Camping World Holdings, Inc. Reports Second Quarter 2021 Results and Raises Full Year Guidance due to Continued Demand
LINCOLNSHIRE, IL–(BUSINESS WIRE)–Camping World Holdings, Inc. (NYSE: CWH) (the “Company”), America’s Recreation Dealer, today reported results for the second quarter ended June 30, 2021.
Second Quarter Operating Highlights(1)
- Revenue was a record $2.062 billion, an increase of $455.1 million, or 28.3%
- Gross profit was a record $759.8 million, an increase of $271.2 million, or 55.5%, and gross margin was 36.9%, an increase of 644 basis points
- Net income was a record $246.1 million, an increase of $82.9 million, or 50.8%. Net income margin was 11.9% versus 10.2% for the second quarter of 2020
- Diluted earnings per share of Class A common stock was $2.33 and adjusted earnings per share – diluted(2) of Class A common stock was $2.51
- Adjusted EBITDA(2) was a record $333.3 million, an increase of $112.6 million, or 51.0%, and adjusted EBITDA margin(2) was 16.2% for the second quarter versus 13.7% for the second quarter of 2020
- Vehicle inventories increased by $67.3 million: new vehicle inventories were down $65.5 million and used vehicle inventories were up $132.8 million
- On June 3, 2021, we refinanced our senior secured credit facilities, reducing our outstanding principal by $38.6 million, extending the term to 2028, and lowering the applicable margin rate by 25 bps.
- Nine RV dealership locations were acquired in the second quarter of 2021. We currently have operating dealerships, agreements to acquire land or existing RV dealerships, or have dealerships under construction in 46 of the 48 contiguous states.
2021 Adjusted EBITDA Guidance Update
Marcus Lemonis, Chairman and CEO of Camping World Holdings, Inc. stated, “Our team’s strong performance for the quarter has allowed us to reach a Company high Trailing Twelve-Month Adjusted EBITDA(2) of $831 million. As a result, we are raising our 2021 fiscal year guidance(3) of Adjusted EBITDA of $770 million to $810 million to a revised Adjusted EBITDA of $840 million to $860 million.”
(1) Unless otherwise indicated, all financial comparisons in this press release compare our financial results for the second quarter ended June 30, 2021 to our financial results from the second quarter ended June 30, 2020.
(2) Adjusted earnings per share – diluted, adjusted EBITDA, adjusted EBITDA Margin, and Trailing Twelve-Month Adjusted EBITDA 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 measure 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.
(3) Prior guidance provided on May 4, 2021.
Stock Repurchase Program
On October 30, 2020, the Company’s Board of Directors authorized a stock repurchase program for the repurchase of up to $100.0 million of the Company’s Class A common stock, expiring on October 31, 2022.
During the three months ended June 30, 2021, the Company repurchased 1,149,742 shares of Class A common stock under this program for approximately $45.5 million, including commissions paid, at a weighted average price per share of $39.55, which is recorded as treasury stock on the condensed consolidated balance sheets. As of June 30, 2021, the remaining approved amount for repurchases of Class A common stock under the share repurchase program was approximately $33.0 million.
Earnings Conference Call and Webcast Information
A conference call to discuss the Company’s second quarter 2021 financial results is scheduled for today, August 3, 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# 7476436. 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 June 30, 2021, the Company owned 51.6% of CWGS, LLC. Accordingly, the Company consolidates the financial results of CWGS, LLC and reports a non-controlling interest in its consolidated financial statements.
About Camping World Holdings, Inc.
Camping World Holdings, Inc., headquartered in Lincolnshire, IL, (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. With over 185 locations in 40 states, Camping World, and sister brand Gander RV & Outdoors, have grown to become prime destinations for everything RV.
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 the strength of our business, our long-term plan, potential stock repurchases, and our future financial results. 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.
Investor Conference
On September 14th and 15th, we will be holding an In-Person Investor Conference in Salt Lake City, Utah for the purpose of updating and discussing the Company’s strategic goals and initiatives with investors, advisors and analysts, and introduce a new Electric World retail location. To RSVP for this event, please complete the form at https://go.campingworld.com/investor-day/. For hotel guestrooms for this event, please use this link: https://reservations.travelclick.com/5003?groupID=3224259.
|
Camping World Holdings, Inc. and Subsidiaries |
||||||||||||
|
Consolidated Statements of Operations (unaudited) |
||||||||||||
|
(In Thousands Except Per Share Amounts) |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
||||||||
|
|
|
June 30, |
|
June 30, |
||||||||
|
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Good Sam Services and Plans |
|
$ |
46,902 |
|
$ |
44,519 |
|
$ |
87,773 |
|
$ |
91,727 |
|
RV and Outdoor Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicles |
|
|
1,058,778 |
|
|
898,175 |
|
|
1,880,754 |
|
|
1,395,492 |
|
Used vehicles |
|
|
460,137 |
|
|
274,910 |
|
|
754,394 |
|
|
481,575 |
|
Products, service and other |
|
|
305,554 |
|
|
231,172 |
|
|
556,824 |
|
|
403,795 |
|
Finance and insurance, net |
|
|
177,685 |
|
|
147,318 |
|
|
315,939 |
|
|
239,774 |
|
Good Sam Club |
|
|
12,751 |
|
|
10,651 |
|
|
23,904 |
|
|
21,655 |
|
Subtotal |
|
|
2,014,905 |
|
|
1,562,226 |
|
|
3,531,815 |
|
|
2,542,291 |
|
Total revenue |
|
|
2,061,807 |
|
|
1,606,745 |
|
|
3,619,588 |
|
|
2,634,018 |
|
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Good Sam Services and Plans |
|
|
17,180 |
|
|
15,234 |
|
|
31,604 |
|
|
37,093 |
|
RV and Outdoor Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
New vehicles |
|
|
758,108 |
|
|
752,570 |
|
|
1,401,788 |
|
|
1,179,012 |
|
Used vehicles |
|
|
334,829 |
|
|
208,829 |
|
|
558,022 |
|
|
372,622 |
|
Products, service and other |
|
|
189,952 |
|
|
139,341 |
|
|
344,098 |
|
|
249,610 |
|
Good Sam Club |
|
|
1,895 |
|
|
2,133 |
|
|
3,739 |
|
|
4,380 |
|
Subtotal |
|
|
1,284,784 |
|
|
1,102,873 |
|
|
2,307,647 |
|
|
1,805,624 |
|
Total costs applicable to revenue |
|
|
1,301,964 |
|
|
1,118,107 |
|
|
2,339,251 |
|
|
1,842,717 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and administrative |
|
|
432,249 |
|
|
271,591 |
|
|
769,283 |
|
|
539,247 |
|
Debt restructure expense |
|
|
9,031 |
|
|
— |
|
|
9,031 |
|
|
— |
|
Depreciation and amortization |
|
|
13,044 |
|
|
12,567 |
|
|
25,745 |
|
|
26,645 |
|
Long-lived asset impairment |
|
|
536 |
|
|
— |
|
|
1,082 |
|
|
6,569 |
|
Lease termination |
|
|
— |
|
|
868 |
|
|
1,756 |
|
|
1,452 |
|
(Gain) loss on disposal of assets |
|
|
10 |
|
|
272 |
|
|
(89) |
|
|
783 |
|
Total operating expenses |
|
|
454,870 |
|
|
285,298 |
|
|
806,808 |
|
|
574,696 |
|
Income from operations |
|
|
304,973 |
|
|
203,340 |
|
|
473,529 |
|
|
216,605 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Floor plan interest expense |
|
|
(3,371) |
|
|
(5,098) |
|
|
(6,761) |
|
|
(13,702) |
|
Other interest expense, net |
|
|
(11,789) |
|
|
(14,547) |
|
|
(24,012) |
|
|
(29,205) |
|
Loss on debt restructure |
|
|
(1,390) |
|
|
— |
|
|
(1,390) |
|
|
— |
|
Tax Receivable Agreement liability adjustment |
|
|
— |
|
|
— |
|
|
(3,520) |
|
|
— |
|
Other income, net |
|
|
— |
|
|
— |
|
|
45 |
|
|
— |
|
Total other expense |
|
|
(16,550) |
|
|
(19,645) |
|
|
(35,638) |
|
|
(42,907) |
|
Income before income taxes |
|
|
288,423 |
|
|
183,695 |
|
|
437,891 |
|
|
173,698 |
|
Income tax expense |
|
|
(42,347) |
|
|
(20,473) |
|
|
(44,390) |
|
|
(24,605) |
|
Net income |
|
|
246,076 |
|
|
163,222 |
|
|
393,501 |
|
|
149,093 |
|
Less: net income attributable to non-controlling interests |
|
|
(136,888) |
|
|
(105,145) |
|
|
(221,991) |
|
|
(99,176) |
|
Net income attributable to Camping World Holdings, Inc. |
|
$ |
109,188 |
|
$ |
58,077 |
|
$ |
171,510 |
|
$ |
49,917 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share of Class A common stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
2.37 |
|
$ |
1.54 |
|
$ |
3.83 |
|
$ |
1.33 |
|
Diluted |
|
$ |
2.33 |
|
$ |
1.54 |
|
$ |
3.74 |
|
$ |
1.32 |
|
Weighted average shares of Class A common stock outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
45,983 |
|
|
37,635 |
|
|
44,790 |
|
|
37,585 |
|
Diluted |
|
|
47,550 |
|
|
89,689 |
|
|
90,422 |
|
|
89,578 |
|
Camping World Holdings, Inc. |
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|
Supplemental Data |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
Three Months Ended June 30, |
|
Increase |
|
|
Percent |
||||||||||
|
|
|
2021 |
|
|
2020 |
|
|
(decrease) |
|
|
Change |
||||||
|
Unit sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
New vehicles |
|
|
26,181 |
|
|
|
27,168 |
|
|
|
(987 |
) |
|
|
|
(3.6 |
)% |
|
Used vehicles |
|
|
14,319 |
|
|
|
11,618 |
|
|
|
2,701 |
|
|
|
|
23.2 |
% |
|
Total |
|
|
40,500 |
|
|
|
38,786 |
|
|
|
1,714 |
|
|
|
|
4.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Average selling price |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
New vehicles |
|
$ |
40,441 |
|
|
$ |
33,060 |
|
|
$ |
7,381 |
|
|
|
|
22.3 |
% |
|
Used vehicles |
|
$ |
32,135 |
|
|
$ |
23,662 |
|
|
$ |
8,472 |
|
|
|
|
35.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Same store unit sales(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
New vehicles |
|
|
23,541 |
|
|
|
26,840 |
|
|
|
(3,299 |
) |
|
|
|
(12.3 |
)% |
|
Used vehicles |
|
|
13,061 |
|
|
|
11,501 |
|
|
|
1,560 |
|
|
|
|
13.6 |
% |
|
Total |
|
|
36,602 |
|
|
|
38,341 |
|
|
|
(1,739 |
) |
|
|
|
(4.5 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Same store revenue(1) ($ in 000’s) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
New vehicles |
|
$ |
958,142 |
|
|
$ |
886,778 |
|
|
$ |
71,364 |
|
|
|
|
8.0 |
% |
|
Used vehicles |
|
|
425,396 |
|
|
|
271,825 |
|
|
|
153,571 |
|
|
|
|
56.5 |
% |
|
Products, service and other |
|
|
214,041 |
|
|
|
171,451 |
|
|
|
42,590 |
|
|
|
|
24.8 |
% |
|
Finance and insurance, net |
|
|
162,922 |
|
|
|
145,882 |
|
|
|
17,040 |
|
|
|
|
11.7 |
% |
|
Total |
|
$ |
1,760,501 |
|
|
$ |
1,475,936 |
|
|
$ |
284,565 |
|
|
|
|
19.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Average gross profit per unit |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
New vehicles |
|
$ |
11,484 |
|
|
$ |
5,359 |
|
|
$ |
6,125 |
|
|
|
|
114.3 |
% |
|
Used vehicles |
|
$ |
8,751 |
|
|
$ |
5,688 |
|
|
$ |
3,063 |
|
|
|
|
53.9 |
% |
|
Finance and insurance, net per vehicle unit |
|
$ |
4,387 |
|
|
$ |
3,798 |
|
|
$ |
589 |
|
|
|
|
15.5 |
% |
|
Total vehicle front-end yield(2) |
|
$ |
14,905 |
|
|
$ |
9,256 |
|
|
$ |
5,649 |
|
|
|
|
61.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Gross margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Good Sam Services and Plans |
|
|
63.4 |
% |
|
|
65.8 |
% |
|
|
(241 |
) |
bps |
|
|
|
|
|
New vehicles |
|
|
28.4 |
% |
|
|
16.2 |
% |
|
|
1,219 |
|
bps |
|
|
|
|
|
Used vehicles |
|
|
27.2 |
% |
|
|
24.0 |
% |
|
|
320 |
|
bps |
|
|
|
|
|
Products, service and other |
|
|
37.8 |
% |
|
|
39.7 |
% |
|
|
(189 |
) |
bps |
|
|
|
|
|
Finance and insurance, net |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
unch. |
bps |
|
|
|
||
|
Good Sam Club |
|
|
85.1 |
% |
|
|
80.0 |
% |
|
|
516 |
|
bps |
|
|
|
|
|
Subtotal RV and Outdoor Retail |
|
|
36.2 |
% |
|
|
29.4 |
% |
|
|
683 |
|
bps |
|
|
|
|
|
Total gross margin |
|
|
36.9 |
% |
|
|
30.4 |
% |
|
|
644 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Inventories ($ in 000’s) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
New vehicles |
|
$ |
645,670 |
|
|
$ |
711,164 |
|
|
$ |
(65,494 |
) |
|
|
|
(9.2 |
)% |
|
Used vehicles |
|
|
259,511 |
|
|
|
126,687 |
|
|
|
132,824 |
|
|
|
|
104.8 |
% |
|
Products, parts, accessories and misc. |
|
|
291,506 |
|
|
|
214,357 |
|
|
|
77,149 |
|
|
|
|
36.0 |
% |
|
Total RV and Outdoor Retail inventories |
|
$ |
1,196,687 |
|
|
$ |
1,052,208 |
|
|
$ |
144,479 |
|
|
|
|
13.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Vehicle inventory per location ($ in 000’s) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
New vehicle inventory per dealer location |
|
$ |
3,669 |
|
|
$ |
4,679 |
|
|
$ |
(1,010 |
) |
|
|
|
(21.6 |
)% |
|
Used vehicle inventory per dealer location |
|
$ |
1,474 |
|
|
|
833 |
|
|
$ |
641 |
|
|
|
|
76.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Vehicle inventory turnover(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
New vehicle inventory turnover |
|
|
3.9 |
|
|
|
2.3 |
|
|
|
1.6 |
|
|
|
|
66.7 |
% |
|
Used vehicle inventory turnover |
|
|
5.0 |
|
|
|
4.7 |
|
|
|
0.3 |
|
|
|
|
5.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Retail locations |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
RV dealerships |
|
|
176 |
|
|
|
152 |
|
|
|
24 |
|
|
|
|
15.8 |
% |
|
RV service & retail centers |
|
|
10 |
|
|
|
10 |
|
|
|
— |
|
|
|
|
0.0 |
% |
|
Subtotal |
|
|
186 |
|
|
|
162 |
|
|
|
24 |
|
|
|
|
14.8 |
% |
|
Other retail stores |
|
|
1 |
|
|
|
2 |
|
|
|
(1 |
) |
|
|
|
(50.0 |
)% |
|
Total |
|
|
187 |
|
|
|
164 |
|
|
|
23 |
|
|
|
|
14.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Other data |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Active Customers(4) |
|
|
5,482,640 |
|
|
|
5,220,367 |
|
|
|
262,273 |
|
|
|
|
5.0 |
% |
|
Good Sam Club members |
|
|
2,215,227 |
|
|
|
2,067,253 |
|
|
|
147,974 |
|
|
|
|
7.2 |
% |
|
Finance and insurance gross profit as a % of total vehicle revenue |
|
|
11.7 |
% |
|
|
12.6 |
% |
|
|
(86 |
) |
bps |
|
|
n/a |
|
|
Same store locations |
|
|
158 |
|
|
|
n/a |
|
|
|
n/a |
|
|
|
|
n/a |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
Six Months Ended June 30, |
|
Increase |
|
|
Percent |
||||||||||
|
|
|
2021 |
|
|
2020 |
|
|
(decrease) |
|
|
Change |
||||||
|
Unit sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
New vehicles |
|
|
47,614 |
|
|
|
41,376 |
|
|
|
6,238 |
|
|
|
|
15.1 |
% |
|
Used vehicles |
|
|
24,638 |
|
|
|
20,300 |
|
|
|
4,338 |
|
|
|
|
21.4 |
% |
|
Total |
|
|
72,252 |
|
|
|
61,676 |
|
|
|
10,576 |
|
|
|
|
17.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Average selling price |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
New vehicles |
|
$ |
39,500 |
|
|
$ |
33,727 |
|
|
$ |
5,773 |
|
|
|
|
17.1 |
% |
|
Used vehicles |
|
$ |
30,619 |
|
|
$ |
23,723 |
|
|
$ |
6,896 |
|
|
|
|
29.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Same store unit sales(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
New vehicles |
|
|
43,569 |
|
|
|
40,678 |
|
|
|
2,891 |
|
|
|
|
7.1 |
% |
|
Used vehicles |
|
|
22,803 |
|
|
|
19,985 |
|
|
|
2,818 |
|
|
|
|
14.1 |
% |
|
Total |
|
|
66,372 |
|
|
|
60,663 |
|
|
|
5,709 |
|
|
|
|
9.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Same store revenue(1) ($ in 000’s) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
New vehicles |
|
$ |
1,729,426 |
|
|
$ |
1,371,604 |
|
|
$ |
357,822 |
|
|
|
|
26.1 |
% |
|
Used vehicles |
|
|
704,910 |
|
|
|
474,016 |
|
|
|
230,894 |
|
|
|
|
48.7 |
% |
|
Products, service and other |
|
|
381,929 |
|
|
|
298,314 |
|
|
|
83,615 |
|
|
|
|
28.0 |
% |
|
Finance and insurance, net |
|
|
292,834 |
|
|
|
236,309 |
|
|
|
56,525 |
|
|
|
|
23.9 |
% |
|
Total |
|
$ |
3,109,099 |
|
|
$ |
2,380,243 |
|
|
$ |
728,855 |
|
|
|
|
30.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Average gross profit per unit |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
New vehicles |
|
$ |
10,059 |
|
|
$ |
5,232 |
|
|
$ |
4,827 |
|
|
|
|
92.3 |
% |
|
Used vehicles |
|
|
7,970 |
|
|
|
5,367 |
|
|
|
2,603 |
|
|
|
|
48.5 |
% |
|
Finance and insurance, net per vehicle unit |
|
|
4,373 |
|
|
|
3,888 |
|
|
|
485 |
|
|
|
|
12.5 |
% |
|
Total vehicle front-end yield(2) |
|
|
13,720 |
|
|
|
9,164 |
|
|
|
4,556 |
|
|
|
|
49.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Gross margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Good Sam Services and Plans |
|
|
64.0 |
% |
|
|
59.6 |
% |
|
|
443 |
|
bps |
|
|
|
|
|
New vehicles |
|
|
25.5 |
% |
|
|
15.5 |
% |
|
|
995 |
|
bps |
|
|
|
|
|
Used vehicles |
|
|
26.0 |
% |
|
|
22.6 |
% |
|
|
341 |
|
bps |
|
|
|
|
|
Products, service and other |
|
|
38.2 |
% |
|
|
38.2 |
% |
|
|
2 |
|
bps |
|
|
|
|
|
Finance and insurance, net |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
unch. |
bps |
|
|
|
||
|
Good Sam Club |
|
|
84.4 |
% |
|
|
79.8 |
% |
|
|
458 |
|
bps |
|
|
|
|
|
Subtotal RV and Outdoor Retail |
|
|
34.7 |
% |
|
|
29.0 |
% |
|
|
568 |
|
bps |
|
|
|
|
|
Total gross margin |
|
|
35.4 |
% |
|
|
30.0 |
% |
|
|
533 |
|
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Inventories ($ in 000’s) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
New vehicles |
|
$ |
645,670 |
|
|
$ |
711,164 |
|
|
$ |
(65,494 |
) |
|
|
|
(9.2 |
)% |
|
Used vehicles |
|
|
259,511 |
|
|
|
126,687 |
|
|
|
132,824 |
|
|
|
|
104.8 |
% |
|
Products, parts, accessories and misc. |
|
|
291,506 |
|
|
|
214,357 |
|
|
|
77,149 |
|
|
|
|
36.0 |
% |
|
Total RV and Outdoor Retail inventories |
|
$ |
1,196,687 |
|
|
$ |
1,052,208 |
|
|
$ |
144,479 |
|
|
|
|
13.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Vehicle inventory per location ($ in 000’s) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
New vehicle inventory per dealer location |
|
$ |
3,669 |
|
|
$ |
4,679 |
|
|
$ |
(1,010 |
) |
|
|
|
(21.6 |
)% |
|
Used vehicle inventory per dealer location |
|
|
1,474 |
|
|
|
833 |
|
|
|
641 |
|
|
|
|
76.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Vehicle inventory turnover(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
New vehicle inventory turnover |
|
|
3.9 |
|
|
|
2.3 |
|
|
|
1.6 |
|
|
|
|
66.7 |
% |
|
Used vehicle inventory turnover |
|
|
5.0 |
|
|
|
4.7 |
|
|
|
0.3 |
|
|
|
|
5.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Retail locations |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
RV dealerships |
|
|
176 |
|
|
|
152 |
|
|
|
24 |
|
|
|
|
15.8 |
% |
|
RV service & retail centers |
|
|
10 |
|
|
|
10 |
|
|
|
— |
|
|
|
|
0.0 |
% |
|
Subtotal |
|
|
186 |
|
|
|
162 |
|
|
|
24 |
|
|
|
|
14.8 |
% |
|
Other retail stores |
|
|
1 |
|
|
|
2 |
|
|
|
(1 |
) |
|
|
|
(50.0 |
)% |
|
Total |
|
|
187 |
|
|
|
164 |
|
|
|
23 |
|
|
|
|
14.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Other data |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Active Customers(4) |
|
|
5,482,640 |
|
|
|
5,220,367 |
|
|
|
262,273 |
|
|
|
|
5.0 |
% |
|
Good Sam Club members |
|
|
2,215,227 |
|
|
|
2,067,253 |
|
|
|
147,974 |
|
|
|
|
7.2 |
% |
|
Finance and insurance gross profit as a % of total vehicle revenue |
|
|
12.0 |
% |
|
|
12.8 |
% |
|
|
(78 |
) |
bps |
|
|
n/a |
|
|
Same store locations |
|
|
158 |
|
|
|
n/a |
|
|
|
n/a |
|
|
|
|
n/a |
|
(1) Our same store revenue and units calculations for a given period include only those stores that were open both at the end of the corresponding period and at the beginning of the preceding fiscal year.
(2) 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.
(3) Inventory turnover calculated as vehicle costs applicable to revenue divided by average quarterly ending vehicle inventory over the last twelve months.
(4) 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.
|
Camping World Holdings, Inc. and Subsidiaries |
||||||||
|
Consolidated Balance Sheets (unaudited) |
||||||||
|
($ in Thousands Except Per Share Amounts) |
|
|
|
|
|
|
||
|
|
|
June 30, |
|
December 31, |
||||
|
|
|
2021 |
|
|
2020 |
|
||
|
Assets |
|
|
|
|
|
|
||
|
Current assets: |
|
|
|
|
|
|
||
|
Cash and cash equivalents |
|
$ |
191,507 |
|
|
$ |
166,072 |
|
|
Contracts in transit |
|
|
150,919 |
|
|
|
48,175 |
|
|
Accounts receivable, net |
|
|
95,854 |
|
|
|
83,422 |
|
|
Inventories |
|
|
1,196,705 |
|
|
|
1,136,345 |
|
|
Prepaid expenses and other assets |
|
|
55,307 |
|
|
|
60,211 |
|
|
Total current assets |
|
|
1,690,292 |
|
|
|
1,494,225 |
|
|
Property and equipment, net |
|
|
456,406 |
|
|
|
367,898 |
|
|
Operating lease assets |
|
|
795,895 |
|
|
|
769,487 |
|
|
Deferred tax assets, net |
|
|
223,248 |
|
|
|
165,708 |
|
|
Intangible assets, net |
|
|
30,769 |
|
|
|
30,122 |
|
|
Goodwill |
|
|
483,295 |
|
|
|
413,123 |
|
|
Other assets |
|
|
16,917 |
|
|
|
15,868 |
|
|
Total assets |
|
$ |
3,696,822 |
|
|
$ |
3,256,431 |
|
|
Liabilities and stockholders’ equity (deficit) |
|
|
|
|
|
|
||
|
Current liabilities: |
|
|
|
|
|
|
||
|
Accounts payable |
|
$ |
261,696 |
|
|
$ |
148,462 |
|
|
Accrued liabilities |
|
|
212,391 |
|
|
|
137,688 |
|
|
Deferred revenues |
|
|
94,448 |
|
|
|
88,213 |
|
|
Current portion of operating lease liabilities |
|
|
62,961 |
|
|
|
62,405 |
|
|
Current portion of finance lease liabilities |
|
|
2,619 |
|
|
|
2,240 |
|
|
Current portion of Tax Receivable Agreement liability |
|
|
12,330 |
|
|
|
8,089 |
|
|
Current portion of long-term debt |
|
|
11,283 |
|
|
|
12,174 |
|
|
Notes payable – floor plan, net |
|
|
485,645 |
|
|
|
522,455 |
|
|
Other current liabilities |
|
|
78,749 |
|
|
|
53,795 |
|
|
Total current liabilities |
|
|
1,222,122 |
|
|
|
1,035,521 |
|
|
Operating lease liabilities, net of current portion |
|
|
830,408 |
|
|
|
804,555 |
|
|
Finance lease liabilities, net of current portion |
|
|
36,529 |
|
|
|
27,742 |
|
|
Tax Receivable Agreement liability, net of current portion |
|
|
167,521 |
|
|
|
137,845 |
|
|
Revolving line of credit |
|
|
20,885 |
|
|
|
20,885 |
|
|
Long-term debt, net of current portion |
|
|
1,069,702 |
|
|
|
1,122,675 |
|
|
Deferred revenues |
|
|
69,868 |
|
|
|
61,519 |
|
|
Other long-term liabilities |
|
|
64,312 |
|
|
|
54,920 |
|
|
Total liabilities |
|
|
3,481,347 |
|
|
|
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 June 30, 2021 and December 31, 2020 |
|
|
— |
|
|
|
— |
|
|
Class A common stock, par value $0.01 per share – 250,000,000 shares authorized; 47,264,560 issued and 45,478,698 outstanding as of June 30, 2021 and 43,083,008 issued and 42,226,389 outstanding as of December 31, 2020 |
|
|
470 |
|
|
|
428 |
|
|
Class B common stock, par value $0.0001 per share – 75,000,000 shares authorized; 69,066,445 issued as of June 30, 2021 and December 31, 2020; and 42,007,663 and 45,999,132 outstanding as of June 30, 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 June 30, 2021 and December 31, 2020 |
|
|
— |
|
|
|
— |
|
|
Additional paid-in capital |
|
|
93,509 |
|
|
|
63,342 |
|
|
Treasury stock, at cost; 1,501,690 and 572,447 shares as of June 30, 2021 and December 31, 2020 |
|
|
(54,783 |
) |
|
|
(15,187 |
) |
|
Retained earnings (deficit) |
|
|
127,783 |
|
|
|
(21,814 |
) |
|
Total stockholders’ equity attributable to Camping World Holdings, Inc. |
|
|
166,983 |
|
|
|
26,774 |
|
|
Non-controlling interests |
|
|
48,492 |
|
|
|
(36,005 |
) |
|
Total stockholders’ equity (deficit) |
|
|
215,475 |
|
|
|
(9,231 |
) |
|
Total liabilities and stockholders’ equity (deficit) |
|
$ |
3,696,822 |
|
|
$ |
3,256,431 |
|
|
|
|
|
|
|
|
|
||
Contacts
Investors:
InvestorRelations@campingworld.com
(866) 895-5330
Media Outlets:
Karen Porter
PR-CWGS@CampingWorld.com