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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, 2022

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 April 29, 2022, the registrant had 41,690,087 shares of Class A common stock, 41,466,964 shares of Class B common stock and one share of Class C common stock outstanding.

Camping World Holdings, Inc.

Quarterly Report on Form 10-Q

For the Quarterly Period Ended March 31, 2022

TABLE OF CONTENTS

Page

PART I. FINANCIAL INFORMATION

Item 1

Financial Statements (unaudited)

5

Unaudited Condensed Consolidated Balance Sheets – March 31, 2022 and December 31, 2021

5

Unaudited Condensed Consolidated Statements of Operations – Three Months Ended March 31, 2022 and 2021

6

Unaudited Condensed Consolidated Statements of Stockholders’ Equity – Three Months Ended March 31, 2022 and 2021

7

Unaudited Condensed Consolidated Statements of Cash Flows – Three Months Ended March 31, 2022 and 2021

8

Notes to Unaudited Condensed Consolidated Financial Statements

10

Item 2

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

32

Item 3

Quantitative and Qualitative Disclosures About Market Risk

57

Item 4

Controls and Procedures

57

PART II. OTHER INFORMATION

Item 1

Legal Proceedings

58

Item 1A

Risk Factors

58

Item 2

Unregistered Sales of Equity Securities and Use of Proceeds

59

Item 3

Defaults Upon Senior Securities

59

Item 4

Mine Safety Disclosures

59

Item 5

Other Information

59

Item 6

Exhibits

59

Signatures

61

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, 2021 filed with the Securities and Exchange Commission (“SEC”) on February 24, 2022.
“Continuing Equity Owners” refers collectively to ML Acquisition, funds controlled by Crestview Partners II GP, L.P. and the Former Profits 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 condensed 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.
“Former Profits Unit Holders” refers collectively to Brent L. Moody, Karin L. Bell, and Tamara R. Ward, who are named executive officers; Andris A. Baltins and K. Dillon Schickli, who are members of our board of directors, and certain other current and former executive and 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 profits 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

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; the expected impact of the February 2022 Cybersecurity Incident (as defined below); 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

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 six fulfillment and distribution centers for our retail, RV furniture distribution, 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 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 or breaches of our or our third party providers’ information technology systems, including the February 2022 Cybersecurity Incident;
risk of product liability claims if people or property are harmed by the products we sell and other litigation risks;

3

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 or sold, 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, 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

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, 

  

2022

    

2021

Assets

Current assets:

Cash and cash equivalents

$

139,480

$

267,332

Contracts in transit

135,513

57,741

Accounts receivable, net

116,593

101,644

Inventories

2,152,400

1,792,865

Prepaid expenses and other assets

57,763

64,295

Total current assets

2,601,749

2,283,877

Property and equipment, net

636,500

599,324

Operating lease assets

748,893

750,876

Deferred tax assets, net

185,616

199,321

Intangible assets, net

21,450

30,970

Goodwill

506,954

483,634

Other assets

26,373

24,927

Total assets

$

4,727,535

$

4,372,929

Liabilities and stockholders' equity

Current liabilities:

Accounts payable

$

221,990

$

136,757

Accrued liabilities

224,995

189,595

Deferred revenues

92,747

95,467

Current portion of operating lease liabilities

63,490

62,217

Current portion of finance lease liabilities

10,393

4,964

Current portion of Tax Receivable Agreement liability

11,322

11,322

Current portion of long-term debt

15,825

15,822

Notes payable – floor plan, net

1,237,208

1,011,345

Other current liabilities

78,369

70,834

Total current liabilities

1,956,339

1,598,323

Operating lease liabilities, net of current portion

770,778

774,889

Finance lease liabilities, net of current portion

72,192

74,752

Tax Receivable Agreement liability, net of current portion

171,476

171,073

Revolving line of credit

20,885

20,885

Long-term debt, net of current portion

1,374,592

1,377,751

Deferred revenues

69,902

69,024

Other long-term liabilities

81,201

52,338

Total liabilities

4,517,365

4,139,035

Commitments and contingencies

Stockholders' equity:

Preferred stock, par value $0.01 per share – 20,000,000 shares authorized; none issued and outstanding as of March 31, 2022 and December 31, 2021

Class A common stock, par value $0.01 per share – 250,000,000 shares authorized; 47,855,259 issued and 41,688,339 outstanding as of March 31, 2022 and 47,805,259 issued and 44,130,956 outstanding as of December 31, 2021

476

475

Class B common stock, par value $0.0001 per share – 75,000,000 shares authorized; 69,066,445 issued as of March 31, 2022 and December 31, 2021; and 41,466,964 outstanding as of March 31, 2022 and December 31, 2021

4

4

Class C common stock, par value $0.0001 per share – one share authorized, issued and outstanding as of March 31, 2022 and December 31, 2021

Additional paid-in capital

126,071

98,113

Treasury stock, at cost; 5,882,748 and 3,390,131 shares as of March 31, 2022 and December 31, 2021, respectively

(206,098)

(130,006)

Retained earnings

207,774

189,471

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

128,227

158,057

Non-controlling interests

81,943

75,837

Total stockholders' equity

210,170

233,894

Total liabilities and stockholders' equity

$

4,727,535

$

4,372,929

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements

5

Camping World Holdings, Inc. and Subsidiaries

Unaudited Condensed Consolidated Statements of Operations

(In Thousands Except Per Share Amounts)

Three Months Ended

March 31, 

2022

    

2021

Revenue:

Good Sam Services and Plans

$

44,559

$

40,871

RV and Outdoor Retail

New vehicles

834,959

821,976

Used vehicles

403,032

294,257

Products, service and other

214,973

251,270

Finance and insurance, net

153,378

138,254

Good Sam Club

11,495

11,153

Subtotal

1,617,837

1,516,910

Total revenue

1,662,396

1,557,781

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

Good Sam Services and Plans

16,703

14,424

RV and Outdoor Retail

New vehicles

644,370

643,680

Used vehicles

302,825

223,193

Products, service and other

136,160

154,146

Good Sam Club

2,136

1,844

Subtotal

1,085,491

1,022,863

Total costs applicable to revenue

1,102,194

1,037,287

Operating expenses:

Selling, general, and administrative

385,315

337,034

Depreciation and amortization

25,535

12,701

Long-lived asset impairment

546

Lease termination

178

1,756

Loss (gain) on sale or disposal of assets

49

(99)

Total operating expenses

411,077

351,938

Income from operations

149,125

168,556

Other expense:

Floor plan interest expense

(6,266)

(3,390)

Other interest expense, net

(14,301)

(12,223)

Tax Receivable Agreement liability adjustment

(3,520)

Other (expense) income, net

(223)

45

Total other expense

(20,790)

(19,088)

Income before income taxes

128,335

149,468

Income tax expense

(21,036)

(2,043)

Net income

107,299

147,425

Less: net income attributable to non-controlling interests

(62,569)

(85,103)

Net income attributable to Camping World Holdings, Inc.

$

44,730

$

62,322

Earnings per share of Class A common stock:

Basic

$

1.03

$

1.43

Diluted

$

1.02

$

1.40

Weighted average shares of Class A common stock outstanding:

Basic

43,553

43,584

Diluted

44,215

90,238

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements

6

Camping World Holdings, Inc. and Subsidiaries

Unaudited Condensed Consolidated Statements of Stockholders' Equity

(In Thousands)

Additional

Non-

Class A Common Stock

Class B Common Stock

Class C Common Stock

Paid-In

Treasury Stock

Retained

Controlling

  

Shares

  

Amounts

  

Shares

  

Amounts

  

Shares

  

Amounts

  

Capital

  

Shares

  

Amounts

  

Earnings

  

Interest

  

Total

Balance at December 31, 2021

47,521

$

475

41,466

$

4

$

$

98,113

(3,390)

$

(130,006)

$

189,471

$

75,837

$

233,894

Equity-based compensation

4,572

5,735

10,307

Exercise of stock options

(166)

11

397

231

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

(111)

111

Vesting of restricted stock units

(4,067)

130

4,749

(682)

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

243

(41)

(1,481)

(1,238)

Repurchases of Class A common stock to treasury stock

28,398

(2,593)

(79,757)

(37,774)

(89,133)

Redemption of LLC common units for Class A common stock

50

1

416

(45)

372

Distributions to holders of LLC common units

(24,836)

(24,836)

Dividends(1)

(26,427)

(26,427)

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

(299)

(299)

Non-controlling interest adjustment

(1,028)

1,028

Net income

44,730

62,569

107,299

Balance at March 31, 2022

47,571

$

476

41,466

$

4

$

$

126,071

(5,883)

$

(206,098)

$

207,774

$

81,943

$

210,170

(1)The Company declared dividends per share of Class A common stock of $0.625 for the three months ended March 31, 2022.

Additional

Non-

Class A Common Stock

Class B Common Stock

Class C Common Stock

Paid-In

Treasury Stock

Retained

Controlling

  

Shares

  

Amounts

  

Shares

  

Amounts

  

Shares

  

Amounts

  

Capital

  

Shares

  

Amounts

  

Earnings (Deficit)

  

Interest

  

Total

Balance at December 31, 2020

42,799

$

428

45,999

$

5

$

63,342

(572)

(15,187)

$

(21,814)

$

(36,005)

$

(9,231)

Equity-based compensation

2,988

3,121

6,109

Exercise of stock options

(417)

91

2,407

1,990

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

(1,012)

1,012

Vesting of restricted stock units

(1,220)

49

1,318

(98)

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

(25)

(7)

(189)

(214)

Redemption of LLC common units for Class A common stock

3,029

30

(2,848)

(1)

22,926

2,336

25,291

Distributions to holders of LLC common units

(16,926)

(16,926)

Dividends(2)

(10,353)

(10,353)

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

(19,441)

(19,441)

Non-controlling interest adjustment

2,068

(2,068)

Net income

62,322

85,103

147,425

Balance at March 31, 2021

45,828

$

458

43,151

$

4

$

$

69,209

(439)

$

(11,651)

$

30,155

$

36,475

$

124,650

(2)The Company declared dividends per share of Class A common stock of $0.23 for the three months ended March 31, 2021.

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements

7

Camping World Holdings, Inc. and Subsidiaries

Unaudited Condensed Consolidated Statements of Cash Flows

(In Thousands)

Three Months Ended March 31, 

    

2022

    

2021

Operating activities

Net income

$

107,299

$

147,425

Adjustments to reconcile net income to net cash (used in) provided by operating activities:

Depreciation and amortization

25,535

12,701

Equity-based compensation

11,674

6,109

Loss on lease termination

178

1,756

Long-lived asset impairment

546

Loss (gain) on sale or disposal of assets

49

(99)

Provision for losses on accounts receivable

(74)

242

Non-cash lease expense

15,320

15,059

Accretion of original debt issuance discount

516

270

Non-cash interest

484

872

Deferred income taxes

3,438

(15,531)

Tax Receivable Agreement liability adjustment

3,520

Change in assets and liabilities, net of acquisitions:

Receivables and contracts in transit

(92,645)

(123,902)

Inventories

(348,374)

(50,169)

Prepaid expenses and other assets