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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 June 30, 2021

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 July 29, 2021, the registrant had 45,561,829 shares of Class A common stock, 42,007,663 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 June 30, 2021

TABLE OF CONTENTS

Page

PART I. FINANCIAL INFORMATION

Item 1

Financial Statements (unaudited)

5

Unaudited Condensed Consolidated Balance Sheets – June 30, 2021 and December 31, 2020

5

Unaudited Condensed Consolidated Statements of Operations – Three and Six Months Ended June 30, 2021 and 2020

6

Unaudited Condensed Consolidated Statements of Stockholders’ Equity (Deficit) – Three and Six Months Ended June 30, 2021 and 2020

7

Unaudited Condensed Consolidated Statements of Cash Flows – Six Months Ended June 30, 2021 and 2020

9

Notes to Unaudited Condensed Consolidated Financial Statements

11

Item 2

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

34

Item 3

Quantitative and Qualitative Disclosures About Market Risk

65

Item 4

Controls and Procedures

65

PART II. OTHER INFORMATION

Item 1

Legal Proceedings

66

Item 1A

Risk Factors

66

Item 2

Unregistered Sales of Equity Securities and Use of Proceeds

66

Item 3

Defaults Upon Senior Securities

66

Item 4

Mine Safety Disclosures

66

Item 5

Other Information

66

Item 6

Exhibits

66

Signatures

69

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, 2020 filed with the Securities and Exchange Commission (“SEC”) on February 26, 2021.
“Continuing Equity Owners” refers collectively to ML Acquisition, funds controlled by Crestview Partners II GP, L.P. and the Former Profit 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 to date.
“Former Profit 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 profit 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; 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 firearms 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 our information technology systems or breaches of our network security;
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 as a result of recent acquisitions, 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 on Form 10-K for the year ended December 31, 2020 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)

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

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

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

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements

6

Camping World Holdings, Inc. and Subsidiaries

Unaudited Condensed Consolidated Statements of Stockholders' Equity (Deficit)

(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 (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

6,109

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(1)

(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

(1,053)

1,053

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

Equity-based compensation

6,047

6,047

Exercise of stock options

(135)

25

674

539

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

(257)

257

Vesting of restricted stock units

(1,645)

64

1,707

(62)

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

(31)

(2)

(43)

(74)

Repurchases of Class A common  stock to treasury stock

22,127

(1,150)

(45,470)

(22,127)

(45,470)

Redemption of LLC common units for Class A common stock

1,152

12

(1,144)

11,785

(376)

11,421

Distributions to holders of LLC common units