Inventories and Floor Plan Payables (Tables)

9 Months Ended

Sep. 30, 2023

Inventory

Schedule of inventories

Inventories consisted of the following (in thousands):

	September 30,		December 31,		September 30,
	2023		2022		2022
Good Sam services and plans	$	526	$	625	$	351
New RVs		1,131,575		1,411,016		1,180,364
Used RVs		534,155		464,310		425,824
Products, parts, accessories and other		202,786		247,907		293,588
	$	1,869,042	$	2,123,858	$	1,900,127

Floor Plan Facility

Inventory

Schedule of outstanding amounts and available borrowing

The following table details the outstanding amounts and available borrowings under the Floor Plan Facility as of September 30, 2023 and December 31, 2022, and September 30, 2022 (in thousands):

	September 30,		December 31,		September 30,
	2023		2022		2022
Floor Plan Facility
Notes payable - floor plan:
Total commitment	$	1,850,000	$	1,700,000	$	1,700,000
Less: borrowings, net of FLAIR offset account		(1,017,543)		(1,319,941)		(899,568)
Less: FLAIR offset account		(207,411)		(217,669)		(218,575)
Additional borrowing capacity		625,046		162,390		581,857
Less: short-term payable for sold inventory(1)		(62,420)		(33,501)		(40,011)
Less: purchase commitments(2)		(42,715)		(43,807)		(37,671)
Unencumbered borrowing capacity	$	519,911	$	85,082	$	504,175
Revolving line of credit:	$	70,000	$	70,000	$	70,000
Less: borrowings		(20,885)		(20,885)		(20,885)
Additional borrowing capacity	$	49,115	$	49,115	$	49,115
Letters of credit:
Total commitment	$	30,000	$	30,000	$	30,000
Less: outstanding letters of credit		(11,300)		(11,371)		(11,371)
Additional letters of credit capacity	$	18,700	$	18,629	$	18,629

(1) The short-term payable represents the amount due for sold inventory. A payment for any floor plan units sold is due within three to ten business days of sale. Due to the short-term nature of these payables, the Company reclassifies the amounts from notes payable‒floor plan, net to accounts payable in the condensed consolidated balance sheets. Changes in the vehicle floor plan payable are reported as cash flows from financing activities in the condensed consolidated statements of cash flows.

(2) Purchase commitments represent vehicles approved for floor plan financing where the inventory has not yet been received by the Company from the supplier and no floor plan borrowing is outstanding.