Camping World Holdings Files Q3 2024 10-Q

TL;DR

Camping World's Q3 2024 10-Q is in. Check financials.

AI Summary

Camping World Holdings, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the company, which operates in the retail auto dealers and gasoline stations sector. Specific financial figures and operational metrics are provided within the report.

Why It Matters

This filing provides investors and analysts with the latest financial health and operational performance of Camping World, a key player in the recreational vehicle market.

Risk Assessment

Risk Level: medium — As a publicly traded company in the retail sector, Camping World is subject to market fluctuations and economic conditions impacting consumer spending on recreational vehicles.

Key Numbers

• 1231 — Fiscal Year End (Indicates the end of the company's annual financial reporting cycle.)
• 001-37908 — SEC File Number (Unique identifier for the company's filings with the SEC.)

Key Players & Entities

• Camping World Holdings, Inc. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241029 (date) — Filing date
• RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500] (industry) — Standard Industrial Classification
• LINCOLNSHIRE (location) — Company's business and mailing address city

FAQ

Key Financial Figures

• $0.01 — ich registered Class A Common Stock, $0.01 par value per share CWH New York Sto

Filing Documents

• cwh-20240930x10q.htm (10-Q) — 5345KB
• cwh-20240930xex31d1.htm (EX-31.1) — 14KB
• cwh-20240930xex31d2.htm (EX-31.2) — 14KB
• cwh-20240930xex32d1.htm (EX-32.1) — 8KB
• cwh-20240930xex32d2.htm (EX-32.2) — 9KB
• 0001558370-24-013838.txt ( ) — 17594KB
• cwh-20240930.xsd (EX-101.SCH) — 82KB
• cwh-20240930_cal.xml (EX-101.CAL) — 82KB
• cwh-20240930_def.xml (EX-101.DEF) — 457KB
• cwh-20240930_lab.xml (EX-101.LAB) — 708KB
• cwh-20240930_pre.xml (EX-101.PRE) — 606KB
• cwh-20240930x10q_htm.xml (XML) — 3901KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1

Financial Statements (unaudited)

Financial Statements (unaudited) 5 Unaudited Condensed Consolidated Balance Sheets – September 30, 2024, December 31, 2023, and September 30, 2023 5 Unaudited Condensed Consolidated Statements of Operations – Three and Nine Months Ended September 30, 2024 and 2023 6 Unaudited Condensed Consolidated Statements of Stockholders' Equity – Three and Nine Months Ended September 30, 2024 and 2023 7 Unaudited Condensed Consolidated Statements of Cash Flows –Nine Months Ended September 30, 2024 and 2023 9 Notes to Unaudited Condensed Consolidated Financial Statements 11 Item 2

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 33 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 60 Item 4

Controls and Procedures

Controls and Procedures 60

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1

Legal Proceedings

Legal Proceedings 60 Item 1A

Risk Factors

Risk Factors 60 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 63 Item 3 Defaults Upon Senior Securities 63 Item 4 Mine Safety Disclosures 64 Item 5 Other Information 64 Item 6 Exhibits 66

Signatures

Signatures 68 Table of Contents BASIS OF PRESENTATION As used in this Quarterly Report on Form 10-Q (this "Form 10-Q"), unless the context otherwise requires, references to: "we," "us," "our," "CWH," the "Company," "Camping World" and similar references refer to Camping World Holdings, Inc., and, unless referenced as "CWH" or otherwise stated, all of its subsidiaries, including CWGS Enterprises, LLC, which we refer to as "CWGS, LLC" and, unless otherwise stated, all of its subsidiaries. "Active Customer" refers to a customer who has transacted with us in any of the eight most recently completed fiscal quarters prior to the date of measurement. Unless otherwise indicated, the date of measurement is September 30, 2024, our most recently completed fiscal quarter. "Annual Report" refers to our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission ("SEC") on February 26, 2024. "Continuing Equity Owners" refers collectively to ML Acquisition, funds controlled by Crestview Partners II GP, L.P. and the Former Profits Unit Holders and each of their permitted transferees that own common units in CWGS, LLC and who may redeem at each of their options their common units for, at our election (determined solely by our independent directors within the meaning of the rules of the New York Stock Exchange who are disinterested), cash or newly-issued shares of our Class A common stock. Direct exchanges of common units in CWGS, LLC by the Continuing Equity Owners with CWH for Class A common stock are included in the reference to "redemptions" in relation to common units in CWGS, LLC. "Crestview" refers to Crestview Advisors, L.L.C., a registered investment adviser to private equity funds, including funds affiliated with Crestview Partners II GP, L.P. "CWGS LLC Agreement" refers to CWGS, LLC's amended and restated limited liability company agreement, as amended. "Former Profits Unit Holders" refers collectively to

– FINANCIAL INFORMATION

Part I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Camping World Holdings, Inc. and Subsidiaries Unaudited Condensed Consolidated Balance Sheets (In Thousands Except Per Share Amounts) September 30, December 31, September 30, 2024 2023 2023 Assets Current assets: Cash and cash equivalents $ 28,380 $ 39,647 $ 53,318 Contracts in transit 111,879 60,229 100,831 Accounts receivable, net 118,300 128,070 135,832 Inventories 1,781,656 2,042,949 1,869,042 Prepaid expenses and other assets 57,158 48,353 38,979 Assets held for sale 10,353 29,864 4,635 Total current assets 2,107,726 2,349,112 2,202,637 Property and equipment, net 836,824 834,426 841,548 Operating lease assets 755,223 740,052 736,246 Deferred tax assets, net 157,886 157,326 142,187 Intangible assets, net 20,413 13,717 14,444 Goodwill 732,813 711,222 688,139 Other assets 34,339 39,829 32,058 Total assets $ 4,645,224 $ 4,845,684 $ 4,657,259 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 221,292 $ 133,516 $ 200,433 Accrued liabilities 182,926 149,096 171,956 Deferred revenues 100,894 92,366 99,813 Current portion of operating lease liabilities 60,481 63,695 62,987 Current portion of finance lease liabilities 7,077 17,133 5,563 Current portion of Tax Receivable Agreement liability — 12,943 13,999 Current portion of long-term debt 23,798 22,121 23,257 Notes payable – floor plan, net 1,030,187 1,371,145 1,017,543 Other current liabilities 83,906 68,536 79,381 Liabilities related to assets held for sale — 17,288 4,022 Total current liabilities 1,710,561 1,947,839 1,678,954 Operating lease liabilities, net of current portion 779,873 763,958 759,952 Finance lease liabilities, net of current portion 132,784 97,751 99,060 Tax Receivable Agreement liability, ne

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View this 10-Q filing on SEC EDGAR