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 2020-09-30 Filed 2020-11-03
10-Q 2020-06-30 Filed 2020-08-06
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 2020-11-02 Earnings, Exhibits
8-K 2020-08-05 Earnings, Exhibits
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-20200930xex31d1.htm
EX-31.2 cwh-20200930xex31d2.htm
EX-32.1 cwh-20200930xex32d1.htm
EX-32.2 cwh-20200930xex32d2.htm

Camping World Holdings Earnings 2020-09-30

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

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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 September 30, 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 October 30, 2020, the registrant had 42,757,321 shares of Class A common stock, 45,999,132 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 September 30, 2020

TABLE OF CONTENTS

Page

PART I. FINANCIAL INFORMATION

Item 1

Financial Statements (unaudited)

5

Unaudited Condensed Consolidated Balance Sheets – September 30, 2020 and December 31, 2019

5

Unaudited Condensed Consolidated Statements of Operations – Three and Nine Months Ended September 30, 2020 and 2019

6

Unaudited Condensed Consolidated Statements of Stockholders’ Equity – Nine Months Ended September 30, 2020 and 2019

7

Unaudited Condensed Consolidated Statements of Cash Flows – Nine Months Ended September 30, 2020 and 2019

9

Notes to Unaudited Condensed Consolidated Financial Statements

11

Item 2

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

35

Item 3

Quantitative and Qualitative Disclosures About Market Risk

64

Item 4

Controls and Procedures

64

PART II. OTHER INFORMATION

Item 1

Legal Proceedings

64

Item 1A

Risk Factors

64

Item 2

Unregistered Sales of Equity Securities and Use of Proceeds

67

Item 3

Defaults Upon Senior Securities

67

Item 4

Mine Safety Disclosures

67

Item 5

Other Information

67

Item 6

Exhibits

67

Signatures

69

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 related reorganization transactions (each as discussed 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.
“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; our stock repurchase program; 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, but not limited to, the following:

risks related to the COVID-19 pandemic and related impacts on our business;
our ability to execute and achieve the expected benefits of our 2019 Strategic Shift and costs and impairment charges incurred in connection with the 2019 Strategic Shift may be materially higher than expected or anticipated;
the availability of financing to us and our customers;
fuel shortages, or high prices for fuel;
the well-being, as well as the continued popularity and reputation for quality, of our manufacturers;
trends in the RV industry;
general economic conditions in our markets, and ongoing economic and financial uncertainties;
changes in consumer preferences or our failure to gauge those preferences;
competition in the market for services, protection plans, products and resources targeting the RV lifestyle or RV enthusiast;
our expansion into new, unfamiliar markets, businesses, or product lines or categories, as well as delays in opening or acquiring new retail locations;
unforeseen expenses, difficulties, and delays frequently encountered in connection with expansion through acquisitions;
our failure to maintain the strength and value of our brands;
our ability to successfully order and manage our inventory to reflect consumer demand in a volatile market and anticipate changing consumer preferences and buying trends;

2

Table of Contents

fluctuations in our same store revenue and whether such revenue will be a meaningful indicator of future performance;
the cyclical and seasonal nature of our business;
our ability to operate and expand our business and to respond to changing business and economic conditions, which depends on the availability of adequate capital;
the restrictive covenants imposed by our Senior Secured Credit Facilities and Floor Plan Facility;
our reliance on four fulfillment and distribution centers for our retail, e-commerce and catalog businesses;
the impact of ongoing class action lawsuits against us and certain of our officers and directors, as well as any potential future class action litigation;
natural disasters, whether or not caused by climate change, unusual weather conditions, epidemic outbreaks, terrorist acts and political events;
our dependence on our relationships with third party providers of services, protection plans, products and resources and a disruption of these relationships or of these providers’ operations;
any delays, new or increased tariffs, increased cost or quality control deficiencies in the importation of our products manufactured abroad;
whether third party lending institutions and insurance companies will continue to provide financing for RV purchases;
our ability to retain senior executives and attract and retain other qualified employees;
risks associated with leasing substantial amounts of space, including our inability to maintain the leases for our retail locations or locate alternative sites for our stores in our target markets and on terms that are acceptable to us;
our business being subject to numerous federal, state and local regulations;
changes in government policies and firearms legislation;
our failure to comply with certain environmental regulations;
climate change legislation or regulations restricting emission of ‘‘greenhouse gases’’;
a failure in our e-commerce operations, security breaches and cybersecurity risks;
our inability to enforce our intellectual property rights and accusations of our infringement on the intellectual property rights of third parties;
our inability to maintain or upgrade our information technology systems or our inability to convert to alternate systems in an efficient and timely manner;
disruptions to our information technology systems or breaches of our network security;
risk of product liability claims if people or property are harmed by the products we sell and other litigation risks;

3

Table of Contents

risks related to our pending litigation;
risks associated with our private brand offerings;
possibility of future asset impairment charges for goodwill, intangible assets or other long-lived assets;
potential litigation relating to products we sell as a result of recent acquisitions, including firearms and ammunitions;
Marcus Lemonis, through his beneficial ownership of our shares directly or indirectly held by ML Acquisition Company, LLC and ML RV Group, LLC, has substantial control over us including matters requiring approval by our stockholders;
the exemptions from certain corporate governance requirements that we qualify for, and rely on, due to the fact that we are a ‘‘controlled company’’ within the meaning of the New York Stock Exchange, or NYSE, listing requirements;
whether we are able to realize any tax benefits that may arise from our organizational structure and any redemptions or exchanges of CWGS Enterprises, LLC common units for cash or stock;
other risks relating to our organizational structure and to ownership of shares of our Class A common stock; and
the other factors set forth under ‘‘Risk Factors’’ in Item 1A of Part I of our Annual Report on Form 10-K for the year ended December 31, 2019, in Item 1A of Part II of this Form 10-Q and in our other filings with the SEC.

These risks 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.

4

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)

September 30, 

December 31, 

  

2020

    

2019

Assets

Current assets:

Cash and cash equivalents

$

482,640

$

147,521

Contracts in transit

85,004

44,947

Accounts receivable, less allowance for doubtful accounts of $3,358 and $3,537 in 2020 and 2019, respectively

82,135

81,847

Inventories

927,722

1,358,539

Prepaid expenses and other assets

42,893

57,827

Total current assets

1,620,394

1,690,681

Property and equipment, net

313,496

314,374

Operating lease assets

781,615

807,537

Deferred tax assets, net

159,853

129,710

Intangible assets, net

27,741

29,707

Goodwill

387,066

386,941

Other assets

16,675

17,290

Total assets

$

3,306,840

$

3,376,240

Liabilities and stockholders' equity (deficit)

Current liabilities:

Accounts payable

$

203,311

$

106,959

Accrued liabilities

159,289

130,316

Deferred revenues

94,129

87,093

Current portion of operating lease liabilities

60,933

58,613

Current portion of Tax Receivable Agreement liability

8,187

6,563

Current portion of long-term debt

14,355

14,085

Notes payable – floor plan, net

430,514

848,027

Other current liabilities

61,614

44,298

Total current liabilities

1,032,332

1,295,954

Operating lease liabilities, net of current portion

818,452

843,312

Tax Receivable Agreement liability, net of current portion

131,802

108,228

Revolving line of credit

20,885

40,885

Long-term debt, net of current portion

1,150,513

1,153,551

Deferred revenues

62,449

58,079

Other long-term liabilities

58,189

35,467

Total liabilities

3,274,622

3,535,476

Commitments and contingencies

Stockholders' equity (deficit):

Preferred stock, par value $0.01 per share – 20,000,000 shares authorized; none issued and outstanding as of September 30, 2020 and December 31, 2019

Class A common stock, par value $0.01 per share – 250,000,000 shares authorized; 43,001,308 issued and 42,724,586 outstanding as of September 30, 2020 and 37,701,584 issued and 37,488,989 outstanding as of December 31, 2019

427

375

Class B common stock, par value $0.0001 per share – 75,000,000 shares authorized; 69,066,445 issued as of September 30, 2020 and December 31, 2019; and 45,999,132 and 50,706,629 outstanding as of September 30, 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 September 30, 2020 and December 31, 2019

Additional paid-in capital

55,733

50,152

Retained earnings (deficit)

6,033

(83,134)

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

62,198

(32,602)

Non-controlling interests

(29,980)

(126,634)

Total stockholders' equity (deficit)

32,218

(159,236)

Total liabilities and stockholders' equity (deficit)

$

3,306,840

$

3,376,240

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements

5

Table of Contents

Camping World Holdings, Inc. and Subsidiaries

Unaudited Condensed Consolidated Statements of Operations

(In Thousands Except Per Share Amounts)

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

2020

    

2019

    

2020

    

2019

Revenue:

Good Sam Services and Plans

$

45,941

$

42,235

$

137,668

$

133,895

RV and Outdoor Retail

New vehicles

907,588

680,716

2,303,080

1,989,163

Used vehicles

298,651

247,151

780,226

672,908

Products, service and other

276,622

290,771

680,417

760,073

Finance and insurance, net

138,779

114,466

378,553

334,582

Good Sam Club

11,172

12,633

32,827

36,467

Subtotal

1,632,812

1,345,737

4,175,103

3,793,193

Total revenue

1,678,753

1,387,972

4,312,771

3,927,088

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

Good Sam Services and Plans

18,600

19,401

55,693

58,878

RV and Outdoor Retail

New vehicles

730,175

598,718

1,909,187

1,743,161

Used vehicles

223,033

194,947

595,655

530,474

Products, service and other

171,666

233,174

421,276

537,885

Good Sam Club

2,130

3,259

6,510

9,900

Subtotal

1,127,004

1,030,098

2,932,628

2,821,420

Total costs applicable to revenue

1,145,604

1,049,499

2,988,321

2,880,298

Operating expenses:

Selling, general, and administrative

322,990

299,564

862,237

870,995

Depreciation and amortization

12,304

14,104

38,949

41,644

Long-lived asset impairment

4,378

50,025

10,947

50,025

Lease termination

505

1,957

(Gain) loss on disposal of assets

(121)

7,087

662

9,247

Total operating expenses

340,056

370,780

914,752

971,911

Income (loss) from operations

193,093

(32,307)

409,698

74,879

Other income (expense):

Floor plan interest expense

(3,015)

(9,005)

(16,717)

(31,884)

Other interest expense, net

(12,896)

(17,568)

(42,101)

(53,422)

Tax Receivable Agreement liability adjustment

8,477

Total other expense

(15,911)

(26,573)

(58,818)

(76,829)

Income before income taxes

177,182

(58,880)

350,880

(1,950)

Income tax expense

(22,398)

(6,383)

(47,003)

(37,497)

Net income (loss)

154,784

(65,263)

303,877

(39,447)

Less: net (income) loss attributable to non-controlling interests

(96,734)

34,571

(195,910)

7,377

Net income (loss) attributable to Camping World Holdings, Inc.

$

58,050

$

(30,692)

$

107,967

$

(32,070)

Earnings (loss) per share of Class A common stock:

Basic

$

1.46

$

(0.82)

$

2.81

$

(0.86)

Diluted

$

1.44

$

(0.82)

$

2.77

$

(0.86)

Weighted average shares of Class A common stock outstanding:

Basic

39,880

37,361

38,356

37,266

Diluted

40,872

37,361

89,882

37,266

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements

6

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)

Equity-based compensation

4,182

4,182

Exercise of stock options

7

159

159

Non-controlling interest adjustment for capital contribution of proceeds from the exercise of stock options

(105)

105

Vesting of restricted stock units

153

2

(10)

8

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

(17)

(347)

(347)

Redemption of LLC common units for Class A common stock

90

1

58

245