Non-Controlling Interests

9 Months Ended

Sep. 30, 2022

Non-Controlling Interests

Non-Controlling Interests

15. Non-Controlling Interests

As described in Note 14 — Stockholders’ Equity, CWH is the sole managing member of CWGS, LLC and, as a result, consolidates the financial results of CWGS, LLC. The Company reports a non-controlling interest representing the common units of CWGS, LLC held by Continuing Equity Owners. Changes in CWH’s ownership interest in CWGS, LLC while CWH retains its controlling interest in CWGS, LLC will be accounted for as equity transactions. As such, future redemptions of common units of CWGS, LLC by the Continuing Equity Owners will result in a change in ownership and reduce or increase the amount recorded as non-controlling interest and increase or decrease additional paid-in capital when CWGS, LLC has positive or negative net assets, respectively. At the end of each period, the Company will record a non-controlling interest adjustment to additional paid-in capital such that the non-controlling interest on the condensed consolidated balance sheet is equal to the non-controlling interest’s ownership share of the underlying CWGS, LLC net assets (see the condensed consolidated statement of stockholders’ equity).

The following table summarizes the CWGS, LLC common unit ownership by CWH and the Continuing Equity Owners:

	As of September 30, 2022				As of December 31, 2021
	Common Units		Ownership %		Common Units		Ownership %
CWH		42,129,078		50.1%		44,130,956		51.2%
Continuing Equity Owners		42,044,536		49.9%		42,094,536		48.8%
Total		84,173,614		100.0%		86,225,492		100.0%

The following table summarizes the effects of changes in ownership in CWGS, LLC on the Company’s equity:

	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands)	2022		2021		2022		2021
Net income attributable to Camping World Holdings, Inc.	$	41,126	$	79,703	$	170,167	$	251,213
Transfers to non-controlling interests:
Decrease in additional paid-in capital as a result of the purchase of common units from CWGS, LLC with proceeds from the exercise of stock options		(20)		(592)		(149)		(1,861)
Decrease in additional paid-in capital as a result of the vesting of restricted stock units		(14,713)		(16,376)		(22,342)		(19,241)
Increase (decrease) in additional paid-in capital as a result of repurchases of Class A common stock for withholding taxes on vested RSUs		829		(411)		1,120		(467)
Increase in additional paid-in capital as a result of repurchases of Class A common stock for treasury stock		—		19,623		28,398		41,750
Increase in additional paid-in capital as a result of the redemption of common units of CWGS, LLC		—		—		416		34,711
Change from net income attributable to Camping World Holdings, Inc. and transfers to non-controlling interests	$	27,222	$	81,947	$	177,610	$	306,105