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 2020-06-30 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 2020-08-05 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-10.2 cwh-20200630xex10d2.htm
EX-10.3 cwh-20200630xex10d3.htm
EX-31.1 cwh-20200630xex31d1.htm
EX-31.2 cwh-20200630xex31d2.htm
EX-32.1 cwh-20200630xex32d1.htm
EX-32.2 cwh-20200630xex32d2.htm

Camping World Holdings Earnings 2020-06-30

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 June 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 August 3, 2020, the registrant had 37,887,171 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 June 30, 2020

TABLE OF CONTENTS

Page

PART I. FINANCIAL INFORMATION

Item 1

Financial Statements (unaudited)

3

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

3

Unaudited Condensed Consolidated Statements of Operations – Three and Six months Ended June 30, 2020 and 2019

4

Unaudited Condensed Consolidated Statements of Stockholders’ Equity – Six months Ended June 30, 2020 and 2019

5

Unaudited Condensed Consolidated Statements of Cash Flows – Six months Ended June 30, 2020 and 2019

7

Notes to Unaudited Condensed Consolidated Financial Statements

9

Item 2

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

32

Item 3

Quantitative and Qualitative Disclosures About Market Risk

60

Item 4

Controls and Procedures

60

PART II. OTHER INFORMATION

Item 1

Legal Proceedings

60

Item 1A

Risk Factors

60

Item 2

Unregistered Sales of Equity Securities and Use of Proceeds

63

Item 3

Defaults Upon Senior Securities

63

Item 4

Mine Safety Disclosures

63

Item 5

Other Information

63

Item 6

Exhibits

63

Signatures

65

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.

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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.

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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)

June 30, 

December 31, 

  

2020

    

2019

Assets

Current assets:

Cash and cash equivalents

$

227,902

$

147,521

Contracts in transit

171,437

44,947

Accounts receivable, less allowance for doubtful accounts of $3,457 and $3,537 in 2020 and 2019, respectively

84,493

81,847

Inventories

1,052,222

1,358,539

Prepaid expenses and other assets

55,974

57,827

Total current assets

1,592,028

1,690,681

Property and equipment, net

325,053

314,374

Operating lease assets

789,539

807,537

Deferred tax assets, net

126,097

129,710

Intangible assets, net

28,101

29,707

Goodwill

387,049

386,941

Other assets

16,684

17,290

Total assets

$

3,264,551

$

3,376,240

Liabilities and stockholders' deficit

Current liabilities:

Accounts payable

$

232,989

$

106,959

Accrued liabilities

184,751

130,316

Deferred revenues

84,286

87,093

Current portion of operating lease liabilities

60,315

58,613

Current portion of Tax Receivable Agreement liability

6,909

6,563

Current portion of long-term debt

15,828

14,085

Notes payable – floor plan, net

470,871

848,027

Other current liabilities

61,391

44,298

Total current liabilities

1,117,340

1,295,954

Operating lease liabilities, net of current portion

823,929

843,312

Tax Receivable Agreement liability, net of current portion

101,702

108,228

Revolving line of credit

20,885

40,885

Long-term debt, net of current portion

1,165,227

1,153,551

Deferred revenues

61,928

58,079

Other long-term liabilities

43,479

35,467

Total liabilities

3,334,490

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 June 30, 2020 and December 31, 2019

Class A common stock, par value $0.01 per share – 250,000,000 shares authorized; 38,018,386 issued and 37,773,109 outstanding as of June 30, 2020 and 37,701,584 issued and 37,488,989 outstanding as of December 31, 2019

378

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 June 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 June 30, 2020 and December 31, 2019

Additional paid-in capital

52,747

50,152

Retained deficit

(44,754)

(83,134)

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

8,376

(32,602)

Non-controlling interests

(78,315)

(126,634)

Total stockholders' deficit

(69,939)

(159,236)

Total liabilities and stockholders' deficit

$

3,264,551

$

3,376,240

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements

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Camping World Holdings, Inc. and Subsidiaries

Unaudited Condensed Consolidated Statements of Operations

(In Thousands Except Per Share Amounts)

Three Months Ended

Six Months Ended

June 30, 

June 30, 

2020

    

2019

    

2020

    

2019

Revenue:

Good Sam Services and Plans

$

44,519

$

44,694

$

91,727

$

91,660

RV and Outdoor Retail

New vehicles

898,175

778,870

1,395,492

1,308,447

Used vehicles

274,910

245,749

481,575

425,757

Products, service and other

231,172

264,426

403,795

469,302

Finance and insurance, net

147,318

128,225

239,774

220,116

Good Sam Club

10,651

12,383

21,655

23,834

Subtotal

1,562,226

1,429,653

2,542,291

2,447,456

Total revenue

1,606,745

1,474,347

2,634,018

2,539,116

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

Good Sam Services and Plans

15,234

18,746

37,093

39,477

RV and Outdoor Retail

New vehicles

752,570

681,399

1,179,012

1,144,443

Used vehicles

208,829

192,681

372,622

335,527

Products, service and other

139,341

168,607

249,610

304,711

Good Sam Club

2,133

2,924

4,380

6,641

Subtotal

1,102,873

1,045,611

1,805,624

1,791,322

Total costs applicable to revenue

1,118,107

1,064,357

1,842,717

1,830,799

Operating expenses:

Selling, general, and administrative

271,591

303,366

539,247

571,431

Depreciation and amortization

12,567

13,946

26,645

27,540

Long-lived asset impairment

6,569

Lease termination

868

1,452

Loss on disposal of assets

272

2,374

783

2,160

Total operating expenses

285,298

319,686

574,696

601,131

Income from operations

203,340

90,304

216,605

107,186

Other income (expense):

Floor plan interest expense

(5,098)

(11,269)

(13,702)

(22,879)

Other interest expense, net

(14,547)

(18,211)

(29,205)

(35,854)

Tax Receivable Agreement liability adjustment

8,477

Total other expense

(19,645)

(29,480)

(42,907)

(50,256)

Income before income taxes

183,695

60,824

173,698

56,930

Income tax expense

(20,473)

(8,201)

(24,605)

(31,114)

Net income

163,222

52,623

149,093

25,816

Less: net income attributable to non-controlling interests

(105,145)

(34,606)

(99,176)

(27,194)

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

$

58,077

$

18,017

$

49,917

$

(1,378)

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

Basic

$

1.54

$

0.48

$

1.33

$

(0.04)

Diluted

$

1.54

$

0.46

$

1.32

$

(0.04)

Weighted average shares of Class A common stock outstanding:

Basic

37,635

37,239

37,585

37,217

Diluted

89,689

88,925

89,578

37,217

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements

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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

304

Distributions to holders of LLC common units

(47,015)

(47,015)

Dividends(1)

(5,785)

(5,785)

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

(241)

(241)

Non-controlling interest adjustment

(2,545)

2,545

Net income

58,077

105,145

163,222

Balance at June 30, 2020

37,773

$

378

50,707

$

5

$

$

52,747

$

(44,754)

$

(78,315)

$

(69,939)

(1)The Company declared dividends per share of Class A common stock of $0.15 for each the three months ended March 31 and June 30, 2020.

5