Segments Information (Tables)

6 Months Ended

Jun. 30, 2025

Segments Information

Schedule of reportable segment revenue

	Three Months Ended June 30,								Six Months Ended June 30,
	2025				2024				2025				2024
	Good Sam		RV and		Good Sam		RV and		Good Sam		RV and		Good Sam		RV and
	Services		Outdoor		Services		Outdoor		Services		Outdoor		Services		Outdoor
($ in thousands)	and Plans		Retail		and Plans		Retail		and Plans		Retail		and Plans		Retail
Revenue:
Good Sam Services and Plans	$	54,213	$	—	$	52,548	$	—	$	100,421	$	—	$	98,229	$	—
New vehicles		—		915,106		—		847,105		—		1,536,538		—		1,503,191
Used vehicles		—		572,271		—		480,774		—		994,622		—		818,459
Products, service and other		—		222,890		—		235,947		—		387,882		—		413,841
Finance and insurance, net		—		201,198		—		179,016		—		349,865		—		314,470
Good Sam Club		—		10,270		—		11,115		—		20,144		—		22,332
Intersegment revenue(1)		88		4,256		229		4,209		896		6,660		1,159		6,930
Total revenue before intersegment eliminations		54,301		1,925,991		52,777		1,758,166		101,317		3,295,711		99,388		3,079,223
Segment expenses:
Adjusted costs applicable to revenue(2)		21,936		1,361,657		17,156		1,241,601		39,613		2,327,751		32,294		2,187,991
Intersegment costs applicable to revenue(3)		40		3,792		94		3,339		627		6,417		1,024		5,545
Adjusted selling, general and administrative(4)		7,167		417,513		7,161		404,174		14,809		787,245		14,449		760,360
Floor plan interest expense		—		20,989		—		27,799		—		39,295		—		55,681
Other segment items(5)		—		20		—		109		—		(20)		—		143
Segment Adjusted EBITDA	$	25,158	$	122,020	$	28,366	$	81,144	$	46,268	$	135,023	$	51,621	$	69,503

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

(2) Adjusted costs applicable to revenue exclude SBC expense and intersegment costs applicable to revenue.

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

(4) Adjusted SG&A expenses excludes SBC expense and intersegment operating expenses.

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

Schedule of reportable segment adjusted EBITDA

	Three Months Ended June 30,				Six Months Ended June 30,
($ in thousands)	2025		2024		2025		2024
Revenue:
Good Sam Services and Plans Segment	$	54,301	$	52,777	$	101,317	$	99,388
RV and Outdoor Retail Segment		1,925,991		1,758,166		3,295,711		3,079,223
Total segment revenue		1,980,292		1,810,943		3,397,028		3,178,611
Intersegment eliminations		(4,344)		(4,438)		(7,556)		(8,089)
Total revenue		1,975,948		1,806,505		3,389,472		3,170,522
Segment Adjusted EBITDA:
Good Sam Services and Plans Segment		25,158		28,366		46,268		51,621
RV and Outdoor Retail Segment		122,020		81,144		135,023		69,503
Total Segment Adjusted EBITDA		147,178		109,510		181,291		121,124
Corporate SG&A excluding SBC(1)		(4,465)		(3,033)		(7,391)		(5,927)
Depreciation and amortization		(23,419)		(20,032)		(45,963)		(39,322)
Long-lived asset impairment		—		(4,584)		(620)		(10,411)
Lease termination		107		(40)		107		(40)
(Loss) gain on sale or disposal of assets		(1,185)		(7,945)		638		(9,530)
Stock-based compensation(2)		(8,444)		(5,397)		(15,714)		(10,594)
Loss and impairment on investments in equity securities(3)		(2,600)		(81)		(2,757)		(175)
Other interest expense, net		(30,836)		(36,153)		(61,367)		(72,247)
Intersegment eliminations(4)		(492)		(896)		(533)		(1,377)
Income (loss) before income taxes	$	75,844	$	31,349	$	47,691	$	(28,499)

(1) Corporate SG&A excluding SBC represents corporate SG&A 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 SBC 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 SBC reconciling line item in this table.

(2) This SBC amount includes SBC allocated to the segments and SBC relating to the Board of Directors for their service as board members that is not allocated to the segments (See Note 16 — Stock-Based Compensation Plans).

(3) Represents loss and/or impairment on investments in equity securities and interest income relating to any notes receivables with those investments. These amounts are included in other expense, net in the condensed consolidated statements of operations.

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

Schedule of reportable depreciation and amortization and other interest expense, net

	Three Months Ended June 30,				Six Months Ended June 30,
($ in thousands)	2025		2024		2025		2024
Depreciation and amortization:
Good Sam Services and Plans	$	1,125	$	841	$	2,026	$	1,689
RV and Outdoor Retail		22,294		19,191		43,937		37,633
Total depreciation and amortization	$	23,419	$	20,032	$	45,963	$	39,322

	Three Months Ended June 30,				Six Months Ended June 30,
($ in thousands)	2025		2024		2025		2024
Other interest expense, net:
Good Sam Services and Plans	$	(21)	$	(22)	$	(73)	$	(40)
RV and Outdoor Retail		6,300		8,242		12,709		16,356
Subtotal		6,279		8,220		12,636		16,316
Corporate & other		24,557		27,933		48,731		55,931
Total other interest expense, net	$	30,836	$	36,153	$	61,367	$	72,247

Schedule of reportable segment assets

	June 30,		December 31,		June 30,
($ in thousands)	2025		2024		2024
Assets:
Good Sam Services and Plans	$	87,911	$	121,876	$	87,570
RV and Outdoor Retail		4,881,045		4,509,509		4,693,705
Subtotal		4,968,956		4,631,385		4,781,275
Corporate & other		222,891		231,892		224,601
Total assets	$	5,191,847	$	4,863,277	$	5,005,876

Schedule of segment capital expenditures

	Three Months Ended June 30,				Six Months Ended June 30,
($ in thousands)	2025		2024		2025		2024
Capital expenditures:
Good Sam Services and Plans	$	2,213	$	1,758	$	5,118	$	3,615
RV and Outdoor Retail		47,774		20,868		116,964		46,181
Total capital expenditures	$	49,987	$	22,626	$	122,082	$	49,796