Summary of Significant Accounting Policies

Revisions to Prior Period Condensed Consolidated Financial Statements

Revisions to Prior Period Condensed Consolidated Financial Statements

Subsequent to the issuance of the Company's condensed consolidated financial statements for the three and six months ended June 30, 2024, the Company's management identified prior period misstatements related to the measurement of the realizable portion of the Company’s outside basis difference deferred tax asset in CWGS, LLC, including the associated valuation allowance. As a result, deferred tax assets, net, additional paid-in capital, and income tax benefit (expense) as of and for the years ended December 31, 2023 and 2022 were revised in the Company’s Annual Report. The misstatements impacted the beginning balances of deferred taxes, net, additional paid-in capital, and retained earnings, which have been revised from the amounts previously reported as of March 31, 2024 and June 30, 2024. The Company evaluated the materiality of these errors, both qualitatively and quantitatively, and determined the effect of these revisions was not material to the previously issued financial statements.

The following table presents the effect of the immaterial misstatements on the Company’s condensed consolidated balance sheet for the period indicated:


	As of June 30, 2024
($ in thousands)	As Previously Reported		Adjustment		As Revised
Deferred tax assets, net	$	150,105	$	43,768	$	193,873
Total assets		4,962,108		43,768		5,005,876
Additional paid-in capital		100,076		33,385		133,461
Retained earnings		161,434		10,383		171,817
Total stockholders' equity attributable to Camping World Holdings, Inc.		105,894		43,768		149,662
Total stockholders' equity		166,637		43,768		210,405
Total liabilities and stockholders' equity		4,962,108		43,768		5,005,876

The following table presents the effect of the immaterial misstatements on the condensed consolidated statements of stockholders’ equity for the periods indicated:


	Additional Paid-In Capital						Retained Earnings						Total Stockholders' Equity
($ in thousands)	As Previously Reported		Adjustment		As Revised		As Previously Reported		Adjustment		As Revised		As Previously Reported		Adjustment		As Revised
Balance at January 1, 2024	$	98,280	$	33,385	$	131,665	$	185,244	$	10,383	$	195,627	$	214,207	$	43,768	$	257,975
Stock-based compensation		2,751		—		2,751		—		—		—		5,197		—		5,197
Exercise of stock options		(30)		—		(30)		—		—		—		51		—		51
Non-controlling interest adjustment for capital contribution of proceeds from the exercise of stock options		(22)		—		(22)		—		—		—		—		—		—
Vesting of restricted stock units		(2,234)		—		(2,234)		—		—		—		—		—		—
Repurchases of Class A common stock for withholding taxes on vested RSUs		209		—		209		—		—		—		(658)		—		(658)
Distributions to holders of LLC common units		—		—		—		—		—		—		(9,947)		—		(9,947)
Dividends		—		—		—		(5,634)		—		(5,634)		(5,634)		—		(5,634)
Non-controlling interest adjustment		(126)		—		(126)		—		—		—		—		—		—
Net income		—		—		—		(22,307)		—		(22,307)		(50,806)		—		(50,806)
Balance at March 31, 2024	$	98,828	$	33,385	$	132,213	$	157,303	$	10,383	$	167,686	$	152,410	$	43,768	$	196,178
Stock-based compensation		2,858		—		2,858		—		—		—		5,397		—		5,397
Vesting of restricted stock units		(1,599)		—		(1,599)		—		—		—		—		—		—
Repurchases of Class A common stock for withholding taxes on vested RSUs		60		—		60		—		—		—		(96)		—		(96)
Distributions to holders of LLC common units		—		—		—		—		—		—		(8,848)		—		(8,848)
Dividends		—		—		—		(5,640)		—		(5,640)		(5,640)		—		(5,640)
Non-controlling interest adjustment		(71)		—		(71)		—		—		—		—		—		—
Net income		—		—		—		9,771		—		9,771		23,414		—		23,414
Balance at June 30, 2024	$	100,076	$	33,385	$	133,461	$	161,434	$	10,383	$	171,817	$	166,637	$	43,768	$	210,405

Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires that public business entities on an annual basis disclose (1) consistent categories and greater disaggregation of information in the rate reconciliation, and (2) income taxes paid disaggregated by jurisdiction. The standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company adopted the provisions of this ASU as of January 1, 2025, with respect to the annual disclosures beginning with the year ending December 31, 2025, including the presentation of the comparable prior periods. The adoption of this ASU will result in additional annual income tax disclosures and does not otherwise have a material impact on the Company’s condensed consolidated financial statements.

Recently Issued Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement―Reporting Comprehensive Income―Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires that at each interim and annual reporting period entities present a new tabular disclosure in the notes to the financial statements, presenting disaggregation of the amounts of purchases of inventory, employee compensation, depreciation, intangible asset amortization and depletion. Furthermore, the ASU requires entities to include certain amounts that are already required to be disclosed under GAAP in the same disclosure as other disaggregation requirements and disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. Additionally, entities are required to disclose the total amount of selling expenses and, in annual reporting period, an entity’s definition of selling expenses. The standard is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact that the adoption of the provisions of the ASU will have on its condensed consolidated financial statements.