Segment Information

9 Months Ended

Sep. 30, 2022

Segment Information

Segment Information

18. Segments Information

The Company has the following two reportable segments: (i) Good Sam Services and Plans, and (ii) RV and Outdoor Retail. Within the Good Sam Services and Plans segment, the Company primarily derives revenue from the sale of the following offerings: emergency roadside assistance plans; property and casualty insurance programs; travel assist programs; extended vehicle service contracts; vehicle refinancing and refinancing assistance; consumer shows and events; and consumer publications and directories. Within the RV and Outdoor Retail segment, the Company primarily derives revenue from the sale of new and used RVs; commissions on the finance and insurance contracts related to the sale of RVs; the sale of RV service and collision work; the sale of RV parts, accessories, and supplies; the sale of outdoor products, equipment, gear and supplies; business to business distribution of RV furniture; and the sale of Good Sam Club memberships and co-branded credit cards.

The reportable segments identified above are the business activities of the Company for which discrete financial information is available and for which operating results are regularly reviewed by the Company’s chief operating decision maker to allocate resources and assess performance. The Company’s chief operating

decision maker is a group comprised of the Chief Executive Officer and the President. Segment revenue includes intersegment revenue. Segment income includes intersegment allocations for subsidiaries and shared resources.

Reportable segment revenue; segment income; floor plan interest expense; depreciation and amortization; other interest expense, net; and total assets are as follows:

	Three Months Ended September 30, 2022								Three Months Ended September 30, 2021
	Good Sam		RV and						Good Sam		RV and
	Services		Outdoor		Intersegment				Services		Outdoor		Intersegment
($ in thousands)	and Plans		Retail		Eliminations		Total		and Plans		Retail		Eliminations		Total
Revenue:
Good Sam services and plans	$	50,413	$	—	$	(61)	$	50,352	$	46,632	$	—	$	(51)	$	46,581
New vehicles		—		835,596		(1,484)		834,112		—		865,886		(1,583)		864,303
Used vehicles		—		527,078		(1,090)		525,988		—		520,565		(1,015)		519,550
Products, service and other		—		269,177		(237)		268,940		—		306,241		(359)		305,882
Finance and insurance, net		—		169,825		(4,689)		165,136		—		171,861		(4,082)		167,779
Good Sam Club		—		11,154		—		11,154		—		12,479		—		12,479
Total consolidated revenue	$	50,413	$	1,812,830	$	(7,561)	$	1,855,682	$	46,632	$	1,877,032	$	(7,090)	$	1,916,574
	Nine Months Ended September 30, 2022								Nine Months Ended September 30, 2021
	Good Sam		RV and						Good Sam		RV and
	Services		Outdoor		Intersegment				Services		Outdoor		Intersegment
($ in thousands)	and Plans		Retail		Eliminations		Total		and Plans		Retail		Eliminations		Total
Revenue:
Good Sam services and plans	$	144,914	$	—	$	(410)	$	144,504	$	134,499	$	—	$	(145)	$	134,354
New vehicles		—		2,751,391		(5,068)		2,746,323		—		2,750,643		(5,586)		2,745,057
Used vehicles		—		1,488,078		(3,100)		1,484,978		—		1,276,811		(2,867)		1,273,944
Products, service and other		—		762,724		(810)		761,914		—		863,958		(1,252)		862,706
Finance and insurance, net		—		528,798		(14,877)		513,921		—		495,786		(12,068)		483,718
Good Sam Club		—		35,070		—		35,070		—		36,383		—		36,383
Total consolidated revenue	$	144,914	$	5,566,061	$	(24,265)	$	5,686,710	$	134,499	$	5,423,581	$	(21,918)	$	5,536,162

	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands)	2022		2021		2022		2021
Segment income:(1)
Good Sam Services and Plans	$	23,946	$	18,030	$	67,242	$	62,415
RV and Outdoor Retail		143,098		247,762		538,082		709,411
Total segment income		167,044		265,792		605,324		771,826
Corporate & other		(2,789)		(2,667)		(9,681)		(7,157)
Depreciation and amortization		(18,207)		(23,552)		(61,369)		(49,297)
Other interest expense, net		(20,526)		(11,250)		(49,762)		(35,262)
Tax Receivable Agreement liability adjustment		—		—		—		(3,520)
Loss and expense on debt restructure		—		(24)		—		(10,445)
Other expense, net		(177)		(122)		(472)		(77)
Income before income taxes	$	125,345	$	228,177	$	484,040	$	666,068

(1) Segment income is defined as income from operations before depreciation and amortization plus floor plan interest expense.

	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands)	2022		2021		2022		2021
Depreciation and amortization:
Good Sam Services and Plans	$	979	$	723	$	2,478	$	2,292
RV and Outdoor Retail		17,228		22,829		58,891		47,005
Total depreciation and amortization	$	18,207	$	23,552	$	61,369	$	49,297

	Three Months Ended September 30,				Nine Months Ended September 30,
($ in thousands)	2022		2021		2022		2021
Other interest expense, net:
Good Sam Services and Plans	$	22	$	(1)	$	24	$	(1)
RV and Outdoor Retail		3,865		1,934		9,791		5,643
Subtotal		3,887		1,933		9,815		5,642
Corporate & other		16,639		9,317		39,947		29,620
Total other interest expense, net	$	20,526	$	11,250	$	49,762	$	35,262

	September 30,		December 31,
($ in thousands)	2022		2021
Assets:
Good Sam Services and Plans	$	93,539	$	158,988
RV and Outdoor Retail		4,150,947		3,849,217
Subtotal		4,244,486		4,008,205
Corporate & other		266,900		364,724
Total assets	$	4,511,386	$	4,372,929