Schedule of reportable segment adjusted EBITDA


	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands)	2025		2024		2025		2024
Revenue:
Good Sam Services and Plans Segment	$	52,672	$	50,639	$	153,989	$	150,027
RV and Outdoor Retail Segment		1,757,111		1,677,682		5,052,822		4,756,905
Total segment revenue		1,809,783		1,728,321		5,206,811		4,906,932
Intersegment eliminations		(3,665)		(3,333)		(11,221)		(11,422)
Total revenue		1,806,118		1,724,988		5,195,590		4,895,510
Segment Adjusted EBITDA:
Good Sam Services and Plans Segment		21,591		23,659		67,859		75,280
RV and Outdoor Retail Segment		77,159		48,072		212,182		117,575
Total Segment Adjusted EBITDA		98,750		71,731		280,041		192,855
Corporate SG&A excluding SBC⁽¹⁾		(2,770)		(3,478)		(10,161)		(9,405)
Depreciation and amortization		(25,654)		(20,583)		(71,617)		(59,905)
Long-lived asset impairment		(617)		(1,944)		(1,237)		(12,355)
Lease termination		(76)		2,625		31		2,585
(Loss) gain on sale or disposal of assets		(534)		5		104		(9,525)
Stock-based compensation⁽²⁾		(7,750)		(5,573)		(23,464)		(16,167)
Loss and impairment on investments in equity securities⁽³⁾		(1,163)		(162)		(3,920)		(337)
Other interest expense, net		(30,982)		(35,877)		(92,349)		(108,124)
Tax Receivable Agreement liability adjustment		149,172		—		149,172		—
Intersegment eliminations⁽⁴⁾		(268)		(737)		(801)		(2,114)
Income (loss) before income taxes	$	178,108	$	6,007	$	225,799	$	(22,492)

(1)

Corporate SG&A excluding SBC represents corporate SG&A expenses that are not allocated to the segments and are comprised primarily of the costs associated with being a public company. This amount excludes the SBC relating to the Board of Directors for their service as board members that is not allocated to the segments, since it is presented as part of the SBC reconciling line item in this table.

(2)

This SBC amount includes SBC allocated to the segments and SBC relating to the Board of Directors for their service as board members that is not allocated to the segments (See Note 16 — Stock-Based Compensation Plans).

(3)

Represents loss and/or impairment on investments in equity securities and interest income relating to any notes receivables with those investments. These amounts are included in other expense, net in the condensed consolidated statements of operations.

(4)

Represents the net impact of intersegment eliminations on (loss) income before income taxes.

Schedule of reportable segment assets


	September 30,		December 31,		September 30,
($ in thousands)	2025		2024		2024
Assets:
Good Sam Services and Plans	$	85,476	$	121,876	$	87,087
RV and Outdoor Retail		4,902,471		4,509,509		4,366,121
Subtotal		4,987,947		4,631,385		4,453,208
Corporate & other		11,020		231,892		235,784
Total assets	$	4,998,967	$	4,863,277	$	4,688,992