001669779us-gaap:CommonClassBMember2020-03-310001669779us-gaap:CommonClassAMember2020-03-310001669779us-gaap:CommonClassCMember2019-12-310001669779us-gaap:CommonClassBMember2019-12-310001669779us-gaap:CommonClassAMember2019-12-310001669779us-gaap:CommonClassAMember2019-01-012019-12-310001669779us-gaap:OperatingSegmentsMembercwh:RvAndOutdoorRetailMember2020-03-310001669779us-gaap:OperatingSegmentsMembercwh:GoodSamServicesAndPlansMember2020-03-310001669779us-gaap:OperatingSegmentsMember2020-03-310001669779us-gaap:CorporateNonSegmentMember2020-03-310001669779us-gaap:OperatingSegmentsMembercwh:RvAndOutdoorRetailMember2019-12-310001669779us-gaap:OperatingSegmentsMembercwh:GoodSamServicesAndPlansMember2019-12-310001669779us-gaap:OperatingSegmentsMember2019-12-310001669779us-gaap:CorporateNonSegmentMember2019-12-310001669779cwh:CwAndItsSubsidiariesMemberus-gaap:ConvertibleCommonStockMember2020-01-012020-03-310001669779us-gaap:StockOptionMember2020-01-012020-03-310001669779us-gaap:RestrictedStockUnitsRSUMember2020-01-012020-03-310001669779cwh:CwAndItsSubsidiariesMemberus-gaap:ConvertibleCommonStockMember2019-01-012019-03-310001669779us-gaap:StockOptionMember2019-01-012019-03-310001669779us-gaap:RestrictedStockUnitsRSUMember2019-01-012019-03-3100016697792019-03-3100016697792018-12-310001669779us-gaap:SellingGeneralAndAdministrativeExpensesMember2020-01-012020-03-310001669779us-gaap:CostOfSalesMember2020-01-012020-03-310001669779us-gaap:SellingGeneralAndAdministrativeExpensesMember2019-01-012019-03-310001669779us-gaap:CostOfSalesMember2019-01-012019-03-310001669779us-gaap:CommonClassCMember2020-05-040001669779us-gaap:CommonClassBMember2020-05-040001669779us-gaap:CommonClassAMember2020-05-040001669779us-gaap:RestrictedStockUnitsRSUMember2020-01-012020-03-310001669779us-gaap:OtherRestructuringMembercwh:StrategicShift2019Member2020-01-012020-03-310001669779us-gaap:OneTimeTerminationBenefitsMembercwh:StrategicShift2019Member2020-01-012020-03-310001669779us-gaap:ContractTerminationMembercwh:StrategicShift2019Member2020-01-012020-03-310001669779cwh:RestructuringCostsExcludingIncrementalInventoryReserveChargesMembercwh:StrategicShift2019Member2020-01-012020-03-310001669779us-gaap:OtherRestructuringMembercwh:StrategicShift2019Member2019-07-012019-12-310001669779us-gaap:OneTimeTerminationBenefitsMembercwh:StrategicShift2019Member2019-07-012019-12-310001669779us-gaap:ContractTerminationMembercwh:StrategicShift2019Member2019-07-012019-12-310001669779cwh:RestructuringCostsExcludingIncrementalInventoryReserveChargesMembercwh:StrategicShift2019Member2019-07-012019-12-310001669779cwh:TaxReceivableAgreementMember2019-01-012019-03-310001669779cwh:NewSeniorSecuredCreditFacilityRevolvingCreditFacilityMemberus-gaap:SecuredDebtMember2020-01-012020-03-310001669779cwh:NewSeniorSecuredCreditFacilityRevolvingCreditFacilityMemberus-gaap:SecuredDebtMember2019-01-012019-12-310001669779us-gaap:CommonClassAMember2020-01-012020-03-310001669779us-gaap:CommonClassAMember2019-01-012019-03-310001669779cwh:ContinuingEquityOwnersMembercwh:CwAndItsSubsidiariesMember2020-03-310001669779cwh:ContinuingEquityOwnersMembercwh:CwAndItsSubsidiariesMember2019-12-310001669779cwh:TaxReceivableAgreementMembercwh:ContinuingEquityOwnersAndCrestviewPartnersIiGpLpMember2016-10-062016-10-060001669779us-gaap:OperatingSegmentsMembercwh:RvAndOutdoorRetailMember2020-01-012020-03-310001669779us-gaap:OperatingSegmentsMember2020-01-012020-03-310001669779us-gaap:CorporateNonSegmentMember2020-01-012020-03-310001669779us-gaap:OperatingSegmentsMembercwh:RvAndOutdoorRetailMember2019-01-012019-03-310001669779us-gaap:OperatingSegmentsMember2019-01-012019-03-310001669779us-gaap:CorporateNonSegmentMember2019-01-012019-03-310001669779cwh:StandAloneSpecialtyRetailLocationsMembercwh:StrategicShift2019Member2019-09-032020-03-310001669779cwh:OutdoorAndActivitySportsRetailBusinessesMembercwh:StrategicShift2019Member2019-09-032020-03-310001669779cwh:RvServicesAndRetailCentersMember2019-01-012020-03-310001669779cwh:RvDealershipsMember2019-01-012020-03-310001669779cwh:OtherRetailStoresMember2019-01-012020-03-3100016697792019-01-012020-03-310001669779cwh:NonRvRetailStoresMembercwh:StrategicShift2019Member2019-01-012019-12-310001669779cwh:OutdoorAndActivitySportsRetailBusinessesMember2020-04-012020-04-300001669779cwh:AssetsOrStockOfMultipleDealershipLocationsAcquiredDuringFirstQuartersOf2015And2016Member2019-01-012019-03-310001669779cwh:StrategicShift2019Member2019-09-032020-03-310001669779cwh:USDistrictCourtOfDelawareCasesMember2019-08-060001669779cwh:FreedomroadsMembersrt:ChiefExecutiveOfficerMember2019-11-012019-11-010001669779cwh:StrategicShift2019Member2020-01-012020-03-310001669779cwh:StrategicShift2019Member2019-07-012019-12-310001669779cwh:MarcusLemonisMembercwh:PreciseGraphixMember2020-01-012020-03-310001669779us-gaap:LineOfCreditMembercwh:FloorPlanFacilityFloorPlanNotesMemberus-gaap:NotesPayableToBanksMemberus-gaap:LondonInterbankOfferedRateLIBORMember2020-03-310001669779us-gaap:LineOfCreditMembercwh:FloorPlanFacilityFloorPlanNotesMemberus-gaap:NotesPayableToBanksMemberus-gaap:LondonInterbankOfferedRateLIBORMember2019-12-310001669779us-gaap:LineOfCreditMembercwh:NewSeniorSecuredCreditFacilityTermLoanFacilityMemberus-gaap:SecuredDebtMember2020-03-310001669779us-gaap:LetterOfCreditMembercwh:NewSeniorSecuredCreditFacilityRevolvingCreditFacilityMemberus-gaap:SecuredDebtMember2020-03-310001669779us-gaap:LetterOfCreditMembercwh:NewSeniorSecuredCreditFacilityRevolvingCreditFacilityMemberus-gaap:SecuredDebtMember2019-12-310001669779cwh:CrestviewPartnersIiGpLpMembercwh:TaxReceivableAgreementMember2020-03-310001669779cwh:NewSeniorSecuredCreditFacilityTermLoanFacilityMemberus-gaap:SecuredDebtMember2020-01-012020-03-310001669779cwh:NewSeniorSecuredCreditFacilityTermLoanFacilityMemberus-gaap:SecuredDebtMember2019-01-012019-12-3100016697792020-03-3100016697792019-12-310001669779cwh:CwAndItsSubsidiariesMembercwh:TaxReceivableAgreementMember2020-01-012020-03-310001669779cwh:CwAndItsSubsidiariesMembercwh:TaxReceivableAgreementMember2019-01-012019-03-310001669779cwh:Acquisitions2019Member2019-03-310001669779cwh:Acquisitions2019Member2020-01-012020-03-310001669779cwh:Acquisitions2019Member2019-01-012019-03-310001669779cwh:FreedomroadsMembersrt:ChiefExecutiveOfficerMember2013-03-310001669779cwh:FreedomroadsMembersrt:ChiefExecutiveOfficerMember2012-01-310001669779cwh:FloorPlanFacilityMember2020-03-310001669779cwh:FloorPlanFacilityMember2019-12-310001669779us-gaap:LineOfCreditMembercwh:NewSeniorSecuredCreditFacilityRevolvingCreditFacilityMemberus-gaap:SecuredDebtMember2020-03-310001669779us-gaap:NoncontrollingInterestMember2020-01-012020-03-310001669779us-gaap:AdditionalPaidInCapitalMember2020-01-012020-03-310001669779us-gaap:NoncontrollingInterestMember2019-01-012019-03-310001669779us-gaap:AdditionalPaidInCapitalMember2019-01-012019-03-3100016697792020-01-012020-03-3100016697792019-01-012019-03-31iso4217:USDxbrli:sharesxbrli:purecwh:lawsuitcwh:classcwh:locationiso4217:USDxbrli:sharescwh:segment

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, 2020

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)

Delaware

81-1737145

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

250 Parkway Drive, Suite 270

Lincolnshire, IL 60069

(Address of registrant’s principal executive offices) (Zip Code)

Telephone: (847) 808-3000

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock,

$0.01 par value per share

CWH

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes    No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes    No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  

Accelerated filer                   

Non-accelerated filer    

Smaller reporting company  

Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes    No  

As of May 4, 2020, the registrant had 37,539,786 shares of Class A common stock, 50,706,629 shares of Class B common stock and one share of Class C common stock outstanding.

Table of Contents

Camping World Holdings, Inc.

Quarterly Report on Form 10-Q

For the Quarterly Period Ended March 31, 2020

TABLE OF CONTENTS

Page

PART I. FINANCIAL INFORMATION

Item 1

Financial Statements (unaudited)

3

Unaudited Condensed Consolidated Balance Sheets – March 31, 2020 and December 31, 2019

3

Unaudited Condensed Consolidated Statements of Operations – Three months Ended March 31, 2020 and 2019

4

Unaudited Condensed Consolidated Statements of Stockholders’ Equity – Three months Ended March 31, 2020 and 2019

5

Unaudited Condensed Consolidated Statements of Cash Flows – Three months Ended March 31, 2020 and 2019

6

Notes to Unaudited Condensed Consolidated Financial Statements

8

Item 2

Management’s Discussion and Analysis of Financial Condition and Results of Operations

29

Item 3

Quantitative and Qualitative Disclosures About Market Risk

48

Item 4

Controls and Procedures

48

PART II. OTHER INFORMATION

Item 1

Legal Proceedings

49

Item 1A

Risk Factors

49

Item 2

Unregistered Sales of Equity Securities and Use of Proceeds

51

Item 3

Defaults Upon Senior Securities

51

Item 4

Mine Safety Disclosures

52

Item 5

Other Information

52

Item 6

Exhibits

52

Signatures

53

Table of Contents

BASIS OF PRESENTATION

As used in this Quarterly Report on Form 10-Q (this “Form 10-Q”), unless the context otherwise requires, references to:

“we,” “us,” “our,” “CWH,” the “Company,” “Camping World” and similar references refer to Camping World Holdings, Inc., and, unless otherwise stated, all of its subsidiaries, including CWGS Enterprises, LLC, which we refer to as “CWGS, LLC” and, unless otherwise stated, all of its subsidiaries.
“Annual Report” refers to our Annual Report on Form 10-K for the year ended December 31, 2019 filed with the Securities and Exchange Commission (“SEC”) on February 28, 2020.
“Continuing Equity Owners” refers collectively to ML Acquisition, funds controlled by Crestview Partners II GP, L.P. and the Former Profit Unit Holders and each of their permitted transferees that continue to own common units in CWGS, LLC after the initial public offering (“IPO”) of our stock and the Reorganization Transactions (each as defined in Note 1 – Summary of Significant Accounting Policies to our consolidated financial statements included in Part I, Item 1 of this Form 10-Q) and who may redeem at each of their options their common units for, at our election (determined solely by our independent directors within the meaning of the rules of the New York Stock Exchange who are disinterested), cash or newly issued shares of our Class A common stock.
“Crestview” refers to Crestview Advisors, L.L.C., a registered investment adviser to private equity funds, including funds affiliated with Crestview Partners II GP, L.P.
“CWGS LLC Agreement” refers to CWGS, LLC’s amended and restated limited liability company agreement, as amended to date.
“Former Profit Unit Holders” refers collectively to our named executive officers (excluding Marcus A. Lemonis and Melvin Flanigan), Andris A. Baltins and K. Dillon Schickli, who are members of our board of directors, and certain other current and former non-executive employees and former directors, in each case, who held existing common units in CWGS, LLC pursuant to CWGS, LLC’s equity incentive plan that was in existence prior to our IPO and who received common units of CWGS, LLC in exchange for their profit units in connection with our IPO.
“ML Acquisition” refers to ML Acquisition Company, LLC, a Delaware limited liability company, indirectly owned by each of Stephen Adams and our Chairman and Chief Executive Officer, Marcus A. Lemonis.
“ML RV Group” refers to ML RV Group, LLC, a Delaware limited liability company, wholly owned by our Chairman and Chief Executive Officer, Marcus A. Lemonis.
“Tax Receivable Agreement” refers to the tax receivable agreement that the Company entered into with CWGS, LLC, each of the Continuing Equity Owners and Crestview Partners II GP, L.P. in connection with the Company’s IPO.

1

Table of Contents

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Form 10-Q contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts contained in this Form 10-Q may be forward-looking statements. Statements regarding our future results of operations and financial position; the impact of the novel coronavirus (“COVID-19”) pandemic on our business, results of operations and financial position; business strategy and plans and objectives of management for future operations; the timeline for and benefits of our 2019 Strategic Shift (as defined below); expected new retail location openings and closures, including greenfield locations and acquired locations; our sources of liquidity and capital and any potential need for additional financing or refinancing, retirement or exchange of outstanding debt; future capital expenditures and debt service obligations; expectations regarding industry trends and consumer behavior and growth; our ability to capture positive industry trends and pursue growth; expectations regarding our pending litigation, and our plans related to dividend payments, are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as ‘‘may,’’ ‘‘will,’’ ‘‘should,’’ ‘‘expects,’’ ‘‘plans,’’ ‘‘anticipates,’’ ‘‘could,’’ ‘‘intends,’’ ‘‘targets,’’ ‘‘projects,’’ ‘‘contemplates,’’ ‘‘believes,’’ ‘‘estimates,’’ ‘‘predicts,’’ ‘‘potential’’ or ‘‘continue’’ or the negative of these terms or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including the important factors described in “Risk Factors” in Item 1A of Part I of our Annual Report, in Item 1A of Part II of this Form 10-Q, and in our other filings with the SEC, that may cause our actual results, performance or achievements to differ materially and adversely from those expressed or implied by the forward-looking statements.

Any forward-looking statements made herein speak only as of the date of this Form 10-Q, and you should not rely on forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future effects, results, performance, or achievements reflected in the forward-looking statements will be achieved or occur. We undertake no obligation to update any of these forward-looking statements for any reason after the date of this Form 10-Q or to conform these statements to actual results or revised expectations.

2

Table of Contents

Part I – FINANCIAL INFORMATION

Item 1. Financial Statements

Camping World Holdings, Inc. and Subsidiaries

Unaudited Condensed Consolidated Balance Sheets

(In Thousands Except Share and Per Share Amounts)

March 31, 

December 31, 

  

2020

    

2019

Assets

Current assets:

Cash and cash equivalents

$

109,406

$

147,521

Contracts in transit

54,794

44,947

Accounts receivable, less allowance for doubtful accounts of $3,451 and $3,537 in 2020 and 2019, respectively

71,989

81,847

Inventories

1,439,453

1,358,539

Prepaid expenses and other assets

51,829

57,827

Total current assets

1,727,471

1,690,681

Property and equipment, net

304,234

314,374

Operating lease assets

810,562

807,537

Deferred tax assets, net

127,746

129,710

Intangible assets, net

28,824

29,707

Goodwill

386,945

386,941

Other assets

16,779

17,290

Total assets

$

3,402,561

$

3,376,240

Liabilities and stockholders' deficit

Current liabilities:

Accounts payable

$

159,189

$

106,959

Accrued liabilities

133,611

130,316

Deferred revenues

82,187

87,093

Current portion of operating lease liabilities

60,300

58,613

Current portion of Tax Receivable Agreement liability

6,563

6,563

Current portion of long-term debt

13,962

14,085

Notes payable – floor plan, net

846,424

848,027

Other current liabilities

46,833

44,298

Total current liabilities

1,349,069

1,295,954

Operating lease liabilities, net of current portion

845,106

843,312

Tax Receivable Agreement liability, net of current portion

108,286

108,228

Revolving line of credit

40,885

40,885

Long-term debt, net of current portion

1,151,097

1,153,551

Deferred revenues

57,915

58,079

Other long-term liabilities

34,621

35,467

Total liabilities

3,586,979

3,535,476

Commitments and contingencies

Stockholders' deficit:

Preferred stock, par value $0.01 per share – 20,000,000 shares authorized; none issued and outstanding as of March 31, 2020 and December 31, 2019

Class A common stock, par value $0.01 per share – 250,000,000 shares authorized; 37,768,220 issued and 37,539,786 outstanding as of March 31, 2020 and 37,701,584 issued and 37,488,989 outstanding as of December 31, 2019

375

375

Class B common stock, par value $0.0001 per share – 75,000,000 shares authorized; 69,066,445 issued; and 50,706,629 outstanding as of March 31, 2020 and December 31, 2019

5

5

Class C common stock, par value $0.0001 per share – one share authorized, issued and outstanding as of March 31, 2020 and December 31, 2019

Additional paid-in capital

51,596

50,152

Retained deficit

(97,046)

(83,134)

Total stockholders' deficit attributable to Camping World Holdings, Inc.

(45,070)

(32,602)

Non-controlling interests

(139,348)

(126,634)

Total stockholders' deficit

(184,418)

(159,236)

Total liabilities and stockholders' deficit

$

3,402,561

$

3,376,240

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements

3

Table of Contents

Camping World Holdings, Inc. and Subsidiaries

Unaudited Condensed Consolidated Statements of Operations

(In Thousands Except Per Share Amounts)

Three Months Ended

March 31, 

2020

    

2019

Revenue:

Good Sam Services and Plans

$

47,208

$

46,966

RV and Outdoor Retail

New vehicles

497,317

529,577

Used vehicles

206,665

180,008

Products, service and other

172,623

204,876

Finance and insurance, net

92,456

91,891

Good Sam Club

11,004

11,451

Subtotal

980,065

1,017,803

Total revenue

1,027,273

1,064,769

Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):

Good Sam Services and Plans

21,859

20,731

RV and Outdoor Retail

New vehicles

426,442

463,044

Used vehicles

163,793

142,846

Products, service and other

110,269

136,104

Good Sam Club

2,247

3,717

Subtotal

702,751

745,711

Total costs applicable to revenue

724,610

766,442

Operating expenses:

Selling, general, and administrative

267,656

268,065

Depreciation and amortization

14,078

13,594

Long-lived asset impairment

6,569

Lease termination

584

Loss (gain) on disposal of assets

511

(214)

Total operating expenses

289,398

281,445

Income from operations

13,265

16,882

Other income (expense):

Floor plan interest expense

(8,604)

(11,610)

Other interest expense, net

(14,658)

(17,643)

Tax Receivable Agreement liability adjustment

8,477

Total other income (expense)

(23,262)

(20,776)

Loss before income taxes

(9,997)

(3,894)

Income tax expense

(4,132)

(22,913)

Net loss

(14,129)

(26,807)

Less: net loss attributable to non-controlling interests

5,969

7,412

Net loss attributable to Camping World Holdings, Inc.

$

(8,160)

$

(19,395)

Loss per share of Class A common stock:

Basic

$

(0.22)

$

(0.52)

Diluted

$

(0.22)

$

(0.52)

Weighted average shares of Class A common stock outstanding:

Basic

37,534

37,195

Diluted

37,534

37,195

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements

4

Table of Contents

Camping World Holdings, Inc. and Subsidiaries

Unaudited Condensed Consolidated Statements of Stockholders' Equity (Deficit)

(In Thousands)

Additional

Retained

Non-

Class A Common Stock

Class B Common Stock

Class C Common Stock

Paid-In

Earnings

Controlling

  

Shares

  

Amounts

  

Shares

  

Amounts

  

Shares

  

Amounts

  

Capital

  

(Deficit)

  

Interest

  

Total

Balance at December 31, 2019

37,489

$

375

50,707

$

5

$

$

50,152

$

(83,134)

$

(126,634)

$

(159,236)

Equity-based compensation

3,312

3,312

Vesting of restricted stock units

47

82

(82)

Repurchases of Class A common stock for withholding taxes on vested RSUs

(16)

(212)

(212)

Redemption of LLC common units for Class A common stock

20

4

49

53

Distributions to holders of LLC common units

(8,410)

(8,410)

Dividends(1)

(5,752)

(5,752)

Establishment of liabilities under the Tax Receivable Agreement and related changes to deferred tax assets associated with that liability

(44)

(44)

Non-controlling interest adjustment

(1,698)

1,698

Net loss

(8,160)

(5,969)

(14,129)

Balance at March 31, 2020

37,540

$

375

50,707

$

5

$

$

51,596

$

(97,046)

$

(139,348)

$

(184,418)

(1)The Company declared dividends per share of Class A common stock of $0.15 for the three months ended March 31, 2020.

Additional

Retained

Non-

Class A Common Stock

Class B Common Stock

Class C Common Stock

Paid-In

Earnings

Controlling

  

Shares

  

Amounts

  

Shares

  

Amounts

  

Shares

  

Amounts

  

Capital

  

(Deficit)

  

Interest

  

Total

Balance at December 31, 2018

37,192

$

372

50,707

$

5

$

47,531

$

(3,370)

$

(11,621)

$

32,917

Adoption of ASC 842 accounting standard

3,705

6,332

10,037

Equity-based compensation

2,716

2,716

Vesting of restricted stock units

1

Redemption of LLC common units for Class A common stock

6

12

12

Distributions to holders of LLC common units

(5,534)

(5,534)

Dividends(2)

(5,699)

(5,699)

Establishment of liabilities under the Tax Receivable Agreement and related changes to deferred tax assets associated with that liability

(8)

(8)

Non-controlling interest adjustment

(1,678)

1,678

Net loss

(19,395)

(7,412)

(26,807)

Balance at March 31, 2019

37,199

372

50,707

5

48,573

(24,759)

(16,557)

7,634

(2)The Company declared dividends per share of Class A common stock of $0.15 for the three months ended March 31, 2019.

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements

5

Table of Contents

Camping World Holdings, Inc. and Subsidiaries

Unaudited Condensed Consolidated Statements of Cash Flows

(In Thousands)

Three Months Ended March 31, 

    

2020

    

2019

Operating activities

Net loss

$

(14,129)

$

(26,807)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization

14,078

13,594

Equity-based compensation

3,312

2,716

Loss on lease termination

584

Long-lived asset impairment

6,569

Loss (gain) on disposal of assets

511

(214)

Provision for losses on accounts receivable

483

186

Non-cash lease expense

14,208

13,495

Accretion of original debt issuance discount

263

267

Non-cash interest

1,014

1,162

Deferred income taxes

2,031

16,412

Tax Receivable Agreement liability adjustment

(8,477)

Change in assets and liabilities, net of acquisitions:

Receivables and contracts in transit

(472)

(65,493)

Inventories

(80,799)

(54,496)

Prepaid expenses and other assets

5,678

4,976

Accounts payable and other accrued expenses

53,864

55,392

Accrued rent for cease-use locations

542

Deferred revenue

(5,070)

(5,805)

Operating lease liabilities

(18,415)

(13,941)

Other, net

1,101

(7,529)

Net cash used in operating activities

(15,189)

(74,020)

Investing activities

Purchases of property and equipment

(8,668)

(11,761)

Purchase of real property

(665)

Proceeds from the sale of real property

10,226

Purchases of businesses, net of cash acquired

(21,169)

Proceeds from sale of property and equipment

212

453

Net cash used in investing activities

$

(8,456)

$

(22,916)

6

Table of Contents

Camping World Holdings, Inc. and Subsidiaries

Unaudited Condensed Consolidated Statements of Cash Flows

(In Thousands)

Three Months Ended March 31, 

    

2020

    

2019

Financing activities

Payments on long-term debt

$

(3,534)

$

(3,232)

Net borrowings on notes payable – floor plan, net

3,438

38,972

Borrowings on revolving line of credit

3,871

Payments of principal on finance lease obligations

(14)

Dividends on Class A common stock

(5,752)

(5,699)

RSU shares withheld for tax

(212)

Members' distributions

(8,410)

(5,534)

Net cash (used in) provided by financing activities

(14,470)

28,364

Decrease in cash and cash equivalents

(38,115)

(68,572)

Cash and cash equivalents at beginning of the period

147,521

138,557

Cash and cash equivalents at end of the period

$

109,406

$

69,985

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements

7

Table of Contents

Camping World Holdings, Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

March 31, 2020

1. Summary of Significant Accounting Policies

Principles of Consolidation and Basis of Presentation

The condensed consolidated financial statements include the accounts of Camping World Holdings, Inc. and its subsidiaries, and are presented in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to the rules and regulations of the SEC. Accordingly, these interim financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for fair presentation of the results of operations, financial position and cash flows for the periods presented have been reflected. All intercompany accounts and transactions of the Company and its subsidiaries have been eliminated in consolidation.

The condensed consolidated financial statements as of and for the three months ended March 31, 2020 are unaudited. The condensed consolidated balance sheet as of December 31, 2019 has been derived from the audited financial statements at that date but does not include all of the disclosures required by GAAP. These interim condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 (the “Annual Report”) filed with the SEC on February 28, 2020. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year.

CWH was formed on March 8, 2016 as a Delaware corporation for the purpose of facilitating an IPO and other related transactions in order to carry on the business of CWGS, LLC. CWGS, LLC was formed in March 2011 when it received, through contribution from its then parent company, all of the membership interests of Affinity Group Holding, LLC and FreedomRoads Holding Company, LLC (“FreedomRoads”). The IPO and related reorganization transactions that occurred on October 6, 2016 resulted in CWH as the sole managing member of CWGS, LLC, with CWH having sole voting power in and control of the management of CWGS, LLC (see Note 14 — Stockholders’ Equity). Despite its position as sole managing member of CWGS, LLC, CWH has a minority economic interest in CWGS, LLC. As of March 31, 2020 and December 31, 2019, CWH owned 42.1% and 42.0%, respectively, of CWGS, LLC. Accordingly, the Company consolidates the financial results of CWGS, LLC and reports a non-controlling interest in its condensed consolidated financial statements.

The Company does not have any components of other comprehensive income recorded within its condensed consolidated financial statements, and, therefore, does not separately present a statement of comprehensive income in its condensed consolidated financial statements.

COVID-19

A novel strain of coronavirus was first identified in Wuhan, China in December 2019 and COVID-19 was subsequently declared a pandemic by the World Health Organization. To date, COVID-19 has surfaced in nearly all regions of the world and resulted in travel restrictions and business slowdowns or shutdowns in affected areas. As a result, COVID-19 has impacted the Company’s business, in particular its revenue, due to decreased retail and online traffic. The Company has implemented preparedness plans to keep its employees and customers healthy and safe, which include social distancing, providing employees with face coverings and/or other protective clothing as required, implementing additional cleaning and sanitization routines, and work-from-home directives for a significant portion of our workforce. The majority of the Company’s RV and Outdoor Retail locations have continued to operate as essential businesses and consequently have remained open to serve its customers through the pandemic, and the Company continues to operate its e-commerce business. The Company has temporarily reduced salaries and hours throughout the business, including for its executive officers, and implemented headcount and other cost reductions in an attempt to better align expenses with reduced sales since the middle of March 2020 and early April 2020 resulting from the impact of COVID-19 on its business.

8

Table of Contents

Description of the Business

Camping World Holdings, Inc, together with its subsidiaries, is America’s largest retailer of recreational vehicles (“RVs”) and related products and services. As noted above, CWGS, LLC is a holding company and operates through its subsidiaries. The Company has the following two reportable segments: (i) Good Sam Services and Plans and (ii) RV and Outdoor Retail. See Note 18 – Segments Information to the Condensed Consolidated Financial Statements for further information about the Company’s segments. Within the Good Sam Services and Plans segment, the Company primarily derives revenue from the sale of the following offerings: emergency roadside assistance plans; property and casualty insurance programs; travel assist programs; extended vehicle service contracts; vehicle financing and refinancing assistance; consumer shows and events; and consumer publications and directories. Within the RV and Outdoor Retail segment, the Company primarily derives revenue from the sale of new and used recreational vehicles; commissions on the finance and insurance contracts related to the sale of RVs; the sale of RV services and maintenance work; the sale of RV parts, accessories, and supplies; the sale of outdoor products, equipment, gear and supplies and the sale of Good Sam Club memberships and co-branded credit cards. The Company operates a national network of RV dealerships and service centers as well as a comprehensive e-commerce platform primarily under the Camping World and Gander RV & Outdoors brands, and markets its products and services primarily to RV and outdoor enthusiasts.

In 2019, the Company made a strategic decision to refocus its business around its core RV competencies, and on September 3, 2019, the board of directors approved a strategic plan to shift the business away from locations that did not have the ability or where it was not feasible to sell and/or service RVs (the “2019 Strategic Shift”) (see Note 4 – Restructuring and Long-lived Asset Impairment). This resulted in the sale, closing or divestiture of 34 non-RV retail stores and the liquidation of approximately $108 million of non-RV related inventory in 2019.

In connection with the 2019 Strategic Shift, the Company has reduced its number of retail store locations to 168 as of March 31, 2020 from 226 as of March 31, 2019. A summary of the retail store openings, closings, divestitures, conversions and locations from March 31, 2019 to March 31, 2020, are in the table below:

RV

RV Service &

Other

Dealerships

Retail Centers

Retail Stores

Total

Store locations as of March 31, 2019

147

12

67

226

Opened

10

10

Closed / divested

(6)

(2)

(56)

(64)

Temporarily closed(1)

(4)

(4)

Converted

6

(6)

Store locations as of March 31, 2020

157

10

1

168

(1)These locations are temporarily closed in response to the COVID-19 pandemic.

Use of Estimates

The preparation of these unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results may differ from those estimates. In preparing these financial statements, management has made its best estimates and judgments of certain amounts included in the financial statements, giving due consideration to materiality. The Company bases its estimates and judgments on historical experience and other assumptions that management believes are reasonable. However, application of these accounting policies involves the exercise of judgment and use of assumptions as to future uncertainties, including those uncertainties arising from COVID-19, and, as a result, actual results could differ materially from these estimates. The Company periodically evaluates estimates and assumptions used in the preparation of the financial statements and makes changes on a prospective basis when adjustments are necessary. Significant estimates made in the accompanying unaudited condensed consolidated financial statements include certain assumptions related to accounts receivable, inventory, goodwill, intangible assets, long lived assets, long-lived asset impairments, program cancellation reserves, chargebacks, and accruals related to estimated tax liabilities, product return reserves, and other liabilities.

9

Table of Contents

Contracts in Transit, Accounts Receivable and Current Expected Credit Losses

Contracts in transit consist of amounts due from non-affiliated financing institutions on retail finance contracts from vehicle sales for the portion of the vehicle sales price financed by the Company’s customers. These retail installment sales contracts are typically funded within ten days of the initial approval of the retail installment sales contract by the third-party lender.

Accounts receivable are stated at realizable value, net of an allowance for doubtful accounts, which includes a reserve for expected credit losses. Accounts receivable balances due in excess of one year was $8.6 million at each of March 31, 2020 and December 31, 2019 and included in other assets in the Condensed Consolidated Balance Sheets.

The allowance for doubtful accounts is based on management’s assessment of the collectability of its customer accounts. The Company regularly reviews the composition of the accounts receivable aging, historical bad debts, changes in payment patterns, customer creditworthiness, current economic trends, and reasonable and supportable forecasts about the future. Relevant risks characteristics include customer size and historical loss patterns. Management has evaluated the expected credit losses related to contracts in transit and determined that no allowance for doubtful accounts was required at either March 31, 2020 or December 31, 2019. Management additionally has evaluated the expected credit losses related to accounts receivable and determined that allowances of approximately $3.5 million for uncollectible accounts were required as of both March 31, 2020 and December 31, 2019.

The following table details the changes in the allowance for doubtful accounts (in thousands):

Three Months Ended

March 31, 

March 31, 

    

2020

    

2019

Allowance for doubtful accounts:

Balance, beginning of period

$

3,537

$

4,398

Charged to bad debt expense

483

186

Deductions (1)

(569)

29

Balance, end of period

$

3,451

$

4,613

(1)These amounts primarily relate to the write off of uncollectable accounts after collection efforts have been exhausted.

Recently Adopted Accounting Pronouncements

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) (“ASU 2016-13”). This standard requires the use of a forward-looking expected loss impairment model for trade and other receivables, held-to-maturity debt securities, loans and other instruments. This standard also requires impairments and recoveries for available-for-sale debt securities to be recorded through an allowance account and revises certain disclosure requirements. In April 2019, the FASB issued ASU 2019-04, Codification Improvements, which provides guidance on accounting for credit losses on accrued interest receivable balances and guidance on including recoveries when estimating the allowance. In May 2019, the FASB issued ASU 2019-05, Targeted Transition Relief, which allows entities with an option to elect fair value for certain instruments upon adoption of Topic 326. The standard is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company adopted ASU 2016-13 on January 1, 2020 and the adoption did not materially impact its condensed consolidated financial statements.

In August 2018, the FASB issued ASU No. 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (“ASU 2018-15”). This standard aligns the accounting for implementation costs incurred in a cloud computing arrangement that is a service arrangement (i.e., hosting arrangement) with the guidance on capitalizing costs in ASC 350-40, Internal-Use Software. The ASU permits either a prospective or retrospective transition approach. The standard will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The

10

Table of Contents

Company adopted ASU 2018-15 on January 1, 2020 using the prospective transition approach and the adoption did not materially impact its condensed consolidated financial statements.

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). This standard, effective for reporting periods through December 31, 2022, provides accounting relief for contract modifications that replace an interest rate impacted by reference rate reform (e.g., London Interbank Offered Rate (“LIBOR”)) with a new alternative reference rate. The guidance is applicable to investment securities, receivables, loans, debt, leases, derivatives and hedge accounting elections and other contractual arrangements. The Company adopted ASU 2020-04 as of January 1, 2020 and the adoption did not materially impact its condensed consolidated financial statements.

Recently Issued Accounting Pronouncements

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). This standard reduces complexity by removing specific exceptions to general principles related to intraperiod tax allocations, ownership changes in foreign investments, and interim period income tax accounting for year-to-date losses that exceed anticipated losses. This standard also simplifies accounting for franchise taxes that are partially based on income, transactions with a government that result in a step up in the tax basis of goodwill, separate financial statements of legal entities that are not subject to tax, and enacted changes in tax laws in interim periods. The standard is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The ASU permits either a retrospective basis or a modified retrospective transition approach. The Company is currently evaluating the impact that the adoption of the provisions of this ASU will have on its consolidated financial statements.