Camping World Holdings, Inc. Reports First Quarter 2021 Results and Raises Full Year Guidance

LINCOLNSHIRE, IL–(BUSINESS WIRE)–Camping World Holdings, Inc. (NYSE: CWH) (the “Company”), America’s Recreation Dealer, today reported results for the first quarter ended March 31, 2021.

First Quarter Operating Highlights

  • Revenue increased by $530.5 million to $1.558 billion
  • Gross profit increased by $217.8 million to $520.5 million, and gross margin increased by 395 basis points to 33.4%
  • Income from operations increased by $155.3 million to $168.6 million
  • Net income increased by $161.6 million to $147.4 million and included long-lived asset impairment and restructuring costs of $3.6 million related to the 2019 Strategic Shift. Net income margin was 9.5% versus a net loss margin of 1.4% for the first quarter of 2020
  • Diluted earnings per share of Class A common stock and adjusted earnings per share – diluted(1) of Class A common stock were each $1.40
  • Adjusted EBITDA(1) increased by $153.3 million to $189.3 million and adjusted EBITDA margin(1) was 12.2% for the first quarter versus 3.5% for the first quarter of 2020
  • Vehicle inventories decreased by $299.6 million: new vehicle inventories were down $338.7 million and used vehicle inventories were up $39.1 million
  • Products, parts, accessories and other inventories increased by $49.6 million to $284.2 million

Marcus Lemonis, Chairman and CEO of Camping World Holdings, Inc. stated, “As a result of our financial performance during the three months ended March 31, 2021, the continued strength of our business and the confidence in our business model, we are raising our 2021 fiscal year guidance(2) of Adjusted EBITDA of $640 million to $690 million to a revised Adjusted EBITDA of $770 million to $810 million.”

________________

(1)

 

Adjusted earnings per share – diluted, adjusted EBITDA and adjusted EBITDA Margin are non-GAAP measures. For a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures, see the “Non-GAAP Financial Measures” section later in this press release. A reconciliation for the Company’s Adjusted EBITDA outlook to the corresponding GAAP measures on a forward-looking basis cannot be provided without unreasonable efforts, as we are unable to provide reconciling information with respect to certain items. However, in 2021 the Company expects equity-based compensation of approximately $27-30 million, depreciation and amortization of approximately $53-58 million, other interest expense of approximately $47-50 million, and restructuring charges of approximately $10-13 million, each of which is a reconciling item to Net Income.

(2)

 

Prior guidance provided on February 25, 2021.

Earnings Conference Call and Webcast Information

A conference call to discuss the Company’s first quarter 2021 financial results is scheduled for today, May 4, 2021, at 8:30 am Eastern Time. Investors and analysts can participate on the conference call by dialing (866) 548-4713 or (323) 794-2093 and using conference ID# 2210962. Interested parties can also listen to a live webcast or replay of the conference call by logging on to the Investor Relations section on the Company’s website at http://investor.campingworld.com. The replay of the conference call webcast will be available on the investor relations website for approximately 90 days.

Presentation

This press release presents historical results for the periods presented for the Company and its subsidiaries, which are presented in accordance with accounting principles generally accepted in the United States (“GAAP”), unless noted as a non-GAAP financial measure. The Company’s initial public offering (“IPO”) and related reorganization transactions (“Reorganization Transactions”) that occurred on October 6, 2016 resulted in the Company as the sole managing member of CWGS Enterprises, LLC (“CWGS, LLC”), with sole voting power in and control of the management of CWGS, LLC. Despite its position as sole managing member of CWGS, LLC, the Company had a minority economic interest in CWGS, LLC through March 11, 2021. As of March 31, 2021, the Company owned 50.9% of CWGS, LLC. Accordingly, the Company consolidates the financial results of CWGS, LLC and reports a non-controlling interest in its consolidated financial statements. Unless otherwise indicated, all financial comparisons in this press release compare our financial results for the first quarter ended March 31, 2021 to our financial results from the first quarter ended March 31, 2020.

About Camping World Holdings, Inc.

Camping World Holdings, Inc. (together with its subsidiaries) is America’s largest retailer of RVs and related products and services. Our vision is to build a long-term legacy business that makes RVing fun and easy, and our Camping World and Good Sam brands have been serving RV consumers since 1966. We strive to build long-term value for our customers, employees, and shareholders by combining a unique and comprehensive assortment of RV products and services with a national network of RV dealerships, service centers and customer support centers along with the industry’s most extensive online presence and a highly-trained and knowledgeable team of associates serving our customers, the RV lifestyle, and the communities in which we operate. We also believe that our Good Sam organization and family of programs and services uniquely enables us to connect with our customers as stewards of the RV enthusiast community and the RV lifestyle.

For more information, please visit www.CampingWorld.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements about our business plans and goals, including statements regarding strength of our business, our long-term plan and our financial outlook. These forward-looking statements are based on management’s current expectations.

These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: the COVID-19 pandemic, which has had, and could have in the future, certain negative impacts on our business; our ability to execute and achieve the expected benefits of our 2019 Strategic Shift; the availability of financing to us and our customers; fuel shortages or high prices for fuel; the success of our manufacturers; general economic conditions in our markets; changes in consumer preferences; competition in our industry; risks related to acquisitions and expansion into new markets; our failure to maintain the strength and value of our brands; our ability to manage our inventory; fluctuations in our same store sales; the cyclical and seasonal nature of our business; our dependence on the availability of adequate capital and risks related to our debt; our reliance on six fulfillment and distribution centers; natural disasters, including epidemic outbreaks; risks associated with selling goods manufactured abroad; our dependence on our relationships with third party suppliers and lending institutions; our ability to retain senior executives and attract and retain other qualified employees; risks associated with leasing substantial amounts of space; regulatory risks; data privacy and cybersecurity risks; risks related to our intellectual property; the impact of ongoing or future lawsuits against us and certain of our officers and directors; and risks related to our organizational structure.

These and other important factors discussed under the caption “Risk Factors” in our Annual Report on Form 10-K filed for the year ended December 31, 2020 and our other reports filed with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change, except as required under applicable law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

Camping World Holdings, Inc. and Subsidiaries
Consolidated Statements of Operations (unaudited)
(In Thousands Except Per Share Amounts)
 
Three Months Ended March 31,

2021

2020

Revenue:
Good Sam Services and Plans

$

40,871

 

$

47,208

 

RV and Outdoor Retail
New vehicles

 

821,976

 

 

497,317

 

Used vehicles

 

294,257

 

 

206,665

 

Products, service and other

 

251,270

 

 

172,623

 

Finance and insurance, net

 

138,254

 

 

92,456

 

Good Sam Club

 

11,153

 

 

11,004

 

Subtotal

 

1,516,910

 

 

980,065

 

Total revenue

 

1,557,781

 

 

1,027,273

 

 
Costs applicable to revenue (exclusive of depreciation
and amortization shown separately below):
Good Sam Club Services and Plans

 

14,424

 

 

21,859

 

RV and Outdoor Retail
New vehicles

 

643,680

 

 

426,442

 

Used vehicles

 

223,193

 

 

163,793

 

Products, service and other

 

154,146

 

 

110,269

 

Good Sam Club

 

1,844

 

 

2,247

 

Subtotal

 

1,022,863

 

 

702,751

 

Total costs applicable to revenue

 

1,037,287

 

 

724,610

 

 
Gross profit:
Good Sam Services and Plans

 

26,447

 

 

25,349

 

RV and Outdoor Retail
New vehicles

 

178,296

 

 

70,875

 

Used vehicles

 

71,064

 

 

42,872

 

Products, service and other

 

97,124

 

 

62,354

 

Finance and insurance, net

 

138,254

 

 

92,456

 

Good Sam Club

 

9,309

 

 

8,757

 

Subtotal

 

494,047

 

 

277,314

 

Total gross profit

 

520,494

 

 

302,663

 

 
Operating expenses:
Selling, general, and administrative

 

337,034

 

 

267,656

 

Depreciation and amortization

 

12,701

 

 

14,078

 

Long-lived asset impairment

 

546

 

 

6,569

 

Lease termination

 

1,756

 

 

584

 

(Gain) loss on disposal of assets

 

(99

)

 

511

 

Total operating expenses

 

351,938

 

 

289,398

 

Income from operations

 

168,556

 

 

13,265

 

 
Other income (expense):
Floor plan interest expense

 

(3,390

)

 

(8,604

)

Other interest expense, net

 

(12,223

)

 

(14,658

)

Tax Receivable Agreement liability adjustment

 

(3,520

)

 

 

Other income, net

 

45

 

 

 

Total other expense

 

(19,088

)

 

(23,262

)

 
Income (loss) before income taxes

 

149,468

 

 

(9,997

)

Income tax expense

 

(2,043

)

 

(4,132

)

Net income (loss)

 

147,425

 

 

(14,129

)

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

 

(85,103

)

 

5,969

 

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

$

62,322

 

$

(8,160

)

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

$

1.43

 

$

(0.22

)

Diluted

$

1.40

 

$

(0.22

)

Weighted average shares of Class A common stock outstanding:
Basic

 

43,584

 

 

37,534

 

Diluted

 

90,238

 

 

37,534

 

Camping World Holdings, Inc.
Supplemental Data Three Months Ended March 31, Increase Percent

2021

2020

(decrease)

Change

Unit sales
New vehicles

 

21,433

 

 

14,208

 

 

7,225

 

50.9

%

Used vehicles

 

10,319

 

 

8,682

 

 

1,637

 

18.9

%

Total

 

31,752

 

 

22,890

 

 

8,862

 

38.7

%

Average selling price
New vehicles

$

38,351

 

$

35,003

 

$

3,348

 

9.6

%

Used vehicles

$

28,516

 

$

23,804

 

$

4,712

 

19.8

%

 
Same store unit sales
New vehicles

 

20,028

 

 

13,838

 

 

6,190

 

44.7

%

Used vehicles

 

9,742

 

 

8,484

 

 

1,258

 

14.8

%

Total

 

29,770

 

 

22,322

 

 

7,448

 

33.4

%

 
Same store revenue ($ in 000’s)
New vehicles

$

771,283

 

$

484,825

 

$

286,458

 

59.1

%

Used vehicles

 

279,514

 

 

202,191

 

 

77,323

 

38.2

%

Products, service and other

 

167,907

 

 

126,866

 

 

41,041

 

32.3

%

Finance and insurance, net

 

129,925

 

 

90,379

 

 

39,546

 

43.8

%

Total

$

1,348,629

 

$

904,261

 

$

444,368

 

49.1

%

 
Average gross profit per unit
New vehicles

$

8,319

 

$

4,988

 

$

3,330

 

66.8

%

Used vehicle

$

6,887

 

$

4,938

 

$

1,949

 

39.5

%

Finance and insurance, net per vehicle unit

$

4,354

 

$

4,039

 

$

315

 

7.8

%

Total vehicle front-end yield(1)

$

12,208

 

$

9,008

 

$

3,199

 

35.5

%

 
Gross margin
Good Sam Services and Plans

 

64.7

%

 

53.7

%

 

1,101

 

bps
New vehicles

 

21.7

%

 

14.3

%

 

744

 

bps
Used vehicles

 

24.2

%

 

20.7

%

 

341

 

bps
Products, service and other

 

38.7

%

 

36.1

%

 

253

 

bps
Finance and insurance, net

 

100.0

%

 

100.0

%

unch. bps
Good Sam Club

 

83.5

%

 

79.6

%

 

389

 

bps
Subtotal RV and Outdoor Retail

 

32.6

%

 

28.3

%

 

427

 

bps
Total gross margin

 

33.4

%

 

29.5

%

 

395

 

bps
 
Inventories ($ in 000’s)
New vehicles

$

715,085

 

$

1,053,802

 

$

(338,717

)

(32.1

%)

Used vehicles

 

190,176

 

 

151,058

 

 

39,118

 

25.9

%

Products, parts, accessories and misc.

 

284,203

 

 

234,555

 

 

49,648

 

21.2

%

Total RV and Outdoor Retail inventories

$

1,189,464

 

$

1,439,415

 

$

(249,951

)

(17.4

%)

 
Vehicle inventory per location ($ in 000’s)
New vehicle inventory per dealer location

$

4,334

 

$

6,712

 

$

(2,378

)

(35.4

%)

Used vehicle inventory per dealer location

$

1,153

 

$

962

 

$

190

 

19.8

%

 
Vehicle inventory turnover(2)
New vehicle inventory turnover

 

3.8

 

 

2.1

 

 

1.7

 

81.4

%

Used vehicle inventory turnover

 

5.2

 

 

4.6

 

 

0.6

 

12.6

%

 
Retail locations
RV dealerships

 

165

 

 

157

 

 

8

 

5.1

%

RV service & retail centers

 

10

 

 

10

 

 

 

0.0

%

Subtotal

 

175

 

 

167

 

 

8

 

4.8

%

Other retail stores

 

1

 

 

1

 

 

 

0.0

%

Total

 

176

 

 

168

 

 

8

 

4.8

%

 
Other data
Active Customers(3)

 

5,488,280

 

 

5,131,687

 

 

356,593

 

6.9

%

Good Sam Club members

 

2,120,143

 

 

2,094,134

 

 

26,009

 

1.2

%

Finance and insurance, net gross profit as a % of total vehicle revenue

 

12.4

%

 

13.1

%

 

(75

)

bps

n/a

 

Same store locations

 

158

 

 

n/a

 

 

n/a

 

n/a

 

(1)

 

Front end yield is calculated as gross profit from new vehicles, used vehicles and finance and insurance (net), divided by combined new and used retail units sold.

(2)

 

Inventory turnover calculated as vehicle costs applicable to revenue divided by average quarterly ending vehicle inventory over the last twelve months.

(3)

 

An Active Customer is a customer who has transacted with us in any of the eight most recently completed fiscal quarters prior to the date of measurement. The Active Customer quantity as of March 31, 2020 has been revised to 5,131,687 from 4,921,246 for a correction to the Active Customers for our specialty retail business.

Camping World Holdings, Inc. and Subsidiaries
Consolidated Balance Sheets (unaudited)
($ in Thousands Except Per Share Amounts)
 
March 31, December 31,

2021

2020

Assets
Current assets:
Cash and cash equivalents

$

256,870

 

$

166,072

 

Contracts in transit

 

165,751

 

 

48,175

 

Accounts receivable, net

 

89,142

 

 

83,422

 

Inventories

 

1,189,508

 

 

1,136,345

 

Prepaid expenses and other assets

 

51,082

 

 

60,211

 

Total current assets

 

1,752,353

 

 

1,494,225

 

Property and equipment, net

 

405,035

 

 

367,898

 

Operating lease assets

 

767,256

 

 

769,487

 

Deferred tax asset, net

 

213,180

 

 

165,708

 

Intangibles assets, net

 

29,185

 

 

30,122

 

Goodwill

 

420,135

 

 

413,123

 

Other assets

 

16,016

 

 

15,868

 

Total assets

$

3,603,160

 

$

3,256,431

 

Liabilities and stockholders’ equity (deficit)
Current liabilities:
Accounts payable

$

245,261

 

$

148,462

 

Accrued liabilities

 

185,788

 

 

137,688

 

Deferred revenues

 

88,006

 

 

88,213

 

Current portion of operating lease liabilities

 

63,007

 

 

62,405

 

Current portion of finance lease liabilities

 

2,585

 

 

2,240

 

Current portion of Tax Receivable Agreement liability

 

8,089

 

 

8,089

 

Current portion of long-term debt

 

12,174

 

 

12,174

 

Notes payable – floor plan, net

 

539,687

 

 

522,455

 

Other current liabilities

 

66,748

 

 

53,795

 

Total current liabilities

 

1,211,345

 

 

1,035,521

 

Operating lease obligations, net of current portion

 

801,181

 

 

804,555

 

Finance lease obligations, net of current portion

 

37,791

 

 

27,742

 

Tax Receivable Agreement liability, net of current portion

 

167,457

 

 

137,845

 

Revolving line of credit

 

20,885

 

 

20,885

 

Long-term debt, net of current portion

 

1,120,581

 

 

1,122,675

 

Deferred revenues

 

64,269

 

 

61,519

 

Other long-term liabilities

 

55,001

 

 

54,920

 

Total liabilities

 

3,478,510

 

 

3,265,662

 

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 March 31, 2021 and December 31, 2020

 

 

 

 

Class A common stock, par value $0.01 per share – 250,000,000 shares authorized; 46,112,336 issued and 45,388,998 outstanding as of March 31, 2021 and 43,083,008 issued and 42,226,389 outstanding as of December 31, 2020

 

458

 

 

428

 

Class B common stock, par value $0.0001 per share – 75,000,000 shares authorized; 69,066,445 issued as of March 31, 2021 and December 31, 2020; and 43,151,528 and 45,999,132 outstanding as of March 31, 2021 and December 31, 2020

 

4

 

 

5

 

Class C common stock, par value $0.0001 per share – one share authorized, issued and outstanding as of March 31, 2021 and December 31, 2020

 

 

 

 

Additional paid-in capital

 

69,209

 

 

63,342

 

Treasury stock, at cost; 439,166 and 572,447 shares as of March 31, 2021 and December 31, 2020

 

(11,651

)

 

(15,187

)

Retained earnings (deficit)

 

30,155

 

 

(21,814

)

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

 

88,175

 

 

26,774

 

Non-controlling interests

 

36,475

 

 

(36,005

)

Total stockholders’ equity (deficit)

 

124,650

 

 

(9,231

)

Total liabilities and stockholders’ equity (deficit)

$

3,603,160

 

$

3,256,431

 

Earnings Per Share

Basic earnings per share of Class A common stock is computed by dividing net income (loss) available to Camping World Holdings, Inc. by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted earnings per share of Class A common stock is computed by dividing net income (loss) available to Camping World Holdings, Inc. by the weighted-average number of shares of Class A common stock outstanding adjusted to give effect to potentially dilutive securities.

The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings per share of Class A common stock (unaudited):

Camping World Holdings, Inc.
 
 
Three Months Ended March 31,
(In thousands except per share amounts)

2021

2020

Numerator:
Net income (loss)

$

147,425

 

$

(14,129

)

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

 

(85,103

)

 

5,969

 

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

 

62,322

 

 

(8,160

)

Add: reallocation of net income attributable to non-controlling interests from the assumed exchange of common units of CWGS, LLC for Class A common stock

 

63,980

 

 

 

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

$

126,302

 

$

(8,160

)

Denominator:
Weighted-average shares of Class A common stock outstanding — basic

 

43,584

 

 

37,534

 

Dilutive options to purchase Class A common stock

 

165

 

 

 

Dilutive restricted stock units

 

955

 

 

 

Dilutive common units of CWGS, LLC that are convertible into Class A common stock

 

45,534

 

 

 

Weighted-average shares of Class A common stock outstanding — diluted

 

90,238

 

 

37,534

 

 
Earnings (loss) per share of Class A common stock — basic

$

1.43

 

$

(0.22

)

Earnings (loss) per share of Class A common stock — diluted

$

1.40

 

$

(0.22

)

 
Weighted-average anti-dilutive securities excluded from the computation of diluted earnings per share of Class A common stock:
Stock options to purchase Class A common stock

 

 

 

738

 

Restricted stock units

 

1

 

 

1,732

 

Common units of CWGS, LLC that are convertible into Class A common stock

 

 

 

51,649

 

Non-GAAP Financial Measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with accounting principles generally accepted in the United States (“GAAP”), we use the following non-GAAP financial measures: EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income Attributable to Camping World Holdings, Inc. – Basic, Adjusted Net Income Attributable to Camping World Holdings, Inc. – Diluted, Adjusted Earnings Per Share – Basic, and Adjusted Earnings Per Share – Diluted (collectively the “Non-GAAP Financial Measures”). We believe that these Non-GAAP Financial Measures, when used in conjunction with GAAP financial measures, provide useful information about operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to the key metrics we use in our financial and operational decision making. These Non-GAAP Financial Measures are also frequently used by analysts, investors and other interested parties to evaluate companies in the Company’s industry. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP, and they should not be construed as an inference that the Company’s future results will be unaffected by any items adjusted for in these non-GAAP Financial Measures. In evaluating these non-GAAP Financial Measures, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of those adjusted in this presentation. The Non-GAAP Financial Measures that we use are not necessarily comparable to similarly titled measures used by other companies due to different methods of calculation.

EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin

We define “EBITDA” as net income before other interest expense, net (excluding floor plan interest expense), provision for income tax expense and depreciation and amortization. We define “Adjusted EBITDA” as EBITDA further adjusted for the impact of certain non-cash and other items that we do not consider in our evaluation of ongoing operating performance. These items include, among other things, long-lived asset impairment, lease termination costs, gains and losses on disposal of assets and other expense, net, equity-based compensation, Tax Receivable Agreement liability adjustment, restructuring costs related to the 2019 Strategic Shift, and other unusual or one-time items. We define “Adjusted EBITDA Margin” as Adjusted EBITDA as a percentage of total revenue. We caution investors that amounts presented in accordance with our definitions of EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin may not be comparable to similar measures disclosed by our competitors, because not all companies and analysts calculate EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin in the same manner. We present EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin because we consider them to be important supplemental measures of our performance and believe they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. Management believes that investors’ understanding of our performance is enhanced by including these Non-GAAP Financial Measures as a reasonable basis for comparing our ongoing results of operations.

The following table reconciles EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin to the most directly comparable GAAP financial performance measures, which are net income (loss) and net income (loss) margin, respectively (unaudited):

Three Months Ended
March 31,
($ in thousands)

2021

2020

 
EBITDA:
Net income (loss)

$

147,425

 

$

(14,129

)

Other interest expense, net

 

12,223

 

 

14,658

 

Depreciation and amortization

 

12,701

 

 

14,078

 

Income tax expense

 

2,043

 

 

4,132

 

Subtotal EBITDA

 

174,392

 

 

18,739

 

Long-lived asset impairment (a)

 

546

 

 

6,569

 

Lease termination (b)

 

1,756

 

 

584

 

(Gain) loss on disposal of assets, net (c)

 

(99

)

 

511

 

Equity-based compensation (d)

 

6,109

 

 

3,312

 

Tax Receivable Agreement liability adjustment (e)

 

3,520

 

 

 

Restructuring costs (f)

 

3,067

 

 

6,282

 

Adjusted EBITDA

$

189,291

 

$

35,997

 

 
 
 
Three Months Ended
March 31,
(as percentage of total revenue)

2021

2020

 
EBITDA margin:
Net income (loss) margin

 

9.5

%

 

(1.4

%)

Other interest expense, net

 

0.8

%

 

1.4

%

Depreciation and amortization

 

0.8

%

 

1.4

%

Income tax expense

 

0.1

%

 

0.4

%

Subtotal EBITDA margin

 

11.2

%

 

1.8

%

Long-lived asset impairment (a)

 

0.0

%

 

0.6

%

Lease termination (b)

 

0.1

%

 

0.1

%

(Gain) loss on disposal of assets, net (c)

 

(0.0

%)

 

0.0

%

Equity-based compensation (d)

 

0.4

%

 

0.3

%

Tax Receivable Agreement liability adjustment (e)

 

0.2

%

 

 

Restructuring costs (f)

 

0.2

%

 

0.6

%

Adjusted EBITDA margin

 

12.2

%

 

3.5

%

Contacts

Investors:

InvestorRelations@campingworld.com
(866) 895-5330

Media Outlets:

Karen Porter

PR-CWGS@CampingWorld.com

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