Segments Information (Tables)

12 Months Ended

Dec. 31, 2024

Segments Information

Reportable segment revenue

	Year Ended December 31, 2024				Year Ended December 31, 2023				Year Ended December 31, 2022
	Good Sam		RV and		Good Sam		RV and		Good Sam		RV and
	Services		Outdoor		Services		Outdoor		Services		Outdoor
($ in thousands)	and Plans		Retail		and Plans		Retail		and Plans		Retail
Revenue:
Good Sam Services and Plans	$	194,575	$	—	$	193,827	$	—	$	192,128	$	—
New vehicles		—		2,825,640		—		2,576,278		—		3,228,077
Used vehicles		—		1,613,849		—		1,979,632		—		1,877,601
Products, service and other		—		820,111		—		870,038		—		999,214
Finance and insurance, net		—		599,718		—		562,256		—		623,456
Good Sam Club		—		46,081		—		44,516		—		46,537
Intersegment revenue(1)		1,055		11,358		1,000		12,154		494		28,393
Total revenue before intersegment eliminations		195,630		5,916,757		194,827		6,044,874		192,622		6,803,278
Segment expenses:
Adjusted costs applicable to revenue(2)		70,557		4,203,549		58,765		4,283,700		71,518		4,632,523
Intersegment costs applicable to revenue(3)		784		9,780		909		9,814		244		24,174
Adjusted selling, general and administrative(4)		29,774		1,509,557		24,273		1,479,642		25,856		1,529,087
Floor plan interest expense		—		95,121		—		83,075		—		42,031
Other segment items(5)		—		188		—		314		—		1,502
Segment Adjusted EBITDA	$	94,515	$	98,562	$	110,880	$	188,329	$	95,004	$	573,961

(1) Intersegment revenue consists of segment revenue that is eliminated in our consolidated statements of operations.

(2) Adjusted costs applicable to revenue exclude stock-based compensation expense, restructuring costs, and intersegment costs applicable to revenue.

(3) Intersegment costs applicable to revenue consist of segment costs applicable to revenue that are eliminated in our consolidated statements of operations.

(4) Adjusted selling, general, and administrative expenses excludes stock-based compensation expense, restructuring costs, and intersegment operating expenses.

(5) Other segment items include (i) intersegment operating expenses, which are eliminated in our consolidated statements of operations, and (ii) other expense, net excluding loss and/or impairment on investments in equity securities.

Reportable segment adjusted EBITDA

	Year Ended December 31,
($ in thousands)	2024		2023		2022
Revenue:
Good Sam Services and Plans Segment	$	195,630	$	194,827	$	192,622
RV and Outdoor Retail Segment		5,916,757		6,044,874		6,803,278
Total segment revenue		6,112,387		6,239,701		6,995,900
Intersegment eliminations		(12,413)		(13,154)		(28,887)
Total revenue		6,099,974		6,226,547		6,967,013
Segment Adjusted EBITDA:
Good Sam Services and Plans Segment		94,515		110,880		95,004
RV and Outdoor Retail Segment		98,562		188,329		573,961
Total Segment Adjusted EBITDA		193,077		299,209		668,965
Corporate selling, general, and administrative excluding stock-based compensation(1)		(12,573)		(10,880)		(11,856)
Depreciation and amortization		(81,190)		(68,643)		(80,304)
Long-lived asset impairment		(15,061)		(9,269)		(4,231)
Lease termination		2,297		103		(1,614)
(Gain) loss on sale or disposal of assets		(9,855)		5,222		(622)
Stock-based compensation(2)		(21,585)		(24,086)		(33,847)
Restructuring costs(3)		—		(5,540)		(7,026)
Loss and impairment on investments in equity securities(4)		(3,262)		(1,770)		—
Other interest expense, net		(140,444)		(135,270)		(75,745)
Tax Receivable Agreement liability adjustment		—		2,442		114
Corporate other expense, net		—		—		139
Intersegment eliminations(5)		(1,661)		(2,116)		(3,858)
(Loss) income before income taxes	$	(90,257)	$	49,402	$	450,115

(1) Corporate selling, general, and administrative excluding stock-based compensation represents corporate selling, general, and administrative expenses that are not allocated to the segments and are comprised primarily of the costs associated with being a public company. This amount excludes the stock-based compensation relating to the Board of Directors for their service as board members that is not allocated to the segments, since it is presented as part of the stock-based compensation reconciling line item in this table.

(2) This stock-based compensation amount includes stock-based compensation allocated to the segments and stock-based compensation relating to the Board of Directors for their service as board members that is not allocated to the segments (See Note 21 — Stock-Based Compensation Plans).

(3) Represents restructuring costs relating to the Active Sports Restructuring for periods ended on or before December 31, 2023 and our 2019 Strategic Shift for the period ended December 31, 2022. These restructuring costs include one-time employee termination benefits, incremental inventory reserve charges, and other associated costs. These costs exclude lease termination costs, which are presented as a separate reconciling line item. See Note 5 – Restructuring and Long-Lived Asset Impairment for additional information.

(4) Represents loss and/or impairment on investments in equity securities and interest income relating to any notes receivables with those investments for periods beginning after December 31, 2022. Amounts relating to periods prior to 2023 were not significant. These amounts are included in other expense, net in the consolidated statements of operations. During the years ended December 31, 2024 and 2023, these amounts included $0.9 million and $1.3 million of impairment on an equity method investment, respectively.

(5) Represents the net impact of intersegment eliminations on (loss) income before income taxes.

Reportable depreciation and amortization and other interest expense, net

	Year Ended December 31,
($ in thousands)	2024		2023		2022
Depreciation and amortization:
Good Sam Services and Plans	$	3,280	$	3,278	$	3,353
RV and Outdoor Retail		77,910		65,365		76,951
Total depreciation and amortization	$	81,190	$	68,643	$	80,304

	Year Ended December 31,
($ in thousands)	2024		2023		2022
Other interest expense, net:
Good Sam Services and Plans	$	(77)	$	(204)	$	57
RV and Outdoor Retail		30,373		27,131		14,802
Subtotal		30,296		26,927		14,859
Corporate & other		110,148		108,343		60,886
Total other interest expense, net	$	140,444	$	135,270	$	75,745

Reportable segment assets

	As of December 31,
($ in thousands)	2024		2023
Assets:
Good Sam Services and Plans	$	121,876	$	113,619
RV and Outdoor Retail		4,509,509		4,568,372
Subtotal		4,631,385		4,681,991
Corporate & other		231,892		207,461
Total assets	$	4,863,277	$	4,889,452

Schedule of segment capital expenditures

	Year Ended December 31,
($ in thousands)	2024		2023		2022
Capital expenditures:
Good Sam Services and Plans	$	8,534	$	4,040	$	5,099
RV and Outdoor Retail		91,905		194,234		205,491
Subtotal		100,439		198,274		210,590
Corporate and other		—		—		2
Total capital expenditures	$	100,439	$	198,274	$	210,592