1111111110001669779--12-312025Q2false00000000Class A Common Stock, $0.01 par value per shareP6MP1YP1YP1YP1YP0YP3DP10DP19YP20Yhttp://fasb.org/us-gaap/2025#GainLossOnTerminationOfLeaseP10Yhttp://fasb.org/us-gaap/2025#ShareBasedPaymentArrangementNonemployeeMember0001669779us-gaap:TreasuryStockCommonMember2025-06-300001669779us-gaap:RetainedEarningsMember2025-06-300001669779us-gaap:NoncontrollingInterestMember2025-06-300001669779us-gaap:AdditionalPaidInCapitalMember2025-06-300001669779us-gaap:TreasuryStockCommonMember2025-03-310001669779us-gaap:RetainedEarningsMember2025-03-310001669779us-gaap:NoncontrollingInterestMember2025-03-310001669779us-gaap:AdditionalPaidInCapitalMember2025-03-3100016697792025-03-310001669779us-gaap:RetainedEarningsMember2024-12-310001669779us-gaap:NoncontrollingInterestMember2024-12-310001669779us-gaap:AdditionalPaidInCapitalMember2024-12-310001669779srt:ScenarioPreviouslyReportedMemberus-gaap:RetainedEarningsMember2024-06-300001669779srt:ScenarioPreviouslyReportedMemberus-gaap:AdditionalPaidInCapitalMember2024-06-300001669779srt:RestatementAdjustmentMemberus-gaap:RetainedEarningsMember2024-06-300001669779srt:RestatementAdjustmentMemberus-gaap:AdditionalPaidInCapitalMember2024-06-300001669779us-gaap:TreasuryStockCommonMember2024-06-300001669779us-gaap:RetainedEarningsMember2024-06-300001669779us-gaap:NoncontrollingInterestMember2024-06-300001669779us-gaap:AdditionalPaidInCapitalMember2024-06-300001669779srt:ScenarioPreviouslyReportedMemberus-gaap:RetainedEarningsMember2024-03-310001669779srt:ScenarioPreviouslyReportedMemberus-gaap:AdditionalPaidInCapitalMember2024-03-310001669779srt:RestatementAdjustmentMemberus-gaap:RetainedEarningsMember2024-03-310001669779srt:RestatementAdjustmentMemberus-gaap:AdditionalPaidInCapitalMember2024-03-310001669779us-gaap:TreasuryStockCommonMember2024-03-310001669779us-gaap:RetainedEarningsMember2024-03-310001669779us-gaap:NoncontrollingInterestMember2024-03-310001669779us-gaap:AdditionalPaidInCapitalMember2024-03-310001669779srt:ScenarioPreviouslyReportedMember2024-03-310001669779srt:RestatementAdjustmentMember2024-03-3100016697792024-03-310001669779srt:ScenarioPreviouslyReportedMemberus-gaap:RetainedEarningsMember2023-12-310001669779srt:ScenarioPreviouslyReportedMemberus-gaap:AdditionalPaidInCapitalMember2023-12-310001669779srt:RestatementAdjustmentMemberus-gaap:RetainedEarningsMember2023-12-310001669779srt:RestatementAdjustmentMemberus-gaap:AdditionalPaidInCapitalMember2023-12-310001669779us-gaap:TreasuryStockCommonMember2023-12-310001669779us-gaap:RetainedEarningsMember2023-12-310001669779us-gaap:NoncontrollingInterestMember2023-12-310001669779us-gaap:AdditionalPaidInCapitalMember2023-12-310001669779srt:ScenarioPreviouslyReportedMember2023-12-310001669779srt:RestatementAdjustmentMember2023-12-310001669779us-gaap:CommonClassCMemberus-gaap:CommonStockMember2025-06-300001669779us-gaap:CommonClassBMemberus-gaap:CommonStockMember2025-06-300001669779us-gaap:CommonClassAMemberus-gaap:CommonStockMember2025-06-300001669779us-gaap:CommonClassCMemberus-gaap:CommonStockMember2025-03-310001669779us-gaap:CommonClassBMemberus-gaap:CommonStockMember2025-03-310001669779us-gaap:CommonClassAMemberus-gaap:CommonStockMember2025-03-310001669779us-gaap:CommonClassCMemberus-gaap:CommonStockMember2024-12-310001669779us-gaap:CommonClassBMemberus-gaap:CommonStockMember2024-12-310001669779us-gaap:CommonClassAMemberus-gaap:CommonStockMember2024-12-310001669779us-gaap:TreasuryStockCommonMember2024-12-310001669779us-gaap:CommonClassCMemberus-gaap:CommonStockMember2024-06-300001669779us-gaap:CommonClassBMemberus-gaap:CommonStockMember2024-06-300001669779us-gaap:CommonClassAMemberus-gaap:CommonStockMember2024-06-300001669779us-gaap:CommonClassCMemberus-gaap:CommonStockMember2024-03-310001669779us-gaap:CommonClassBMemberus-gaap:CommonStockMember2024-03-310001669779us-gaap:CommonClassAMemberus-gaap:CommonStockMember2024-03-310001669779us-gaap:CommonClassCMemberus-gaap:CommonStockMember2023-12-310001669779us-gaap:CommonClassBMemberus-gaap:CommonStockMember2023-12-310001669779us-gaap:CommonClassAMemberus-gaap:CommonStockMember2023-12-310001669779srt:MinimumMembercwh:PerformanceStockUnitsMember2025-01-310001669779srt:MaximumMembercwh:PerformanceStockUnitsMember2025-01-310001669779us-gaap:RestrictedStockUnitsRSUMember2025-06-300001669779cwh:PerformanceStockUnitsMember2025-06-300001669779us-gaap:RestrictedStockUnitsRSUMember2024-12-310001669779cwh:NonEmployeeDirectorsMemberus-gaap:RestrictedStockUnitsRSUMemberus-gaap:ShareBasedPaymentArrangementNonemployeeMember2025-05-012025-05-310001669779cwh:BoardOfDirectorsViceChairmanMemberus-gaap:RestrictedStockUnitsRSUMemberus-gaap:ShareBasedPaymentArrangementNonemployeeMember2025-05-012025-05-310001669779us-gaap:RestrictedStockUnitsRSUMember2025-01-012025-06-300001669779us-gaap:RestrictedStockUnitsRSUMemberus-gaap:ShareBasedPaymentArrangementEmployeeMember2025-06-300001669779srt:ChiefExecutiveOfficerMemberus-gaap:RestrictedStockUnitsRSUMembercwh:IncentiveAwardPlan2016Member2025-01-012025-01-310001669779srt:ChiefExecutiveOfficerMembercwh:PerformanceStockUnitsMembercwh:IncentiveAwardPlan2016Member2025-01-012025-01-310001669779cwh:LazydaysHoldingsIncMember2025-06-300001669779cwh:RvDealershipsMember2024-12-310001669779cwh:RealEstateFacilityMember2025-01-012025-06-300001669779cwh:SaleLeaseback19YearTermMember2025-01-012025-06-300001669779cwh:SaleLeaseback20YearTermMember2024-01-012024-12-3100016697792030-01-012025-06-3000016697792029-01-012025-06-3000016697792028-01-012025-06-3000016697792027-01-012025-06-3000016697792026-01-012025-06-3000016697792025-07-012025-06-300001669779us-gaap:OperatingSegmentsMembercwh:UsedVehiclesMembercwh:RvAndOutdoorRetailMember2025-04-012025-06-300001669779us-gaap:OperatingSegmentsMembercwh:ProductsServiceAndOtherMembercwh:RvAndOutdoorRetailMember2025-04-012025-06-300001669779us-gaap:OperatingSegmentsMembercwh:NewVehiclesMembercwh:RvAndOutdoorRetailMember2025-04-012025-06-300001669779us-gaap:OperatingSegmentsMembercwh:GoodSamClubMembercwh:RvAndOutdoorRetailMember2025-04-012025-06-300001669779us-gaap:OperatingSegmentsMembercwh:FinanceAndInsuranceNetMembercwh:RvAndOutdoorRetailMember2025-04-012025-06-300001669779cwh:FinanceAndInsuranceNetMembercwh:RvAndOutdoorRetailMember2025-04-012025-06-300001669779us-gaap:OperatingSegmentsMembercwh:UsedVehiclesMembercwh:RvAndOutdoorRetailMember2025-01-012025-06-300001669779us-gaap:OperatingSegmentsMembercwh:ProductsServiceAndOtherMembercwh:RvAndOutdoorRetailMember2025-01-012025-06-300001669779us-gaap:OperatingSegmentsMembercwh:NewVehiclesMembercwh:RvAndOutdoorRetailMember2025-01-012025-06-300001669779us-gaap:OperatingSegmentsMembercwh:GoodSamClubMembercwh:RvAndOutdoorRetailMember2025-01-012025-06-300001669779us-gaap:OperatingSegmentsMembercwh:FinanceAndInsuranceNetMembercwh:RvAndOutdoorRetailMember2025-01-012025-06-300001669779cwh:FinanceAndInsuranceNetMembercwh:RvAndOutdoorRetailMember2025-01-012025-06-300001669779us-gaap:OperatingSegmentsMembercwh:UsedVehiclesMembercwh:RvAndOutdoorRetailMember2024-04-012024-06-300001669779us-gaap:OperatingSegmentsMembercwh:ProductsServiceAndOtherMembercwh:RvAndOutdoorRetailMember2024-04-012024-06-300001669779us-gaap:OperatingSegmentsMembercwh:NewVehiclesMembercwh:RvAndOutdoorRetailMember2024-04-012024-06-300001669779us-gaap:OperatingSegmentsMembercwh:GoodSamClubMembercwh:RvAndOutdoorRetailMember2024-04-012024-06-300001669779us-gaap:OperatingSegmentsMembercwh:FinanceAndInsuranceNetMembercwh:RvAndOutdoorRetailMember2024-04-012024-06-300001669779cwh:FinanceAndInsuranceNetMembercwh:RvAndOutdoorRetailMember2024-04-012024-06-300001669779us-gaap:OperatingSegmentsMembercwh:UsedVehiclesMembercwh:RvAndOutdoorRetailMember2024-01-012024-06-300001669779us-gaap:OperatingSegmentsMembercwh:ProductsServiceAndOtherMembercwh:RvAndOutdoorRetailMember2024-01-012024-06-300001669779us-gaap:OperatingSegmentsMembercwh:NewVehiclesMembercwh:RvAndOutdoorRetailMember2024-01-012024-06-300001669779us-gaap:OperatingSegmentsMembercwh:GoodSamClubMembercwh:RvAndOutdoorRetailMember2024-01-012024-06-300001669779us-gaap:OperatingSegmentsMembercwh:FinanceAndInsuranceNetMembercwh:RvAndOutdoorRetailMember2024-01-012024-06-300001669779cwh:FinanceAndInsuranceNetMembercwh:RvAndOutdoorRetailMember2024-01-012024-06-300001669779cwh:ThirdRealEstateFacilityMember2024-05-012024-05-310001669779cwh:MTRealEstateFacilityRelatingToSeparatePropertyMember2024-01-012024-06-3000016697792024-05-310001669779cwh:FreedomroadsMembersrt:ChiefExecutiveOfficerMembercwh:RelatedPartyLeaseAgreementMemberus-gaap:RelatedPartyMember2024-01-012024-06-3000016697792025-01-012025-01-310001669779cwh:SteveWeissmannComplaintMember2021-06-220001669779us-gaap:SuretyBondMember2025-06-300001669779us-gaap:SuretyBondMember2024-12-310001669779us-gaap:SuretyBondMember2024-06-300001669779cwh:SteveWeissmannComplaintMember2021-10-082021-10-080001669779cwh:OtherLongTermDebtMember2024-12-310001669779cwh:OtherLongTermDebtMember2024-06-300001669779us-gaap:LetterOfCreditMembercwh:FloorPlanFacilityMember2025-02-280001669779cwh:FloorPlanFacilityMember2025-02-280001669779cwh:NewRealEstateFacilityMember2024-12-310001669779cwh:NewRealEstateFacilityMember2024-06-300001669779cwh:FloorPlanFacilityFloorPlanNotesMember2025-06-300001669779cwh:FloorPlanFacilityFloorPlanNotesMember2024-12-310001669779cwh:FloorPlanFacilityFloorPlanNotesMember2024-06-300001669779us-gaap:LetterOfCreditMembercwh:FloorPlanFacilityMember2025-02-012025-02-280001669779cwh:FloorPlanFacilityMember2025-02-012025-02-280001669779cwh:CampingWorldHoldingIncMembercwh:CwAndItsSubsidiariesMember2025-06-302025-06-300001669779cwh:ContinuingEquityOwnersMembercwh:CwAndItsSubsidiariesMember2025-03-312025-03-310001669779cwh:CampingWorldHoldingIncMembercwh:CwAndItsSubsidiariesMember2025-03-312025-03-310001669779cwh:CwAndItsSubsidiariesMember2025-03-312025-03-310001669779cwh:CampingWorldHoldingIncMembercwh:CwAndItsSubsidiariesMember2025-01-012025-06-300001669779cwh:ContinuingEquityOwnersMembercwh:CwAndItsSubsidiariesMember2024-12-312024-12-310001669779cwh:CampingWorldHoldingIncMembercwh:CwAndItsSubsidiariesMember2024-12-312024-12-310001669779cwh:CwAndItsSubsidiariesMember2024-12-312024-12-310001669779cwh:ContinuingEquityOwnersMembercwh:CwAndItsSubsidiariesMember2024-03-312024-03-310001669779cwh:CampingWorldHoldingIncMembercwh:CwAndItsSubsidiariesMember2024-03-312024-03-310001669779cwh:CwAndItsSubsidiariesMember2024-03-312024-03-310001669779cwh:CampingWorldHoldingIncMembercwh:CwAndItsSubsidiariesMember2024-01-012024-06-300001669779us-gaap:LetterOfCreditMembercwh:SeniorSecuredCreditFacilityGoldmanSachsMember2025-06-300001669779us-gaap:LetterOfCreditMembercwh:FloorPlanFacilityMember2025-06-300001669779us-gaap:LetterOfCreditMembercwh:SeniorSecuredCreditFacilityGoldmanSachsMember2024-12-310001669779us-gaap:LetterOfCreditMembercwh:FloorPlanFacilityMember2024-12-310001669779us-gaap:LetterOfCreditMembercwh:SeniorSecuredCreditFacilityGoldmanSachsMember2024-06-300001669779us-gaap:LetterOfCreditMembercwh:FloorPlanFacilityMember2024-06-300001669779cwh:UsedRecreationalVehiclesMember2025-06-300001669779cwh:ProductsServiceAndOtherMember2025-06-300001669779cwh:NewRecreationalVehiclesMember2025-06-300001669779cwh:GoodSamClubServicesAndPlansMember2025-06-300001669779cwh:UsedRecreationalVehiclesMember2024-12-310001669779cwh:ProductsServiceAndOtherMember2024-12-310001669779cwh:NewRecreationalVehiclesMember2024-12-310001669779cwh:GoodSamClubServicesAndPlansMember2024-12-310001669779cwh:UsedRecreationalVehiclesMember2024-06-300001669779cwh:ProductsServiceAndOtherMember2024-06-300001669779cwh:NewRecreationalVehiclesMember2024-06-300001669779cwh:GoodSamClubServicesAndPlansMember2024-06-300001669779us-gaap:IntersegmentEliminationMember2025-04-012025-06-300001669779us-gaap:IntersegmentEliminationMember2025-01-012025-06-300001669779us-gaap:IntersegmentEliminationMember2024-04-012024-06-300001669779us-gaap:IntersegmentEliminationMember2024-01-012024-06-300001669779us-gaap:LeaseholdImprovementsMember2025-04-012025-06-300001669779us-gaap:BuildingAndBuildingImprovementsMember2025-04-012025-06-300001669779cwh:OperatingLeaseRightOfUseAssetsMember2025-04-012025-06-300001669779us-gaap:LeaseholdImprovementsMember2025-01-012025-06-300001669779us-gaap:BuildingAndBuildingImprovementsMember2025-01-012025-06-300001669779cwh:OperatingLeaseRightOfUseAssetsMember2025-01-012025-06-300001669779us-gaap:LeaseholdImprovementsMember2024-04-012024-06-300001669779us-gaap:BuildingAndBuildingImprovementsMember2024-04-012024-06-300001669779cwh:OperatingLeaseRightOfUseAssetsMember2024-04-012024-06-300001669779us-gaap:LeaseholdImprovementsMember2024-01-012024-06-300001669779us-gaap:BuildingAndBuildingImprovementsMember2024-01-012024-06-300001669779cwh:OperatingLeaseRightOfUseAssetsMember2024-01-012024-06-300001669779cwh:RvAndOutdoorRetailMember2024-07-012024-12-3100016697792024-07-012024-12-310001669779cwh:RvAndOutdoorRetailMember2025-06-300001669779cwh:GoodSamServicesAndPlansMember2025-06-300001669779cwh:RvAndOutdoorRetailMember2024-12-310001669779cwh:GoodSamServicesAndPlansMember2024-12-310001669779cwh:RvAndOutdoorRetailMember2024-06-300001669779cwh:GoodSamServicesAndPlansMember2024-06-300001669779cwh:RvAndOutdoorRetailMember2023-12-310001669779cwh:GoodSamServicesAndPlansMember2023-12-310001669779us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMembercwh:RvFurnitureBusinessCwdsMember2025-04-012025-06-300001669779us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMembercwh:RvFurnitureBusinessCwdsMember2025-01-012025-06-300001669779us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMembercwh:RvFurnitureBusinessCwdsMember2024-04-012024-06-300001669779us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMembercwh:RvFurnitureBusinessCwdsMember2024-01-012024-06-300001669779us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMembercwh:SupplierAgreementMembercwh:RvFurnitureBusinessCwdsMember2024-05-030001669779us-gaap:TrademarksAndTradeNamesMembercwh:RvAndOutdoorRetailMember2025-06-300001669779us-gaap:TrademarksAndTradeNamesMembercwh:GoodSamServicesAndPlansMember2025-06-300001669779cwh:WebsitesAndDevelopedTechnologyMembercwh:RvAndOutdoorRetailMember2025-06-300001669779cwh:WebsitesAndDevelopedTechnologyMembercwh:GoodSamServicesAndPlansMember2025-06-300001669779cwh:SupplierListsAndAgreementsMembercwh:RvAndOutdoorRetailMember2025-06-300001669779cwh:MembershipAndCustomerListsMembercwh:GoodSamServicesAndPlansMember2025-06-300001669779cwh:CustomerListsDomainNamesAndOtherMembercwh:RvAndOutdoorRetailMember2025-06-300001669779us-gaap:TrademarksAndTradeNamesMembercwh:RvAndOutdoorRetailMember2024-12-310001669779us-gaap:TrademarksAndTradeNamesMembercwh:GoodSamServicesAndPlansMember2024-12-310001669779cwh:WebsitesAndDevelopedTechnologyMembercwh:RvAndOutdoorRetailMember2024-12-310001669779cwh:WebsitesAndDevelopedTechnologyMembercwh:GoodSamServicesAndPlansMember2024-12-310001669779cwh:SupplierListsAndAgreementsMembercwh:RvAndOutdoorRetailMember2024-12-310001669779cwh:MembershipAndCustomerListsMembercwh:GoodSamServicesAndPlansMember2024-12-310001669779cwh:CustomerListsAndDomainNamesMembercwh:RvAndOutdoorRetailMember2024-12-310001669779us-gaap:TrademarksAndTradeNamesMembercwh:RvAndOutdoorRetailMember2024-06-300001669779us-gaap:TrademarksAndTradeNamesMembercwh:GoodSamServicesAndPlansMember2024-06-300001669779cwh:WebsitesAndDevelopedTechnologyMembercwh:RvAndOutdoorRetailMember2024-06-300001669779cwh:WebsitesAndDevelopedTechnologyMembercwh:GoodSamServicesAndPlansMember2024-06-300001669779cwh:SupplierListsAndAgreementsMembercwh:RvAndOutdoorRetailMember2024-06-300001669779cwh:MembershipAndCustomerListsMembercwh:GoodSamServicesAndPlansMember2024-06-300001669779cwh:CustomerListsDomainNamesAndOtherMembercwh:RvAndOutdoorRetailMember2024-06-300001669779us-gaap:CommonClassAMember2024-01-012024-06-300001669779srt:ScenarioPreviouslyReportedMemberus-gaap:RetainedEarningsMember2024-04-012024-06-300001669779srt:ScenarioPreviouslyReportedMemberus-gaap:RetainedEarningsMember2024-01-012024-03-310001669779cwh:RealEstateFacilityMember2025-06-300001669779cwh:RealEstateFacilityMember2024-12-310001669779cwh:RealEstateFacilityMember2024-06-300001669779cwh:OtherLongTermDebtMember2025-06-300001669779us-gaap:LineOfCreditMembercwh:FloorPlanFacilityMember2025-06-300001669779us-gaap:LineOfCreditMembercwh:FloorPlanFacilityMember2024-12-310001669779us-gaap:LineOfCreditMembercwh:FloorPlanFacilityMember2024-06-300001669779cwh:NewRealEstateFacilityMember2025-06-300001669779cwh:FirstRealEstateFacilityMember2025-06-300001669779cwh:TermLoanFacilityMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-06-300001669779cwh:TermLoanFacilityMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2025-06-300001669779cwh:RealEstateFacilityMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-06-300001669779cwh:RealEstateFacilityMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2025-06-300001669779cwh:OtherLongTermDebtMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-06-300001669779cwh:OtherLongTermDebtMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2025-06-300001669779cwh:TermLoanFacilityMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001669779cwh:TermLoanFacilityMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-12-310001669779cwh:RealEstateFacilityMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001669779cwh:RealEstateFacilityMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-12-310001669779cwh:OtherLongTermDebtMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001669779cwh:OtherLongTermDebtMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-12-310001669779cwh:TermLoanFacilityMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-06-300001669779cwh:TermLoanFacilityMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-06-300001669779cwh:RealEstateFacilityMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-06-300001669779cwh:RealEstateFacilityMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-06-300001669779cwh:OtherLongTermDebtMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-06-300001669779cwh:OtherLongTermDebtMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-06-300001669779cwh:FloorPlanFacilityMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-06-300001669779cwh:FloorPlanFacilityMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-06-300001669779cwh:TermLoanFacilityGoldmanSachsMember2025-06-300001669779cwh:RevolvingCreditFacilityGoldmanSachsMember2025-06-300001669779cwh:TermLoanFacilityGoldmanSachsMember2024-12-310001669779cwh:RevolvingCreditFacilityGoldmanSachsMember2024-12-310001669779cwh:TermLoanFacilityGoldmanSachsMember2024-06-300001669779cwh:RevolvingCreditFacilityGoldmanSachsMember2024-06-300001669779cwh:UsedVehiclesMembercwh:RvAndOutdoorRetailMember2025-04-012025-06-300001669779cwh:ProductsServiceAndOtherMembercwh:RvAndOutdoorRetailMember2025-04-012025-06-300001669779cwh:NewVehiclesMembercwh:RvAndOutdoorRetailMember2025-04-012025-06-300001669779cwh:GoodSamClubMembercwh:RvAndOutdoorRetailMember2025-04-012025-06-300001669779cwh:RvAndOutdoorRetailMember2025-04-012025-06-300001669779cwh:GoodSamServicesAndPlansMember2025-04-012025-06-300001669779cwh:UsedVehiclesMembercwh:RvAndOutdoorRetailMember2025-01-012025-06-300001669779cwh:ProductsServiceAndOtherMembercwh:RvAndOutdoorRetailMember2025-01-012025-06-300001669779cwh:NewVehiclesMembercwh:RvAndOutdoorRetailMember2025-01-012025-06-300001669779cwh:GoodSamClubMembercwh:RvAndOutdoorRetailMember2025-01-012025-06-300001669779cwh:RvAndOutdoorRetailMember2025-01-012025-06-300001669779cwh:GoodSamServicesAndPlansMember2025-01-012025-06-300001669779cwh:UsedVehiclesMembercwh:RvAndOutdoorRetailMember2024-04-012024-06-300001669779cwh:ProductsServiceAndOtherMembercwh:RvAndOutdoorRetailMember2024-04-012024-06-300001669779cwh:NewVehiclesMembercwh:RvAndOutdoorRetailMember2024-04-012024-06-300001669779cwh:GoodSamClubMembercwh:RvAndOutdoorRetailMember2024-04-012024-06-300001669779cwh:RvAndOutdoorRetailMember2024-04-012024-06-300001669779cwh:GoodSamServicesAndPlansMember2024-04-012024-06-300001669779cwh:UsedVehiclesMembercwh:RvAndOutdoorRetailMember2024-01-012024-06-300001669779cwh:ProductsServiceAndOtherMembercwh:RvAndOutdoorRetailMember2024-01-012024-06-300001669779cwh:NewVehiclesMembercwh:RvAndOutdoorRetailMember2024-01-012024-06-300001669779cwh:GoodSamClubMembercwh:RvAndOutdoorRetailMember2024-01-012024-06-300001669779cwh:RvAndOutdoorRetailMember2024-01-012024-06-300001669779cwh:GoodSamServicesAndPlansMember2024-01-012024-06-300001669779cwh:RvServiceMemberus-gaap:AccountsReceivableMember2025-06-300001669779cwh:RvServiceMemberus-gaap:AccountsReceivableMember2024-12-310001669779cwh:RvServiceMemberus-gaap:AccountsReceivableMember2024-06-300001669779cwh:ContinuingEquityOwnersMembercwh:CwAndItsSubsidiariesMember2025-06-300001669779cwh:CampingWorldHoldingIncMembercwh:CwAndItsSubsidiariesMember2025-06-300001669779cwh:CwAndItsSubsidiariesMember2025-06-300001669779cwh:ContinuingEquityOwnersMembercwh:CwAndItsSubsidiariesMember2024-12-310001669779cwh:CampingWorldHoldingIncMembercwh:CwAndItsSubsidiariesMember2024-12-310001669779cwh:CwAndItsSubsidiariesMember2024-12-310001669779cwh:ContinuingEquityOwnersMembercwh:CwAndItsSubsidiariesMember2024-06-300001669779cwh:CampingWorldHoldingIncMembercwh:CwAndItsSubsidiariesMember2024-06-300001669779cwh:CwAndItsSubsidiariesMember2024-06-300001669779us-gaap:CommonClassCMember2025-06-300001669779us-gaap:CommonClassBMember2025-06-300001669779us-gaap:CommonClassAMember2025-06-300001669779us-gaap:CommonClassCMember2024-12-310001669779us-gaap:CommonClassBMember2024-12-310001669779us-gaap:CommonClassAMember2024-12-310001669779us-gaap:CommonClassCMember2024-06-300001669779us-gaap:CommonClassBMember2024-06-300001669779us-gaap:CommonClassAMember2024-06-300001669779us-gaap:CommonClassAMember2025-01-012025-03-310001669779us-gaap:CommonClassAMember2024-01-012024-03-3100016697792023-12-310001669779cwh:Acquisitions2025Membercwh:WebsitesAndDevelopedTechnologyMember2025-06-300001669779cwh:Acquisitions2025Membercwh:SupplierAndCustomerRelationshipsMember2025-06-300001669779cwh:Acquisitions2024Membercwh:WebsitesAndDevelopedTechnologyMember2024-12-310001669779cwh:Acquisitions2024Membercwh:WebsitesAndDevelopedTechnologyMember2024-06-300001669779cwh:Acquisitions2024Membercwh:SupplierAndCustomerRelationshipsMember2024-06-300001669779cwh:RvDealershipGroupsMemberus-gaap:OtherIntangibleAssetsMember2024-01-012024-06-300001669779cwh:AssetsOrStockOfMultipleDealershipLocationsAcquiredMember2025-01-012025-06-300001669779cwh:AssetsOrStockOfMultipleDealershipLocationsAcquiredMember2024-01-012024-06-300001669779cwh:TireRescueRoadsideAssistanceBusinessMembercwh:GoodSamServicesAndPlansMember2024-06-300001669779cwh:AssetsOrStockOfMultipleDealershipLocationsAcquiredMember2025-06-300001669779cwh:AssetsOrStockOfMultipleDealershipLocationsAcquiredMember2024-06-300001669779us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMembercwh:DisposalGroupMember2025-06-300001669779us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMembercwh:DisposalGroupMember2024-12-310001669779us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMembercwh:DisposalGroupMember2024-06-300001669779us-gaap:OperatingSegmentsMembercwh:RvAndOutdoorRetailMember2025-06-300001669779us-gaap:OperatingSegmentsMembercwh:GoodSamServicesAndPlansMember2025-06-300001669779us-gaap:MaterialReconcilingItemsMember2025-06-300001669779us-gaap:CorporateNonSegmentMember2025-06-300001669779us-gaap:OperatingSegmentsMembercwh:RvAndOutdoorRetailMember2024-12-310001669779us-gaap:OperatingSegmentsMembercwh:GoodSamServicesAndPlansMember2024-12-310001669779us-gaap:MaterialReconcilingItemsMember2024-12-310001669779us-gaap:CorporateNonSegmentMember2024-12-310001669779us-gaap:OperatingSegmentsMembercwh:RvAndOutdoorRetailMember2024-06-300001669779us-gaap:OperatingSegmentsMembercwh:GoodSamServicesAndPlansMember2024-06-300001669779us-gaap:MaterialReconcilingItemsMember2024-06-300001669779us-gaap:CorporateNonSegmentMember2024-06-300001669779cwh:CwAndItsSubsidiariesMemberus-gaap:ConvertibleCommonStockMember2025-04-012025-06-300001669779us-gaap:StockOptionMember2025-04-012025-06-300001669779us-gaap:RestrictedStockUnitsRSUMember2025-04-012025-06-300001669779us-gaap:StockOptionMember2025-01-012025-06-300001669779us-gaap:RestrictedStockUnitsRSUMember2025-01-012025-06-300001669779cwh:CwAndItsSubsidiariesMemberus-gaap:ConvertibleCommonStockMember2024-04-012024-06-300001669779us-gaap:StockOptionMember2024-04-012024-06-300001669779us-gaap:RestrictedStockUnitsRSUMember2024-04-012024-06-300001669779cwh:CwAndItsSubsidiariesMemberus-gaap:ConvertibleCommonStockMember2024-01-012024-06-300001669779us-gaap:StockOptionMember2024-01-012024-06-300001669779us-gaap:RestrictedStockUnitsRSUMember2024-01-012024-06-300001669779us-gaap:SellingGeneralAndAdministrativeExpensesMember2025-04-012025-06-300001669779us-gaap:CostOfSalesMember2025-04-012025-06-300001669779us-gaap:SellingGeneralAndAdministrativeExpensesMember2025-01-012025-06-300001669779us-gaap:CostOfSalesMember2025-01-012025-06-300001669779us-gaap:SellingGeneralAndAdministrativeExpensesMember2024-04-012024-06-300001669779us-gaap:CostOfSalesMember2024-04-012024-06-300001669779us-gaap:SellingGeneralAndAdministrativeExpensesMember2024-01-012024-06-300001669779us-gaap:CostOfSalesMember2024-01-012024-06-3000016697792025-01-012025-03-310001669779srt:ScenarioPreviouslyReportedMember2024-04-012024-06-300001669779srt:ScenarioPreviouslyReportedMember2024-01-012024-03-310001669779srt:ScenarioPreviouslyReportedMember2024-06-300001669779srt:RestatementAdjustmentMember2024-06-300001669779cwh:RvDealershipGroupsMemberus-gaap:OtherIntangibleAssetsMember2024-01-012024-12-310001669779cwh:WebsitesAndDevelopedTechnologyMember2024-01-012024-12-310001669779us-gaap:CommonClassCMember2025-07-250001669779us-gaap:CommonClassBMember2025-07-250001669779us-gaap:CommonClassAMember2025-07-250001669779cwh:PerformanceStockUnitsMember2025-04-012025-06-300001669779cwh:PerformanceStockUnitsMember2025-01-012025-06-300001669779cwh:PerformanceStockUnitsMember2024-04-012024-06-300001669779cwh:PerformanceStockUnitsMember2024-01-012024-06-300001669779cwh:PerformanceStockUnitsMemberus-gaap:CommonClassAMember2025-01-012025-01-310001669779cwh:PerformanceStockUnitsMember2025-01-012025-01-310001669779us-gaap:RestrictedStockUnitsRSUMemberus-gaap:ShareBasedPaymentArrangementNonemployeeMember2025-05-012025-05-310001669779us-gaap:RestrictedStockUnitsRSUMemberus-gaap:ShareBasedPaymentArrangementEmployeeMember2025-01-012025-06-300001669779us-gaap:OperatingSegmentsMembercwh:GoodSamServicesAndPlansMembercwh:RvAndOutdoorRetailMember2025-04-012025-06-300001669779us-gaap:OperatingSegmentsMembercwh:GoodSamServicesAndPlansMembercwh:GoodSamServicesAndPlansMember2025-04-012025-06-300001669779us-gaap:OperatingSegmentsMembercwh:GoodSamServicesAndPlansMembercwh:RvAndOutdoorRetailMember2025-01-012025-06-300001669779us-gaap:OperatingSegmentsMembercwh:GoodSamServicesAndPlansMembercwh:GoodSamServicesAndPlansMember2025-01-012025-06-300001669779us-gaap:OperatingSegmentsMembercwh:GoodSamServicesAndPlansMembercwh:RvAndOutdoorRetailMember2024-04-012024-06-300001669779us-gaap:OperatingSegmentsMembercwh:GoodSamServicesAndPlansMembercwh:GoodSamServicesAndPlansMember2024-04-012024-06-300001669779us-gaap:OperatingSegmentsMembercwh:GoodSamServicesAndPlansMembercwh:RvAndOutdoorRetailMember2024-01-012024-06-300001669779us-gaap:OperatingSegmentsMembercwh:GoodSamServicesAndPlansMembercwh:GoodSamServicesAndPlansMember2024-01-012024-06-300001669779cwh:RevolvingCreditFacilityGoldmanSachsMember2025-01-012025-06-300001669779cwh:RevolvingCreditFacilityGoldmanSachsMember2024-01-012024-12-310001669779cwh:RevolvingCreditFacilityGoldmanSachsMember2024-01-012024-06-300001669779cwh:ContinuingEquityOwnersMemberus-gaap:RelatedPartyMember2025-06-300001669779cwh:ContinuingEquityOwnersMemberus-gaap:RelatedPartyMember2024-06-3000016697792024-05-012024-05-310001669779cwh:TaxReceivableAgreementMember2025-01-012025-06-300001669779cwh:ContinuingEquityOwnersAndCrestviewPartnersIiGpLpMembercwh:TaxReceivableAgreementMemberus-gaap:RelatedPartyMember2025-01-012025-06-300001669779us-gaap:MaterialReconcilingItemsMember2025-04-012025-06-300001669779us-gaap:CorporateNonSegmentMember2025-04-012025-06-300001669779us-gaap:MaterialReconcilingItemsMember2025-01-012025-06-300001669779us-gaap:CorporateNonSegmentMember2025-01-012025-06-300001669779us-gaap:MaterialReconcilingItemsMember2024-04-012024-06-300001669779us-gaap:CorporateNonSegmentMember2024-04-012024-06-300001669779us-gaap:MaterialReconcilingItemsMember2024-01-012024-06-300001669779us-gaap:CorporateNonSegmentMember2024-01-012024-06-300001669779cwh:PerformanceStockUnitsMember2025-01-310001669779cwh:MTRealEstateFacilityRelatingToSeparatePropertyMember2024-06-300001669779us-gaap:RestrictedStockUnitsRSUMemberus-gaap:ShareBasedPaymentArrangementNonemployeeMember2025-05-310001669779cwh:RvDealershipGroupsMembercwh:RvAndOutdoorRetailMember2024-06-300001669779cwh:RvDealershipGroupsMembercwh:RvAndOutdoorRetailMember2025-01-012025-06-300001669779cwh:LazydaysHoldingsIncMember2025-01-012025-06-300001669779cwh:RvDealershipGroupsMembercwh:RvAndOutdoorRetailMember2024-01-012024-06-300001669779us-gaap:AdditionalPaidInCapitalMember2025-01-012025-06-300001669779us-gaap:AdditionalPaidInCapitalMember2024-01-012024-06-300001669779us-gaap:LetterOfCreditMembercwh:RevolvingCreditFacilityGoldmanSachsMemberus-gaap:SecuredDebtMember2025-06-300001669779us-gaap:LetterOfCreditMembercwh:RevolvingCreditFacilityGoldmanSachsMember2025-06-300001669779us-gaap:OperatingSegmentsMember2025-04-012025-06-300001669779us-gaap:OperatingSegmentsMember2025-01-012025-06-300001669779us-gaap:OperatingSegmentsMember2024-04-012024-06-300001669779us-gaap:OperatingSegmentsMember2024-01-012024-06-300001669779cwh:NewRealEstateFacilityMember2025-01-012025-06-300001669779cwh:NewRealEstateFacilityMember2024-01-012024-12-310001669779cwh:NewRealEstateFacilityMember2024-01-012024-06-300001669779us-gaap:CommonClassAMember2025-04-012025-06-300001669779us-gaap:CommonClassAMember2024-04-012024-06-300001669779us-gaap:CommonClassAMember2025-01-012025-06-300001669779srt:MinimumMember2025-01-012025-06-300001669779srt:MaximumMember2025-01-012025-06-3000016697792025-04-012025-06-300001669779us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMembercwh:SupplierAgreementMembercwh:RvFurnitureBusinessCwdsMember2024-05-032024-05-0300016697792024-01-012024-06-300001669779us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMembercwh:RvFurnitureBusinessCwdsMember2025-06-300001669779us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMembercwh:RvFurnitureBusinessCwdsMember2024-05-030001669779us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMembercwh:RvFurnitureBusinessCwdsMember2025-06-302025-06-300001669779cwh:SteveWeissmannComplaintMember2024-09-122024-09-120001669779cwh:TumbleweedComplaintMember2024-09-122024-09-120001669779cwh:TermLoanFacilityGoldmanSachsMember2025-01-012025-06-300001669779cwh:TermLoanFacilityGoldmanSachsMember2024-01-012024-12-310001669779cwh:TermLoanFacilityGoldmanSachsMember2024-01-012024-06-3000016697792025-06-3000016697792024-12-3100016697792024-06-300001669779us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-06-300001669779us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2025-06-300001669779us-gaap:AccountsPayableAndAccruedLiabilitiesMember2025-06-300001669779us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310001669779us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-12-310001669779us-gaap:AccountsPayableAndAccruedLiabilitiesMember2024-12-310001669779us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-06-300001669779us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-06-300001669779us-gaap:OtherNoncurrentLiabilitiesMember2024-06-300001669779cwh:Acquisitions2025Member2025-06-300001669779cwh:Acquisitions2024Member2024-06-3000016697792025-01-012025-06-300001669779cwh:TireRescueRoadsideAssistanceBusinessMembercwh:GoodSamServicesAndPlansMember2024-06-012024-06-300001669779cwh:Acquisitions2025Member2025-01-012025-06-300001669779cwh:Acquisitions2024Member2024-01-012024-06-300001669779cwh:RvFurnitureBusinessCwdsMember2025-06-300001669779us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMembercwh:RvFurnitureBusinessCwdsMember2024-05-032024-05-030001669779cwh:FloorPlanFacilityMember2025-06-300001669779cwh:FloorPlanFacilityMember2024-12-310001669779cwh:FloorPlanFacilityMember2024-06-300001669779us-gaap:LineOfCreditMembercwh:RevolvingCreditFacilityGoldmanSachsMemberus-gaap:SecuredDebtMember2025-06-300001669779us-gaap:CommonClassCMemberus-gaap:CommonStockMember2025-04-012025-06-300001669779us-gaap:CommonClassBMemberus-gaap:CommonStockMember2025-04-012025-06-300001669779us-gaap:CommonClassAMemberus-gaap:CommonStockMember2025-04-012025-06-300001669779us-gaap:TreasuryStockCommonMember2025-04-012025-06-300001669779us-gaap:RetainedEarningsMember2025-04-012025-06-300001669779us-gaap:NoncontrollingInterestMember2025-04-012025-06-300001669779us-gaap:AdditionalPaidInCapitalMember2025-04-012025-06-300001669779us-gaap:CommonClassCMemberus-gaap:CommonStockMember2025-01-012025-03-310001669779us-gaap:CommonClassBMemberus-gaap:CommonStockMember2025-01-012025-03-310001669779us-gaap:CommonClassAMemberus-gaap:CommonStockMember2025-01-012025-03-310001669779us-gaap:TreasuryStockCommonMember2025-01-012025-03-310001669779us-gaap:RetainedEarningsMember2025-01-012025-03-310001669779us-gaap:NoncontrollingInterestMember2025-01-012025-03-310001669779us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001669779us-gaap:CommonClassCMemberus-gaap:CommonStockMember2024-04-012024-06-300001669779us-gaap:CommonClassBMemberus-gaap:CommonStockMember2024-04-012024-06-300001669779us-gaap:CommonClassAMemberus-gaap:CommonStockMember2024-04-012024-06-300001669779srt:ScenarioPreviouslyReportedMemberus-gaap:AdditionalPaidInCapitalMember2024-04-012024-06-300001669779us-gaap:TreasuryStockCommonMember2024-04-012024-06-300001669779us-gaap:RetainedEarningsMember2024-04-012024-06-300001669779us-gaap:NoncontrollingInterestMember2024-04-012024-06-300001669779us-gaap:AdditionalPaidInCapitalMember2024-04-012024-06-3000016697792024-04-012024-06-300001669779us-gaap:CommonClassCMemberus-gaap:CommonStockMember2024-01-012024-03-310001669779us-gaap:CommonClassBMemberus-gaap:CommonStockMember2024-01-012024-03-310001669779us-gaap:CommonClassAMemberus-gaap:CommonStockMember2024-01-012024-03-310001669779srt:ScenarioPreviouslyReportedMemberus-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310001669779us-gaap:TreasuryStockCommonMember2024-01-012024-03-310001669779us-gaap:RetainedEarningsMember2024-01-012024-03-310001669779us-gaap:NoncontrollingInterestMember2024-01-012024-03-310001669779us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-3100016697792024-01-012024-03-310001669779us-gaap:OperatingSegmentsMembercwh:RvAndOutdoorRetailMember2025-04-012025-06-300001669779us-gaap:OperatingSegmentsMembercwh:GoodSamServicesAndPlansMember2025-04-012025-06-300001669779us-gaap:IntersegmentEliminationMembercwh:RvAndOutdoorRetailMember2025-04-012025-06-300001669779us-gaap:IntersegmentEliminationMembercwh:GoodSamServicesAndPlansMember2025-04-012025-06-300001669779us-gaap:OperatingSegmentsMembercwh:RvAndOutdoorRetailMember2025-01-012025-06-300001669779us-gaap:OperatingSegmentsMembercwh:GoodSamServicesAndPlansMember2025-01-012025-06-300001669779us-gaap:IntersegmentEliminationMembercwh:RvAndOutdoorRetailMember2025-01-012025-06-300001669779us-gaap:IntersegmentEliminationMembercwh:GoodSamServicesAndPlansMember2025-01-012025-06-300001669779us-gaap:OperatingSegmentsMembercwh:RvAndOutdoorRetailMember2024-04-012024-06-300001669779us-gaap:OperatingSegmentsMembercwh:GoodSamServicesAndPlansMember2024-04-012024-06-300001669779us-gaap:IntersegmentEliminationMembercwh:RvAndOutdoorRetailMember2024-04-012024-06-300001669779us-gaap:IntersegmentEliminationMembercwh:GoodSamServicesAndPlansMember2024-04-012024-06-300001669779us-gaap:OperatingSegmentsMembercwh:RvAndOutdoorRetailMember2024-01-012024-06-300001669779us-gaap:OperatingSegmentsMembercwh:GoodSamServicesAndPlansMember2024-01-012024-06-300001669779us-gaap:IntersegmentEliminationMembercwh:RvAndOutdoorRetailMember2024-01-012024-06-300001669779us-gaap:IntersegmentEliminationMembercwh:GoodSamServicesAndPlansMember2024-01-012024-06-30cwh:Dcwh:lawsuitcwh:segmentiso4217:USDcwh:itemxbrli:sharesxbrli:purecwh:locationcwh:directorcwh:propertycwh:trancheiso4217:USDxbrli:shares

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____________ to _______________

Commission file number: 001-37908

CAMPING WORLD HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

Delaware	81-1737145
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

2 Marriott Drive

Lincolnshire, IL 60069

(Address of principal executive offices) (Zip Code)

Telephone: (847) 808-3000

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock,

$0.01 par value per share

CWH

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ⌧	Accelerated filer ☐
Non-accelerated filer ☐	Smaller reporting company ☐
	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ⌧

As of July 25, 2025, the registrant had 62,648,648 shares of Class A common stock, 39,466,964 shares of Class B common stock and one share of Class C common stock outstanding.

Table of Contents

Camping World Holdings, Inc.

Quarterly Report on Form 10-Q

For the Quarterly Period Ended June 30, 2025

TABLE OF CONTENTS


		Page


PART I. FINANCIAL INFORMATION

Item 1	Financial Statements (unaudited)	4
	Unaudited Condensed Consolidated Balance Sheets – June 30, 2025, December 31, 2024, and June 30, 2024	4
	Unaudited Condensed Consolidated Statements of Operations – Three and Six Months Ended June 30, 2025 and 2024	5
	Unaudited Condensed Consolidated Statements of Stockholders’ Equity – Three and Six Months Ended June 30, 2025 and 2024	6
	Unaudited Condensed Consolidated Statements of Cash Flows – Six Months Ended June 30, 2025 and 2024	7
	Notes to Unaudited Condensed Consolidated Financial Statements	9
Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	30
Item 3	Quantitative and Qualitative Disclosures About Market Risk	55
Item 4	Controls and Procedures	55

PART II. OTHER INFORMATION

Item 1	Legal Proceedings	57
Item 1A	Risk Factors	57
Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	57
Item 3	Defaults Upon Senior Securities	57
Item 4	Mine Safety Disclosures	57
Item 5	Other Information	58
Item 6	Exhibits	58

Signatures		60

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 June 30, 2025, our most recently completed fiscal quarter.

●

“Annual Report” refers to our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (“SEC”) on February 28, 2025.

●

“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.

●

“Former Profits Unit Holders” refers collectively to Brent L. Moody, Andris A. Baltins and K. Dillon Schickli, who are members of our Board of Directors, and certain other current and former non-executive employees, former executive officers, and former directors, in each case, who held common units of CWGS, LLC pursuant to CWGS, LLC’s equity incentive plan that was in existence prior to our IPO and received common units of CWGS, LLC in exchange for their profits units in CWGS, LLC.

●

“ML Acquisition” refers to ML Acquisition Company, LLC, a Delaware limited liability company that is indirectly controlled by our Chairman and Chief Executive Officer, Marcus A. Lemonis.

●

“RV” refers to recreational vehicles.

●

“Tax Receivable Agreement” refers to the tax receivable agreement that the Company entered into with CWGS, LLC, each of the Continuing Equity Owners and Crestview Partners II GP, L.P. in connection with the Company’s IPO.

Table of Contents

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts contained in this Form 10-Q may be forward-looking statements. Statements regarding our future results of operations and financial position, business strategy and plans and objectives of management for future operations, including, among others, statements regarding expected new store location openings and closures, including greenfield locations and acquired locations; sufficiency of our sources of liquidity and capital and potential need for additional financing; our stock repurchase program; future capital expenditures and debt service obligations; refinancing, retirement or exchange of outstanding debt; expectations regarding industry trends and consumer behavior and growth; our product offerings and strategy; inventory management; volatility in sales and potential impact of miscalculating the demand for our products or our product mix; expectations regarding increase of certain expenses in connection with our growth and new or increased tariffs; expectations regarding operational efficiencies gained from exiting certain business endeavors; cost reduction initiatives and expected cost savings; our human capital initiatives; expectations regarding our pending litigation; future effects of new federal legislation, and our plans related to dividend payments, are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “can,” “continue,” “could,” “designed,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” or the negative of these terms or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including, but not limited to, the following:

●

general economic conditions in our markets, including inflation and interest rates, as well as the health of the RV industry, and ongoing economic and financial uncertainties;

●

the availability and cost of financing to us and our customers;

●

fuel shortages, high prices for fuel, or changes in energy sources;

●

the well-being, as well as the continued popularity and reputation for quality, of our manufacturers, particularly Thor Industries, Inc. and Forest River, Inc.;

●

changes in consumer preferences for our products or our failure to gauge those preferences;

●

competition in the market for services, protection plans, products and resources targeting the RV lifestyle or RV enthusiast;

●

our expansion into new, unfamiliar markets, businesses, or product lines or categories, as well as delays in opening new RV dealership locations, including greenfield locations and acquisitions;

●

unforeseen expenses, difficulties, and delays encountered in connection with acquisitions;

●

our ability to maintain the strength and value of our brands;

●

our ability to successfully order and manage our inventory to reflect consumer demand in a volatile market and anticipate changing consumer preferences and buying trends;

●

fluctuations in our same store revenue and whether such revenue will be a meaningful indicator of future performance;

●

the cyclical and seasonal nature of our business;

●

our ability to operate and expand our business and to respond to changing business and economic conditions, which depends on the availability of adequate capital;

Table of Contents

●

the restrictive covenants imposed by our Senior Secured Credit Facilities and Floor Plan Facility;

●

our ability to execute and achieve the expected benefits of our cost cutting initiatives and impairment charges incurred in connection with previous restructuring initiatives may be materially higher than expected or anticipated;

●

our reliance on our fulfillment and distribution centers for our retail and e-commerce businesses, which may be susceptible to a natural disaster or other serious disruption at any such facility;

●

natural disasters, whether or not caused by climate change, unusual weather conditions, epidemic outbreaks, terrorist acts and political events;

●

our dependence on our relationships with third party providers of services, protection plans, products and resources and a disruption of these relationships or of these providers’ operations;

●

certain of the products that we sell are manufactured abroad and any delays, new or increased tariffs, increased cost or quality control deficiencies in the importation of these products;

●

whether third-party lending institutions and insurance companies will continue to provide financing for RV purchases, insurance and extended service contracts that relate to a portion of our net income;

●

our ability to retain senior executives and attract and retain other qualified employees;

●

risks associated with leasing substantial amounts of space;

●

our private brand offerings exposing us to various risks;

●

whether we incur asset impairment charges for goodwill, intangible assets or other long-lived assets;

●

our business is subject to numerous federal, state and local regulations and litigation risk;

●

risks related to a failure in our e-commerce operations, security breaches and cybersecurity risks;

●

our inability to maintain or upgrade our information technology systems or our inability to convert to alternate systems in an efficient and timely manner;

●

risks related to disruptions or breaches involving our or our third-party providers’ information technology systems or confidential information or our failure to meet increasingly demanding regulatory requirements;

●

material weaknesses in our internal control over financial reporting;

●

risks relating to our organizational structure and to ownership of shares of our Class A common stock; and

●

the other factors set forth under ‘‘Risk Factors’’ in Item 1A of Part I of our Annual Report and in our other filings with the SEC.

These risks may cause our actual results, performance or achievements to differ materially and adversely from those expressed or implied by the forward-looking statements.

Any forward-looking statements made herein speak only as of the date of this Form 10-Q, and you should not rely on forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future effects, results, performance, or achievements reflected in the forward-looking statements will be achieved or occur. We undertake no obligation to update any of these forward-looking statements for any reason after the date of this Form 10-Q or to conform these statements to actual results or revised expectations.

Table of Contents

Part I – FINANCIAL INFORMATION

Item 1. Financial Statements

Camping World Holdings, Inc. and Subsidiaries

Unaudited Condensed Consolidated Balance Sheets

(In Thousands Except Per Share Amounts)


	June 30,		December 31,		June 30,
	2025		2024		2024
Assets
Current assets:
Cash and cash equivalents	$	118,084	$	208,422	$	23,743
Contracts in transit		163,767		61,222		165,033
Accounts receivable, net		137,822		120,412		128,938
Inventories		2,061,160		1,821,837		2,014,444
Prepaid expenses and other assets		57,974		58,045		68,220
Assets held for sale		15,202		1,350		8,418
Total current assets		2,554,009		2,271,288		2,408,796

Property and equipment, net		910,052		846,760		856,308
Operating lease assets		716,020		739,352		760,143
Deferred tax assets, net		211,435		215,140		193,873
Intangible assets, net		17,602		19,469		21,354
Goodwill		748,561		734,023		731,015
Other assets		34,168		37,245		34,387
Total assets	$	5,191,847	$	4,863,277	$	5,005,876
Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$	283,450	$	145,346	$	260,390
Accrued liabilities		182,581		118,557		187,120
Deferred revenues		94,041		92,124		99,045
Current portion of operating lease liabilities		65,488		61,993		62,795
Current portion of finance lease liabilities		19,514		7,044		7,335
Current portion of Tax Receivable Agreement liability		1,700		—		12,277
Current portion of long-term debt		23,023		23,275		24,082
Notes payable – floor plan, net		1,280,102		1,161,713		1,296,352
Other current liabilities		79,167		70,900		80,343
Total current liabilities		2,029,066		1,680,952		2,029,739

Operating lease liabilities, net of current portion		734,083		764,113		788,613
Finance lease liabilities, net of current portion		128,598		131,004		134,538
Tax Receivable Agreement liability, net of current portion		148,672		150,372		137,589
Revolving line of credit		—		—		31,885
Long-term debt, net of current portion		1,483,470		1,493,318		1,513,986
Deferred revenues		63,337		63,642		66,981
Other long-term liabilities		88,042		94,927		92,140
Total liabilities		4,675,268		4,378,328		4,795,471
Commitments and contingencies
Stockholders' equity:
Preferred stock, par value $0.01 per share – 20,000 shares authorized; none issued and outstanding		—		—		—
Class A common stock, par value $0.01 per share – 250,000 shares authorized; 62,649, 62,502 and 49,571 shares issued, respectively, and 62,649, 62,502 and 45,115 shares outstanding, respectively		626		625		496
Class B common stock, par value $0.0001 per share – 75,000 shares authorized; 39,466 shares issued and outstanding		4		4		4
Class C common stock, par value $0.0001 per share – 0.001 share authorized, issued and outstanding		—		—		—
Additional paid-in capital		205,383		193,692		133,461
Treasury stock, at cost; 4,456 shares at June 30, 2024		—		—		(156,116)
Retained earnings		134,525		132,241		171,817
Total stockholders' equity attributable to Camping World Holdings, Inc.		340,538		326,562		149,662
Non-controlling interests		176,041		158,387		60,743
Total stockholders' equity		516,579		484,949		210,405
Total liabilities and stockholders' equity	$	5,191,847	$	4,863,277	$	5,005,876

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements

Table of Contents

Camping World Holdings, Inc. and Subsidiaries

Unaudited Condensed Consolidated Statements of Operations

(In Thousands Except Per Share Amounts)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Revenue:
Good Sam Services and Plans	$	54,213	$	52,548	$	100,421	$	98,229
RV and Outdoor Retail
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
Subtotal		1,921,735		1,753,957		3,289,051		3,072,293
Total revenue		1,975,948		1,806,505		3,389,472		3,170,522
Costs applicable to revenue (exclusive of depreciation and amortization shown separately below):
Good Sam Services and Plans		21,947		17,192		39,668		32,375
RV and Outdoor Retail
New vehicles		788,873		717,650		1,325,232		1,282,689
Used vehicles		455,239		389,601		799,200		668,134
Products, service and other		116,412		132,933		201,151		234,608
Good Sam Club		1,222		1,470		2,338		2,660
Subtotal		1,361,746		1,241,654		2,327,921		2,188,091
Total costs applicable to revenue		1,383,693		1,258,846		2,367,589		2,220,466
Operating expenses:
Selling, general, and administrative		437,489		419,676		824,934		791,149
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
Total operating expenses		461,986		452,277		870,772		850,452
Income from operations		130,269		95,382		151,111		99,604
Other expense:
Floor plan interest expense		(20,989)		(27,799)		(39,295)		(55,681)
Other interest expense, net		(30,836)		(36,153)		(61,367)		(72,247)
Other expense, net		(2,600)		(81)		(2,758)		(175)
Total other expense		(54,425)		(64,033)		(103,420)		(128,103)
Income (loss) before income taxes		75,844		31,349		47,691		(28,499)
Income tax (expense) benefit		(18,321)		(7,935)		(14,850)		1,107
Net income (loss)		57,523		23,414		32,841		(27,392)
Less: net income (loss) attributable to non-controlling interests		(27,307)		(13,643)		(14,905)		14,856
Net income (loss) attributable to Camping World Holdings, Inc.	$	30,216	$	9,771	$	17,936	$	(12,536)

Earnings (loss) per share of Class A common stock:
Basic	$	0.48	$	0.22	$	0.29	$	(0.28)
Diluted	$	0.48	$	0.22	$	0.28	$	(0.28)
Weighted average shares of Class A common stock outstanding:
Basic		62,610		45,093		62,571		45,070
Diluted		62,747		45,244		102,661		45,070

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements

Table of Contents

Camping World Holdings, Inc. and Subsidiaries

Unaudited Condensed Consolidated Statements of Stockholders' Equity

(In Thousands)


										Additional							Non-
	Class A Common Stock			Class B Common Stock			Class C Common Stock			Paid-In		Treasury Stock			Retained		Controlling
	Shares	Amounts		Shares	Amounts		Shares	Amounts		Capital		Shares	Amounts		Earnings		Interest		Total
Balance at January 1, 2025	62,502	$	625	39,466	$	4	—	$	—	$	193,692	—	$	—	$	132,241	$	158,387	$	484,949
Stock-based compensation	—		—	—		—	—		—		4,438	—		—		—		2,832		7,270
Vesting of restricted stock units	109		1	—		—	—		—		446	—		—		—		(447)		—
Repurchases of Class A common stock for withholding taxes on vested RSUs	(41)		—	—		—	—		—		(871)	—		—		—		—		(871)
Distributions to holders of LLC common units	—		—	—		—	—		—		—	—		—		—		(34)		(34)
Dividends⁽¹⁾	—		—	—		—	—		—		—	—		—		(7,821)		—		(7,821)
Non-controlling interest adjustment	—		—	—		—	—		—		25	—		—		—		(25)		—
Net loss	—		—	—		—	—		—		—	—		—		(12,280)		(12,402)		(24,682)
Balance at March 31, 2025	62,570	$	626	39,466	$	4	—	$	—	$	197,730	—	$	—	$	112,140	$	148,311	$	458,811
Stock-based compensation	—		—	—		—	—		—		5,158	—		—		—		3,286		8,444
Vesting of restricted stock units	98		—	—		—	—		—		226	—		—		—		(226)		—
Repurchases of Class A common stock for withholding taxes on vested RSUs	(19)		—	—		—	—		—		(304)	—		—		—		—		(304)
Distributions to holders of LLC common units	—		—	—		—	—		—		—	—		—		—		(64)		(64)
Dividends⁽¹⁾	—		—	—		—	—		—		—	—		—		(7,831)		—		(7,831)
Non-controlling interest adjustment	—		—	—		—	—		—		2,573	—		—		—		(2,573)		—
Net income	—		—	—		—	—		—		—	—		—		30,216		27,307		57,523
Balance at June 30, 2025	62,649	$	626	39,466	$	4	—	$	—	$	205,383	—	$	—	$	134,525	$	176,041	$	516,579

(1)

The Company declared dividends per share of Class A common stock of $0.125 for the three months ended March 31, 2025 and three months ended June 30, 2025, respectively.


										Additional							Non-
	Class A Common Stock			Class B Common Stock			Class C Common Stock			Paid-In		Treasury Stock			Retained		Controlling
	Shares	Amounts		Shares	Amounts		Shares	Amounts		Capital		Shares	Amounts		Earnings		Interest		Total
Balance at January 1, 2024	49,571	$	496	39,466	$	4	—	$	—	$	131,665	(4,551)	$	(159,440)	$	195,627	$	89,623	$	257,975
Stock-based compensation	—		—	—		—	—		—		2,751	—		—		—		2,446		5,197
Exercise of stock options	—		—	—		—	—		—		(30)	2		81		—		—		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)	74		2,595		—		(361)		—
Repurchases of Class A common stock for withholding taxes on vested RSUs	—		—	—		—	—		—		209	(24)		(867)		—		—		(658)
Distributions to holders of LLC common units	—		—	—		—	—		—		—	—		—		—		(9,947)		(9,947)
Dividends⁽²⁾	—		—	—		—	—		—		—	—		—		(5,634)		—		(5,634)
Non-controlling interest adjustment	—		—	—		—	—		—		(126)	—		—		—		126		—
Net loss	—		—	—		—	—		—		—	—		—		(22,307)		(28,499)		(50,806)
Balance at March 31, 2024	49,571	$	496	39,466	$	4	—	$	—	$	132,213	(4,499)	$	(157,631)	$	167,686	$	53,410	$	196,178
Stock-based compensation	—		—	—		—	—		—		2,858	—		—		—		2,539		5,397
Vesting of restricted stock units	—		—	—		—	—		—		(1,599)	48		1,671		—		(72)		—
Repurchases of Class A common stock for withholding taxes on vested RSUs	—		—	—		—	—		—		60	(5)		(156)		—		—		(96)
Distributions to holders of LLC common units	—		—	—		—	—		—		—	—		—		—		(8,848)		(8,848)
Dividends⁽²⁾	—		—	—		—	—		—		—	—		—		(5,640)		—		(5,640)
Non-controlling interest adjustment	—		—	—		—	—		—		(71)	—		—		—		71		—
Net income	—		—	—		—	—		—		—	—		—		9,771		13,643		23,414
Balance at June 30, 2024	49,571	$	496	39,466	$	4	—	$	—	$	133,461	(4,456)	$	(156,116)	$	171,817	$	60,743	$	210,405

(2)

The Company declared dividends per share of Class A common stock of $0.125 for the three months ended March 31, 2024 and the three months ended June 30, 2024, respectively.

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements

Table of Contents

Camping World Holdings, Inc. and Subsidiaries

Unaudited Condensed Consolidated Statements of Cash Flows

(In Thousands)


	Six Months Ended June 30,
	2025		2024
Operating activities
Net income (loss)	$	32,841	$	(27,392)

Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation and amortization		45,963		39,322
Stock-based compensation		15,714		10,594
(Gain) loss on lease termination		(107)		40
Long-lived asset impairment		620		10,411
(Gain) loss on sale or disposal of assets		(638)		9,530
Provision for losses on accounts receivable		1,117		491
Noncash lease expense		29,661		28,286
Accretion of original debt issuance discount		1,271		1,178
Noncash interest		2,106		1,567
Deferred income taxes		3,705		7,221
Change in assets and liabilities, net of acquisitions:
Receivables and contracts in transit		(124,242)		(106,160)
Inventories		(171,390)		39,353
Prepaid expenses and other assets		(827)		(19,515)
Accounts payable and other accrued expenses		156,840		121,073
Payment pursuant to Tax Receivable Agreement		—		(12,943)
Deferred revenues		1,612		6,879
Operating lease liabilities		(31,437)		(29,145)
Other, net		(7,404)		3,551
Net cash (used in) provided by operating activities		(44,595)		84,341

Investing activities
Purchases of property and equipment		(49,696)		(48,553)
Proceeds from sale of property and equipment		2,966		3,583
Purchases of real property		(72,386)		(1,243)
Proceeds from the sale of real property		9,843		31,195
Purchases of businesses, net of cash acquired		(81,154)		(62,323)
Proceeds from divestiture of business		10,349		19,957
Purchases of intangible assets		—		(142)
Proceeds from sale of intangible assets		—		2,595
Net cash used in investing activities	$	(180,078)	$	(54,931)

Table of Contents

Camping World Holdings, Inc. and Subsidiaries

Unaudited Condensed Consolidated Statements of Cash Flows

(In Thousands)


	Six Months Ended June 30,
	2025		2024
Financing activities
Proceeds from long-term debt	$	—	$	55,624
Payments on long-term debt		(12,537)		(57,351)
Net proceeds (payments) on notes payable – floor plan, net		168,108		(19,160)
Borrowings on revolving line of credit		—		43,000
Payments on revolving line of credit		—		(32,000)
Payments on finance leases		(3,637)		(3,682)
Payments on sale-leaseback arrangement		(102)		(97)
Payment of debt issuance costs		—		(876)
Payments of stock offering costs		(572)		—
Dividends on Class A common stock		(15,652)		(11,274)
Proceeds from exercise of stock options		—		51
RSU shares withheld for tax		(1,175)		(754)
Distributions to holders of LLC common units		(98)		(18,795)
Net cash provided by (used in) financing activities		134,335		(45,314)

Decrease in cash and cash equivalents		(90,338)		(15,904)
Cash and cash equivalents at beginning of the period		208,422		39,647
Cash and cash equivalents at end of the period	$	118,084	$	23,743

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements

Table of Contents

Camping World Holdings, Inc. and Subsidiaries

Notes to Unaudited Condensed Consolidated Financial Statements

June 30, 2025

1. Summary of Significant Accounting Policies

Principles of Consolidation and Basis of Presentation

The condensed consolidated financial statements include the accounts of Camping World Holdings, Inc. and its subsidiaries, and are presented in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to the rules and regulations of the SEC. Accordingly, these interim financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair statement of the results of operations, financial position and cash flows for the periods presented have been reflected. All intercompany accounts and transactions of the Company and its subsidiaries have been eliminated in consolidation.

The condensed consolidated financial statements as of and for the three and six months ended June 30, 2025 and 2024 are unaudited. The condensed consolidated balance sheet as of December 31, 2024 has been derived from the audited financial statements at that date but does not include all of the disclosures required by GAAP. These interim condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 28, 2025 (“Annual Report”). Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year.

CWH has sole voting power in and control of the management of CWGS, LLC. As of June 30, 2025, December 31, 2024, and June 30, 2024, CWH owned 61.1%, 61.0%, and 53.0%, respectively, of CWGS, LLC. Accordingly, the Company consolidates the financial results of CWGS, LLC and reports a non-controlling interest in its condensed consolidated financial statements.

The Company does not have any components of other comprehensive income recorded within its condensed consolidated financial statements, and, therefore, does not separately present a statement of comprehensive income in its 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.

Table of Contents

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

Seasonality

The Company has experienced, and expects to continue to experience, variability in revenue, net income, and cash flows as a result of annual seasonality in its business. Because RVs are used primarily by vacationers and campers, demand for services, protection plans, products, and resources generally declines during the winter season, while sales and profits are generally highest during the spring and summer months. In addition, unusually severe weather conditions in some geographic areas may impact demand.

The Company generates a disproportionately higher amount of its annual revenue in its second and third fiscal quarters, which include the spring and summer months. The Company incurs additional expenses in the second and third fiscal quarters due to higher sale volumes, increased staffing in its store locations and program costs. If, for any reason, the Company miscalculates the demand for its products or its product mix during the second and third fiscal quarters, its sales in these quarters could decline, resulting in higher labor costs as a percentage of gross profit, lower margins and excess inventory, which could cause the Company’s annual results of operations to suffer and its stock price to decline.

Additionally, selling, general, and administrative (“SG&A”) expenses as a percentage of gross profit tend to be higher in the first and fourth quarters due to the seasonality of the Company’s business.

Due to the Company’s seasonality, the possible adverse impact from other risks associated with its business, including atypical weather, consumer spending levels, changes in the costs of the Company’s products including the impact of tariffs, and general business conditions, is potentially greater if any such risks occur during the Company’s peak sales seasons.

Table of Contents

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.

2. Revenue

Contract Assets

As of June 30, 2025, December 31, 2024, and June 30, 2024 contract assets of $9.9 million, $10.0 million and $13.0 million, respectively, relating to RV service revenues, were included in accounts receivable in the accompanying condensed consolidated balance sheets.

Deferred Revenues

The Company records deferred revenues when cash payments are received or due in advance of the Company’s performance, net of estimated refunds that are presented separately as a component of accrued liabilities. For the six months ended June 30, 2025, the Company estimates approximately $55.6 million of revenues recognized were included in the deferred revenue balance at the beginning of the period. These estimates consider factors including, but not limited to, average service term, cash received for the period, cancellations, contract extensions, and upgrades.

As of June 30, 2025, the Company had unsatisfied performance obligations primarily relating to plans for its roadside assistance, Good Sam Club memberships, Good Sam Club loyalty program, Coast to Coast memberships, the annual campground guide, and magazine publication revenue streams. The total unsatisfied

Table of Contents

performance obligations for these revenue streams at June 30, 2025 and the periods during which the Company expects to recognize the amounts as revenue are presented as follows (in thousands):


	As of
	June 30, 2025
2025	$	57,670
2026		54,704
2027		23,311
2028		11,520
2029		6,200
Thereafter		3,973
Total	$	157,378

3. Inventories and Floor Plan Payables

Inventories consisted of the following (in thousands):


	June 30,		December 31,		June 30,
	2025		2024		2024
Good Sam services and plans	$	298	$	263	$	333
New RVs		1,330,965		1,241,533		1,477,510
Used RVs		536,665		413,546		349,843
Products, parts, accessories and other		193,232		166,495		186,758
	$	2,061,160	$	1,821,837	$	2,014,444

Substantially all of the Company’s new RV inventory and certain of its used RV inventory, included in the RV and Outdoor Retail segment, is financed by a floor plan credit agreement (“Floor Plan Facility”) with a syndication of banks (“Floor Plan Lenders”).

In February 2025, FreedomRoads, LLC entered into an amendment to the Floor Plan Facility, which (a) increased the commitment for floor plan borrowings by $300.0 million to $2.15 billion, (b) increased the commitment for the letter of credit facility by $15.0 million to $45.0 million, and (c) extended the maturity date from September 30, 2026 to the earlier of, if applicable, (i) February 18, 2030 or (ii) March 5, 2028, if the Company’s Term Loan Facility (as defined and discussed in Note 7 — Long-Term Debt) has not been repaid, refinanced, or defeased and the maturity has not been extended by at least 180 days after February 18, 2030.

As of June 30, 2025, December 31, 2024, and June 30, 2024, the applicable interest rate for the floor plan notes payable under the Floor Plan Facility was 6.49%, 6.72%, and 7.87%, respectively.

The outstanding balance of the revolving line of credit under the Floor Plan Facility was paid off in November 2024 and there was no balance outstanding as of June 30, 2025 and December 31, 2024. As of June 30, 2024, the applicable interest rate for revolving line of credit borrowings under the Floor Plan Facility was 7.62%. Additionally, under the Floor Plan Facility, the revolving line of credit borrowings are subject to a borrowing base calculation, which did not limit the borrowing capacity at June 30, 2025, December 31, 2024, and June 30, 2024.

Management has determined that the credit agreement governing the Floor Plan Facility includes subjective acceleration clauses, which could impact debt classification. Management believes that no events have occurred at June 30, 2025 that would trigger a subjective acceleration clause. Additionally, the credit agreement governing the Floor Plan Facility contains certain financial covenants. FreedomRoads, LLC was in compliance with all financial debt covenants at June 30, 2025, December 31, 2024, and June 30, 2024.

Table of Contents

The following table details the outstanding amounts and available borrowings under the Floor Plan Facility as of June 30, 2025 and December 31, 2024, and June 30, 2024 (in thousands):


	June 30,		December 31,		June 30,
	2025		2024		2024
Floor Plan Facility
Notes payable - floor plan:
Total commitment	$	2,150,000	$	1,850,000	$	1,850,000
Less: borrowings, net of FLAIR offset account		(1,280,102)		(1,161,713)		(1,296,352)
Less: FLAIR offset account⁽¹⁾		(39)		(79,472)		(199,522)
Additional borrowing capacity		869,859		608,815		354,126
Less: short-term payable for sold inventory⁽²⁾		(82,871)		(33,152)		(97,209)
Less: purchase commitments⁽³⁾		(26,884)		(9,340)		(31,382)
Unencumbered borrowing capacity	$	760,104	$	566,323	$	225,535

Revolving line of credit:	$	70,000	$	70,000	$	70,000
Less: borrowings		—		—		(31,885)
Additional borrowing capacity	$	70,000	$	70,000	$	38,115

Letters of credit:
Total commitment	$	45,000	$	30,000	$	30,000
Less: outstanding letters of credit		(14,300)		(14,300)		(12,300)
Additional letters of credit capacity	$	30,700	$	15,700	$	17,700

(1)

Flooring line aggregate interest reduction (“FLAIR”) offset account that allows the Company to transfer cash to the Floor Plan Lenders as an offset to the payables under the Floor Plan Facility. The FLAIR offset account does not reduce the outstanding amount of loans under the Floor Plan Facility for purposes of determining the unencumbered borrowing capacity under the Floor Plan Facility.

(2)

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.

(3)	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.

4. Long-Lived Asset Impairment

During the six months ended June 30, 2025 and the three and six months ended June 30, 2024, the Company had indicators of impairment of the long-lived assets for certain locations. Such indicators primarily included decreases in market rental rates or decreases in the market value of real property for closed locations, and the Company’s review of location performance in the normal course of business. As a result of updating certain assumptions in the long-lived asset impairment analysis for these locations, the Company determined that the fair value of certain long-lived assets was below their carrying value and were impaired.

The long-lived asset impairment charges were calculated as the amount that the carrying value of these locations exceeded the estimated fair value, except that individual assets cannot be impaired below their individual fair values when that fair value can be determined without undue cost and effort. Estimated fair value is typically based on estimated discounted future cash flows, while property appraisals or market rent analyses are utilized for determining the fair value of certain assets related to properties and leases.

Table of Contents

The following table details long-lived asset impairment charges by type of long-lived asset, all of which relate to the RV and Outdoor Retail segment (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Long-lived asset impairment charges by type of long-lived asset:
Leasehold improvements	$	—	$	1,195	$	190	$	3,480
Operating lease right of use assets		—		3,037		—		4,327
Building and improvements		—		352		430		2,604
Total long-lived asset impairment charges	$	—	$	4,584	$	620	$	10,411

5. Assets Held for Sale and Business Divestitures

As of June 30, 2025, December 31, 2024, and June 30, 2024, five, two, and three RV and Outdoor Retail segment properties, respectively, met the criteria to be classified as held for sale.

The following table presents the components of assets held for sale at June 30, 2025, December 31, 2024, and June 30, 2024 (in thousands):


	June 30,		December 31,		June 30,
	2025		2024		2024
Assets held for sale:
Property and equipment, net	$	15,202	$	1,350	$	8,418
	$	15,202	$	1,350	$	8,418

On May 3, 2024, the Company closed on the sale of certain assets of the RV and Outdoor Retail segment’s RV furniture business (“CWDS”) and, in connection with the sale, entered into a supply agreement (“Supplier Agreement”) with the buyer and the sublease of certain properties and equipment to the buyer. The approximately $30.4 million fair value of consideration received from the divestiture was comprised of approximately $20.0 million of cash consideration, $9.5 million of an intangible asset for the Supplier Agreement, and $0.9 million of cash consideration as a holdback to be released by the buyer after one year less any offset for expenditures that were indemnified by the Company. The divested net assets of CWDS were comprised primarily of approximately $28.8 million of products, parts, accessories and other inventories, $0.9 million of net intangible assets, $1.2 million of accounts payable assumed and $8.9 million of goodwill allocated from the RV and Outdoor Retail segment based on the relative fair value of CWDS. This divestiture transaction resulted in a loss of $7.1 million and is included in loss (gain) on sale or disposal of assets in the condensed consolidated statements of operations for the three and six months ended June 30, 2024. The Company believes that it gained operational efficiencies by exiting the manufacture of RV furniture and focusing its resources on the sourcing and sale of its RV and aftermarket accessory products. The fair value of the Supplier Agreement intangible asset was estimated as the present value of the estimated benefits that a market participant would receive under the Supplier Agreement, such as favorable pricing and rebates, over the term of the agreement, which is categorized as a Level 3 measurement, as defined in Note 9 – Fair Value Measurements. This Supplier Agreement intangible asset is expected to be amortized over the term of the agreement of approximately 10 years.

Additionally, on June 30, 2025, the Company closed on the sale of certain assets of one RV dealership. The approximately $10.3 million fair value of consideration received from the divestiture was comprised of $4.4 million of cash consideration and $5.9 million paid directly to the Floor Plan Lenders for new vehicles included in the Company’s floor plan. Included in the $4.4 million of cash consideration was $1.0 million for a deposit related to a future purchase of real estate. The divested net assets were comprised primarily of approximately $6.1 million of inventories, net; $0.1 million of property and equipment, net; and $3.4 million of goodwill allocated from the RV and Outdoor Retail segment based on the relative fair value of the dealership. This divestiture transaction resulted in a loss of $0.3 million and is included in loss (gain) on sale or disposal of assets in the condensed consolidated statements of operations for the three and six months ended June 30, 2025. In addition to receiving a return for the assets, the sale allowed the Company to avoid significant brand-specific capital improvements which would have been required to support the dealership on an on-going basis.

Table of Contents

6. Goodwill and Intangible Assets

Goodwill

The following table presents a summary of changes in the Company’s goodwill by segment for the six months ended June 30, 2025 and 2024 and six months ended December 31, 2024 (in thousands):


	Good Sam
	Services and		RV and
	Plans		Outdoor Retail		Consolidated
Balance at December 31, 2023 (excluding impairment charges)	$	71,118	$	881,941	$	953,059
Accumulated impairment charges		(46,884)		(194,953)		(241,837)
Balance at December 31, 2023		24,234		686,988		711,222
Acquisitions		1,561		27,131		28,692
Divestiture ⁽¹⁾		—		(8,899)		(8,899)
Balance at June 30, 2024		25,795		705,220		731,015
Acquisitions		—		3,008		3,008
Balance at December 31, 2024		25,795		708,228		734,023
Acquisitions		—		17,951		17,951
Divestiture ⁽²⁾		—		(3,414)		(3,414)
Balance at June 30, 2025	$	25,795	$	722,766	$	748,561

(1)	In May 2024, the Company closed on the sale of CWDS.

(2)	In June 2025, the Company closed on the sale of a dealership.

Intangible Assets

Finite-lived intangible assets and related accumulated amortization consisted of the following at June 30, 2025, December 31, 2024 and June 30, 2024 (in thousands):


	June 30, 2025
	Carrying		Accumulated
	Value		Amortization		Net
Good Sam Services and Plans:
Membership, customer lists and other	$	9,740	$	(9,656)	$	84
Trademarks and trade names		2,132		(450)		1,682
Websites and developed technology		3,650		(1,891)		1,759
RV and Outdoor Retail:
Customer lists, domain names and other		4,154		(2,952)		1,202
Supplier lists and agreements		9,500		(1,039)		8,461
Trademarks and trade names		26,526		(22,675)		3,851
Websites and developed technology		6,151		(5,588)		563
	$	61,853	$	(44,251)	$	17,602

	December 31, 2024
	Carrying		Accumulated
	Value		Amortization		Net
Good Sam Services and Plans:
Membership, customer lists and other	$	9,740	$	(9,537)	$	203
Trademarks and trade names		2,132		(379)		1,753
Websites and developed technology		3,650		(1,614)		2,036
RV and Outdoor Retail:
Customer lists and domain names		4,154		(2,752)		1,402
Supplier lists and agreements		9,500		(594)		8,906
Trademarks and trade names		26,526

Camping World Holdings, Inc. 10-Q