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Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2017
Summary of Significant Accounting Policies  
Schedule of restatements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of September 30, 2017

 

As of December 31, 2016

($ in thousands)

    

As Reported

    

Adjustment

    

As Corrected

    

As Reported

    

Adjustment

    

As Corrected

Inventories

 

$

1,204,138

 

$

(6,455)

 

$

1,197,683

 

$

909,254

 

$

(6,543)

 

$

902,711

Total current assets

 

 

1,548,247

 

 

(6,455)

 

 

1,541,792

 

 

1,132,705

 

 

(6,543)

 

 

1,126,162

Deferred tax asset

 

 

262,433

 

 

(138,645)

 

 

123,788

 

 

125,878

 

 

(101,445)

 

 

24,433

Total assets

 

 

2,378,479

 

 

(145,100)

 

 

2,233,379

 

 

1,563,765

 

 

(107,988)

 

 

1,455,777

Deferred revenues and gains, current portion

 

 

78,934

 

 

2,788

 

 

81,722

 

 

68,643

 

 

2,485

 

 

71,128

Total current liabilities

 

 

1,204,499

 

 

2,788

 

 

1,207,287

 

 

865,937

 

 

2,485

 

 

868,422

Deferred revenues and gains, long-term portion

 

 

56,782

 

 

6,768

 

 

63,550

 

 

52,210

 

 

5,449

 

 

57,659

Total liabilities   

 

 

2,119,535

 

 

9,556

 

 

2,129,091

 

 

1,591,980

 

 

7,934

 

 

1,599,914

Additional paid-in capital

 

 

157,031

 

 

(143,109)

 

 

13,922

 

 

74,239

 

 

(104,245)

 

 

(30,006)

Retained earnings

 

 

35,655

 

 

(1,003)

 

 

34,652

 

 

544

 

 

(473)

 

 

71

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

 

 

192,994

 

 

(144,112)

 

 

48,882

 

 

74,978

 

 

(104,718)

 

 

(29,740)

Non-controlling interest

 

 

65,950

 

 

(10,544)

 

 

55,406

 

 

(103,193)

 

 

(11,204)

 

 

(114,397)

Stockholders' equity (deficit)

 

 

258,944

 

 

(154,656)

 

 

104,288

 

 

(28,215)

 

 

(115,922)

 

 

(144,137)

Total liabilities and stockholders' equity (deficit)

 

 

2,378,479

 

 

(145,100)

 

 

2,233,379

 

 

1,563,765

 

 

(107,988)

 

 

1,455,777

The following table presents the effect of the Immaterial Adjustments on the Company’s condensed consolidated statements of operations for the periods indicated.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2017

 

Three Months Ended September 30, 2016

($ in thousands)

    

As Reported

    

Adjustment

    

As Corrected

    

As Reported

    

Adjustment

    

As Corrected

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New vehicles

 

$

715,182

 

$

(1,820)

 

$

713,362

 

$

545,154

 

$

(1,169)

 

$

543,985

Used vehicles

 

 

188,331

 

 

(868)

 

 

187,463

 

 

181,675

 

 

(703)

 

 

180,972

Finance and insurance, net

 

 

101,570

 

 

(712)

 

 

100,858

 

 

67,710

 

 

(395)

 

 

67,315

Retail segment revenues

 

 

1,192,833

 

 

(3,400)

 

 

1,189,433

 

 

945,629

 

 

(2,267)

 

 

943,362

Total revenue

 

 

1,239,002

 

 

(3,400)

 

 

1,235,602

 

 

991,071

 

 

(2,267)

 

 

988,804

Costs applicable to revenue- new vehicles

 

 

614,624

 

 

(3,263)

 

 

611,361

 

 

471,140

 

 

(2,801)

 

 

468,339

Costs applicable to revenue- used vehicles

 

 

138,796

 

 

1,315

 

 

140,111

 

 

138,637

 

 

703

 

 

139,340

Retail segment costs applicable to revenue

 

 

862,250

 

 

(1,948)

 

 

860,302

 

 

690,882

 

 

(2,098)

 

 

688,784

Total costs applicable to revenue

 

 

882,335

 

 

(1,948)

 

 

880,387

 

 

710,835

 

 

(2,098)

 

 

708,737

Income from operations

 

 

112,116

 

 

(1,452)

 

 

110,664

 

 

87,741

 

 

(169)

 

 

87,572

Income before income taxes

 

 

93,594

 

 

(1,452)

 

 

92,142

 

 

70,704

 

 

(169)

 

 

70,535

Income tax expense

 

 

(8,336)

 

 

(54)

 

 

(8,390)

 

 

(2,288)

 

 

 —

 

 

(2,288)

Net income

 

 

85,258

 

 

(1,506)

 

 

83,752

 

 

68,416

 

 

(169)

 

 

68,247

Net income attributable to non-controlling interests

 

 

(65,131)

 

 

968

 

 

(64,163)

 

 

 —

 

 

 —

 

 

 —

Net income attributable to Camping World Holdings, Inc.

 

 

20,127

 

 

(538)

 

 

19,589

 

 

68,416

 

 

(169)

 

 

68,247

Earnings per share of Class A common stock:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.68

 

$

(0.02)

 

$

0.66

 

 

 

 

 

 

 

 

 

Diluted

 

$

0.68

 

$

(0.02)

 

$

0.66

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 2017

 

Nine Months Ended September 30, 2016

($ in thousands)

    

As Reported

    

Adjustment

    

As Corrected

    

As Reported

    

Adjustment

    

As Corrected

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New vehicles

 

$

1,982,644

 

$

(5,172)

 

$

1,977,472

 

$

1,532,919

 

$

(3,350)

 

$

1,529,569

Used vehicles

 

 

531,324

 

 

(2,427)

 

 

528,897

 

 

576,964

 

 

(2,098)

 

 

574,866

Finance and insurance, net

 

 

268,829

 

 

(1,622)

 

 

267,207

 

 

188,607

 

 

(1,132)

 

 

187,475

Retail segment revenues

 

 

3,260,966

 

 

(9,221)

 

 

3,251,745

 

 

2,720,806

 

 

(6,580)

 

 

2,714,226

Total revenue

 

 

3,405,484

 

 

(9,221)

 

 

3,396,263

 

 

2,856,674

 

 

(6,580)

 

 

2,850,094

Costs applicable to revenue- new vehicles

 

 

1,703,622

 

 

(11,190)

 

 

1,692,432

 

 

1,317,147

 

 

(8,394)

 

 

1,308,753

Costs applicable to revenue- used vehicles

 

 

393,436

 

 

3,503

 

 

396,939

 

 

454,659

 

 

1,885

 

 

456,544

Retail segment costs applicable to revenue

 

 

2,362,434

 

 

(7,687)

 

 

2,354,747

 

 

1,995,587

 

 

(6,509)

 

 

1,989,078

Total costs applicable to revenue

 

 

2,424,226

 

 

(7,687)

 

 

2,416,539

 

 

2,054,658

 

 

(6,509)

 

 

2,048,149

Income from operations

 

 

318,623

 

 

(1,534)

 

 

317,089

 

 

247,133

 

 

(71)

 

 

247,062

Income before income taxes

 

 

268,268

 

 

(1,534)

 

 

266,734

 

 

194,240

 

 

(71)

 

 

194,169

Income tax expense

 

 

(28,247)

 

 

(19)

 

 

(28,266)

 

 

(4,638)

 

 

 —

 

 

(4,638)

Net income

 

 

240,021

 

 

(1,553)

 

 

238,468

 

 

189,602

 

 

(71)

 

 

189,531

Net income attributable to non-controlling interests

 

 

(193,036)

 

 

1,023

 

 

(192,013)

 

 

 —

 

 

 —

 

 

 —

Net income attributable to Camping World Holdings, Inc.

 

 

46,985

 

 

(530)

 

 

46,455

 

 

189,602

 

 

(71)

 

 

189,531

Earnings per share of Class A common stock:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.97

 

$

(0.02)

 

$

1.95

 

 

 

 

 

 

 

 

 

Diluted

 

$

1.92

 

$

(0.01)

 

$

1.91